The US Treasury is facing unprecedented pressure. In the fiscal year 2025, the interest payments on the US federal government debt will exceed $1 trillion for the first time, surpassing defense spending and also exceeding Medicare expenditures, setting a record high. This change has sparked widespread discussions about the sustainability of US finances and has also brought significant attention to the role of stablecoins in the macro financial system. Data shows that in the fiscal year 2020, the US net interest expense was only $345 billion, but by 2025, it has approached $970 billion; including all public debt interest, the total officially exceeds $1 trillion. The Congressional Budget Office estimates that over the next ten years, cumulative interest payments will reach $13.8 trillion, nearly double the amount of the past twenty years. Some institutions even warn that in a more pessimistic scenario, annual interest expenses could rise to $2.2 trillion by 2035.

Under the dual influence of year-end holidays and tightening liquidity, US spot Bitcoin and Ethereum ETFs experienced significant net fund outflows on the eve of Christmas, and market risk aversion sentiment has increased. Data shows that this round of capital withdrawal mainly reflects phased rebalancing and seasonal factors, rather than a fundamental change in institutional outlook on the long-term prospects of cryptocurrencies. According to SoSoValue data, the US spot Bitcoin ETF recorded approximately $188.6 million in net outflows on Tuesday, marking the fourth consecutive trading day of capital outflow. Among them, BlackRock's IBIT was the largest outflow product, with a single-day net outflow of up to $157.3 million. Meanwhile, Fidelity's FBTC, Grayscale's GBTC, and Bitwise's BITB also experienced varying degrees of capital outflows. Overall, the spot Bitcoin ETFs saw a total net outflow of about $497.1 million last week, contrasting sharply with the nearly $287 million net inflow in the previous week.

Odaily News glassnode stated on the X platform that since early November, the 30-day moving average of net inflows for Bitcoin and Ethereum ETFs has turned negative and has continued to be so. This persistence indicates a drop in the participation of institutional allocators and the presence of some withdrawal activities, exacerbating the overall liquidity contraction in the crypto assets market.

Gate News bot message, According to the December 23 update, Bitcoin ETFs recorded a 1-day net outflow of 686 BTC ($60.1M) and a 7-day net outflow of 2,747 BTC ($240.79M). Ethereum ETFs showed a 1-day net outflow of 122 ETH ($358K) and a 7-day net outflow of 164,861 ETH ($485.02M). In contrast, Solan

Odaily News Ethena synthetic stablecoin USDe's market capitalization has shrunk by nearly half since the "1011 crash", with a net outflow of approximately 8.3 billion USD, according to CoinMarketCap data. As of October 9, the market capitalization of USDe is close to 14.7 billion USD. In just over two months, its market capitalization has fallen to around 6.4 billion USD. (Cointelegraph)

BlockBeats news, on December 23, Franklin Templeton officially updated the holdings data of its XRP Spot ETF. As of December 22, the ETF's XRP open interest has surpassed 100 million coins for the first time, reaching 101,552,283.62 coins, with a holdings market capitalization of 192,683,271.89 dollars. In addition, the total net asset size of this ETF is currently 183.41 million dollars, and the current number of circulating shares is 8,900,000.

Ethereum (ETH) is facing significant phase pressure. Recent data shows that after several weeks of capital inflows, approximately $555 million was withdrawn from Ethereum-related products last week, making it the largest outflow among digital asset funds during that period. This change has significantly cooled market expectations for "Ethereum to dominate the altcoin season in 2026." According to data disclosed by CoinShares, this is the first week of net outflow for Ethereum in a month. Analysts believe that the delay of the Clarity Act at a critical juncture is one of the important factors triggering the capital withdrawal. The flow of funds shows that almost all ETH outflows come from the US market, indicating that the price trend of Ethereum is highly related to the US crypto regulatory environment.

The Czech Republic has recently clarified its tax policy on crypto assets: individuals who sell Bitcoin and other crypto assets after holding them for three years will be exempt from Capital Gains Tax. This move has quickly attracted market attention, making the Czech Republic one of the most crypto-friendly countries in Europe, and providing a clear and direct policy incentive for long-term holding of Bitcoin. The core objective of this policy is to encourage long-term investment and reduce short-term speculative behavior. By providing tax incentives to long-term holders, regulators hope to guide investors to allocate digital assets more rationally, thereby reducing market volatility and promoting the crypto ecosystem towards a more mature and stable development path. For investors who are optimistic about the value of Bitcoin in the long term, the "three years tax exemption" significantly increases net return expectations.

