Release Date: January 5, 2025

Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has witnessed a multifaceted dynamic ranging from macroeconomic discussions to specific ecosystem developments. Mainstream topics have focused on warnings about on-chain price manipulation, the use of artificial intelligence to capture predictive market Alpha, and the potential impact of geopolitical risks on market supply dynamics. In terms of ecosystem development, Solana's spot trading volume has reached a milestone, Ethereum's stablecoin settlement position has been solidified, while the Perp DEX track continues to warm up.

Mainstream Topics

Curve Ecosystem Token Fluctuations

$CVX experienced a price surge of over 40% in a short period, sparking optimism in the community about a "trend reversal." However, on-chain analyst Jordi (@lordjorx) quickly issued a warning, pointing out that this fluctuation was not driven by real demand but rather by concentrated buying behavior from two specific wallets (believed to be bots). He further revealed that two "smart money" wallets among the top 100 holders used this artificial pump as an exit opportunity, selling off 25% and 34% of their total positions, respectively. This event serves as a reminder to market participants to be cautious of becoming "exit liquidity" for others amid sharp price fluctuations lacking fundamental support.

Polymarket

Polymarket has recently become a focal point for using AI tools to identify "insider addresses" in the predictive market. Trader space Ξ (@spacexbt) shared how to build a monitoring system in just a few hours using AI coding tools (like Claude/Cursor) to track the activities of "insider addresses" and new wallets. He emphasized that Polymarket offers a free and open API and documentation, which is unimaginable in the traditional financial data space (compared to the high costs of Bloomberg terminals). This trend indicates that as AI-powered tools become more widespread, the barrier for individual traders to access "Alpha" is lowering, and data analysis and automated trading are becoming the new battlegrounds in predictive markets.

Venezuela's Bitcoin "Shadow Reserves" and Market Impact

A significant piece of news regarding geopolitics and Bitcoin holdings has sparked widespread discussion. Intelligence reports indicate that the Venezuelan regime has accumulated over 600,000 Bitcoins in "shadow reserves" through "gold swaps" and requiring oil exports to be settled in USDT, with a total value exceeding $60 billion. This holding size is comparable to giants like MicroStrategy and BlackRock, making it one of the largest active BTC holders globally. Analysts believe that while the U.S. government may seek to seize these assets, the likely outcome is that these Bitcoins will transition from "rogue state" active reserves to "frozen sovereign assets" of the U.S. Treasury, potentially leading to a long-term supply lockup in the market, which could be bullish for BTC prices.

Security of Holdings: Physical Violence Risks and Market Prices

The physical security issues of cryptocurrency holders have been raised again. Haseeb Qureshi (@hosseeb) analyzed the "wrench attack" database maintained by Jameson Lopp (violent robberies targeting crypto users). The data shows that the absolute number of attacks and the level of violence are increasing, but by normalizing against the monthly active users of Coinbase and total market capitalization, he found that the risk rate for individual users has not significantly increased as imagined, and is even lower than levels in 2015 and 2018. The study concludes that the increase in violent incidents is primarily positively correlated with the total market capitalization of cryptocurrencies, meaning "high prices attract crime."

Walmart to Accept Bitcoin at Checkout

The adoption of cryptocurrency in mainstream retail has made significant progress. Walmart announced it will enable Bitcoin payments through OnePay Cash, reaching over 150 million customers. This news is seen as a positive signal for Bitcoin and the broader cryptocurrency ecosystem moving into everyday consumption scenarios.

Mainstream Ecosystem Dynamics

Solana: On-Chain Trading Volume Reaches Milestone

The Solana ecosystem continues to show strong momentum. Data indicates that Solana's on-chain spot trading volume officially surpassed all off-chain exchanges except Binance in 2025, totaling $1.6 trillion. This milestone not only demonstrates Solana's advantages in trading speed and cost but also marks a rapid increase in the share of on-chain trading within the entire crypto market.

Ethereum: Stablecoin Settlement Position Solidified

Ethereum's position as the global stablecoin settlement layer has been further solidified. Data from Token Terminal shows that the volume of stablecoin transfers on Ethereum reached a historic high of $8 trillion in the fourth quarter of 2025. This figure is double the transfer volume of the previous quarter, reflecting the continued reliance of institutions and high-frequency traders on the Ethereum network as a secure, decentralized settlement infrastructure.

Perp DEX: Open Interest Recovers to Pre-Drop Levels

Confidence in the decentralized perpetual contract exchange (Perp DEX) track is recovering. Data shows that the open interest (OI) of Perp DEX has returned to levels seen before the significant drop on October 11. This indicates that market sentiment has recovered from previous panic, and traders' risk appetite for the decentralized derivatives market is increasing.

Other Ecosystem Dynamics

Sui Privacy Trading

The Sui development team, in collaboration with universities, has published a paper on private crypto trading tools and plans to introduce protocol-level privacy trading features in 2026.

Infinix Public Offering Cools Down

Infinix raised only $448,000 more than 24 hours after its public offering, falling short of its total goal of $5 million by 10%. Notably, the project initially planned to raise $15 million with a $300 million FDV, but after strong community opposition, it lowered its target, yet still failed to gain market recognition.

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Venezuela's 60 billion BTC "shadow reserves," Walmart supports Bitcoin payments, what is the overseas crypto community discussing today?