- Popular Coins on CEX
Top 10 CEX Trading Volumes and 24-Hour Price Changes:
- BTC: +1.12%
- ETH: +0.84%
- BNB: +0.72%
- SOL: +0.94%
- BIFI: +119.08%
- DOGE: +1.11%
- ZEC: +9.81%
- FARM: +8.83%
- BAR: -0.18%
- ZBT: +25.51%
24-Hour Price Increase Rankings (Data Source: OKX):
- BANANA: +25.76%
- METIS: +19.44%
- ULTI: +14.40%
- AVNT: +9.56%
- LAYER: +9.33%
- MEW: +9.09%
- PARTI: +7.34%
- DASH: +6.53%
- CFX: +6.44%
- GHST: +6.27%
24-Hour Coin Stock Price Increase Rankings (Data Source: msx.com):
- QNTM.M: +18.11%
- HUT.M: +15.28%
- RGTI.M: +14.65%
- FLY.M: +14.08%
- QUBT.M: +13.04%
- FFAI.M: +12.5%
- ABTC.M: +11.24%
- HYPD.M: +11.17%
- ABTS.M: +11.11%
- IONQ.M: +10.95%
- Top 5 On-Chain Memes (Data Source: GMGN):
- Beat
- VELO
- RLS
- GUA
- LAB
Headlines
BlackRock: The Fed's Rate Cuts in 2026 May Be Limited
BlackRock strategists Amanda Lynam and Dominique Bly noted in a report that the Federal Reserve is expected to implement only limited rate cuts in 2026. With a cumulative reduction of 175 basis points in this cycle, the Fed is nearing neutral interest rate levels. Unless there is a sharp deterioration in the labor market, the room for further rate cuts in 2026 is quite limited. According to LSEG data, the market currently expects the Fed to make two rate cuts in 2026.
Aave Founder Under Scrutiny for Purchasing $10 Million in AAVE Tokens
Aave founder Stani Kulechov has sparked community controversy for purchasing $10 million worth of AAVE tokens. DeFi strategist and liquidity expert Robert Mullins stated that the purpose of this purchase was to enhance Kulechov's voting power to support a proposal that directly harms the best interests of token holders in the upcoming vote. Notable crypto KOL Sisyphus also expressed similar concerns, stating that Kulechov may have sold millions of dollars worth of AAVE tokens between 2021 and 2025 and questioned the economic motives behind this repurchase. This controversy arises as Aave token holders discuss how to exercise governance rights over one of the DeFi protocols. Critics point out that large token purchases could significantly influence voting outcomes in high-risk governance proposals. Data shows that the top three voters in Aave DAO control over 58% of the voting power, raising questions about the fairness of the governance mechanism.
Philippines Begins Ban on Coinbase and Gemini
The Philippines has begun banning cryptocurrency exchanges Coinbase and Gemini for operating as virtual asset service providers (VASP) without permission.
Analyst: The Medium to Long-Term Outlook for Gold Remains Optimistic
Gold prices have risen again, continuing to strengthen after reaching a historic high on the previous trading day. Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, pointed out that gold prices have set new historical highs over 50 times this year, and the core factors driving gold prices upward have not dissipated. She stated, "Theoretically, the medium to long-term outlook for gold remains optimistic."
Matrixport released a chart today stating that, from a pricing logic perspective, the main driver of crypto asset prices remains the inflow of incremental capital, rather than changes in user numbers or application scenarios. This is particularly evident in the Ethereum ETF: during a period of nearly $10 billion in capital inflow, the price of ETH rose from about $2,600 to $4,500; however, when the inflow slowed, the price quickly retraced its previous gains.
In an environment where new real demand is relatively limited, Ethereum and the broader crypto market remain highly sensitive to marginal changes in capital flows. In contrast to the previous bull market, where the narrative revolved more around "adoption, revenue, and network growth," capital was willing to pay a premium for these expectations; in this cycle, price performance largely depends on where capital flows, how quickly it enters, and when it suddenly stops.
Understanding and proactively grasping these capital flows will be one of the core focuses of our subsequent research and a key tracking direction as we move towards 2026.
Industry News
Barclays Raises U.S. Q4 GDP Growth Forecast to 2%
Barclays economists noted in a research report that the Federal Reserve is likely to view the unexpected acceleration of U.S. GDP in the third quarter as a signal that potential demand remains strong. Although volatile components like net exports may exaggerate overall growth, the continued expansion of consumer spending still shows fundamental resilience. Economists pointed out that despite fluctuations in economic performance in the first half of 2025, total demand has accumulated significant momentum by the end of the year. Based on this, Barclays has slightly raised its forecast for Q4 GDP year-on-year growth by about 0.3 percentage points to 2.0%.
