ForkMonger

【链文】链上又出现有趣的动作。一个大户在Hyperliquid上悄悄开启了300枚BTC的多单，直接冲进了BTC多头TOP 5的位置。这笔单子规模达到了0.26亿美元，平均开仓价落在87965.3美元。不过时机似乎有点微妙——目前这个仓位已经浮亏了23.9万美元，清算价设在86073.7美元。
有意思的是，这位大户给自己的交易划了条明确的道：跌到79419美元就分批止损，涨到109496美元就分批止盈。这个区间足足跨越了3万美元，换句话说，他预留了充足的波动空间。从止盈目标来看，他赌的是BTC这波能再涨25%左右。到底这个仓位能否如愿，还得看后续行情怎么走。

Trump's consideration of firing Federal Reserve Chair Powell has sparked market concern, hinting at its impact on economic policy. Investors should pay attention to Federal Reserve policy developments to stay in sync with the market rhythm.

【Chain Wen】Latest data shows a clear divergence between Bitcoin and Ethereum ETFs recently. In a single day, BTC ETF experienced a net outflow of 3,495 units (equivalent to approximately $306 million), while ETH ETF also saw a net outflow of 17,969 units (about $52.74 million), both with significant outflows. Looking at a longer timeframe, over the past 7 days, BTC has a total net outflow of 8,778 units (around $768 million), and ETH has a total net outflow of 29,287 units (about $85.96 million). This outflow trend is mainly led by BlackRock and Grayscale.
Interestingly, Solana has bucked this trend and strengthened during this adjustment. SOL

【Blockchain Rhythm】On-chain monitoring data shows that a well-known BTC veteran recently carried a long position pressure of $740 million. This whale holder is currently in a somewhat awkward situation — unrealized losses have expanded to $54.5 million, and they have already paid $3.2842 million in funding fees. Interestingly, during yesterday's market rally, this unrealized loss once narrowed to $25 million, indicating how much market volatility can impact their position.
Specifically, the distribution of this whale's holdings is as follows:
ETH long position is the largest, holding $594.75 million, with an opening average price around $3,147.39, currently with an unrealized loss of $45.2 million. In comparison, the BTC long position is smaller, with an $87.38 million position, opening price around $91,506.7, with an unrealized loss of $4.13 million. The SOL long position is $62.82 million, with an opening price of $130.19, with an unrealized loss of $378.

【Crypto World】A leading exchange recently launched an upgraded on-chain yield product in collaboration with MORPHO and the Arbitrum ecosystem. What's different about this update? Simply put, it breaks the traditional lock-up model.
The biggest change is flexibility—users can subscribe and redeem USDT and USDC at any time, without feeling trapped. What's the underlying logic? The system generates a unique on-chain address for each user, and funds are automatically deployed to the MORPHO protocol after subscription, earning interest in real-time according to blockchain rules. The redemption process also runs on-chain, and funds can be received instantly.
In terms of yields—USDC products offer up to 12% APR, and USDT products up to 11% APR. For stablecoin holders, these returns are quite attractive.
User experience has also been improved. All gas fees are covered by the platform, significantly lowering the participation barrier.

【Blockchain Rhythm】 There is an interesting phenomenon in the recent market. According to the analysis of the Market Sentiment Index (which combines media opinion, social data, and other sentiment indicators), the current consensus has generally shifted to bearish.
Behind this phenomenon, there is a pattern worth noting—when a broad consensus forms, the market often moves in the opposite direction. Historical data is quite convincing: the period from July to October 2024, as well as February to April 2025, clearly reflect this logic. The direction most people bet on ultimately gets slapped in the face by the market.
However, it is important to note that the "extremely pessimistic index" phase may last for a while. This is especially true when the market is in a long-term bear market pattern. Currently, the market has only just entered this cycle since early November. Although historically this indicator will eventually point to a bullish trend, in a bear market environment, maintaining restraint and patience is really key—don't let short-term emotions influence your judgment.

【Crypto World】The crypto market in 2025 is truly a tale of two extremes. Look at those lesser-known coins, their gains are astonishing—PIPPIN in the Solana ecosystem became popular due to a viral AI image, soaring 5384% in a year, reaching a high of $0.6109. There’s also AB, which supports the modular blockchain ecosystem, with a surge of 2716%.
On the other hand, the leading assets are struggling. Bitcoin has fallen 4.59% this year, and Dogecoin has been cut in half since the beginning of the year, with a decline of 60%. This stark contrast is quite eye-catching—small coins are creating wealth myths wildly, while mainstream coins are shrinking. The market is telling a very clear story: hot spots rotate, opportunities shift, whoever catches the new trend will profit.

Spot market volatility has increased, with various cryptocurrencies reaching key levels, including NTRN down 13.94%, and HIVE dropping 16.28%. STEEM, BANK, SNX, and GAS also declined. Meanwhile, ILV performed strongly, rising 6.25%, and GMT experienced a slight rebound, indicating signs of capital bottom-fishing.

Recently, an address named "BTC OG Insider Whale" has been making significant adjustments in the derivatives market, reducing SOL long positions from 20x leverage to 10x, which has improved unrealized losses. The current total holdings are approximately $754 million, mainly in ETH longs, and are highly aligned with policy signals, having previously profited during key moments.

