Market Review for the Morning of December 29. Precious metals opened strongly but reversed downward at midday, with silver hitting a new low. Looking at the historical candlestick charts, the liquidation cycle for silver holders has been in place for a decade, making a turnaround quite difficult.

Bitcoin remains in the accumulation phase. The longer the bottom formation takes, the stronger the subsequent breakout tends to be—this is essentially a psychological game between bulls and bears. Bears hope for a sharp decline, but when it happens, they lack the courage to buy the dip; bulls expect a rebound, but on-chain liquidity is tight, and attention has been diverted to precious metals. Patience is needed before the direction becomes clear.

Ethereum's performance has been mediocre, mainly following Bitcoin's rhythm, a typical bellwether. Only when Bitcoin breaks out first can it leverage the momentum to rise.

SOL and Binance ecosystem tokens rebounded by 2%. Considering their previous significant declines, this rebound is quite decent. Other smaller tokens haven't been so lucky, failing to catch the trend. For long-term spot holdings, focus should remain on mainstream coins and platform tokens.

On-chain movements overview: El Salvador quietly accumulated another 1,511 Bitcoin this year; a major decentralized exchange's token buyback has exceeded $220 million; Uniswap announced all interface fees are waived, clearly aiming to capture market share; a governance platform has initiated a treasury vote to focus on promoting the stablecoin ecosystem; Google search data shows that the popularity of the keyword "cryptocurrency" remains low, with retail enthusiasm cooling off; Indian law enforcement arrested a former employee of a compliant platform, with progress finally made in an internal data leak case; Hyperliquid plans to unlock and distribute 1.2 million tokens to the team on January 6, as ecosystem development accelerates.