The Hong Kong SAR Government has launched a legislative consultation on digital asset trading and custody services, aiming to establish a compliance framework, combat fraudulent activities, and protect citizens' assets. This marks progress in Hong Kong's institutional management of digital asset regulation, providing clearer compliance requirements for relevant institutions and users.

The paradox of investing is that the real opportunities often arise during market downturns and times of fear. Early investors dare to bet amid uncertainty and ultimately profit, so it is important to develop resilience during volatility and discern true value.

【区块律动】昨天市场又来了一出激烈的对冲戏码。根据链上数据统计，24小时全网爆仓规模达到1.82亿美元——这个数字还是挺可观的。其中多头不太走运，被爆了1.21亿美元；空头那边也没占到便宜，爆仓额度是6035万美元。两边都在失血，这种行情确实容易让人措手不及。想要活下来，止损意识真的得拉满。

A swing trader locked in $12.5 million in profits from a BTC short position two months ago, with $9.6 million coming from funding fee gains. The trader is also accumulating $3.5 million worth of BTCB on BNB Chain, indicating a bullish outlook on BTC's long-term trend, and employs a multi-chain, multi-asset allocation strategy to hedge risks.

【ChainNews】Recently, the U.S. federal government adjusted its work schedule due to holiday arrangements, and this change directly affects the release schedule of important economic data. The U.S. Energy Information Administration originally scheduled to release crude oil and natural gas inventory data this week has been rescheduled to next Monday (December 29) at 23:30 and Tuesday (December 30) at 01:00, respectively. For traders who focus on commodities and related assets, this means an extension of the data vacuum period. However, there is an advance—due to Christmas holiday compression, the U.S. initial jobless claims data was released early tonight (December 24) at 21:30. For investors with exposure to both on-chain and traditional markets, fluctuations in these economic data often reflect changes in Federal Reserve policy expectations, thereby influencing the trend of risk assets. It is recommended to closely monitor these key time points during this holiday cycle to avoid being caught off guard by unexpected data releases or market sentiment swings.

Market analysts point out that the rise in silver, palladium, and platinum may lack fundamental support and could reverse at any time, thereby affecting gold. Meanwhile, institutional investors are gradually shifting from traditional precious metals to cryptocurrencies, especially Bitcoin and Ethereum, indicating that there may be significant capital inflows into the crypto market in Q4.

[Block Rhythm] An interesting move has occurred. On December 24th, a whale address 0xB85 on a certain chain suddenly made a significant adjustment to its holdings. Eight hours ago, this whale withdrew 12,287 ETH (worth about 36.04 million USD) in one go from a major exchange and immediately transferred it to the Aave lending protocol. It borrowed 20 million USDT and took the opposite position by accumulating 6,787 ETH.
Even more impressive, this guy now holds a total of 40,974 ETH, valued at 121 million USD, while borrowing 63 million USDT from Aave. This operational mode is very clear—using ETH as collateral to borrow stablecoins, clearly preparing for subsequent actions. Market sentiment is changing, and the wallets of the big whales are also speaking.

A leading investment institution recently purchased 46,379 ETH through leveraged borrowing, with a total investment reaching $1.72 billion. Currently, it has unrealized losses of $141 million and a leverage ratio close to 2 times. Its operating style is attracting attention, and the subsequent market trend is worth following.

The CME futures market's Fed policy observation tool has provided the latest expectations. In January next year, the probability of the Fed continuing to cut rates by 25 basis points is only 13.3%, while the market is more inclined to keep the interest rate unchanged, with a probability as high as 86.7%—which means that it is highly likely to remain unchanged in January.
Looking ahead to March next year, the situation becomes more complicated. The probability of a cumulative interest rate cut of 25 basis points has risen to 40.7%, but maintaining the interest rate unchanged still accounts for the majority, with a probability of 54.4%. At the same time, the market is also pricing in a more aggressive interest rate cut scenario - the probability of a cumulative interest rate cut of 50 basis points is 5.0%, which, although not high, is not zero.
Looking at it from another perspective: the market remains cautious about the Fed's interest rate cut pace in the first half of next year. This has a substantial impact on the liquidity environment for crypto assets and the pricing of risk assets.

