美国联邦监狱管理局记录显示，Alameda Research 前联合首席执行官 Caroline Ellison 将于 2026 年 1 月 21 日从联邦监管中获释。Ellison 于 2024 年 9 月被判处两年监禁并没收 110 亿美元，但由于在调查 FTX 案件中表现良好并提供合作，她将比原定刑期提前约 10 个月获释。本月早些时候，她还同意接受为期 10 年的禁令，不得担任上市公司或加密货币交易所的高管职务。与此同时，FTX 创始人 Sam Bankman-Fried 目前正在积极寻求美国总统的特赦，预计将于 2044 年 9 月获释。（The Block ）

Global crypto derivatives trading surged to record levels in 2025, underscoring the market’s rapid institutionalization and growing complexity. Total derivatives volume reached $85.7 trillion, averaging $265 billion per day, according to new data from CoinGlass.The report highlights Binance’s continued dominance, the rising role of institutional hedging, and heightened systemic risks exposed by major liquidation events.Binance Captures Nearly 30% of Global Derivatives VolumeBinance remained the clear leader in crypto derivatives trading, processing $25.09 trillion in cumulative volume during 2025 — roughly 29.3% of all global derivatives activity.In practical terms, nearly $30 out of every $100 traded worldwide flowed through Binance, reinforcing its position as the industry’s primary liquidity hub.Each recorded between $8.2 trillion and $10.8 trillion in annual derivatives volume. Combined, these four platforms accounted for 62.3% of total global market share, illustrating a high level of concentration among top venues.Institutional Channels Drive Structural GrowthCoinGlass noted that derivatives growth in 2025 was increasingly driven by institutional pathways, including:Spot crypto ETFsOptions marketsCompliant futures productsThis shift helped accelerate activity on Chicago Mercantile Exchange (CME), which had already overtaken Binance in Bitcoin futures open interest in 2024 and further solidified its role in 2025.The derivatives market has steadily moved away from a purely retail-driven, high-leverage boom-and-bust model toward a more sophisticated mix of hedging, basis trading, and ETF-linked strategies.Open Interest Swings Reveal Rising Systemic RiskDespite explosive trading volumes, derivatives positioning remained volatile throughout the year.Global open interest fell to a 2025 low of ~$87 billion after Q1 deleveragingIt then surged to an all-time high of $235.9 billion on Oct. 7A sharp reset in early Q4 erased over $70 billion, roughly one-third of total open interest, in a rapid deleveraging eventEven after that shakeout, year-end open interest stood at $145.1 billion, still 17% higher than at the start of the year, highlighting the market’s growing scale despite repeated stress events.October Liquidation Shock Exposes Market “Plumbing” RisksThe most severe stress test arrived in early October. CoinGlass estimates total forced liquidations in 2025 at approximately $150 billion, with a significant portion concentrated over just two days.On Oct. 10 and Oct. 11, liquidations exceeded $19 billion, with 85%–90% coming from long positions, as traders betting on higher prices were rapidly wiped out.CoinGlass linked the crash to heightened macro risk following trade policy headlines, including Donald Trump’s announcement of 100% tariffs on Chinese imports, which pushed markets into a sharp “risk-off” regime.Derivatives Market Grows More Complex — and More FragileCoinGlass warned that while derivatives markets have matured, they have also become more interconnected and fragile.“Extreme events that erupted during 2025 imposed stress tests of unprecedented scale on existing margin mechanisms, liquidation rules, and cross-platform risk transmission pathways,” the report stated.Deeper leverage chains, tighter correlations, and faster cross-exchange contagion mean that while liquidity has expanded, tail risks have grown alongside it.Outlook: Bigger Market, Higher Stakes in 2026The $86 trillion surge in crypto derivatives volume marks a milestone for the industry, reflecting its evolution into a global financial market with institutional depth. At the same time, repeated liquidation shocks underscore the need for improved risk controls as leverage, complexity, and capital continue to scale.As crypto heads into 2026, derivatives will remain central to price discovery — but also the primary channel through which volatility and systemic stress propagate.

