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On January 2, 2026, the cryptocurrency market faced a "liquidation waterfall": Bitcoin plunged from $89,000 to $87,000 in the early morning, currently priced at $88,000, with a total liquidation amount reaching $121 million in 24 hours, affecting nearly 164,000 people, marking the worst record of the month; total contract liquidations across the network exceeded $200 million, with the largest single position of $5.85 million vanished. On-chain data indicates a cold winter: Bitcoin fell 22% in December, marking the worst single month since December 2018; Standard Chartered has halved its 2026 BTC target from $300,000 to $150,000. However, Bithumb revealed that 2.6 million dormant accounts hold $200 million in assets, with some inactive for up to 12 years, and certain returns exceeding 610 times, highlighting the extreme case of "hoarding is justice." Amid market panic, 10x Research pointed out: option volatility has narrowed, leverage remains high, and while the surface appears calm, undercurrents are stirring, with January possibly ushering in a turning point. In summary: After the big shock, whether it’s hibernation or spring revival will depend on the dual inflection points of liquidity and regulation.

Gold: Annual increase of approximately 70%-73% (historical high in USD)
Silver: Annual increase of approximately 150%-169% (historical high)
Platinum: Annual increase of approximately 160%-172% (historical high)
Palladium: Annual increase of approximately 124% (3-year high)
BTC annual increase of approximately -8% (digital gold 😂😂😂)

This year's cryptocurrency circle has become a joke $BTC

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Price Flash Crash: Bitcoin plunged below $89,000 at midnight, hitting a low of $88,300, with a 24-hour decline of about 4.17%, reaching a new low since August; Ethereum also fell below $3,200, with a maximum daily drop exceeding 7%, while major altcoins fell by over 5%. Liquidation Carnage: Over 210,000 people were liquidated across the network in the past 24 hours, with a total liquidation amount of approximately $1.09 billion, marking the worst record of the month, including $816 million in long position liquidations, with the largest single liquidation reaching $18 million. Macroeconomic Triggers: Expectations for a Federal Reserve rate cut have dropped sharply, the dollar index has strengthened, and institutional investors concentrated their selling above $100,000, leading to short-term plunges due to profit-taking. Regulatory Dynamics: Binance will delist five tokens—GFT, IRIS, KEY, OAX, and REN—on December 10, and shut down related trading pairs, triggering a price drop of 30%-37%. Institutional Voices: Galaxy Digital founder Novogratz stated that Bitcoin may bottom out at $80,000, with hopes of returning to $100,000 by the end of the year, but short-term high leverage liquidations have not yet ended! $BTC

On November 28, 2025, South Korea's largest cryptocurrency exchange Upbit was hacked for approximately $36 million (corrected to 445 billion won), becoming the largest security incident on an Asian platform this year. The hacker precisely targeted the hot wallet on the Solana blockchain, transferring 24 types of tokens in a single transaction, including SOL, USDC, BONK, JUP, PYTH, RENDER, ORCA, and other star assets, indicating a deep understanding of the internal architecture. Upbit immediately suspended deposits and withdrawals, transferred the remaining assets to a cold wallet for isolation, and promised to fully compensate users with its own funds, stating that the stolen losses would not affect user balances. On-chain monitoring shows that some of the stolen funds have already flowed into exchanges like Binance, and South Korean police and financial regulatory authorities have entered Upbit's headquarters for investigation, which is expected to continue until December 5. Notably, this is the second time Upbit has been hacked on the same day, November 27, in six years — in 2019, it suffered a loss of 342,000 ETH on the same day, confirmed to be carried out by North Korea's Lazarus Group. CryptoQuant's CEO pointed out that the technical difficulty of this attack is extremely high, stating, "No one except North Korea's Lazarus can achieve this." Despite the huge losses, Upbit's net profit for the first quarter is approximately $200 million, which means it can earn back the stolen amount in two weeks. The platform has promised compensation and continues to advance its $10.3 billion merger with Naver and its IPO plan in the U.S. This incident once again reminds us that exchange security remains a pain point in the industry, and users should enable cold wallets or choose multi-signature platforms to avoid concentrating assets in hot wallets. $BTC

On the morning of November 26, Trump announced on social media: The Russia-Ukraine peace agreement is 'very close to being reached', with the core terms compressed from 28 points to 19 points. Kyiv has tentatively agreed to the framework, with only key details such as territory and NATO status awaiting approval from the two presidents. The market sensed a turning point: gold instantly plunged by $30, and U.S. crude oil fell below $58 per barrel, with risk-averse sentiment rapidly cooling. For the crypto circle, this is one of the biggest 'uncertainties'. Over the past three years, the Russia-Ukraine conflict has continuously injected risk premium into BTC—now that peace is in sight, the premium may be quickly withdrawn. On-chain data shows that privacy coins ZEC and XMR, which are linked to the war, plunged 7% first, with a surge in Bitcoin futures short positions and an increase in bearish positions in options. Historical patterns show that geopolitical easing is often accompanied by a 'sell the fact' pullback in risk assets. However, significant tremors also create opportunities: if a final signature is reached, European natural gas and food prices may decline, global inflation expectations may be lowered, the Federal Reserve's space for interest rate cuts may open up, liquidity turning points may arrive early, and the crypto market may replicate the liquidity frenzy after the 2020 QE. Conversely, if negotiations break down and conflicts escalate, gold and BTC will rebound simultaneously. $BTC