Trump expressed dissatisfaction with the market reaction to the strong rise in economic data, believing it could impact the Fed's interest rate cut policy and threaten the independence of the Fed. This uncertainty complicates the policy expectations in the crypto market, making market participants more cautious.

Analysts believe that the Crypto Assets market may have bottomed out and recommend a steady hold, waiting for the global Liquidity expansion in 2026. Layer-1 public chains like Sui are seen as relatively undervalued, while memecoins carry greater risks. The year 2026 will be a key turning point, potentially bringing fiscal stimulus that could help the market capitalization of Crypto Assets exceed $100 trillion within a decade.

Phong Le, the head of MicroStrategy, believes that Bitcoin combines technological innovation with the characteristics of macro assets. Short-term fluctuations are influenced by market liquidity, while long-term value requires time to manifest. He is optimistic about 2026 due to the expectation of Fed policy easing, an increase in risk appetite, and more institutional investors allocating resources, which will be favourable for Bitcoin.

The current digital asset market is driven by expectations of a potential easing of regulatory environments, leading to increased capital activity. Digital asset companies are launching their IPO plans, and market participants are collectively betting on the direction of policies. However, one must be wary of potential risks from expectation gaps.

[Coin World] Why does Ethereum still limit contract size? Vitalik recently explained the logic behind this - mainly to prevent DoS attack risks. However, this restriction is expected to be lifted. Once Ethereum completes its state structure upgrade and adopts a unified binary tree solution (EIP-7864), the contract size limit can be completely removed.
But there is still an unsolved problem here: how to handle the Gas cost and mechanism design when deploying super-large contracts? Currently, based on the creation cost per byte, the actual limit for contracts is around 82KB. In the future, there will definitely be better solutions, but we still have to wait. This technological upgrade is quite interesting; it needs to allow for freedom while also considering network security and economic costs.

According to the latest CoinGecko data, Upbit's trading activity has significantly increased in the past 24 hours, with a total volume reaching $982 million, up by 3.7% compared to the previous period.
From the composition of transactions, BTC remains the most popular trading asset, with a volume share of 14.19%, and a daily transaction amount of approximately 139 million USD. XRP closely follows, with a share of 13.21% and a transaction amount of approximately 130 million USD, together accounting for over a quarter of the total trading volume. ETH also maintains a stable popularity, with a trading share of 11.82% and a transaction amount of approximately 116 million USD.
In terms of stablecoins, although USDT accounts for 5.46% of the trading volume, the transaction amount still reaches $53.58 million, reflecting the continued demand from traders for risk hedging tools. Meanwhile, SOL, as a representative of emerging public chains, accounts for 4.33% of the trading volume, with a transaction amount of approximately $42.54 million, ranking in the top five.
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[Coin World] Verse 8 recently received a technical feature report from Google Cloud, and this collaboration is mainly aimed at the large-scale creation of AI-native games. In simple terms, the two companies aim to promote this direction together—allowing ordinary people to easily participate in high-quality game development.
The core idea of the project is quite interesting: breaking down professional barriers and allowing creators to lead the entire game development process. With the empowerment of AI technology, even those without programming skills can create competitive game products. This model undoubtedly expands creator participation in the Web3 ecosystem, forming a more open gaming ecology.

[Coin World] has recently sparked considerable discussion in the community — a co-founder of a well-known analysis team continues to be optimistic about Ethereum in public, with clear logic and firm views. Interestingly, however, a research report leaked from within this team presents a starkly different conclusion: ETH may fall below $2000 in the first half of 2026.
On one hand, there are optimistic statements in the media, while on the other hand, there are pessimistic forecasts in internal reports. This phenomenon of "talking out of both sides of one's mouth" has caused the market to begin reflecting: where exactly does the independent research position of analysts lie? Is the boundary between marketing-driven and genuine judgment becoming increasingly blurred? This also reminds traders that when making decisions, they cannot just listen to surface statements, but must compare information from multiple angles.