Crypto Morning Brief: Offshore RMB Breaks Through 7.0 Against USD Again, Trust Wallet Users' Funds Stolen

marsbitPubblicato 2025-12-26Pubblicato ultima volta 2025-12-26

Introduzione

China's offshore yuan strengthened past 7.0 against the U.S. dollar, reaching its highest level since September 2024. Bitcoin mining difficulty saw a slight increase to 148.26 T. In regulatory developments, Hong Kong is advancing legislation for OTC digital asset trading and custody services to enhance compliance and combat fraud. A significant security breach affected Trust Wallet users, with at least $6 million stolen due to a vulnerability in its browser extension. Meanwhile, an analyst confirmed that Trend Research’s Ethereum holdings are facing approximately $143 million in unrealized losses. In political news, the Wall Street Journal reported that Changpeng Zhao benefited from an emerging "informal pardon" system during Trump’s presidency, where lobbying for clemency reportedly involved multi-million dollar fees. The AI-related cryptocurrency sector experienced a sharp decline, losing 75% of its market value—approximately $53 billion—in 2025, with several major tokens dropping over 70%. Infinex reduced the valuation for its INX token sale to $99.99 million following market feedback. Pantera Capital’s Jay Yu shared 12 predictions for 2026, including the rise of tokenized gold, AI-integrated crypto interfaces, and consolidation among digital asset trading platforms. An annual CoinGlass report highlighted Binance, OKX, and Bitget as leaders in BTC and ETH liquidity and derivatives trading volume. Finally, Caixin warned about legal risks associated with the use of...

Author: Deep Tide TechFlow

Yesterday's Market Dynamics

Offshore RMB breaks through the 7.0 mark against the USD again, onshore RMB breaks through the 7.01 mark against the USD

According to Sina quotes, the offshore RMB broke through the 7.0 mark against the USD again. According to China Foreign Exchange Trade System, the onshore RMB broke through the 7.01 mark against the USD, hitting a new high since September 27, 2024.

Bitcoin mining difficulty increases by 0.04% to 148.26 T

According to CloverPool data, Bitcoin mining difficulty adjusted at 11:48:06 on December 25, 2025 (at block height 929,376), increasing by 0.04% to 148.26 T. The current seven-day average network hash rate is 1.08 EH/s.

Wu Jiezhuang: Legislation on digital asset OTC trading and custody can establish the legitimacy of related services and combat fraud

Hong Kong Legislative Council member Wu Jiezhuang posted on X platform: "Welcome the new developments by the Hong Kong SAR Government's Financial Services and the Treasury Bureau in promoting digital asset trading. The legislative proposals for digital asset trading and custody services have officially entered consultation, representing a further clarification of related digital asset regulatory activities and responding to market demands and ideas. Past consultations with the industry regarding the direction of related OTC trading and custody services have received many opinions. This proposed legislation can not only establish the legitimacy of crypto and digital asset OTC trading and custody services, allowing the industry to operate more compliantly, but also combat suspected fraudulent activities disguised as such operations."

"On-chain detective" ZachXBT: Trust Wallet users' stolen funds reach at least $6 million

According to on-chain detective ZachXBT (@zachxbt) monitoring, hundreds of Trust Wallet platform users suffered fund theft, with losses amounting to at least $6 million. ZachXBT stated that if the responsibility for the incident is confirmed to belong to Trust Wallet, the platform may need to compensate the affected users.

Additionally, Trust Wallet issued an announcement: A security vulnerability was found in browser extension version 2.68, users need to upgrade immediately.

Analyst: Verified Trend Research ETH actual entry cost is about $3150

On-chain analyst Ai Auntie (@ai 9684xtpa) posted, stating that according to confirmation by Yi Lihua himself, the actual entry cost for the 645,000 Ethereum (ETH) accumulated since November by his institution Trend Research is about $3150, currently with a floating loss of approximately $143 million. Yi Lihua stated that an additional $1 billion will be invested to continue increasing holdings, expecting to control the average ETH holding cost at around $3050.

