Crypto 小钢炮

GM~Crypto Market Daily | December 12, 2025 (Friday)

📌 Key Points Today
• Market sentiment remains in the Fear zone, but the total market cap increased by +2.29% to $3.24T, indicating a test of buying interest.

• Dual benefits from regulation and technology: SEC approves DTCC to provide security tokenization services; YouTube supports U.S. creators to receive payments in stablecoins.

• Frequent institutional moves: BlackRock withdraws over $200 million in BTC and ETH from Coinbase; Grayscale transfers 6,400 ETH to Coinbase.
───
🔥 Trending
1. $AAVE - The Whales' Recursive Lending Game
• What happened: A whale borrowed 1,000,000 USDC again to buy 5,211 AAVE, with a total holding value of $69.08 million and liabilities of $30.8 million.
• Discussion focus: Is this aggressive leverage for a bullish position or an arbitrage strategy utilizing protocol rules?
• Potential opportunity: The whale's continued accumulation may indicate long-term optimism for the AAVE protocol or governance.
• Uncertainty: High leverage can easily trigger liquidation under market volatility, becoming a systemic risk point.
2. $BTC - Institutional Withdrawals and Whale Sell-offs Parallel
• What happened: While BlackRock made significant withdrawals, data shows that Bitcoin whale groups have sold or transferred 36,500 BTC this month.
• Discussion focus: Institutional accumulation and whale distribution are forming a hedge, intensifying market direction speculation.
• Potential opportunity: Traditional financial giants continuously moving assets off exchanges may signal long-term holding.
• Uncertainty: Continued whale sell-offs could impose heavy selling pressure on BTC prices.

───
🐋 Whale Movements
• Data: Another "circular bullish whale" sold 150 BTC within 3 hours to repay Aave loans → Implication: Some high-leverage players are choosing to deleverage to lock in profits or avoid risks amid market uncertainty, leading to a cautious short-term sentiment.
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💡 Analyst Observations
The market is gently rebounding amid fear, with the narrative focus shifting from macro to specific applications and regulatory breakthroughs. The entry of DTCC is a milestone for traditional finance embracing tokenization, while YouTube's initiative makes stablecoin payments more accessible. However, the extreme long and short actions of whales on $AAVE and $BTC reveal significant strategic divergences among professional players, and retail investors should be wary of becoming the fuel for high-leverage games.

Hyena is online and needs to be closely monitored.

A perpetual contract platform jointly created by Ethena and @BasedOneX
Built on Hyperliquid and fully priced in USDe

1/ How does Hyena disrupt the current landscape?
The core pain point of the current stablecoin distribution model is the excessive "channel tax."
In 2024, Circle's annual revenue is $1.7 billion, yet it has to pay $900 million to distribution partner Coinbase.
More than half of the revenue is taken by the channel parties.

Ethena chooses to bypass traditional CEX channels and directly build a native USDe ecosystem on Hyperliquid.

2/ Where is the core innovation of Hyena?
A perpetual contract market fully priced in USDe brings three layers of combined benefits:
▌ When trading, USDe collateral automatically generates a 5.3% annual yield
▌ Normal funding rate income
▌ Profit and loss of the position itself

This means that even if your contract trading is flat, just holding USDe as collateral can yield stable income.

In terms of revenue distribution.
Ethena, as the deployer, receives 50% of the trading fees, with the other half going to Hyperliquid.
No middlemen to profit from the difference.

3/ Deeper strategic significance
Hyena is a key piece in Ethena's construction of a stablecoin empire.

If Hyena is successful, it will have a profound impact on the distribution model of the entire stablecoin industry.
The biggest beneficiaries are Hyperliquid and Ethena.
The second biggest beneficiary is Based.

Friendly reminder, Based has not yet TGE, and its points activity is ongoing.

With the recent frequency and intensity of Hasset's statements, the market doesn't even need to worry about what Powell will say after the FOMC on 12.10. Even if he takes a hawkish stance, the market will expect that everything will get better after Hasset takes office!

✅ Certainty of taking office maximized: Trump’s appointment + strong qualifications, Congress approval is a foregone conclusion​
✅ Dovish background solidified: Neutral interest rates may be pressed down to 2.5%, with 4 more rate cuts available + possibility of restarting QE​
✅ A big liquidity package is on the way: $45 billion in RMP bond purchases injected into the market each month, with 10-year US Treasury yields aiming for below 4%​
📈 Clear benefits: US tech stocks + real estate + gold will directly benefit, MBS spreads are expected to narrow by 20 basis points​
Powell's hawkish statements are just transitional noise ~ The window for buying rumors remains open, and it's correct to follow the policy shift in planning!

