With 2025 getting closer and closer, the cryptocurrency market's gains this year have almost been completely wiped out. Looking back, Bitcoin was still shining at a record high of $126,000 in early October, but the market suddenly turned around, and the total market capitalization of digital assets evaporated by about $1 trillion over the past few months. The turning point came in mid-October. After Trump announced an upgrade to tariffs, the crypto market exploded with $19 billion in liquidations within 24 hours—this set a new record. Ethereum followed closely, dropping about 40% within a month, and even some well-known crypto companies under prominent figures saw their market values significantly shrink. Interestingly, although the Trump administration appears to be "pro-crypto" overall, analysts point out that what really hit the market wasn't policy expectations, but rather tariff conflicts, macroeconomic tightening, and the chain reaction of liquidations of high-leverage positions. In November, Bitcoin even fell below $81,000, marking the largest monthly decline since 2021. Currently, the price hovers around $90,000. Industry insiders warn that the market may be entering a new "winter," but some institutions believe this is just a normal correction within Bitcoin's four-year cycle. More notably, BlackRock CEO Larry Fink and the CEO of a major platform have publicly stated that, in the long term, institutional funds are still flowing in continuously, and crypto assets are moving from the gray area into the main stage of traditional finance.

Have you ever felt this kind of dilemma? Holding BTC, ETH, and watching a potential bull market approach, you just don't want to sell. But at the same time, you urgently need some liquidity for circulation. You can't just keep "holding on stubbornly." Recently, an interesting solution has emerged in the market—by innovating the minting mechanism, allowing "HODLers" to both retain their gains and instantly access cash. A team has productized this idea, and the logic is quite clear. **How to use it? It's actually simple.** You pledge mainstream coins (like BTC, ETH, not stablecoins) as collateral, and the system immediately mints stablecoins for you to spend. But the key isn't here—the key is that the entire design lets you avoid fully cutting losses while still sharing in the upside when prices rise. **Three parameters, all covered** To use this mechanism, you need to set three things yourself: • Lock-up period—choose from 3 months to 12 months • How much stablecoin to mint—this determines your capital efficiency • Profit multiplier during price increase—this is a price multiplier that caps your profit After filling in these three, the system automatically calculates three critical numbers for you: - The amount of stablecoins you can receive - The liquidation price (if the price falls below this, collateral will be forcibly liquidated) - The exercise price (as long as the price exceeds this, your profit can be activated) **What happens at maturity? Three possibilities.** **First: the coin drops, even below the liquidation price** No way around it—the collateral must be liquidated to protect the protocol. But there's a clever part—your previously obtained stablecoins are still in your hands, intact. You can exchange them directly for USDT or USDC. In other words, you've partially hedged against the downside risk. Having already unlocked liquidity earlier, you actually come out ahead. **Second: the coin price fluctuates between two prices** The most comfortable scenario. You just return the minted stablecoins, and you get back all your collateral assets intact. It's like getting free liquidity for a period, at zero cost. **Third: the coin rises and exceeds the exercise price** Now it gets interesting. Not only can you retrieve all your collateral, but the gains beyond the exercise price are also yours. It's like getting liquidity while sharing some of the bull market profits. **Why is this design a bit different?** Traditional collateralized stablecoin loans are purely betting on a decline. Once prices go up, all the benefits are taken by the protocol or other participants. But this new scheme essentially gives you a "price channel"—buffer on the downside, profit sharing on the upside, with liquidity in between. For those who want to participate in the bull market but also don't want to miss out on liquidity opportunities, this is indeed a good idea. Of course, liquidation risk always exists, and parameter settings need to be cautious. But at least it offers a new option for HODLers.

#数字资产市场动态 Will there be unexpected surprises in the New Year release? Judging by the momentum, the bullish signals still seem quite strong. Anyway, I just can't help but want to follow the $BTC trend, and $ETH and $SOL are also worth paying attention to. If this wave of market movement picks up, it will be perfect. What does everyone think?