On December 24, 2025, the cryptocurrency market continued to face pressure, with the total market capitalization falling to approximately $2.97 trillion, a decrease of 1.4% from the previous day. Bitcoin (BTC) fluctuated between $87,000 and $90,000, dropping about 2.4% within 24 hours, while the market fear index rose to extreme fear levels. Gold prices reached new highs, and Bitcoin fell 28% from its peak, highlighting risk-averse sentiment. This article summarizes key dynamics based on yesterday's market information, focusing on upcoming token launches, short signals, coin-stock correlations, latest news, DAT data, and token unlocks.
Upcoming Token Launches
On December 24, exchange launch activities were active, driving attention to emerging tokens. OKX announced the launch of Lighter (LIT) pre-contracts, with LIT/USDT pre-trading starting at 11:30 UTC+8, aimed at enhancing LIT liquidity. Additionally, Bithumb launched the Theoriq (THQ) Korean won trading pair yesterday, reflecting Asian market interest in DeFi projects. These launches may bring short-term volatility, and investors should be aware of selling pressure post-listing.
Short Signals
Short signals for Bitcoin have intensified, with several indicators suggesting a potential bear market could begin in early 2026. Yesterday, Bitcoin maintained a range of $88,000-$90,000, but signs of slowing demand, reduced ETF inflows, medium-sized investors reducing positions, declining funding rates, and breaking below the 365-day moving average emerged as five major warning signals. CryptoQuant noted that weak demand could lead to a price drop to $70,000. Although a 4% decline in miner hash rates is seen as a potential bottom signal, the short-term bear market dominates, and the Q4 crash exacerbates uncertainty.
Coin-Stock Correlation
The correlation between crypto and traditional markets has deepened, with publicly listed companies continuing to increase their digital asset holdings. Canadian listed company Matador Technologies (MATA) plans to raise approximately $58 million to increase its Bitcoin holdings, targeting 1,000 coins by the end of 2026. Spain's Vanadi Coffee increased its holdings by 32 Bitcoins, bringing its total to 161 coins. Offchain Labs plans to increase its ARB holdings, while Solana DAT company Upexi submitted a $1 billion shelf registration application to the SEC, currently holding about 2 million SOL. U.S. stock iPower reached a $30 million financing agreement to purchase BTC and ETH to establish a DAT strategy. These actions reflect corporate views of crypto as a reserve asset, but Bitcoin's decline has led to a simultaneous drop in related stocks, correlating with the Dow Jones and S&P 500.
Latest News
Yesterday's news highlights were diverse, with regulatory and security events prominent. The Central Bank of Russia proposed new regulations for crypto investments, allowing qualified investors with no limits, while retail investors are capped at 300,000 rubles per year and must pass a test, with the new rules taking effect in 2026. The U.S. SEC sued three fraudulent crypto platforms and four investment clubs for a $14 million scam, seeking injunctions and fines. A report from the Bank of Korea indicated that 91.2% of crypto trading volume is contributed by the top 10% of accounts, raising manipulation risks as retail investors shift from building positions to cashing out. Additionally, 15 people have been arrested in a virtual currency robbery case in Hong Kong involving 1 billion yen. Policy adjustments by Trump and fraud cases emphasize security issues.
DAT Data
Digital Asset Treasury (DAT) companies are gaining attention as corporate crypto holders. A report from VanEck yesterday showed that from mid-November to mid-December, DAT companies purchased 42,000 BTC (+4%), bringing total holdings to 1.09 million coins. Hyperscale Data holds 514.9655 BTC, valued at approximately $45.5 million. The DAT model is effective when Bitcoin rises, but the crash exposes vulnerabilities, potentially entering a "Darwinian phase" where the weak are eliminated. Currently, DAT holds 4% Bitcoin, 3.1% Ethereum, and 0.8% Solana, impacting coin prices.
Token Unlocks
On December 23, a large-scale token unlock occurred, with a total value of several hundred million dollars. Projects like ZORA and AVAIL unlocked, with MBG unlocking 21.67 million coins (valued at approximately $8.82 million). UDS unlocked 2.15 million coins (valued at $5.16 million), which may increase selling pressure. This week's total unlock amount exceeds $268 million, including Humanity, Plasma, and Jupiter. Historical data shows that unlocks often lead to short-term volatility, and investors should monitor this.
Overall, on December 24, the market seeks support amid bear market signals, with DAT trends and regulatory dynamics providing clues. It is recommended to pay attention to holiday liquidity and Federal Reserve policies.
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