#美联储回购协议计划 December 25th, the crypto market shows interesting divergence during holiday trading.

Bitcoin briefly broke through $88,000 today, reflecting a larger shift in the market structure—capital is accelerating towards mainstream coins. Market maker data indicates that liquidity is currently highly concentrated in BTC and ETH, while smaller tokens facing massive supply pressure and token unlock risks are in a continuous decline. This is not just a simple market choice but a clear retracement of risk appetite.

The DeFi ecosystem is very active. A leading derivatives trading platform completed a large-scale token distribution, with over 274 million tokens sent to 94,000 wallet addresses, attempting to activate ecosystem participation through airdrops. Meanwhile, the Web3 governance sector is also adjusting—some community-focused projects are re-evaluating their direction.

Interestingly, on-chain protocol layer is pushing forward with fee mechanism reforms. A proposal to activate protocol fees and burn 100 million governance tokens has met the passing criteria and is expected to take effect officially this week.

Another noteworthy development is the change in the stablecoin market. Rating agencies have downgraded USDT’s risk level to the lowest, citing increased high-risk assets in reserves and ongoing disclosure shortcomings. This reflects a re-evaluation of stablecoin safety.

What’s even more worth reflecting on is the overall industry situation—a report states that over 84% of new tokens experience a price decline after issuance by 2025, and traditional evaluation metrics like high fundraising and large communities are largely unrelated to long-term token performance. This indicates the market is breaking the illusion of "false prosperity" and beginning to view growth indicators more calmly. $BTC