Cryptocurrency Market Overview
According to CoinGecko data, from December 2 to December 15, 2025, the global market trend was mixed. Despite the Fed's rate cuts as scheduled, policy disagreements and expectations of pausing rate cuts suppressed risk appetite; gold led traditional assets with an annual increase of over 60%, stock markets hit new highs but AI infrastructure sector sentiment cooled. Fear sentiment in the crypto market has risen, trading volume is concentrated in mainstream assets and stablecoins, and overall funds are leaning towards defensive and volatility hedging.【1】
In terms of market structure, BTC surged above $94,000 but then significantly retreated, forming a lower high structure on the 4-hour chart, with the $90,000–$91,000 range shifting from support to resistance; ETH retreated from around $3,400 but remains above $3,000, oscillating with a relatively more stable price structure. Some

Cryptocurrency Asset Overview
BTC (-0.91% | Current Price 85,356.6 USDT)
BTC has experienced a continuous pattern over the past two days of “failed to break higher → rapid volume-driven decline → weak rebound at lows.” In the past 24 hours, boosted by short-term sentiment from CPI data, BTC briefly surged above $89,000; however, in the $89,000–$90,000 range, structural selling pressure was evident, followed by several large-bodied 1H candlesticks, causing the price to fall quickly. During the decline, coupled with short-term leveraged positions being liquidated and long stops being triggered, BTC briefly dipped to $84,460. The current price is in a low-level technical correction phase after the decline, with limited rebound from the lows and no trend reversal signals yet. From a technical perspective, the moving averages still show MA5

Cryptocurrency Market Overview
BTC (-0.91% | Current price 85,356.6 USDT): Over the past 24 hours, after the CPI data release, BTC briefly surged above 89,000 USD but failed to stabilize, encountering significant selling pressure in the 89,000–90,000 USD range. It then quickly retreated, with a low of 84,460 USD, showing a pattern of failed attempts to break higher followed by a weak pullback and low-range consolidation. The moving average structure maintains a bearish alignment with MA5 < MA10 < MA30, and the price continues to stay below MA30, indicating a short- to medium-term bearish trend. Short-term resistance levels to watch are around 86,000–86,500 USD. If these levels cannot be effectively reclaimed, the market may continue to fluctuate or even test lower levels again.
ETH (-0.2% | Current price 2,822.53 USDT)

Summary
Prop AMM accounts for 20%-40% of Solana's weekly trading volume, with over 80% in SOL-Stablecoins.
Prop AMM's proprietary capital model eliminates impermanent loss (IL), converting it into hedgeable inventory risk.
Profitability does not rely on token subsidies; Prop AMM earns spreads, with profits = total spreads earned from market making - market value fluctuations of inventory assets - operating costs.
As Solana evolves towards an on-chain CEX model, Prop AMM will play a core market-making role.
I. The Three Iterations of AMM Evolution
One of the core innovations in DeFi is the Automated Market Maker (AMM), which replaces traditional order book models with mathematical formulas.

Summary
Bitcoin price continues to fluctuate within the bottom range, with $85,000–$86,000 forming the current most important short-term support zone, while Ethereum price drops below $2,900.
Benefiting from reallocation after the airdrop, H 24 hours increased by 35.58%; driven by reward-driven demand and exchange risk adjustments, GHST increased by 21.17% within 24 hours.
Traditional financial giant EquiLend invests in Digital Prime; Ripple partners with AMINA Bank for cross-border settlement services; Securitize plans to launch an on-chain stock trading platform in early 2026.
BitMine increased its holdings by 102,259 ETH again, and Strategy has added more than 10,000 coins for two consecutive weeks.

Cryptocurrency Asset Panorama
BTC (-1.10% | Current Price 86,423 USDT)
The crypto market remains under pressure, with market sentiment and derivatives data also indicating further downside risk in the short term. Over the past 24 hours, Bitcoin's price has continued to fluctuate within the lower range, with $85,000–$86,000 forming the most important short-term support zone. From a daily chart perspective, Bitcoin is still operating within a clear downtrend channel, with recent rejections near the upper boundary of the channel (around $90,000), confirming that the bearish trend has not been broken and that the market is still dominated by sellers. Currently, the price is repeatedly oscillating around the $87,000 level, with both the 100-day and 200-day moving averages above $100,000 and trending downward, forming a significant medium-term dynamic resistance. Regarding technical indicators, MACD has once again

Options Market Trends
Latest data shows BTC IV at 45% and ETH IV at 68%, both continuing to decline compared to last week, remaining at levels close to the one-year average, reflecting a weakening market expectation of future volatility.
From the skew structure perspective, this week BTC 25-Delta Skew across all maturities has moved uniformly downward, showing a convergence trend, currently centered around approximately -5 vol. This indicates that in the near term, put options still carry a certain premium over call options, and downside protection demand remains. ETH's skew has moved more evenly across the entire maturity structure, with even slight put premiums appearing in the longer-term options.
BTC and ETH

