Cryptocurrency Market Overview
- BTC (-0.09% | Current price 87,573 USDT): BTC has maintained a mostly sideways and weak correction over the past day, with the price falling back and trading in the 87,500–88,000 USD range. In terms of moving averages, MA5 and MA10 have crossed below and are close to MA30, indicating limited short-term rebound momentum and some technical resistance above. MACD is below the zero line, with the green bars gradually converging, showing diminishing bearish momentum, but the fast and slow lines have not yet formed a clear golden cross, so the rebound remains more of a correction. If BTC can hold above 87,500 USD, a sideways correction may continue in the short term; if it breaks below this level, attention should be paid to the risk of testing support at 86,800–87,000 USD.
- ETH (-0.29% | Current price 2,964 USDT): ETH stabilized near 2,900 USD after the previous correction, currently rebounding and oscillating in the 2,950–2,970 USD range. Regarding moving averages, MA5 and MA10 have shown signs of turning upward but are still under MA30, indicating a generally weak rebound structure. MACD’s green bars are shrinking, with bearish momentum clearly weakening, and the fast and slow lines are gradually converging, showing technical conditions for a golden cross, but not yet confirmed. If ETH can effectively stay above 2,950 USD, it may test the 3,000 USD level in the short term; if it falls below 2,920 USD again, the correction may be delayed.
- Altcoins: The Fear & Greed Index remains at 24, in the “Extreme Fear” zone. Although slightly higher than last week’s lows, it still remains at a historically low level, reflecting a lack of confidence among investors in the short-term trend.
- Macro: As of December 23, the S&P 500 rose 0.46%, closing at 6,909.79 points; the Dow Jones Industrial Average increased by 0.16%, closing at 48,442.41 points; the Nasdaq Composite rose by 0.57%, closing at 23,561.84 points. As of 10:15 AM UTC+8 on December 24, spot gold is temporarily quoted at 4,510 USD per ounce, with a 24H increase of 0.57%.
Hot Tokens in the Market
( CXT Covalent (+219.06%, Market Cap $17.75 million)
According to Gate data, the current price of CXT is $0.018496, up approximately 219.06% in 24 hours. CXT is the native token launched by the blockchain data infrastructure project Covalent. Covalent is positioned as a multi-chain data indexing and verification layer, providing developers, applications, and institutions with verifiable, structured on-chain data services. Its core products include a unified data API covering multiple mainstream public chains and a basic data protocol focused on real-time and verifiable data, aiming to become the underlying component of “data availability and trustworthiness” in a modular, multi-chain environment.
The sharp rise in CXT this round may be driven by the concentrated release of infrastructure progress combined with sentiment amplification under low circulating market cap. On one hand, Covalent has recently announced several key developments, including the official support of SpeedRunApp for Base Mini App construction, a builder incentive campaign around the developer ecosystem, and the ARC module launch connecting to GoldRush API, emphasizing the core selling point of “real-time, verifiable data,” significantly boosting market expectations for product implementation and developer penetration. On the other hand, against the backdrop of the continued heating of the Base ecosystem and rising attention to Mini Apps and application-layer tools, Covalent, as an underlying data and indexing infrastructure, is naturally included in the “ecosystem expansion beneficiaries” trading logic.
ICNT Impossible Cloud Network Token (+16.73%, Market Cap $91.1 million)
According to Gate data, the current price of ICNT is $0.48522, up 16.73% in 24 hours. ICNT is the native functional token of the cloud infrastructure project Impossible Cloud Network, positioned as the “basic utility key” within the ICN Protocol ecosystem, used to drive the use and settlement of distributed storage, computing power, and enterprise-grade cloud services. The project emphasizes “born from real needs, not speculative assets,” aiming to provide decentralized, scalable, and cost-efficient virtual data center solutions for enterprises amid the highly centralized traditional cloud services landscape. Its technical approach is closer to the intermediate layer needed for Web2 enterprise infrastructure migrating to Web3.
The driving factors behind the rise of ICNT include progress in enterprise-level deployment, a warming of infrastructure narratives, and sentiment amplification under moderate market cap. Recently, the project has released numerous case studies and product signals, including a collaboration with NovoServe on enterprise cases, demonstrating how ICN can transform Tier-III data centers into high-profit virtual data centers, reinforcing its “implementable and monetizable” business logic. Meanwhile, the project continues to emphasize ICNT’s necessity within protocols rather than just governance or incentives. In the current market environment favoring “infrastructure assets with cash flow potential,” this can attract funding attention. Under the condition that circulating market cap is not too high, the fundamental narrative and phase capital game resonate, pushing ICNT’s price upward significantly.
