crypto100w

Update date: 2026-01-13 (based on public reports, not investment advice)
One-sentence conclusion
South Korea's regulatory framework is redirecting 'corporate/institutional funds' back into the domestic crypto market: the core is allowing listed companies and professional investment institutions to participate under a clearer compliance framework, but containing risks within manageable limits through '5% (equity capital) cap + only top 20 assets + only five licensed exchanges'. In the short term, it resembles a 'narrative-driven rise in risk appetite'; in the medium term, it depends on how quickly the detailed regulations are implemented and whether bank accounts and compliance procedures are synchronized.

Key Summary:
While the world's attention is focused on U.S. ETF fund flows, the East is quietly launching a trillion-dollar 'liquidity engine'. Japan, once a safe haven for cryptocurrencies, is attempting to reclaim its position as the global Web3 hub through this round of tax reforms. The tax rate has been reduced from 55% to 20%—this is not just a numerical change, but a signal that Asia's capital gates are opening.
I. Introduction: The Overlooked 'Eastern Transformation'
Time Context: January 11, 2026
Market Overview: Bitcoin is oscillating around the $90,000 level, with short-term net outflows observed in U.S. ETFs, as market sentiment searches for a new narrative.

Update Date: 2026-01-08
Disclaimer: This article is for research/educational purposes and does not constitute investment advice. The volatility of crypto assets is substantial; please act according to your own risk tolerance.
What happened: How significant was the 'reversal' in the past two days?
0.1 Key Data (US Spot BTC ETF)
The following is the net outflow for the last two trading days (in US$m; data source: Farside Investors):
2026-01-06: Total Net Outflow -243.2 IBIT +228.7 (Contrarian Net Inflow)
FBTC -312.2 (Major Drag)
GBTC -83.1
Others: ARKB -29.5, HODL -14.4, BTC (Grayscale Mini) -32.7 etc.

Applicable time window: 2025-12-31 to 2026-01-04 (typical market structure for the few days after the New Year)
Disclaimer: The following content is for research/educational purposes and does not constitute any investment advice or profit guarantee; cryptocurrency assets are highly volatile, please execute only with risks and positions you can bear.
1. Phenomenon Review: Why did the 'old meme' move first?
The common combination of moves during these days around the New Year is:
BTC stabilizes/rebounds → Risk appetite warms up → High Beta sectors lead first
Meme coins naturally have high Beta, with significant price elasticity; as long as funds flow back a little, it can easily lead to a 'magnified rebound'.

October reached a historical high → Tariff/export control news → Leveraged liquidations ( >190 billion USD) → Yearly line turns down (first time since 2022).
Statement: This article is for information and risk education only and does not constitute investment advice.
5 points summary
The yearly line for Bitcoin turns down in 2025, widely interpreted as 'BTC being more like a macro risk asset' rather than an independent market.
In the year, BTC surged to a historical high of >126,000 USD in October, but subsequently experienced a significant pullback.
Around October 10-11, the market triggered a 'forced liquidation waterfall' under low liquidity, with cumulative liquidations >190 billion USD, setting a historical record.

Written on 2026-01-01: 2025 is the year of 'full financialization of crypto assets' - regulation begins to be enacted, ETFs move towards mass production, on-chain finance (RWA/DeFi) increasingly resembles the 'new trading layer' of traditional markets, while security incidents and macro shocks push 'risk management' to the forefront.
A table overview first (9 items)
Time (2025) Event One sentence to capture the key point
February 21st Bybit encountered about 1.5 billion dollars theft National-level hackers turned 'exchange security' into a geopolitical issue
May 7th Ethereum Pectra upgrade launched Ethereum continues to bet on a route of 'greater usability + greater scalability'

As the end of the year approaches, you will see these scenes more frequently:
Without major news, BTC can suddenly spike 1% to 3%
Near key integer thresholds, there are repeated 'false breakouts/false breakdowns'
At night and on weekends, 'flash rises and crashes' are more likely to occur
A single spike sweeps away stop losses, and the price goes back as if nothing happened
This is not metaphysics; it is more about the market structure becoming more 'fragile' at the end of the year. You can understand the end-of-year BTC as: the road is narrower, there are fewer cars, but the brakes are more urgent.
Let’s clarify with 'a picture + three forces': why is it easier to experience volatility at the end of the year, and how ordinary people can reduce risk without predicting the direction.