WSJ: Changpeng Zhao becomes a beneficiary of Trump's "informal pardon," reveals "pardon deal" market price of one million dollars

The Wall Street Journal published an article disclosing that "Changpeng Zhao became one of the beneficiaries of a new, informal presidential pardon path that emerged during Trump's second term. According to people around Trump, this new approach is partly driven by Trump's own experience as a criminal defendant, spawning a 'pardon deal' industry where lobbyists say their market rate is $1 million.

It was revealed that those seeking pardons offered success fees as high as $6 million to some lobbyists close to the president, conditional on them getting it done."

AI crypto tokens' market value plummets 75% in 2025, evaporating $53 billion

According to a CryptoPresales.com report, AI-related cryptocurrencies experienced a severe correction in 2025, with market value falling approximately 75% year-on-year, wiping out about $53 billion in market capitalization. Despite explosive growth in 2023-2024, with the heat subsiding and liquidity decreasing, the market continued to be under pressure in 2025. The decline intensified in the fourth quarter, with nearly $10 billion evaporated in December alone. Eight major AI tokens fell more than 70%, with Artificial Superintelligence Alliance, Render, and The Graph all dropping over 80%. The total market value of AI and big data tokens has now fallen to $16.8 billion.

Infinex founder: Lowers INX token Sonar sale valuation to $99.99 million

Infinex founder Kain Warwick @kaiynne announced a significant reduction of the fully diluted valuation (FDV) for the INX token Sonar sale from the originally planned $300 million to $99.99 million, in response to market feedback that the initial pricing was too high. This sale will open for registration on December 27 and officially launch on January 3, aiming to raise $5 million, representing 5% of the total supply. Tokens will have a one-year lock-up period but retain an early unlock mechanism; the unlock price will gradually decrease from $300 million to $100 million over time. Due to the lowered valuation, the sale is expected to be significantly oversubscribed, so allocations for Patron NFT holders cannot be guaranteed. The entire sale will use an RNG mechanism, with a minimum investment of $200 and a maximum of $2500.

Pantera Capital partner: Predicts DAT consolidation next year, tokenized gold will rise, prediction markets will differentiate

Pantera Capital Junior Partner Jay Yu posted on social media making 12 predictions for 2026 crypto trends, including:

· Capital-efficient consumer credit: Launch of convenient lending applications through on-chain/off-chain credit modeling, modular design, and AI behavior learning.

· Differentiation of prediction markets: Prediction markets split into financial direction (integrated with DeFi, leveraged) and cultural direction (community-driven, long-tail enthusiasts).

· Agent commerce & x402 extension: Agent commerce extends to micro-payments and regular payments using x402 endpoints, Solana surpasses Base in low-value transaction volume.

· AI as a crypto interface layer: AI-assisted trading (e.g., trend analysis) becomes mainstream, gradually integrated into consumer applications.

· Rise of tokenized gold: Tokenized gold becomes an important RWA (Real World Asset) asset, chosen as a store of value due to US dollar issues.

· Bitcoin quantum panic: Quantum technology breakthroughs spark institutional discussion on Bitcoin's quantum resistance, technology not yet a threat to value.

· Unified privacy development experience: Privacy technologies (e.g., Ethereum's Kohaku) provide simplified development interfaces, possibly launching Privacy-as-a-Service.

· Consolidation of DATs: Digital Asset Trading platforms (DAT) consolidate to 2-3 per major market, achieved through liquidation or merger.

· Rethinking token and equity separation: Governance token crisis prompts companies to choose privatization, possibly introducing redeemable equity tokens.

· Perpetual DEX consolidation: Hyperliquid dominates the market, HIP-1 market and yield stablecoins (e.g., HyENA) become key, USDC loses ground on HYPE.

· Multi-chain Prop AMM: Prop AMM extends to multi-chain, accounts for over half of Solana's trading volume, prices more assets like RWA.

· Traditional fintech adoption of stablecoins: Stripe, Ramp, etc., use stablecoins for international payments, stablecoin chains like Tempo become fiat on-ramp bridges.

