【Crypto World】Recently, there have been interesting whale behavior changes on the Hyperliquid derivatives platform. On-chain data shows that BTC long whales are accelerating their withdrawal, and this trend is quite obvious.
Specifically, there are currently about 122 BTC long whales and 116 short whales, with both sides' strength approaching balance. But what’s more noteworthy is the significant change behind this — compared to data from October 14th this year, the number of BTC long whales has plummeted from 234 to now, nearly halving in just two months. Meanwhile, the number of shorts has remained stable at around 125, indicating that the large-scale exit of longs is the main variable.
The situation with ETH is even more extreme. Currently, there are only 58 ETH long whales, but the number of shorts has reached 113, more than double the longs. This asymmetric position structure suggests that market participants have significant diverging views on Ethereum’s future prospects.

During the Christmas holiday, the crypto market was not very calm. Bitcoin slightly declined to $87,115, Ethereum dropped to $2,897, and the total market capitalization decreased to $3.021 trillion. Today will see the largest Bitcoin options expiration in history, which may trigger market volatility. Meanwhile, altcoins showed mixed performance, with some tokens soaring significantly while others experienced noticeable declines.

U Card is an overseas bank card based on USD stablecoins, allowing users to subscribe to overseas services. However, using it in China involves legal risks and falls into regulatory gray areas. Its future development depends on the clarity of regulatory policies.

【ChainNews】Russia's crypto market is ushering in new changes. The Moscow Exchange and the Saint Petersburg Exchange recently announced their full support for the Russian Central Bank's crypto regulatory plan and are preparing to launch crypto asset trading services once the relevant regulations come into effect.
The new regulatory framework classifies Bitcoin and stablecoins as "monetary assets," which must be handled through licensed exchanges or brokerages. Regulatory requirements for crypto custody and trading platforms will be more stringent. Investors are categorized into levels—non-qualified investors can spend up to 300,000 rubles per year on crypto assets, while qualified investors face no quota restrictions (excluding privacy coins).
The timeline indicates that this framework will be implemented by July 1, 2026, at the latest. The pilot project is scheduled to start in March 2025. The two major exchanges are already offering crypto derivatives, so their support for this new framework is quite positive. This means Russia

In 2024, the crypto market experienced an extraordinary boom, with AI concept coins and Meme coins soaring significantly, becoming popular narratives. However, by 2025, the market shifted dramatically, with many narratives incurring losses. Only RWA and Layer1 remained profitable, indicating that the crypto market style rotation is intense, warning investors to be cautious when choosing narratives.

Kyrgyzstan launches the stablecoin KGST pegged to the fiat currency som, marking a significant advancement in its crypto infrastructure. This move will promote cross-border payments and the integration of the global crypto ecosystem. The country also released the USD stablecoin USDKG, planning to expand the digital asset industry, demonstrating a shift in attitude towards crypto assets.

Ethereum has been experiencing frequent developments recently, with the EIP-7864 proposal supported by Vitalik Buterin potentially breaking through smart contract size limits. The Layer 2 market is showing clear segmentation, with leading projects attracting most of the activity. ETH price faced resistance at $3000, with a key support level at $2800. Future performance will depend on whether it can hold above these critical levels.

Recently, the BTC market has been volatile, with prices rebounding compared to the day before but slightly declining, and trading volume weakening, indicating insufficient market participation. Technical indicators suggest that bullish forces are accumulating, and divergence between price and volume may signal a reversal. Key buy and sell points, as well as support and resistance levels, are clearly identified, and trading should be aligned with risk appetite.

Sling Money has received approval from the UK Financial Conduct Authority, becoming a licensed crypto service provider, marking an upgrade in its presence in the European market. The app supports USDP and EURC stablecoin trading and offers instant currency withdrawal services in 80 countries. It is currently in testing in the UK.

【CryptoWorld】Looking at ETH's recent 4-hour trend, there are a few points worth noting.
Price Trend Analysis
From a time perspective, the price experienced slight fluctuations between 16:00:00 and 20:00:00 on 2025-12-23. It then rebounded compared to 12 hours ago, but still declined when compared to the same period the previous day. The latest candlestick closed bearish, with the closing price below the opening price, forming a bearish engulfing pattern — indicating selling pressure still exists, but its strength is waning.
Volume Analysis
Trading volume has significantly decreased. Recent trading activity has indeed been low, and the simultaneous decline in volume and price suggests limited market participation at the moment, with a generally cold atmosphere.
Technical Indicator Signals
The MACD histogram remains negative but is gradually shortening, which is a positive sign — indicating that bearish momentum is weakening and the bulls are quietly accumulating strength. The KDJ indicator currently shows no clear golden or death cross, but the KDJ value has dropped into the oversold zone at 16, indicating an extreme position.