Last night/today, you might have come across a screenshot saying 'BTC dropped to 24,000': a needle directly plunged to the floor, and the next second it returned to over 80,000.
First, let's put the conclusion at the forefront: this is not a complete market collapse of Bitcoin, but rather an extreme 'flash wick' that occurred with a relatively obscure trading pair BTC/USD1 on Binance. It resembles a liquidity incident—but for some traders, it could still be a 'real loss' incident.
In this issue, we will explain thoroughly: why did such an outrageous price of 24,000 occur? Why did it only happen with BTC/USD1? Who will be hurt? How can ordinary people prevent this?

Key Signal: JPMorgan has been reported to be evaluating the provision of cryptocurrency trading services for institutional clients (potentially covering both spot and derivatives), still in the early research phase, ultimately depending on client demand and compliance implementation.
Many people's first reaction to this message is: 'Hasn't Dimon always criticized Bitcoin? Why is he suddenly doing this?'
But if you put it into the framework of 'How Wall Street Makes Money,' you will find: this is more like an inevitable business move, rather than a change in attitude.
Below, I will explain this matter in five parts: 'What Happened → Why Now → How It Might Be Done → What It Means for the Market → What Signals You Should Pay Attention To.'

As the end of the year approaches, the market often exhibits a state of 'looking very calm, but potentially volatile at any moment.' Many times, the real drivers are not in the news, but in the derivatives structure—especially with large-scale options expiration.
Today we will explain in the simplest way possible:
Why does options expiration cause BTC to experience pulling, spikes, false breakouts, or even sudden acceleration in a short period?
1. A one-sentence conclusion
When there are large options positions in the market, two things happen as expiration approaches:
Market makers/hedgers are forced to frequently buy and sell BTC in the spot/futures market (delta hedging) to maintain neutral risk.

If you remember only one sentence: Visa does not allow you to use USDC for card payments, but treats stablecoins as a 'back-end clearing/settlement track,' enabling some banks and financial institutions to settle accounts on-chain with USDC—faster, available 24/7, across weekends and holidays.
This means that stablecoins are transitioning from being a 'medium of exchange in the crypto market' to becoming 'a part of financial infrastructure.'
1. What happened: Visa brought USDC settlement into the U.S. banking system
In traditional card networks, a large number of card transactions occur every day. Ultimately, the issuing bank (Issuer) needs to settle the money to the acquiring bank/acquiring institution (Acquirer) and the clearing account of the network itself. In the past, this step usually relied on the bank transfer system (e.g., batch processing on business days) and would be delayed during weekends/holidays.

You may have already heard many 'positive/negative' news stories: a certain coin being sued, an exchange being investigated, how much a certain ETF has invested again...
However, the CLARITY Act, as a 'market structure bill', does not just affect a single rise or fall, but rather how the U.S. crypto industry will be defined in the coming years, who will regulate it, how compliance will be achieved, and which assets can be publicly traded.
In short: it is a change in 'the rules themselves'.
1. What problem is the CLARITY Act actually addressing?
In the past few years, the most troubling aspect of U.S. crypto regulation for the industry has not been the 'strictness', but rather the lack of clarity:

Writing date: 2025-12-16
Conclusion in one sentence: Cryptocurrency is not determined by 'Japanese interest rates', but by global liquidity and leverage; as the yen has long been one of the global financing currencies, once the BOJ's rate hike expectations strengthen, and the yen strengthens/volatility increases, it will trigger 'carry unwind + deleveraging'. Assets like cryptocurrency, with high beta, strong liquidation mechanisms, and 24/7 trading, are often the first to be sold off, and their declines can also be easily magnified.
0) What happened today
Reuters reports: The market generally expects the Bank of Japan (BOJ) to raise the policy interest rate to 0.75% this Friday (12/19), reaching about a 30-year high, and may hint at further gradual rate hikes depending on inflation and wages.