Binance is awesome!! Turns out reporting really pays off.

No wonder it's the best in the universe, from accepting user reports to responding and announcing actions, the whole process took less than 24 hours. Kudos to the big sister and the staff, what efficiency! 👍

Each person gets 25,000 U

Everyone is complaining on Twitter, forgot to send an email!

These users who reported received a reward of $100,000. As long as there's someone outside helping to transfer coins or doing insider trading, they can report to Binance, and reporting is rewarded! Truly effective!

Congratulations, the number of registered users of the Coin Security Ball has surpassed 300 million, breaking the historical milestone again 🚀$BNB

Looking back, it was only June 2024 when we just broke 200 million; this growth rate is truly impressive.
I remember downloading the app for the first time in 2018, the UI was basic, and it lagged terribly, I uninstalled it after a day.

I never expected that it has now grown into the world's leading cryptocurrency platform.
This is a milestone in the cryptocurrency industry.

Let's witness history together and welcome a new chapter!
Sister @heyibinance also made a statement:
Binance's next stop is — 1 billion users
#币安突破3亿

You can look forward to $ENA

Now there's a new trading pair on Hyperliquid - a perpetual contract priced in USDe.
This is the work of the Ethena project team, who set up their own perpetual contract market called Hyena Trade using the HIP3 mechanism in Hyperliquid. The key point is that half of the trading fees generated in this market go to the Ethena protocol.
So Ethena can not only make money from the USDe stablecoin itself but also has an additional source of income. Recently, Ethena has shifted its focus to expanding more usable scenarios for USDe and building a more comprehensive ecosystem.

$USDT $USDC
After three years, the Internet Finance Association has once again issued a statement, launching strict tightening controls and enhanced crackdown actions in the cryptocurrency sector.

This is the fourth concentrated rectification by the association targeting the cryptocurrency sector:
1. The first crackdown focused on OTC trading, ultimately concluding with the investigation of U merchants and triggering a wave of frozen accounts.

2. The second rectification targeted mining farms and token issuance businesses, ending with a large-scale exit of mining farms and the arrest of personnel related to exchanges.

3. The third crackdown focused on the NFT and digital collectibles sector, resulting in the legal seizure of multiple companies related to digital collectibles.

4. This latest action aims at stablecoin trading and the behavior of exchanges in attracting traffic, with the results of the rectification currently unclear.
#USDT

During the market downturn, a "whale" spent 35.7 million dollars to purchase 8 assets, including:

3,175 $ETH (10.13 million dollars)
557,937 $LINK (7.99 million dollars)
20.14 million $ENA (5.82 million dollars)
25,396 $AAVE (4.9 million dollars)
6.53 million $ONDO (3.27 million dollars)
340,849 $UNI (2.05 million dollars)
22.59 million $SKY (1.09 million dollars)
384,075 $LDO (244,000 dollars)

These assets have now been transferred to the on-chain wallet 0xBC64

What does this indicate?

On Thursday morning around 5 a.m. Beijing time, Nvidia will officially release its latest financial report, an event that has set off a countdown affecting global market nerves.

Yesterday, Bitcoin, as a leading indicator for the U.S. stock market, initiated a rebound; however, it failed to break through after reaching the 4-hour resistance line, and is currently in a 1-hour correction phase. From a technical perspective, if it can successfully stabilize above the critical resistance level of 94, Bitcoin is expected to gain momentum and attempt to reach the significant threshold of 100,000 dollars.

On the macroeconomic front, multiple positive signals have also emerged: the TGA account has opened up funding expenditures, injecting liquidity into the market; CME data shows that the probability of the Federal Reserve cutting interest rates in December has risen from the previous 42.9% to 48.9%, with expectations for easing continuing to heat up; coupled with Trump's recent revelation that he has selected the next Federal Reserve chairman, further reassuring the market and effectively alleviating concerns stemming from policy uncertainty.

Overall, the long-awaited financial report and macroeconomic catalysts are set to converge soon. What needs to be cautious is that if Nvidia's financial report ultimately falls short of expectations, combined with weak macro data performance, Bitcoin's support level at 89 may struggle to hold, and the market could face significant correction risks, necessitating investors to prioritize risk avoidance; however, based on the forward-looking signals and market sentiment currently being conveyed, the probability of Nvidia's financial report exceeding expectations is higher — after all, it carries the growth expectations of the entire market and is unlikely to exhibit a “disruptive” performance. If the final data meets expectations, the market is likely to welcome a period of respite, and risk appetite may further recover.

