【币界】市场整体在反弹，但XLM却逆势承压。这个Stellar生态的代币价格已经跌破0.22美元关口，跌幅虽然不大但趋势明确。
从衍生品层面看，情况更值得警惕。未平仓合约量猛增到1.12亿美元，多空比只有0.91——空头在明显占上风。这说明交易员们普遍看空，正在加仓做空头寸。
技术面呢？支撑位就在0.20美元这里，如果守不住，下一个目标就得看0.16美元了，那可是今年以来的最低点。接下来几天的走势得盯紧。

Recently, a contract security incident occurred where an attacker exploited the initialization flaw in the EIP-7702 delegated contract to gain owner privileges, extract all funds, and transfer them to Tornado Cash for mixing. This incident serves as a reminder for developers to ensure complete contract initialization and advises users to verify security audit status before interacting.

Leading exchange Kraken plans to launch a prediction market feature next year and has acquired Backed Finance, which focuses on tokenized stock issuance, demonstrating its optimism towards tokenized assets. These moves by Kraken indicate that the industry is gradually moving towards diversified asset forms, potentially signaling the arrival of a new wave of innovation in the crypto market.

Ripple (XRP) has been continuously declining recently, with institutional investors experiencing significant unrealized losses, but XRP spot ETF funds are still flowing in, indicating ongoing demand. The market faces selling pressure from retail investors and whales, and the key is whether the $2 support level can hold; otherwise, it may drop to $1.5.

BlackRock deposited a total of 2,292 Bitcoins and 9,976 Ethereum into a compliant trading platform on December 24, totaling nearly $300 million, drawing market attention. This move is seen as a sign that institutional investors continue to favor mainstream crypto assets, and analysts believe that such large transfers are an important indicator for judging market direction.

[BlockBeats] Recently, multiple departments jointly issued the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor," signaling a major move towards international digital financial cooperation.
The core policy focus is very clear—deepening the international application of central bank digital currencies. Specifically, provinces along the route will participate in the multilateral central bank digital currency bridge project, which means the cross-border payment ecosystem for digital RMB is expanding rapidly. Countries such as Thailand, Hong Kong, the United Arab Emirates, and Saudi Arabia have been included in the cooperation scope, and the scenarios for using central bank digital currencies in cross-border payments will increase in the future.
More notably, the mainland has officially launched a cross-border digital RMB payment pilot with Singapore, marking an important breakthrough in the practical application of digital currencies. At the same time, policies are also focusing on the digital upgrade of cross-border e-commerce—supporting the construction of cross-border e-commerce digital service platforms and connecting with e-commerce and trade platforms in countries like Singapore, enabling digital finance to truly empower business scenarios.

The Hong Kong Securities and Futures Commission has listed "Koying Kele" and "Globiance X Limited / Globiance HK Limited" as suspicious virtual asset trading platforms due to their suspected unlicensed operations and investor complaints. This warning reminds traders to verify the regulatory qualifications of the platform to ensure asset security.

[On-chain] Another large investor has been secretly increasing their position. According to on-chain data tracking, the well-known whale James has been very active recently—directly ramping up the leverage on his BTC long order to 40 times, which is quite an aggressive move. At the same time, he is not satisfied with this and has opened a new 10x leverage position in PEPE. What does this behavior indicate? Either he is extremely optimistic about the market outlook, or he intends to seek greater returns in the short term through high leverage. From the actions of the on-chain whale, it is clear that BTC and PEPE are indeed attracting the attention of institutions and large investors. For ordinary investors, this type of information is worth noting, but high-leverage operations carry significant risks, and one should not blindly follow the trend.

The government of El Salvador is consulting with the International Monetary Fund (IMF) about the sale of its Chivo Bitcoin Wallet and is discussing the purchase of Bitcoin. This reflects El Salvador's adjustment of its Bitcoin strategy under the influence of international financial institutions.

Trump Media Group recently transferred nearly $174 million worth of 2,000 Bitcoins, possibly preparing for a collateral arrangement. This move reflects a shift in institutional attitudes towards Bitcoin.

Phong Le, the CEO of币界Strategy, discussed the possibility of banks entering Bitcoin and the pressure on the US dollar reserves in an interview, expressing confidence in MSCI's inclusion of Bitcoin, while sharing his experience of growing from a refugee to a CEO and emphasizing the importance of the monetary system to individuals and society.

【Block Rhythm】Interesting on-chain trends. In the past two days, the well-known asset management institution Fasanara Capital has taken action—within just 48 hours, it acquired more than 6,500 ETH, with a transaction volume close to 20 million USD.
The more critical aspect is their operational approach: after buying ETH, they directly deposit it into liquidity protocols like Morpho, while borrowing over 13 million USDC. What does this combination signify? Quite clearly - they are using ETH as collateral to leverage and continue buying more ETH.
Such institutional-level operations usually do not happen without reason. In the current market environment, when large funds dare to leverage and buy in this way, it is either because they are optimistic about the medium-term trend or they are preparing for certain strategies. Especially using borrowed stablecoins to continue increasing positions in the same asset, this aggressive allocation method is considered a sign of considerable confidence among institutions.
This is a point of observation for retail investors—

The ARK fund recently reduced its holdings of TSL by 60,715 shares, valued at approximately $29.67 million, reflecting a subtle adjustment in institutional market rhythm. This move may indicate a rebalancing of the investment portfolio or a cautious attitude towards the short-term market, which is worth following for investors.

[Chain News] Interestingly, a chain of operations by a Large Investor has recently come to light. This player invested 38.16 million dollars in WBTC over three weeks ago, when the price was 85754.65 dollars. Now, the rhythm has changed - first, three weeks ago, they made a large transaction at the exchange, and then 4 hours ago, they deposited 195 WBTC, equivalent to about 17.05 million dollars. In total, they have now put in 245 WBTC.
According to the current market situation, if this operation is fully realized, the profit is $325,000. It sounds stable, but there are still 200 coins left untouched in the account, and this portion of the position has already reached an unrealized profit of $389,000.
It is worth noting that during this process, WBTC once surged to a high of $94,555. The actions of large investors reducing their holdings and this price spike seem to tell the same story—someone is cashing out, which is usually also the market sentiment shifting from greed.

Recently, the governance turmoil of Aave and Curve has attracted attention. Aave's power distribution issues have caused the AAVE token to fall nearly 5%, leading to a decline in investor sentiment. In contrast, Curve's CRV token experienced a slight rise, with the market responding relatively calmly. The main disputes are focused on developer funding and have not touched on their fee mechanism, indicating the market's sensitivity to risk.

The current market is approaching Christmas and year-end Settlement, with traders reducing positions leading to a decline in the implied volatility of BTC and ETH. It is expected that the market will maintain low volatility in the next two weeks, which may cause discomfort for retail investors, but it aligns with seasonal patterns. Real fluctuations are expected to occur after the New Year, and investors need to be patient.

The Japanese government plans to move the bonds issued by local authorities onto the Blockchain in the form of Security Tokens for digitalization. This move will enhance the efficiency of issuance and Settlement, provide transparent investment information, and introduce diversified forms of returns, marking the potential application of Blockchain in the government's financial sector.