The key conclusion in one sentence: Abu Dhabi is using 'sovereign capital × predictable financial regulation (ADGM/FSRA) × the judicial certainty of English common law' to pull the cryptocurrency industry from a 'wildly growing internet narrative' into a 'financial infrastructure narrative that can be allocated on a large scale by institutions.'
1. What exactly is this wave of 'new battleground'?
Over the past two years, the global migration routes of cryptocurrency companies have undergone subtle changes:
Relying solely on low tax rates is no longer sufficient: exchanges, stablecoins, custody, market making, and clearing all require a 'compliance channel' that can connect with banks and institutional clients.

In summary
Terra's 'algorithmic stablecoin UST' relies on the market value and liquidity of LUNA to maintain its peg, and was rapidly expanded by Anchor's high yields; when confidence collapsed, the redemption mechanism transmitted pressure to LUNA, forming a 'death spiral', ultimately triggering a systemic trust crisis in the cryptocurrency industry in 2022.
The reason Do Kwon was sentenced to 15 years is not the 'project failure', but rather the determination by U.S. judicial authorities of his long-term, systematic misleading of investors and manipulation/covering up of risks.
1) Main characters and projects: Do Kwon, Terraform, UST/LUNA

Note: This article is based on the market situation and public information as of December 10, 2025 (Beijing Time), and is a review of the market and a framework for strategy, not constituting any investment advice.
1. Today's Market Overview (Current Situation)
Based on multiple market and information sources, it can be roughly summarized as:
BTC
Price fluctuates in the range of $90,000–$92,000;
Daily highs and lows are basically completed in the range of about 90k ~ 94k;
Overall in a state of high-level consolidation + waiting for macro events to unfold.
ETH
Price fluctuates in the range of $3,100–$3,300;
24h increase is significantly stronger than BTC;

In the past year, exchanges like Bitget and Gate have successively launched US stock tokens / Tokenized Stocks
—— You can directly buy AAPL, TSLA, NVDA with USDT.
It looks convenient, but problems arise:
Is this really 'true US stocks'?
Is it safe? Can it be held for the long term?
How to weigh risk and return?
This article explains everything clearly.
🚀 A brief summary
US stock tokens = exposure to stock prices, not stocks.
Convenience is real, but so is the risk.
🔍 1. What exactly are you buying on the exchange?
Current exchanges' 'US stocks' are roughly divided into three categories:

——A comprehensive breakdown from security events to the macro environment
First, let's look at the results: What exactly happened to HYPE?
If only focusing on the market, the feeling of this round of decline is indeed very painful.
The current price is fluctuating around the 30–35 USD range, showing a significant retracement from the 40+ in September and the peak in August-September.
A rough estimate shows that **in the last 30 / 60 / 90 days, approximately -26%, -36%, -42%** respectively, which is a standard 'high position continues to kill valuation' trend.
From the historical high point (around 59 USD), the overall retracement is currently about -45% to -50%.
In simple terms:

——A comprehensive analysis from users, revenue to token value*
1. Why talk about DEX: the data has already provided the answer.
If we say that 2020–2021 was just a 'trial period' for DEX, then 2024–2025 is the stage where it truly establishes its presence:
CEX spot quarterly trading volume remains massive, but the share of DEX spot trading volume continues to rise, with the DEX/CEX ratio reaching a new high in this cycle.
The growth rate of perpetual contract perp DEX is even more exaggerated: it is not uncommon for monthly transactions to exceed one trillion USD and daily average transactions to approach one hundred billion USD.
At the same time, at the specific protocol level: