Bitcoin core developer Luke Dashjr posted on the X platform stating that Inscription is exploiting a vulnerability in the Bitcoin core client Bitcoin Core to send spam messages to the blockchain. He acknowledged that there are still loopholes in the Bitcoin Core in the upcoming V26 version and expects it to be finally fixed before next year’s V27 version.
Luke Dashjr confirmed in X’s comment response that if the Bitcoin Core vulnerability previously disclosed is fixed, it means that Ordinals and BRC-20 will no longer exist, and stated that the “Inscription Chain” may be a feasible solution.
Impacted by this news, on December 6th, ORDI continued to decline below $42, with a decrease of 34% in the past 8 hours and a decrease of 15.4% in 24 hours. According to Coinglass data, in the past 12 hours, ORDI has sold out $14.9409 million, second only to BTC (Ethereum sold out $13.77 million), with multiple orders selling out about $9.286 million and short orders selling out about $5.655 million.
According to Lookonchain monitoring, a giant whale may have seen a tweet from Bitcoin Core developer Luke Dashjr and sold all 59,000 ORDIs (approximately $3.54 million) before the decline in ORDI, earning over $2.3 million. This person withdrew 65,263 ORDIs (approximately $1.3 million) from Binance on November 22, at a price of $20 at the time.
After 12 hours of the vulnerability incident fermenting, Luke Dashjr answered several questions from skeptics on the X platform. One of the questioners said, “Is it possible that as long as one miner does not choose to exit, that miner can still handle inscription transactions on the blockchain? Or must miners reach a majority consensus on whether to choose to join/exit?”
Luke Dashjr responded by stating that we do not necessarily have to eliminate all inscriptions in order to provide value to Bitcoin.
Luke Dashjr’s above remarks may acknowledge the inscription to “soften” the community, and ORDI has briefly increased by about 20%, with a current quote of $52.6. As of the time of writing, ORDI has rebounded above $55, and is now quoted at $55.28, with an additional increase of over 30% in the past hour.
On December 6th, well-known crypto venture capitalist a16z crypto posted on the X platform sharing noteworthy trends in the crypto industry in 2024, including entering a new era of decentralization; Reset future user experience; The rise of modular technology stack; The combination of artificial intelligence and blockchain; P2E (Play to earn) becomes P+E (Play and earn); When artificial intelligence becomes a game creator, cryptocurrency provides assurance; Formal verification has become more concise; NFT has become a ubiquitous brand asset; SNARK (concise non-interactive knowledge argumentation) has become mainstream.
As the market recovers, the air force in the crypto stock market also suffers heavy losses.
According to Decrypt, the latest report from financial data company S3 Partners shows that since Bitcoin hit a three-month low ($25,152) on September 11th, its price has surged 75% to the current $43,924. This momentum has led to short-term crypto traders losing over $2.6 billion in less than three months. Crypto stocks, represented by Coinbase and MicroStrategy, rose closely with Bitcoin, catching short sellers off guard.
Under the strong rebound of Bitcoin prices, Coinbase’s stock price has risen by 51% in the past month, reaching $143.63; The stock price of MicroStrategy, which holds approximately $6.6 billion in Bitcoin, has risen 82% since October to $568.88.
These huge stock price fluctuations have caused short traders in crypto stocks to lose $2.656 billion in the past three months, with over 50% of the losses coming from shorting Coinbase stocks and another 25% coming from shorting MicroStrategy stocks.
In terms of data fluctuations, BTC increased by over 60% this quarter, while ETH only increased by 35%. Over a longer period of time, the performance gap between the two is even greater.
Some analysts believe that as funds now Flow into Ethereum futures at a faster rate compared to Bitcoin futures, this gap may narrow.
According to Velo Data, in the past five days, the USD value of CME’s cash-settled Ethereum futures contract open positions has increased by 30%, reaching $711 million, surpassing the 19% increase in Bitcoin futures contract open positions ($4.9 billion).
In addition, according to Reflexity Research data, earlier this week, the premium rate of Ethereum futures relative to spot index prices (over 20%) was 5% higher than Bitcoin. After the initial rise of Bitcoin, the open positions in Ethereum futures contracts on CME began to increase. At the same time, the options indicator on Deribit also shows an increased bullish preference among investors toward Ethereum.
Main Token Trends
BTC
This week, Bitcoin (BTC) continues to stabilize around the $44,000 mark. Short-term trading volume gradually decreases this morning. Short-term targets remain at $45,345 and $47,990. Long-term bullish targets are set at $120,400 and $128,350. High volatility is expected this month, with a potential pullback in Q1 next year.
ETH
Ethereum (ETH) successfully broke through the resistance level at $2,135 four times this week but experienced a volume-backed pullback to $2,230 this morning. The upward price target of Ethereum is set at $2,381, with short-term support at $2,194 and medium-term support at $2,135. Long-term bullish outlook includes targets at $8,000 and $12,300.
ARKM
ARKM has experienced five consecutive bullish weekly candles, completing a weekly moving average retracement. The daily chart forms a large cup-and-handle structure, indicating a bullish trend. Short-term targets for ARKM are $0.5916 and the previous high of $0.8900. Long-term targets include $0.89, $1.25, $1.85, and $2.45, with a potential 845% price increase in the long-term setup.
