On the last day of 2025, Bitcoin hovers around $90,000, but the real story is happening elsewhere — a series of smaller tokens are taking turns to surge.

Today’s biggest gainer is CXT, which shot up by 35% in 24 hours. Close behind is WCT, which also surged nearly 30%. The performance of these two tokens definitely catches the eye, and simultaneously trending on a major exchange’s hot list and the Meme hot list is KMNO, which rose by 11%. However, a closer look reveals that the driving logic behind these gains isn’t complicated.

Airdrops are the most direct catalyst. The LIT token from the Lighter ecosystem started distributing airdrops this morning, and its price rebounded by 18% within an hour. Meanwhile, interesting on-chain fund flows are happening — this week, the Base chain absorbed over $30 million, while Arbitrum experienced nearly $60 million in outflows. The capital flow is quietly changing direction.

Even more interesting is the testing of traditional finance. Standard Chartered Bank and Ant International recently launched blockchain-based deposit schemes supporting 24-hour real-time transfers. Such news is generally seen as a long-term positive signal.

But here, a calm observation is needed: the market is actually highly segmented. Most tokens are performing modestly, with only 1-2% gains. Trading volume data also speaks — spot trading volume in November hit a six-month low. What does this mean? A lot of capital has already exited — some went to buy US stocks, others into gold. The year-end rally sounds hot, but the actual capital situation isn’t as optimistic as it appears.

From a trading perspective, small investors can try to follow the hot spots, but absolutely avoid going all-in. The logic for large funds should be more cautious — wait to see if Bitcoin can clearly break through $93,000 before considering increasing positions. Protecting principal on New Year’s Eve is often more worthwhile than chasing an uncertain rally.