The world's largest asset management company BlackRock has officially included the Spot Bitcoin ETF as one of its three major investment themes for 2025, alongside U.S. Treasuries and large U.S. tech stocks, sending a strong signal of the long-term allocation value of Bitcoin from institutional levels. BlackRock stated that its iShares Bitcoin Trust ETF (IBIT) will form its core investment direction for next year together with short-term U.S. Treasury ETFs and tech stock ETFs covering the "Big Seven" U.S. stocks. Despite a significant correction in Bitcoin's price since 2025, the flow of funds indicates that institutional demand has not weakened. Data shows that IBIT has attracted over $25 billion in net inflows year-to-date, ranking sixth in global ETF inflows. Even though Bitcoin has dropped about 30% from its peak last year, investors continue to build long positions through Spot Bitcoin ETFs.

Odaily News According to SoSoValue data, yesterday (Eastern Time December 22) the total net inflow of Ethereum Spot ETF was 84.5895 million USD. The Ethereum Spot ETF with the highest single-day net inflow yesterday was Grayscale Ethereum Trust ETF ETHE, with a single-day net inflow of 53.7027 million USD, currently ETHE's historical total net outflow reaches 4.998 billion USD. Following that is Grayscale Ethereum Mini Trust ETF ETH, with a single-day net inflow of 30.8868 million USD, currently ETH's historical total net inflow reaches 1.502 billion USD. As of the time of writing, the total net asset value of Ethereum Spot ETF is 18.203 billion USD, and the ETF net asset ratio (market capitalization as a proportion of Ethereum's total market capitalization) reaches

BlockBeats news, on December 23, according to Farside monitoring, yesterday the net inflow of the U.S. Spot Ethereum ETF was 84.6 million USD, ending a streak of seven consecutive trading days of net outflows, among which: ETHE net inflow was 53.7 million USD; Grayscale ETH net inflow was 30.9 million USD.

Jiuzi Holdings announced a strategic partnership with the core organization of the EOS crypto ecosystem, Exsat Network. Both parties plan to jointly create a global crypto assets custody and storage business with a scale of up to $3 billion. This cooperation marks Jiuzi's further deepening layout in the field of digital assets and blockchain infrastructure, and also releases a clear signal of its acceleration into the institutional-level crypto services track. According to the cooperation agreement, both parties will launch institutional-level Crypto Assets storage and accomplice solutions for global clients, especially institutional investors and high-net-worth individuals. The related services will focus on the secure storage of digital assets, settlement support, yield strategies, and financial products derived from encryption accomplice, aiming to meet the core needs of institutions for compliance, security, and professional management.

Golden Finance reports that, according to SoSoValue data, the net inflow for the US Spot XRP ETF yesterday was 13.21 million dollars, while the total net inflow for the US Spot Solana ETF was 7.47 million dollars.

Due to the delay in the passage of the U.S. Clarity Act, prolonged regulatory uncertainty, and concerns about Whale dumping, there has been a significant capital withdrawal from digital asset investment products. The latest data shows that the net outflow of funds from related investment vehicles reached $952 million in a single week, marking the first negative turn after four consecutive weeks of inflows, indicating a notable weakening of market sentiment. From a regional distribution perspective, this round of capital outflow is almost entirely concentrated in the U.S. market. U.S. related digital asset products recorded a net outflow of approximately $990 million, becoming the core source of global capital withdrawal. In contrast, Canada and Germany recorded capital inflows of approximately $46.2 million and $15.6 million, respectively, providing limited hedging against the overall outflow. This structural difference indicates that investors' concerns about the regulatory outlook in the U.S. are dominating market sentiment.

Recently, the Ethereum (ETH) market has shown a clear pattern of differentiation. On one hand, overall risk appetite continues to cool, with traders and institutional funds opting to wait and see or retreat; on the other hand, some key long-term funds are quietly positioning themselves, creating an important foreshadowing for the future market. According to on-chain data, medium and small-scale holding addresses have been continuously reducing their ETH positions over the past few months. With rising macro uncertainties, these investors tend to lower their risk exposure and avoid potential volatility. In sharp contrast, the true "Ethereum whales" have begun to take action. Since July, large addresses holding over 10,000 ETH have been consistently increasing their holdings, with their net purchases nearing historical highs.

