- Popular CEX Cryptocurrencies
CEX Trading Volume Top 10 and 24-Hour Price Change:
- BTC: -1.97%
- ETH: -4.39%
- SOL: -4.65%
- BNB: -3.7%
- ASTER: -9.87%
- BIFI: -1.77%
- CITY: -1.71%
- IDEX: -8.65%
- ZEC: -7%
- BAR: -3.36%
24-Hour Price Increase Ranking (Data Source: OKX):
- HMSTR: +11.33%
- AERGO: +9.78%
- ZENT: +7.11%
- ACT: +6.73%
- ASP: +6.45%
- OMI: +2%
- BARD: +0.63%
- GHST: +0.58%
- NIGHT: +0.56%
- PRCL: +0.25%
24-Hour Stock Price Increase Ranking (Data Source: msx.com):
- MU: +4.83%
- OXY: +4.42%
- SQQQ: +3.36%
- FIG: +3.7%
- SNDK: +3.24%
- GME: +3.1%
- XOM: +2.42%
- GILD: +2.26%
- ADBE: +2.05%
- CVX: +1.93%
- On-Chain Popular Meme Top 5 (Data Source: GMGN):
- pippin
- https
- CALVIN
- TRUMP
- jellyjelly
Headlines
The Federal Reserve Revokes 2023 Policy Limiting Banks' Involvement in Cryptocurrency Activities
The Federal Reserve revoked a policy statement issued in 2023 that previously restricted state member banks supervised by the Federal Reserve from engaging in "innovative" activities beyond the scope of national bank charters, including various cryptocurrency services. The Federal Reserve stated that as understanding of innovative products and services evolves, this restrictive policy is being replaced with a more flexible one.
According to the updated policy statement for 2025, uninsured state member banks can now apply to the Federal Reserve Board on a case-by-case basis to engage in activities not permitted for insured banks. Previously, the 2023 guidelines were the core basis for the Federal Reserve's rejection of Custodia Bank's request for a Fed Master Account. Federal Reserve Governor Michael S. Barr disagreed, arguing that a fair competitive environment should be maintained for banks with different licenses.
Federal Reserve Governor Waller: Rate Cuts Possible Based on Easing Inflation Outlook
Federal Reserve Governor Waller stated that the Federal Reserve could cut rates based solely on an easing inflation outlook; however, given the current outlook, there is no urgency for rate cuts, and the Federal Reserve's new asset purchases are not stimulative measures.
Federal Reserve Joint Survey: 2% Inflation Target Unlikely to be Achieved Quickly Next Year
A survey conducted jointly by the Richmond and Atlanta Federal Reserves and Duke University's Fuqua School of Business revealed that corporate financial executives still view tariffs as a primary concern, with an average expectation of about 4% price increases next year. This result may exacerbate the Federal Reserve's concerns about current price pressures, which could hinder its ability to achieve the 2% inflation target quickly. The survey was conducted from November 11 to December 1 and included 548 CFOs. The results showed a decline in confidence regarding both their companies and the overall U.S. economy. The overall economic optimism index fell from 62.9 in the third quarter (out of 100) to 60.2, also below the recent high of 66 reached after President Trump won his current term at the end of 2024. Overall, respondents expect moderate growth in employment and the economy in 2026, with the median company expecting a 1.7% increase in employment (similar to recent surveys) and an annual economic growth rate of about 1.9%. Less than half (40%) of companies reported hiring for new positions, slightly below 20% of companies that reported not hiring at all, and about 9% of companies expect to lay off employees.
Federal Reserve's Bond Purchase Tool Shows Effect: Year-End Repo Rate Expectations Decline
Institutional analysis indicates that anxiety in the U.S. bond market is easing as year-end approaches, with market expectations that the Federal Reserve's new financing plan will alleviate seasonal funding pressures. Banks typically reduce lending and hoard cash at quarter-end and year-end to adjust their balance sheets, which can lead to higher short-term money market rates at cross-period points. For example, in September 2019, a sharp drop in bank reserves due to concentrated corporate tax payments and debt repayments caused repo rates to spike. However, after the Federal Reserve announced last week that it would purchase short-term Treasury bills to manage cash levels and ensure control over the interest rate target range, pricing in the repo market for the year-end period (December 31 to January 2) has significantly decreased. Bob Savage, head of macro market strategy at BNY Mellon, stated, "The Federal Reserve aims to avoid sharp fluctuations in rates on tax days or year-end, and now has the appropriate tools to prevent a repeat of the market volatility seen in 2019." Analysts noted that the Federal Reserve's actions will alleviate year-end funding pressures. Additionally, the Federal Reserve's bond purchases may reduce Treasury bill demand from private investors in 2026, thereby supporting bond prices and lowering yields, alleviating the debt supply pressure that previously pushed up repo rates.
