BlockByte Weekly: SUI Outperforms Alts

Hi Reader,

Thanks for reading The BlockByte Weekly, where we summarise the key updates in crypto over the last week and provide our perspective on what you need to know as an investor.
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Executive Summary​
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• The total crypto market cap is down -4.8% for the week and -7.9% for the month, currently sitting at US $3.25T. The outperformer across altcoins over the last week has been XRP +5.8%
• SUI continues to impress, overtaking Avalanche (AVAX) in market cap as its blockchain gains significant users, growing daily transactions and furthers its price rally
• Bitcoin becomes the most successful ETF launch in history, with US $36B in inflows during its first year. There is significant reason to support bullish sentiment heading into 2025 as more companies continue to add bitcoin to their treasury, exchange balances of available bitcoin decline, and ETFs continue to purchase unprecedented quantities of BTC

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Market Update​
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XRP gains the most in the last week and over the last month

Undoubtably impressive recent performance from XRP. In another bullish announcement for the blockchain earlier in the week, Bank of America announced they use XRP to process all internal bank transactions. SUI was the second-best performer over the month, with HBAR having the best performance over the last 90 days.

SUI overtakes AVAX, Cardano Is Next

SUI only recently overtook Avalanche in market cap and is hot on the heels of Cardano. For context from the latest Invest Answers video, SUI performs 65x more transactions per second, 12x more daily transactions and has 10x more daily active users than AVAX.

Bitcoin ETFs Have the Most Successful First Year In ETF History, Trouncing Gold's First Year

Over US $36B was acquired in the US ETFs in the first year since launch. This compares with just over $2.5B in the first year of gold ETFs launching, which roughly doubled in the second year, continuing to grow steadily. It seems unlikely that bitcoin will have a doubling of ETF demand this year, but anything similar to the first year could send the price well in excess of $150,000 per coin.

Available Bitcoin Balance on Exchanges Falls From 2.7m to 2.1m over the last year, accelerating in recent month

As you can see in the green area in the chart below, there has been a consistent decline in available bitcoin over the last 12 months. This decline is symptomatic of bitcoin being purchased and moved into cold storage by a combination of individuals, companies and ETFs for long-term holding. Should this pattern continue into 2025, it can lead to illiquid 'gap ups' in price as more money chases fewer bitcoins available.

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Final Thoughts

We continue to remain optimistic for the year ahead in spite of the recent market pullback, there are more tailwinds than headwinds as we begin 2025. Barring a credit crunch or default on debt by a major economy, we expect more stimulus to drive the US and global economy, in addition to a loosening of interest rate policy. Maintaining our long-term outlook, we continue to help investors focus on quality assets, especially bitcoin, whilst highlighting outperformance across altcoins in both price and adoption metrics.

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​For A Confidential Discussion​
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Feel free to reach out to me anytime to discuss how we can support you on your digital asset journey.
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Until next week,
James

James Brannan
Chief Executive Officer
BlockByte Capital
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(+61) 412 393 634
​james@blockbyte.com.au​
​https://blockbyte.com.au/​

BlockByte does not provide financial advice. We provide execution support, research and insured custody for investing in digital assets. Reach out to our team to discuss how we can help.

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