[比推] The Drift Foundation recently launched the DIP-9 proposal at the governance forum, aiming to establish a sustainable fee distribution system to support the long-term development of the protocol.
According to the proposal design, Drift Labs will receive $1.5 million each month from the protocol fees to cover operational costs such as engineering infrastructure, various subscription services, and on-chain Gas. If the proposal is approved, the first phase will directly prepay $9 million to proactively address the expenditure needs for the first half of 2026. The subsequent distribution model will shift to a monthly basis, with a duration set for 18 months.
The Drift protocol is currently operating well, with a cumulative fee of 42 million USD collected so far. The stable inflow of this fund provides a solid foundation for the feasibility of the proposal. The voting start time is set for December 24, 2025, and once approved, the

Recently, a well-known Large Investor's operations on Ethereum have been quite interesting. In the past 10 hours on December 24, this Address added 475 long orders in one go within the ETH price range of 2932 to 2942 USD, directly throwing in 1.4 million USD in funds. Then, they turned around and placed take profit open orders between 2960 and 3125 USD, and some of the orders have already been executed.
This is not a whim. Since December 17th, this Address has been continuously engaging in rolling operations of high selling and low buying, constantly increasing positions. So far, his ETH long order scale has skyrocketed from the initial 13.2 million USD to 21.62 million USD, with an average purchase price of 2978 USD. Although there is still a paper loss of about 110,000 USD (approximately 13% loss), the liquidation line is set at 2870 USD, leaving some room.
Interestingly, this Address previously held HYPE and ZEC.

A leading exchange is recruiting quantitative traders, focusing on market making and trading in the sports prediction market, yet has sparked controversy over its front running rules, exposing the conflict of interest between its role as a market participant and rule maker, which is worth pondering.

[Coin World] On-chain data shows that over 1,300 Bitcoins have just completed a massive transfer, equivalent to about 114 million RMB. This transfer occurred between two unknown wallets, with the identities of both the sender and receiver undisclosed. Transfers of this scale often attract market attention—whether it’s institutional rebalancing, exchange deposits and withdrawals, or other uses, the on-chain flow of large amounts of Bitcoin can influence short-term price expectations. From recent whale activity, similar large-scale operations have frequently appeared, reflecting market participants' continued optimism about Bitcoin's value.

[Coin World] Since the beginning of November, Bitcoin has been trapped in the dilemma of a Bear Market. The fundamental reason is still the sluggish market demand. Supply is not a concern, but the Trading Volume is shrinking. Under this imbalanced state, the price naturally cannot withstand the pressure.

Tom Schmidt, a partner at Dragonfly Capital, believes that altcoins are not being followed mainly because the market lacks new capital inflow. Currently, investors are focused on mainstream assets like Bitcoin and Ethereum, which has led to altcoins being neglected. Unless there is a significant influx of new capital, this situation is unlikely to change in the short term.

The USDe synthetic stablecoin has significantly declined since the "1011 crash," with a net outflow of 8.3 billion USD, and its market capitalization has dropped from 14.7 billion USD to 6.4 billion USD, severely shaking confidence and reflecting market concerns about stablecoins.

[BitPush] A patient lurking Whale has recently become restless. According to on-chain data, this Large Investor invested $38.16 million in WBTC over the past month and is now starting to reduce position. Just 4 hours ago, they deposited 195 WBTC to a leading exchange, equivalent to $17.05 million. Adding the deposit from three weeks ago, this Whale has reportedly sold 245 WBTC, locking in a profit of $325,000.
Interestingly, he still holds 200 WBTC, with a paper profit of $389,000, which can be considered quite a harvest. During the entire holding period, the price of WBTC peaked at $94,555, and this guy's timing and accumulation pace seem to be quite meticulous.

Franklin Templeton's XRP Spot ETF has reached an important milestone, with open interest surpassing 100 million coins for the first time, and a market capitalization of nearly 193 million USD. The total net assets of the ETF have reached 183.41 million USD, demonstrating the continued investment enthusiasm of Financial Institutions in XRP.

[Block Rhythm] Recently, there has been an interesting operation in on-chain data monitoring. The pension-usdt.eth Address started moving after the ETH price broke above 3000 dollars, reducing its holdings by 5180.87 ETH in the first few hours, successfully selling a portion in the range of 3002.6-3019 dollars, earning a profit of 230,000 dollars at that time.
Interestingly, this Address has not stopped operating. In the past hour, it has continuously increased its position, stacking up to 30,000 ETH in long positions. It is worth noting that it has consistently held a TOP 3 position in the ETH long Address ranking on the Hyperliquid platform.
From the operational details, this is a classic swing trade. The reduction price level is between 3002.6 and 3019 USD, while the increase price level is pressed down to the lower range of 2954 to 2964 USD, completing a round.