According to BlockBeats, the stablecoin market capitalization has exceeded $310 billion, marking a significant milestone with a 70% increase within a year. This growth is not merely another indicator of a cryptocurrency bubble but signifies a fundamental shift in the global use of digital assets. The report highlights several key drivers behind the rapid expansion of stablecoins, including the widespread adoption of global payment applications, institutional demand, and the development of decentralized finance (DeFi). Additionally, various industry analysis models predict that, with broader integration of stablecoins by major financial institutions, the supply could reach $2 trillion by 2028. These forecasts are based on the expectation that stablecoins will evolve from transaction-focused tools to a more general digital cash layer, applicable in areas such as e-commerce, inter-company payments, and embedded finance.

According to Odaily, crypto data analyst CyrilXBT shared on the X platform that Grayscale's Bitcoin (BTC) holdings have been decreasing following the approval of a Bitcoin ETF. This decline is attributed to outflows from the Grayscale Bitcoin Trust (GBTC) as investors are taking profits or reallocating their portfolios, causing BTC prices to fluctuate under supply pressure. In contrast, Grayscale's Ethereum (ETH) holdings have remained more stable in recent weeks, with significantly less selling pressure compared to BTC. This indicates stronger market confidence in holding ETH, possibly driven by expectations of an ETH ETF, staking rewards, and lower urgency to sell. Currently, BTC is in a distribution and rotation phase, while ETH is in a phase of patient waiting and positioning. During the period of BTC's selling pressure, Grayscale is viewing ETH as the next asymmetric investment opportunity.

Solana 生态建设者 @joshyote 于 X 平台发文表示，2025 年 11 月，Solana 生态 DEX 在 SOL-USD 现货交易量上首次超越币安。另据 Blockworks 数据，过去三周内，HumidiFi 的 SOL-USD 现货交易量已超过币安及所有 CEX 的总和，且其价差比中心化交易所更窄。其认为，现阶段，Solana 网络才是购买 SOL 的最佳渠道。

Bitcoin exchange-traded funds (ETFs) extended their losing streak into the Christmas holiday period, with U.S. investors emerging as the largest net sellers of Bitcoin amid tax-driven selling and derivatives expiry pressure.Data shows that institutional outflows remain heavy, even as analysts argue the move is seasonal rather than structural, keeping hopes alive for a post-holiday rebound.Bitcoin ETF Outflows Continue on Christmas EveAccording to data from Farside Investors, U.S. spot Bitcoin ETFs recorded $175.3 million in net outflows on Christmas Eve, despite the shortened U.S. trading session.That marked the fifth consecutive losing session, bringing total ETF outflows over the past five trading days to $825.7 million.Since Dec. 15, only one trading day — Dec. 17 — posted positive flows, when ETFs recorded $457.3 million in net inflows. Every other session has closed in the red.U.S. Investors Lead Selling PressureThe sustained ETF selling has coincided with persistent weakness during U.S. trading hours, reinforcing the narrative that American institutions are currently driving the sell-side.This trend is visible in the Coinbase Premium Index, which measures the price difference between BTC/USD on Coinbase and BTC/USDT on Binance. The index has remained negative for most of December, signaling weaker demand from U.S.-based investors.“U.S. is now the biggest seller of Bitcoin. Asia is now the biggest buyer,” said crypto analyst Ted Pillows, pointing to session-by-session return data showing stronger performance during Asian trading hours.Tax Loss Harvesting and Options Expiry BlamedMarket participants largely attribute the ETF drawdown to year-end tax loss harvesting and the impact of a major quarterly options expiry.“Most of the selling is due to tax loss harvesting, which means it’ll be over in a week,” trader Alek wrote on X, adding that Friday’s record options expiry likely dampened institutional risk appetite.He noted that these pressures are temporary, predicting that institutional buyers will return once seasonal distortions fade.Bitcoin and Ether ETF Flows Still WeakThe weakness has not been limited to Bitcoin alone. Spot Ether ETFs have also struggled to attract consistent inflows, with both asset classes showing negative 30-day moving average netflows since early November.Despite this, traders caution against interpreting ETF outflows as a definitive market top.“Price stabilizes first, flows turn neutral, and only then do inflows return,” said trader BitBull, referring to both Bitcoin and Ether ETF behavior.“For now, the data suggests liquidity is inactive, not destroyed.”Institutions Expected to Return After HolidaysWhile near-term sentiment remains cautious, analysts broadly agree that ETF outflows reflect timing and positioning, not a collapse in institutional conviction.With tax considerations largely behind the market and derivatives pressure easing, ETF flows are expected to normalize in early 2026 — potentially setting the stage for renewed institutional demand.As Bitcoin continues to consolidate, investors will be watching closely for ETF netflows to turn positive, a signal many see as a prerequisite for the next sustained price move.