High City Government Policy Group Member: Bank of Japan Should Avoid Premature Rate Hikes
Former Deputy Governor of the Bank of Japan and member of the government policy group, Masayoshi Takeda, stated, "Japan must raise its neutral interest rate through fiscal policy and growth strategies. If Japan's neutral interest rate rises due to fiscal policy, it would be natural for the Bank of Japan to raise rates. However, the Bank of Japan should avoid premature rate hikes and excessive tightening of monetary policy at this time." Analyst Justin Low expressed reservations about this comment, as he is a member of the government group appointed by Prime Minister Fumio Kishida. Therefore, his remarks and inclinations are aligned with the government and attempt to oppose the Bank of Japan's intention to raise rates later this week.
Industry News
Bloomberg: Long-Term Bitcoin Holders Have Sold Holdings Worth Approximately $14 Billion
According to monitoring by K33 Research and CryptoQuant, BTC has fallen nearly 30% within two months since breaking the historical high of $126,000. On-chain data shows that the supply of BTC held for at least two years has decreased by 1.6 million coins since the beginning of 2023, worth approximately $14 billion, indicating that early holders are cashing out at the fastest rate in recent years.
Since 2025, nearly $30 billion worth of BTC that had been dormant for over a year has re-entered circulation. In the past 30 days, the distribution volume from long-term holders reached one of the highest levels in five years. K33 Research noted that about 20% of the BTC supply has been reactivated in the past two years. As institutional consolidation deepens, it is expected that the selling pressure from early holders will dissipate by 2026.
As President Trump openly embraces cryptocurrency, his policies and personal statements are profoundly changing the structure of U.S. capital markets, with a surge of new public companies centered around crypto assets emerging rapidly, while also amplifying market risks. Unlike previous crypto bull markets that were mainly confined to exchanges and retail investors, under Trump's policy push, crypto risks are spreading to a broader range of investors through the stock market. The tightening of regulatory exits, the strengthening of political endorsements, and the structural "cryptoization" of public companies are prompting investors to take on higher volatility and valuation risks. This year, over 250 public companies have begun incorporating cryptocurrencies into their balance sheets, attracting investor attention by hoarding digital assets like Bitcoin. Some companies even lack mature core businesses, with their primary "business model" being to hold crypto assets and bet on their price increases.
Project News
The Polygon Foundation and X platform stated, "This afternoon, the Polygon PoS network experienced issues affecting some RPC nodes. However, the network remained online throughout the entire incident, block generation was uninterrupted, and there was no blockchain downtime.
The technical team quickly identified the problem and pushed patches to node operators to restore full service functionality. Currently, validating nodes are synchronizing data and have gradually met the quorum requirements.
During the incident, a large number of RPC nodes continued to operate fully, and transactions could flow in and be processed normally.
Before the nodes complete synchronization, there may still be delays in the data displayed on the block explorer."
Coinbase announced on the X platform that it will soon launch a one-stop asset tokenization platform for institutional users, Coinbase Tokenize. This platform aims to help institutions efficiently and securely tokenize and issue various assets on-chain.
The official introduction states that Coinbase Tokenize has the following core features: Fully backed, ensuring a one-to-one correspondence between assets and tokens; highly transparent and secure, relying on Coinbase's mature compliance and security system; and regulatory compliant, designed for institutional scenarios to meet compliance needs.
dYdX Announces Partnership with BONK to Launch Perpetual Trading Entry for the Solana Community
Decentralized derivatives protocol dYdX announced that BONK, a leading meme coin in the Solana ecosystem, has become an official integration partner of dYdX. On December 17, BONK launched a BONK-branded web and Telegram front end, allowing BONK and the broader Solana community users to seamlessly access perpetual contract trading supported by dYdX through this entry point.
Jito Announces Core Business of Its Foundation Will Move to the U.S.
Solana MEV infrastructure developer Jito Labs announced that it will move the core business of the Jito Foundation to the U.S. It is reported that Jito will establish the headquarters of the Jito Foundation in the U.S. in January next year to support the network's growth.
Investment and Financing
DeFi Liquidity Layer Harbor Completes $4.2 Million Seed Round Financing, Led by Triton Capital
AirSwap founder Michael Oved disclosed on the X platform that the DeFi liquidity layer Harbor completed a $4.2 million seed round financing in the spring and summer of this year, led by Susquehanna Crypto and Triton Capital, with participation from Selini, Auros, Hermeneutic, Kronos Research, and others.
ETHGas Completes $12 Million Seed Round Financing, Led by Polychain Capital
Ethereum block space futures market ETHGas announced the completion of a $12 million seed round financing, led by Polychain Capital, with participation from Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT, and Amber Group. The project previously completed an undisclosed pre-seed financing of about $5 million in mid-2024. This financing was entirely conducted through a token issuance model and utilized a Simple Agreement for Future Tokens (SAFT), but the post-financing valuation of the project was not disclosed.
