PANews

Hong Kong's first licensed digital asset trading platform, HashKey Group, will go public in 2025, marking Web3 companies' entry into mainstream capital markets. However, going public is not the end of success; it faces challenges such as balancing stock prices and coin prices, as well as compliance disclosures. HashKey needs to find a new balance between maintaining innovation and adhering to securities regulations, setting an example and leading the future of Web3 companies.

Author: imToken
Objectively speaking, for Crypto/Web3, 2025 will definitely be the most transformative year in the past decade.
If the past ten years have been the "wild growth" of the crypto industry on the fringes of mainstream finance, then 2025 marks the first year of this species' official "legalization evolution":
From stablecoins to RWA, from policy U-turns in Washington to regulatory frameworks in Hong Kong and the EU, the global regulatory logic is undergoing an epic paradigm shift.
1. United States: Crypto Enters a Period of Institutional Recognition
For a considerable period, US regulation of the crypto industry has resembled a tug-of-war lacking consensus.
Among them, the US Securities and Exchange Commission (SEC) under Gary Gensler has been particularly active, frequently using enforcement actions to define the legal boundaries of crypto assets, filing lawsuits,

Author: Bloomberg
Translation: Saoirse, Foresight News
This is yet another year filled with "high certainty bets" and "rapid reversals."
From Tokyo's bond trading desks, New York's credit committees, to Istanbul's foreign exchange traders, the markets have brought unexpected gains and caused intense volatility. Gold prices hit record highs, the stock prices of solid mortgage giants swung wildly like "Meme stocks" (stocks driven by social media hype), and a textbook-level arbitrage trade collapsed in an instant.
Investors heavily bet on political changes, expanding balance sheets, and fragile market narratives, driving significant stock market rallies and a rush into yield trades, while cryptocurrency strategies largely rely on leverage and expectations, lacking other solid support. After Donald Trump returned to the White House, global financial markets first suffered heavy losses and then recovered; European defense stocks ignited a hot trend; speculators

Today's News Highlights:
Media: Tony Leung's son, Tony Tam, serves as a senior software engineer at a Web3 company and was previously responsible for NFT game CryptoKitties.
Dragonfly Partner: BTC will break through $150,000 by the end of 2026, but market share may decline.
Manus founder Xiao Hong's social media profile includes the tag “btc holder.”
Lighter announces the launch of the infrastructure token LIT, with 50% ecosystem allocation.
The total market cap of tokenized stocks has risen to $1.2 billion, reaching a new all-time high.
Billionaire Grant Cardone announces the launch of the world's largest real estate Bitcoin company in 2026.
Macro
Cicely LaMothe, Deputy Director of the SEC's Corporate Finance Division, is about to retire after formulating crypto guidelines.
According to The

Author Ray Dalio discusses the importance of principles as core assets and the impact of the boundaries between good and evil on society. He believes that the lack of shared values leads to societal dilemmas, and individuals should pursue systemic optimality rather than local interests. Despite significant technological advancements, there is a need to reconstruct the principles system to achieve sustainable social development.

Author: Nancy, PANews
Last night (December 29), Bitcoin once again experienced a "breakout" pattern. Faced with this oscillating and tug-of-war trend, the market's nerves seem to have long been numb.
Since Bitcoin's peak and its subsequent decline, it has been no more than three months, but investors seem to have been in the depths of winter for a long time. This psychological breakdown is not solely due to the decline in on-paper assets but also stems from shaken confidence, with stocks soaring, indices reaching new highs, and gold and silver surging...
Traditional assets are celebrating wildly, while crypto assets unexpectedly fall behind. Under this huge disparity, players are starting to vote with their feet—pessimism, cutting losses, and exiting en masse. The crypto market is falling into unprecedented survival anxiety.
Entering Purgatory Mode, trading activity drops to freezing point
Waiting and defensive strategies are becoming the main themes at the end of the year in the crypto market.
In fact, the market cap of stablecoins has quietly risen to an astonishing $300 billion.

Author: Beosin
Preface
This research report is initiated by the Blockchain Security Alliance and co-created by alliance members Beosin and Footprint Analytics. It aims to comprehensively explore the global blockchain security landscape in 2025. Through analysis and assessment of the current state of blockchain security worldwide, the report will reveal existing security challenges and threats, and provide solutions and best practices. Blockchain security and regulation are key issues in the Web3 era. Through in-depth research and discussion in this report, we can better understand and address these challenges to promote the security and sustainable development of blockchain technology.
1. Overview of Web3 Blockchain Security Landscape in 2025
According to monitoring by Alert, a platform under blockchain security and compliance technology company Beosin, in 2025, the Web3 sector will face threats from hacking,

