HashBard

The cryptocurrency asset market in South Korea is undergoing a transformation, with investors shifting over 160 trillion KRW to overseas platforms due to regulatory uncertainties. Domestic exchanges such as Upbit and Bithumb are experiencing stagnating growth, and investors are increasingly favoring overseas platforms that offer a wide range of derivatives, leading to the gradual marginalization of domestic exchanges.

【Crypto World】The adjustment of U.S. trade policies is suppressing economic activity. As a result, the Federal Reserve has chosen to cut interest rates due to weak labor market performance. Driven by this series of policy changes, the U.S. Treasury bond market in 2025 has experienced its strongest performance since 2020. This trend reflects a reassessment of economic prospects by the market and provides new reference signals for investors focused on macro asset allocation.

The first major derivatives settlement day of 2026 is approaching, with the notional value of Bitcoin and Ethereum options exceeding $2.2 billion. Bitcoin options amount to $1.87 billion, with a trading price close to $88,691, and Ethereum options are $395.7 million, priced at $3,023. The market is bullish, but the concentrated expirations may trigger short-term volatility risks, requiring attention to key moments.

A leading exchange has announced an optimization of its contract trading mechanism. Starting from January 2, 2026, the funding rate for U-based perpetual contracts will be adjusted from hourly settlement to quarterly settlement under certain conditions to reduce the impact of frequent fluctuations on traders and provide a more stable fee environment. Traders need to adjust their strategies to adapt to this change.

A whale is conducting large-scale operations on Hyperliquid, investing 8 million USDC to build long positions in 11 different cryptocurrencies, with an unrealized profit of over $1.48 million. Subsequently, they opened an $8.06 million Bitcoin long position, currently with an unrealized profit of $65,000. This demonstrates that large funds diversify risk through multi-asset positioning and pursue returns with high leverage.

【Blockchain Rhythm】Interesting on-chain activity. A well-known institution was detected making a large transaction on January 1st — out of $200 million in funds on a certain liquidity platform, $38 million has already been withdrawn. Of that, $33 million was used to buy LIT tokens, purchasing 13.25 million tokens in one go, with $5.5 million remaining in the spot account. This LIT holding is not small, accounting for 1.33% of the total token supply and 5.32% of the circulating supply. Such large-scale positioning usually indicates a clear optimistic outlook on this track or project, warranting market attention to subsequent developments.

STABLE tokens will unlock approximately 88,889,000 tokens on January 8th, valued at about $12.47 million. Such large unlocks may impact market supply and demand; investors should monitor trading volume and price changes to gain insights into market dynamics.

[Crypto World] Someone has leaked that the market maker account of a major exchange may have been hacked. Even more upsetting, it seems the attacker is using this account to dump money—estimated to have diverted between $10 million and $20 million to manipulate the market. The target is a certain trading pair in the spot market, with the price artificially driven up. As of now, the exchange has not issued an official statement, and the details are still being verified. It is important to note that automatic matching of token information may have issues, so all investors must stay vigilant, as these types of incidents carry significant risks.

Citigroup economists warn that the decline in unemployment claims during the holiday period may be affected by seasonal adjustments, and the actual signal will need to be confirmed by January data. Despite low layoffs, non-farm payrolls are expected to increase by 75,000 in December, with the unemployment rate rising to 4.7%. Market signals continue to be released, and attention should be paid to subsequent data.

【Blockchain Rhythms】On-chain data monitoring shows that on December 31st, a professional short seller increased their short position on LIT again within the past 2 hours. After the LIT price broke below their average holding price, this trader took the opportunity to add over 750,000 LIT (equivalent to approximately $2.07 million), bringing their total LIT holdings to $2.73 million, and they are still increasing their position.
This trader's actions on the Hyperliquid derivatives trading platform are particularly noteworthy. Data indicates that they are simultaneously the largest short holder in both UNI and ASTER. During December, this trader managed 22 short positions at the same time. After closing nearly half of these positions mid-month, they have recently established several new short positions. Currently, their total holdings amount to approximately $28.4 million.
In terms of trading style, this trader focuses on capturing volatility opportunities in altcoins.

【Blockchain Rhythm】 Bitcoin's price faces two major critical resistance points. According to trading data, if Bitcoin surges to the $90,000 mark, a wave of short liquidations on mainstream CEXs will be unleashed, with total liquidations reaching as high as $709 million. Conversely, if it drops below $87,000, long position bottom-fishers will face collective liquidations, with even more intense pressure—liquidations amounting to $823 million.
Why are these two price points so crucial? The underlying logic lies in the working principle of the liquidation heatmap. Many people misunderstand the liquidation bars as showing "how many contracts will be liquidated," but that's not correct. They actually reflect—once a certain price level is triggered, how strong the "liquidity shock" will be. The higher the liquidation bar, the more intense the chain reaction at that price level.
In other words, the liquidation chart is telling traders: when the price reaches a certain level, how much disturbance the market will experience. Tall liquidation bars indicate that the price

On-chain data shows that the TRUMP address has been frequently trading recently, transferring 94 million USDC to exchanges, with funds originating from unilateral liquidity sales of TRUMP tokens. The main cash-out methods for TRUMP and MELANIA tokens are similar, indicating that large holders intend to quickly convert to USD stablecoins.

A real estate investor plans to establish the world's largest corporate Bitcoin vault by 2026, funded by rental income rather than borrowing. He leverages rental income and tax depreciation to continuously accumulate Bitcoin, currently holding $300 million worth of Bitcoin and planning to continue investing. This model combines the advantages of traditional assets and crypto assets, demonstrating an innovative investment approach.

According to Solid Intel data, the large holder SharpLink owns approximately 863,020 ETH, accounting for 0.7% of the total Ethereum supply. By staking, they earn about 500 ETH in rewards weekly, demonstrating confidence in the long-term value of Ethereum and reflecting the market's underlying attitude.

Grayscale Capital has submitted an S-1 filing to the U.S. SEC, planning to launch a spot ETF tracking BitTensor (TAO). This marks an expansion in the cryptocurrency asset ETF market, reflecting market interest in AI computing networks, while also providing traditional investors with a convenient crypto asset allocation option.