The CEO of a leading research institution pointed out that next year, crypto treasury companies will face significant stock price adjustment pressures, mainly due to the difficulty in maintaining a market value premium above actual holdings. This will deal a heavy blow to altcoin funds, and even top-tier cryptocurrencies like Ethereum, Solana, and XRP will find it hard to escape, indicating that the DAT track may undergo a reshuffle.

【BlockBeats】During Christmas week, US-listed spot Bitcoin ETFs experienced a massive outflow of funds. Data shows a total net outflow of approximately $782 million, with the most intense outflow occurring on Friday—$276 million in a single day.
Specifically, major investors' actions: BlackRock's IBIT saw a single-day outflow of nearly $193 million, Fidelity's FBTC followed with an outflow of about $74 million, and Grayscale's GBTC also continued to redeem—albeit at a smaller but steady rate. This collective withdrawal directly impacted the entire sector—total assets of Bitcoin spot ETFs dropped from over $120 billion in early December to $113.5 billion.
But here’s an interesting detail: despite this wave of fund outflows, Bitcoin’s price surprisingly remained steady around $87,000. What does this indicate? It’s likely not market panic selling; rather, it resembles the routine end-of-year asset rebalancing operations, combined with

El Salvador has been increasing its Bitcoin holdings since the beginning of this year. As of December 28, it has added 1,511 coins, with a total BTC reserve of 7,514.37 coins, valued at nearly $660 million. This indicates that its strategic bet on Bitcoin remains unchanged and reflects its importance in the country's asset allocation.

Russia's largest bank Sberbank has for the first time provided a loan to a Bitcoin mining company using cryptocurrency, marking a gradual acceptance of crypto assets by traditional financial institutions. This pilot project indicates that more similar financing products may be launched in the future, actively promoting the development of the Bitcoin ecosystem.

Monitoring data shows that the address "pension-usdt.eth" increased its holdings by 6,048 ETH on December 28, with a total holding of 26,048 ETH, currently with an unrealized loss of $420,000. This address focuses on short-term swing trading, with an average holding time of less than 20 hours. In the past 30 days, it has earned approximately $13.87 million, demonstrating an effective quick in-and-out strategy.

【Chain Wen】Recent outflows have been observed in Ethereum spot ETFs. On December 26th, Eastern Time, the total net outflow from Ethereum spot ETFs across the entire market was $38.699 million.
BlackRock's ETHA led the outflows, with a net outflow of $22.122 million on that day, making it the product with the largest outflow. However, from a historical perspective, ETHA has performed relatively well—its cumulative net inflow has reached $12.602 billion, remaining a leading player in the market.
Grayscale's ETHE followed closely, with a single-day net outflow of $16.577 million on December 26th. In comparison, Grayscale has faced greater pressure—the total net outflow of this product has already reached $5.099 billion, indicating that institutional investors are more cautious about this product.
Overall, the total net asset value of Ethereum spot ETFs in the market currently stands at $17.726 billion. This amount of funds is equivalent to Ethereum

Pump.fun recently transferred 50 million USDC to Kraken, with a total transfer amount reaching 605 million USDC, drawing attention. Since the ICO price of $0.004 in June, the PUMP price has dropped over 55%, reflecting a significant change in market sentiment towards the project.

Recently, the DeBot wallet experienced a private key leak, and hackers have transferred $255,000 worth of assets. The risk still exists. Users are advised to transfer their assets to a secure location as soon as possible and ensure the safety of their private keys to prevent further losses. This incident reminds us that asset security is crucial in Web3.

【Crypto World】Sonic Labs recently announced significant adjustments to its ETF token allocation execution plan. Previously, the community authorized the use of up to $50 million worth of S tokens for the US-listed ETF project through governance proposals. However, due to recent market pressures and the decline in S token price, the team has decided to reevaluate the execution plan.
What are the core issues with the original plan? Executing at the current price would require the issuance of over 600 million S tokens, which clearly deviates from the original intent of the governance proposal. Sonic Labs believes that blindly increasing supply at unfavorable price levels not only harms token holders' interests but also contradicts long-term strategic development. Therefore, the original plan has been officially rejected, and the team has developed a more rigorous execution framework.
The new constraints include three key points: first, token minting will only be initiated when the S price exceeds $0.5, with a maximum release limit of 100 million tokens; second, the total

【Blockchain Rhythm】 Interestingly, during recent market fluctuations, the actions of a well-known whale account have attracted attention. According to on-chain data from December 27, this major holder has taken action within the past 24 hours.
First, let's talk about Ethereum — currently holding a position of over 25x long, with a position size of 8,200 ETH. At the current price, the liquidation price is around $2,874. Next, looking at HYPE, the 10x long position contains 8,888.88 tokens (this number is somewhat deliberate). Combining these two positions, the total exposure is approximately $24.268 million.
From a net increase perspective, this whale seems to maintain an optimistic attitude toward these two assets. Especially for the HYPE position, although the leverage is relatively low, the position size is somewhat personalized. For traders, such large account position changes often indicate the market's main players' intentions — either accumulating at low levels or...