On-chain staking is booming, and mainstream cryptocurrencies are facing adjustment pressures

ETH Staking Ecosystem Continues to Expand, Lido’s Monopoly Clearly Evident

The total amount of ETH staked on the Ethereum Beacon Chain has risen to 34,676,830 ETH, accounting for 27.93% of the network’s total supply. Since the Shanghai upgrade, there has been a net inflow of over 16.51 million ETH, reflecting ongoing user confidence in the proof-of-stake mechanism.

However, within this ecosystem, the concentration in the liquid staking sector is a concern. Lido dominates with a staking share of 24.74%, nearly occupying 90% of the entire staking market. This highly centralized pattern has sparked industry discussions about the decentralization level of Ethereum.

Mainstream Cryptocurrencies Show Divergent Trends, BNB Approaches $900

Binance Coin (BNB) has recently performed strongly, approaching the $900 mark, currently priced at $890.40, with a 24-hour increase of 0.55%.

Meanwhile, Bitcoin fluctuates around $90,490, with a 24-hour increase of 0.43%. Ethereum’s price is around $3,100, with a slightly lower gain of less than 0.5%. SOL performs relatively well, at $138.30, with a 24-hour rise of 2.89%. XRP is near $2.10, while TRX drops to $0.29, down over 1%. In emerging tokens, WLFI is at $0.17 with a decline of 3.52%, and HYPE is at $25.43, down 2.52%.

Market volatility is intensifying, making risk management the top priority.

Policy Advancements and Infrastructure Improvements

The US SEC released an investor guide on crypto wallets and custody on Friday, detailing the pros and cons of self-custody versus third-party custody. The guide specifically warns investors to pay attention to whether custodians pose “re-hypothecation” risks and issues related to fund mixing.

Regarding IPO prospects, White & Case partner lawyers pointed out that 2025 will be a “trial window” for cryptocurrency IPOs, with the real test coming in 2026. At that time, sectors such as financial infrastructure, regulated exchanges, custody services, and stablecoin platforms will become the main forces for listings. Valuation discipline and macro risk factors will determine how many projects can truly go public.

Stablecoins and RWA Sector Steadily Growing

Ripple’s partnership with AMINA further expands its stablecoin footprint in the European market.

The total locked value in the Real-World Asset (RWA) tokenization sector has reached $16.536 billion, with BlackRock BUIDL accounting for $2.499 billion, Tether Gold at $2.255 billion, and Ondo Finance at $1.923 billion. The supply of USDe has fallen back to 6.526 billion tokens, down 2.99% over the past week, indicating a market adjustment in demand for synthetic stablecoins.

Security Risks and Regulatory Enforcement Upgrades

On December 12, Aevo platform’s Ribbon DOV old vault was attacked, resulting in losses of approximately $2.7 million, accounting for 32% of the vault’s total assets. The platform has disabled all Ribbon vaults and will launch a contract upgrade next week. The claim window is open until June 12, 2026, with compensation up to 19% of the missing assets.

Meanwhile, the US Department of Justice has initiated prosecution against “Bitcoin Rodney” (Rodney Burton), accusing him of promoting the $1.8 billion HyperFund scam, involving 11 federal charges including telecom fraud and money laundering, with a maximum sentence of up to 20 years. The case serves as a warning to market participants to be cautious of false projects and illegal fundraising activities.

Federal Reserve Outlook and Economic Data

According to CME FedWatch Tool, the probability that the Federal Reserve will keep interest rates unchanged in January 2026 is 75.69%, while the chance of a 25 basis point rate cut is only 24.4%. By March next year, the cumulative probability of a 25 basis point rate cut is 41.4%.

The weakening US labor market is exerting pressure on crypto assets. The unemployment rate has risen to around 4%, and non-farm employment growth has slowed from post-pandemic highs to moderate levels. Against this backdrop, investor risk appetite has declined, making it easier to sell volatile assets like Bitcoin and altcoins, which also explains the recent moderate gains in mainstream cryptocurrencies. Labor market data will continue to influence market expectations regarding growth, interest rates, and liquidity.