#数字资产动态追踪 Hyperliquid's data last month showed significant fluctuations—December revenue reached $60 million, a 32.4% decrease month-over-month. What signals are hidden behind these numbers, and are worth a deep analysis.

On-chain data recently exhibits several clear features: large transaction activity cooling down, funds flowing into exchanges increasing, and retail participation noticeably declining. This pattern typically indicates a cautious market sentiment, with funds in a wait-and-see mode. Macro-level factors also exert considerable pressure—interest rate policies still have room for adjustment, regulatory signals are frequently being released, and short-term pressures are indeed present.

However, a decline in data does not equate to a trend reversal. Revenue fluctuations on derivatives platforms are common and often reflect natural adjustments in trading cycles. Looking at the other side of the fundamentals, institutional investors' positions have not been reduced, and the on-chain application ecosystem is steadily iterating. From a certain perspective, this correction might also be an opportunity to reconfigure.

The market is hard to predict, but logic can be inferred. The probability of increased volatility in the short term is high, and another round of adjustment may occur. In the long term, the fundamental logic of crypto assets remains unchanged. Finding certainty amid uncertainty is key—controlling risks and participating in stages, rather than chasing peaks. History often rewards those who hold steady at the lows. $ETH