A derivative trading platform experienced significant growth in 2024-2025, ranking among the top 7 globally in trading volume and the top 10 in open interest. The platform has capitalized on market trends, and moving forward, it should focus on product experience, trading depth, and global expansion to sustain its growth.

CoinGlass's latest report shows that by 2025, the leading exchanges in the cryptocurrency derivatives market are gradually stabilizing in competition. Trading volume and comprehensive scores both reflect the importance of security and user experience for ecosystem competitiveness. The top-ranked platform scored 94.33, significantly ahead of other competitors.

【Block Rhythm】On December 25th, on-chain data tracking shows that a recently activated wallet address (0x89BC) has attracted attention due to its activity on the Hyperliquid platform. This trader injected 4 million USDC in just 4 days, with a quite aggressive layout—simultaneously betting on BTC rising and ETH falling.
Currently, this operation has realized a profit of about $50,000, but the position is somewhat delicate. On the long side, with 10x leverage, the trader has heavily positioned in BTC at 218.6 coins (approximately $19.15 million), with an unrealized loss of $8.8K. The short side tells a different story, holding 5294 ETH shorts (about $15.59 million) with an unrealized profit of $13.9K. The trading strategy seems to be betting on BTC breaking out strongly while ETH weakens, indicating a market divergence.
Such large derivative operations often indicate that market participants have expectations for short-term trends.

During the Christmas holiday period, trading activity in the crypto market has cooled down. Bitcoin fluctuated between 85,500 and 94,000, lacking a breakout. Ethereum faced selling pressure below $3,000, with $2,600 serving as a key support level. Ripple remains stable at $1.86, with market sentiment determining its trajectory. Overall, the market is cautious with a strong wait-and-see attitude.

【比推】链上监测数据显示，MIRA代币出现了一笔大动作——约614.5万枚从团队钱包被转出，换成美元价值接近80万。这笔转账的背后是什么？从转账路径来看，这些代币先是进了一个中间钱包，随后被分散到多个地址，后续大概率会进交易所。
有意思的是，这种操作模式并不陌生。过去三个月的链上数据表明，类似的大额转账几乎每月都在上演。结合转账时机和分散模式来判断，极有可能与MIRA的解锁计划有关——这是不少项目方的标准操作流程。
对于关注MIRA的交易者来说，这类链上信号值得留意，因为它通常意味着市场流动性的变化和潜在的价格波动预期。

[BiTu] Two strategists from BlackRock recently released a research report on the outlook for the Federal Reserve. Their core view is clear: the room for rate cuts in 2026 is limited.
What is the background? In this cycle, the Federal Reserve has already cut rates by 175 basis points, approaching a neutral interest rate level. Once this critical point is reached, the room for further downward movement naturally becomes limited. Unless there is a sudden significant deterioration in the labor market, the possibility of further rate cuts in 2026 is quite limited.
From market expectations, according to the latest data from LSEG, traders now expect the Federal Reserve to cut rates twice in 2026. This expectation is more moderate compared to previous optimistic estimates. In other words, the market is already preparing for a new normal of high interest rates. For investors focused on macro trends, this means that capital flows and market risk appetite may face new dynamics in the coming period.

Recently, new projects have emerged in the crypto market. AVNT attracted participants through airdrop campaigns with a reward pool reaching $60,000; PEPENODE raised $2.3 million through pre-sale funding, introducing deflationary burning and staking mechanisms. Both projects demonstrate the market's ongoing interest in new concepts.

【Blockchain Rhythm】On December 24th, there was a new development in on-chain data. Three addresses, possibly from the same entity, deposited a total of 2.47 million USDC as collateral into Hyperliquid in the past 24 hours, then opened a $1.69 million TST long position in one go. This number is significant—it accounts for 42.3% of Hyperliquid's total TST holdings, and the top 3 long positions are all held by them.
Interestingly, the operation patterns of these three addresses are almost identical. They all did the same thing: transferred BTCB out from an exchange, deposited it into Aster, and then withdrew USDT. More importantly, all these collaterals were urgently withdrawn from exchanges within the past 24 hours and directly invested into Hyperliquid. Currently, these addresses hold only one type of position—the TST long.
It is worth noting that one of the addresses

Hyper ecosystem has completed the HYPE token burning, receiving 85% support through on-chain governance voting, demonstrating a consensus among holders. This initiative will impact the project's inflation expectations and long-term tokenomics.

The core development team of Arbitrum, Offchain Labs, announced an increase in ARB token Holdings, indicating its long-term strategic support for the Arbitrum ecosystem. This move aims to promote ecosystem development, emphasizing the importance of empowering developers, strengthening the community, and fostering technological innovation, reflecting a genuine financial commitment.

[Coin World] Recent data shows that Tether Treasury has transferred 200 million USDT to Bitfinex, corresponding to a value of approximately 199.96 million USD. This large stablecoin transfer has once again attracted market attention—frequent interactions between Tether and Bitfinex often reflect changes in market liquidity and adjustments in the capital allocation of the exchange. From on-chain data, such transfers usually indicate that trading activity is about to intensify or that market sentiment is shifting, which is worth closely following for traders.