Crypto Morning Brief: Offshore yuan rises past 7.0 against the US dollar, Trust Wallet user funds stolen
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Crypto Morning Brief: Offshore yuan rises past 7.0 against the US dollar, Trust Wallet user funds stolen
AI crypto tokens lost 75% of their market value in 2025, wiping out $53 billion.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Offshore RMB against USD breaks through 7.0 again; onshore RMB against USD rises past 7.01
According to Sina quotes, the offshore RMB against the USD has once again broken through the 7.0 level. According to China Money Net, the onshore RMB against the USD has risen past 7.01, hitting a new high since September 27, 2024.
Bitcoin mining difficulty increases by 0.04% to 148.26 T
According to CloverPool data, Bitcoin mining difficulty adjusted at 11:48:06 on December 25, 2025 (at block height 929,376), increasing by 0.04% to 148.26 T. The current network-wide average hashrate over the past seven days is 1.08 ZH/s.
Ng Kin-keung: Legislation on OTC trading and custody of digital assets can establish legitimacy of related services and combat fraud
Hong Kong Legislative Council member Ng Kin-keung posted on X platform stating: "Welcome the Hong Kong SAR government's Financial Services and the Treasury Bureau for advancing developments in digital asset trading. The formal consultation on legislative proposals for digital asset trading and custody services represents further clarification of relevant regulatory activities and responds to market needs and views. Past consultations with the industry on the direction of such OTC trading and custody services have received considerable feedback. This legislative proposal will not only establish the legitimacy of crypto and digital asset OTC trading and custody services, enabling the industry to operate more compliantly, but also help combat suspected fraudulent activities conducted under the guise of these operations."
"On-chain detective" ZachXBT: Trust Wallet users suffer theft of at least $6 million
According to on-chain investigator ZachXBT (@zachxbt), hundreds of Trust Wallet users have had funds stolen, with losses amounting to at least $6 million. ZachXBT stated that if responsibility for the incident is confirmed to lie with Trust Wallet, the platform may need to compensate affected users.
In addition, Trust Wallet issued an announcement stating: A security vulnerability was discovered in browser extension version 2.68; users must upgrade immediately.
Analyst: Verified Trend Research ETH actual accumulation cost around $3,150
On-chain analyst Ai Aunt (@ai 9684xtpa) posted that according to Yi Lihua himself, the actual cost of 645,000 Ethereum (ETH) accumulated since November by his firm Trend Research is approximately $3,150, currently resulting in an unrealized loss of about $143 million. Yi Lihua stated that an additional $1 billion will be invested to continue accumulating, aiming to bring the average holding cost of ETH down to around $3,050.
WSJ: CZ benefits from Trump’s "informal pardon," reveals "pardon deal" market price at $1 million
The Wall Street Journal reported that "CZ is among the beneficiaries of a new, informal presidential pardon pathway emerging during Trump’s second term. According to people close to Trump, this new practice is partly driven by Trump’s own experience as a criminal defendant, giving rise to a 'pardon deal' industry, where lobbyists say their market price is $1 million.
It was revealed that those seeking pardons have offered success fees of up to $6 million to certain lobbyists closely connected to the president, contingent upon delivering the pardon."
AI crypto tokens lose 75% market cap in 2025, wiping out $53 billion
According to a report by CryptoPresales.com, AI-related cryptocurrencies suffered severe corrections in 2025, with market capitalization dropping approximately 75% year-on-year, erasing around $53 billion in value. Despite explosive growth during 2023–2024, the market remained under pressure in 2025 due to fading hype and reduced liquidity. The downturn intensified in Q4, with nearly $10 billion lost in December alone. The top eight AI tokens fell over 70%, with Artificial Superintelligence Alliance, Render, and The Graph each declining over 80%. The total market cap of AI and big data tokens has now dropped to $16.8 billion.
Infinex founder: Valuation of INX token Sonar sale cut to $99.99 million
Infinex founder Kain Warwick @kaiynne announced that the fully diluted valuation (FDV) of the INX token Sonar sale has been significantly reduced from the originally planned $300 million to $99.99 million, in response to market feedback regarding initial pricing being too high. Registration for this sale will open on December 27, with the sale officially launching on January 3, targeting a fundraising goal of $5 million—representing 5% of the total supply. Tokens will have a one-year lock-up period, though an early unlock mechanism remains, with unlock prices gradually decreasing from $300 million to $100 million over time. Due to the lower valuation, the sale is expected to be heavily oversubscribed, so allocation for Patron NFT holders cannot be guaranteed. The entire sale will use an RNG mechanism, with minimum investment set at $200 and maximum at $2,500.
Pantera Capital partner: Predicts DAT consolidation, tokenized gold rise, and prediction market fragmentation in 2026
Jay Yu, Junior Partner at Pantera Capital, posted on social media 12 predictions for crypto trends in 2026, including:
· Capital-efficient consumer credit: Launch of simple lending apps via on-chain/off-chain credit modeling, modular design, and AI behavior learning.
· Fragmentation of prediction markets: Prediction markets split into financial direction (integration with DeFi, leveraged) and cultural direction (community-driven, long-tail enthusiasts).
· Agent commerce and x402 expansion: Agent commerce using x402 endpoints expands into micro-payments and regular payments, with Solana surpassing Base in low-value transaction volume.
