2026-01-03 12:23:52

Recently, there have been quite a few developments in the crypto market. Looking at Bitcoin's performance, this round of correction is significantly weaker than the previous cycle, and many optimists are still betting on reaching $150,000 by the end of the year. However, CryptoQuant's research director has tempered expectations, pointing out that market understanding of whale behavior is biased—actual demand is slowing down and even approaching negative territory.

There have also been significant movements on the project side. Among the top ten addresses in Lighter's airdrop rankings, only one has already fully sold off, which somewhat reflects issues with market participation. Jupiter co-founder recently asked an interesting question in the community: should we pause JUP buybacks and explore new reward mechanisms? Meanwhile, Infinex is actively conducting a token sale that will continue until January 6. As for the bet made by Infinex's founder—losing a wager on ETH price—he ended up paying $50,000 to the co-founder of Multicoin, which is a notable episode in the crypto scene.

From a macro perspective, Glassnode's analysis shows that the current market structure exhibits typical features of a long-term bear market, which is somewhat uncomfortable. However, another research firm, 10xResearch, offers a different view: the crypto market is shifting from a defensive mode to seeking opportunities, and the next phase will require more discipline and proactive position management. Additionally, Helium's founder announced that they will stop buybacks of HNT tokens, and Robinhood is set to release its 2025 full-year earnings report on February 10. These are all developments worth paying close attention to.

BTC-0,84%

JUP-4,18%

ETH-0,52%

HNT-1,12%

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GasFeeCrier

· 01-06 07:57

Whale demand is slowing down, and project teams are adjusting their strategies. This pace feels a bit like they're laying the groundwork for something.

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HodlVeteran

· 01-05 18:00

Looks like another round of "The Boy Who Cried Wolf," is it? Is the genuine demand negative? I heard this kind of claim back in 2018, and guess what, there are still people jumping in at the $150,000 level... Should you clear your position in the top ten airdrops before the snapshot? Bro, that's a classic rookie move—hold tight when buying the dip, and when it rises, a slight tremor makes you sell everything. I lost a lot back then doing just that. Should JUP pause its buyback? Good question, it shows the team is starting to panic. Instead of stressing over this, it’s better to think about how to leave some liquidity for retail investors.

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FreeRider

· 01-04 12:04

Wait, the demand from whales is almost negative, and it's still $150,000? Feels like everyone is just self-hyping. There are so few addresses clearing out, it’s really heartbreaking. Are they all gambling? JUP buyback paused? So is my airdrop still worth anything, haha. Infinex founder paid $50,000 in tuition—this is what you call routine operation. Glassnode says bear market characteristics, 10xResearch suggests looking for opportunities—whose advice to follow is really a question. HNT stops buyback again, another helpless move by the project team. The crypto circle these past two years really... Robinhood’s February performance, and there will be another wave of FOMO material then.

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Gm_Gn_Merchant

· 01-03 12:52

Is the real demand approaching negative values? This guy's words are a bit harsh, the whales are probably also pondering it. Lighter's top ten addresses only liquidated one, the participation level really needs some reflection. I think whether to resume JUP buyback still depends on what the community says. The new reward mechanism sounds good, but it has to be truly attractive. Glassnode says the long-term bear market characteristics, while 10xResearch says it's a defensive turn into opportunity. Are these two institutions singing opposite tunes? Let's just focus on managing our own positions well. That guy lost fifty thousand dollars betting on ETH, so what's the point of coming here?

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MemeTokenGenius

· 01-03 12:51

Another round of bearish comments, but losing fifty thousand on the bet makes me reflect and think. I just want to know what those ten addresses are thinking. If they don't clear their airdrops, are they just waiting to drink northwest wind? JUP suspends buyback? What new mechanism are they switching to? Are they going to cut the leeks again? Glassnode says it's a long-term bear market, and I just laugh. 10xResearch turns around and says look for opportunities. Are you two competing? Looking forward to Robinhood's February report; it might be more interesting than Bitcoin hitting fifteen thousand.

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ChainWatcher

· 01-03 12:49

Whale demand has already turned negative, and they still want to push to 150,000. This wave is a bit uncertain... --- Lighter airdrop liquidation only has one? The participation rate is indeed worrying. --- JUP is going to change back to the buyback mechanism. It seems everyone is trying to find ways to survive. --- Infinex founder lost $50,000 betting on ETH. This guy really dares to play. --- Glassnode says the long-term bear market features, while 10xResearch suggests looking for opportunities. I really don't know who to believe. --- Shifting from defense to seeking opportunities, in other words, it just hasn't fallen enough yet. --- Helium has stopped buybacks, and HNT might get hit again? --- There have been quite a few things happening these days, but I haven't seen any real cash. --- How are those aiming for 150,000 by the end of the year doing now? Those who should go all-in probably already have. --- The idea that demand is approaching negative values is a bit unsettling to hear.

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MissedTheBoat

· 01-03 12:48

$150,000? I think it's a joke, even the whales are quietly selling off. --- Only one in the top ten of the Lighter airdrop has fully sold out? That shows a lack of confidence. --- JUP suspends buyback and explores new mechanisms, probably because they are out of money, honestly. --- Once again, characteristic of a bear market and looking for opportunities. Experts really know how to play both sides. --- Infinex founder bet on ETH and lost $50,000. This is the most interesting thing I've heard this year. --- Looking at this market, what’s really needed isn’t analysis but guts. --- Demand slowing down approaching negative territory? Then my position must be even more dangerous. --- Helium stops buyback of HNT. Is it a sign that things are about to cool off? --- Shifting from defensive mode to looking for opportunities, which translates to a fake-out before bottom-fishing. --- Robinhood’s February report, which will probably signal another round of retail investors being squeezed.

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ETHmaxi_NoFilter

· 01-03 12:37

Whale demand negative? That's hilarious. A bunch of people are still dreaming of 150,000. Wake up, everyone. Is there only one person clearing out? Lighter's participation in this airdrop is truly impressive. JUP suspends buyback and changes the mechanism. Lianchuang's idea is quite interesting... but I don't know if the community will buy it. Glassnode says there are long-term bear market characteristics, but 10x also suggests shifting from defense to opportunity. These two analyses are clashing, haha. Betting $50,000 on ETH price... I can't match this guy's confidence.

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ConsensusBot

· 01-03 12:29

Whales are quietly fleeing, still trusting 150,000? The real demand is almost negative. Wake up, everyone.

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