[Playing Hot Potato with Airdrops as a Hidden Weapon]

Yesterday, I came across some data that almost made me laugh to death.
A certain Web3 project just launched, with a market cap of 20 billion USD. How much revenue? Zero. How many users? 3,000.

Among these 3,000 users, airdrop hunters registered over ten accounts each. The real number of genuine users might be just a few hundred.

20 billion USD, brothers. What does that mean? It’s higher than the market cap of many publicly listed companies. Yet, they don’t even have a decent product.

The project team is also talented. They wildly distribute airdrops, fearing that airdrop hunters won’t come. And when the hunters do come, each one creates dozens of accounts to frantically farm for rewards.

What’s the most surreal? Now, the standard for judging whether a project is good or bad has shifted from vision, technology, and business model to: “Did the airdrop go out? If it’s small, then no dumping allowed!”

It’s like I open a steamed bun shop. You try a free sample, and still complain that the money I give is too little. The key is, I really did give money.

Web3 is now in this state. Project teams pamper users like giant babies. Users have also gotten used to getting something for nothing.

Everyone is acting. The project team pretends to build a career, while users pretend to experience the product. In reality, one wants to make money, the other wants to farm for rewards.

Such Web3 will collapse sooner or later.

Truly valuable projects should be ones where users are willing to pay to use, not projects that pay users to farm rewards.

BTC: Yesterday, it moved sideways and oscillated. During holidays, it’s always like this. 2026 will be a bear market year!
NB: Weak decline market, after the holiday there will be a TGE, and the price will rebound. Be sure to clear your positions!
ETH: Fluctuating below 3000, nothing much to say. Reduce positions on rallies, see you in the next bull market!

Some important news from yesterday:
1. Strategy stock closed at $151.95 at year-end, the first six consecutive months of decline after adopting the BTC treasury strategy.
2. Bitcoin’s Q4 2025 return rate is -23.07%, the second worst in history; Ethereum’s is -28.28%.
3. Bitcoin’s 10-week and 50-week moving averages crossed again; if history repeats, a deep correction may occur.
4. Tether’s BTC reserves reach 96,185 coins, with an unrealized profit of $3.524 billion, making it the fifth-largest BTC wallet.

Back to today’s daily BTC technical analysis: Looking at the candlestick chart, the 1-hour timeframe indicates an upward move, the 4-hour timeframe is upward, the 12-hour is sideways, and the daily chart is sideways. Intraday resistance is at $92,000, support at $85,000.