The yield on Japan's 10-year government bonds soared to 2.1%, hitting a 26-year high, as the Bank of Japan's interest rate hikes and fiscal expansion plans triggered a rise in market interest rates. The yen continues to weaken, increasing pressure on import prices and posing challenges for policy responses. This trend may have conflicting short- and long-term effects on the Japanese economy.

In the third quarter of 2025, the decentralized cloud computing platform Akash entered an adjustment phase, with revenue rising by 11%. Although new leasing volume rebounded by 42%, it has not translated into long-term active leases. Technological upgrades have lowered the entry barrier for enterprises, launching a new protocol Star Cluster to meet AI demands, and looking forward to the future AkashML product. Challenges remain in costs and provider retention.

Written by: Jocy, Founder of IOSG

This is a fundamental shift in market structure, while most people are still viewing the new era through the logic of the old cycle.

In the 2025 cryptocurrency market review, we see a paradigm shift from retail speculation to institutional allocation, with core data showing institutional holdings at 24% and retail investors exiting at 66% — the turnover of the 2025 cryptocurrency market is complete. Forget about the four-year cycle; the institutional era of the cryptocurrency market has new rules! Let me use data and logic to break down the truth behind this "worst year."

1/ First, look at the surface data — Asset performance in 2025:

Traditional Assets:
Silver +130%
Gold +66%
Copper +34%
Nasdaq +20.7%
S&P 500 +16.2%

Cryptographic assets:
BTC -5.4%
ETH

Written by: Eric, Foresight News

When the market environment is not good, it always magnifies existing problems in some favorable situations and ultimately exposes them. Recently, Aave and ENS have successively revealed some internal organizational issues, and these issues all point to the core.

On December 22, 2025, the Crypto Assets market continued to maintain an upward trend after Bitcoin rose to the $88k range. Ether also rose in tandem, while mainstream alts showed a mixed performance. On the other hand, volume and clearing dynamics suggest that there may be short-term overheating risks in the market.
Bitcoin is priced at $88,887, up 0.93% from the previous day; Ethereum is trading at $3,024, up 1.65%. Solana (0.45%), Dogecoin (0.23%), BNB (1.10%), and TRON (1.57%) have all risen, while Ripple (-0.10%) and Cardano (-0.51%) have seen slight declines. The total market capitalization is $3.06 trillion, with Bitcoin and Ethereum's market shares rising to 59.03% and 12.14%, respectively.
The total trading volume statistics for 24 hours is $81.7 billion. DeFi transactions

Written by: Zhang Feng

1. Vitalik: Predictive markets as an "emotional remedy"

Vitalik Buterin, co-founder of Ethereum, recently posted on social media, believing that in an era where false information and emotional dissemination are rampant on social media, prediction markets based on economic incentives can become an important tool for fostering rational discussion and filtering out noise.

The core issue of social media lies in "emotional communication economics" — content that triggers strong emotional reactions is more likely to be disseminated, while rational and complex facts are often marginalized. This mechanism leads to a public discourse filled with anger, opposition, and simplified narratives, while the truth becomes a secondary consideration. Vitalik believes that prediction markets, by introducing the mechanism of "betting real money," can create a drastically different information verification environment: participants need to bear the economic consequences of their predictions, which forces them.

The zkEVM ecosystem has seen significant performance improvements over the past year, with Ethereum block proof time reduced from 16 minutes to 16 seconds and costs dropped by 45 times. The Ethereum Foundation emphasizes security challenges and has set a three-phase security roadmap with the goal of achieving 128-bit security standards by 2026. While it still faces multiple challenges, successfully meeting these standards will enhance Ethereum's Gas limits and Block Size, promoting the development of a trusted L1 settlement layer.

Introduction
On December 5th, the China Internet Finance Association, the Banking Association, and six other major industry associations jointly issued a "Risk Warning on Preventing Illegal Activities Related to Virtual Currencies." This follows the meeting held by thirteen ministries on November 28th that reaffirmed the crackdown on virtual currency trading and speculation, marking a subsequent regulatory move by industry associations. The undertones of this document (hereinafter referred to as the "Risk Warning") have sent shivers down the spines of some entrepreneurs who are planning to tokenize real-world assets (RWA).
Many people are asking in the background: Lawyer Liu, has RWA completely cooled down in the mainland?
As a Web3 legal professional, we believe the answer to this question is not simply "yes" or "no." The core of RWA is to digitize and tokenize offline assets through blockchain technology, and then facilitate secondary market liquidity and financing. However, under the current regulatory context in mainland China, any attempt to link tokenization activities with public trading is essentially

