On December 23, 2025, the cryptocurrency market showed an overall downward trend, with a total market capitalization decreasing by 2.4% compared to the previous day, now at $3.06 trillion. Bitcoin (BTC) prices hovered around the $90,000 mark, dropping approximately 1.9% within 24 hours, raising concerns about short-term risks. Nevertheless, some positive signals such as a decline in mining activity are seen as a potential bullish turning point. This article will outline key content including upcoming token launches, bearish signals, coin-stock correlation, latest news, DAT data, and token unlocks, summarizing yesterday's market dynamics.
Upcoming token launch
On December 23, multiple exchanges announced the launch of new tokens, driving market attention towards emerging projects. The South Korean exchange Bithumb announced that it will launch the Theoriq (THQ) trading pair in the KRW market, which is expected to enhance THQ's liquidity in the Asian market. Additionally, XT.COM exchange has launched the EIOB/USDT trading pair, with trading commencing at 08:00 UTC. Caleb & Brown also added Morpho (MORPHO) to their listings, supporting more institutional-level trading. These listing events reflect the exchanges' continued interest in DeFi and emerging tokens, but caution is advised regarding price volatility post-listing.
Bearish signals
The bearish forces in the market are strengthening, with several indicators showing that Bitcoin may enter a bear market in early 2026. As of December 22, Bitcoin remained in the range of $88,000 to $90,000, but on-chain data and market structure indicate rising downside risks, including a slowing demand growth, weaker ETF inflows, medium-sized investors reducing their positions, declining funding rates, and breaking below the 365-day moving average. Historical data shows that if a bear market takes shape, the Bitcoin price may retreat to the $56,000 support range. Additionally, risk aversion sentiment has propelled gold prices higher while suppressing Bitcoin, with the market fear index at extreme fear levels. Although a VanEck report indicated that a 4% decline in mining hash rates could be a reversal signal, the short-term bears dominate.
Coin-stock linkage
The correlation between cryptocurrencies and traditional stock markets is becoming increasingly evident. Spanish listed company Vanadi Coffee increased its holdings by 32 Bitcoins, raising its total to 161, highlighting the trend of companies treating Bitcoin as an asset reserve. Meanwhile, crypto-related stocks respond in sync with Bitcoin price fluctuations; for example, when Bitcoin broke $100,000 earlier in December, related stocks surged, but then fell back. Overall, in the market, the Dow Jones, S&P 500, and NASDAQ indices declined, reflecting a linkage with Bitcoin's 7% drop and demonstrating the common impact of macroeconomic factors such as Federal Reserve policies on both.
Latest news
Yesterday, the market was flooded with multiple heavyweight news stories. The Hong Kong police reported a robbery case at a virtual currency exchange in Sheung Wan, with an amount involved reaching 1 billion yen (approximately 50 million HKD). 15 people have been arrested, 7 of whom have been charged with 'conspiracy to commit robbery,' and the police are investigating the whereabouts of the funds. In addition, Brazil approved a $197,000 orchestral project that will convert Bitcoin price fluctuations into live musical performances, with fundraising ending on December 31. This initiative innovatively merges art and crypto. On the political front, if Trump prepares for the midterm elections in November 2026, his policy adjustments may once again impact digital assets, such as the 2025 executive order bringing 210,000 Bitcoins into the national reserve, but the $15 billion Bitcoin scam case at the end of the year highlights security issues. Curve DAO rejected a proposal to issue 17.4 million CRV (worth $6.2 million) to the core development team, raising concerns about governance transparency.
DAT data
Digital Asset Treasury (DAT) companies, which hold large amounts of crypto assets, are becoming the focus of the market. DAT companies hold cryptocurrencies directly on their balance sheets and actively manage them to generate returns. As of December, the DAT model faces challenges; companies like MicroStrategy were once seen as 'smart leverage,' but Galaxy Research pointed out that this model is only effective when Bitcoin is rising. Data shows that the total holding value of DAT companies fluctuated sharply in 2025, influenced by Bitcoin prices. Investors can gain indirect exposure to the crypto market by purchasing DAT stocks, but must be aware of safety and regulatory risks.
Token unlock
December 23 is the peak day for token unlocks this week, with a total value reaching hundreds of millions of dollars. Space ID (ID) unlocked 78.5 million tokens, accounting for over 3.9% of the total supply, which may increase selling pressure in the market. Metars Genesis (MRS) unlocked 10 million tokens, approximately accounting for 11.87% of the circulation. The total unlock amount for December reached $5.08 billion, with cliff unlocks of $1.99 billion, mainly involving projects like Jito. Investors should pay attention to price dynamics after the unlock, as historical data shows that unlocks often lead to short-term volatility.
Overall, on December 23, the market seeks balance amid downward pressure, with bearish signals dominating, but DAT trends and unlock events provide potential opportunities. It is recommended that investors pay attention to the Federal Reserve's movements and political factors.