Initial Jobless Claims Unexpectedly Decline, December Unemployment Rate May Remain High
Initial jobless claims in the U.S. unexpectedly declined last week, but due to weak employment, the unemployment rate in December may remain high. The U.S. Department of Labor reported on Wednesday that for the week ending December 20, initial jobless claims decreased by 10,000 to 214,000. Economists surveyed by Reuters had previously expected initial jobless claims to be 224,000. Recent data has shown volatility due to seasonal adjustments ahead of the holiday season. The labor market remains in what economists and policymakers describe as a "no hiring, no firing" mode. Although the U.S. economy remains resilient, the labor market is nearly stagnant. For the week ending December 13, the number of people continuing to claim unemployment benefits increased by 38,000, reaching 1.923 million after seasonal adjustment. This increase aligns with the results of a survey released by the World Federation of Large Enterprises on Tuesday, which showed that consumer perceptions of the labor market have worsened to levels not seen since early 2021. The unemployment rate in November rose to a four-year high of 4.6%, partly due to technical factors related to the government shutdown.
China Property Investment Holdings Limited (736 HK) announced that its board has resolved to advance an asset allocation plan: under the premise of complying with relevant laws and regulations and risk control, it plans to use its own funds to purchase and hold BNB and other suitable digital assets in the open market as strategic reserve assets for the company.
This Friday, approximately $23.6 billion worth of Bitcoin options will expire, marking the largest options expiration day in Bitcoin's history.
Analysts point out that the scale of this expiration is enormous and overall bullish. The maximum pain point (the price level at which option buyers incur the greatest losses and sellers gain the most) is $96,000, which will reinforce the upward price trend.
Etherscan posted data on the X platform revealing that Ethereum L1 processed 1,913,481 transactions on December 23, setting a record for daily transaction volume in 2025, with an average transaction fee of $0.16.
Project News
The Drift Foundation has released the DIP-9 proposal in the governance forum. This proposal aims to establish a sustainable fee distribution framework to fund the ongoing development and growth of the protocol.
According to the proposal, DIP-9 intends to allocate $1.5 million monthly from the collected protocol fees to Drift Labs to support its operating expenses, including engineering infrastructure, subscriptions, and gas fees. If the proposal passes, an initial payment of $9 million will be made to cover operating costs for the first half of 2026 in advance. Subsequent allocations will be made monthly for a period of 18 months.
Currently, the Drift protocol ecosystem is performing robustly, with cumulative fee revenue reaching $42 million. The proposal will begin voting on December 24, 2025, with an initial execution period of two years.
Uniswap Foundation Executives Earn $3.87 Million, Delivering Only "$10 Million in Grants"
PaperImperium posted on the X platform stating that the compensation levels for executives at the Uniswap Foundation (UF) are unusually high. Financial statements show that the Uniswap Foundation disbursed $9.9929 million in grants, while employee compensation expenses reached $4.7943 million, of which $3.8711 million was for executive salaries. In 2024, 22% of the Uniswap Foundation's total expenditures were used to pay executive salaries.
In contrast, the Optimism Grants Council had a total grant budget of $63.5 million during the same period, with only $2.1393 million paid to review and subsequent staff. Even with an additional $500,000 for KYC services, the total compensation for the three executives at the Uniswap Foundation is equivalent to the entire operating cost of the Optimism Grants Council, while the amount of funds delivered is only 20% of the latter.
Hyper Foundation: HYPE in the Aid Fund Address Has Been Officially Destroyed
Hyper Foundation announced on the X platform that HYPE in the aid fund system address (0xfefefefefefefefefefefefefefefefefefefefe) has been officially confirmed as destroyed. This governance vote was based on a stake-weighted consensus, with 85% of the stake voting in favor of the destruction, 7% against, and 8% abstaining.
Kraken Global Consumer Head: The Company Plans to Launch Prediction Market Products in 2026
Mark Greenberg, Kraken's Global Consumer Head, stated that the company plans to launch prediction market products in 2026. Additionally, Kraken recently announced the acquisition of Backed Finance, which promotes xStocks issuance, and Greenberg shared insights on the future of tokenized stocks.
Investment and Financing
The next-generation decentralized social ecosystem Crypto Life announced the completion of a $20 million institutional round of financing. This round was participated in by several investment institutions, including Bluemount Foundation, VEGA-Ventures, Infinite Alliance, ChainPulse Capital, and UZ Capital.
Crypto Life aims to build a global, decentralized social network centered on user privacy through blockchain technology, breaking the monopoly and control of traditional social giants over user data, and reshaping the social trust system and value distribution model.