The S1 Airdrop of Capybobo ended on December 22, distributing 1.85 billion PYBOBO Tokens, with 150 million unclaimed coins being destroyed. The S2 season will allocate 6 billion tokens, emphasizing the project's focus on user participation. Meanwhile, Capybobo is developing the VWA game based on PYBOBO, exploring the diverse applications of tokens within the ecosystem.

The Meme Token platform SunPump in the TRON ecosystem has launched a Christmas event, encouraging community participation and interaction, with a prize pool of 600 USDT. The event reflects SunPump's emphasis on community operations, integrating AI with cultural creativity, and looks forward to the launch of more ecological projects.

Last week, a knife robbery involving virtual money occurred in Sheung Wan, Hong Kong. Two Japanese company employees drove to a local virtual money exchange shop, planning to exchange 1 billion yen (approximately 50 million HKD) contained in 4 travel suitcases for virtual money and HKD, but unexpectedly encountered an armed robbery.
The Hong Kong police quickly took action and have arrested 15 suspects, of whom 7 have been charged with conspiracy to commit robbery. The police are still tracing the whereabouts of the stolen funds, and the investigation is ongoing, with the possibility of more arrests. This case serves as a reminder to institutions and individuals engaged in Virtual Money transactions that large fund flows require enhanced security precautions.

[Blockchain News] Bithumb recently announced that it will add the THQ KRW trading pair to its platform. This is another step following the exchange's efforts to expand in the Asian market. As an active on-chain asset, THQ has garnered significant attention in the Korean market. With the launch of the KRW trading pair, local users can participate in trading more directly without having to go through complicated currency exchange processes. For the Korean Blockchain Community, this means more direct pairings of mainstream assets and fiat, making it easier for users to deposit and withdraw.

The price movement of SOL from December 21 to 22 shows that long positions have not completely given up, but the technical indicators indicate that short positions are dominant. The phenomenon of volume-price divergence suggests a drop in market participation, and operations should be cautious. The key support level is at 124.0, with resistance at 127.0, and further movements need to be observed.

Last week, US stocks welcomed the "Santa Claus Rally", with all three major indices rising collectively. The S&P 500 index has risen for eight consecutive months, erasing the losses from December. Market sentiment was driven by Options Delivery and seasonal factors, with investors full of expectations for future economic and corporate profits. The decline in VIX Volatility also contributed to the rise. The follow target for the S&P 500 is 7000 points.

A well-known investor has been blacklisted by the project party for transferring 9 million USD worth of WLFI tokens, with the value of the locked tokens shrinking by about 60 million USD. This incident has raised concerns about governance risks in DeFi projects and blacklist mechanisms, especially regarding how to protect investors' rights.

[Block Rhythm] Large Investors in Bitcoin have been a bit cautious lately. Strategy decided last week to hold back and temporarily did not increase their Bitcoin Position, instead raising their cash reserves from previous levels to $2.19 billion. The reason behind this is quite practical: they raised $748 million by selling stocks specifically to create a cash buffer to handle upcoming Dividends and debt expenditures.
The timing of this action is worth pondering. Not long ago, Strategy was still continuously increasing its Bitcoin holdings, but now the market has changed—Bitcoin has fallen nearly 30% from the historical high reached in October. In the face of such market fluctuations, institutions have clearly changed their approach, shifting from an aggressive coin-hoarding model to a more prudent cash allocation.
According to the data, Strategy currently holds a total of 671,268 BTC, with a market value exceeding 60 billion USD, and its mNAV is approximately 1.1. This indicator

A leading AI company disclosed that its smart browser is facing prompt injection attacks, where hackers can manipulate the AI to perform malicious operations through webpages or emails. In response, the company has activated an automated defense system based on large language models, successfully identifying and blocking some attacks. However, users' sensitive data and autonomous decision-making capabilities still pose security risks, as the defense capabilities have not kept pace with the rise in risks.

The interesting phenomenon of XRP worth following is that it tracks the exchange rate trend of WTI crude oil, which has been in a falling channel for the past three months. From a technical perspective, the price is being suppressed by a clear descending trend line, showing weak rebounds.
Several key levels to remember: the upper resistance is around 0.0440, and it's normal if it keeps hitting a wall without breaking through. The lower support is in the range of 0.0270 to 0.0290, which is the last line of defense for the bulls. The price is currently at 0.0335, positioned in the middle.
Interestingly, the continuous three-month sell-off seems to have come to an end. The market panic selling may have mostly played out, and now it's time to closely monitor the trend line. If the price can close above the key trend line, that would be a signal—Rebound or even reversal may be on the way.