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
Recommended Reading
Ten People Redefining the Power Boundaries of Cryptocurrency in 2025
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Conversation with Raoul Pal: The 2026 Decisive Point Under the Five-Year Cycle, Choosing the Right Assets for Long-Term Holding Without Relying on Luck
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Even Satoshi Nakamoto Would Have to Kowtow to the God of Wealth
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Crypto Circle People Fortune-Telling in K-Line Charts
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Circle 2025 Annual Review: Building a Full-Stack Crypto Economy Platform
This article is Circle's 2025 annual review report, detailing its progress in building a full-stack crypto economy platform, including the application of stablecoins in mainstream finance, the landing of global regulatory frameworks, the growth of digital assets, the expansion of institutional cooperation, and the newly launched Arc blockchain, among other contents. The article also mentions that Circle has promoted the transformation of the global financial system towards an open, inclusive internet-native form through technological innovation and ecological synergy.