Regulatory Trends
EU Digital Asset Tax Transparency Bill to Take Effect in January 2026
The EU's latest digital asset tax transparency bill will take effect on January 1, aiming to extend the long-standing administrative cooperation framework in taxation to crypto assets and related service providers, requiring crypto asset service providers, including exchanges and brokers, to collect and report detailed user and transaction information to national tax authorities.
According to official news, the Hong Kong Securities and Futures Commission announced that "Koi" and "Globiance X Limited / Globiance HK Limited" have been listed as suspicious virtual asset trading platforms. The Hong Kong SFC stated that "Koi" and "Globiance X/Globiance HK" both promote the operation of virtual asset trading platforms and are suspected of conducting unlicensed activities. Additionally, investors have reported difficulties in withdrawing assets from "Globiance X/Globiance HK."
The Hong Kong Securities and Futures Commission announced today that "Victory Sauce-flavored Original Liquor (VSFOLT)" and "Victory Sauce-flavored Original Liquor" RWA tokens have been listed as suspicious investment products. It is reported that these products claim to represent certain physical assets of original liquor and shares of a Hong Kong-listed company, and investors can share profits upon the product's maturity. The Hong Kong SFC warns investors to exercise extreme caution, as they may incur significant or even total losses in these investments.
On December 24, the Hong Kong Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) jointly published a consultation summary on legislative proposals to establish a licensing system for virtual asset trading and custody service providers. The FSTB and SFC also announced further public consultations for one month on establishing licensing systems for service providers offering opinions on virtual assets and virtual asset management services.
Voices
CZ posted on Binance Square stating, "The cryptocurrency industry should be able to completely eradicate address poisoning attacks and protect users. All wallets should simply check whether the receiving address is a poisoned address and block users. This is a blockchain query. Wallets shouldn't even display these junk transactions anywhere. If the transaction value is small, filter it out. Security alliances in the industry should maintain real-time blacklists of these addresses so that wallets can check before sending transactions. Binance Wallet has already done this. If users attempt to send to a malicious address, they will receive a warning."
Tom Lee: Bitcoin Will Surge More After Gold Rises First
Tom Lee reposted his views on the X platform, expressing his belief that gold will rise first, followed by a more significant surge in Bitcoin.
Vitalik Predicts: Bug-Free Code May Emerge Within 15 Years
Vitalik Buterin stated on the X platform that the notion "bugs are inevitable, and you cannot write bug-free code" will no longer hold in the 2030s. Vitalik believes that while many software will still have bugs (as functional improvements are more important in specific use cases), if developers genuinely want bug-free code, this goal will be achievable in the 2030s.
Yili Hua: Preparing $1 Billion to Continue Accumulating ETH
2025-12-24 12:31
Odaily Planet Daily reported that Yili Hua posted on the X platform that Trend Research is preparing to increase its funding by $1 billion and continue to accumulate ETH. Yili Hua advised against shorting and stated that this will be a historic opportunity.
Jake, the head of Wintermute OTC, posted on the X platform stating, "Most traders naturally become trend followers, especially those who are profit-driven. Currently, BTC, ETH, and SOL are all operating below their respective moving averages, which is enough to make short-term speculators lose interest in them. Conversely, the same logic applies: once they regain key moving averages, capital will systematically flow back, and market momentum will recover."
Spark Strategic Director monetsupply.eth posted on X, stating that many people lack the necessary background understanding of the recent Aave incident.
In recent years, Avara and Aave Labs have been advancing the development of Aave v4 (funded by a $15 million grant from the DAO); meanwhile, ACI, BGD, TokenLogic, LlamaRisk, and other service providers (SP) and DAOs have focused their main efforts on the expansion and growth of Aave v3.
During this time, Aave v3 has grown to become the largest on-chain lending protocol and an important cash cow project (with annual net income reaching tens of millions of dollars). From any perspective, the efforts made by the DAO and service providers around v3 can be considered a tremendous success. In contrast, during Avara's development of v4, a significant portion of its efforts was directed towards projects or acquisitions not directly related to the Aave ecosystem, and these attempts ultimately did not bring incremental value to the Aave ecosystem.
As a result, there are now some disagreements regarding the future development direction of the Aave protocol, centered on two path choices: one is to fully focus on the migration to v4 and effectively begin to gradually phase out v3; the other is to allow v3 and v4 to run in parallel for the long term while continuing to support v3 over an extended period. In this matter, Aave Labs leans towards the first option, while ACI, BGD, and other service providers generally prefer the second option.
In this context, control over the Aave brand and IP, especially control over the aave.com frontend, becomes particularly crucial. This frontend is currently the most important and widely used entry point for users to access the Aave protocol. This is not only about the fees generated by the frontend exchange function but also about who controls the "traffic entry" of the Aave ecosystem and what development path will ultimately be adopted for v3/v4.
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