Morning News | The difficulty of mining Bitcoin has been increased by 0.04%, reaching 148.26. Infine

Spot gold has exceeded $4,500 per ounce, while silver has risen to $73 per ounce.

Market trends

Market conditions yesterday

● Morgan Stanley: The “unemployment-driven productivity boom” in the US could lead to further interest rate cuts by the Federal Reserve.

Strategists at Morgan Stanley believe that there may be a “unemployment-driven productivity boom” in the US economy, which could curb inflation and pave the way for more interest rate cuts by the Federal Reserve.

Data from the US Department of Labor shows that output per hour for all non-farm workers increased by 3.3% in the second quarter, a significant improvement from the 1.8% decline in the previous quarter. Investors’ expectations regarding the pace of interest rate cuts by the Federal Reserve next year are more aggressive than official forecasts. According to the CME FedWatch tool, Federal Reserve officials expect only one interest rate cut in 2026, but investors believe the probability of a rate drop by the end of the year is 72%.

● Ethereum will undergo hard forks in 2026, involving Glamsterdam and Heze-Bogota.

According to Cointelegraph, Ethereum plans to implement several major upgrades in 2026. These include the Glamsterdam and Heze-Bogota hard forks, aimed at expanding the L1 network and integrating Web3 technologies. The Glamsterdam hard fork is expected to be launched in mid-2026. This fork will introduce features like a “block access list” and a system that separates proposers from builders (ePBS), thereby improving transaction processing speed and block generation efficiency. Additionally, it will provide more time for verifications related to zero-knowledge proofs. The gas limit is expected to increase from 60 million to 100 to 200 million per transaction. The number of data blocks per block will also increase to more than 72, allowing the L2 layer to handle hundreds of thousands of transactions per second. The Heze-Bogota hard fork at the end of the year will focus on improving privacy protection and resistance to censorship. Developers have named the subsequent upgrades to Glamsterdam “Hegota”.

● The difficulty of Bitcoin mining has been adjusted by 0.04%, reaching 148.26 T.

According to CloverPool’s data, the difficulty of Bitcoin mining was adjusted on December 25, 2025, at 11:48:06 (at a block height of 929,376). The difficulty was increased by 0.04%, reaching 148.26 T. Currently, the average computing power across the network over the past seven days is 1.08 ZH/s.

● Wu Jiezhuang: Offline trading and custody of digital assets can establish the legitimacy of related services and help combat fraud.

Hong Kong Legislative Council member Wu Jiezhuang posted on the X platform: “We welcome the Financial Services and Treasury Bureau of the Hong Kong Special Administrative Region Government to officially begin consulting on legislation related to digital asset transactions. This step helps to clarify regulations regarding digital assets, while also addressing market needs and concerns. In the past, we received many opinions from the industry regarding the future of over-the-counter transactions and custody services. This proposed legislation not only legitimizes over-the-counter transactions and custody services for digital assets, allowing the industry to operate more合规地, but also helps to curb fraudulent activities that exploit these services as a means to deceive people.”

● Wintermute CEO: Cryptocurrency developers and KOLs under 30 years old are often deceivers

Wintermute CEO Evgeny Gaevoy stated on social media that some developers and KOLs who claim to have “left the cryptocurrency industry” before reaching the age of 30 actually did not participate deeply in the industry’s development. Their statements are misleading. Gaevoy pointed out that such individuals typically do not invest long-term but instead choose to leave at an early stage. Therefore, their actions cannot be considered a true form of “leaving the industry”.

He believes that describing short-term involvement as “leaving the industry” is essentially a way of gaining industry experience and reputation without truly contributing to its development. Long-term practitioners should not be treated unfairly due to short-term attempts to exit the industry.

● “On-chain Detective” ZachXBT: Users of Trust Wallet suffered losses of at least $6 million

According to monitoring by ZachXBT, several hundred users on the Trust Wallet platform have suffered losses, with damages amounting to at least $6 million. ZachXBT stated that if it is confirmed that Trust Wallet is responsible for this incident, the platform may need to compensate the affected users.

