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Bitcoin's performance in 2025 did not meet expectations, mainly due to traditional financial intervention and early holders reducing their positions. Although the current risk level is at a historic low, the market remains optimistic about Bitcoin's next ten years, but replicating past high growth rates faces challenges. Some investors choose to increase their holdings, emphasizing the importance of patience.

Recent market data shows that institutional investors remain optimistic about Bitcoin, with major financial institutions planning to purchase billions of dollars worth of Bitcoin. This indicates ongoing institutional investment, which could drive Bitcoin past its all-time high, and market expectations are generally optimistic.

Bitcoin has recently risen for five consecutive days, setting the longest upward streak since October 2025, but it has yet to break through the cost basis of 6-12 month holders. Analysts believe that a return to this level is necessary to confirm a bullish trend reversal. In terms of capital flow, stablecoin reserves have increased but the Sharpe ratio has declined, indicating that most of the gains are driven by head adjustments, with no significant external capital entering the market, which appears weak.

A leading exchange has announced that it will launch the exclusive TGE of the ZenChain project on January 7, 2026, with users participating using Alpha Points. Additionally, 420 million ZTC tokens are allocated for ecosystem activities. Detailed rules and access will be announced soon.

Recently, the Perp DEX market has been active, with trading volume significantly increasing. The leading platform Hyperliquid's daily trading volume reached $7.49 billion, and open interest hit a nearly two-month high; overall market capital inflow has accelerated, trading enthusiasm is high, but leverage use requires caution.

Recently, Meme coins on the Solana chain have seen a surge in popularity, with several tokens such as 114514 and 42069 experiencing explosive market cap growth, with daily increases of up to 7200%. This phenomenon is driven by Japanese internet culture and favorable policies, and also reflects a market sentiment recovery. However, Meme coins are highly volatile and risky, so caution is advised when investing.

USDD experienced significant development last year. After upgrading to version 2.0, the TVL reached $900 million, the supply exceeded 860 million, the number of holding addresses was 459,000, and distribution rewards and subsidies exceeded $20 million. The ecosystem is widely deployed, with deployments on multiple mainstream public chains. Looking ahead, the focus will shift from incentive-driven to real usage-driven to promote the sustainable development of the industry.

【Blockchain Rhythm】River has been making waves these days. The RIVER token has hit new highs for several consecutive days, breaking through the $25 mark, with a weekly increase of up to 830%, and the total network trading volume soaring to $3 billion. The craziest part is on a major exchange's derivatives platform, where the 24-hour trading volume exceeded $1.7 billion, ranking only behind BTC and ETH among top-tier cryptocurrencies. It also ranked in the top 5 in trading volume on several mainstream derivatives platforms.
What is the driving force behind this? Maelstrom Fund, founded by Arthur Hayes, co-founder of BitMEX, announced a strategic investment in River. This investment is mainly aimed at supporting River in expanding the scale of its chain-abstracted stablecoin system, promoting ecosystem development and on-chain capital circulation.
What are River's innovations? As the first chain-abstracted stablecoin protocol, it allows users to deposit BTC, ETH, B in a single chain.

The Korea Financial Services Commission plans to introduce a "payment freeze" system to freeze accounts suspected of manipulating cryptocurrency prices, preventing criminals from transferring illegal proceeds. This measure draws on the account freeze mechanism used last year for stock price manipulation, aiming to protect market order and investor rights.

Having experienced a decade of ups and downs in the crypto industry, the author concludes that the core of investing is to坚持趋势 (stick to the trend) and focus on long-term cycles rather than short-term fluctuations. During market sentiment swings, one should保持理性 (remain rational), not pursue quick riches, but instead提升认知水平 (enhance cognitive levels). Professional research and rational analysis are the keys to success.

Recently, Bitcoin has rebounded significantly. A whale that previously sold 255 BTC is currently holding a short position worth approximately $225.8 million, but has incurred a loss of over $6 million. The profit and loss have shifted from a profit of $7.7 million to a loss of $1.7 million. This serves as a reminder to investors that shorting in the crypto market carries extremely high risks.

A compliant trading platform announced that users in New York State can trade PRCL and BIO tokens, expanding trading options. The platform's features are complete, supporting buying, selling, exchanging, sending, receiving, and storing, reflecting an increased market recognition of these projects.

Bitcoin price recently surged to $94,000, influenced by rumors of secret reserves in Venezuela. U.S. cryptocurrency ETFs attracted $471 million, and the Senate plans to review the Market Structure Act. It is expected that the SEC will propose a cryptocurrency innovation exemption, accelerating market enthusiasm and policy advancement.

Today, among the Top 100 tokens, Virtuals Protocol experienced the largest increase, reaching 23.19%. Render and Stacks followed closely, with gains of 21.48% and 13.85% respectively. Relatively, MYX Finance saw the biggest decline, dropping 17.47%. The overall market shows clear differentiation, with AI-related tokens performing strongly, while some DeFi tokens are under pressure.

Recently, the spot trading volume of Bitcoin and altcoins has fallen to the lowest level since November 2023, despite price increases. This phenomenon of "price rising with declining volume" indicates insufficient market demand, weakened liquidity, and that small amounts of capital are driving prices, increasing the risk of market volatility.

A well-known investment bank has upgraded the rating of a compliant crypto exchange from "Neutral" to "Buy," with a target price raised to $303, driving its stock price up by 4.5%. The exchange is undergoing a business transformation, with revenue from trading fees decreasing in proportion, and plans to develop into an "all-in-one exchange" covering cryptocurrencies, stocks, and commodities, receiving positive market response.