Author: 行政

On the last trading days of the year, the kind of chart that almost nobody outside finance ever looks at started yelling again.Banks piled into the Fed’s Standing Repo Facility, borrowing a record $74.6 billion on Dec. 31 for 2025. Overnight funding rates popped, the benchmark SOFR briefly hit 3.77%, the general collateral repo rate touched 3.9%.Overnight REPO Chart (Source: NY Fed) Related ReadingBanks just demanded $26 billion in emergency cash but Bitcoin traders are missing a critical warning signalYear-end stress tested the central bank’s “ample” reserve theory, creating a binary scenario for risk assets in January. Dec 31, 2025…

2025 delivered at least four distinct “crypto is dead” episodes: a January AI-induced flash crash, the October tariff liquidation that erased $19 billion in leveraged positions, months of altcoin carnage, and a fourth quarter slump that wiped out the year’s price gains.Mainstream outlets dusted off “crypto winter” language each time. Bitcoin logged more obituaries by mid-year than in all of 2024, bringing the all-time tally past 470 since 2010.Yet, beneath the violent drawdowns and Twitter eulogies, the infrastructure kept building.Stablecoin legislation passed. Spot ETFs pulled in tens of billions. Major jurisdictions published actual rulebooks rather than issuing enforcement threats.The result…

Glassnode data shows that XRP’s exchange balances hit their lowest level since 2018 in late December, sparking the usual wave of accumulation phase speculation and “tight supply = moon” commentary.While the eight-year low encompasses the entire exchange ecosystem, CryptoQuant data for Binance offers a recent window into whether these troughs actually precede rallies.Binance’s XRP reserves dropped to roughly 2.6 billion by mid-December 2025, matching the July 2024 low, after peaking above 3.5 billion in early September.The question isn’t whether supply thinned, but whether prior episodes of similarly low Binance reserves preceded medium-term outperformance, or whether the pattern is just noise…

If you followed Bitcoin ETFs day to day in 2025, you probably developed the same habit everyone did: you checked the print at night, read one sentence about “risk-on” or “risk-off,” then tried to map a clean story onto a messy market.The problem is that daily flows are noisy by design. They’re the residue of dozens of different motives that just happen to share the same wrapper: financial advisers rebalancing model portfolios, hedge funds adjusting basis trades, wealth platforms handling subscriptions and redemptions, and long-only allocators adding or trimming exposure because their investment committee finally met.Sometimes the ETF tape tracks…

There is a particular kind of Bitcoin holder who only shows up when the noise gets loud.They are the people who watched 2021 melt into 2022, who kept their keys anyway, who learned to live with the idea that the line on the chart can drop faster than their mood. When the price is ripping higher, they are treated like prophets. When price rolls over, they are treated like villains.Over the past few weeks, the villain story has been everywhere, long-term holders are dumping, the old hands are cashing out, and the cycle is ending. The story makes emotional sense;…

The Ethereum blockchain recorded its strongest operational year in history in 2025, processing record transaction volumes and securing the vast majority of the DeFi market.However, the crypto asset that powers the network failed to mirror that growth, posting double-digit losses for the year.According to CryptoSlate’s data, ETH is trading down 10% year-to-date at under $3000. Its performance against Bitcoin, the flagship digital asset, has also lagged, with the ETH/BTC ratio falling 6% since the start of the year.This divergence highlights a fundamental shift in the economics of the world’s most widely used commercial blockchain.Ethereum Daily Transactions (Source: YChart)While network utility…

Most breaches involved failures in customer due diligence and identity verification processes. The action coincides with reports of a potential majority acquisition by Mirae Asset. The case reinforces stricter regulatory expectations across South Korea’s crypto sector. South Korea’s year-end move against Korbit marks a decisive moment for the country’s digital asset industry, as regulators signal that gaps in compliance will carry real consequences. On December 31, the Financial Intelligence Unit closed an on-site investigation into one of the country’s longest-operating exchanges with a significant financial penalty and management-level sanctions. The action, based on findings from an October inspection, places renewed…

This year’s defining security event was not a sophisticated DeFi exploit or a novel protocol failure, but the $1.46 billion theft from Bybit, a top-tier centralized exchange.That single event, attributed to sophisticated state-sponsored actors, rewrote the narrative of the year. It proved that while the frequency of attacks has dropped, the severity of the damage has escalated to systemic levels. Related ReadingByBit suffers $1.5 billion Ethereum heist in cold wallet breachThe sophisticated attack exploited ByBit’s Ethereum cold wallet, but all other systems are reportedly unaffected. Feb 21, 2025 · Oluwapelumi Adejumo Data from blockchain security firm SlowMist paints a picture…

It started the way these things often do: a screenshot, a red circle, a big number, and a timeline that makes your stomach do a tiny flip.On Dec. 29, the Federal Reserve’s overnight repo line item jumped to $16 billion after printing close to zero on most days.It then slid back to $2.0 billion the very next day. You can see it directly on FRED, under the New York Fed’s temporary open market operations series.Overnight repo rate (Source: FRED via Barchart)If you only look at the spike, it’s easy to tell yourself a dramatic story: banks are desperate, the Fed…

Prenetics halts new Bitcoin purchases after recent crypto market volatility. The company is prioritising the growth of its IM8 supplements brand. Prenetics currently holds 510 BTC and over $70 million in cash reserves. Prenetics Global, a consumer health and supplements company backed by football icon David Beckham, has reversed its short-lived plan to build a Bitcoin treasury, opting instead to focus its capital on expanding its flagship nutrition brand, IM8. In a statement issued on Tuesday, the Nasdaq-listed firm confirmed that it will no longer pursue additional Bitcoin purchases, signalling a shift away from digital assets amid volatile market conditions.…