Cryptocurrency Daily Briefing (December 22, 2025)

1. BTC Real-time Price: Current price is fluctuating around $90,000, forming a bottom. 24-hour high was $89,447.9 USDT, and the low was $84,054.2 USDT. Trading volume increased by 1.22% compared to the previous day.

2. ETH Market Performance: Following BTC's fluctuations, influenced by Layer 2 competition and restaking narratives, its intraday volatility is higher than BTC, and the 24-hour mark price adjusts in tandem.

3. US Regulatory Achievements: The GENIUS Act and CLARITY Act have come into effect, clarifying stablecoin reserve requirements and the division of regulatory responsibilities between the SEC and CFTC. BTC and ETH are classified as digital commodities.

4. Hong Kong Policy Updates: Public consultation on a cryptocurrency tax reporting framework was launched on December 9th, with plans to automatically exchange transaction tax information with partner jurisdictions starting in 2028.

5. Institutional Fund Flows: Crypto hedge funds have performed poorly this year, with directional funds down 2.5%, and only market-neutral strategies achieving a positive return of 14.4%.

6. Fund Diversion Trends: The global stock market and precious metals bull market triggered capital outflows from the crypto market, with approximately $300 billion in long-term BTC holdings shifting to traditional assets, resulting in net outflows from Bitcoin ETFs in the second half of the year.

7. Structural Issues in the Industry: The extreme market conditions in October exposed deficiencies such as liquidity shortages and inadequate liquidation mechanisms, leading to a 4.3% decrease in order book depth due to the withdrawal of market makers.

8. Hot Ecosystem Sectors: RWA (Real-World Asset Tokenization) and compliant DeFi have become key areas of focus for institutional investment, with TVL reaching a record high; new public chains Solana and Avalanche continue to innovate in the high-performance field.

9. Impact of Fed Policy: The third rate cut in December was interpreted as a "recession-style rate cut," exacerbating market pessimism and becoming one of the main reasons for year-end volatility.

10. 2026 Outlook Focus: The market is focused on the Fed's interest rate cut path, the progress of ETH ETF, the maturity of ZK-Rollup technology and the adoption rate of account abstraction, and predicts that it may show the characteristics of a "slow bull market".