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Author: Micah Zimmerman
Translation: AididiaoJP, Foresight News
In Q4 2025, Bitcoin experienced significant turbulence. Especially in December, the price dropped nearly 9%, and volatility surged to its highest level since April 2025. However, VanEck noted in its mid-December "ChainCheck" report that market liquidity is improving, and speculative leverage appears to be resetting, providing cautious optimism for long-term holders.
VanEck's digital asset analysts painted a complex picture in the report: despite continued weakness in on-chain activity, the liquidity environment is improving, and speculative leverage is gradually being unwound, offering a glimmer of hope for long-term investors.
The report particularly emphasizes the behavioral differences among various investor groups. Digital

Mars Finance News, on December 25th, the XRP treasury entity Evernorth Holdings supported by Ripple executives is experiencing an unrealized loss of over $220 million. According to data tracked by CryptoQuant, Evernorth holds approximately 389 million XRP with an acquisition cost of about $947 million. At the current XRP price of $1.86, its market value is approximately $724 million, resulting in a significant unrealized loss for the company. (Cryptobriefing)

Suspected insider whale Garrett Jin posted on X platform that platinum, palladium, and silver prices are retreating, while Bitcoin and Ethereum are beginning to rebound. The precious metals market is overly crowded with funds, increasing risks, and investors may shift towards undervalued assets.

Recently, ETH prices rebounded after falling to the average holding cost of whale groups. Whale wallets saw a surge in buying volume when the price reached this cost, accumulating over 4.8 million ETH. If this support level breaks, market support will drop to $2,300, which is below the breakeven price and may be attractive to investors.

According to a Gallup survey, Federal Reserve Chairman Powell received the highest approval among 13 American leaders, with a support rate of 44%, surpassing Trump's 36%. The survey shows that Trump's support is highly polarized along party lines, while Powell's support is comparatively broader. The survey reflects public dissatisfaction with national leadership.

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Original author: Lawyer Shao Jiadian
Introduction
Many RWA projects, when consulting a lawyer for the first time, almost always say the same thing:
“We are not securities, just a functional RWA token.”
“We simply put real assets on the chain, without financing attributes.”
“We are a utility token, not a security token.”
Honestly, I’ve become numb to these statements.
But the problem is—regulation is never determined by how you “call yourself,” but by “what you are actually doing.”
And an extremely important point is:
The gray buffer zone of “functional RWA tokens” has been gradually squeezed out by real case law in major regulatory jurisdictions worldwide.
Today, I will do only one thing in this article:
No abstract legal provisions, no vague theories, only real

The Marshall Islands launched the National Basic Income (ENRA) program through Stellar, covering all citizens. The funding comes from trust fund investment income, with diversified distribution methods. The program aims to ensure fair wealth distribution without income or employment thresholds.

Polymarket platform has fixed a security vulnerability caused by third-party authentication, affecting a small number of users, leading to abnormal logins and stolen funds. The affected users are mainly those who log in via Magic Labs email. The platform has confirmed the vulnerability has been fixed and is contacting the affected users.

Mars Finance reports that on December 25, according to market data, BANANA has increased by over 28% in the past 24 hours, currently priced at $7.76, with a market capitalization rising to $31 million.

According to SoSoValue data, on December 24th, Solana spot ETF had a total net inflow of $1.48 million, of which Fidelity SOL ETF FSOL had a net inflow of $1.08 million. The total historical net inflow is $113 million. The total assets under management (AUM) are $931 million, with a cumulative net inflow of $752 million.

The article summarizes the author's 12 predictions for the 2026 crypto market, including capital-efficient consumer credit, the segmentation of prediction markets, the application of AI, the rise of tokenized gold, and a unified experience for privacy development. These predictions showcase the diversification and future development trends of the crypto industry.

Mars Finance reports that recently, on-chain analyst Ai Auntie (@ai\_9684xtpa) monitored that address 0x89B…A7358 added 1 million USDC margin to Hyperliquid four hours ago. Currently, this address holds a long position of 218 Bitcoin (approximately $19.17 million) and a short position of 5,294.36 Ethereum (approximately $15.6 million), forming a position against