【Crypto World】On-chain monitoring data shows that in the past 24 hours, three suspected related wallet addresses have deposited a total of 2.47 million USDC into the Hyperliquid platform as trading collateral. The subsequent actions are even more eye-catching — these addresses immediately opened TST long positions worth $1.69 million, accounting for 42.3% of the platform's total TST holdings, and took the top three largest long positions.
What's more interesting is that the operational logic of these addresses is almost identical: first transferring BTCB from a major exchange, then depositing it into Aster, then withdrawing USDT, and finally flowing directly into Hyperliquid for trading. The source of the margin funds is also very clear — either from a major exchange or from the OKX platform.
Looking back, one of the addresses (0x48c...bc9d0) was quite profitable — as early as 12

【BlockBeats】Recently, due to the chain reaction of the US stock market holidays, many exchanges are adjusting their trading arrangements for related products. A leading exchange has also made corresponding deployments—US stock tokens and US stock contract products will suspend trading during Christmas and New Year’s Day, while cryptocurrency spot trading, on-chain trading, contracts, and other products will operate as usual and will not be affected.
The specific holiday schedule is as follows:
Christmas: December 25, 2025, 02:00 — December 26, 2025, 09:00 (UTC+8)
New Year’s Day: January 1, 2026, 09:00 — January 2, 2026, 09:00 (UTC+8)
It is especially important to note that on-chain US stock trading involves the unique trading mechanism of Ondo Finance, so the opening and closing times will be slightly adjusted—closing 1 minute early and opening 5 minutes late. For those holding positions or planning to trade, please be aware of these adjustments.

Regarding the development direction of the Aave protocol, some recent viewpoints have not clearly explained the ins and outs.
In the past few years, Avara and Aave Labs have been busy with a major project - developing Aave v4, which is supported by a $15 million DAO grant. During the same period, what about service providers and DAOs like ACI, BGD, TokenLogic, and LlamaRisk? They have basically been focused on the expansion and growth of Aave v3.
What are the results? v3 has become the largest lending protocol on the chain, truly a "cash cow," with annual net income in the tens of millions of dollars range. From any perspective, the work this group has done around v3 is commendable.
In contrast, Avara invested a lot of resources in projects or acquisitions that have little direct relation to the Aave ecosystem while developing v4, and looking back, these investments did not bring much incremental value to the ecosystem.

[Coin World] ETH has shown an interesting contrasting trend in the last 4 hours of candlestick. Compared to the large bearish candle on 2025-12-23 12:00:00, the price has notably rebounded in these few hours; however, it is still lower compared to 2025-12-22 08:00:00. The last candlestick has reversed the downward trend, turning into a bullish line, with the closing price standing back above the opening price — this is a positive signal.
The change in trading volume is quite interesting. In the past few hours, the trading volume has been increasing, but this time it is a "price drop, volume increase" combination. At first glance, it seems like selling pressure is intensifying, but combined with the subsequent price rebound and the Candlestick turning bullish, it looks more like a sign of bottom accumulation.
Let's take a look at the technical indicators. The MACD currently does not show a clear trend direction, but there is a key detail here: although the histogram continues to be negative, its width is gradually shortening. What does this indicate? The bearish force is weakening, and the bulls are quietly building strength. The KDJ indicator

The well-known investment firm Trend Research recently increased its position by purchasing 46,379 ETH, with a total transaction amount of $137 million, accumulating Holdings of 580,000 coins, currently facing unrealized losses of $141 million, and a leverage ratio of approximately 2 times. The firm previously profited by shorting ETH, making its market strategy noteworthy.

[Coin World] MicroStrategy, a listed company, is increasing the position again. According to the latest data, they now hold 214,400 Bitcoins, with a book value approaching $13.5 billion. This holding scale is among the top in all enterprises and reflects this tech company's strong optimism about the long-term value of Bitcoin. Since last year, MicroStrategy has made increasing Bitcoin holdings a core strategy, and every significant purchase draws market attention. This action once again demonstrates the continued layout of institutional investors in the crypto market.

【Coin World】On-chain data shows that the USDC treasury recently burned 71.33 million tokens, equivalent to 71.33 million USD worth of assets leaving the market. Such treasury operations typically reflect the issuer's liquidity management strategy and can also affect the supply of USDC in the market. The destruction of stablecoins has always been a focal point of market attention, as it directly relates to the long-term value maintenance and ecological stability of the coin.

[Chain News] The liquid staking protocol Infrared in the Berachain ecosystem has been quite active recently. Their Token IR has just launched a rewards vault module, allowing users to earn PoL rewards by staking IR LP tokens on Berachain. Supported trading pairs include USDT0-IR, IR-USDT0, IR-WBERA, and WBERA-IR, among others.
What's even more interesting is the subsequent planning. Infrared officials revealed that in January 2026, they will launch the native staking function for IR. At that time, users can stake IR to receive sIR, earning returns directly from the protocol's income. At the same time, the protocol will also enable a buyback mechanism, which provides security for long-term holders.
Looking ahead to the first quarter, Infrared intends to introduce a Dutch auction system - this is an interesting design. Third-party protocols can use IR to bid for the emissions of BGT.

