Tom Lee, Chairman of BitMine, stated in an article on the X platform that many institutional investors typically exit the market during the final holiday trading period of the year, shifting market dominance to algorithmic and bot trading programs. This, coupled with year-end selling driven by tax avoidance needs, contributes to the market dynamics in the last few days of December. Previously, when BitMine disclosed its purchase of 44,463 ETH last week, Lee also pointed out that as the year-end holidays approach, overall market activity tends to decline, and tax-avoidance selling can exert temporary downward pressure on cryptocurrency and related stock prices. This impact is typically most pronounced between December 26th and December 30th, and BitMine is adjusting its market strategy based on this seasonal characteristic.

Trader CBB posted on the X platform that people spent months promoting a certain token, but the token's valuation failed to break $3 billion within 24 hours of its launch after being fully diluted, and he called the token a pure junk coin.

According to Onchain Lens monitoring, Bitmine (@BitMNR) has staked an additional 118,944 ETH, worth $352.16 million. Currently, Bitmine has staked a total of 461,504 ETH, with a total value of $1.37 billion. In addition, a newly created wallet received 32,938 ETH from FalconX, worth $97.8 million; this address likely belongs to Bitmine.

According to Ember Monitoring, the Trump deployment address (5e2qR...r5G7) transferred 94 million USDC to Coinbase over the past three weeks. This USDC originated from a sale of Trump liquidity on Meteora. Both Trump and MELANIA tokens primarily cash out through one-way liquidity sales, ultimately converting into USDC and flowing into Coinbase.

According to AI's monitoring, a whale that accumulated 8,550 ETH at an average price of $2,991 a week ago has begun to reduce its holdings. Ten hours ago, this address (0x237B...6aAb) deposited 3,000 ETH into Binance, worth approximately $8.93 million. Selling these would result in a loss of $43,000. Currently, this address still holds 5,550 ETH from its position established last week, with a floating loss of $46,000. The wallet still holds a total of 22,981 ETH.

Delin Holdings issued an announcement stating that on December 29, 2025, its 70% owned subsidiary, Delin Securities (Hong Kong) Limited, received conditional approval from the Hong Kong Securities and Futures Commission (SFC) to provide virtual asset trading services under an integrated account arrangement. The announcement indicated that this approval is subject to certain conditions imposed on Delin Securities' existing Type 1 (Securities Dealing) regulated activity license. Delin Securities accepted the relevant conditions on the same day and will officially commence virtual asset trading services upon receiving formal approval from the SFC. Furthermore, Delin Holdings stated that it is continuously advancing the upgrade of Delin Securities' Type 4 (Advising on Securities) regulated activity license. The relevant application is currently in the final approval stage by the SFC, and a further announcement will be made upon obtaining approval. Possibly influenced by this, Delin Holdings' share price briefly surged by over 20%, currently trading at HK$2.290.

The Federal Reserve has cut interest rates three times in 2025, the latest on December 10th, lowering the federal funds rate range to 3.5%–3.75%. However, the latest policy projections indicate that despite interest rates remaining at their highest levels since 2008, there may only be room for one more rate cut in 2026. The significant internal disagreement within the Fed regarding the interest rate path is creating continued uncertainty for the Bitcoin and crypto markets. The report points out that the Fed's "dot plot" released in December 2025 shows policymakers with differing views on the 2026 interest rate outlook, with roughly equal numbers of officials expecting no rate cuts, one or two cuts. This divergence leaves the market without clear guidance as it enters 2026. Current median forecasts show interest rates around 3.6% at the end of 2025 and around 3.4% at the end of 2026, implying only one rate cut next year. From a market expectation perspective, CME Group data shows that investors anticipate only about a 20% probability of the Federal Reserve cutting interest rates by 25 basis points at its January meeting, while the probability of a rate cut at the March meeting has risen to about 45%. Analysts generally believe that the labor market, inflation trends (especially the impact of tariffs), and overall economic growth will remain key variables influencing policy direction. Furthermore, the uncertainty surrounding the selection of the new Federal Reserve Chairman, Jerome Powell, whose term ends in May 2026, is also considered a potential variable. Some analysts believe that the new leadership may continue a gradual easing path, thus providing support for risk assets in the medium to late stages. Regarding industry perspectives, some researchers predict that if the job market continues to weaken, even with a temporary rebound in inflation, the Federal Reserve may still implement two rate cuts in 2026; however, a pessimistic scenario exists where inflation rises again, forcing a halt to rate cuts and liquidity injections, which could put significant pressure on stocks and crypto assets. The report concludes that compared to the market's previous optimistic expectations of a "full dovish turn," the Federal Reserve's current more cautious stance is weakening the recovery momentum in the crypto market. However, in the medium to long term, expectations of declining interest rates and leadership changes may still provide temporary benefits to high-risk assets such as Bitcoin. (Cointelegraph)