Curve Finance founder Michael Egorov proposed to allocate 17.45 million CRV tokens to Swiss Stake AG to support ecosystem development and technological research, but the proposal was opposed by 54.46%, revealing issues with governance decisions favoring large stakeholders. The community recommends increasing transparency and adopting installment payment methods.

[Coin World] The beta version of Stakehouse is now online. This is a platform developed by a group of core developers from Overtake Labs, aiming to provide one-stop services within the TAKE ecosystem. Simply put, you can stake, trade, and refer all in one place, all from a single interface. This platform is very targeted; it focuses on participants who are deeply engaged in the ecosystem and truly create value. The more you contribute, the more rewards you receive in corresponding tokens from the ecosystem. This design is quite interesting: it can attract long-term participants to stay in the ecosystem while making token distribution more fair and transparent. For users wanting to participate in the TAKE ecosystem, there is now a more convenient entry point.

[Coin World] The Swedish listed company Bitcoin Treasury Capital (ticker: BTCB) is making frequent moves. The recently disclosed financing plan shows that they are raising funds through the issuance of Class A preferred shares, with a target amount of $783,000. The purpose of this money is clear — to continue increasing their Bitcoin reserves. Against the backdrop of institutional investors gradually laying out their positions in encryption assets, the actions of such listed companies often become a market barometer. The purchase intentions of large institutions usually indicate changes in market sentiment, making it worth following their subsequent coin acquisition progress.

[Coin World] Spot gold has reached a new high again. It has just broken through $4500/ounce, which is already the rhythm of a historical high. Calculating from the beginning of the year to now, the rise in gold exceeds $1870. This wave of rise, against the backdrop of increasing global economic uncertainty and fluctuations in the dollar's performance, indeed reflects the market's continued pursuit of safe-haven assets. Compared to the fluctuation of encryption assets, the performance of gold, as a traditional safe-haven commodity, is also worth noting—many investors consider both together when allocating.

[Coin World] The market in the past two years has been quite interesting. The silver trust fund rose by 145% in 2025, completely overshadowing Bitcoin and Ripple. Bitcoin fell by 6%, while Ripple fared even worse, dropping by 9%. It seems like the gap is not small.
Why is this happening? The key lies in the different sources of demand. Silver has two strong purchasing powers - one is the investors seeking safe havens, and the other is the industrial demand for real gold and silver. Fields such as solar panels and electric vehicle batteries have a growing appetite for silver, with the essential demand right there.
What about cryptocurrencies? The current demand mainly comes from traders' fantasies about the future. Everyone is betting that institutional investors will make a big entrance, but what is the reality? Regulatory policies are still playing a game of Tai Chi, and various ETF issuances have also been postponed. This uncertainty has directly undermined market confidence. Simply put, silver has real production and consumption demand to support it, while cryptocurrencies are still relying on stories to survive. This is the difference between the two.

The publicly listed company UPXI, which focuses on Solana digital assets, submitted a Form S-3 registration statement to the SEC, planning to enhance efficiency and drop costs through new financing methods to support its Solana asset management. The company holds over 2 million SOL and employs strategies such as smart capital issuance and stake returns for value addition, while also continuing to develop its traditional consumer goods business.

The U.S. consumer confidence index for December is 89.1, lower than expected but a rise from the previous value; November's data was revised to 92.9, indicating a stronger economic situation. However, manufacturing continues to weaken, with the Richmond Fed manufacturing index at -7, overall still in contraction territory. These data reflect the challenges facing the U.S. economy and have significant implications for investor sentiment and Fed policy expectations.

Asset management company Amplify ETFs recently launched two thematic ETFs, focusing on stablecoins and asset tokenization respectively. The STBQ ETF invests in the stablecoin ecosystem, including various mainstream tokens, while the TKNQ ETF focuses on the on-chain of real assets and corporate digitization. Both ETFs trade on NYSE Arca with a fee rate of 69 basis points, making it convenient for investors to participate in these two fields.