Gate 研究院最新发布的量化报告《BTC 与 ETH 维持低位震荡整理，均线密集突破策略捕捉结构性行情》显示，加密市场回调后维持弱势震荡，资金参与与风险偏好走低；BTC、ETH 反弹乏力，多空比与资金费率反复切换，方向性情绪不足。衍生品端去杠杆后持仓未回补、杠杆流入有限，多头清算相对集中但未触发踩踏，市场情绪整体偏观望。研究指出，在资金回流与量价共振信号尚不明朗之前，短期走势大概率维持偏弱震荡格局，局部清算压力仍需关注。策略层面方面，均线趋势突破模型在震荡偏弱环境中仍具实操价值，DOGE、ADA、SOL 等资产在均线由收敛转为发散后呈现阶梯式累计上涨，但在单边急拉行情中因确认延迟可能错失首段涨幅。相较之下，Gate 量化基金以中性套利与对冲策略为核心，强调回撤控制与收益平滑度，更适合作为投资组合的稳健底层配置，并与趋势型策略形成互补，以提升整体风险调整后的收益表现。

加密数据分析师 CyrilXBT 在 X 平台发文表示，Grayscale 的 BTC 持仓在 ETF 获批后因 GBTC 资金流出而持续减少，投资者正在进行获利了结或调仓，导致 BTC 价格在供应压力下波动。相比之下，Grayscale 的 ETH 持仓在近几周表现更为稳定，抛售压力明显低于 BTC。这表明市场对 ETH 具有更强的持有信心，可能受到 ETH ETF 预期、质押收益及较低抛售紧迫性的推动。目前 BTC 处于分发与轮动阶段，而 ETH 处于耐心等待与定位阶段。Grayscale 在 BTC 消化抛压期间，正将 ETH 视为下一个不对称博弈机会。

