Recent market phenomena worth noting:

BTC is still repeatedly testing lows, with yesterday's trading volume only one-third of normal levels. The Europe and US holiday effects are evident, and the entire market is in a wait-and-see mode. This kind of low trading volume often harbors potential for change.

Today, $23.6 billion in options are expiring and settling, the largest scale this year. Bulls and bears will engage in fierce competition at this moment—whether up or down, the answer will be revealed soon. The big players have certainly already laid out their plans in advance.

From an institutional perspective, the latest market data indicates that large funds continue to flow in. In the first two quarters of 2026, BTC is highly likely to hit new all-time highs again. The depreciation expectations of the US dollar combined with gradual regulatory breakthroughs suggest that crypto assets are entering a relatively friendly window.

In terms of coin rotation, new movements are also emerging. Some newer coins are experiencing negative fee rate pump phenomena, clearly driven by large investors deploying their positions. Other privacy-focused new coins have previously undergone chip transfers; now, it seems the big players have completed their accumulation and are starting to systematically buy back and pump—once momentum builds, it usually results in a doubling rally.

The stablecoin sector is also heating up. USD1's market cap has already surpassed $3 billion, with a 24-hour increase of 7%; the valuation of WLFI in the same sector has surged to $13.4 billion. It appears that even the stablecoin track is starting to get competitive, and the landscape is shifting.

USD1's financial products have added new investment quotas, with attractive annualized returns, similar to the crypto industry's version of Yu'e Bao. The returns will be visible in two days; those interested can see if they can beat inflation expectations.