Former FTX US President Brett Harrison's new company Architect Financial Technologies has completed a $35 million financing round and plans to launch Perptual Futures based on encryption trading mechanisms for traditional assets. However, due to unclear U.S. regulations, it can only target non-U.S. institutional investors, reflecting the trend of gradual integration between TradFi and Web3.

[Coin World] The recent Bitcoin market is a bit exciting. It has dropped directly from the high point of $124,000 to $84,000, which is quite a significant fall. According to on-chain data, the main players in this wave of decline are new large investors entering the market. These whales have been continuously dumping their positions recently, with trading volume being quite fierce.
However, the current situation has eased somewhat. The realized losses of these Large Investors have gradually stabilized, and large-scale dumping actions have temporarily come to a halt. This indicates that the panic selling pressure from earlier may be weakening. From the perspective of on-chain data, the behavioral changes of Whales often reflect turning points in market sentiment, and this signal is still worth paying attention to.

Zama has announced a rewards program that offers exclusive benefits for OG NFT holders. At the same time, they plan to conduct a 10% public auction of ZAMA tokens on January 12, 2026, marking a new phase in tokenomics and attracting project followers to participate and observe.

[BitPush] Here is a latest research report on the crypto market, which contains some interesting data worth discussing.
On the surface, it seems that Bitcoin's fundamentals are at a historical high, but there is an interesting phenomenon here – its price performance has actually underperformed other major asset classes. How do we understand this contradiction?
The signals for institutional entry are very clear. The U.S. government has established a strategic Bitcoin reserve, and the national pension funds of Abu Dhabi and Luxembourg have allocated 1-3% of their funds to Bitcoin. Even top universities like Harvard have made similar allocations in their large endowment funds. All of these are real signals of the traditional financial system moving towards crypto assets.
But at the same time, there is another side - since January of last year, over 20% of Bitcoin UTXOs held for more than two years have been activated. What does that mean? It means that early holders are engaging in large-scale selling. Part of this is indeed a natural behavior of taking profits, but it more deeply reflects that as Bitcoin

The Japanese government plans to submit a bill in 2026 to promote the digital securitization of local government bonds, aiming to eliminate intermediaries through Blockchain technology and accelerate issuance and Settlement. At the same time, investors can gain multidimensional returns, including financial and social contributions, which is expected to attract ordinary people to participate in financing. This marks an important advancement of Blockchain technology in financial applications.

[Coin World] The Aster Human-Machine Trading Competition has entered its 15th day, and today marks the final sprint phase. This highly followed showdown is showing interesting divergence – among the human traders, 28 players have nearly dropped to zero in funds, with an overall return rate falling to 25.6%, while the AI camp's performance is clearly more resilient, with an overall drawdown of only 5.03%.
From the rankings, "Tippy" remains in the top position among human traders with an account balance of about $27,400, but he has lost about $8,640 in the past 24 hours, making the situation look rather unstable. Following closely is the "Little Hero" with an account balance of about $24,900, losing $2,400 in 24 hours; in third place is "Panke" with an account balance of about $23,600, although he has still managed to profit $567 against the trend.
Interestingly, the top performer of the AI camp "Claude Sonnet 4.5 A

In the past day, the overall net inflow on exchanges was 1,596.23 BTC, with Kraken having the highest net inflow of 2,045.55 BTC. Meanwhile, a leading exchange had a net outflow of 873.88 BTC, indicating that Large Investors are withdrawing and may be positioning for other investments. The change in market sentiment is worth following.

[链文] Spot silver has突破70美元/盎司大关了.
What does this mean? This year, silver has performed quite well—its increase has reached 142% since the beginning of the year. Compared to the ups and downs of the cryptocurrency market, the traditional commodities market is also telling its own story. As both a safe-haven asset and an industrial metal, this surge in silver reflects the market's certain expectations for the economic outlook. Against the backdrop of ongoing macroeconomic uncertainty, the strong performance of such precious metals is worth noting.

Kalshi has launched the Kalshi Research data research platform, opening internal data to the academic community and analysts, aimed at promoting in-depth research on prediction markets. This move not only enhances the platform's transparency and credibility but also provides valuable data resources for researching market sentiment and event probabilities.

A Large Investors recently frequently withdrew coins, extracting 30,210 ETH within a week at an average of $3,167, worth nearly $95.67 million. This Whale has staked most of the ETH in a lending protocol, indicating optimism about Ethereum and a strategy to enhance capital efficiency using Decentralized Finance leverage.

[Coin World] Yesterday, the market witnessed a significant operation worth following. A well-known Large Investor reduced their holdings by 600 ETH in the past 3 hours, bringing their ETH long order holdings down to 6426 ETH, equivalent to approximately 19.42 million USD, with unrealized gains reaching 267,000 USD. Based on the current liquidation price of 2850 USD, there is still considerable risk buffer space in this holding.
It is worth mentioning that this large investor not only has a position in ETH but also holds a significant amount of 60,000 HYPE tokens, valued at approximately $1.5 million. From the holdings structure, this wave of reduction may be a risk management adjustment at the current price level.

A certain senior whale account transferred 3.8 billion PUMP tokens to FalconX after holding the PUMP token for 3 months, amounting to 7.57 million USD, with a fluctuation loss of 12.22 million USD, indicating market fluctuation risks.