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Gate Research Institute: On January 9, BTC price initially continued the previous rally and surged rapidly, forming a local high around 94,800 USDT; ETH price initially continued its upward trend and further surged, forming a local high near 3,308 USDT. Subsequently, bullish momentum significantly weakened, the price retreated from the high and gradually evolved into a relatively smooth downward trend; ISLM became a focal point with an increase of over +460%. JPMorgan Chase advances its blockchain strategy, planning to create an "interoperable digital currency" system; Hilbert Group acquired Enigma Nordic for $25 million, boosting institutional-grade crypto trading; Tether executives' affiliated company acquired Northern Data's Bitcoin mining business, drawing attention.

In December 2025, the activity level of the public chain ecosystem slowed down, and differentiation deepened. Solana and Ethereum remain the core, with obvious internal differentiation within Layer2. The market has shifted from narrative-driven to efficiency and application filtering. Regarding BTC, based on the distribution of comprehensive costs, floating losses, supply, and holder structure, the current market is in a phase of cyclical pullback and rebalancing during a bull market. Short-term pressure exists, but long-term holdings remain stable; if the key cost zone below can be effectively maintained, the market is expected to gradually recover after oscillating and digesting. On the project level, BSC predicts that market trading volume will continue to expand, but liquidity is highly concentrated in Opinion, and new platforms are still in the early validation stage. On the token level, $BEAT experienced a maximum increase of nearly 300% driven by capital rotation, with the market mainly driven by trading attributes and sentiment.

Cryptocurrency Market Overview
BTC (-0.25% | Current price 91,065 USDT): In the past 24 hours, BTC's price initially continued the previous rally and surged rapidly, forming a local high near 94,800 USDT. Subsequently, bullish momentum waned, and the price began to retreat from the high, experiencing a noticeable downward trend. During the decline, the price dipped to around 88,465 USDT for support, with bearish momentum gradually dissipating. The market saw bottom-fishing funds entering, prompting a technical rebound. Currently, the price has recovered to around 91,000 USDT, but overall, it remains in a correction and consolidation phase after the decline. There is significant resistance in the 92,000–93,000 region above, while the 90,000 level below has become an important support for short-term bulls and bears. The short-term trend is mainly characterized by oscillation and correction.

Cryptocurrency Asset Overview
BTC (-2.13% | Current Price 90,887 USDT)
BTC entered a consolidation phase after a sharp rise and pullback on the 1-hour chart. The price found support around $91,000, with a short-term attempt to recover towards MA5 and MA10, but overall it remains trading around MA30.

Summary
BTC and ETH maintain oscillation and recovery, with the trend yet to be confirmed. Funds are shifting preference towards low-volatility and mid-to-long-term narrative assets.
Aave Horizon RWA market net deposits have surpassed $600 million, with institutional funds continuously entering.
Tokenized stock asset management scale has exceeded $1 billion, with on-chain securities accelerating expansion.
Nike sold RTFKT, completing a phased liquidation of its Web3 business attempt.
Polymarket introduces real estate prediction trading, accelerating coverage of real economic variables.
CONX, APT, and STRK will unlock approximately $25.23 million, $21.26 million, and $11.10 million worth of tokens respectively over the next 7 days.
Market Analysis
Market Commentary
BTC Market — After a spike and pullback on the 1-hour chart, BTC entered a consolidation phase, with the price

Cryptocurrency Asset Overview
BTC (-0.21% | Current Price 92,505 USDT)
BTC has entered a consolidation phase after a short-term pullback from recent highs. The price has retreated to around $92,500, and the short-term upward momentum has paused. The moving average structure shows divergence, with MA5 crossing below MA10, and the price has broken below the short-term moving average support. However, the medium-term MA30 remains upward, indicating that the overall bullish structure has not been broken. The MACD is below the zero line, with the green histogram narrowing but not yet turning red. The bearish momentum is easing slightly, but a reversal signal is still insufficient. Overall, BTC is in a short-term correction and recovery phase after a high-level pullback. If it can regain the $93,500–$94,000 range, the upward trend may continue; otherwise, if it remains under pressure below the moving averages, attention should be paid to the support levels around $91,800–$92,000.

