Market volatility is intense, with a total liquidation of $376 million across the entire network in the past day. Long positions lost $228 million, and short positions lost $149 million. Both BTC and ETH longs suffered heavy losses, with longs hit harder. Over 120,000 accounts were wiped out within 24 hours, reminding contract traders to exercise caution.

【ChainWen】Is Ethereum spot ETF finally breaking through? After several weeks of continuous sell-offs and panic selling, the situation has started to improve recently. Data from December 12th shows that funds are beginning to flow back in modestly, and the number of redemptions has noticeably decreased.
If this momentum can be maintained and truly turn into a net inflow, the demand for ETH could improve significantly before the end of the year. After all, the guiding role of institutional funds is quite evident; if inflows continue to improve, market confidence will also follow.

【Chain Wen】The mysterious whale who precisely shorted during the market flash crash on October 11 has recently made a big move.
Starting 9 hours ago, this player has been疯狂 adding to ETH long positions. The holdings went from 120,000 to 140,000 ETH, an increase of 20,000 ETH. At the current price, this position has grown to $453 million. The opening average price was $3,179, with an unrealized profit of $8.33 million on the books.
What’s even more aggressive is the operation at 4 a.m.: a long position of 100,000 SOL (136.2 million USD) + 958 BTC longs (886.5 million USD), throwing in a total of 100 million USD in one go. The SOL position has earned $60,000, and the BTC unrealized profit is $910,000.
Currently, this whale’s total holdings amount to $556 million. The total unrealized profit on the books is $9.3 million.
From a flash crash short to an all-in long, this reverse move is quite fierce. The market’s biggest concern now is: at which point will he take profits and exit?

Solana has partnered with Blockworks to launch the Lightspeed IR investor relations platform, aimed at serving major players such as liquidity funds, institutional asset management, and family offices. The platform offers high-quality on-chain data, research reports understandable by institutions, and IR tools to help projects and investors bridge the information gap and attract more institutional funding.

【Blockchain Rhythm】At the December 11th Breakpoint conference, Solana co-founder Anatoly popped up and said quite straightforwardly—Want to survive? Then honestly do what users want.
His focus is very clear: stablecoins. According to his estimate, in the future, 1 to 10 trillion dollars' worth of stablecoins will flood onto the chain. This is just the appetizer; behind it, there are about 500 trillion dollars' worth of global assets waiting to be tokenized and brought onto the chain.
Interestingly, Toly's perspective on this matter is quite unique. He believes that the property rights protections implemented by public blockchains and cryptography are not at odds with Wall Street’s free-market capitalism—in fact, they complement each other. Using code to patch vulnerabilities and risks in the system, then enabling the financial system to run faster and expand more broadly.
In his view, stablecoins are not here to undermine the dollar's dominance; they are tools to help expand the dollar’s territory. As for L1 public chains, especially

【Blockchain Rhythms】Alliance DAO co-founder QwQiao recently stated: If anyone believes that their carefully selected Layer 1 token portfolio can outperform stock indices over the next decade, he's willing to take that bet.
It sounds bold, but his reasoning is worth pondering. Many people have a persistent belief — growth equals earning money, and earning money equals rising token prices. Is that really the case?
Just look at history. Airlines see annual passenger volume explode, but profits are painfully thin; the restaurant industry opens new outlets quickly, but closures happen even faster. Conversely, some established companies experience stagnant growth, but they raise prices and still quietly make money.
What about the blockchain track? QwQiao's judgment is straightforward: growth certainly exists, but fierce competition will push profits down to rock-bottom levels. This isn't a red ocean battle like in the restaurant industry, but it's definitely not a market where a few giants sit back and win effortlessly. Layer 1s are now competing fiercely over technology, over innovation.

【区块律动】Circle的CEO Jeremy Allaire最近在Solana Breakpoint上透露了个挺实用的东西——他们要在Solana链上搞一个叫Circle Gateway的新玩意儿。
这个Gateway最核心的能力是什么呢？就是能让你的USDC余额在不同链之间实现即时访问。简单说，以后你可能不用再为了跨链转USDC而等半天，也不用在各个链上分散管理余额了，统一的USDC账户直接跨链调用。
对于经常在多链环境下操作的用户来说，这功能确实解决了不少痛点。毕竟现在DeFi生态越来越碎片化，能有个统一入口管理稳定币流动性，效率上肯定能提升一截。就看上线后实际体验怎么样了。

【Blockchain Rhythm】This afternoon, AIA suddenly plummeted, dropping over 40% at its lowest point, and the latest price hovered around $0.152.
The incident was triggered by a major exchange deciding to delist this coin's perpetual contracts. According to the announcement, all AIAUSDT perpetual positions will be forcibly closed at 8:15 PM tonight, and after automatic settlement by the system, it will be completely delisted. Once the news broke, users holding positions began panic selling, causing the market to instantly lose momentum.
Such slippage effects caused by contract delisting are not uncommon in the industry; after all, once liquidity is withdrawn, prices tend to slide like a roller coaster.

【Blockchain Rhythm】 Recently, a DeFi platform's trading competition has been quite intense, with the top spots not only showcasing massive trading volumes but also quite substantial profits.
The most eye-catching is the address 8wxZY, currently ranked third — with a principal of $4,600 rolling over 90 days, earning over $40,000, nearly a 9x return. This kind of operation is impressive wherever you put it.
Looking at the top spot, 7yPGK, with a principal of $140,000, achieved $1.2 billion in trading volume in 60 days, netting around $120,000. The second-place address, 7uoQf, is even more outrageous — starting with $10,000 over 120 days, ending up with $32,000.
Currently, the ranking algorithm mainly considers actual trading volume and profit performance. Some traders who withdraw their tokens are temporarily excluded from the statistics. Additionally, there are specialized on-chain data tracking tools available for this platform, capable of monitoring trader addresses, following trades, and even accumulating platform points — wonder if there will be any new features in the future.

DOGE has recently shown weakness, with the 4-hour chart continuing to decline. The increase in trading volume indicates obvious selling pressure. The technical outlook is not optimistic, with MACD in a bearish advantage and short-term moving averages exerting significant resistance. You can monitor the buy zones at 0.13 and 0.1365. Going long requires setting a stop loss at 0.13808; short positions should set a stop loss at 0.1509. Support is at 0.1372, resistance at 0.1503, and chasing longs should be cautious.

Bhutan is currently implementing gold tokenization, using Matrixport's technology support to launch gold tokens (TER), aiming to enable the public to hold gold assets through digital wallets. This marks the upgrade of asset tokenization from corporate experiments to national applications, demonstrating the potential of the RWA track.

A T-Rex fossil dating back 69 million years is stored in a vault in Singapore, and this rare collection has attracted investors from the crypto circle. Wintermute co-founder Yoann Turpin and partners invested $5 million to acquire it, demonstrating a trend among the wealthy to shift towards physical collectibles after the decline in digital asset popularity.

Today the market experienced intense volatility, with several mainstream coins dropping significantly, such as AUDIO down 16.28%, LRC down 26.21%. AAVE, ASR, and AVAX also hit new lows, and market panic sentiments are evident. However, FIS bucked the trend, rising 12%, showing a divergence in the market.