Information asymmetry is profit. On-chain data, unlocking calendars, large real transactions, audit reports, are shared first in small Telegram groups and Spaces chat rooms; by the time you see it on Weibo, the price difference has already been eaten clean by arbitrage bots. Performance determines the seat: James blew up a billion, yet there are still people following his trades, because on-chain addresses do not lie. The community also provides resources: exchange IEO white lists, project party angel round quotas, free reviews from audit companies, all are mutually promoted within the group. In contrast, scattered individuals have neither the source of information nor the trust endorsement, and can only rely on K-line late awareness. Therefore, first sell time to the community: join high-quality social groups, publicly share small real transactions, exchange sharing for early knowledge, and then use early knowledge for compound interest. Ability determines the lower limit, community determines the upper limit; in the crypto world, connections are leverage, and trust is the alpha $BTC $ETH .

Price: Bitcoin has rebounded about 10% from the previous low of $80,636, currently reported at $88,643, with a 24-hour increase of 2.34%, but still in a weak recovery on the daily level. The first resistance is at $90,000, with strong resistance at $95,000. Funds: Last week, there was a net outflow of $33.7 million in global cryptocurrency ETPs, with $21 million outflow from Ethereum ETPs, and institutional short-term allocation willingness remains strong. Macro: The probability of the Federal Reserve cutting interest rates in December has dropped to 52.7%, Tether has issued an additional $3 billion USDT, and $5.6 billion in leveraged positions were liquidated within 4 hours, with the market still in a high volatility state. Tokens: SAND surged 70% in a single day, becoming a highlight among altcoins; PNUT is affected by large whale holdings, causing short-term volatility to intensify. Policy: French users are banned from accessing Polymarket, and regulatory uncertainty continues. $BTC $ETH

Market and Macro This morning, BTC briefly rose above $87,000, and by noon it fell below $86,000; over 110,000 people were liquidated in the past 24 hours across the network. Macro: New York Fed President Williams is dovish, with interest rate futures betting on a 70% chance of a rate cut in December; however, Boston Fed President Collins stated that a rate cut in December is not guaranteed, increasing the divergence. Products and Regulation Grayscale launched the DOGE/XRP Trust ETF on the NYSE Arca; the Singapore Exchange's derivatives department introduced BTC/ETH perpetual contracts; Binance will support the Ethereum upgrade on November 26 and suspend ETH deposits and withdrawals. Risks and Warnings BTC once reached $126,000 this year before pulling back to around $80,000, with short-term attention on the $80,000 support; increased volatility, pay attention to positions and risk control. $BTC $

The crypto market suddenly crashed. What does it have to do with Nvidia? The answer lies in the 'discount rate' and 'liquidity'. On November 19, Federal Reserve officials hinted at 'uncertainty in rate cuts in December', the US dollar soared, and US Treasury yields jumped, directly raising the global risk asset 'discount rate'—highly valued technology, AI, and crypto were the first to be affected. Nvidia is the anchor for AI valuations; its stock price had already reflected the 'hundred times PE' expectation before its earnings report. When the rate cut expectations suddenly dropped, institutions quickly reduced high Beta positions, forming a sell-off chain from 'US stocks → AI concepts → crypto'. More directly, there is liquidity: global funds are withdrawing from ETFs and leveraged markets, Bitcoin ETFs have seen consecutive net outflows, while AI concept tokens (like NEAR, FET) generally fell more than 15%, plunging in sync with Nvidia futures. In short, Nvidia is the thermometer of AI belief, the Federal Reserve is the water flow switch; when both tighten, the high Beta tail of crypto gets firmly pinched. Don't catch the flying knife yet; wait for the discount rate to drop and TGA to spend money, then we can talk about bottom fishing. $BTC

Market plummets sharply: BTC once reached $80,553, ETH fell below $2,700; cumulative decline in November is about 25%, potentially the worst single month since 2022; over $2 billion in liquidations across the network in 24 hours. Leverage and institutional movements: CME BTC futures fell 9.52% weekly to $85,245; ETH futures fell 11.62% weekly; spot ETF saw a net outflow of about $11.65 million in two days, with deleveraging continuing. Macro disturbances intensify: The Federal Reserve signals a "hawkish rate cut", the dollar strengthens, putting pressure on risk assets; South Korea plans to criminalize insider trading in cryptocurrencies, with penalties of up to three times the fine and one year in prison. Market outlook: If BTC drops below $80,000, it may test the range of $73,000–$82,000; sentiment remains fearful, with a focus on risk control in the short term!

