Chapter 1: Executive Summary and Industry Landscape Analysis As of December 19, 2025, the global digital asset mining sector is undergoing the most profound structural transformation since the birth of Bitcoin. Following Bitcoin's price hitting a historical high of approximately $125,000 in October 2025 and then retracing to the $86,000 range, along with the network's total hash rate surpassing the 1,000 EH/s mark, mining companies are facing a dual challenge of compressed profit margins and a surge in capital expenditures in the "post-halving era." 1.1 Industry Differentiation Pattern Figure 1: Analysis of the Relationship Between Mainstream Mining Companies' Hash Rate and Market Value in 2025 The above image clearly shows the current differentiation trend in the industry. Based on operational data analysis, the industry has formed two major camps: First Camp: Bitcoin Standard Advocates MARA Holdings: Hashrate 60.4 EH/s, Market Cap 3.8 billion USD CleanSp

Kevin Hassett, the director of the White House National Economic Council and one of the final candidates for the Fed chair, has recently been vocal, defending the independence of the Fed on one hand and emphasizing that interest rate decisions need to be based on consensus and data; on the other hand, he clearly stated that there is "ample room" for unconventional rate cuts. Hassett is viewed as a close friend of President Trump, and his candidacy is under significant pressure regarding its independent nature due to this relationship. He suggested that the productivity leap brought by artificial intelligence provides a historic window for the Fed to implement a more accommodative monetary policy, and his policy thinking has been interpreted by the market as leaning towards "Greenspan-style" adaptive management. This personnel competition not only concerns the monetary policy path of the United States for the coming years, but the outcome of the independence struggle will also profoundly affect global risk assets, including the liquidity expectations of Bitcoin and Crypto Assets markets.

Bitcoin remains steady at $88K amid low liquidity in Asian markets, with altcoins showing mixed performance. Derivatives suggest cautious trader positioning as the year ends, while traditional markets signal ongoing interest in gold and stable rates.

Keith Grossman of MoonPay believes tokenizing real-world assets (RWA) will revolutionize finance more profoundly than digital technology disrupted traditional media. With a market cap nearing $19 billion on Ethereum, RWA offers benefits like 24/7 trading and reduced costs, prompting traditional institutions to adapt.

BNB Chain's core incubator YZi Labs recently announced a collaboration with the leading DEX PancakeSwap to jointly incubate a brand new on-chain prediction market platform called Probable. The platform features zero fees, one-click deposit, and settlement based on UMA's optimistic Oracle Machine, aiming to create an ultimate user experience. This move is a key step for YZi Labs in the systematic layout of the prediction market track, with its investments in projects such as Opinion and predict.fun already forming a matrix. Through an internal "horse racing mechanism," YZi Labs is fully committed to promoting BNB Chain to compete with pioneers like Polymarket in this track, indicating that prediction markets will become the core narrative of the next wave of ecological explosion.

On December 19, the Bank of Japan raised the benchmark interest rate by 25 basis points to 0.75%, the highest level in 30 years. However, this traditional move that was supposed to boost the currency triggered a market reaction of 'buy the expectation, sell the fact', leading to the yen falling to historical lows against the US dollar, euro, and Swiss franc. Behind this abnormal phenomenon is Japan's structural dilemma of being trapped in a 'debt crisis' and 'currency devaluation'. For global risk assets, the weak yen has temporarily eased the pressure of closing interest rate arbitrage trades, but the market calm it brings is fragile. Historical data shows that Bitcoin experienced significant pullbacks of 20% to 31% after the last three interest rate hikes by the Bank of Japan, and the long-term effects of this yen big dump are casting a shadow of uncertainty over the crypto market.

Tesla and SpaceX founder Elon Musk's net worth soared to $749 billion, making him the first billionaire in history to surpass $700 billion. The Delaware Supreme Court overturned a lower court ruling, reinstating Musk's 2018 plan for Tesla stock Options worth $139 billion. Rumors are circulating that SpaceX will go public before 2026, pushing Musk's net worth towards the trillion-dollar mark.

The infrastructure of BNB Chain has reached a distinctly mature level in 2025, according to updates from the development team and on-chain data provided by Messari. Significant improvements in execution client, block building mechanisms, and MEV protection have greatly enhanced the network's performance, stability, and security.

Fundstrat report warns that Bitcoin may fall back to $60,000 next year, diverging from founder Tom Lee's bullish view of $250,000, while Fidelity also predicts that next year will enter a year of adjustment.

The American online sports betting operator DraftKings recently launched a new app "DraftKings Predictions," allowing users to trade prediction contracts for sports events and financial events through a prediction market, thus complementing DraftKings' existing sports betting product line. However, after the product was launched, it immediately sparked mixed reviews in the market and among the community. New prediction market app, participate in both sports events and financial events. DraftKings stated that DraftKings Predictions is not a traditional sports betting platform, but rather allows users to buy and sell "contracts linked to event outcomes," such as whether a specific sports event will result in a certain outcome, or whether a particular financial event will occur. The initial trading targets of the app are primarily sports events and financial events, with plans to expand to cultural issues in the future.

After Trump's inauguration, new rules supporting the encryption industry were introduced, and billions of dollars in institutional capital originally hoped to push Crypto Assets from the margins into the mainstream. However, this year has revealed the brutal nature of Crypto Assets, where even those professionals skilled at profiting from market fluctuations have found it difficult to survive. Crypto Assets hedge funds have had a tough year, with directional funds falling by 2.5%, while fundamental strategies and altcoin-focused strategies have dropped by about 23% as of November. Crypto hedge funds are expected to perform poorly in 2025. According to data from Crypto Insights Group, as of November, directional funds aimed at profiting from the significant price fluctuations of Bitcoin and other major Crypto Assets have fallen by 2.5%, expected to record the worst performance since the winter of 2022, when many funds dropped by 30% or more. Meanwhile, those adopting...

Several large-cap altcoins are holding long-term support levels ahead of a potential Q1 2026 momentum shift. Market attention is increasingly centered on superior infrastructure reliability rather than short-term price performance. Capital allocation appears selective, favoring elite

On December 21, Wang Chun, co-founder of F2Pool (Fish Pool), one of the largest Bitcoin mining pools in the world, revealed on X his astonishing experience of having 500 BTC stolen. The incident stemmed from the community's heated discussion over the "50 million USDT phishing attack" event. Wang Chun quoted the on-chain message sent by the victim to the hacker and joked that the hacker was very "generous", only taking 490 coins and leaving him with 10 Bitcoin for living expenses.

The Federal Reserve (FED) has launched a prototype consultation for payment accounts, providing tiered access channels for encryption and financial technology, seeking a new balance between innovative flexibility and system security.