According to a recent research report by Coinbase Institutional, the core of the crypto market in 2026 will no longer be driven by narratives, but rather by the ability of key market structures to continue expanding under more stringent conditions. The report, authored by David Duong, Global Head of Research at Coinbase, and researcher Colin Basco, argues that traditional cyclical models centered on retail speculation, token issuance, and single-protocol catalysis are gradually becoming ineffective. The report lists perpetual contracts as a key pillar of price discovery, noting that derivatives trading volume already dominates most major exchanges. While the derivatives market will experience deleveraging adjustments at the end of 2025, Coinbase views this as a structural reset rather than a decline in demand, believing that stricter margin requirements and risk controls enhance the market's ability to absorb shocks. Furthermore, Coinbase believes that prediction markets are shifting from experimental products to more sustainable financial infrastructure, with increased trading volume and liquidity attracting more non-crypto native participants. Stablecoins and payments are considered the most practically valuable sectors, with their applications in settlement, cross-border transfers, and liquidity management continuing to grow, and gradually integrating with automated trading and AI applications. Coinbase stated that 2026 will be a crucial year to test the sustainability of these core markets under intense regulatory and risk constraints. (CoinDesk)

According to Huoxun Finance on December 28, El Salvador has added 8 Bitcoins to its holdings over the past 7 days, bringing its total Bitcoin holdings to 7,514.37, with a total value of $658 million.

Huoxun Finance reported on December 28th that Lighter founder and CEO Vladimir Novakovski responded to the witch screening issue in a Twitter Space interview, stating: "We have an appeal mechanism for the witch screening, but so far, the number of appeals is less than we expected. If users feel that the algorithm is unfair to them, they are welcome to fill out the appeal form on Discord. We will not disclose the specific details of the algorithm because we do not want it to be targeted for optimization."

According to Odaily Planet Daily, the probability of a Lightner airdrop on Polymarket has dropped to 64%, down from a peak of 87% on December 25th. Meanwhile, the probability of a Lightner airdrop on December 30th has risen unusually from 13.3% to 24% today. Previously, Pilla.eth, the Lightner team's marketing head, stated that TGE and the airdrop would take place in 2025, with the airdrop representing 25% of the total supply and no lockout restrictions.

Odaily Planet Daily reports that Hong Kong's Wen Wei Po released its "Top Ten Financial News Stories for Hong Kong in 2025," with "Development of the Digital Economy and Improvement of the Virtual Asset Regulatory Framework" ranking third, and "Cryptocurrency Frenzy: Bitcoin Hits a New High of $125,600" ranking eighth. Other listed financial news includes: DeepSeek helps MPF users earn over HK$40,000, Labubu's global bestseller status as a new consumer stock creates a legend, and Hong Kong's economic acceleration prompts an upward revision of its full-year GDP growth forecast. Analysts point out that this year has been a breakout year for Bitcoin and other cryptocurrencies. Trump's high-profile support for Bitcoin led to a surge at the beginning of the year, repeatedly breaking historical highs. However, it has since fallen back, dropping to around $85,000, a decline of over 30% from its peak.