Daily Crypto Market Report (December 23, 2025)

1. Market Overall Performance: The total market capitalization of global cryptocurrencies is approximately $3.07 trillion, down 1.25% in the last 24 hours, with a total trading volume of $110 billion and a market sentiment index of 25 (fear), as low liquidity is compounded by year-end capital withdrawal pressure.

2. Mainstream Coin Market: BTC is currently priced around $88,500 (down 1.82% in the last 24 hours), fluctuating between $87,500 and $90,500, with the $90,000 level becoming the focus of long and short battles; ETH is currently priced around $3,020 (down 2.33% in the last 24 hours), repeatedly testing the $3,000 level, with on-chain fundamentals stronger than short-term price performance.

3. Highlights of Rise and Fall Rankings: The top 3 in terms of increase are LUMIA (up 36% in the last 24 hours), PORTAL (up 17%), and TST (up 10%); the top 3 in terms of decrease are ASR (down 16%), ME (down 12%), and AT (down 11%).

4. Market Driving Factors: The shutdown of 400,000 Bitcoin mining machines triggered a $87 million liquidation selling pressure, with futures trading volume increasing by 121%. Bitcoin's market share rose to 58.98%, and investors flocked to core assets due to risk aversion.

5. Capital Flow Characteristics: The divergence of ETF funds continues, with Bitcoin spot ETF outflow easing, while Ethereum ETF maintains a small net inflow; the tendency of institutions to take profits at year-end limits upward space.

6. Regulatory Dynamics Update: The EU's MiCA regulations are fully enforced, requiring crypto service providers to meet unified compliance requirements; China continues the dual-track system of “strict management within the mainland, pilot in Hong Kong,” with a crackdown on illegal virtual currency activities in the mainland.

7. Major Industry Mergers and Acquisitions: South Korean tech giant Naver has completed the full acquisition of Upbit's parent company Dunamu, with a transaction valuation of 150 trillion won, reshaping the Asian crypto financial landscape.

8. Security Risk Events: In December, Hyperdrive was attacked due to a router function vulnerability, resulting in a loss of $782,000; this year, cross-chain bridge attacks and contract logic vulnerability incidents have surged, with industry losses exceeding $161 million in November.

9. Integration of Traditional Finance: The Singapore Exchange has added Bitcoin and Ethereum perpetual futures contracts, open to qualified investors; the tokenization of U.S. stocks is accelerating, with on-chain stock equity token trading becoming a trend.

10. Long-term Trend Outlook: The market is in a transitional phase of oscillation and consolidation towards directional choice, with short-term attention on whether BTC can stabilize above $90,000 and whether ETH can break through $3,080; the macro situation needs to track signs of a shift in Federal Reserve policy and ETF fund inflows.