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Bitwise advisor Jeff Park stated that the current market structure is fundamentally unfavorable for a substantial price increase in Bitcoin. The reason is that, on one hand, Bitcoin OG holders are still continuously selling, while on the other hand, demand from ETFs and DATs is simultaneously slowing down.

[Bitwise Advisor: Current market structure is unfavorable for Bitcoin's rise; Bitcoin OG whales continue to sell off.]Bitwise advisor Jeff Park stated that the current market structure is fundamentally unfavorable for a substantial price increase in Bitcoin. The reason is that, on one hand, Bitcoin OG holders are still continuously selling, while on the other hand, demand from ETFs and DATs is simultaneously slowing down.

Bitwise Advisor: Current market structure is unfavorable for Bitcoin's rise; Bitcoin OG whales continue to sell off.

&nbsp;according to Lookonchain monitoring, 4 days ago, the whale 0x76AB sold 1,654 ETH (worth 5.49 million USD) in the spot market and switched to holding high-leverage ETH long positions. He made 3 trades, 2 of which were losses, accumulating a total loss of over 3.3 million USD in just 4 days.

[A whale sold 1,654 ETH and went long on ETH with high leverage, incurring a total loss of over $3.3 million.]&nbsp;according to Lookonchain monitoring, 4 days ago, the whale 0x76AB sold 1,654 ETH (worth 5.49 million USD) in the spot market and switched to holding high-leverage ETH long positions. He made 3 trades, 2 of which were losses, accumulating a total loss of over 3.3 million USD in just 4 days.

A whale sold 1,654 ETH and went long on ETH with high leverage, incurring a total loss of over $3.3 million.

&nbsp;market shows BTC fell below $88,800, currently at $88,713.15, a 24-hour decline of 1.82%, market volatility is high, please manage your risk properly.

[BTC falls below $88,800]&nbsp;market shows BTC fell below $88,800, currently at $88,713.15, a 24-hour decline of 1.82%, market volatility is high, please manage your risk properly.

BTC falls below $88,800

&nbsp;the market shows that TAO has fallen below 290 USD, currently at 289.4 USD, with a 24-hour decline of 2.2%. The market is highly volatile, please manage your risk accordingly.

[TAO falls below $290]&nbsp;the market shows that TAO has fallen below 290 USD, currently at 289.4 USD, with a 24-hour decline of 2.2%. The market is highly volatile, please manage your risk accordingly.

TAO falls below $290

HTX data showed that BTC fell below 89000  USDT and is now at 88778.5 USDT, with a decrease of 1.84% in 24H.

[BTC fell below 89000  USDT] HTX data showed that BTC fell below 89000  USDT and is now at 88778.5 USDT, with a decrease of 1.84% in 24H.

BTC fell below 89000  USDT

HTX data showed that XRP fell below 2  USDT and is now at 1.99883 USDT, with a decrease of 1.74% in 24H.

[XRP fell below 2  USDT] HTX data showed that XRP fell below 2  USDT and is now at 1.99883 USDT, with a decrease of 1.74% in 24H.

XRP fell below 2  USDT

&nbsp;some macro analysts believe that if the Bank of Japan raises interest rates as expected on December 19, Bitcoin may further pull back to the $70,000 level. Analyst AndrewBTC, who tracks historical data, states that every rate hike by the Bank of Japan since 2024 has been accompanied by a drop of more than 20% in Bitcoin's price, such as a decline of about 23% in March 2024, about 26% in July 2024, and about 31% in January 2025. If the Bank of Japan raises rates next week, similar downside risks may reoccur.

[Analysts predict that if the Bank of Japan raises interest rates as expected, Bitcoin may pull back to the $70,000 level.]&nbsp;some macro analysts believe that if the Bank of Japan raises interest rates as expected on December 19, Bitcoin may further pull back to the $70,000 level. Analyst AndrewBTC, who tracks historical data, states that every rate hike by the Bank of Japan since 2024 has been accompanied by a drop of more than 20% in Bitcoin's price, such as a decline of about 23% in March 2024, about 26% in July 2024, and about 31% in January 2025. If the Bank of Japan raises rates next week, similar downside risks may reoccur.

Analysts predict that if the Bank of Japan raises interest rates as expected, Bitcoin may pull back to the $70,000 level.

On December 14, Brazil's largest private bank asset management company Itáu Asset Management recommended in its year-end report that investors allocate 1% to 3% of their portfolios to Bitcoin. Renato Eid, head of responsible investment at Itáu Asset Management Beta strategy, stated that using cryptocurrencies as a complementary asset helps absorb the shocks caused by currency depreciation and global volatility.