Additionally, Trust Wallet announced that a security vulnerability has been identified in version 2.68 of its browser extension. Users are advised to update their extensions immediately.

● Analyst: It has been confirmed that Trend Research’s actual cost of acquiring ETH is approximately $3,150 per unit.

According to Yi Lihua, Trend Research has acquired 645,000 ETH since November, with the actual cost being around $3,150 per unit. Currently, the company is suffering a loss of approximately $143 million. Yi Lihua said that he will invest another $1 billion to continue increasing his holdings, aiming to keep the average cost of ETH per unit at around $3,050.

● Trump will appoint the next Fed chairman early next year, giving the Treasury more influence

U.S. President Trump announced that he will appoint the next Fed chairman in early January. U.S. Treasury Secretary Scott Berstent has organized and supervised the process of selecting candidates, and has established an agenda that could bring about significant changes to the Fed and lead to interest rate cuts. Berstent may work closely with the new Fed chairman, giving the Treasury more power over the Fed’s asset management strategies related to quantitative easing and tightening measures.

● The USDC Treasury has minted an additional 60 million USDC on the Ethereum blockchain

According to data from Whale Alert, the USDC Treasury has minted an additional 60 million USDC on the Ethereum blockchain.

● WSJ: Zhao Changpeng becomes one of Trump’s beneficiaries of “informal amnesties”. It is reported that the market value of these “amnesty deals” ranges up to millions of dollars.

According to reports from The Wall Street Journal, Zhao Changpeng is one of the beneficiaries of a new, informal presidential amnesty mechanism during Trump’s second term in office. People close to Trump say that this new approach was partly inspired by Trump’s own experience as a criminal defendant, resulting in an industry around “amnesty deals”. Speakers of these deals claim that their market value amounts to $1 million.

It is revealed that those seeking amnesty pay up to $6 million to politicians who have close relationships with the president, in exchange for securing such deals.

● AI crypto tokens witnessed a 75% decline in market value in 2025, with a total loss of $53 billion.

According to reports from CryptoPresales.com, AI-related cryptocurrencies experienced significant adjustments in 2025. Their market value decreased by approximately 75% year-over-year, resulting in a total loss of about $53 billion. Although they saw explosive growth between 2023 and 2024, the market continued to face pressure in 2025 due to declining popularity and liquidity. The decline accelerated in the fourth quarter, with nearly $10 billion lost in just December alone. Eight major AI token categories saw declines of over 70%, with Artificial Superintelligence Alliance, Render, and The Graph experiencing declines of over 80%. Currently, the total market value of AI and big data tokens has dropped to $16.8 billion.

● Central banks are supporting the Digital Currency Bridge project, facilitating cross-border payments.

中国人民银行研究局局长王信在新闻发布会上表示，《关于金融支持加快西部陆海新通道建设的意见》提出支持沿线省区市参与多边央行数字货币桥项目，推动跨境支付使用央行数字货币，并依托中国-新加坡绿色金融工作组机制加强绿色金融合作。

● 某鲸鱼从Binance提出3000枚ETH，约合881万美元

12月25日，据Onchain Lens监测，某鲸鱼从Binance提出3000枚ETH，约合881万美元。

● Infinex下调Sonar上代币销售金额和FDV：FDV降至9999万美元，融资金额降至500万美元

跨链聚合DeFi平台Infinex更新其在Echo的Sonar上代币销售细节。其中本次发售将提供5%的代币供应量，筹集金额从1500万美元降至500万美元，FDV从3亿美元降至9999万美元。

用户注册将于12月27日开放，销售将于1月3日开放。此外，官方将额外出售2%代币至Uniswap CCA。

● 离岸人民币兑美元再度升破7.0大关，在岸人民币兑美元升破7.01关口

据新浪报价，离岸人民币兑美元再度升破7.0大关。据中国货币网，在岸人民币兑美元升破7.01关口，创2024年9月27日以来新高。(金十数据)

