The previous night, I felt the market was about to turn around, but I woke up to find it had reverted to its original state. The market movements this month have been quite tumultuous.

**Mainstream Coin Trends**

Bitcoin: I was hoping for a Christmas rally, but it still shows a door-shaped pattern. I can only wait until Friday to see if it can turn around. On Ethereum, the large holder cost basis was revealed yesterday, and now most are underwater. It depends on whether these big holders have more bullets to continue accumulating. SOL is in danger; the 120 level is already precarious. On-chain data looks good, but there is a serious polarization between the secondary market and on-chain activity.

**Exchange and Project Updates**

A certain exchange announced server maintenance and regular audits for New Year’s Day, during which all services will be suspended. Infinex has lowered the funding valuation of INX token Sonar to $99.99 million. It seems retail investors are indeed harder to fool now.

**Macro and Risk Warnings**

The gold-silver ratio hit a new low since 2014, silver continues to reach new historical highs, and gold is also rallying. Although Tokyo inflation cooled more than expected, the Bank of Japan is likely to continue raising interest rates. According to CME data, there is an 84.5% chance that the Federal Reserve will keep rates unchanged in January next year.

**Security Alerts**

A major wallet application browser extension was found to have a security vulnerability, and users need to upgrade immediately. On-chain security tracking data shows that at least $6 million has been stolen from users of this wallet. However, reactions in WeChat groups are lukewarm; user acceptance may not be very high.

**Market Observations**

Ctrip’s overseas version Tripcom has enabled stablecoin payments supporting USDT and USDC. A certain crypto research firm released a 2026 market forecast, indicating that the number of DAT tokens may eventually shrink to 2-3. In recent years, many DATs have started to dump tokens and exit. Regarding Bitcoin inscriptions, a well-known figure expressed support for free use but opposed protocol modifications. Traditional payment network effects remain strong, and there is still a gap to be filled by new channels like stablecoins.

**Personal Movements**

A well-known exchange founder again exchanged $4.81 million worth of Ethereum for BCH. A certain CEO made somewhat absolute remarks, saying that developers and KOLs under 30 who announce their retirement are all scammers. That doesn’t seem quite right—losing everything and then quitting is understandable. Industry professionals are optimistic about AI and blockchain as main growth drivers.