[QCP: Crypto Market Liquidity Weakens During Christmas Week, Maintains Range-Bound Movement] On December 23, QCP released a market observation stating that as the Christmas holiday approaches, crypto market liquidity has significantly declined. Gold prices have reached an all-time high, but Bitcoin remains range-bound. Data shows that open interest in BTC perpetual contracts on major exchanges has decreased by approximately $3 billion, while open interest in ETH perpetual contracts has dropped by around $2 billion, indicating active market deleveraging. During Christmas week, Bitcoin typically fluctuates by 5%-7%, which is related to the concentration of year-end options expirations. This Friday, approximately 300,000 BTC options contracts (worth around $23.7 billion) and 446,000 IBIT options contracts will expire. Among them, over 50% of Deribit’s open interest is set to expire on Boxing Day, with the maximum pain point near $95,000. Recent data shows a decline in open interest for $85,000 BTC put options, while positions for $100,000 BTC call options remain stable, indicating limited market optimism for a Christmas rally. Risk reversal indicators suggest sentiment has softened compared to the past 30 days but remains overall bearish. Analysts believe that year-end tax-loss harvesting may amplify short-term volatility, and the crypto market may continue to oscillate in the short term, with holiday trading potentially reverting to the mean after liquidity returns in January.

Trading volume surged to 721 million tokens, indicating active repositioning rather than thin price movement. What to know : Dogecoin fell 1.8% as sellers regained control, with price drifting toward the lower end of its recent range. Trading volume surged to 721 million tokens, indicating active repositioning rather than thin price movement. DOGE lost support near $0.1320, confirming a bearish short-term bias as it failed to sustain gains above $0.135.

[Ghana Passes Bill to Legalize Cryptocurrency Trading and Plans to Explore Gold-Backed Stablecoins] The Ghanaian Parliament has passed the Virtual Asset Service Providers Bill, officially legalizing cryptocurrency trading and related digital asset activities. The bill requires individuals and entities engaged in digital asset activities to register with the Bank of Ghana or the Securities and Exchange Commission, depending on the nature of their business. Bank of Ghana Governor Johnson Asiama stated that the bill provides a foundation for licensing and supervising the industry, ensuring transparency and regulation of activities, and clarifying that no one will be arrested for cryptocurrency trading after the bill's passage. Ghana plans to explore payment, trade financing, and market infrastructure by 2026, including research into digital settlement tools such as gold-backed stablecoins. According to Web3 Africa Group estimates, Ghana is expected to process approximately $3 billion in cryptocurrency transactions from July 2023 to June 2024.

Santiment data shows that XRP's social sentiment has turned negative, and historically, retail investors' skepticism has often been associated with the eve of price increases. （Cointelegraph）

[Binance to Remove Certain FDUSD Margin Trading Pairs on December 30, 2025] Binance Margin Trading Platform has announced that it will remove multiple margin trading pairs at 14:00 (UTC+8) on December 30, 2025. This includes 10 cross margin trading pairs (e.g., EIGEN/FDUSD, ARB/FDUSD, TRUMP/FDUSD) and 8 isolated margin trading pairs (e.g., EIGEN/FDUSD, ARB/FDUSD, POL/FDUSD). The platform will suspend the borrowing function for isolated margin trading pairs at 14:00 (UTC+8) on December 24 and will automatically liquidate, settle, and cancel all open orders at 14:00 (UTC+8) on December 30. Users are advised to close their positions or transfer assets before this time.