I. Token Unlocking
- Ethena (ENA):
- Beijing Time: December 25, 3 PM
- Unlock Amount: Approximately 12.86 million coins
- Proportion to Current Circulation: 0.44%
- Value: Approximately 13.22 million USD

- Cardano (ADA):
- Beijing Time: December 26, 8 AM
- Unlock Amount: Approximately 18.53 million coins
- Proportion to Current Circulation: 0.05%
- Value: Approximately 16.30 million USD

- Immutable (IMX):
- Beijing Time: December 27, 8 AM
- Unlock Amount: Approximately 24.52 million coins
- Proportion to Current Circulation: 1.45%
- Value: Approximately 32.12 million USD

- Beldex (DBX):
- Beijing Time: December 30, 8 AM
- Unlock Amount: Approximately 330 million coins
- Proportion to Current Circulation: 4.78%
- Value: Approximately 25.46 million USD

II. Liquidation Data
- Total Liquidation in the Last 24 Hours: 259 million USD
- Long Position Liquidation: 183 million USD
- Short Position Liquidation: 75.8898 million USD
- BTC Liquidation: 52.1014 million USD
- ETH Liquidation: 46.6118 million USD

III. Large Transactions
Arthur Hayes
- 3 hours ago, deposited 2 million ENA to Bybit, valued at 2.06 million USD, average price 0.97 USD.
- Previously, unstaked 9.01 million ENA and deposited 7 million ENA to Binance.

Other Transactions
- A new wallet withdrew 4,199,996 OM from Binance in the past two days, valued at 15.54 million USD, average price 3.7 USD.
- Whale 0x64b:
- Deposited 100,000 UNI (approximately 1.37 million USD) to Binance.
- Previously deposited 197,000 UNI (approximately 2.58 million USD).
- 9 new wallets withdrew 362,380 LINK from Binance in the past 48 hours (valued at 8.19 million USD).

IV. Policy Impact
On December 23, asset management company VanEck stated that if the U.S. builds a 1 million Bitcoin reserve as proposed by Senator Cynthia Lummis, the national debt is expected to decrease by 35% in the next 24 years.

V. ETF Comments
Nate Geraci, president of The ETF Store, posted on X stating that ETF issuers have not applied for a Dogecoin ETF, and in the worst-case scenario is for marketing costs, wanting to know which issuer has the 'DOGE' code.

VI. Stablecoin Proposals
Securitize, the broker-dealer of BlackRock's BUIDL tokenized money market fund, submitted a governance proposal calling for BUIDL tokens to be used as reserve assets for the upcoming re-launch of Frax USD stablecoin.

VII. Market Situation
This Wednesday is Christmas, major trading platforms in Europe and the U.S. will be closed, and crypto funds usually flow out. Since ETFs are the main external funding source for the crypto market, this outflow puts more pressure on the market than in previous years, with strong risk aversion sentiment.

VIII. Personnel Appointments
Trump appointed former college football player and Republican House candidate Bo Hines as the executive director of the Presidential Advisory Committee on Digital Assets, referring to it as the 'Crypto Committee.'


IX. SOL On-chain Hot Narratives

1. #robocoin
- Narrative: A token launched by the creator of the world's first Bitcoin ATM.

2. $DeV
- Narrative: An Ai agent developed through the ZerePy framework, launched by $ZEREBRO as open-source code, with the developer being ANKR's marketing director @MrMinter_eth.

3. $MSC
- Narrative: A token created by a father for his 1-year-old son, locking 99% of the purchase amount until October 2040.

4. #ZeropAI
- Narrative: An Ai agent developed based on the ZerePy framework, with the project white paper being shared by $ZEREBRO co-founder @ThanGrey_.

All information is for reference only and does not constitute any investment advice.