● Pantera Capital合伙人：预测明年DAT将整合、代币化黄金将崛起、预测市场会分化

Pantera Capital初级合伙人Jay Yu在社交媒体发文对2026年的加密趋势做出12项预测，包括：

· 资本高效的消费者信用：通过链上/链下信用建模、模块化设计和AI行为学习，推出简便的借贷应用。

· 预测市场的分化：预测市场分为金融方向(与DeFi整合、杠杆化)和文化方向(社区驱动、长尾爱好者)。

· 代理商务与x402扩展：代理商务使用x402端点扩展至微支付和常规支付，Solana在低额交易量上超过Base。

· AI作为加密接口层：AI辅助交易(如趋势分析)成为主流，逐步融入消费者应用。

· 代币化黄金崛起：代币化黄金成为RWA(现实世界资产)的重要资产，因美元问题成为价值存储选择。

· 比特币量子恐慌：量子技术突破引发机构讨论比特币抗量子性，技术尚未威胁价值。

· 隐私统一开发体验：隐私技术(如Ethereum的Kohaku)提供简化的开发接口，可能推出隐私即服务。

· DAT的整合：数字资产交易平台(DAT)整合为每主要市场2-3个，通过清算或合并实现。

· 重新思考代币与股权分隔：The management of the token crisis led companies to choose privatization strategies, potentially introducing redeemable equity tokens.

· Integration with perpetual DEXs: Hyperliquid dominates the market, while HIP3 markets and stablecoins like HyENA become crucial. USDC loses its prominence in the HYPE ecosystem.

· Multi-chain Prop AMMs: Prop AMMs are being extended to multiple chains, accounting for over half of Solana’s trading volume. More assets such as RWA can be traded using Prop AMMs.

· Traditional fintech firms use stablecoins: Companies like Stripe and Ramp use stablecoins for international payments. Stablecoin chains like Tempo serve as bridges for fiat currency deposits.

Jay Yu claims that his predictions for 2025 are accurate 70% of the time, including precise forecasts regarding the migration of Solana developers.

● CoinGlass Annual Report: Binance, OKX, and Bitget lead the BTC and ETH liquidity rankings

CoinGlass released the “2025 Cryptocurrency Derivatives Market Annual Report”. The report shows that in terms of bilateral liquidity depth for major assets like BTC and ETH in 2025, Binance, OKX, and Bitget ranked among the top three global CEXs.

In terms of derivatives trading volume and market share, Binance ranked first with an average daily trading volume of approximately $77.45 billion, accounting for 29.3% of the market. OKX came in second with an average daily trading volume of $33.2 billion, accounting for 12.5% of the market. Bybit ranked third with an average daily trading volume of around $29.1 billion, accounting for 11% of the market. Bitget ranked fourth with an average daily trading volume of $25.2 billion, accounting for 9.5% of the market.

此外，CoinGlass在报告中对主要衍生品交易所进行了综合评分与排名。评估以基础交易数据为核心权重，并结合产品体系、安全性、透明度及市场质量等多个维度，形成分项评分与加权总分。结果显示，Binance以94.33分位列第一，OKX以88.77分排名第二，Bitget以83.10分位居第三。

● 财新：境内发行和使用U卡更多一层特殊的法律风险

财新网撰文《小红书上疯狂投流的U卡流行的秘密与致命的风险》，文章指出用户可以使用印有Visa标识的银行卡进行诸如ChatGPT Plus订阅扣费等支付，扣费则通过加密货币钱包里的USDT，这类境外银行卡俗称“U卡”，是一种基于美元稳定币进行支付的境外银行卡。财新文章中还指出，在境内发行和使用U卡更多一层特殊的法律风险，究竟是昙花一现的过渡性产品，还是藏着未来支付格局的密码目前尚不得而知。

● James Wynn再预言：比特币至少应反弹10%

知名“破产巨鲸”James Wynn今晨再发“极端预言”，称“比特币可能在60天内翻倍，达到约17.5万美元，因为资金可能从股票、房地产和贵金属(均处于历史高位)转向BTC，此前BTC从12万美元下跌了35%。”

不过随后其收敛了预测，称比特币“至少会重新测试50周移动平均线，这意味着10%以上的涨幅。”

此前消息，23日，知名“破产巨鲸”James Wynn再次40倍做多BTC。