Last week, US stock trading days were shortened, and the overall trend showed a slight increase. The S&P 500 index rose by 0.32%, reaching a new closing high; the Nasdaq increased by 0.22%. During the same period, the US dollar briefly touched a nearly three-month low, then rebounded slightly intraday, ending the day up 0.23%. Notably, the RMB has risen for three consecutive days, approaching the 7 yuan mark, while the U's price has also been declining over the past two days.

Compared to the steady performance of US stocks and gold, the Christmas rally in the crypto market has completely fallen short. Bitcoin price fluctuated around 87,000, showing a sluggish overall trend. Since the decline on October 11, the market has fallen approximately 30%, with trading volume remaining low and far less active than traditional assets.

Even more concerning is that the market's momentum is gradually waning—trading activity has significantly decreased, and whether it can be maintained remains to be seen. Many analysts believe the market may have approached a liquidity exhaustion point, but risks and opportunities often coexist.

**Market Hotspots Focus**

A well-known on-chain whale continues to accumulate Ethereum, currently holding 300 million tokens, with an unrealized loss of 45.03 million. The whale admitted yesterday that it might have "placed the wrong bet." If it chooses to close its position, it could present a buying opportunity for many retail investors.

There are new developments in the stablecoin sector. A leading exchange launched KGST (Kyrgyzstan regional stablecoin) yesterday, with prices slightly boosted by trading bots at opening. Market rumors suggest that a USD-pegged stablecoin, USDKG, will also be launched in the region, planned to be issued on the Tron network.

Two "monster coins" have appeared in the derivatives market. PIPPIN continues to hit new highs, reaching 0.76 yesterday before quickly retracing to 0.45. Daily derivatives trading volume exceeded $1 billion, and many short-sellers have been "educated." Data shows that over 80% of the holdings are controlled by large players, with pricing power in the hands of a few.

Banana experienced a clear short squeeze, with a high negative funding rate of -0.16%, leading the gains. Currently, only such tokens can still rise in the market; most others are in dead silence.

ZEC recently saw a slight increase, thanks to a deep research report released by Messari, and the demand for privacy is also warming up.

Additionally, a certain exchange launched a stablecoin promotion—20% annualized yield on USD, with a single account limit of $50,000, monthly earnings around $800, and after deducting various costs, the actual profit is about $500-600. This remains attractive for idle funds allocation.