Saylor mentioned in an interview that Bitcoin is entering a new phase, with the key being the acceptance and participation of the banking system. About half of the large US banks have started offering Bitcoin collateralized loans, and it is expected to drive Bitcoin to a new asset level by 2026.

2025 will be an important year for the cryptocurrency industry. The United States advances regulatory recognition through the GENIUS Act, with spot ETF and stablecoin market capitalization experiencing significant growth. Solana and Ripple have successfully transformed, and the Hong Kong ETP market is rapidly developing. Meanwhile, privacy coins and DEXs are on the rise, further integrating traditional finance with the crypto market.

Many RWA projects claim to be "functional tokens," but regulators do not agree. The article illustrates through real cases that "functional RWA tokens" are often classified as securities because their structure meets the elements of securities law. In the future, RWA token regulation will become increasingly strict. If they raise funds from the public and have profit expectations, they will almost certainly be subject to securities regulation. Standardized operations are key to the project's survival.

Author: DaiDai, MSX Maidian
1. New Macro Paradigm: Investment Logic in the Era of Uncertainty
1. Introduction: Navigating an Unpredictable Future
The global macroeconomy is undergoing a profound structural transformation. Bob Prince, Co-Chief Investment Officer of Bridgewater Associates, pointed out that two core drivers—the acceleration of "Modern Mercantilism" and the "Artificial Intelligence Revolution"—are reshaping market dynamics. The interaction of these two paradigm shifts has created a new environment filled with "unpredictable tail events." This backdrop poses serious challenges to traditional investment strategies and makes strategic portfolio adjustments and adaptation to the future an urgent task.
2. Analysis of Core Drivers
Based on Bob Prince's discussion, the characteristics and impacts of the two macro forces are as follows:
(1) The acceleration of "Modern Mercantilism"
The core features of "Modern Mercantilism" are

With stricter regulations and increased institutional participation, 2026 is expected to become the peak year for TGE, but market tolerance for new TGEs is decreasing. Projects need to focus on product-market fit and genuine user feedback, and develop sustainable strategies to address competition and liquidity challenges. The key to a successful TGE lies in whether the team can achieve value return and find sustainable sources of cash flow.

Old Script Invalid in 2025
2025 is coming to an end, but the crypto market is showing an unprecedented "split" scene: Bitcoin (BTC), driven by institutional funds, repeatedly hits new highs, reaching as high as $125,000; Ethereum (ETH) struggles around $2,800, still significantly below its all-time high; and the once "rising tide lifts all boats" altcoins have fallen into a deep abyss, with most projects plunging 80-95% from their 2021 peaks, unable to recover even amid BTC's new highs.
This completely deviates from the classic narrative of the past decade in the crypto market. The traditional "four-year cycle" script—"BTC first rises → ETH catches up → Altcoins rotate and surge"—seems to have completely failed in 2025. The familiar "carving a boat to seek a sword" strategy among veteran players has now become a joke of "carving a boat to seek fish."
Meanwhile, Grayscale, Coi

Title: "Trillion-Dollar Stablecoin Battle, Binance Decides to Join Again"
Author: Lin Wanwan, Dongcha Beating
In 2024, the total on-chain transfer volume of stablecoins reached $27.6 trillion, surpassing the combined total of Visa and Mastercard for the first time.
This figure was $300 billion five years ago and was nearly zero ten years ago.
On December 18, a project called United Stables launched a new stablecoin, $U, in Dubai. Its reserves are not in cash or government bonds but a combination of USDC, USDT, and USD1 stablecoins. Collateralizing stablecoins with stablecoins is industry slang called "matryoshka."
Binance Wallet immediately integrated, BNB Chain

The whole country bets on Bitcoin: clever move or foolish gamble? Is the behind-the-scenes of this shocking high-stakes gamble really as simple as it seems?

The "kill zone" has sparked heated discussions on Chinese online platforms, stemming from revelations about the financial struggles of ordinary Americans, highlighting the harsh realities of life pressure and loss of security. The "kill zone" in the crypto market is even more brutal, as high-risk behaviors and lack of regulation lead to instant liquidations, causing retail investors to suffer heavy losses. The article emphasizes the importance of strengthening social security and personal financial management to cope with potential risks and regain hope for life.

Tomasz Tunguz, Founder of Theory Ventures
Compiled by: Yuliya, PANews
At the end of each year, Tomasz Tunguz, founder of Theory Ventures, systematically reviews his predictions for the past year and offers new insights for the year ahead.
In his review of 2025, Tunguz scored his ten predictions (each worth one point) with an average of 7.85. This year, profound structural changes occurred in fields such as artificial intelligence, capital markets, data infrastructure, and crypto finance. These changes not only validated most of his predictions but also laid clear foreshadowing for the development trends of 2026. This article will review the market upheavals of 2025 and look ahead to the twelve major trends coming in 2026. PANews will provide an analysis of these two articles.

Today's News Highlights:
1. The US government is on a three-day holiday, and EIA data has been postponed to next week.
2. The Russian Central Bank plans to open up crypto investments and draft new regulations to distinguish investor levels.
3. Polymarket confirms it was attacked through a third-party authentication vulnerability, resulting in some user funds being stolen.
4. HashKey Capital's fourth fund has completed a $250 million initial round of fundraising.
5. K33 Research: Maintains a bullish outlook for 2026, predicting Bitcoin will outperform stock indices and gold.
6. Trend Research has purchased an additional 46,000 ETH, bringing total holdings to over 580,000 ETH, with unrealized losses exceeding $140 million.
7. In 2025, a total of 267 crypto M&A transactions were completed, amounting to $8.6 billion.
Macro
The US government is on a three-day holiday, and EIA data has been postponed to next week.
Trump signs an executive order; US federal agencies are...

