Recently, Binance's launch of new contracts has once again become the market focus. On December 21, 2025, Binance officially launched ZKPUSDT, GUAUSDT, and IRUSDT U-based perpetual contracts, with the respective launch times at 18:00, 18:15, and 18:30 (all in East 8 Time). Against the backdrop of a volatile cryptocurrency market, the intention behind this move is evident.

Perspective Breakdown

The demand from exchange giant Binance lies in continuously expanding the derivatives market to stimulate liquidity, which stands in stark contrast to the current market state. After a recent significant decline, market sentiment has been greatly shaken, with many traders holding funds but lacking available high-return trading opportunities. The launch of new contracts is clearly a strategic decision by Binance to address this gap, with the ZKPUSDT contract supporting up to 40x leverage, the GUAUSDT contract offering 20x leverage, while the leverage multiple for IRUSDT is controversial among different sources (both PANews and Deep Tide TechFlow report 20x, but according to Wu Says, it can reach 40x).

In contrast to Binance's actions is the market's reaction, with differing opinions from various parties. Crypto analyst Ali pointed out that the price of DOGE has fallen below an important support level, currently priced at $0.128. If selling pressure continues, it may drop to $0.090. This also reflects the market's panic sentiment, especially in a bear market, where higher leverage products may trigger deeper risks.

Narrative Interweaving

When the launch of new contracts coincides with the plummeting of DOGE, the market's FOMO and FUD sentiments intertwine. The viewpoints of KOLs fermenting on social media further amplify this panic— the desire for high-leverage products starkly contrasts with the fear of bear market phenomena, guiding the investment decisions of the retail army. Once liquidity encounters danger, market buying and selling behaviors may experience severe fluctuations.

In contrast, the performance of the institutional market shows a significant disparity, with Citigroup maintaining a target price of $243 for Circle stock, while the current closing price is $86.13, highlighting a huge gap. Whether Citigroup's optimistic outlook can reverse Circle's weak performance remains to be seen. As Circle is the issuer of USDC, the stock's trend is closely related to the demand for stablecoins, and its prospects amid regulatory changes should not be underestimated.

Essential Game

This market tension is not only reflected in short-term price fluctuations but also concerns the conflict of power and ideology within the current crypto ecosystem. When Binance launches new contracts, it may be a struggle for market dominance behind the scenes. For patient investors—whether they are traders bearing high leverage risks or long-term investors seeking opportunities in a declining market—the moment of choice has arrived. How the market's future unfolds is a renewed clash between old and new forces on this new battlefield.

Layout Suggestions

Looking ahead, the crypto industry may be facing significant changes towards compliance and institutionalization, especially with a strong focus on liquidity and regulation that will continue to drive market development in the coming years. In the short term, the market needs to pay attention to the price defense battle at $0.090. Behind this battle, there may be greater layout opportunities, and seizing these opportunities could be the key to success for future investors. The fate of the market lies in every investment decision, and choosing the right moment to participate in a market filled with risks and opportunities will be a challenge that investors in 2015 must face.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。