PIPPIN Pippin (+28.85%, Market Cap $467 million)
According to Gate data, the PIPPIN token is currently priced at $0.46686, up approximately 28.85% in 24 hours. PIPPIN is a Meme / AI narrative project centered around AI creator personal IP and generative AI culture. Its core image, Pippin, is an SVG unicorn generated based on ChatGPT-4o’s latest LLM capabilities, created by well-known AI creator and investor Yohei Nakajima.
The rapid surge of PIPPIN this round aligns more with short-term capital-driven technical speculation logic. The daily chart shows a volume breakout after a long period of sideways trading, quickly breaking away from MA30 and accelerating upward along MA5 and MA10, forming a typical trend initiation structure; MACD has significantly expanded and remains high, attracting momentum traders and chasing buyers to continue entering. Without new fundamental catalysts, the price increase is mainly driven by “technical breakthrough + liquidity concentration + sentiment game,” representing a high-volatility, high-drawdown risk trading environment. The subsequent trend will heavily depend on the continuation of trading volume; if volume diminishes or it falls below key moving averages, short-term capital may withdraw quickly, and volatility risks should be closely monitored.
Alpha Analysis
OTC selling pressure marginally easing, BTC and ETH entering a recovery period after historic risk reduction
According to Wintermute data, OTC net flows for BTC and ETH have been mostly negative over the past year. After a brief positive shift due to event-driven news at the beginning of 2024, professional funds quickly shifted to systematic deleveraging, reaching peak selling pressure from the second half of 2024 to early 2025, reflecting that institutions prefer to clear risks on OTC channels rather than chase trends in the secondary market amid price rebounds and rising uncertainty.
Focusing on recent trends, OTC net selling pressure has not completely disappeared but has clearly risen from lows, with flows gradually returning to neutrality and showing signs of marginal positive turn. This indicates that the previous structural deleveraging and rebalancing are nearing completion. The market is transitioning from a “concentrated sell-off” phase to a “wait-and-see and selective allocation” phase, providing the necessary but still insufficient capital conditions for subsequent price stabilization and medium-term recovery.
Upexi launches large-scale financing plan, Solana treasury model faces market test
Upexi, a publicly listed Solana crypto treasury company, recently filed a shelf registration with the SEC for up to $1 billion, reserving space for flexible financing through various securities tools. According to disclosures, Upexi currently holds about 2 million SOL, with a market value of approximately $248 million, making it one of the top SOL holders among listed companies. This registration does not mean immediate issuance of securities but provides systemic flexibility for the company to raise capital at an appropriate market window. Potential uses include working capital, R&D investment, and debt management.
From an operational and asset structure perspective, Upexi is headquartered in Tampa, with business spanning consumer brands and crypto asset allocation, including Cure Mushrooms (medical products) and Lucky Tail (pet care). Since the beginning of this year, the company’s overall market value has fallen by about 50%, while Solana ecosystem assets have declined by approximately 34%, reflecting dual pressures: on one hand, the capital market’s risk appetite for crypto treasury-listed companies has cooled significantly; on the other hand, SOL price fluctuations directly impact its balance sheet stability. In this context, the shelf registration is more of a defensive layout, helping to maintain capital flexibility amid uncertainty, but also highlighting the model’s high sensitivity to market cycles. The subsequent pace and purpose of financing will be key variables in assessing its long-term sustainability.
OpenEden introduces government bond yields into Solana, cUSDO builds an on-chain risk-free rate benchmark
RWA platform OpenEden announced that its yield-bearing stablecoin USDO’s composable wrapped version, cUSDO, will soon launch on Solana. As a wrapped asset of USDO, cUSDO continues the core feature of being “fully backed by tokenized government bonds,” and further enhances its composability and DeFi compatibility. Each cUSDO circulating on Solana corresponds to a tokenized government bond asset verifiable on-chain, held and managed by qualified custodians, providing institutional-level endorsement in terms of compliance, transparency, and asset security.
On the application layer, cUSDO will primarily connect to stablecoin swap pools, lending protocols, and yield markets, becoming a productive basic asset in the Solana ecosystem that combines “government bond yield + protocol incentives.” This design lowers the barrier for DeFi participants to access real-world risk-free yields and provides protocols with a more stable and predictable income source. More importantly, the launch of cUSDO makes Solana the first to have an on-chain risk-free rate anchored directly to regulated government bond yields, which may improve interest rate pricing and risk benchmarks, and promote more rational and institutionalized development of lending spreads, yield strategies, and capital allocation.
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