Crypto Morning Post 12.27 | Implementation of Massive Option Delivery ✅ | Stablecoins payment proposed to be tax-free | BTC weak oscillation waiting for change TL; DR (too long to read): With the stable delivery of $23 billion in options, the market has released short-term pressure but entered a period of low volatility cooling off. The industry fundamentals continue to improve, and the proposal by US lawmakers to exempt small stablecoin payments from taxes, if passed, will greatly promote compliance applications. BNB Chain is about to upgrade, and smart money such as Arthur Hayes is starting to lay out the DeFi track. Today's core focus: Market restructuring: The delivery of $23 billion BTC options has been completed, and there has been no significant market volatility, clearing obstacles for the new trend in Q1. Heavy regulatory benefits: US lawmakers propose tax exemptions for stablecoin payments below $200, benefiting the payment industry. Smart Money Trends: Arthur Hayes hoards DeFi tokens such as PENDLE and LDO; Hyperliquid's revenue data is impressive. Security and controversy: Trust Wallet was hacked and promised full compensation; The HTX audit report has sparked discussions on asset composition. The main text is as follows: Crypto Breakfast | December 27th 1. Danish Tax Minister Ane Halsboe-J ø rgensen criticized Polymarket for allowing users to bet on sensitive geopolitical events such as the "ceasefire in Ukraine" and "Trump's purchase of Greenland", stating that it is "using others' misfortunes as a gambling ground" and is considering blocking the platform within Denmark. On December 26th, BTC options with a nominal value exceeding $23 billion and ETH options with a nominal value of $3.7 billion were delivered. When the delivery was made yesterday, the market was calm and the short-term volatility may decrease after the removal of large holdings, but it also cleared the obstacles for the establishment of a new trend in Q1. 3. HTX (formerly Huobi) released its annual audit report, claiming to maintain 100% asset reserves, and the USDT deposit volume increased by more than 150% year on year. However, after in-depth research by GPT, it was found that a large amount of reserve assets are not native assets. The Trust Wallet browser extension has been hacked, resulting in a loss of $7 million, and users will be fully compensated. CZ suspects that it is an insider. The BNB Chain Fermi hard fork is scheduled to be activated in January. Potential impact: Reduce block time and improve performance. Hyperliquid's revenue in 2025 is $843 million, with over 600000 users. 7. US lawmakers propose a tax exemption policy for stablecoin payments below $200, which, if passed, would have a significant positive impact on cryptocurrency payments. 8. After the 1011 flash crash, the insider insider insider opened a position of 210000 SOL (25.2 million US dollars). Giant Whale recharged 3M TRUMP (14.88 million US dollars) to Binance at a cost of 7.56 US dollars, resulting in a loss of 7.8 million US dollars (-35%, signal to reduce position). Arthur Hayes has cumulatively proposed DeFi tokens worth $2.52 million from the exchange (PENDLE 48.9%, LDO, ENA, etc., bullish on DeFi). Regarding the flash crash of BTC USD1 spot on Binance yesterday, CZ clarified that the "flash crash" of BTC/USD1 trading pair was caused by instantaneous price fluctuations due to low liquidity and did not result in liquidation. Coinbase has released its "Crypto Market Outlook for 2026" report, which is worth reading. https://(x.com)/chengzi_95330/status/2004431992579047446? s=20 Bitcoin Market Analysis The amplitude of Bitcoin is very small, fluctuating around $1000 to $2000. Currently, it is weak and volatile, and it will be like this in December. If it does not perform well by January, it will be hopeless in the short term because there will be news about MSCI excluding the MSTR index on the 15th. At that time, the market will panic and face short-term pressure. Bitcoin is at the 4-hour level, with a stable price of 90000 at the top and a drop below 84000 at the bottom. The rest of the time is a garbage market fluctuation. Risk Reminder Digital assets have significant fluctuations and extremely high risks. Please participate with caution, avoid full positions, and refuse loan leverage;