There were quite a few hot topics in the crypto circle last night, so let's get straight to the essentials.

Mainstream cryptocurrencies have been fluctuating repeatedly these days, with BTC, ETH, and SOL showing no clear trend. Trading volume and liquidity are indeed average. The market activity has been weak during these year-end days, and we’ll have to wait until after the New Year to see the rhythm.

Interestingly, precious metals have surged sharply this wave. Silver directly soared to 83U, hitting a new all-time high, and at one point became the second-largest asset by market value globally, pushing BTC down to eighth place. The logic behind this is worth pondering.

On the macro front, there are several key points to watch this week: On Wednesday, the Federal Reserve will release the minutes of the monetary policy meeting; on Friday, the final December S&P Global Manufacturing PMI will be announced. Additionally, Trump’s team is expected to designate a new Fed Chair in the first week of January. Currently, on Polymarket, Hassett has 42% support, Warsh has 33%, and Warsh’s support has been rising in recent days.

Regarding project unlocks this week: HYPE (29th, 2.56 billion U), ZORA (30th, 6.7 million U), SUI (January 1st, 63.4 million U), EIGEN (January 1st, 14.4 million U). These dates are often subject to change, so don’t be scared by potential dumps.

ZEC has been performing quite strongly recently, breaking through 532U, with a gain of over 77% from the low point. The privacy coin sector has regained some heat lately, which is interesting.

Lighter has recently faced dissatisfaction from some professional “moon boys” due to large-scale anti-witch hunt censorship, with some KOLs claiming they suffered huge losses from anti-mooning. LIT’s pre-market valuation is reported at $3.6 billion. An interesting whale operation involved selling 100,000 HYPE tokens while simultaneously going long on 500,000 LIT tokens.

Another phenomenon worth pondering: the total on-chain stablecoin supply continues to hit new highs, but prices haven’t really increased. Some analysis suggests these stablecoins are likely earning interest through circulating lending. As a result, the indicator that uses total stablecoin supply to judge price movements has become basically invalid.

Flow chain recently caused quite a few troubles due to a rollback. Project teams in the ecosystem say they weren’t coordinated at all. Flow’s token plummeted over 50% in the short term, then rebounded slightly before falling again. In the face of information asymmetry, trading should be cautious—don’t force it.