Introduction: Prediction markets are shifting from being merely "trading tools" to becoming a recurring decision-making signal layer. As data from platforms like Polymarket and Kalshi are continuously referenced by mainstream media, financial terminals, and AI systems, market attention has shifted from individual bet outcomes to the consensus itself weighted by capital. Based on CGV Research's long-term tracking of prediction markets, AI agents, compliant finance, and information infrastructure, this article presents 26 key predictions for the development of prediction markets by 2026, analyzed across five dimensions: structure, products, AI, business models, and regulation.
Authors: Shigeru & Cynic, CGV Research
Today, prediction markets

Author: Zen, PANews
If we look at European century-old football clubs as long-term samples of "community products," what truly amazes us is never the number of trophies won, but rather the ability of people from different generations, social classes, and even nationalities to continuously invest time, money, and emotion over a hundred years to protect the same community.
This precisely hits the core challenge faced by Web3 startups: the industry excels at discussing growth, incentives, tokens, and governance, but often lacks a sense of belonging and trust that can withstand cycles. Hype comes quickly and dissipates just as fast; many projects are like shooting stars across the night sky, fleeting and silent in the blink of an eye; most DAO attempts start with idealistic utopias but ultimately end in conflicts of self-interest.
If we turn back the clock to the era when football clubs were born, we find a different, more straightforward, and long-term logic: clubs were initially created

Ethereum validator entry queue size rises for the first time in 6 months to nearly twice the exit queue, staking demand rebounds
According to Cointelegraph, the size of the Ethereum validator entry queue has surged for the first time in six months to nearly twice the size of the exit queue. This growth indicates a rebound in staking demand, primarily driven by digital asset treasury companies like BitMine, and possibly supported by the Pectra upgrade.
An address opened a 300 BTC long position 7 hours ago, becoming one of the Top 5 Hyperliquid BTC long positions
According to on-chain analyst @ai\_9684xtpa monitoring, address 0x931…ae7a3 opened a 300 BTC long position 7 hours ago, ranking among the Top 5 Hyperliquid BTC long positions. Currently, this $26 million BTC long position has an average entry price of 87,965.3.

The 2025 crypto market is filled with dramatic events, from founders going missing, hackers falling for phishing attacks, fake death exits, to mistaken minting of stablecoins, showcasing a sense of chaos and absurdity. Especially, the issuance of tokens by Trump's wife sparked heated discussions and became a symbol of shame in the crypto community. This year undoubtedly left a profound mark on history.

Author: 1912212.eth, Foresight News
The most anticipated protagonist in the derivatives track is finally about to debut. A few days ago, the market leader of the Lighter team leaked rumors that its TGE will take place before the end of the year, with only 3 days left until 2026, so its TGE is very likely to happen soon. The initial trading is limited to the Lighter platform, but Coinbase and Bybit have included it in their roadmaps. OKX and Binance also launched its perpetual contracts early.
Polymarket also provided a prediction, with the latest data showing that the market's betting probability of airdrop this year has risen to 88%, and the total trading volume in this market has reached $14.85 million.
Exchange MEXC's Launchpad

Author: Blockchain Knight
CoinGlass data shows that the forced liquidation amount in the cryptocurrency derivatives market will reach $150 billion in 2025. On the surface, this appears to be a crisis for the entire year, but in reality, it is a structural normality where derivatives dominate the marginal price market.
Margin calls and forced liquidations are more like periodic fees levied on leverage.
Against the backdrop of a total derivatives trading volume of $85.7 trillion for the year (an average of $264.5 billion daily), liquidations are merely a market byproduct, stemming from a price discovery mechanism dominated by perpetual swaps and basis trading.
As derivatives trading volume rises, open interest has rebounded from the deleveraging lows of 2022-2023. On October 7, the nominal open interest in Bitcoin contracts reached $235.9 billion (during which Bitcoin's price once touched $126,000).
However, record-breaking open interest, crowded long positions, and high leverage among small and medium altcoins...

Author: Azuma
Who is the most popular person in the United States right now? The answer might not be the well-known Trump or Musk, but a man named Nick Shirley.
Who is Nick Shirley? He is an independent investigative journalist stirring up social sentiment in the United States. On December 27, Nick Shirley posted several of his investigative videos on social media platforms such as X, Instagram, and YouTube, accusing Minnesota of rampant fraud and corruption.
In the videos, Nick Shirley visited a daycare in the state. Although the facility was open at the time, it did not open its doors, and the 99 registered students listed in public records were nowhere to be found. Nick Shirley then inquired about this from a local resident who had lived in the area for 8 years.

In 2025, Ethereum has two major upgrades, Pectra and Fusaka, which are considered successfully completed. In 2026, Ethereum's schedule remains tight, with two important upgrades (hard forks) planned: Glamsterdam (around mid-year) and Heze-Bogota (around the end of the year). These two upgrades aim to further improve Ethereum's TPS, privacy, and security.
Glamsterdam