As 2026 approaches, crypto investors will face a drastically different tax environment. Several digital asset tax experts point out that new regulations and reporting rules will make the 2026 tax season (corresponding to 2025) a "high-difficulty hurdle," and investors may face compliance risks without advance planning. The report indicates that the most significant change is the implementation of Form 1099-DA. Starting in 2025, US brokers will be required to report crypto asset disposal information to the IRS, and this form will enter the taxpayers' field of vision on a large scale for the first time in 2026. Since initial reports will primarily focus on "total transaction amount" and may not include cost price, if investors fail to accurately declare costs, the system may default to "zero cost," triggering automatic inquiries. Furthermore, the tax approach will shift from the previous "uniform pool" accounting to calculating costs separately for each wallet and account. This means that assets from different exchanges and different self-custodied wallets can no longer be mixed for calculation, and the collation and reconstruction of historical transaction records will become a one-time but massively labor-intensive task. Users with multiple accounts and frequent participation in DeFi face particularly complex challenges. Forbes also summarized other key considerations, including: multi-platform users need to integrate various 1099-DAs with on-chain data themselves; tax professionals with crypto experience are scarce, so early appointments are advisable; current laws do not apply to stock "wash trading" rules for crypto assets, but related legislation may change this; de minimis tax exemption has not yet been legislated; the tax attributes of DeFi lending and tokenized instruments need to be determined on a case-by-case basis; large crypto asset donations typically still require compliance assessment reports. The report cites industry insiders as saying that 2025 will be a true "watershed" year for crypto tax rules, with their impact becoming most apparent in 2026. Preparing records and understanding new rules in advance, and collaborating with tax advisors familiar with digital assets, will be crucial for investors to avoid compliance risks. (Forbes)

According to Foresight News, Tom Lee, Chairman of BitMine, shared insights on social media regarding the typical market behavior during the holiday trading days at the end of the year. Lee noted that many institutional investors tend to temporarily exit the market during this period. The market is primarily influenced by quantitative programs and trading bots, as well as tax-related stop-loss selling. These elements characterize the market operations in the final days of December.

1. CBB: A certain token's market capitalization didn't reach $3 billion within 24 hours of listing, making it a worthless coin; 2. CZ: If the current pace continues, Pakistan could become a global crypto leader within 5 years; 3. Tom Lee: Year-end holidays see institutional withdrawals, algorithmic trading and tax-avoidance sell-offs dominate the market; 4. Coinbase will launch spot trading for Lighter (LIGHTER); 5. Market Analysis: The Fed meeting minutes release cautiously dovish signals; 6. Fed meeting minutes: Participants generally expect economic growth to accelerate in 2026; 7. Meta's acquisition of Manus AI may reach $2.5 billion; 8. US prosecutors oppose adopting the DeFi Education Fund's opinion, the Ethereum MEV case may be retried; 9. The UK plans to implement a comprehensive regulatory framework for crypto assets by October 2027; 10. Strategy executive: Increasing BTC holdings is beneficial to shareholders, seeking untapped capital to grow digital credit demand; 11. Stable 12. Data: Global institutional cryptocurrency treasury holdings surpass $185 billion, with corporate holdings accounting for 73%; 13. DeBot announces full compensation for $250,000 loss due to data breach at its Japanese data center; 14. Opinion: The Federal Reserve will release policy meeting minutes, market liquidity is low and sentiment is pessimistic; 15. Trust Wallet: Will voluntarily compensate users affected by wallet security incidents; 16. Mogo renames itself Orion Digital Corp. and expands its Bitcoin treasury reserves; 17. Federal Reserve meeting minutes: Most participants support a December rate cut; 18. Federal Reserve meeting minutes: Significant disagreement, most believe interest rates can fall as inflation declines; 19. Russian Ministry of Justice proposes penalties for illegal cryptocurrency mining, with a maximum of 5 years imprisonment; 20. ElizaOS founder Shaw's X account is unblocked, ELIZAOS rises over 150%; 21. WSJ: Institutions are bullish on Bitcoin. The prediction of an increase in 2025 did not come true.

Looking back at the end of 2025, the crypto industry has undergone a silent yet dramatic "supply-side reform".

Jinse Finance launches its daily cryptocurrency and blockchain news bulletin, "Jinse at 8 AM," issue 2925, providing you with the latest and fastest news on the digital currency and blockchain industry.

On December 17, 2025, the bell rang at the Hong Kong Stock Exchange, marking the listing of HashKey Group, Hong Kong's first licensed digital asset trading platform.

Jinse Finance launches the "Jinse Web3.0 Daily," providing you with the latest and fastest news on MEME, DeFi, DAO, NFT, and the metaverse industry.

What seems like a land of opportunity is actually fraught with peril, with the real hurdles lying in one's understanding. Rather than being led astray by narratives, it's better to safeguard your own circle of competence, lower your expectations, and patiently wait for the right opportunity.

With President Trump's return to the White House in January, the regulatory environment has begun to change, and many foresee new opportunities in 2025.

Looking back at 2025, the core characteristics of the crypto market are the externalization of pricing frameworks and the deepening of channel competition.

For the global stablecoin industry, 2025 can be described as a year of rise but also one of constant ups and downs. As 2026 approaches, let's take a look back at the development of the stablecoin market in 2025.

A16Z, Artificial Intelligence, Crypto Market, a16Z: These 21 Major Future Trends Are About to Explode (Golden Finance), a16Z's Key Trends for 2026

Recommended reading tonight: 1. Grayscale: Crypto growth stalled in Q4 2025, but privacy tokens shone; 2. Dragonfly Partner: 25 predictions across 6 categories for crypto trends in 2026; 3. What does the market look like in the eyes of major institutions?