Key Takeaways:
- Cryptocurrency Market Performance: In November 2025, the total market capitalization of cryptocurrencies showed an overall downward trend. After a brief surge at the beginning of the month, it quickly retreated. Multiple weak rebounds occurred in the middle of the month but with limited strength. From a technical perspective, the lack of buying momentum, rising macro uncertainties, and cooling risk appetite collectively suppressed the overall rebound strength.
- Major Public Chain Data Analysis: The market capitalization of stablecoins across various public chains remains highly concentrated, with Ethereum accounting for over half, followed by Tron, which remains the mainstream choice for cross-chain payments and token transfers. Fund flow analysis indicates increased sector segmentation, with chains like Arbitrum and Starknet experiencing significant net inflows, and ecosystem activity continuing to grow.
- Hot Project Trends: The market is expected to continue rapid expansion. The track structure, previously dominated by Polymarket and Kalshi, is accelerating in its development.

Cryptocurrency Asset Overview
BTC (+2.05% | Current Price 87,572 USDT)
After a rapid decline, BTC found support above $85,000 and is now consolidating around $87,500. In terms of moving averages, MA5 and MA10 are gradually flattening and approaching the price, while MA30 remains in a downtrend, indicating that the short-term is in a rebound and correction phase, but the medium-term resistance has not been fully resolved. The MACD green bars are clearly converging, with the fast and slow lines rising from low levels. The bullish momentum is recovering but has not yet formed a strong reversal. If BTC can effectively hold above the $87,000–$87,500 range, it may further test the resistance at $88,500–$89,000; if it falls below $86,500 again, the rebound structure could be broken, and the market may revert to a sideways and weak pattern.
ETH (+0.46

Cryptocurrency Market Overview
BTC (+2.05% | Current price 87,572 USDT): After a rapid decline, BTC found support above $85,000. Currently, the price has returned to around $87,500 for consolidation. In terms of moving averages, MA5 and MA10 are gradually flattening and approaching the price, while MA30 remains in a downtrend, indicating that the short-term is in a rebound and correction phase, but the medium-term resistance has not been fully resolved. The MACD green bars are clearly converging, with the fast and slow lines rising from low levels. The bullish momentum is recovering but has not yet formed a strong reversal. If BTC can effectively hold above the $87,000–$87,500 range, it may further test the resistance at $88,500–$89,000; if it falls below $86,500 again, the rebound structure could be broken, and the market may revert to a sideways and weak pattern.
ETH (+0.46% |

Summary
Alpha Mining: BTC sharply retreated after surging above $94,000, forming a lower high consolidation structure on the 4-hour chart, with the $90,000–$91,000 range shifting from support to resistance. ETH pulled back from around $3,400 but remains oscillating above $3,000. M surged over 46.63% last week, becoming the standout token; MERL and ZEC also gained 28.35% and 18.99% respectively, reversing the trend in the short term.
On-chain Funds: Hyperliquid led with approximately $190 million in net inflows, reflecting a market consensus on on-chain perpetual contracts, high-frequency trading, and high capital efficiency infrastructure. The actual performance of the Stablecoin public chain Stable after its mainnet launch has been noticeably weaker than narrative expectations. In existing

Crypto Market Overview
BTC (-4.20% | Current price 85,740 USDT): After failing to effectively break through the key resistance level of 95,000 USD last week, Bitcoin's price continued to weaken and gradually retraced to the core supply and demand zone. From a daily chart perspective, both the 100-day and 200-day moving averages are above the price, showing a downward trend slightly above the 100,000 USD level, further reinforcing the medium-term bearish technical pattern. However, the current price has approached the lower band of the Bollinger Bands, and both RSI and KDJ are in oversold zones, indicating that the short-term downward momentum is weakening. The 79,000–82,000 USD range remains the most critical demand support zone, where strong buying previously entered, forming a temporary bottom in this round of correction; if the price faces further pressure and declines again, this area is likely to remain the core of bullish defense.

Summary
- Introduction to Dual-Currency Investment Mechanism: Dual-currency investment is a structured product centered around "holding coins for interest + conditional currency exchange." Investors receive a fixed return within the lock-up period. Whether to exchange currency upon maturity depends on whether the underlying asset price hits the preset target price. Essentially, investors sell short-term options through the platform, with returns derived from the conversion of option premiums. Dual-currency investments exhibit behaviors similar to option Greek letters and are productized return structures of "option premiums + principal lock-in compensation."
- Bitcoin Market Cycle Classification: The Bitcoin market is divided into bull markets, consolidation phases, and bear markets using technical indicators to illustrate the risk-return characteristics of dual-currency investments as "selling options" strategies in different cycles. The specific method uses MA100 and its ±1σ, ±2σ rolling standard deviations for visualization, showing that since 2023, the market has mainly been in a bull phase.