· AI as crypto interface layer: AI-assisted trading (e.g., trend analysis) becomes mainstream, gradually integrated into consumer applications.
· Rise of tokenized gold: Tokenized gold becomes a key RWA (real-world asset), chosen as a store of value amid concerns about the US dollar.
· Bitcoin quantum panic: Breakthroughs in quantum technology spark institutional discussions on Bitcoin’s quantum resistance, though technology does not yet threaten its value.
· Unified privacy development experience: Privacy technologies (e.g., Ethereum’s Kohaku) offer simplified developer interfaces, potentially introducing privacy-as-a-service.
· DAT consolidation: Digital asset trading platforms (DATs) consolidate into 2–3 per major market through liquidations or mergers.
· Reconsidering separation between tokens and equity: Governance token crises prompt companies to go private, possibly introducing redeemable equity tokens.
· Perpetual DEX consolidation: Hyperliquid dominates the market, HIP3 market and yield stablecoins (e.g., HyENA) become key, with USDC losing ground on HYPE.
· Multi-chain Prop AMM: Prop AMMs expand across multiple chains, accounting for over half of Solana’s trading volume, pricing more assets like RWAs.
· Traditional fintech adoption of stablecoins: Stripe, Ramp, etc. use stablecoins for international payments, with stablecoin chains like Tempo becoming fiat on-ramps.
Jay Yu claimed a 7/10 accuracy rate for his 2025 predictions, including accurate foresight on Solana developer migration.
CoinGlass annual report: Binance, OKX, Bitget lead BTC, ETH liquidity
CoinGlass released its "2025 Annual Report on Cryptocurrency Derivatives Markets." The report shows that in terms of two-sided liquidity depth rankings for major assets such as BTC and ETH in 2025, Binance, OKX, and Bitget ranked top three globally among CEXs.
In terms of derivatives trading volume and market share, Binance maintained first place with an average daily trading volume of approximately $77.45 billion and a 29.3% market share; OKX ranked second with an average daily volume of $33.2 billion and a 12.5% market share; Bybit followed with an average daily volume of about $29.1 billion and an 11% market share; Bitget ranked fourth with an average daily volume of $25.2 billion and a 9.5% market share.
In addition, CoinGlass conducted a comprehensive scoring and ranking of major derivatives exchanges in the report. The evaluation centered on core trading data with additional dimensions including product structure, security, transparency, and market quality, forming sub-scores and weighted total scores. Results show Binance ranked first with 94.33 points, OKX second with 88.77 points, and Bitget third with 83.10 points.
Caixin: Issuing and using U-cards domestically carries additional unique legal risks
Caixin published an article titled "The U-card flooding XiaoHongShu ads: the secret of its popularity and its fatal risks," pointing out that users can use Visa-branded bank cards for payments such as ChatGPT Plus subscriptions, with charges deducted from USDT held in cryptocurrency wallets. These overseas bank cards, commonly known as "U-cards," are foreign bank cards based on USD stablecoins for payment. Caixin also noted that issuing and using U-cards within mainland China involves additional unique legal risks. Whether they are fleeting transitional products or hold the code to future payment structures remains unknown.
Market Trends
Suggested Reading
Ten People Redefining the Power Boundaries of Cryptocurrency in 2025
This article discusses how 2025 was a pivotal year for the institutionalization of the cryptocurrency industry, as traditional financial institutions and governments began large-scale participation in crypto markets, transforming it from an "anti-system tool" into a "core component of the system." At the same time, the influence of individual authority, political forces, and institutional trends on the crypto market significantly increased, challenging the original intent of decentralization.
This article provides a detailed summary of Raoul Pal’s views and insights on cryptocurrency investment from an interview. He presents a success framework for cryptocurrency investing in 2026, emphasizing selecting the right assets, long-term holding, understanding the importance of liquidity, and maintaining patience. Additionally, the article explores future trends in the cryptocurrency market, the potential of smart contracts, the current state of NFTs and their value contribution to underlying blockchains, and how to succeed in the crypto market through research and conviction.
Even Satoshi Must Bow to the God of Wealth
This article explores how an increasing number of people in the cryptocurrency industry are turning to feng shui and mysticism as psychological support to cope with market volatility and uncertainty. Through multiple case studies, the article analyzes the application of feng shui in the cryptocurrency space, including investment decisions, risk avoidance, and emotional comfort.
Crypto Traders Who Read Fortunes in K-Charts
This article discusses the rising trend of mysticism as both psychological compensation and a social tool within the cryptocurrency market. It focuses on the viral phenomenon of "Life K-Line," an app that generates K-charts based on birth dates, and examines traders’ demand for and psychological reliance on mysticism. The article also notes that the popularity of mysticism in the crypto community stems not only from its ability to alleviate anxiety over uncertainty but also from its ambiguity and social nature, making it a form of popular culture.
Circle’s 2025 Year in Review: Building a Full-Stack Crypto Economy Platform
This is Circle’s 2025 year-end review report, detailing its progress in building a full-stack crypto economy platform, including stablecoin applications in mainstream finance, implementation of global regulatory frameworks, growth of digital assets, expanded institutional partnerships, and the launch of the new Arc blockchain. The article also highlights how Circle has driven the transformation of the global financial system toward an open, inclusive, internet-native model through technological innovation and ecosystem collaboration.
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