On November 21, Bitcoin once dropped below $86,000, reaching a low of $85,993.60, with a daily decline of over 4%; it has fallen more than 30% from the October high of $126,250, losing all gains for the year. During the same period, Ethereum dropped over 5%, and market sentiment weakened. In the past 24 hours, approximately 227,000 contracts were liquidated across the network, amounting to over $830 million, with long positions accounting for about 84%; options indicate increased demand for protection in the range of $85,000 to $82,000, suggesting short-term volatility may intensify. The main reasons for the decline include: cooling expectations for Federal Reserve rate cuts, strengthening of the dollar, and sell-offs in U.S. tech stocks; whales have cumulatively reduced their holdings by over $20 billion since September, reinforcing the narrative of deleveraging during the 'four-year cycle.' Institutions warn that if it stays below $100,000, it may test the $74,000 level. $BTC $ETH

"Brother Ma Ji" has become a new negative example in the cryptocurrency circle. According to Sina Finance, from September to November 2025, he surfed with high leverage on the Hyperliquid platform, and within just two months, he was forcibly liquidated 71 times by the system, with total losses exceeding 12 million USD, averaging "eating noodles in the dark" every day. He opened positions with more than 20 times leverage, and as soon as the market moved slightly against him, he was forcibly liquidated, yet he continued to fight back, even borrowing to increase his positions, ultimately leading to a mountain of debt. On-chain detectives discovered that his wallet balance was less than 5 ETH. The community advised him to "reduce leverage and delete the app," but he still posted that "the 72nd time will definitely recover losses." Experts remind: Continuous liquidation is a typical path of gamblers, high leverage = high speed to zero, retail investors should not imitate. The market is risky, and acting according to one's ability is the way to survive. $BTC $ETH

The bear is here, don't run away; opportunities are left for those who are willing to bend down. He pointed out that the TGA account, which has been stagnant for 40 days, is locking trillions of dollars in liquidity into a 'black hole', which is essentially a disguised interest rate hike — this is the main reason Bitcoin fell below 100,000, and also the 'start key' for the next round of liquidity injection. History shows that the foundation of each bull market is laid during bear markets: in 2018, Ethereum perfected DeFi at its low point, in 2022, L2 and zero-knowledge proofs exploded, and now RWA and AI+Crypto are also accumulating energy during the market's cooling period. Star reminds us to reduce positions to a level where you can sleep, invest spare money in BTC/ETH, and replace studying white papers with researching user pain points — build your product well when no one is applauding, and when the liquidity gate opens, you can board the first speedboat. A bear market is not a graveyard; it is a training ground; first learn to survive, then talk about making money. $BTC $ETH

The most representative cryptocurrency, Bitcoin, once saw its price drop below $90,000, triggering market turbulence. This is a profound lesson in risk education: digital assets are not a guaranteed profit, and their prices are easily influenced by emotions and macro factors. Investors should remember—always invest with spare funds, avoid leverage; diversify (such as pairing with stocks and bonds), and never go all-in on a single asset. At the same time, deeply understand the technical principles and market logic, rather than blindly chasing trends. History shows that 90% of short-term speculators ultimately lose money, while rational investors who adhere to 'only investing in projects they can afford to see go to zero' can navigate through cycles. Volatility is the norm of the market, not the exception. This correction reminds us: the core of investing is not predicting ups and downs, but managing risk. Keep learning, respect the market, and you can navigate steadily and far in the digital wave. $BTC $ETH

On November 5, 2025, at UTC 7:48, the Ethereum ecosystem faced a terrifying moment! The decentralized finance protocol Balancer was suddenly hit by a hacker attack, with the attacker exploiting a smart contract vulnerability to steal approximately $116 million in assets, including mainstream tokens like WETH and wstETH. Panic erupted in the market, causing Ethereum's price to plummet, with the intraday decline once expanding to 15%, marking the largest single-day drop since June. On-chain data shows that within one hour after the attack, over 20,000 ETH were urgently withdrawn from exchanges. CoinGecko data indicates that the total liquidation amount of cryptocurrency contracts across the network reached $420 million. The Balancer team urgently paused the involved liquidity pools, but the hacker had already dispersed the funds across multiple chains through cross-chain bridges. This incident exposed security vulnerabilities in DeFi protocols, undermining market confidence in the ETH ecosystem, while Bitcoin fell to around $99,000, with the cryptocurrency market evaporating over $20 billion in market value in a single day.