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Recently, Upbit's trading data has rebounded, with 24-hour trading volume increasing by 28.2%, stabilizing at $1.339 billion. The XRP/KRW trading pair performed outstandingly, accounting for 10.38%, market activity has increased, and the variety of assets has become more diversified.

【Crypto Rhythm】As 2025 approaches the end of the year, the Meme coin sector is in a bit of an awkward position. From the $100 billion high during the crazy Christmas of 2024, it has fallen to $35 billion, a decline of 65%. This was the lowest point on December 19, and although there was a slight rebound to around $36 billion afterward, the overall enthusiasm for the sector has clearly cooled down.
Trading activity is also following the trend downward. Throughout the year, Meme coin trading volume plummeted from its peak to $3.05 trillion, a decrease of 72%. What does this mean? Retail investors are quickly exiting, shifting their funds from these high-risk, highly speculative assets to other investments.
There is a saying in the industry: Meme coins are the "thermometer" of retail investors' risk appetite. When Meme coins are hot, it indicates that retail investors are bold and willing to take risks; now that it's so cold, it simply shows that the overall market has become more cautious, and everyone's risk tolerance is decreasing.

In 2025, the nominal amount of forced liquidations across the entire network is approximately $150 billion, with an average of $4-5 billion per day. The majority of liquidation amounts on trading days range from tens of millions to hundreds of millions of dollars, mainly due to high leverage and short-term position liquidations. What truly impacts the market are a few extreme time windows, such as the deleveraging event in mid-October. Paying attention to these event windows is more important than focusing on the total figures.

Recently, the predicted market has seen a surge in popularity, with trading volume surpassing $13 billion, three times higher than during last year's presidential election. Major trading activities are concentrated on platforms like Polymarket, Kalshi, and OPINION. Binary options are gradually expanding into multiple fields such as politics, sports, and corporate earnings reports, reflecting the market's desire for certainty and the innovative applications of Web3.

【BitPush】Wintermute founder Evgeny recently shared some thoughts on social media, sparking quite a bit of discussion. He admitted that AAVE constitutes a significant portion of Wintermute's investment portfolio, and that neither he personally nor Wintermute as a whole hold any equity in Aave Labs.
Regarding the recent highly debated brand control vote, Evgeny's analysis is quite interesting. He believes the core contradiction lies here—between Aave Labs and a large portion of AAVE holders, regarding the understanding of "who should capture what value." If this cognitive dissonance is not resolved, the long-term development of the token could be greatly affected.
However, he also pointed out that the current escalation of conflict is neither necessary nor too destructive. "We haven't figured out exactly how to proceed, yet we go straight to voting, which is pointless," he said. Moreover, this round of voting

After reaching a historic high in October, Bitcoin's current price has retraced to the $70,000 to $80,000 range. The duration of this stay is short, and it lacks solid support. In comparison, the $50,000 to $70,000 range is more stable. Therefore, in the upcoming correction cycle, the $70,000 to $80,000 level will be a critical threshold, requiring time and trading volume to establish a bottom.

SOL has recently shown a moderate upward trend in price, but trading volume has decreased, indicating weakening upward momentum. Technical indicators are not yet clear. It is recommended to buy at 120.0 and 121.31, and short at 127.0 and 128.07. Currently, it is in a consolidation range.

The Brevis team has released the economic design of the $BREV token. The token has three levels of identity: cost settlement, validator staking tool, and governance rights. The total supply is 1 billion tokens, mainly allocated to ecosystem development and community incentives. Initially operating on the Base network, it will later be upgraded to a native Gas token to enhance network infrastructure.

This morning, the US stock market opened weakly, with the Dow Jones, S&P 500, and Nasdaq all declining slightly. Cryptocurrency concept stocks were also affected. However, decentralized RWA trading platforms have launched hundreds of RWA token products, and the trend of tokenizing traditional assets is evident, which is expected to activate on-chain liquidity and become a new direction for asset allocation.

【Blockchain Rhythms】According to on-chain data monitoring platform, on December 24th, a well-known crypto asset management institution withdrew 1090 Bitcoins from a mainstream exchange, worth approximately $94.7 million USD. This large transfer has once again sparked community attention to institutional fund movements. Recently, institutional investors have frequently accumulated BTC, and tracking such large transactions through on-chain data can help us better understand the true attitudes of market participants. Whether it is institutional strategic adjustments or asset allocation changes, such data is worth continuous observation.

【BitPush】Sonic Labs recently announced the latest tokenomics strategy for the project. According to official information, since its launch in mid-June this year, Sonic has issued 190 million S tokens for ecosystem development through community governance voting.
Currently, three phases of airdrop distribution have been completed: the first season released approximately 89.5 million S tokens, the second season released about 6 million S, and additionally, the Kaito Campaign distributed another 2.8 million S. These distributions not only incentivize early participants but also help accumulate the necessary liquidity for ecosystem growth.
It is worth noting that Sonic Labs still holds an allocation of about 92.2 million S tokens. According to the plan, this portion of tokens will be gradually released between 2026 and 2027, mainly to continuously incentivize ecosystem participants and promote long-term development. This phased design

XRP Spot ETF has performed well recently, with a net inflow of 8.19 million dollars on December 23, bringing the total net inflow to 219 million dollars, indicating an increase in recognition from institutional investors. The overall market size reached 1.25 billion dollars, with good liquidity management, reflecting the continued rise in interest from TradFi in XRP.

[比推] The yield on Japan's 30-year government bonds has reached a new high. The latest data shows that the yield has risen by 2 basis points to 3.445%. What does this mean? The global liquidity environment is tightening, and the cost of funds is on the rise. For the crypto market, such macro data shifts are often a signal—keep a close watch.

[Block Rhythm] In the last 24 hours, Tom Lee's BitMine has made a big move - purchasing 67,886 ETH at once, getting dumped 201 million USD. This purchase is not a small deal. According to on-chain data, such a scale of continuous buying reflects institutions' attitudes towards the mid-term trend of ETH. Big players like BitMine do not act without reason; every move they make stirs the market's nerves. In the current market environment of ETH fluctuations, such institutional layouts are worth following.

The latest bets from traders on the Kalshi platform reveal an interesting signal: the probability of the Fed lowering interest rates in January 2026 is only 12%. What does this number indicate? The market is betting that high interest rates will not ease so quickly.
What does this mean for the crypto market? In the short term, the high interest rate environment will continue to suppress the valuations of risk assets. There is a significant disparity in investor expectations regarding the Fed's policy shift, but trading data clearly points in one direction - the rate cut cycle will take longer. This has a direct impact on the liquidity in the coin circle and asset allocation strategies.