In the short term, the market remains influenced by the ripple effects of Japan's interest rate hike, with key support levels to watch at $85,000 for Bitcoin and $2,700 for Ethereum; in the medium to long term, it depends on the implementation of regulations and the pace of institutional capital inflows. The following time windows are worth noting:

December 20: LayerZero 25.71 million ZRO tokens unlock, potentially causing short-term volatility;
December 26: Approximately $23 billion worth of Bitcoin options contracts expire, accounting for over half of open interest on the Deribit platform, likely to intensify the already high volatility;
Early 2026: The EU MICA regulation fully comes into effect, providing a "passport" for crypto companies across the 27 EU countries; the US Digital Asset Market Structure Bill is expected to be reintroduced; Cb will launch stock trading and prediction market services, further expanding the boundaries of crypto financial services.

The liquidity tightening caused by Japan's interest rate hike puts short-term pressure on the market, but the clarifying regulatory framework and continuous entry of traditional financial institutions are paving the way for the industry's long-term development. For investors, it is more important to view volatility rationally at this stage, avoiding being disrupted by short-term liquidation waves, and focusing on the performance of key support levels and the implementation of new regulatory policies. For long-term positioning, it may be wise to focus on high-quality assets and compliant tracks favored by institutions.