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.

On-chain data shows that the BitMine Wallet recently purchased 6,678 ETH through BitGo, with a transaction amount of approximately 19.63 million dollars. This move demonstrates the recognition of large institutions regarding the current price. BitMine's continuous buying behavior reflects an optimistic outlook for the future market, making it worth following the on-chain activity and large transfers of ETH.

On December 23, USDC Treasury burned 50 million USDC, a large operation monitored by Whale Alert, reflecting adjustments in stablecoin liquidity. This move may be aimed at optimizing supply or responding to market changes, and it has significant implications for the Decentralized Finance ecosystem.

Wall Street strategist Ed Yardeni's Yardeni Research has raised its gold price forecasts, expecting it to reach $5,000 by the end of next year, $6,000 by the end of 2026, and even hit $10,000 by the end of 2029. Gold could become an important asset for hedging inflation, prompting encryption asset investors to rethink their relationship with commodities.

【Coin World】Midnight(NIGHT) has shown some interesting trends recently. From a high of $0.11, it has fallen to $0.07, which seems a bit panicky, but the trading heat behind it has not diminished at all - the volume has already surpassed the $5 billion mark.
People in the circle are speculating when this project will go live on a certain leading exchange and a certain compliant platform. Charles Hoskinson, the founder of Cardano, even calculated that if a certain compliant platform never lists NIGHT, it would lose about 20 million dollars in fees over the course of a year. This figure alone shows how optimistic the market is about this project.
The market value of NIGHT has now exceeded 1.4 billion USD. Many analysts believe that this round of correction is actually very healthy - it's just building momentum for next year's development. It is said that there are plans for major actions in Japan in 2026, so from this perspective, the current adjustment.

On December 23, before the opening of the US stock market, the stock prices of cryptocurrency-related listed companies generally fell slightly, with Circle leading the decline at 1.47%. Although there was a slight Fluctuation, the overall adjustment was limited, and market sentiment remained relatively stable. Investors need to follow the subsequent trends.

[Coin World] A loss story of a whale wallet is worth pondering. Monitoring data agencies tracked that a certain address bought ENA worth $18.52 million at an average cost of $1.099 in December 2024. At that time, this investment seemed completely normal - purchasing at a low price, waiting for a turnaround.
Unfortunately, after holding the position for a whole year, the market did not provide the expected rebound. Just 7 hours ago, this Whale couldn't hold back and deposited all the ENA at a price of about $0.2079 to a major trading platform to prepare for selling. A simple calculation shows that the paper loss reached as high as $15.02 million, with assets shrinking by more than 80%.
This may be a typical example of being trapped. Buying at what seems like the bottom, only to find there is another bottom below it. However, from another perspective, the large holders' panic selling often serves as an important signal for the market—should it rebound or continue to test the bottom, the price will tell.

The recent trend of DOGE shows a market wait-and-see sentiment, with prices overall rising but with noticeable fluctuations. Technical indicators show that long positions are recovering, and it is recommended to follow buying opportunities at 0.13 and 0.1200, with sell targets at 0.1338 and 0.1359. The overall market is in a consolidation phase.

Tokenization of stocks is rapidly developing, with major platforms like Ondo Finance promoting tokenized US stocks and ETFs, while the new infrastructure Edel Finance provides lending and collateral support for these assets. This shift marks the beginning of tokenized stocks demonstrating practical value in real markets, enabling round-the-clock trading and multi-dimensional applications.

[Coin World] In 2025, Ethereum completed its transformation from a "Testnet" to a "Financial Infrastructure" identity. Many industry insiders refer to this year as a watershed moment in the history of Ethereum's development – it shed its experimental label and became a globally relied upon underlying network for Financial Institutions, developer teams, and AI systems.
Two major upgrades of the protocol layer
From a technical perspective, Ethereum has completed two hard forks in just 12 months. The Pectra upgrade in May introduced comprehensive support for account abstraction. What does this mean? Simply put, features like Gas payment, transaction bundling, and master key signing, which were previously only available to large users, are now open to everyone.
By the time of the Fusaka upgrade in December, things progressed further. Through PeerDAS technology, network costs were significantly reduced, achieving 8 times the scalability. Moreover, Ethereum also achieved this without a hard fork.

[Bitpush] The on-chain data tracking platform has discovered that a Whale Address 3QB9kH has been very active in the past two months. From mid-September to early November, this Large Investor has continuously purchased, accumulating 3.806 billion PUMP Tokens at a cost of approximately $19.53 million, with an average cost of $0.00513.
It looks like it's time to get rich? Reality dealt a heavy blow. Three days ago, this Whale suddenly transferred all 3.806 billion PUMP (at that time valued at approximately $7.3 million) to the FalconX platform, clearly liquidating positions. The final bill is laid out in front of us — a cumulative loss of over $12 million, with a drop of up to 62%.
From hopeful large buys to a despondent exit, behind this transaction lies the merciless fluctuations of the market. For those traders who went All in on a single coin, this may be quite a lesson.

Nasdaq notified ZOOZ Strategy that it failed to meet the minimum listing price requirement. If its stock price does not reach $1.00 for 10 consecutive trading days before June 15, 2026, it will face delisting risks. ZOOZ holds 1,036 Bitcoins, reflecting institutional recognition of Bitcoin, but there is a tension between stock performance and compliance requirements. ZOOZ needs to adjust within one and a half years to raise its stock price, impacting the future of its Bitcoin assets.