**[Matrixport: Bitcoin Downside Risk Eases, Market May Enter a Game Theory Phase]** Matrixport released its weekly report, noting that Bitcoin has been steadily declining since mid-October, with market sentiment turning cautious. The report highlights that Bitcoin is under pressure in an environment of volatility convergence, deleveraging, and lack of risk appetite. However, derivatives, ETFs, and technical indicators suggest that the positioning structure has shifted. The current technical setup indicates that downward momentum is easing marginally, but upward movement has yet to gain consensus. The market may transition from "downside risk dominance" to a "limited downside, upward movement still requiring catalysts" game theory phase. Additionally, with the largest-ever Bitcoin options expiration approaching, the distribution of strike prices has become a critical window for observing market pressure and opportunities.

["Maji" Adds 525 ETH Long Positions in 16 Hours and Closes BTC Long Positions] According to Hyperinsight monitoring, as the massive options expiration approaches, "Maji" has net added 525 ETH long positions in the past 16 hours and closed BTC long positions. As of press time, "Maji" holds 25x leveraged Ethereum long positions with a position size of 8,000 ETH and a liquidation price of $2,870; additionally, they hold 10x leveraged HYPE long positions with a position size of 8,000 units.

[Stacy Muur: Non-trading fee revenue becomes an important income source for trading platforms] Crypto researcher Stacy Muur posted on platform X, pointing out that a series of charts from 2025 show non-trading fee revenue has become a significant income source for trading platforms. In Coinbase's revenue composition, stablecoins account for 44%, staking accounts for 27%, subscriptions account for 19%, and fees account for 10%. Centralized exchanges are transitioning into super apps.

[A whale deposits 3 million TRUMP tokens into Binance, losing $7.8 million] On December 26, according to monitoring by Onchain Lens, a whale deposited 3 million TRUMP tokens worth $14.88 million into Binance after holding them for approximately 50 days, incurring a loss of about $7.8 million. This whale initially withdrew these TRUMP tokens at a cost of $22.68 million.

[A Whale Deposits 3 Million TRUMP into Binance] According to monitoring by Arkham, approximately six minutes ago, a whale deposited 3 million TRUMP into Binance, valued at approximately $14.88 million. It is reported that the whale purchased these TRUMP two months ago for around $22.69 million, potentially incurring a loss of about $7.81 million if sold this time.