Gate Daily (December 26): Crypto derivatives surge to 86 trillion; Uniswap protocol fee switch proposal passes

Bitcoin (BTC) Christmas rally fails, declining to approximately $87,270. Cryptocurrency derivatives trading volume surges to $86 trillion in 2025, with an average daily trading volume of $26.5 billion. The Uniswap protocol fee switch proposal UNIfication passes overwhelmingly.

Macro Events & Crypto Hotspots

1. According to liquidation data tracked by the institution CoinGlass, cryptocurrency derivatives trading volume in 2025 skyrocketed to nearly $85.7 trillion, averaging about $26.45 billion per day. Institutional investors expanded their investment channels through spot exchange ETFs, options, and compliant futures, driving structural growth at the Chicago Mercantile Exchange (CME), which previously held a larger share than Binance in the Bitcoin space.

2. The Uniswap protocol fee switch proposal UNIfication was approved with an overwhelming majority. The voting results show approximately 125 million UNI votes in favor, with 742 votes against. After a 2-day lock-up period, Uniswap Labs will burn 100 million UNI tokens and enable fee switch mechanisms for v2 and v3 on the Ethereum mainnet, beginning to burn UNI and Unichain fees.

News & Updates

1. The Uniswap protocol fee switch proposal UNIfication passes with an overwhelming majority.

2. A whale adds another $23 million long position, increasing 210,000 SOL, with unrealized gains of $59.86 million.

3. A whale adds $4 million short positions on ETH and ZEC, with HyperLiquid positions showing unrealized profits exceeding $17 million.

4. China’s Ministry of Ecology and Environment: Promoting the deep integration of blockchain and other information technologies with ecological and environmental governance.

5. The gold-silver ratio hits a new low since February 2014.

6. Security incident involving Trust Wallet browser extension leads to user funds being stolen, exceeding $6 million.

7. Analysis: Bitcoin’s from top to bottom takes about 364 days; it may bottom out around October 2026 at $37,500.

8. BTSE COO: If the Federal Reserve maintains interest rates in Q1 2026, Bitcoin could fall to $70,000.

9. Analysis: Bitcoin’s support in the $70,000 to $80,000 range is weak and may require further consolidation.

Market Trends

1. Latest Bitcoin news: $BTC Christmas rally fails, currently around $87,270. In the past 24 hours, liquidations reached $31.55 million, mainly long positions.

2. U.S. stock markets are closed on December 25th for Christmas.

(Source: Gate)

3. According to Gate BTC/USDT liquidation map, with the current price at $87,058, if it drops to around $86,609, total long liquidation exceeds $162 million; if it rises to around $88,887, total short liquidation exceeds $247 million. Short positions are significantly more liquidated than longs. It is recommended to control leverage reasonably to avoid large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was $700 million, outflow was $810 million, net outflow $110 million.

(Source: Coinglass)

5. In the past 24 hours, net outflows in contracts trading for $BTC, $ETH, $SOL, $DOGE, $BNB and others lead, presenting trading opportunities.

Selected Opinions from KOLs

Phyrex Ni (@Phyrex_Ni): “Wishing my friends a Merry Christmas. I spent this Christmas peacefully, with no major surprises. Hopefully, the coming week remains stable. Holidays are usually periods of low liquidity, especially Christmas and New Year, which increase the chances of sharp rises and falls. A small amount of capital can move the market, so stability during holidays is common.”

“Today I’ll just relax a bit. Recently, I’ve been on vacation during the day, spending time with family and friends. I mostly code at night. I also hope everyone can focus on their loved ones while making money.”

“Looking at Bitcoin data, the price staying around $88,000 indicates overall market sentiment is still good. Turnover rate and trading volume continue to shrink, fitting holiday patterns. Nothing much else to say—no surprises during the holidays is the best gift. Hope everyone has a happy holiday.”

Today’s Outlook

1. Canada Boxing Day holiday, markets closed.

2. UK Boxing Day holiday, markets closed.

3. Australia Boxing Day holiday, markets closed.

4. Germany Christmas holiday, markets closed.

5. Italy St. Stephen’s Day holiday, markets closed.

6. Hong Kong Christmas holiday, markets closed.

7. France Christmas holiday, markets closed.