2025年底AI投资热潮抵达转折，市场从“买入后问”转向“先问回报”。需求真实，但财务紧缩、宏观弱点放大风险。若2026年未实现盈利转化，估值调整在所难免。

据链上分析师余烬监测，一位持有总计 7 亿美元多仓的巨鲸在过去两天中未继续加仓，随着市场下跌，其多单目前浮亏 7318 万美元。该巨鲸持有 19.1 万枚 ETH（5.4 亿美元）多单，开仓价格为 3167 美元，浮亏 6428 万美元，清算价格为 2083 美元；持有 1000 枚 BTC（8615 万美元）多单，开仓价格为 91506 美元，浮亏 535 万美元；持有 25 万枚 SOL（3083 万美元）多单，开仓价格为 137.5 美元，浮亏 355 万美元。

According to BlockBeats, U.S. SEC Commissioner Hester Peirce released a statement on December 17, inviting public feedback on issues related to the trading of crypto assets on national securities exchanges (NSE) and alternative trading systems (ATS). This follows the release of a new set of FAQs by the Division of Trading and Markets. The statement emphasizes the need for clear trading and clearing arrangements for crypto asset securities and the trading pairs of securities and non-securities crypto assets. Peirce highlighted the SEC's readiness to collaborate with market participants to facilitate compliant trading on regulated platforms. Peirce noted the urgent need for clearer market structure rules to protect investors and maintain market order while avoiding unnecessary regulatory burdens on innovation. She expressed particular interest in whether Regulation ATS, introduced in 1998, and Regulation NMS are outdated in the context of crypto assets and blockchain technology. Key topics for public input include reducing entry barriers for crypto asset securities and trading platforms, encouraging innovation, assessing whether current Reg NMS and Reg ATS impose disproportionate compliance costs on crypto trading, and whether a specific Form ATS should be established for crypto ATS or if existing disclosure requirements should be adjusted. Other considerations include whether crypto ATS information disclosures should remain non-public or be subject to SEC review or public mechanisms, the necessity of retaining Form ATS-R quarterly reporting in the context of blockchain and on-chain data traceability, and the need for clear compliance methods for converting non-dollar assets to dollars. Additionally, the statement seeks input on handling trade information confidentiality, system risk controls (Rule 15c3-5), and system compliance (Reg SCI), as well as how to avoid regulatory obstacles to individual software development and the use of automated or decentralized trading methods. Peirce emphasized that these issues will be crucial for the SEC's crypto working group in future policy development. The regulatory body is open to broader suggestions to improve the regulatory framework for NSE and ATS. The statement is seen as another indication of the SEC's relatively open stance towards reforming the market structure for crypto asset trading.

Polygon Foundation resolves RPC node failure swiftly, restoring full network functionality with timely patches and synchronization. source: https://coincu.com/news/polygon-positively-recovers-node-incident-service-restores/

null source: https://x.com/cointelegraph/status/2001446216500904222

null source: https://x.com/reutersbiz/status/2001446142173712820

Ethereum may be entering a decisive phase against Bitcoin, as long-term technical indicators suggest a shift in relative strength after an extended period of underperformance. source: https://www.ethnews.com/ethereum-vs-bitcoin-technical-signals-point-to-a-major-trend-reversal/

Caroline Pham is set to leave the Commodity Futures Trading Commission (CFTC) after four years of employment. She will now work with MoonPay as its Chief Legal and Administrative Officer. With Caroline Pham’s exit from the CFTC to join the crypto payment company, MoonPay, Mike Selig, a crypto lawyer will fill her role. She follows […] source: https://www.cryptopolitan.com/cftc-caroline-pham-transitions-to-moonpay/

Key Insights Bitcoin mining firm Hut 8 announced an AI infrastructure partnership with Anthropic and Fluidstack. It has signed an AI data center lease at Riverbend Campus, with Google providing a financial backstop covering obligations. The massive AI partnership news triggered an almost 18% surge in HUT stock on Wednesday, regaining confidence among investors source: https://www.thecoinrepublic.com/2025/12/17/hut-8-bitcoin-mining-firm-partners-anthropic-fluidstack-stock-soars-25/

الرؤى الرئيسية أعلنت شركة Hut 8 لتعدين البيتكوين عن شراكة بنية تحتية للذكاء الاصطناعي مع شركتي Anthropic و Fluidstack. وقد وقعت عقد إيجار مركز بيانات للذكاء الاصطناعي في حرم ريفر بيند الجامعي، مع توفير جوجل دعماً مالياً يغطي الالتزامات. source: https://www.thecoinrepublic.com/ar/2025/12/17/%d8%b4%d8%b1%d9%83%d8%a9-hut-8-%d9%84%d8%aa%d8%b9%d8%af%d9%8a%d9%86-%d8%a7%d9%84%d8%a8%d9%8a%d8%aa%d9%83%d9%88%d9%8a%d9%86-%d8%aa%d8%aa%d8%b9%d8%a7%d9%88%d9%86-%d9%85%d8%b9-%d8%b4%d8%b1%d9%83%d8%a7/

The Fed dropped its old 2023 rule and replaced it with a new policy that gives state member banks room to use innovative tools without being stuck under the limits created two years ago. The Board said the financial system changed enough to make the earlier rule useless. The new move applies to both insured […] source: https://www.cryptopolitan.com/fed-backs-off-2023-bank-crypto-restrictions/

金色财经推出加密货币和区块链行业早报《金色早8点》2912期，为您提供最新、最快的数字货币和区块链行业新闻。

在代币化现实世界资产（RWA）平台上，私人信贷正处于风口浪尖。

金色财经推出《金色Web3.0日报》，为您提供最新、最快的MEME、DeFi、DAO、NFT和元宇宙行业新闻。

支付行业看起来很“旧”，但它始终是金融体系中最早、也最容易被技术重构的环节。

近期，Aave DAO 与 Aave Labs 间的争议曝光。前者负责治理协议，后者则是 Aave 产品的开发者。

HashKey,RWA,在合规与创新之间的窄门里重塑亚洲加密叙事：HashKey 上市的五重看点 金色财经,HashKey 的上市处于一个历史的十字路口。

加密货币,比特币暴跌、机构抄底、监管突破：2025 年末币圈三大风暴来了 金色财经,2025 年年底，币圈进入“急风暴雨模式”

摩根大通自 2023 年以来，已从其美联储账户中撤出近 3500 亿美元现金，并将其大部分投入美国政府债券。

市场几乎集体看空，情绪低的离谱。恐慌 - 极度恐慌指数已经连续 1 个月。