The proportion of stocks in American households' net worth has surpassed that of real estate for the third time in 65 years. At the same time, the proportion of corporate stocks and mutual funds in net worth has reached a historical high, while the proportion of real estate assets has fallen below 30%, indicating signs of market fluctuations.

Driven by strong investor demand, the native token NIGHT of the Cardano ecosystem project Midnight has recently strengthened continuously, with its price soaring nearly 50% at one point, reaching a new all-time high. As a privacy computing project associated with Cardano founder Charles Hoskinson, Midnight is becoming the focus of market attention, with its token performance significantly outperforming the market. From a funding perspective, the rise of NIGHT is not driven by short-term sentiment. The Chaikin Money Flow (CMF) indicator has consistently remained above the zero axis, indicating a net inflow of funds. Although the indicator has slightly retreated in the past 48 hours, there are no obvious signs of significant capital outflow, suggesting that investor confidence remains solid. This structural buying provides support for NIGHT to operate at high levels.

PANews, December 22 news, according to SoSoValue data, from December 15 to 19, the total net outflow of Ethereum Spot ETFs was 644 million USD, with none of the nine ETFs recording net inflows. Among them, BlackRock's ETHA had the highest weekly net outflow of 558 million USD, while Grayscale's ETHE net outflow was 32.36 million USD. The current total assets of ETFs are 18.21 billion USD, accounting for 5.04% of the total market capitalization of ETH.

Odaily News Hyperbot data shows that Brother Maji Huang Licheng closed all of his Bitcoin long orders and HYPE long orders 15 minutes ago. He now holds a 25x leveraged Ethereum long order with a position of 5400 ETH, and the liquidation price is around 2795 USD. So far this week, Brother Maji has made 15 trades, all of which were long orders, with 12 profitable trades and 3 losing trades, resulting in an 80% win rate. Overall, the net loss for the week is approximately 1.46 million USD.

According to Coinglass data, there has been a significant outflow of funds in the crypto market in the past 24 hours, with BTC seeing an outflow of 73 million USD, and ETH an outflow of 46 million USD. At the same time, crypto assets such as XRP, TRX, and UNI have achieved net inflows.

Odaily星球日报讯 Hyperbot 数据显示，麻吉大哥黄立成在最近一个月中从未开启空单，总计进行了 27 笔做多交易，其中盈利 15 笔，亏损 12 笔，胜率 55.56%，净亏损达 351.5 万美元，目前他持有：25 倍杠杆以太坊多单，仓位 5250 枚 ETH，入场均价约 2942 美元；40 倍杠杆比特币多单，仓位 11 枚 BTC，入场均价约 88321 美元；10 倍杠杆 HYPE 多单，仓位 38888 枚 HYPE，入场均价约 24 美元。

Gate News bot message, according to the December 19 update, Bitcoin ETFs recorded a 1-day net outflow of 1,911 BTC ($168.14M) and a 7-day net outflow of 3,985 BTC ($350.72M). Ethereum ETFs showed a 1-day net outflow of 36,567 ETH ($108.35M) and a 7-day net outflow of 216,219 ETH ($640.66M). Meanwhil

ChainCatcher Message, according to SoSoValue data, the total net outflow of Bitcoin spot ETFs yesterday (December 18th, Eastern Time) was $161 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock ETF IBIT, with a single-day net inflow of $32.7631 million. Currently, IBIT's total net inflow in history has reached $62.665 billion. The Bitcoin spot ETF with the highest single-day net outflow yesterday was Fidelity ETF FBTC, with a single-day net outflow of $170 million. Currently, FBTC's total net inflow in history has reached $12.193 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $111.041 billion, ETF net asset ratio

Solana Treasury Company Forward Industries issues SEC-registered stocks on the Solana blockchain, becoming publicly listed company equity usable in DeFi, holding 6.8 million SOL tokens, with a net asset value of approximately $832 million. After tokenization, FWDI can be widely integrated into the Solana DeFi ecosystem and used as collateral in the Kamino lending protocol.

Recently, cryptocurrencies such as Bitcoin and Ethereum recorded a net inflow of $2.6 billion, reaching a seven-week high. Institutions are increasing their investments in BTC and ETH, indicating a "risk-averse" trend. Analysis suggests that the DAT structure is more attractive for the long term.

BlockBeats News, December 18th, Glassnode analyst Chris Beamish stated that based on the data of "Bitcoin Long-Term Holder Net Position Change," current long-term BTC holders continue to distribute, and as the supply continues to enter the market, they are increasing their selling pressure.