On December 22, 2025, the Financial Supervisory Commission conducted personnel adjustments at the director and division head levels to promote organizational restructuring and internal capability enhancement. This personnel arrangement aims to improve the professionalism of supervisory functions and policy response capabilities, and to strengthen overall financial Risk Management and the consumer protection system.
A notable aspect of this personnel adjustment is the comprehensive arrangement of professionals with expertise into key positions overseeing consumer protection. For example, the newly appointed Director of the Consumer Protection Supervision Coordination Bureau, Lu Yinghou, will also serve as a senior director, and experienced personnel such as Park Hyun-seop and Lim Kwon-soon have been placed in the director roles responsible for consumer communication and damage prevention. This is interpreted as a reflection of the supervisory department's continuous promotion of strengthening consumer rights in a financial market characterized by severe information asymmetry.
At the same time, arrangements have been made to strengthen personnel responses to recent issues concerning virtual asset and financial fraud. Director Cui Qiangxi will be responsible for the newly established virtual.

Michael Saylor's remarks about MicroStrategy (now Strategy) possibly holding 5% to 7% of the world's Bitcoin and pushing coin prices to astronomical figures are far from a simple price prediction. It is akin to a declaration, revealing an ongoing, radical, and thorough financial experiment: a traditional publicly traded company is attempting to completely reshape itself into a "mirror asset" and core agent for Bitcoin in the traditional financial world through a series of sophisticated capital operations. The ultimate goal of this experiment is to deeply bind the company's fate with the fate of encryption assets, thereby establishing an unprecedented, highly leveraged compliance bridge between Wall Street and Bitcoin.
Source: BitcoinArchive
The closed loop of financial engineering: building a self-reinforcing capital flywheel
The core of this strategy is a carefully designed capital cycle intended to achieve self-reinforcement.

In the past few years, the Web3 industry has undergone one high-density narrative shift after another. From Decentralized Finance, NFT, to GameFi, AI × Web3, concepts are emerging one after another, and market sentiment is fluctuating rapidly, but the value that has truly settled in the long term is very limited.
For this reason, the IDN Network's judgment of the industry is undergoing a clear and firm shift: the core of Web3 is returning from "storytelling" to "building foundations."
This is not conservatism, but a more mature choice.


1. When the narrative dividend fades, the industry starts to return to its essence.
At the current stage, more and more participants realize that relying solely on concept-driven approaches can no longer support long-term development:
Users no longer pay for complex narratives.
The traffic dividend has significantly decreased.
The project lifecycle is continuously compressed.
The market has begun to price based on "delivery capability" rather than "imagination space."
Here

Written by: Fintax

In November 2025, the Australian Treasurer and Minister for Financial Services officially submitted the Corporations Amendment ( Digital Assets Framework ) Bill 2025 to the Federal Parliament, hereinafter referred to as the "Digital Assets Framework Bill," intending to bring "digital asset platforms" and "tokenized custody platforms" under the regulation of the Corporations Act. Specifically, it aims to fully place cryptocurrency trading and custody services under the supervision of the Australian Securities and Investments Commission (ASIC) based on the Australian Financial Services License (AFSL) system.

This article argues that this move reflects Australia's intention to maintain the existing "current tax law treatment of crypto assets" tone while making adjustments.

Fed Cleveland Fed President Mester stated that the current interest rate should be maintained until spring next year, emphasizing the need to observe inflation trends and respond cautiously. She believes that the benchmark interest rate remains conducive to stimulating the economy, and inflation may be higher than the official data, which could impact the Fed's interest rate decisions.

The Hong Kong Insurance Authority has proposed new regulations aimed at guiding insurance funds into the fields of encryption assets and infrastructure. It plans to impose a 100% risk capital requirement on encryption assets, with stablecoin investments subject to risk based on fiat currency. Public consultation is expected to take place next year, and the new regulations will also provide incentives for infrastructure investment to support local development.

Youli Bank will set the upper limit of personal credit loan Intrerest Rate below 7% starting next year, supporting emergency loans for financially disadvantaged groups, and will introduce flexible repayment methods aimed at reducing the burden on borrowers, promoting financial inclusion, and facilitating structural improvements.

When the U.S. Senate confirmed Mike Selig and Travis Hill to lead the Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC), respectively, most media reports focused on the political implications and market regulatory direction. However, for builders in the crypto space, the real change occurs at the technical level. How will these two new leaders, known for their "crypto-friendly" stance, reshape the regulatory tech stack in the U.S.? How will the CFTC's "crypto sprint" initiative specifically impact the design standards for smart contracts? What new technical specifications will emerge from the FDIC's regulation of stablecoin issuance entities? More importantly, how will the shift in technical policy from these regulatory agencies define the development paradigm, compliance architecture, and standardization processes for crypto infrastructure in 2026? Let's delve into the substantive technical impacts brought about by these leadership changes at two key financial regulatory agencies.