Regulatory Trends
SEC Releases Statement on Broker-Dealers Custodizing Crypto Asset Securities
The U.S. SEC's Division of Trading and Markets released a statement on the applicability of Rule 15c3-3(b)(1) of the Securities Exchange Act to crypto asset securities. The statement indicated that if broker-dealers take the following measures, the division will not oppose their determination that they have physical possession or control over crypto asset securities in customer accounts:
Access and Transfer Capability: The ability to directly access crypto asset securities and transfer assets on the relevant distributed ledger;
Technical Risk Assessment: Implementing written policies to assess the characteristics and risks of distributed ledger technology and related networks;
Risk Avoidance: Not claiming possession of the asset when aware of significant security or operational issues with the relevant technology;
Private Key Protection: Establishing internal controls to prevent private keys from being stolen, lost, or used without authorization, ensuring that no one other than authorized personnel can access them;
Emergency Plans: Ensuring that assets can be securely preserved and transferred in the event of blockchain failures, 51% attacks, hard forks, or broker-dealer bankruptcies.
Japan May Plan to Implement Separate Tax System for Crypto Assets Starting in 2028
Sources in the Japanese political sphere revealed that a proposal has been made regarding when Japan will transition to a separate self-assessment tax system for crypto assets (virtual currencies), with plans to implement it starting in January 2028. Although the market expects the amendment to Japan's Financial Instruments and Exchange Act to pass in the Diet next year, and the new tax system may be implemented by 2027, the Japanese government prefers to push for tax reform after confirming market conditions under the Financial Instruments and Exchange Act.
Currently, profits from crypto asset trading in Japan are classified as "miscellaneous income," combined with other income such as wages, with a maximum tax rate of up to 55%. Investors and industry groups have long called for it to be changed to a separate tax system of 20%, similar to that for stocks. The government stated that the delay is mainly due to the need to improve "investor protection measures."
Voices
K33: Bitcoin Long-Term Holder Sell-Off Nearing Saturation, Liquidity Pressure Expected to Ease
Research and brokerage firm K33 stated in a report released yesterday that the selling pressure from long-term Bitcoin holders is nearing saturation after years of distribution, and on-chain selling pressure is expected to gradually ease.
K33's research director Vetle Lunde pointed out that since 2024, the supply of Bitcoin held for more than two years has continued to decline, with approximately 1.6 million BTC reactivated and flowing into the market, valued at about $138 billion at current prices, reflecting that early holders are continuously selling on-chain. Lunde believes that this scale has clearly exceeded what can be explained by technical migration or structural adjustments, indicating substantial distribution behavior.
The report stated that 2024 and 2025 will become the second and third highest years for the re-circulation of long-term Bitcoin supply in history, second only to 2017. Unlike the distribution cycle driven by ICOs, altcoin trading, and incentive mechanisms in that year, this round of selling is more about long-term holders directly realizing deep liquidity gains in response to U.S. Bitcoin spot ETF and corporate financial needs.
Looking ahead, K33 expects selling pressure to gradually diminish. Lunde stated that about 20% of Bitcoin supply has been reactivated in the past two years, and on-chain selling pressure is expected to approach saturation. The supply of Bitcoin held for more than two years may end the current downward trend in 2026 and exceed the current level of approximately 12.16 million BTC. Additionally, K33 noted the potential asset allocation rebalancing effect that may occur at the end of the quarter and the beginning of the new quarter. Given that Bitcoin significantly underperformed other assets in the fourth quarter, funds with fixed allocation ratios may be reallocated at the end of the year and the beginning of next year, potentially bringing phased capital inflows to the market.
Analyst: Recent Psychological Price Barrier for Bitcoin is $81,500
CryptoQuant analyst MorenoDV_ stated that Bitcoin's price must remain above $81,500, as this price serves as a psychological barrier. When Bitcoin's price is above this support level, investors generally feel more secure. Another trader and analyst, Daan Crypto Trades, indicated that the BTC/USD price will continue to experience significant volatility until the major support level in the $84,000 to $85,000 range is breached or the resistance level of $94,000 is surpassed.
Bitcoin's 30-day implied volatility is currently low, indicating that the market remains relatively calm ahead of the U.S. inflation data release on Thursday and the Bank of Japan's interest rate decision on Friday. However, the derivatives positioning shows that long positions on BTC/USD at Bitfinex have reached their highest level since February. Additionally, trading activity for Bitcoin put options with a strike price of $85,000 and call options with strike prices of $95,000 and $100,000 suggests that Bitcoin may experience significant volatility soon. Analysts believe that for Bitcoin to break the bear market trend, it needs to return above $95,000, ideally above $98,000.
Matrixport released a chart today stating that as Bitcoin's market cap share declines, our tactical model once indicated that altcoins might have a phase of rebound; however, as the total market cap of the crypto market weakened again and showed signs of decline, the rebound did not continue.
Over the past one to two years, altcoins have generally performed weakly; based on the indicators we track, the market preference still leans more towards Bitcoin in most phases. It is worth noting that in previous years, it was uncommon for altcoins to underperform during Bitcoin's strengthening phase. Given the current weak short-term momentum of Bitcoin and limited risk appetite recovery, the altcoin environment may still be cautious, with market trends likely to be characterized by structural differentiation.
In the current environment, trading tends to focus on leading assets with high liquidity and better trading depth, and the importance of risk control and position management has correspondingly increased. Overall, the market is gradually transitioning from a relatively passive "long-term holding + dollar-cost averaging" phase to an environment that emphasizes timing entry, active positions, and drawdown control.
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