According to a year-end report by Odaily Planet Daily, investment bank Cantor Fitzgerald suggests that Bitcoin may be entering a prolonged downtrend, potentially facing a "crypto winter" in 2026. Analyst Brett Knoblauch stated that Bitcoin is currently about 85 days away from its cyclical high, and prices may remain under pressure in the coming months, even testing the average break-even point of approximately $75,000 for Strategy holdings. However, Cantor believes this correction differs from previous bear markets triggered by large-scale liquidations or systemic risks. The dominant force in the market is shifting from retail investors to institutions, and token price performance is showing a clear divergence from underlying developments. Decentralized finance, asset tokenization, and crypto infrastructure continue to advance. The report shows that the tokenization of real-world assets (RWA) has grown to approximately $18.5 billion this year, three times the size at the beginning of the year, covering credit products, US Treasury bonds, and stocks. Cantor predicts that the on-chain RWA market will exceed $50 billion in 2026, with the growth rate likely to accelerate as more financial institutions attempt on-chain settlement. In terms of trading structure, decentralized exchanges (DEXs) are continuously eroding the market share of centralized platforms. Although Cantor predicts that overall trading volume may decline in 2026 as cryptocurrency prices fall, DEXs, represented by perpetual contracts, are still expected to continue to grow, driven by improvements in infrastructure and user experience. On the regulatory front, the recently passed Digital Asset Markets Clarity Act (CLARITY) in the United States is considered a significant turning point. This act clarifies the definition of digital assets between securities and commodities and, after meeting decentralized conditions, transfers primary regulatory authority over the spot crypto market to the CFTC. This framework is expected to reduce policy uncertainty and provide a compliant path for banks and asset management institutions to participate more deeply in the crypto market. Furthermore, the report also mentions the rapid expansion of on-chain prediction markets, especially in the sports betting sector, where related trading volume has exceeded $5.9 billion, reaching more than 50% of DraftKings' third-quarter trading volume. Institutions such as Robinhood, Coinbase, and Gemini have entered this field, promoting a more transparent, order book-based model. Cantor also cautioned that risks remain: Bitcoin's price is only slightly above the cost range of some crypto asset treasury companies, and a break below key support levels could trigger market sentiment volatility; meanwhile, the pace of accumulation by digital asset trusts has slowed as prices and premiums have contracted. Overall, Cantor believes that a new price surge is unlikely in 2026, but as the market cools, a more robust infrastructure and deeper institutionalization are gradually taking shape. (CoinDesk)

the total open interest amounted to $102955150333.72896, with BTC at $47.61 billion, ETH at $31.27 billion, XRP at $5.20 billion, LTC at $1.96 billion, ETC at $1.34 billion, DASH at $1.10 billion, IOTA at $1.09 billion, XMR at $1.00 billion, . The data is sourced from the quarterly and perpetual contracts on Bitget,dYdX,Deribit,CME,Hyperliquid,Binance,Coinbase,OKX,Bybit,Gate,HTX,Kraken,Crypto.com,Bitfinex,BitMEX. This report is for informational purposes only and does not constitute investment advice.

According to predictions from Kalshi, a market research firm, the probability of Democrats winning a majority in the U.S. House of Representatives in 2026 is approximately 75%. Against this backdrop, Maxine Waters, the senior Democratic member of the House Financial Services Committee, has issued sharper criticisms of Securities and Exchange Commission (SEC) Chairman Paul Atkins's policies on cryptocurrency regulation. In a letter to the committee's Republican chairman, French Hill, Waters stated that the SEC has terminated or suspended several important enforcement cases targeting the crypto industry, involving companies such as Coinbase, Binance, and Justin Sun. She pointed out that the committee has not adequately examined the reasons for the SEC's decision to drop these cases, or how it will prevent fraud and manipulation in markets with large retail investor bases. Waters also claimed that some of the companies involved announced the termination of their cases before the SEC's formal vote and questioned the "unusually active" role played by Atkins' team in the settlement process. She believes that the SEC's recent policy shift, primarily through staff statements rather than informal rules, may circumvent the Administrative Procedure Act, weakening public comment and congressional oversight, and therefore demands that Atkins appear at a hearing to explain. The report points out that since the Donald Trump administration took office and completed its leadership change, the SEC has dropped several lawsuits targeting the crypto industry. Atkins has also repeatedly stated publicly that supporting the development of the US crypto industry is a regulatory priority, a stance that is becoming a focus of continued scrutiny and questioning from the Democratic Party. (CoinDesk)