U.S.-registered investment advisory firm Digital Wealth Partners (DWP) recently announced the launch of an XRP algorithm trading strategy for eligible IRAs and other qualified retirement accounts, marking further integration of digital assets into traditional wealth management and retirement investment systems. The strategy is technically supported by quantitative trading firm Arch Public and is open to high-net-worth individuals and qualified investors. According to reports, this XRP algorithm trading program operates using a Separately Managed Account (SMA) structure, executing trades automatically based on preset quantitative signals and technical indicators to reduce human emotional interference. This systematic trading approach aims to achieve more stable and controllable risk management in the highly volatile crypto markets.

The US spot Bitcoin ETF fund inflows have shown a clear rebound. On Wednesday, the spot Bitcoin ETF recorded a single-day net inflow of approximately $457 million, reaching the highest level in over a month, indicating that institutional funds are reaccelerating their entry. Looking at specific products, Fidelity's Wise Origin Bitcoin Fund (FBTC) performed the best, with a single-day inflow of about $391 million, accounting for most of the total inflow that day. BlackRock's iShares Bitcoin Trust (IBIT) followed closely, with an inflow of approximately $111 million. According to Farside Investors, the cumulative net inflow of US spot Bitcoin ETFs has exceeded $57 billion, with total assets surpassing $112 billion, accounting for about 6.5% of Bitcoin's total market capitalization.

According to Farside Investors data, on December 17th, the US spot Bitcoin ETF recorded a total net inflow of approximately $457 million, indicating a clear signs of recovery in institutional funds after two consecutive days of outflows. In the previous two days, Bitcoin ETFs experienced a total net outflow of about $635 million, and as of now this week, there is still a net outflow of approximately $177 million. Specifically, the Fidelity-backed spot Bitcoin ETF—FBTC—became the biggest beneficiary of the day, attracting about $391 million in funds, significantly leading the market. Its total net asset value has increased to approximately $12.4 billion, further consolidating its core position in the Bitcoin ETF camp.

Since its launch in November, the US spot XRP ETF has accumulated over $1 billion in inflows, with no single-day net outflows, indicating rising institutional demand. Although the influx of funds has not boosted the XRP price, many institutions have launched related products, demonstrating ongoing demand for XRP on Wall Street.

Digital Wealth Partners launches algorithmic trading application for XRP high-net-worth holders, aiming to enhance the appreciation and cash flow of crypto assets. The strategy operates within tax-advantaged retirement accounts, ensuring independent management of client assets and relying on quantitative signals to achieve long-term compound growth.

Ethereum (ETH) price continues to fluctuate below $3000, with ETF fund outflows and cooling derivatives trading jointly suppressing market sentiment. As of press time, ETH is at $2919, down approximately 0.5% in the past 24 hours, with a total decline of 12% over the past week, retracing about 41% from the all-time high of $4946 in August this year. From the trading data, market activity has significantly decreased. Ethereum's daily trading volume has fallen to approximately $22.3 billion, a 27% decrease week-on-week, indicating that the willingness to buy has continued to weaken below key resistance levels. The derivatives market is also weak; according to CoinGlass data, ETH derivatives trading volume has decreased by 31% to $58 billion, with open interest reduced to $36.87 billion, reflecting that traders are more inclined to reduce positions rather than leverage for a rebound.

According to GMGN data, the top five tokens with the highest smart money inflow in the past 24 hours are: pippin, Fartcoin, WoW, SPUD, and ELGATO, with net inflows ranging from $644 to $20,000, showing varying increases.

The latest data shows that Bitcoin ETF net outflows reached $277 million, primarily with BlackRock's IBIT outflowing $210 million. Other ETFs also experienced varying degrees of outflows, while some ETFs currently have no fund flows.

As Bitcoin's price has fallen approximately 30% from the peak of around $126,200 and is hovering near the key support level of $85,000, concerns about a further decline to the $70,000 region are intensifying. However, on-chain data presents a different intriguing picture: institutional funds and high-net-worth investors are continuing to accumulate Bitcoin at the fastest rate in 13 years. Glassnode data shows that medium-sized holders (commonly referred to as "Bitcoin sharks") holding between 100 and 1,000 BTC increased their total holdings from approximately 3.521 million to 3.575 million BTC over the past week, a net increase of about 54,000 BTC. This accumulation speed has reached a new high since 2012, reflecting a clear pattern of buying the dip.