Cryptocurrency Market Overview
BTC (-0.21% | Current Price 92,505 USDT): BTC has entered a consolidation phase after a recent pullback from its highs over the past day. The price has retreated to around $92,500, and the short-term upward momentum has paused. The moving average structure shows divergence, with MA5 crossing below MA10, and the price has broken below the short-term moving average support. However, the mid-term MA30 remains upward, indicating that the overall bullish structure has not been broken. The MACD is below the zero line, with the green bars narrowing but not yet turning red. The bearish momentum is easing slightly, but a reversal signal is still insufficient. Overall, BTC is in a short-term correction and recovery phase after a high-level pullback. If it can regain the $93,500–$94,000 range, the upward trend may continue; conversely, if it remains under pressure below the moving averages, attention should be paid to the support levels around $91,800–$92,000.

Last week's market overview shows that BTC and ETH are gradually recovering, with a clear influx of funds. Tokens such as RENDER, PEPE, and BONK have experienced significant gains. On-chain capital flows are diverging, with steady capital allocation centered around Ethereum continuing to flow back, and Polymarket Builders trading volume reaching new highs. The report will provide an in-depth analysis of market dynamics and technical trends.

Cryptocurrency Market Overview
BTC (+1.17% | Current price 93,921 USDT): The daily chart shows that Bitcoin has broken above the medium- to long-term downtrend channel. The MACD green bars continue to rise, and the RSI is moving higher, releasing a somewhat positive technical signal, indicating that the price still has room for further upward movement. Currently, BTC is testing the resistance at around $93,400, a level that coincides closely with a previous high-volume trading zone. If this resistance is broken effectively, it could open the way to test the $100,000 mark. The liquidation heatmap indicates that recent major liquidation clusters are concentrated below the current price, especially in the $85,000–87,000 range, suggesting that leveraged long positions are relatively concentrated. In contrast, liquidity above is more dispersed, implying that before the market continues to rise, some time is still needed for momentum to build. The recent slow upward movement has already cleared some short

Cryptocurrency Asset Overview
BTC (+1.85% | Current Price 92,898.3 USDT)
BTC has completed a high-level platform -> volume breakout -> accelerated rally in the past 24 hours, forming a bullish trend structure. On the macro level, recent fluctuations in US bond yields have stabilized, and the market's pessimistic expectations for rate cuts have been temporarily digested. Overall, risk assets are in a recovery window. Technically, short-term moving averages (MA5, MA10) have turned steep again and are forming a stable bullish alignment with MA30. In the short term, BTC is expected to maintain strong oscillations within the 92,000–93,500 USD range. If it tests support at 91,500 USD without breaking below, the upward target may further point to the 94,000–94,500 USD region.
ETH (+1.2% | Current Price 3,184.56 USDT)
ETH

Cryptocurrency Market Overview
BTC (+1.85% | Current price 92,898.3 USDT): BTC has completed a volume breakout after consolidating at a high level over the past 24 hours and has entered a phase of accelerated upward trend. On the macro level, recent fluctuations in US bond yields have stabilized, and the market's pessimistic expectations for rate cuts have been partially digested. Overall, risk assets are in a recovery window. Technically, short-term moving averages (MA5, MA10) have turned sharply upward again and are forming a stable bullish alignment with MA30. From a short-term structure perspective, the upward target may further point to the 94,000–94,500 USD range.
ETH (+1.2% | Current price 3,184.56 USDT): ETH continued its upward trend over the past 24 hours, following BTC's volume-driven rise after consolidating at a high level. The price once approached 3,200 USD.

Crypto Asset Panorama
BTC (+0.02% | Current Price: 88,660 USDT)
BTC has shown weak oscillation within a range over the past day, with prices fluctuating around $88,000–$89,000, and overall volatility remains limited. Short-term moving averages MA5 and MA10 have repeatedly converged and crossed with MA30, indicating that the market direction is still unclear, and the short-term trend leans towards sideways consolidation. Although the MACD briefly turned red, the momentum was limited, with green and red bars alternating frequently and hovering around the zero line, suggesting cautious sentiment between bulls and bears. Structurally, a confirmed breakout above the $89,500–$90,000 range with increased volume could validate a continued short-term rebound; if prices fall back and break below the $88,000 support level, attention should be paid to the risk of testing the support zone near $87,000.

Looking ahead to the start of 2026, as macro liquidity marginally improves and IV remains low, the market may enter a phase of accumulation at high levels; if trading volume and actual volatility rise in sync, BTC and ETH will experience a phased breakout upward.