#BTC

When laying out investments, never gamble a large proportion of funds on a so-called certainty like $BLUR , $BOME . Last year, during the big bear market, some people were already suffering badly, and because they wanted to turn things around, they gambled on this so-called NFT leader, resulting in even worse outcomes. When planning investments, don't just think about what if you make a profit? Also think about what if you incur a loss? Don't only consider what if it doesn't drop any further? Also think about what to do if it does drop? Not all cryptocurrencies are Bitcoin.

The current market can be summed up in two words: Conflicted! 🤡

What is the conflict? To put it simply, it's just that the funds are too conflicted.

Funds are quite straightforward — in 2021 and 2022, they knew very well: when the Federal Reserve raises interest rates, they definitely have to avoid the dollar to make money, so they all flocked to other places.

As a result, the dollar now seems to be throwing a tantrum, sometimes it’s extremely strong, and other times it softens again, leaving the funds puzzled: weren't we supposed to lower interest rates? Why is the dollar still so strong?

So now the funds are just like us when we are conflicted, uncertain in their minds, and they must wait until the real release of money is solid before they can be sure. But right now, this wave of real monetary release is still nowhere in sight.

We really have to wait for easing to genuinely arrive~🚀

⭐$UNI Uni This upgrade has gone crazy!——The largest upgrade in Uni's history🚀

This "largest upgrade" of Uni is not just riding the wave of hype; it fundamentally changes the underlying value logic of UNI. Previously, UNI was just a "governance voting tool"; apart from voting, it had no real connection to actual on-chain assets. Now it has been directly changed to a "deflationary value token," which ties all the earnings in the Uni ecosystem to the value of UNI.

🚀Consider this: the trading fees earned by the protocol, the income from L2 Unichain, and even the profits stealthily taken by MEV bots are now all being funneled back into the burn pool to burn UNI; even the protocol fees from v2/v3/v4 and external liquidity funds collected by aggregators are 100% used for destruction. More aggressively, they directly smashed 100 million UNI for destruction—this is not just about reducing supply; it fills the "value gap" that hasn't been charged for years, effectively resetting the supply structure of UNI to a model where "the more you use, the more you burn, the scarcer it becomes."

The most significant aspect of this is the "flywheel effect": users / market makers use Uni's products → the protocol earns more money → burns more UNI → UNI becomes scarcer → holders are willing to hold long-term, new users are willing to enter and use → the ecosystem grows larger; they even merged front-end wallets / APIs into the foundation, moving away from "products fighting individually" to a model where "the entire ecosystem revolves around 'use + burn'"—which means developers, token holders, users, and market makers are all tied to the same value boat. Previously, everyone operated independently; now it's "if the ecosystem can earn, UNI becomes valuable, and everyone can share in the profits."

Essentially, it transforms UNI from a "governance ticket" into the "value anchor of the entire Uni ecosystem," genuinely intending for UNI to rise with the actual income of the ecosystem, not relying on short-term news to pump prices.🚀

Do you think this time UNI can stand up?

I think we should pay attention to JITO $JTO , which offers very good value for the price
#UNI #BTC

$BTC Currently

1. Current Trends and Key Positions
Yesterday, the market first found support at the 4-hour EMA20 (113,400), rebounding to the 116,000 level before encountering resistance and falling back. The price then retraced to the daily EMA20 (around 112,200) where it stabilized, and is currently attempting to re-establish itself above the 1-hour EMA20 (113,000).

2. Short-term Core Strategy and Risk Warning
Strategy Direction: From now until 2 AM on the 30th, when the Federal Reserve announces its rate cut decision and Powell speaks at 2:30 AM, the short-term approach remains predominantly bullish. Key Resistance: It is crucial to pay attention to the 116,000 level —— the market has previously attempted to break this level twice, both times failing, with the second attempt being weaker than the first. If the third attempt also fails to hold above 116,000, the price will likely pull back to around 113,000 to seek support.

3. Federal Reserve Event: The Core Variable is “Whether to Stop QT”
Rate Cut Expectations: Currently, the market generally believes that the Federal Reserve will cut rates by 25 basis points at dawn, which has already been partially reflected in the market's uplift. Key Variable: The core uncertainty of this event lies in whether Powell will announce the “stop of balance sheet reduction (QT)” during his speech. If QT is clearly stopped, market sentiment will be significantly boosted, and the upward momentum of Bitcoin and U.S. stocks will be stronger; if not mentioned or QT is not stopped, the market may remain volatile.

