Recent important developments in the HYPE ecosystem: over 85% of validators have voted to support the permanent destruction of HYPE tokens at address 0xfefe, alleviating market concerns about token re-circulation, enhancing transparency of the supply structure, and reflecting broad community support.

Latest data shows that the derivatives DEX trading landscape has changed, with Lighter surpassing Hyperliquid with a $6.1 billion trading volume, placing the latter in second. Although Hyperliquid's TVL and open interest remain strong, Aster follows closely behind. Overall, market liquidity remains balanced, providing traders with more options.

【Blockchain Rhythm】 Recently, the US stock market holidays have arrived, and many exchanges have begun to adjust their services. It is understood that a mainstream platform's US stock tokens and related contract products will suspend trading during Christmas and New Year's Day.
The specific arrangements are as follows:
Christmas: From 2:00 AM on December 25 to 9:00 AM on December 26 (Beijing time), US stock products trading will be suspended.
New Year's Day: From 9:00 AM on January 1, 2026, to 9:00 AM on January 2, 2026 (Beijing time), US stock products trading will be suspended.
But don't worry, spot trading, on-chain trading, and other crypto products like contracts will continue as usual and are unaffected.
It is worth noting that due to Ondo Finance's trading mechanism, on-chain US stock trading will close 1 minute early, and open 5 minutes late. Friends who want to take US stock exposure can adjust their positions and strategies in advance.

【Blockchain Rhythm】On December 24th, on-chain data monitoring shows that the large holder "0x0e4" with leveraged long positions is under significant pressure. Its 20x leveraged SOL long position faces an unrealized loss of $5.78 million, and the losses for BTC and HYPE leveraged longs are even as high as $8.5 million. The most heartbreaking part is that this holder's unrealized profit has plummeted from $18 million to $3 million, a huge contrast.
In stark contrast, another large holder "0x35d" has a thriving short strategy. Its 20x leveraged SOL short currently has an unrealized profit of $11 million, with profits gradually being realized. Combined with a 40x leveraged BTC short and a 25x leveraged ETH short, this holder's total profit has exceeded $27.7 million. In the same market, different directions yield profits that differ by several times.

[Coin World] This debate about tokens and equity has actually just begun to pump.
Looking back over the past few years, many crypto projects were born during the era of strict regulation under former SEC Chairman Gary Gensler. That period was filled with immense pressure, forcing development teams to focus all their value on equity, while tokens became secondary. But now things are different — the policy direction is changing, and new possibilities are emerging.
To truly understand how tokens and equity can work together to achieve maximum efficacy, it requires a significant amount of time for exploration and experimentation. The good news is that this experimental period is currently underway.
The key is to have clarity. Token holders must understand what they possess, what they can control, and what they cannot control. This point cannot be overstated.
From the perspective of design space, the imagination of tokens far exceeds that of traditional equity. It is normal that highly standardized token models like stocks are unlikely to emerge in the short term. Our understanding is: tokens

[Coin World] ETH Whale activity has a new trend. In the past 23 hours, a new Address withdrew 25,131.6 Ether from Bitgo in a single transaction, worth approximately 74.76 million USD. The cost of this transfer was about 2,974.8 USD per coin, and various signs point to the operator behind it likely being Bitmine. Such large outflows often represent the fund allocation of institutions or Large Investors—possibly preparing for trading, risk Hedging, or simply adjusting asset allocation. The liquidity performance of ETH during this phase and the trends of Large Investors are worth noting for market participants.

On December 24th, the interesting aspect of the U.S. stock market is that the market steadily rose, with the Dow up 0.16%, the Nasdaq up 0.57%, and the S&P 500 index up 0.45%, reaching a new closing high, but the encryption concept stocks were all in the red, forming a clear divergence.
The performance of several leading encryption companies is the most eye-catching. The largest compliant platform in the U.S. (COIN) fell by 2.26%, while the stablecoin operator (CRCL) saw a deeper decline of 4.91%, and the company known for bottom-fishing BTC (MSTR) dropped by 3.92%. Exchange concept stocks also did not escape, with (BLSH) down 6.26% and (GEMI) down 5.54%.
The mining sector is also under great pressure - (BMNR) fell by 4.21%, (BTBT) fell by 4.52%. Gaming and other encryption-related concepts are also adjusting, (SBET) fell by 3.45%, (ALTS) fell by 5.69%.

The altcoin market has experienced a sharp fall, with a market capitalization shrinkage of 580 billion USD since October last year, now at 1.19 trillion USD. Despite heightened market panic, some signs indicate a possible rebound, especially in areas like artificial intelligence and Privacy Coins. The key lies in the subsequent changes in market sentiment.

