The cryptocurrency market is exhibiting resilient momentum as major cryptocurrencies build upon last week’s gains. With anticipation building ahead of Monday's US stock market opening, miners have escalated their lending of yield-earning bitcoin (BTC) to mitigate rising operational costs, demonstrating strategic financial maneuvers in the evolving landscape. Bitcoin has recorded a modest increase of 1.2%, trading at approximately $99,463 prior to market bell, accumulating an impressive seven-day gain exceeding 6%.
Similarly, Ethereum (ETH) experienced a slight uptick of over 0.1%, now trading at $3,650, scaling its increase in the same timeframe to nearly 6.8%. These movements reflect a robust recovery trajectory for these flagship cryptocurrencies amid a dynamic trading environment. The overall global cryptocurrency market capitalization rose by 1.6%, edging up to $3.53 trillion.
In the last 24 hours, the CoinDesk Market Index also exhibited positive momentum, climbing over 1.1%. This upward trend underscores the growing resilience and investor interest in the crypto sector. In a significant development, MARA Holdings ($MARA) disclosed on Friday that it has loaned out 7,377 bitcoin as of December 31 to various third parties, aiming to generate yield, which accounts for about 16% of its total reserves.
Robert Samuels, the company’s vice president of Investor Relations, articulated on social media platform X the long-term goal of producing sufficient yield to offset their operational costs, indicating a strategic pivot to ensure sustainability in their financial health. Moreover, MARA Holdings has exceeded the significant production threshold of 50 exahash per second (EH/s), concluding the year with an energized hash rate of 53 EH/s.
The industry as a whole has seen production soar to an all-time high, surpassing 1,000 EH/s—more than double the level from a year ago, showcasing the sector's expansive growth. On the regulatory front, US-traded spot-price bitcoin exchange-traded funds recorded substantial net inflows on Friday, totaling approximately $908.1 million, according to analytics from research platform SoSoValue.
In parallel, nine ethereum ETFs reported collective net inflows of $58.8 million, signaling robust investor confidence in diversified cryptocurrency investment vehicles. Looking ahead, Monday’s economic calendar will feature the December purchasing managers' index composite final report from S&P Global (SPGI) slated for 9:45 am ET, followed by the factory orders report for November scheduled for 10 am.
Additionally, key labor market indicators will be released this week, including the Job Openings and Labor Turnover Survey for November on Tuesday, and the ADP Employment report for December on Wednesday. Crucially, the government's nonfarm payroll data for December is set to be disclosed on Friday, which may significantly impact market sentiment. Notably, minutes from the Federal Reserve's latest monetary policy meeting will also be unveiled on Wednesday, providing insight into the central bank's strategies going forward.
In a mark of respect, US markets will close on Thursday to honor the legacy of former President Jimmy Carter. $MARA.