[Brazil's largest private bank asset management company recommends that investors allocate 1% to 3% of their portfolios to Bitcoin.]On December 14, Brazil's largest private bank asset management company Itáu Asset Management recommended in its year-end report that investors allocate 1% to 3% of their portfolios to Bitcoin. Renato Eid, head of responsible investment at Itáu Asset Management Beta strategy, stated that using cryptocurrencies as a complementary asset helps absorb the shocks caused by currency depreciation and global volatility.

Brazil's largest private bank asset management company recommends that investors allocate 1% to 3% of their portfolios to Bitcoin.

&nbsp;Tom Lee, chairman of Ethereum treasury company BitMine, stated that BitMine is close to holding 4% of the total supply of Ethereum, and he believes the company will never sell these ETH. Tom Lee said, "If we stake these ETH now, it will generate over one million dollars in net income per day.

[Tom Lee: Bitmine will never sell its ETH holdings.]&nbsp;Tom Lee, chairman of Ethereum treasury company BitMine, stated that BitMine is close to holding 4% of the total supply of Ethereum, and he believes the company will never sell these ETH. Tom Lee said, "If we stake these ETH now, it will generate over one million dollars in net income per day.

Tom Lee: Bitmine will never sell its ETH holdings.

The Hong Kong Monetary Authority today released a research report titled “An Assessment Of The Volatility Spillover From Crypto To Traditional Financial Assets: The Role Of Asset-backed Stablecoins.” The report said that with a perceived stable value offered by the backing of traditional financial assets, asset-backed stablecoins play a pivotal role in the crypto ecosystem. However, these stablecoins bear liquidity mismatch risks similar to money market funds, which may expose them to a fire-sale of reserve assets in times of crypto ecosystem instability and in turn increase the volatility of these reserve assets. In extreme circumstances, failures of stablecoins or other crypto assets could result in large-scale redemptions of asset-backed stablecoins and a fire-sale of their reserve assets, potentially posing material impacts on the traditional financial system.
The report said that as the crypto ecosystem continues to expand and is increasingly exposed to the financial sector, the linkages between crypto and traditional financial assets are likely to become stronger, potentially increasing the risk spillover discussed above. Importantly, the crypto ecosystem remains largely outside the oversight of regulators, with large data gaps impeding their assessments of the spillover risk. Given that the international regulatory community is considering putting in place appropriate regimes to regulate stablecoins, this study concludes with two suggestions that regulators may consider: 1. Requiring standardised and regular disclosures by the issuers of asset-backed stablecoins on their reserve assets holdings which could help regulators assess and compare their liquidity condition and potential liquidity mismatch risk. This could enable regulators to consider, in a more timely manner, taking appropriate measures to reduce the spillover risk in times of market disruption; 2. Strengthening the asset-backed stablecoins' liquidity management, possibly by imposing restrictions on the composition of reserve assets and requiring welldefined redemption rights, which may also help reduce the spillover risk.

Detail

【HKMA: Stablecoin volatility may spill over to traditional finance】The Hong Kong Monetary Authority today released a research report titled “An Assessment Of The Volatility Spillover From Crypto To Traditional Financial Assets: The Role Of Asset-backed Stablecoins.” The report said that with a perceived stable value offered by the backing of traditional financial assets, asset-backed stablecoins play a pivotal role in the crypto ecosystem. However, these stablecoins bear liquidity mismatch risks similar to money market funds, which may expose them to a fire-sale of reserve assets in times of crypto ecosystem instability and in turn increase the volatility of these reserve assets. In extreme circumstances, failures of stablecoins or other crypto assets could result in large-scale redemptions of asset-backed stablecoins and a fire-sale of their reserve assets, potentially posing material impacts on the traditional financial system.
The report said that as the crypto ecosystem continues to expand and is increasingly exposed to the financial sector, the linkages between crypto and traditional financial assets are likely to become stronger, potentially increasing the risk spillover discussed above. Importantly, the crypto ecosystem remains largely outside the oversight of regulators, with large data gaps impeding their assessments of the spillover risk. Given that the international regulatory community is considering putting in place appropriate regimes to regulate stablecoins, this study concludes with two suggestions that regulators may consider: 1. Requiring standardised and regular disclosures by the issuers of asset-backed stablecoins on their reserve assets holdings which could help regulators assess and compare their liquidity condition and potential liquidity mismatch risk. This could enable regulators to consider, in a more timely manner, taking appropriate measures to reduce the spillover risk in times of market disruption; 2. Strengthening the asset-backed stablecoins' liquidity management, possibly by imposing restrictions on the composition of reserve assets and requiring welldefined redemption rights, which may also help reduce the spillover risk.

HKMA: Stablecoin volatility may spill over to traditional finance

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HKMA: Stablecoin volatility may spill over to traditional finance

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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