At the end of the year, funds gradually gravitate towards large-scale infrastructure, and speculation in popular zones cools down. Bitcoin's rise is weak, only +0.3%. Decentralized exchanges perform strongly, with the DEX index rising 11%. The AI zone faces difficulties, dropping 21% in a single week. Most new coins in 2025 are at a loss, with the median token valuation falling by 71%.

[Coin World] The research data for 2025 is heartbreaking - among the tokens issued by top exchanges, a staggering 83% of the trading prices have fallen below the issue price. What's even more disheartening is that not a single exchange has a positive return rate that can surpass the 20% mark.
Take a closer look at the logic behind it, the Token issuance is actually a liquidity event, in simple terms, it's a window for early participants to sell their holdings. This timing often coincides with the peak of selling pressure - in other words, the moment of issuance is the climax of exiting.
What does this indicate? In many cases, the issuance of tokens does not endorse the long-term value of a project; rather, it resembles a tool designed for short-term arbitrage. Thinking of betting on long-term growth through token issuance? The data tells you that the odds are not very optimistic.

The Ethereum treasury company ETHZilla recently sold 24,291 ETH to redeem priority guaranteed Convertible Bonds, obtaining approximately $74.5 million in cash. The company is shifting its focus to the tokenization of real assets and has decided to shut down the mNAV dashboard on its website, while still maintaining data transparency. ETHZilla is committed to timely updates on information disclosure.

[BitPush] The BNB Chain ecosystem has welcomed new developments - the prediction market platform Kalshi has officially announced support for the BSC network. What does this mean? Simply put, users holding BNB and stablecoins can now directly trade predictions of real-world events on the BSC without having to go through the hassle of cross-chain bridges.
For BSC users, the core advantage of this integration is evident. Kalshi, being one of the most actively liquid prediction markets in the world, allows users to enter instantly by connecting to BSC, eliminating the complex network switching steps. In other words, your assets on BSC can participate in the global prediction market more quickly, which indeed improves efficiency for traders looking to explore new gameplay.
How exactly is it used? Kalshi is divided into two types of accounts: American users can deposit and withdraw using native BNB and USDT on BSC; international users can do so through the associated trading platform.

Citigroup lowered MicroStrategy's target stock price from $485 to $325, a decrease of 33%, but maintained a "buy" rating, demonstrating confidence in its long-term prospects. This adjustment may reflect the risks posed by short-term market fluctuations, but the fundamentals remain solid.

[Block Rhythm] Recently, there has been significant movement in the flow of stablecoins on the Solana network. On December 22, Circle issued an additional 500 million USDC on-chain, which is no small number. More importantly, from October 11 until now, Circle's cumulative minting scale on Solana has reached 18 billion USD. This continuous large-scale issuance indicates that the demand from institutions and users for conducting transactions and building liquidity in the Solana ecosystem is indeed on the rise. The speed of stablecoin issuance often reflects the temperature of on-chain activities.

Recent ETH price movement indicates that long positions are attempting a Rebound, but the volume decline suggests that the pump momentum is weakening. Technical indicators show a retreat of short positions, and the MA10 breaking above the MA30 is a positive signal. It is recommended to follow long positions at 2781.93 and 2942.0, and short positions at 3049.04 and 3032.0, as the market is still looking for direction.

MicroStrategy, as the largest institutional holder of Bitcoin, recently raised $747.8 million through the issuance of common stock, with cash reserves reaching $2.2 billion. The company holds 671,268 Bitcoins, with a total value of approximately $60.4 billion, despite its stock falling over 40% this year, it still rose 3% in pre-market.

[Coin World] The SOL movement in the last 4 hours has shown an interesting divergence. The price has clearly risen since the early hours of December 22, breaking through the morning high of that day, forming a bullish engulfing pattern, and the last Candlestick closed positively, with the Closing Price higher than the Opening Price. However, there is a detail worth noting - the Trading Volume has actually shrunk. Price rising and volume declining typically indicates that the upward momentum is weakening.
The situation looks clearer from the technical indicators. The MACD histogram remains in negative territory, although it is gradually shortening, indicating that long positions are accumulating. However, the overall trend still lacks a clear direction. The KDJ indicator has formed a death cross, indicating a neutral stance. On the other hand, the moving averages have provided some signals—MA10 has already stood above MA30, maintaining this relationship at both 04:00 and 08:00 on December 22, indicating a short-term advantage.
Overall, this is a typical oscillating pattern, with the price at 128.0

The collaboration between wallets in the Ethereum ecosystem is lacking, and the integration of DApps and wallets is not sufficiently refined. Ideally, built-in wallets should be compatible with users' existing wallets, enhancing the user experience, reducing the burden of switching, and promoting the maturity of the wallet ecosystem.

