📅 December 24, 2025, 00:30 Information Compilation and Analysis 📊 Market Overview: A "Christmas Washout" Under Hawkish Clouds Market Sentiment: Extreme Panic (Fear & Greed: 20-25) Macroeconomic Pressure: US Q3 GDP annualized preliminary value of 4.3% was stronger than expected, and the probability of a January rate cut plummeted to 13.3%. Options Settlement: The annual options settlement with a notional value of $28.5 billion is scheduled for December 26th, and short-term volatility is rapidly increasing. 🔍 In-depth Analysis of Core Trends 1️⃣ Regulation and Infrastructure: Crypto Assets Officially Enter the "Financial Bloodstream" OCC Releases "Agency" Dividend: The US Office of the Comptroller of the Currency (OCC) confirmed that national banks can act as agents/matchmakers for crypto trading. This opens up a multi-billion dollar fee track for banks like JPMorgan without bearing inventory risk. **Collection Revolution:** BTC/ETH/USDC have been officially approved as collateral for regulated derivatives. This means that crypto assets are no longer "isolated assets" but have officially become underlying settlement tools in the global financial system. **Tokenization Testing:** The SEC has allowed DTCC (US Depository Trust) to conduct tokenization settlement testing. The traditional financial dream of "T+0" settlement is becoming a reality on-chain. 2️⃣ **The Great Migration of the Global Regulatory Landscape:** Russia's Retail Market Legalization: Legislation is planned for 2026, officially legalizing retail transactions. Japan's Compliance Pressure: Bybit announced its gradual withdrawal from the Japanese market. The Japanese Financial Services Agency continues its crackdown on overseas platforms, and compliant funds are converging on regulated domestic/licensed exchanges (such as OSL). 3️⃣ **The Real-World Deployment of Stablecoins and RWA:** **Major Victory in Payments:** South Korea's BC Card completed a stablecoin payment pilot program, covering 3.4 million merchants. ETF Expansion: Amplify launches stablecoin technology (STBQ) and tokenization (TKNQ) ETFs. Funds are no longer just focused on token price fluctuations, but are beginning to position themselves across the entire on-chain capital market value chain. 💹 Key Token Movements and Risk Monitoring Token Status Core Logic / Key Events $SOL🚀 Kora protocol, a technological benchmark, is released. It supports sponsored gas and payments with any token. Solana is seizing the Web2 payment market through "gas disappearance." $BTC📉 Deleveraging caused a drop below $87,000, triggering intensive liquidations. Grayscale is still transferring tokens to Coinbase (approximately 616 tokens). Short-term caution is needed regarding the last line of defense at $84,000-$85,600. $ETH⚠️ The eye of the storm dropped below $2,900, with extremely strong long position liquidations. Although BlackRock is increasing its holdings, debt repayment and cashing out by large on-chain holders (ETHZilla) are limiting the strength of the rebound. $UNI⏳ The ultimate game: Fee reform vote ends on December 26th. As the strongest deflationary expectation target at present, whether it can drive a "sell-the-news" rebound in the DeFi sector is the focus this week. $XAU / $PLT🌟 Cross-asset gold and platinum (breaking $2200) continue to strengthen. Safe-haven funds are currently more inclined towards physical assets, and the crypto market urgently needs a "valuation repair". 🛡️ Security and Risk Control: Supply Chain Attacks Become the "Number One Killer" Annual Review: A CertiK report shows that Web3 losses will reach $3.35 billion in 2025. Key Warnings: Supply chain attacks (accounting for nearly half) and AI phishing are the most prominent features this year. AI makes phishing emails and fake websites seamless. Hardcore Recovery: The Gnosis Chain community plans to recover $120 million stolen from Balancer through a "hard fork". This has sparked a deep debate about "decentralized immutability" versus "judicial justice." 💬 In-depth Interaction: Who's Deciding the Second Half? Viewpoint 1: When BTC/ETH/USDC can be used as bank collateral, does this mean stablecoins have become equivalent to fiat currency? Viewpoint 2: Russia embraces, Japan tightens, and US banks enter the market. Where will funds flow under this regulatory fragmentation? Viewpoint 3: Faced with a $3.35 billion security loss, would you still dare to keep most of your assets in a hot wallet? Is the "hard fork" to recover funds a savior or a trampling on the spirit of blockchain? 💡Exclusive Insight: Currently, BTC is experiencing deleveraging caused by the decline of "institutional basis trading," coupled with low liquidity during the Christmas holidays, resulting in extremely volatile price movements.