Jay Yu claimed his prediction accuracy rate for 2025 was as high as 7/10, including accurate predictions on Solana developer migration.

CoinGlass annual report: Binance, OKX, Bitget lead BTC, ETH liquidity

CoinGlass released the "2025 Cryptocurrency Derivatives Market Annual Report." The report shows that in the 2025 bilateral liquidity depth ranking for major assets like BTC and ETH, Binance, OKX, and Bitget ranked as the top three global CEXs respectively.

In terms of derivatives trading volume and market share, Binance ranked first with approximately $77.45 billion in average daily trading volume and a 29.3% market share; OKX ranked second with an average daily volume of $33.2 billion and a 12.5% market share; Bybit ranked third with an average daily volume of approximately $29.1 billion and an 11% market share; Bitget ranked fourth with an average daily volume of $25.2 billion and a 9.5% market share.

Additionally, CoinGlass provided comprehensive scores and rankings for major derivatives exchanges in the report. The assessment used basic trading data as the core weight, combined with multiple dimensions such as product system, security, transparency, and market quality, to form sub-item scores and a weighted total score. The results showed Binance ranked first with a score of 94.33, OKX ranked second with a score of 88.77, and Bitget ranked third with a score of 83.10.

Caixin: Issuance and use of U Cards domestically carries an additional layer of special legal risk

Caixin.com authored an article "The Crazy Ads for U Cards on Xiaohongshu: The Secret of Their Popularity and Fatal Risks". The article pointed out that users can use bank cards printed with the Visa logo to make payments such as ChatGPT Plus subscription fees, with the deduction made through USDT in cryptocurrency wallets. These types of overseas bank cards are commonly known as "U Cards," which are overseas bank cards based on US dollar stablecoin payments. The Caixin article also pointed out that the issuance and use of U Cards domestically carries an additional layer of special legal risk. Whether it is a short-lived transitional product or hides the password of the future payment landscape remains unknown.

Market Dynamics

Domande pertinenti

QWhat was the new high for the offshore yuan (CNH) against the US dollar, and when was the previous high set?

AThe offshore yuan (CNH) broke through the 7.0 mark against the US dollar, reaching a new high since September 27, 2024.

QAccording to the 'chain detective' ZachXBT, what was the minimum amount of funds stolen from Trust Wallet users and what was the potential consequence for the platform?

AAccording to ZachXBT, at least $6 million was stolen from Trust Wallet users. If the responsibility is confirmed to belong to Trust Wallet, the platform may need to compensate the affected users.

QWhat significant adjustment did Infinex founder Kain Warwick announce regarding the INX token Sonar sale?

AKain Warwick announced a significant reduction in the fully diluted valuation (FDV) for the INX token Sonar sale, lowering it from the originally planned $300 million to $99.99 million in response to market feedback that the initial pricing was too high.

QWhich three exchanges led in BTC and ETH liquidity according to the CoinGlass 2025 Annual Report?

AAccording to the CoinGlass 2025 Annual Report, Binance, OKX, and Bitget were the top three centralized exchanges (CEX) for BTC and ETH liquidity.

QWhat major trend did the Pantera Capital partner predict for AI in the crypto space for 2026?

AThe Pantera Capital partner predicted that AI would act as a crypto interface layer, with AI-assisted trading (such as trend analysis) becoming mainstream and gradually integrating into consumer applications.

Letture associate

STRC Major De-pegging's First Financial Report, How Will Strategy Repair Its Capital Flywheel?

