Core Viewpoint - The recent turmoil surrounding a U.S. crypto market-structure bill has negatively impacted the stock prices of Coinbase Global Inc and Robinhood Markets Inc, raising concerns among investors about the future of crypto regulation in the U.S. [1][2] Group 1: Impact of the Draft Bill - Coinbase CEO Brian Armstrong criticized the latest Senate Banking Committee draft, stating it would effectively ban tokenized equities, impose extensive DeFi surveillance, and shift authority from the CFTC to the SEC, which he believes would harm the crypto market [2][7] - The Senate Banking Committee has paused the markup of the legislation, with Committee Chair Sen. Tim Scott indicating that discussions will continue, while industry leaders express disappointment over the legislative gridlock [3][5] - A Galaxy Research note suggests that the chances of a bipartisan bill being passed are only 25%, warning that failure could delay comprehensive regulation until 2027 [4] Group 2: Importance of the Bill for Coinbase - The market structure bill is critical for Coinbase as it will determine whether the company can operate under clear regulations or continue facing case-by-case enforcement challenges [6] - A more constructive version of the bill could clarify asset classifications, create licensed pathways for crypto exchanges, and reduce regulatory risks, potentially benefiting Coinbase's revenue streams [8] Group 3: Importance of the Bill for Robinhood - For Robinhood, the bill is essential for fully integrating crypto into its brokerage services, as a clear federal framework could harmonize regulations and allow for compliant pathways for staking and tokenized equities [9] - Robinhood CEO Vlad Tenev criticized the legislative gridlock, emphasizing the need for rules that protect consumers and foster innovation [5] Group 4: Stock Performance - On Thursday, Coinbase shares closed down 6.48% at $240.65, while Robinhood shares fell 7.79% to $111.97, although both companies saw slight recoveries in after-hours trading [13]

Core Viewpoint - The article discusses the evolution of trust in financial transactions, highlighting the shift from centralized systems to decentralized blockchain technology, exemplified by Bitcoin, which aims to establish trust through code rather than intermediaries [3][24]. Group 1: Blockchain Technology - Blockchain technology allows for a decentralized ledger where transactions are recorded transparently, making it difficult to alter past records, thus enhancing trust among users [5][7]. - The mechanism of "proof of work" incentivizes miners to validate transactions by solving complex mathematical problems, ensuring a fair and secure method of record-keeping [8][10]. - The UTXO model in Bitcoin tracks every unspent transaction output, providing clarity on the flow of funds, akin to physical cash management [10][12]. Group 2: Web3.0 and Digital Assets - Web3.0 aims to give users control over their data, utilizing blockchain as a "notary" to prevent arbitrary data manipulation by platforms [14][19]. - NFTs serve as digital certificates on the blockchain, ensuring ownership and provenance of digital assets, which remain secure even if the hosting platform fails [15][17]. - Decentralized finance (DeFi) eliminates the need for traditional banks by allowing users to lend and earn interest on cryptocurrencies through smart contracts, although this comes with significant risks [17][19]. Group 3: Challenges and Future Outlook - Current blockchain systems face scalability issues, with Bitcoin processing only seven transactions per second compared to traditional systems like Alipay, which can handle hundreds of thousands [21]. - Regulatory discrepancies across countries pose challenges for the global adoption of cryptocurrencies, potentially slowing the reformation of trust mechanisms [23]. - The article raises questions about the future of trust in a digital world, suggesting a shift from trusting individuals to trusting mathematics and code, with the reliability of this new trust model still uncertain [26].

Group 1 - Bitcoin briefly surpassed $90,000, indicating a potential breakthrough after missing the "Christmas rally" that boosted the stock market to new highs [1] - Bitcoin's price increased by 3.1% to $90,200 but later narrowed to a 0.3% gain at $88,000 by the time of reporting [1] - The broader cryptocurrency market has not recovered from a sell-off that began in October, during which approximately $19 billion in leveraged positions were liquidated [4] Group 2 - Market sentiment is showing early signs of change, with increased demand for long positions in the perpetual futures market, as indicated by the highest funding rate since October 18 [7] - Grayscale's report anticipates 2026 as a pivotal year for the "institutional era" of crypto, driven by rising macro storage demand and significant regulatory improvements [7] - The report predicts Bitcoin could reach new highs in 2026, with potential for asset tokenization to grow by 1000 times by 2030 [7] Group 3 - Bitwise's CIO suggests Bitcoin may achieve steady but not explosive returns over the next decade, with lower volatility compared to previous cycles [8] - Fidelity's macro research head indicates Bitcoin may have completed its current four-year halving cycle, with October's peak of $125,000 possibly marking the cycle's top [8] - Historical patterns suggest "Bitcoin winters" last about a year, with 2026 potentially being a "year of consolidation" [8]