According to Odaily Planet Daily, Vance Spencer, co-founder of Framework Ventures, stated in an article on the X platform that 2025 is not the year the cryptocurrency industry hoped for, but it may be a necessary year for continued development. The industry has now completely moved away from memecoins, NFTs, low-circulation/high fully diluted valuation (FDV) tokens, and consumer projects. He predicts that the number of tokens issued in 2026 will decrease significantly, and the market focus will shift to mainstream assets such as BTC and ETH, as well as DeFi blue-chip stocks with reasonable value capture mechanisms. Institutional bidding for these assets may exceed expectations. The future of the cryptocurrency field lies in stablecoins, RWA, lending capital markets, and asset management. Reducing redundant operations, improving quality, and pursuing compliance will solve many of the industry's problems. The current outlook is bullish, but opportunities for both upward movement and exit will be highly concentrated.

The total liquidation amount in the past 24 hours was $284.68 million, including $99.83 million in BTC, $75.05 million in ETH, $17.08 million in SOL, $7.80 million in ZBT, $6.49 million in ZEC, $4.66 million in FARTCOIN, $4.51 million in XRP, $3.89 million in DOGE, $3.05 million in PUMP, $1.87 million in ADA, $1.87 million in BEAT, $1.87 million in BNB, $1.69 million in FLOW, $1.61 million in WIF, $1.55 million in SUI, $1.35 million in XPL, $1.31 million in ONT, $1.27 million in AT, $1.22 million in SQD, $1.14 million in TAKE, $1.08 million in AVNT, $1.02 million in BCH, $947,931.8 in NIGHT, $812,171.42 in HYPE, $809,776.02 in ASTER, $791,138.35 in RVV, $767,220.42 in PIEVERSE, $750,752.46 in WLFI, $749,876.85 in LYN, $698,155.68 in LINK, $684,213.04 in UNI, $673,760.81 in FIL, $650,991.3 in AVAX, $630,608.08 in RIVER, $626,497.13 in WLD, $623,050.71 in 1000PEPE, $573,515.91 in PEPE, $560,949.16 in AAVE, $551,147.94 in LIGHT, $538,646 in MERL, $531,453.09 in RAVE, $510,649.3 in TON, $503,617.83 in ENA, $443,632.15 in PIPPIN, $441,595.79 in ICP, $440,762.44 in GMT, $411,656.98 in 4, $396,882.75 in H, $335,131.69 in ZRX, $330,251.51 in LTC, $320,339.21 in TAO, $319,771.39 in CRV, $314,172.27 in TSLAX, $297,317.97 in ACT, $290,187.5 in MON, $275,558.38 in PENGU, $262,457.02 in NEAR, $243,755.6 in MNT, $241,394.98 in XLM, $240,265.6 in APT, $239,234.1 in WET, $228,809.49 in IR, $226,072.48 in COINX, $219,861.75 in 0G, $212,407.92 in LUNA, $209,828.76 in CC, $207,934.31 in FOLKS, $206,603.14 in STORJ, $199,109.49 in ZKC, $199,072.81 in BIGTIME, $191,353.77 in 1000SHIB, $190,798.85 in HBAR, $183,002.37 in ARB, $175,039.24 in ANIME, $174,132.1 in OP, $162,230.17 in INJ, $159,524.91 in ZEN, $152,925.29 in DOT, $152,364.88 in KAITO, $144,501.39 in LIT, $144,361.7 in GAS, $140,180.92 in FET, $138,994.01 in EVAA, $138,635.76 in IP, $138,539.23 in DASH, $136,557.34 in ZKP, $131,191.84 in TIA, $131,031.02 in ICNT, $127,501.78 in GIGGLE, $123,848.44 in 1000BONK, $122,300.98 in TRUMP, $122,256.69 in US, $121,850.41 in ETC, $121,157.13 in CLO, $118,427.5 in GALA, $115,605.4 in VET, $115,474.94 in YB, $113,270.09 in SHIB, $105,566.51 in JELLYJELLY, $7.84 million in Others. The data is sourced from the quarterly and perpetual contracts of Binance, Bybit, Hyperliquid, OKX, Gate, HTX, Bitfinex, BitMEX. The statistical period is from 8:30 AM on December 29, 2025 to 8:30 AM on December 30, 2025. This report is for informational purposes only and does not constitute investment advice.