Bitcoin treasury company Strategy released its Q2 2026 earnings report on July 31. Despite a 6.9% year-over-year revenue increase to $122 million, the company recorded a net loss of $8.22 billion, largely due to $8.32 billion in unrealized losses from Bitcoin price fluctuations. As of quarter-end, Strategy holds 843,775 BTC with an average cost of $75,000 per coin, and Bitcoin per share increased. The report highlights a critical shift in Strategy's capital model following the de-pegging of its key financing tool, STRC (Strategic Coin), which fell below its $100 target. Management's top priority is restoring STRC to its target value, aiming for a recovery by September 8. They rule out discounted STRC issuances and plan to maintain its dividend yield at 12%, instead focusing on bolstering its $3.75 billion cash reserve. Strategy has moved from a one-way "buy-and-hold" Bitcoin strategy to active capital management. This new approach, part of its "Digital Credit Capital Framework," involves flexibly managing its balance sheet across four elements: BTC, USD cash, common stock (MSTR), and digital credit securities like STRC. This allows for BTC monetization (having sold $218.4 million in BTC so far), strategic repurchases of discounted securities, and debt optimization, as seen with a $1.5 billion convertible bond buyback. The company's future hinges on two key tests: successfully re-pegging STRC to restore market confidence in its digital credit system, and a long-term recovery in Bitcoin's price to ultimately support its growth thesis.

marsbit5 min fa

STRC Major De-pegging's First Financial Report, How Will Strategy Repair Its Capital Flywheel?

marsbit5 min fa

STRC's First Financial Report Post-Depegging, How is Strategy Restoring the Capital Flywheel?

On July 31, 2026, Bitcoin treasury company Strategy released its Q2 financial report. Despite a 6.9% year-over-year increase in revenue to $122 million, the company recorded a substantial net loss of $8.22 billion, primarily due to $8.32 billion in unrealized losses from Bitcoin holdings. While Strategy's core Bitcoin strategy remains intact—its holdings grew 11% to 843,775 BTC—the company is undergoing a fundamental shift in its capital model. Following the de-pegging of its key financing tool, the STRCoin (STRC), from its $100 target in May, Strategy has pivoted from a one-directional "raise funds, buy Bitcoin" cycle to a more dynamic, multi-asset capital management approach. A key part of this new framework is the "Monetization Program," through which Strategy has sold approximately $218.4 million worth of BTC to bolster liquidity. The company's top priority is repairing STRC's peg, committing not to issue discounted shares until it returns to its target range. It has initiated a $1 billion buyback program for discounted digital credit securities, having repurchased $28.9 million face value of STRC so far. Management aims to restore the peg around September 8, 2026. Strategy now actively manages a matrix of assets: Bitcoin (for accumulation or strategic sales), USD cash reserves (now at $3.75 billion), common stock (MSTR), and digital credit securities like STRC. This allows for tactical moves like repurchasing discounted debt or equity to capture value. The future success of Strategy's "capital flywheel" hinges on two factors: the short-term ability to successfully re-peg STRC to restore market confidence in its digital credit system, and the long-term price trajectory of Bitcoin, upon which its entire investment thesis ultimately depends.

Odaily星球日报10 min fa

STRC's First Financial Report Post-Depegging, How is Strategy Restoring the Capital Flywheel?

Odaily星球日报10 min fa

AWS Accounts for 60% of Operating Profit, Amazon Delivers Q2 Results with No Weak Spots

Amazon reported its Q2 2026 financial results, with total sales reaching $200.6 billion, maintaining year-over-year growth. Net profit was $62.6 billion, significantly boosted by a $53.4 billion non-operating pre-tax gain primarily from its investment in AI company Anthropic. The more indicative operating profit was $27.5 billion. Amazon Web Services (AWS) was the key profit driver, contributing 60.5% of the company's operating profit. AWS revenue grew 36.8% year-over-year, with its operating profit rising nearly two-thirds. This growth provides crucial financial support for Amazon's broader investments in retail and infrastructure. Other segments also showed solid performance. Advertising revenue grew 26.2%, while third-party seller services and online stores maintained positive momentum, strengthening the core retail business. Despite strong profits, Amazon's trailing twelve-month (TTM) free cash flow turned negative, as $169 billion in property and equipment investments (largely for data centers and AI) outpaced $161.4 billion in operating cash flow. This highlights the company's heavy ongoing capital expenditure, even as investment gains inflate net income. The results present a dual picture: robust operational earnings led by AWS alongside massive reinvestment into future growth, particularly in AI infrastructure.