Cryptocurrency Asset Overview
BTC (-2.01% | Current price 88,558.7 USDT)
In the past 24 hours, BTC has fallen from above $90,000 to a low of $87,581, showing an overall weak downward trend. In the short term, it is in a low-volatility consolidation phase after technical oversold conditions. MA5 < MA10 < MA30, a typical bearish alignment, indicating that market sentiment remains weak; meanwhile, the price continues to stay below MA30, demonstrating that both short-term and medium-term trends are dominated by bears. During the decline, trading volume did not significantly increase, suggesting sustained selling pressure rather than panic selling, but bullish buying has not yet appeared prominently. Short-term traders can watch for support signals in the $87,500–$88,000 range; if $87,500 is effectively broken, the price may decline further to the $86,500–$86,000 zone.

Gate Research Institute Daily Report: December 15 — The overall crypto market continues to face pressure, with BTC and ETH maintaining low-level consolidation, while GT shows relative resilience. Under the weak performance of mainstream coins, tokens such as FHE, ICE, and BAS have reversed trends and strengthened amid catalysts like privacy computing collaborations with Chainlink, token migrations and mainnet transitions, as well as ERC-8004 protocol upgrades, reflecting a concentrated battle for structural opportunities among funds. The structural selling pressure in the options market still suppresses BTC upside momentum. The divergence between ETF bullish demand and OG holders selling volatility suggests that BTC is more likely to remain in short-term consolidation rather than make rapid breakthroughs; Ant International is reconstructing corporate treasury management systems through blockchain, AI, and tokenized deposits; after the mainnet launch of Stable, on-chain activity has been below expectations, highlighting ongoing challenges for the differentiated implementation of stablecoin public chains.

Summary
Momentum investing is based on the assumption of trend persistence and is widely used in traditional finance and cryptocurrency markets. This report takes BTC as the research object, systematically reviews the theoretical basis of momentum strategies, behavioral drivers, and potential risks, providing a framework for empirical analysis.
Momentum can be understood as the "inertia" of prices, commonly quantified as the difference between the current price and historical prices. In the BTC market, short-term momentum indicators (such as the 10-day momentum) can effectively characterize cyclical trend directions.
The momentum effect is closely related to behavioral finance; herd behavior, conformity, and underreaction can reinforce trend continuation. However, unexpected events and emotional reversals may quickly invalidate momentum signals, leading to significant drawdown risks.
This report selects MACD, Bollinger Bands, ADX/DMI, and RSI as core momentum tools, analyzing from the perspectives of trend direction, volatility structure, trend strength, and market

Gate Research Institute: On December 12, BTC's short-term trend clearly turned stronger; ETH price surged then pulled back within the past 24 hours, showing a high-level oscillation structure; GT price is generally in a phase of oscillation and recovery; LIGHT became the focus with a surge of up to +41.61%. JPMorgan launched the USCP token on Solana to help Galaxy complete a milestone on-chain debt issuance; Blockstream plans to acquire TradFi hedge fund Corbiere Capital to expand institutional investment; El Salvador, in partnership with Musk’s xAI, is implementing the Grok AI education program nationwide.

Gate Research Institute: On December 12, BTC's short-term trend clearly turned stronger; ETH price surged then pulled back within the past 24 hours, showing a high-level oscillation structure; GT price is generally in a phase of oscillation and recovery; LIGHT became the focus with a surge of up to +41.61%. JPMorgan launched the USCP token on Solana to help Galaxy complete a milestone on-chain debt issuance; Blockstream plans to acquire TradFi hedge fund Corbiere Capital to expand institutional investment; El Salvador, in partnership with Musk’s xAI, is implementing the Grok AI education program nationwide.

On-Chain Data Summary
Overview of On-Chain Activity and Capital Flows
To accurately assess the true usage of the blockchain ecosystem, this section examines several key on-chain activity indicators, including daily transaction volume, Gas fees, active addresses, and net cross-chain bridge flows. These metrics cover user behavior, network usage intensity, and asset liquidity. Compared to simply observing capital inflows and outflows, these native on-chain data provide a more comprehensive reflection of the fundamental changes in the public chain ecosystem, helping to determine whether capital flows are accompanied by actual usage demand and user growth, thereby identifying networks with sustainable development potential.
Transaction Volume Analysis: Solana remains high, mainstream public chains maintain steady activity
According to Artemis data, in November, the on-chain transaction activity of multiple mainstream public chains generally maintained a moderate upward trend, showing a structural pattern dominated by high-performance public chains and a gradual recovery of Layer2 solutions. From

Summary
The market sentiment warmed up driven by the strong performance of BTC and ETH, with weekly gains in sectors such as prediction markets, GambleFi, and ZK reaching 18%–35%.
Institutional Bitcoin holdings surged significantly, and capital allocation structures continued to deepen.
Major banks accelerated their deployment of Bitcoin collateral services, and institutional-grade funding acceptance continued to rise.
Rate cuts triggered intense market volatility, with Ethereum and Bitcoin experiencing large fluctuations in response to macro signals.
Digital Asset completed a $50 million funding round, led by DRW Venture.
CONX, APT, and ARB will unlock approximately $21.83 million, $19.68 million, and $19.58 million worth of tokens respectively over the next 7 days.
Market Commentary
Market Analysis
BTC Market — BTC showed a "fluctuating" trend over the past day