I. Crypto Market Overview

Key Takeaways

1.

Macro Environment

China will allow banks to pay interest on digital yuan balances from January 2026, aiming to boost CBDC adoption and shift liquidity from private tokens. The US and EU are advancing regulatory clarity for stablecoins and tokenized assets, encouraging institutional participation. South Korea and Hong Kong are tightening AML and licensing rules, signaling a global trend toward stricter oversight.
2.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with BTC down 4.43% to $97,474 and ETH falling 9.27% to $3,144.86, pressured by continued ETF outflows and weak spot demand. Altcoins also trended lower; Audiera (BEAT) outperformed with a 16.7% gain, while Midnight (NIGHT) and XDC Network (XDC) dropped 4.5% and 5.6% respectively. The AI Web3 gaming narrative drove BEAT’s strength, while most sectors faced risk-off flows.
3.

Today's Outlook

Major token unlocks today include $309M HYPE and $251.19M Hyperliquid, which may increase market volatility and liquidity risk. The release of U.S. Advance Economic Indicators data could further influence risk sentiment and trading activity across digital assets.
Fear and Greed Index
50.00% Annual Percentile
29 Fear
Total Crypto Market Cap
$2.95T
0.74%
Total Market Trading Volume
$103.77B
116.03%
Altcoin Season Index
81.82%
Quarterly Percentile
19 / 100
Total Futures Market Open Interest
2.53B
9.58%
Futures
809.91B
13.50%
Perpetuals

II. Industry Updates

Macro-economic Policies

1.

China will allow commercial banks to pay interest on digital yuan (e-CNY) balances starting January 1, 2026, shifting the CBDC from digital cash to a deposit-like instrument. This move is expected to boost e-CNY adoption, potentially increasing on-chain liquidity and influencing DeFi and stablecoin demand in Asia.

2.

The People's Bank of China has announced a comprehensive action plan to upgrade the digital yuan's operational framework, including integrating interest-bearing wallets and deposit insurance. This evolution may drive greater institutional and retail participation in digital assets, impacting cross-border payment flows and crypto market liquidity.

3.

China's digital yuan processed 3.48 billion transactions worth 16.7 trillion yuan ($2.38 trillion) by November 2025, with 95% of mBridge cross-border payments settled in e-CNY. The growing use of CBDC in international settlements could affect global stablecoin utility and shift liquidity from private tokens to state-backed digital currencies.

4.

China's new digital yuan framework will require banks to hold reserves against e-CNY balances and integrate programmable smart contracts, enhancing interoperability with DeFi protocols. This may accelerate the adoption of tokenized assets and programmable money, influencing DeFi TVL and NFT transaction volumes.

5.

The digital yuan's transition to an interest-bearing, deposit-insured asset is designed to compete with traditional bank deposits and mobile payment platforms. This policy shift could alter user behavior, increase digital asset holdings, and impact the demand for decentralized stablecoins and on-chain savings products.

Cryptocurrency Regulatory Trends

1.

South Korea will lower the reporting threshold for virtual asset transactions below 1 million won and extend rules to stablecoins, aiming to strengthen AML measures and market oversight.

2.

Hong Kong has finalized new licensing requirements for crypto dealers and custodians, including advisory services, to attract institutional capital and enhance regulatory clarity.

3.

China is urged to reform commercial law to better accommodate digital transactions and virtual assets, signaling potential regulatory updates that could impact the crypto sector.

4.

Stablecoins and regulated DeFi platforms are transforming finance in 2025 by enabling faster, cost-effective payments and supporting tokenized real-world assets, boosting adoption and compliance.

5.

The GENIUS Act and MiCA are driving a shift toward regulatory clarity in the US and EU, encouraging major financial institutions to adopt stablecoin settlements and tokenized assets.

Trending Tokens

1.

Audiera (BEAT): Audiera surged 43% in 24h to $3.01, driven by strong AI Web3 gaming narrative and $57M trading volume, making it the top gainer among major tokens.

2.

Midnight (NIGHT): Midnight jumped 87% in 24h to $0.0926, fueled by Cardano founder's push to position it as a privacy layer for Bitcoin and XRP, and high trading activity.

3.

XDC Network (XDC): XDC Network rose 4.4% in 24h to $0.0519, supported by institutional adoption of tokenized real-world assets (RWAs) and $30M+ daily trading volume.

Smart Money Movements

1.

Strategy (formerly MicroStrategy) purchased 1,229 BTC for $108 million, raising its total Bitcoin holdings to 672,497 BTC at an average cost of $74,997 per coin.

2.

BitMine staked $1 billion worth of Ethereum within 48 hours, extending the validator queue to nearly 13 days and tightening ETH supply on the network.

3.

BlackRock transferred 2,201 BTC ($192 million) and 7,557 ETH ($22.12 million) to Coinbase Prime, highlighting ongoing institutional crypto allocation.

4.

Lighter moved $32.05 million USDC from its protocol to its treasury and sent $21.9 million USDC to Coinbase, with $7.5 million USDC allocated to LLP holders.

5.

Trend Research acquired 11,520 ETH for $34.93 million and used it as collateral on Aave to secure a $20 million USDT loan, aiming to increase ETH exposure.

Events to Watch

Dec 29 (Mon)

Major token unlocks: $309M HYPE, $251.19M Hyperliquid, $76.56M RAIN; Release of U.S. Advance Economic Indicators data.

Dec 30 (Tue)

Federal Reserve releases FOMC meeting minutes at 2:00 p.m. ET, offering policy insights; Slash Vision Labs unlocks $7.24M in tokens; SVL unlocks $7.11M.

Dec 31 (Wed)

U.S. Initial Jobless Claims data to be released, expected to show a slight increase to 215,000, potentially impacting thin holiday trading.

Jan 1 (Thu)

Sui will unlock 43.69 million SUI tokens as part of its monthly vesting schedule, potentially affecting market liquidity.

III. Phemex Market Focus

New Listings

1.

Dec 29: (MAGMA/USDT)

Magma Finance (MAGMA) is now available for spot trading with the MAGMA/USDT pair.

Phemex Promotions

1.

Phemex Referral Rebate

Invite friends to Phemex and earn rebates on their trading fees.
2.

ZKP CandyDrop

Trade to earn a share of 300,000 ZKP!
3.

Trade ZKP, GUA and CYS to share 30,000 USDT!

Participate in trading ZKP, GUA, and CYS to share a prize pool of 30,000 USDT.
4.

Copy Trading Reward Season

100% Loss Protection on Your First Trade & Share in 150,000 USDT Prize Pool.
5.

Christmas & New Year Trading Boosts & Loss Rebates — $200,000 Pool（Win iPhone 17 PM & 2 ETH）

Join the Christmas & New Year event to boost your trading and get loss rebates with a chance to win iPhone 17 PM & 2 ETH.