Text: RWA Knowledge Circle
Editor: RWA Knowledge Circle
Introduction
Recently, a phenomenon has emerged in the RWA community that is worth pondering repeatedly. Securitize, the number one in RWA market share, third-place Ondo, and leading digital asset exchanges

Author: AJC, Messari Enterprise Research Manager
Translation: Tim, PANews
By 2025, Base has further solidified its leading position as Ethereum's L2 champion across many data metrics. Among them, revenue is the most indicative of its dominance within the entire L2 ecosystem.
Although the total revenue of L2 has significantly declined from its peak in 2024, Base continues to maintain a dominant position in the L2 market. In December 2023, Base's on-chain revenue was $2.5 million, accounting for only 5% of the total L2 revenue of $53.7 million. One year later, Base's on-chain revenue grew to $14.7 million, representing 63% of the total L2 revenue of $23.5 million in December 2024. This trend continued into 2025, with Base achieving $75.4 million in revenue from the beginning of the year, accounting for 62% of the total L2 revenue of $120.7 million.
Base's leading advantage

Since the article "Where Should the Chinese Prediction Market Explore Next," prediction markets have entered the mainstream worldwide. Referencing Bitcoin and stablecoins, crypto products that achieve PMF will be recognized by the market as a new track, receiving continuous funding.
Thanks to the inherent platform monopoly effect of prediction markets, surrounding services have become a consensus within the community, aiming to cultivate it into a natural incubator for capturing external ecosystems, thereby constructing a hierarchical ecosystem of core—peripheral—outer layers.
After outlining the basic pattern and direction of prediction markets above, let's attempt to analyze their existing peripheral services. Besides imitation platforms, tools, and rebate programs, what other directions can support high-market-value peripheral business models?
Premature Prediction Markets
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> The world may end, but progress marches on.
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Prediction markets are deterministic

Author: Zen, PANews
The "Metaverse," which was repeatedly hyped two or three years ago, has become clearer in its true industry landscape as the narrative wanes. Approaching the end of 2025, the global metaverse industry presents a complex picture of "hot and cold" unevenness.
After the boom in 2021 and cooling down in 2022, the metaverse ecosystem in 2025 has not entirely declined; instead, there have been signs of recovery and breakthroughs in certain sectors.
At the same time, some areas still experience sluggish growth, forming a stark contrast. Some have achieved new highs in user scale and engagement, while others face declining activity or even user churn. This hot-and-cold polarization has become a key focus in observing the metaverse industry in 2025.
Immersive Gaming Platforms: Over 100 Million Users but Want to "Tear Off the Metaverse" Label
The virtual worlds provided by immersive games are currently the most mature and active sector of the metaverse. In 2025, immersive UGC

Author: Dingdang; Editor: Hao Fangzhou
Produced by: Odaily Planet Daily
In the eighteen years since the birth of Bitcoin, the "four-year cycle" theory has almost become the foundational belief of the cryptocurrency market. Bitcoin halving, supply contraction, price increases, and altcoin seasons have not only explained multiple bull and bear market transitions in history but also profoundly influenced investors' position management, project fundraising rhythms, and even the industry's understanding of "time."
However, after the April 2024 halving, Bitcoin only rose from $60,000 to a historical high of $126,000, with gains far below previous cycles. Altcoins are even more weak, and macro liquidity and policy variables have become more sensitive market anchors. Especially after the large-scale entry of spot ETFs, institutional funds, and traditional financial instruments, a question has been repeatedly discussed:
Does the four-year cycle in the crypto market still exist?

I'll be more direct.
Binance is the best entry point for project teams to exit liquidity after issuing tokens, no doubt about it. $MON 's initial launch caused Coinbase to plummet, which should have completely dispelled other project teams' ideas of bypassing Binance.
When the market consensus is that BNB Chain projects will receive priority in launching Alpha, BNB Chain projects will naturally form scale.
There's no way around it; liquidity is the absolute lifeline of assets, and Binance is the liquidity center, which also determines and controls the "fate" of the majority of projects.
Next, there might only be one area to watch—edge innovation. Edge innovation is not about replacing Kodak with a better Kodak, but about replacing it with a mobile phone. From "Qiqin Jinchu" to the US and Japan, they all originated from fringe cultural groups and continuously absorbed external cultural innovations.
Large companies encountering this kind of potential "edge innovation"

This article summarizes from Messari's 100,000-word annual report, combining AI and human insights, and outlines the following 60 encryption trends for 2026.
1. If L1 does not have real growth, encryption money will increasingly flow towards Bitcoin.
2. ETH is currently still the "younger brother" of Bitcoin, not an independent leader. ETH has support from institutions and enterprises, and can earn alongside Bitcoin, but it is not yet fully able to stand on its own.
3. The correlation between ZEC and Bitcoin has dropped to 0.24, serving as a privacy hedge against Bitcoin.
4. Application-specific currencies (such as Virtuals Protocol, Zora) will become an emerging trend in 2026.
Take Virtuals Protocol as an example to introduce application-specific currency:
When a user creates an AI agent, a token exclusive to the agent will be issued.

The article investigates the cryptocurrency issues that users are most concerned about in 2025 through AI large models, focusing on market cycles, profit paths, and Risk Management. Different models propose different questions based on their characteristics, reflecting the high Fluctuation of the crypto market and users' concerns about returns and safety.