Crypto mergers and acquisitions reached a record $8.6 billion in 2025, marking the most active year on record for dealmaking in the digital asset industry, according to a report by the Financial Times.The surge in deal value reflects growing confidence among both crypto-native firms and traditional financial institutions, fueled by a more favorable regulatory environment in the United States under President Donald Trump.Deal Count and Value Soar in 2025According to the Financial Times, 267 crypto-related deals were completed in 2025 up to this week — an 18% increase compared to 2024. More notably, total deal value jumped nearly 300% year over year, rising from $2.17 billion in 2024 to $8.6 billion in 2025.Industry participants expect the momentum to carry into 2026 as regulatory clarity improves across major jurisdictions, including the U.S., UK, and European Union.Coinbase–Deribit Deal Leads Record-Breaking YearThe largest transaction of the year was Coinbase’s $2.9 billion acquisition of Deribit, the biggest acquisition ever recorded in the crypto sector.The deal underscores Coinbase’s push to expand into crypto derivatives and institutional trading infrastructure, particularly as options volumes continue to grow globally.Other major transactions in 2025 included:Kraken acquiring futures trading platform NinjaTrader for $1.5 billionRipple purchasing prime brokerage Hidden Road for $1.25 billionThese deals highlight strong demand for regulated trading platforms, derivatives infrastructure, and licensed financial entities.Crypto-Friendly U.S. Policy Boosts Deal ConfidenceAnalysts cited the Trump administration’s crypto-friendly stance as a key catalyst behind the M&A boom. The rollback of regulatory lawsuits and broader deregulation efforts have encouraged traditional financial institutions to enter the crypto space through acquisitions rather than building in-house capabilities.The shift has made crypto firms with licenses, compliance frameworks, and established infrastructure particularly attractive targets.Crypto IPO Activity Also ExplodesIn addition to M&A growth, crypto initial public offerings (IPOs) surged in 2025. The Financial Times reported that $14.6 billion was raised globally across 11 crypto IPOs, compared with just $310 million from four IPOs in 2024.Notable public listings included:Bullish (parent company of CoinDesk), raising $1.1 billionCircle Internet Group, issuer of USDC, raising over $1 billionGemini, raising $425 millionRegulatory Compliance Drives Acquisition StrategyLegal experts say regulatory compliance is becoming a central driver of crypto M&A activity.Diego Ballon Ossio, partner at law firm Clifford Chance, told the Financial Times that firms are actively acquiring companies for their regulatory licenses, particularly those aligned with the EU’s MiCA framework.Similarly, Charles Kerrigan, partner at CMS, said companies are willing to spend heavily to remain compliant under emerging U.S. and UK crypto regulations — often opting for acquisitions over lengthy licensing processes.Deal Boom Continues Despite Market PullbackThe record year for crypto dealmaking comes even as the broader market cooled in the second half of 2025.Bitcoin has fallen more than 30% from its October high above $126,000, recently trading just below $88,000. Despite the price decline, institutional appetite for long-term crypto infrastructure appears undiminished.Outlook: M&A Momentum Likely to Extend Into 2026With clearer regulatory frameworks taking shape and traditional finance increasingly engaging with digital assets, analysts expect crypto mergers, acquisitions, and IPO activity to remain elevated in 2026.The data suggests that institutional commitment to crypto is shifting from speculation toward permanent market integration, even amid short-term price volatility.

Bitcoin’s long-term market fundamentals remain exceptionally strong in 2025, even as prices and investor sentiment weakened toward the end of the year, according to Phong Le, CEO of Strategy.Speaking on the Coin Stories podcast on Tuesday, Le said Bitcoin’s recent price decline does little to change the broader investment thesis.“The fundamentals of the market this year for Bitcoin couldn’t be better,” Le said, adding that he pays little attention to short-term price fluctuations.Bitcoin Price Falls Nearly 30% From Record HighBitcoin reached an all-time high of $125,100 on Oct. 5, but has since dropped nearly 30%, trading around $87,700 at the time of publication, according to CoinMarketCap.The price weakness has coincided with a sharp deterioration in market sentiment. The Crypto Fear & Greed Index has remained in “Extreme Fear” territory since Dec. 12, reflecting persistent caution among retail investors.Despite the pullback, Le emphasized that Bitcoin’s price behavior is often difficult to interpret in the short term.“Bitcoin does what it does,” he said. “When you’re an investor, you think about the long term of the asset class.”Strategy Focuses on Long-Term Metrics Over Price VolatilityLe said Bitcoin investors should take a disciplined, data-driven approach when navigating short-term price movements.“Bitcoiners should be fairly methodical and mathematical about it,” he said.That philosophy underpins Strategy’s treasury strategy, which focuses on metrics such as mNAV — the company’s market value relative to the value of its Bitcoin holdings — rather than daily price swings.Strategy currently holds 671,268 BTC, worth approximately $58.6 billion, making it the largest publicly traded corporate Bitcoin holder. According to Saylor Tracker, the firm’s mNAV recently fell below 1.0, trading near 0.93, as the company’s stock declined alongside Bitcoin.U.S. Government Support Seen as Major Long-Term TailwindLooking beyond market cycles, Le highlighted what he described as unprecedented institutional and government support for Bitcoin in the United States.“The U.S. government is fully supportive of Bitcoin like it’s never been before,” he said.Le noted that both he and Strategy executive chairman Michael Saylor have been meeting with traditional banks in the U.S. and the UAE, where financial institutions are increasingly trying to understand how to integrate Bitcoin into their operations.“If you think about what’s happening with traditional powers of the world — the U.S. government, the U.S. banking system — they are all getting on board with Bitcoin,” Le said. “That’s extremely bullish for this year and 2026.”Strategic Bitcoin Reserve Still UnclearIn March, U.S. President Donald Trump signed an executive order formally establishing the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile. However, a detailed implementation plan has yet to be confirmed.Some analysts previously expected a clearer announcement in 2025. In September, Alex Thorn, head of firmwide research at Galaxy Digital, said there was “a strong chance” the U.S. government would officially announce the reserve this year.Long-Term Outlook Remains Bullish Despite Short-Term FearWhile Bitcoin’s price and sentiment have weakened into year-end, Strategy’s leadership remains focused on structural adoption, regulatory progress, and institutional alignment rather than short-term volatility.Le’s message to investors is clear: market fear may dominate headlines today, but Bitcoin’s underlying fundamentals continue to strengthen — potentially setting the stage for renewed growth beyond the current downturn.

