Gateway to Learning

This report systematically traces the evolution of crypto wallets from private key management tools in the Bitcoin era to becoming the central gateway to on-chain finance. It reviews how successive waves — including DeFi Summer, inscriptions, memes, and on-chain derivatives — have continuously expanded the functional boundaries of wallets, driving their transformation from passive asset management tools into All-In-One on-chain platforms resembling CEXs. The report also analyzes the breakthroughs in wallet monetization across asset issuance, trading, and distribution scenarios.

Looking ahead to early 2026, with marginal improvements in macro liquidity and implied volatility (IV) at relatively low levels, the market may enter a high-level consolidation and accumulation phase. Should trading volume and realized volatility rebound in tandem, BTC and ETH could see a phase-wise upside breakout.

Gate Research: On December 31, the crypto market saw a mild recovery with a slight uptick in risk appetite. BTC and ETH traded on the stronger side of their respective ranges, with BTC consolidating between $88,000–$89,000 and awaiting a directional breakout, while ETH held firmly in the $2,950–$3,000 zone, showing relatively stronger structure as its consolidation phase approaches an inflection point. On the sector front, ELIZAOS, CC, and RECALL posted notable gains driven respectively by AI Agents, RWA institutional partnerships, and AI trading competitions. Structurally, the market cap of tokenized equities reaching new highs and a rebound in ETH staking demand are key positive signals at this stage, though the sustainability of this trend remains contingent on market sentiment and the actual delivery of expected catalysts.