Currently, BTC's chip concentration is about 11%, which is in the medium to high range, but it has not yet entered the warning zone above 13%. From the perspective of chip structure, this level is not enough to trigger an easily ignited chain reaction, so the probability of extreme market conditions in the short term is not high.

Key Takeaways:
J.P. Morgan Asset Management has launched its first tokenized money market fund, MONY, on Ethereum.
The fund gives qualified investors on-chain access to U.S. Treasury-backed yields via tokens.
The move marks the largest GSIB bank to bring a money market fund onto a public

Hamster Kombat, the "click-to-earn" game that once swept through Telegram, completed one of the largest airdrops in the crypto world in September 2025. However, its market performance has been underwhelming. According to the latest data from Gate platform, as of December 16, 2025, the HMSTR token is priced at only $0.0002, down more than 94% from its all-time high.
This game, which has over 300 million registered users, now has a circulating market cap of only $12.85 million, ranking 896th in the cryptocurrency market. The stark contrast between its massive user base and low market value highlights the challenging path for Web3 gaming projects to convert traffic into value.
01 Phenomenal Beginning: Viral Spread and Community Enthusiasm
Hamster Kombat's rise can be considered a phenomenon within the Telegram ecosystem. It gained popularity through

Late-night US stock trading has closed, but the global investment demand never sleeps. As of December 2025, the world's leading cryptocurrency trading platform Gate has provided users with a rich selection of tokenized stocks and ETFs through its innovative xStocks and Ondo trading zones.
These tokenized assets map stocks of top global companies such as Tesla, Apple, and Nvidia onto the blockchain in a 1:1 full collateralized manner, allowing users to trade USDT just like cryptocurrencies, enabling 24/7 borderless investment.
01 Stock Tokens: Bridging the Gap Between the Crypto World and Traditional Finance
Traditional stock trading is limited by time, geography, and complex processes, but the emergence of stock tokens is breaking down these barriers.
Stock tokens are digital representations of shares of real-world listed companies or E