SellTheBounce

By the end of 2025, the market capitalization of stablecoins finally surpassed $300 billion, but this milestone has been met with ongoing stagnation, making it particularly ironic. According to the latest market data, the market cap of stablecoins reached $298.56 billion, a slight increase of only 0.36% compared to the same period last month, with growth momentum nearly exhausted. Meanwhile, a more awkward phenomenon has emerged: while the total number of holders steadily increased to approximately 213 million, on-chain activity has been shrinking across the board. This divergence between the expanding holder base and declining trading activity creates a "contrast of extremes," becoming a new turning point in the evolution of the stablecoin market.
In contrast, the RWA (Real-World Asset Tokenization) sector has shown a completely different development trajectory. As of December 26, 2025, the total on-chain market cap of RWA surpassed $19.04 billion, a slight increase of 4.09% compared to the previous month. The total number of asset holders increased to approximately 593,900, up 7.72% month-over-month. Although the size

Bitcoin's current price is $70.29K, and the market is concerned about the sustainability of the bull run. Analysts point out that BTC is showing a bear flag pattern, and technical indicators suggest downside risk. Although a rebound is still possible in the short term, investors should pay attention to support levels and implement risk management.

Decentralized Finance (DeFi) is ushering in a new wave of innovation. Atlaspad and Helix Labs have joined forces to launch a cross-chain liquidity staking solution, addressing the liquidity issues of traditional platforms. This partnership not only improves capital efficiency but also enhances interoperability between different blockchains, creating new opportunities in the crypto ecosystem and redefining the way investors interact with digital assets.

Bitcoin enthusiasts believe that the current market is still in the main upward wave, and short-term top predictions are unhelpful. Experienced investors focus on capital reserves and cycle understanding. While new entrants have abundant information, the real difference lies in a deep understanding of cycles. Bitcoin has shifted to a stable allocation role, and investors are advised to adjust their positions accordingly and patiently wait for the cycle to unfold.

Cryptocurrency market maker Wintermute launches OTC services for gold-backed tokenized commodities, marking the rapid growth of on-chain gold assets. The combined circulating market cap of Pax Gold and Tether Gold exceeds $547 million, attracting institutional interest. Tokenized gold offers 24/7 trading and liquidity advantages, and the market is expected to continue expanding, demonstrating the trend of integration between traditional finance and decentralized finance.

In 2025, Tether achieved significant success in the stablecoin market, generating over $10 billion in net profit and issuing more than $50 billion worth of USDT. Its diversified reserve strategy increased holdings in assets such as gold, effectively mitigating the risk of USD devaluation. Additionally, deep integration with the TRON network promoted active trading. Improvements in the regulatory environment also accelerated institutional recognition, with a positive outlook for the future. Profits are expected to exceed those of 2025 in 2026. Tether's success challenged traditional stablecoin concepts and solidified its market leadership position.

Renowned investor Anthony Scaramucci pointed out that the decline in the cryptocurrency market is related to the rise of political-themed tokens, which consume liquidity capital and put pressure on the market. He emphasized that retail investors are driven by narratives to engage in short-term trading, increasing risks accordingly. Despite challenges, the long-term resilience of the crypto market remains promising, and future growth will depend on technological innovation and market maturity.

Many beginners are confused about concepts like spot trading, contracts, and closing positions in cryptocurrency trading. Closing a position is a key aspect of risk management, helping traders control losses and prevent liquidation and margin calls. Learning to set take-profit and stop-loss points, as well as strictly executing closing strategies, is crucial for protecting funds. Closing a position is not only about stopping trading but also an important risk management decision.

In the cryptocurrency market, the year-round trading, flexible trading methods, and risk management are essential core knowledge that beginners must master. The market lacks daily price limit restrictions, offering high liquidity and trading freedom, but at the same time increasing risks. Understanding the transition between bull and bear markets, take-profit and stop-loss strategies, and the behavior of major players can help traders respond to market fluctuations and establish an effective trading system.

In the cryptocurrency asset market, prices tend to rise slowly during a bull market, but the speed of decline suddenly accelerates. This is due to the interaction of continuous capital inflows, market expectations, and investor psychology. Although the market is skeptical, funds still push the index higher daily, but due to bullish and bearish disagreements and the quick digestion of negative news, the market experiences a gradual increase. However, once a significant decline occurs, synchronized selling by speculators and skeptics will cause the market to drop rapidly, changing the market structure.

FDV (Fully Diluted Valuation) is a key metric in cryptocurrency investing, representing the total project value assuming all tokens are released. It helps investors assess potential future risks. FDV is distinctly different from market capitalization; the former considers the total supply, while the latter only accounts for circulating tokens. Understanding FDV can help investors make more comprehensive investment decisions, but over-reliance on it may lead to risks. It should be analyzed in conjunction with other market factors.

Testnet is a necessary preparation before launching new features in the blockchain world, helping developers conduct tests in a secure environment and avoid critical errors on the mainnet. It is completely independent of the mainnet, ensuring that test tokens have no real value, and encourages participation from developers, miners, and ordinary users. Ethereum's Ropsten is a well-known testnet where developers can develop and test without paying real transaction fees. In summary, the testnet is a key component in ensuring the stable operation of blockchain projects.

Well-known crypto trader Big Brother Maji's account assets on the Hyperliquid platform have fallen below $1 million, with unrealized losses reaching $28 million, highlighting the risks of high-leverage trading. He borrowed funds from five years ago to maintain his long positions, emphasizing the importance of risk management.

The recent Peter Schiff analysis report that has sparked heated discussions in the financial community questions MicroStrategy's Bitcoin holdings. According to this analysis, the investment return rate achieved by Strategy over the past five years through continuous investment is surprisingly below an annualized 3% level. This finding has caught many cryptocurrency supporters off guard. Given that the current Bitcoin price has reached $70.88K and once hit a historical high of $126.08K, the performance of this investment return rate indeed warrants in-depth discussion.
Hidden Variables Behind Investment Return Rate Calculation
To understand why Strategy's investment return rate is relatively modest, we need to break down Schiff's calculation logic. Based on publicly available data, Strategy's average Bitcoin purchase price is approximately $75,000, and the current holdings show about 16% of the account.