The Solana ETF market experienced a phase of fluctuation on December 15. According to SoSoValue data, the Bitwise Solana Staking ETF (BSOL) recorded approximately $4.6 million in outflows on that day, marking the first net redemption since the product was listed at the end of October and breaking the previous record of over a month of continuous fund inflows. This redemption corresponds to the sale of about 36,800 SOL tokens, and the ETF's trading volume also dropped to a historical low on that day. The outflow was driven by a general decline in risk appetite across the cryptocurrency market, with Bitcoin, Ethereum, and Solana all experiencing pullbacks amid rising macroeconomic uncertainties and tightening liquidity at the end of the year.

Last week, SOL spot ETF had a net inflow of $33.6 million, with no net outflows across all 7 ETFs. Among them, the Bitwise SOL Spot ETF had a net inflow of $15.9 million, and the Grayscale SOL ETF had a net inflow of $8.73 million. The total net asset value reached $907 million, with a historical cumulative net inflow of $675 million.

PANews December 15 News, according to DeFiLlama data, the TVL of the decentralized perpetual contract exchange Lighter has reached $1.456 billion, setting a new all-time high. PANews analyst J.A.E stated that this growth may be influenced by the upcoming token generation event (TGE). However, Lighter experienced a single-day net outflow of over $40.59 million on December 12, the second-highest level in history.

Odaily Planet Daily reports that Negentropic, co-founder of Glassnode, posted an analysis on the X platform about the impact of Japan's interest rate hikes. He pointed out that what the market fears is not tightening but uncertainty. Sometimes, market volatility can actually be an opportunity. Japan's central bank normalization has brought clarity to the global capital markets, and Bitcoin often thrives after experiencing policy pressure. Previous analyses suggested that Japan's interest rate hikes might not trigger risk-averse sentiment in the crypto market. First, speculators currently hold a net long (bullish) position in the Japanese yen, so it is unlikely they will react quickly to the Bank of Japan's rate hikes. Secondly, Japan's government bond yields have continued to rise this year, with both short-term and long-term yield curves reaching multi-decade highs. The upcoming rate hikes reflect that official interest rates are catching up with market levels, indicating a lower likelihood of risk-avoidance sentiment emerging by the end of the year.

PANews December 13 News, according to CoinDesk, Japan's last interest rate hike caused the yen to rise, triggering a sharp increase in market risk aversion sentiment, which led to Bitcoin prices falling from about $65,000 to $50,000. However, the upcoming yen interest rate hike may not trigger risk aversion in the crypto market for two reasons: First, speculators currently hold a net long (bullish) position in yen, making it unlikely for them to react quickly to the Bank of Japan's rate hike; second, Japan's government bond yields have continued to climb this year, with both short-term and long-term yields hitting multi-decade highs. Therefore, the upcoming rate increase reflects that official interest rates are catching up with market trends. Meanwhile, this week, the Federal Reserve lowered interest rates by 25 basis points while introducing liquidity measures, bringing rates to their lowest level in three years. Overall, these factors indicate a clear unwind of yen arbitrage positions and a year-end risk aversion sentiment.

Gold Financial News reports that a rate strategist at a U.S. bank stated that the Federal Reserve's purchase of Treasury securities to maintain ample cash in the banking system could suppress long-term yields. Wall Street strategists generally expect that the Fed's reserve management purchases (RMP) operations — along with its October decision to use mortgage-backed securities (MBS) proceeds to buy Treasury securities — will absorb most of the net supply of Treasury bonds over the next year.

Odaily Planet Daily reports that according to market sources: Elon Musk's social media platform "X" is expected to generate over $2 billion in revenue in the first 9 months of 2025; this year's revenue has increased approximately 18% compared to the same period last year. In the third quarter, "X" reported a net loss of $577 million. Additionally, "X"'s third-quarter EBITDA grew by 16% year-over-year and 9% quarter-over-quarter.

BlockBeats News, December 12 — BitMine Chairman Tom Lee recently stated that the Strategy company of Bitcoin encrypted treasury (DAT) establishing a $1.4 billion cash reserve is a "wise move." Although Strategy's stock price has fallen more than 50% over the past six months, this cash reserve will enable the company to continue paying shareholder dividends during Bitcoin price declines without selling its $61 billion Bitcoin holdings. Tom Lee pointed out that during the previous Bitcoin downturn cycle, Strategy's stock trading price was below its net asset value (NAV), and building a cash reserve was precisely to prepare for such situations. As the largest ETH treasury company holding over $12 billion worth of Ethereum, BitMine has not yet built