Merry Christmas! While the entire internet is celebrating, the crypto market is experiencing extreme tug-of-war. Infrastructure prosperity vs. extreme fear sentiment—this wave of "cold outside, hot inside" deleveraging has reached a critical moment. Here's a summary of the past two days' content for your holiday reference.

📊 Market: Tomorrow's "Life or Death Sprint"

Sentiment Index: 20-24 (Extreme Panic).

Annual Test: On 12/26 (tomorrow), there will be a $28.5 billion nominal value annual options expiration.

Key Levels: $BTC Currently ranging between $85,000 and $90,000. The core liquidation support zone for long positions is below at $84,000—$85,600.

🔍 Regulation: Assets officially enter "Risk Control Package"

Banking Normalization: US OCC confirms that national banks can facilitate crypto transactions; BTC/ETH/USDC approved as collateral, asset attributes are undergoing a qualitative change.

Compliance Iron Fist: EU DAC8 regulation (effective 2026) supports cross-border freezing of crypto assets; China and Singapore pilot cross-border digital RMB applications, further advancing CBDC implementation.

RWA Warning: Beware of fake RWA products like "sauce-flavored distilled liquor" named by the Hong Kong Securities and Futures Commission, to prevent air coins from being packaged.

💹 Deep Analysis of Token Movements

$UNI : UNIfication proposal approved, fee reform + token burn officially implemented, DeFi blue chips begin revaluation.

$SOL : Launch of ConnectorKit/Kora to lower Gas fees. Sling Money approved by UK FCA to use Solana for transfers, fastest to implement payment scenarios.

$HYPE : HYPE, the aid fund, has been confirmed for token burn; deflationary expectations driven by governance are strengthening.

$ETH / $AVAX : ETH still under pressure from large holders (ETHZilla) cashing out to pay debts; AVAX is waiting for the final signal of Grayscale ETF approval.

🛡️ (Pitfall Avoidance Guide)

Rumor Debunked: "CircleMetals" gold and silver exchange is fake news! Do not chase related fake RWA targets.

Address Poisoning: CZ strongly urges: poisoning has evolved to "first 6 digits and last 6 digits are identical," direct copying of addresses in transaction history is prohibited.

@Polymarket: Third-party login tools (like Magic Labs) pose risks; check account security promptly.

Personal Insights:
The current market is shifting from "narrative-driven" to "funds flow-driven." The traditional rebound cycle may no longer exist. Tomorrow's options expiration is the key focus. In the cold December wind, do you think BTC can hold its current price?