Market news is intertwined with both bullish and bearish signals: Securitize promotes the tokenization of real assets, while Blocto's shutdown reveals a crisis in the FLOW ecosystem. On the institutional level, Bitwise has an optimistic outlook for Bitcoin's new high in 2026, but Wall Street giants are unloading IBIT notes. In terms of liquidation risk, if ETH breaks through $3,090, it will trigger over $1.1 billion in short liquidations, while the whale "Maji" continues to increase its ETH long positions. In macro policy, expectations for a Federal Reserve interest rate cut (Citic Securities predicts a pause in January) and Trump's policy direction have become focal points of attention. The FTC's massive compensation order against Nomad and the SEC's conclusion of the investigation into Aave indicate that regulatory pressure remains unchanged. Summary: The market is in a phase of news speculation, with bullish and bearish forces in a tug-of-war, and short-term attention on key level breakthroughs.