4. Subsequent Alternative Positive Factors: “Phased Easing Expectations” from the South Korea APEC Meeting
If the Federal Reserve's rate cut, this “maximum momentum opportunity”, still cannot push the price above 116,000, attention should be turned to the upcoming South Korea APEC meeting. From the current situation, it is likely that China and the U.S. have reached a phased agreement —— even if the agreement may ultimately be difficult to implement, as long as the market forms expectations of “phased easing”, it will still have a positive feedback effect on risk assets including Bitcoin.
#BTC #比特币 #美联储降息预期

Weekly Outlook: The Federal Reserve Appears with 'Shackles', Gold Faces Major Tests!

10.29 US Interest Rate Cut

10.29 Japan Likely Not to Raise Interest Rates

10.30 Trump Meets Xi

10.30 Europe Interest Rate Cut

Leading the New Future of Web3—Hash Epoch

The Prospects of Web3: Opportunities for Technological Reconstruction in a Trillion-Dollar Market
From the perspective of industry fundamentals and technological iteration trends, Web3 has high growth potential and structural replacement space, with a very broad outlook. According to the Hash Epoch white paper and industry data disclosure, the global market size has surpassed 1 trillion dollars, and the Web3 model is rapidly capturing market share thanks to its technological advantages. Its core growth logic is reflected in three dimensions

The Role and Contribution of Hash Epoch in the Web3 Industry
As a benchmark project in the Web3 field, Hash Epoch plays a triple role as a technological pioneer, standard setter, and ecosystem builder through its “platform + public chain + token” model, with contributions mainly reflected in the following four aspects:
1. Technological Breakthrough: Solving Core Pain Points in the Industry
2. Ecosystem Construction: Creating a Sustainable Development System
3. Industry Standards: Promoting Compliance and Standardization
4. Market Education: Accelerating the Popularization of Web3 BC

Through technological breakthroughs, ecosystem construction, and standard setting, Hash Epoch not only solves the “feasibility problem” of Web3 but also defines the “high-quality development path.” Its contribution essentially transforms blockchain technology from “concept” to “tangible commercial value,” providing a “replicable model” for the Web3 transformation of the trillion-dollar market.

HashEpoch leads the new future of Web3 betting
The prospects of Web3 betting: Opportunities for technological reconstruction in a trillion-dollar market
From the perspective of industry fundamentals and the trend of technological iteration, Web3 betting has high growth potential and structural alternative space, with extremely broad prospects. According to the Hash Epoch white paper and industry data disclosure, the global betting market size has surpassed 1 trillion U.S. dollars, and the Web3 model is rapidly capturing market share with its technological advantages. Its core growth logic is reflected in three dimensions:

The industry value and future potential of Hash Epoch
Hash Epoch not only solves the "feasibility problem" of Web3 betting through technological breakthroughs, ecological construction, and standard formulation, but also defines the "high-quality development path." Its contribution essentially transforms blockchain technology from "concept" to "practical commercial value," providing a "replicable model" for the Web3 transformation of the trillion-dollar betting market.
Looking ahead to the 2026 World Cup, Hash Epoch plans to launch themed NFT collectibles, prediction games, and other activities, combined with the global coverage capabilities brought by cross-chain technology, aiming to achieve over a million active users and daily trading volume reaching millions of dollars. As stated in the white paper, Hash Epoch's ultimate vision is to "become the Ethereum of the betting industry," and its current technological barriers and ecological advantages have made it the strongest competitor for this goal.
Risk warning: Web3 betting still faces risks such as uncertainty in regulatory policies, technological security vulnerabilities, and intensified market competition. Participants should fully assess their own risk tolerance before engaging.

The black swan came unexpectedly, and when I woke up and saw it, I thought Trump had sacrificed himself!

It should be Trump announcing a 100% tariff increase on China starting November 1st.

⚡OKEN2049 WEB3 CYBER NIGHT⚡

Presented by Cyber Charge, proudly co-hosted by HashEpoch

📅September 30, 2025 · 7:13 PM – 12:19 AM

📍Cathay Cineleisure, 8 Grange Road, #08-01, Singapore

🌌A night of connection, vision, and celebration for the Web3 community.

✨Highlights:Exclusive NFT collectible giveaways (incl. BAYC trend toys)

💎Unlock 100 Lububu rewards
🎁Airdrops + red envelope surprises
🎤Keynotes / Trendy Toy Auction / DJ Hologram Show
🎲Interactive leaderboard & luxury raffle

Music × Art × Gaming × Web3 — an immersive night designed for builders, investors, and bold players shaping the future.

Really awesome! This is the structure! @PlasmaFDN XPL!

For all small contributors, users who participated in the presale and passed KYC, we sent 1WU tokens!

Plasma is the most structured Chain I have seen this year, no doubt about it!

This surprise was truly unexpected~~
Awesome $XPL Awesome @PlasmaFDN
#币安HODLer空投XPL