marsbit16 min fa

AWS Accounts for 60% of Operating Profit, Amazon Delivers Q2 Results with No Weak Spots

marsbit16 min fa

With Two Consecutive Quarters of Losses, Coinbase Must Rely on Paths Beyond Trading

Coinbase posted its second consecutive quarterly net loss of $359 million on $1.22 billion in revenue for Q2, highlighting its vulnerability to crypto market cycles where weaker prices and lower volatility reduce user trading. However, the report also reveals a strategic shift in its business model. Despite a 25% quarter-over-quarter decline in global spot trading volume, Coinbase increased its market share to a company-record 10.3%. This suggests its position as a compliant U.S. on-ramp is strengthening even in a cooler market. A key development is the diversification of revenue streams. Transaction revenue fell to $599 million, nearly equaling subscription and services revenue of $555 million. Stablecoin services, generating $292 million, are becoming a crucial revenue "floor." This income, derived from interest on the $20 billion average USDC balance held on its platform, is less tied to daily trading activity. Furthermore, while spot trading volume dropped significantly, derivatives volume held steady at $1.03 trillion. Coinbase is pushing to integrate spot, stablecoin, and derivatives liquidity to create a more interconnected and sticky ecosystem for users. The GAAP net loss includes non-cash expenses like stock-based compensation and crypto asset valuation changes. Its adjusted EBITDA remained positive at $208 million for the 14th straight quarter, indicating core operations can cover ongoing costs. The company is also reducing expenses to manage the downturn. The central question moving forward is whether Coinbase's growing market share, stablecoin revenues, and expanding product integration can sufficiently offset the inherent cyclicality of its core trading business during future market contractions.

marsbit25 min fa

With Two Consecutive Quarters of Losses, Coinbase Must Rely on Paths Beyond Trading

marsbit25 min fa

June Quarter for Earth's Most Valuable Tech Company: Apple's Revenue Breaks $100 Billion for the First Time

On July 30, Apple announced its quarterly results, with revenue surpassing the $100 billion mark for the first time in a June quarter, reaching $109.4 billion—a 16.4% year-over-year increase. This record performance was driven by all-time highs for the period in iPhone, Mac, and Services sales. Key to this growth was the iPhone, which accounted for nearly two-thirds of the $15.4 billion revenue increase compared to the same period last year. Both Europe and Greater China contributed significantly, with the latter seeing 22.4% growth. While Services revenue represented only 28.1% of total revenue, it contributed 42.4% of gross profit due to its high 75.6% gross margin, acting as a profit stabilizer alongside the hardware surge. Notably, EPS grew 28.7%, faster than revenue. However, Apple disclosed that a one-time tariff refund added approximately 2 percentage points to the gross margin and $0.11 to EPS. Excluding this impact, the adjusted EPS growth rate would be approximately 21.7%. This distinction highlights two separate dynamics: operational growth from core businesses and a temporary boost to profitability. The report ultimately paints a picture of broad-based growth, with hardware driving scale, Services enhancing profitability, and a one-time item influencing the profit growth rate.

marsbit26 min fa

June Quarter for Earth's Most Valuable Tech Company: Apple's Revenue Breaks $100 Billion for the First Time

marsbit26 min fa

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Crypto Morning Brief: Offshore RMB Breaks Through 7.0 Against USD Again, Trust Wallet Users' Funds Stolen

Introduzione

Yesterday's Market Dynamics

Market Dynamics

Recommended Reading

Domande pertinenti

Letture associate

STRC Major De-pegging's First Financial Report, How Will Strategy Repair Its Capital Flywheel?

STRC's First Financial Report Post-Depegging, How is Strategy Restoring the Capital Flywheel?

AWS Accounts for 60% of Operating Profit, Amazon Delivers Q2 Results with No Weak Spots

With Two Consecutive Quarters of Losses, Coinbase Must Rely on Paths Beyond Trading

June Quarter for Earth's Most Valuable Tech Company: Apple's Revenue Breaks $100 Billion for the First Time

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