The Atlanta Federal Reserve predicts that the GDP growth rate for the fourth quarter in the United States will be 3%, reflecting the health of the economy. This macroeconomic data will impact investors' attitudes towards risk assets, making it particularly important for those who follow market trends to adjust their investment strategies.

Recently, a large-scale USDC burn occurred on the Ethereum chain, with the destruction of 50 million tokens indicating adjustments in on-chain liquidity and market supply, which may signal market fluctuations. This change could affect the trading depth and risk management of the DeFi ecosystem, and is worth following.

The USDe stablecoin issued by Ethena halved its market capitalization in just two months, falling from 14.7 billion USD to 6.4 billion USD, with a net outflow of funds reaching 8.3 billion USD. The market's confidence in stablecoins has declined, reflecting investors' more cautious choices regarding Liquidity Providers.

Recently, a whale investor purchased $38.16 million worth of WBTC within a month, and then began to reduce position, transferring 195 WBTC, accumulating unrealized gains of $325,000. Meanwhile, they still hold 200 WBTC with unrealized gains of $389,000, indicating that the flow of funds in the market toward leading exchanges may suggest future trends.

The US stock AI data center company Hyperscale Data's subsidiary Sentinum has acquired 514.9655 Bitcoins, worth approximately 76 million USD, and plans to invest an additional 30.5 million USD to increase its Bitcoin holdings, targeting a total value of 100 million USD. This reflects institutions' optimistic attitude towards the Bitcoin market, and subsequent market trends are worth following.

Ultiland launched the miniARTX Testnet, aimed at testing a user behavior-based Token supply management mechanism. By combining behavior accumulation and destruction, along with reduced supply, it ensures that the actual usage of the Token is linked to its supply. The market responded positively, and the ARTX price rose.

A certain large Wallet quietly accumulated more than 1.68 million UNI Tokens before the governance proposal vote, with a cost of 5.2 USD. After the proposal passed, it rose to 6.5 USD, resulting in unrealized gains of 1.37 million USD. This operation demonstrates a precise anticipation of market events.

In Cotonou, Benin, a warm Christmas gathering has just concluded. Gate Charity, in collaboration with local partner JCI Abomey Calavi Sica, brought a special holiday surprise to community children on December 20 last year.
About 200 children and their families gathered at the scene, and the entire event was filled with a joyful atmosphere. The children not only received Christmas toys carefully selected according to different age groups, but also participated in various fun games, creative workshops, and storytelling sessions together. These interactive activities allowed the children to fully experience the special feeling of the holiday in the company of their families.
The event has also prepared a festive banquet and Christmas-themed decorations, creating a warm and inclusive atmosphere throughout. For every family involved, this is not just a material support, but an emotional connection – allowing them to feel the care of the community and the reality of the holiday.

[Bitpush] Well-known investor Cathie Wood's recent remarks are quite striking: rather than saying AI is taking away jobs, it's more accurate to say it's redefining the possibilities of entrepreneurship. Her core view is very clear—AI is not a job killer; instead, it has directly lowered the threshold for entrepreneurship.
What does traditional entrepreneurship require? Building a team, burning capital, and a long trial-and-error period. What about now? Mastering skills like AI and "intuitive coding" allows you to quickly turn ideas into products. What does this mean for developers and entrepreneurs? The opportunity window has opened. Instead of worrying about unemployment, it's better to proactively learn new tools, as this may be the fastest shortcut to realizing your entrepreneurial dreams.

[Block Rhythm] 2025 will be a landmark year for Ethereum. In this year, Ethereum will officially shed its "still in experimental stage" label, becoming the infrastructure that global financial institutions, developers, and AI systems truly rely on.
From a technical perspective, the progress made this year is indeed remarkable. In just 12 months, Ethereum has completed two major hard forks - Pectra in May and Fusaka in December. Pectra focuses on account abstraction, which means what? Simply put, it supports features that ordinary users care about, such as Gas payment delegation, transaction bundling, and passkey signing. On the other hand, Fusaka significantly reduced transaction costs through PeerDAS technology, achieving an 8-fold scalability. More notably, without the need for hard forks, Ethereum has raised the Gas limit three times, indicating that the network is continuously optimizing itself.
The shift in regulatory aspects is also crucial. The United States

In 2025, the crypto market will face a turning point, with significant policy impacts, especially after Bitcoin is included in the national strategic reserves, leading to a strong market reaction. However, security risks and the pullback in Bitcoin prices have drawn attention. As we enter 2026, the midterm elections will affect policy directions, directly relating to the performance of various assets, warranting continuous follow.

In 2025, the crypto market experienced a wave of liquidations, with over $19 billion getting liquidated to clear excessive leverage, marking a shift in market sentiment. The supply of stablecoins rose by more than 50% year-on-year, with enhanced asset management features, while the scale of RWA expanded fourfold, indicating the improvement of industry infrastructure and a move towards a mature financial system.