Recently, there is an interesting phenomenon in the market. BTC has just surged back above $90,000 and looks fierce, but if you sneak a look at the funding rate data from the exchange and DEX, the story is different.
According to the latest statistics from Coinglass, the situation on December 22nd is as follows: The BTC trading pair rates on major exchanges – a leading exchange, a mainstream platform, and a contract platform – have returned to neutral, in other words, the forces of long and short are basically balanced. But this is not the most interesting part. On the Ethereum and other altcoin side, however, there is a different scene – a large-scale negative funding rate phenomenon still exists, indicating that the market's bearish sentiment towards these coins remains relatively strong.
Why should we pay attention to the funding rate? Simply put, the funding rate is a fee mechanism designed in the perpetual contract market to keep the contract price in sync with the spot price. The trading platform itself does not make money from this fee; it is incurred during the long and short transactions.

[Coin World] After the Fed's interest rate cut in December, hawkish voices have become increasingly strong. More FOMC members have started to clearly express their opposition to continuing the fourth consecutive rate cut. This means that the Fed's interest rate is very likely to remain unchanged in January.
In January, the regional Fed presidents will undergo a rotation. The composition of the voting roster will indeed change, but the impact on the interest rate direction is not that significant. Why? Because the hawkish Schmidt and Goolsbee will be stepping down, replaced by the Cleveland Fed's Beth Hammack and the Dallas Fed's Lorie Logan—both of whom have equally hawkish stances.
Interestingly, relatively moderate figures like Kashkari and Paulson will also join the voting in 2026. However, this won't change the overall situation. The hawkish dominance is certain to continue in the short term, and the pressure on market liquidity will persist.

[Block Rhythm] The Hyperliquid ecosystem has new developments. Kinetiq (Markets by Kinetiq), a decentralized derivation platform, has recently completed the HIP-3 trading sign up, becoming the 5th HIP-3 DEX deployed on the Mainnet.
Let's take a look at what varieties it supports - US500 (S&P 500 Index) supports up to 10x leverage, BABA (Alibaba) also has 10x leverage, and the forex pair EUR/USD can go up to 50x. This leverage is indeed not small in the field of Decentralization derivation.
It is worth noting that Kinetiq has already ranked 5th in the DEX lineup of the Hyperliquid ecosystem. This indicates that the ecological maturity of the HIP-3 standard in the derivation field is gradually improving. The launch of traditional financial asset types such as stock indices and foreign exchange also reflects the on-chain derivation.

A leading exchange has announced the expansion of zero-fee trading to all spot trading pairs, removing participation thresholds, with low-cost trading as its core competitive advantage. This policy has increased user activity, particularly showing a significant rise in market share for popular coins trading, demonstrating that eliminating fees can effectively stimulate users' trading willingness.

DWF Labs successfully completed its first physical gold transaction, marking the exchange's concrete step towards the digitization of traditional assets. They also plan to expand to physical silver, platinum, and other commodities, exploring the connection of real-world assets through Blockchain, which may provide new asset allocation strategies for institutions in the encryption field.

【比推】It’s coming tonight! Kodiak(KDK) will be listed for the first time on Gate spot trading at 22:00 on December 23 UTC+8, followed by a flash swap at 23:00.
The subscription distribution for Launchpad Phase 5's KDK has been completed. This time, Gate has organized two events to thank users for their participation. The total prize pool for the New Year red envelope rain is 85,714 KDK plus 200,000 CYS, with a combined value of approximately 70,000 USDT. A spot trading competition has also begun, with 107,142 KDK distributed to participants, and a single individual can win up to 7,560 KDK.
It seems to be a good launch rhythm – with a flash exchange channel that guarantees liquidity and trading incentives to boost popularity. If you are an active user of Gate, this time point is worth paying attention to.

A certain encryption exchange is collaborating with the United Nations Children's Fund to promote the Game Changers Coalition project, helping young people acquire digital skills through games and other means, with a particular focus on girls' education in developing countries and promoting gender equality. The project aims to break down educational barriers and enhance women's participation in the digital economy.

The Japanese JPYC stablecoin team has announced a collaboration with South Korea's ITCEN GLOBAL to conduct in-depth research on the innovation of stablecoins in Japan and South Korea, promoting the exchange of information on policy understanding and practical operations, aiming to advance the development of cross-border stablecoins and asset tokenization, reflecting Asia's ambition in this field.

[Coin World] ETH's performance in the last 4 hours has shown many highlights. From the timeline perspective, the price has clearly risen compared to the level at 16:00 on the 21st and has also recovered the high of 8:00 in the morning. The overall rhythm is a retreat followed by a breakthrough. The period from yesterday's closing to today's morning session formed a standard inverted hammer Candlestick, and the last one is a Bullish line with the Closing Price above the Opening Price — this pattern usually indicates that buyers are gradually gaining the initiative.
The trading heat has明显抬升. The trading volume has increased significantly compared to the previous few hours, with price and transaction volume rising in sync, indicating that this wave of increase is supported by volume, and market sentiment is relatively active.
From a technical indicator perspective, although MACD has not yet shown a clear directional signal, the histogram remains negative and is gradually shortening, which indicates that bearish momentum is weakening and bullish forces are strengthening. KDJ has not formed a golden cross or death cross and is currently in a neutral state, with KDJ values around 52. However, it is worth noting that.