Kraken 正式推出了面向欧盟国家和英国居民的万事达加密借记卡--Krak 卡。Krak 卡将允许用户无缝消费 400 多种加密货币和法定货币。

在用户报告最近一次更新后出现未经授权的钱包流水后，Trust Wallet 证实其 Chrome 扩展程序 2.68 版受到安全事件影响。该公司告诉用户禁用扩展并立即升级，同时表示在调查期间其移动应用程序和其他版本不受影响。

在加密货币交易所 Binance 上市该国首个与索姆挂钩的稳定币之后，吉尔吉斯斯坦朝着将数字资产嵌入其金融体系的方向又迈出了一步，此举表明国家层面对基于区块链的支付和基础设施的信心日益增强。

23 岁的布鲁克林居民罗纳德-斯佩克特（Ronald Spektor）被指控策划了一个复杂的网络钓鱼计划，从 Coinbase 用户那里骗走了 1600 万美元。检察官称，Spektor 使用网上化名 "lolimfeelingevil"，冒充 Coinbase 官方支持代理，警告毫无戒心的受害者他们持有的加密货币有被盗的风险。

巴西的一个音乐项目将利用算法引导乐器，把比特币价格的实时变化转化为现场管弦乐表演。该项目已获得政府批准，并通过巴西税收激励计划获得资金，以在巴西利亚实现这一概念。

自 10 月 10 日市场暴跌以来，Ethena 的合成稳定币 USDe 遭受了大幅缩水，约有 83 亿美元退出了该协议，因为投资者重新评估了与杠杆和合成支持设计相关的风险。

七家公司经营虚假加密货币平台和 WhatsApp 投资俱乐部，通过虚假交易声明和人工智能提示骗取美国投资者 1400 多万美元。受害者被迫支付额外费用以提取资金，赃款通过海外银行账户和加密货币钱包汇出。

一名韩国男子因通过加密货币洗钱而试图获得从轻处罚，结果却适得其反，上诉法院推翻了对他的缓刑判决，将他送进监狱服刑四年。

特朗普媒体与技术集团又购买了 451 枚比特币，使其持有的比特币总数达到 11,542 枚，价值超过 10 亿美元。该公司将比特币作为长期储备，并正在向加密货币投资和相关金融服务领域拓展。

世界自由金融公司（World Liberty Financial）将他的钱包列入黑名单，冻结了他的 WLFI 代币，导致他损失了大约 6000 万美元。这次冻结使他无法访问或交易他持有的代币，而代币价格自 9 月份以来已经下跌了 40% 以上。