Cryptocurrency Market Overview
BTC (+0.02% | Current Price 88,660 USDT): Bitcoin has shown weak sideways consolidation over the past day, with prices fluctuating around $88,000–$89,000, and overall volatility remains limited. Short-term moving averages MA5 and MA10 have repeatedly converged and crossed with MA30, indicating that the market direction is still uncertain, and the short-term trend leans towards sideways consolidation. Although the MACD briefly turned positive, the momentum was limited, with frequent alternation of green and red bars, and it repeatedly hovered around the zero line, suggesting cautious sentiment among bulls and bears. Structurally, a confirmed breakout above the $89,500–$90,000 range with increased volume could validate a short-term rebound continuation; however, if prices fall back and break below the $88,000 support level, attention should be paid to the risk of testing the support zone around $87,000.
ETH (+0.02%)

Last week in the market, BTC and ETH stabilized amid fluctuations, with ETH's rebound being stronger than BTC. On-chain capital inflow was primarily into Ethereum, while L2 networks experienced net outflows. The growth in crypto payment card transactions reflects application trends amid market caution. The report will provide an in-depth analysis of these market dynamics.

Cryptocurrency Market Overview
BTC (-0.37% | Current Price 87,393 USDT): Bitcoin remains in a narrow range between $86,000 and $90,000, having been repeatedly rejected near $90,000 since mid-December. Recent price movements resemble a consolidation phase after volatility contraction rather than a trend continuation, with both bulls and bears temporarily reaching a stage of balance. Once the price effectively breaks through the critical resistance zone of $90,000–$92,000, upward momentum is expected to re-ignite. From an on-chain perspective, Bitcoin is gradually transitioning from the previous aggressive selling phase to a stabilization phase. Currently, a large number of spot buy orders, mainly from whales, are clustered around the current price level, forming a stark contrast to earlier pullbacks dominated by retail traders and a noticeable absence of large participants. The sustained involvement of spot whales typically indicates longer-term position building, especially common in low-volatility environments.

Cryptocurrency Asset Overview
BTC (+0.69% | Current Price: 88,358 USDT)
After two days of sideways movement over the weekend, BTC experienced a slight increase to around $88,300, returning above the MA5, MA10, and MA30 moving averages. The short-term structure has shifted from weak to stable, with the moving averages showing a recovery from bearish to bullish. From a key price level perspective, the $88,800–$89,500 range above is a zone of short-term previous highs with dense trading activity and resistance from long upper shadows, which may require repeated digestion in the near term. It is important to note that we are currently in the Christmas holiday period overlapping with the New Year’s Day, during which participation from European, American, and Asian institutions has decreased, and overall liquidity is relatively weak. Prices are more susceptible to amplified fluctuations under low trading volume conditions. However, the credibility of a trend breakout remains limited, so short-term movements are more likely to oscillate within a range.

Gate Research Institute Daily Report: On December 29, under the combined effects of the Christmas holiday and the low liquidity environment before and after New Year's Day, the crypto market continued its structural recovery trend. BTC rebounded above $88,000, while ETH hovered around the $3,000 mark, with market sentiment remaining cautious. In terms of daily hot topics, TOKEN, TAKE, and RIVER showed active performance driven by speculation, staking incentives, and product mechanisms. On the Alpha side, Polymarket Builders' weekly trading volume surpassed $50 million, reaching a new high, Uniswap completed the historic burn of 100 million UNI tokens and advanced the fee rebate mechanism, and Solana co-founder Toly expressed optimism with a prediction that the stablecoin market cap will surpass one trillion dollars.

Cryptocurrency Market Overview
- BTC (-0.34% | Current price 87,371 USDT): In the past 24 hours, BTC experienced a clear correction first, with the price dropping rapidly to around 86,418.2 USD, then gradually stabilizing supported by buying interest below and beginning a rebound. During the rebound, the price once surged to around 88,590 USD, but after encountering selling pressure at the high level, it turned into a oscillating decline. Currently, the price has fallen back to above 87,000 USD. From an overall structure perspective, BTC remains in a technical adjustment phase within a high-level oscillation. The key support zone below is between 86,800–87,000 USD. If this level can be effectively held, the price may continue to maintain a high-level oscillation; if support is broken, a retest around 86,400 USD cannot be ruled out for consolidation. On the upside, attention is on 88,