Core Insights - The cryptocurrency market is experiencing a quieter Christmas compared to previous years, with Bitcoin (BTC) fluctuating between $85,000 and $90,000, and Ethereum (ETH) showing a decline from its previous highs [2][3] - A survey conducted over a month gathered insights from various participants in the crypto community, focusing on their investment experiences and reflections on the past year [3][4] Group 1: Survey Demographics - Over 60% of survey respondents have been in the crypto space for more than three years, indicating a predominance of experienced investors [5] - Newer investors, defined as those with less than three years of experience, make up approximately 38% of the respondents, suggesting a decline in new market entrants [6] Group 2: Investment Performance - More than 57% of respondents reported making a profit, with 17.2% achieving over 50% gains and 39.7% seeing gains between 0-50% [8] - Approximately 27% of participants experienced losses, with 12.1% facing significant losses of over 50% [8] Group 3: Profitability by Sector - Meme coins remain a popular and profitable investment, with about 34% of respondents indicating they earned profits primarily from this sector [10] - Mainstream cryptocurrencies like BTC, ETH, BNB, and SOL accounted for profits for around 26% of investors, reflecting their performance during the year [10] - DeFi projects attracted about 16% of respondents as a source of profit, while 12% reported earnings from airdrop interactions [10] Group 4: Losses by Sector - Approximately 28% of investors reported significant losses in meme coins and altcoins, highlighting their high-risk nature [14][15] - Contract trading resulted in losses for about 26% of participants, which is lower than expected given the volatility of the market [14] - NFT and GameFi projects were also significant sources of losses, with around 22% of respondents indicating they suffered due to these investments [14] Group 5: Reflections on Losses - About one-third of respondents attributed their losses to not cutting losses in time, a common issue among crypto investors [16] - Over 45% of participants cited slow reactions, conservative trading, or following market trends as reasons for their losses [16] Group 6: Future Outlook - The most promising sectors for 2026 include Real World Assets (RWA), AI, and meme coins, with RWA being mentioned by 31% of respondents [22][23] - Many participants advocate for a dollar-cost averaging strategy, particularly in BTC, as a sound investment approach [24]

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Partnerships & Integrations - Pendle 将集成至 Unichain 网络 [1] - Pendle 已桥接多个 Principal Tokens (PTs)，为 Unichain 释放了一种全新的链上收益基础设施 [1] DeFi Ecosystem Expansion - Unichain 上将有更多的 DeFi 应用 [1]

XRP Ecosystem & DeFi - Hex Trust launches Wrapped XRP (wXRP), a 1:1-backed representation of native XRP [1] - wXRP is issued on LayerZero OFT Standard to unlock DeFi utility [1] - The initiative aims to expand XRP's utility across multiple blockchains [1] - Solana is the initial blockchain for wXRP deployment [1]

Partnerships & Integrations - Pendle is integrating with Unichain, bringing Principal Tokens (PTs) to the platform [1] - This integration introduces a new category of on-chain yield infrastructure to Unichain [1] DeFi Ecosystem Expansion - The integration of Pendle aims to enhance the DeFi offerings on the Unichain blockchain [1]

Project Overview - StarkWare 启动一个研究性质的 Starknet 交易协会，旨在提升 Starknet DeFi 生态系统 [1] Target Audience - 目标用户为活跃的 DeFi 用户，包括交易员、收益耕作者、机器人运行者和高级用户 [1] Objectives - 旨在改进 Starknet 的工具、基础设施和用户体验 (UX) [1] Call to Action - 邀请符合条件的用户加入 Telegram 群组，以帮助改进 Starknet [1]

DeFi Platform Overview - Bluefinapp is emerging as a significant DeFi platform on the SuiNetwork [1] - Bluefinapp's Total Value Locked (TVL) reaches $144 million, ranking it among the top DeFi platforms on Sui [1] - Bluefinapp offers perpetuals trading with up to 50x leverage [1] Token Analysis - $BLUE token is nearly one year old [1] - $BLUE token has a market capitalization of approximately $14 million [1] - $BLUE token is listed on most tier-one exchanges [1]