TokenSherpa

【币界】加密市场行情趋紧，一场行业洗牌正在进行。根据最新分析，至少五家数字资产管理公司可能面临被迫出售资产、并购重组甚至倒闭的局面。
眼下很多资管公司的估值都跌破了净资产值——用行业术语就是mNAV低于1。这直接影响了它们融资的能力。投资者还愿意掏钱吗？取决于公司股权溢价是否还能维持。但现实是，这个溢价一直在缩水。
残酷的事实是，只有资本结构足够扎实的公司才能活下来。至于那种靠着牛市红利快速扩张的轻资产管理模式？那段好日子确实过去了。市场变了，竞争更激烈了，压力也更大了。

Japanese listed company KLab launches a "Dual Golden Financial Strategy," planning to allocate 3.6 billion yen from a 5.1 billion yen financing, with a 6:4 ratio of Bitcoin and gold. As of December 25, the company has purchased 3.17 Bitcoins and 1,860 shares of gold ETFs, demonstrating recognition of Bitcoin's long-term value and a new approach to asset diversification.

A whale used a flash loan to go long on ETH, recently selling 5,000 ETH for 14.6 million USDC. They have sold a total of 35,605 ETH, earning a profit of $13.14 million, and still hold 15,000 ETH, indicating a somewhat complex attitude towards the subsequent market trend.

【Crypto World】Recently, there is an interesting fundraising case worth paying attention to—a certain identity management startup significantly oversubscribed in its seed round and then secured Series A funding, preparing to expand two core products: one is the "Community Energy Grid" platform, and the other is a blockchain-based identity lifecycle management system.
Why do this? The issue is actually quite painful. Currently, AI infrastructure construction faces an awkward situation: many data center projects often invest billions of dollars but are frequently blocked by local opposition. The core problem is not technology but trust—communities do not trust you, regulatory authorities cannot find legitimate grounds, and there is no true consensus among all parties. As a result, these projects are just laid flat.
This company's approach is somewhat different. Their logic is: rather than bypassing the community, it’s better to genuinely bring the community in to participate and also share in the benefits. By establishing a blockchain-verified consensus mechanism, they directly bind the participation rights and revenue rights of local communities.

Yala Bitcoin Liquidity Protocol has adjusted the role of the YU token, but the redemption mechanism remains effective, allowing holders to redeem according to the plan. The team will shift focus to prediction markets, maintaining the core rights and interests in a prudent manner, thereby strengthening community confidence.

The proposal by Aave DAO regarding control over brand assets sparked intense community discussion, ultimately narrowly losing with 55.29% opposition votes, reflecting differing opinions on the transfer of brand assets. This vote highlights the balance issue between decentralized governance and actual operations.

【币界】最近有不少Trust Wallet用户爆料，他们的钱包里的资金莫名其妙就被转出去了。时间点比较巧合——事件发生在这个钱包的Chrome浏览器扩展发布新版本之后。到底是扩展更新本身出了问题，还是其他什么原因导致的，目前还不清楚。不少用户在社区里讨论这事儿，大家都在等官方的说法。如果你也用这个钱包，最好先检查一下自己的账户有没有异常交易。

The USDC Treasury recently burned 60 million USDC, attracting market attention. Such operations reflect adjustments to the stablecoin supply and may impact liquidity expectations. Market participants should closely monitor this change to understand market demand and liquidity dynamics.

【币界】12月24日这天，比特币现货ETF集体出现了不小的资金流出。一天之内整体净流出达到了1.75亿美元——这个数字在年底确实有点引人注目。
具体来看，大鳄贝莱德旗下的IBIT单日净流出约9137万美元，占了大头。同时，灰度的GBTC也跟着净流出了约2462万美元。这两家机构的动作，某种程度上反映了年底机构投资者的真实态度。
值得思考的是，这是年底的获利了结，还是对后市的某种担忧？从数据来看，大机构在这个节点选择了减仓，这或许会对短期的比特币走势产生一定影响。

Solana spot ETF continues to attract funds, with a net inflow of $1.48 million on December 24, indicating institutional optimism about its ecosystem. Fidelity's FSOL ETF saw a net inflow of $1.08 million, with a total cumulative inflow surpassing $113 million. VanEck's VSOL ETF is also gradually gaining recognition, with total assets reaching $931 million, highlighting the growing attention of traditional finance towards Solana.

XRP market in December may face a correction, with an estimated decline of 13.44%. Currently, the price remains steady above the middle band of the Bollinger Bands (around $1.82), indicating market resilience. If it continues to hold the middle band, the target could rise to $3.60; otherwise, a reassessment of the bullish outlook is needed.

【Crypto World】Large Wall Street investment banks recently released a wave of forward-looking analyses on the 2026 market, with the overall outlook summarized in one sentence — risks are heavy.
On the surface, new stimulus policies (such as the "Big and Beautiful Act") are expected to boost the market, but deep-seated concerns should not be underestimated. JPMorgan Chase sounds the first alarm: AI investment scale has surged from $150 billion in 2023 and could break $500 billion by 2026. How many bubbles are hidden behind this rapid growth? No one dares to make a definitive conclusion.
What’s even more worrying is the fragility on the employment front. Deutsche Bank and Goldman Sachs both mentioned that the US labor market could become a trigger for an economic recession. Once the unemployment wave hits, consumption will be in dire straits.
Looking at inflation — Bank of America predicts that by the end of 2026, core inflation will still be stuck at 2.8%, well above the Federal Reserve’s 2% target. What does this mean? The interest rate cut cycle may be slower and weaker than expected, and capital

【Crypto World】XRP receives good news again. A well-known asset management firm has launched an XRP spot product that has broken through a key milestone—its holdings have reached 105.9 million XRP, with a corresponding market value of about $200 million.
What does this number indicate? First, the enthusiasm of institutional and individual investors for XRP has clearly increased. Second, everyone is looking for compliant and secure ways to invest in cryptocurrencies. It is important to note that XRP plays a significant role between traditional finance and blockchain, and the increase in holdings this time reflects the growing recognition of this role's value.
Market observers point out that this not only demonstrates growing confidence in XRP among institutions but also suggests that, as more investors enter this space, XRP's market potential could have even greater room for growth. Based on the expansion speed of spot ETF products, regulated cryptocurrency investment channels are becoming the new mainstream choice.