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BlockBeats News, December 30 — As 2025 draws to a close, the cryptocurrency market has almost completely given back its gains for the year. Although bitcoin once hit a historic high of $126,000 on October 6, the market then plummeted, with the total digital asset market capitalization evaporating by about $1 trillion over the past few months. The turning point came in mid-October, when Trump announced an escalation of the tariff war, causing $19 billion in liquidations in the crypto market within 24 hours—a record high. Ethereum subsequently fell by about 40% within a month, and the market value of Eric Trump’s crypto company also shrank significantly in December. Analysts pointed out that although the Trump administration’s overall stance is “pro-crypto,” the tariff conflict, a tightening macro environment, and high-leverage liquidations have had a greater impact on the market. In November, bitcoin once fell below $81,000, marking the largest single-month drop since 2021, and is currently fluctuating around $90,000. Industry insiders warn that the market may be entering a new round of “crypto winter,” but some institutions believe this is more like a typical four-year bitcoin cycle correction. Both BlackRock CEO Larry Fink and a certain exchange CEO Brian Armstrong have stated that, in the long run, institutional funds are still steadily flowing in, and crypto assets are moving from the “gray area” into the mainstream financial system.

BlockBeats News, December 30th. As 2025 draws to a close, the cryptocurrency market has almost entirely retraced its year-to-date gains. Despite Bitcoin hitting a new all-time high of $126,000 on October 6th, the market quickly reversed course, with the total market capitalization of digital assets evaporating by around $1 trillion over the past few months. The market turning point came in mid-October when Trump announced an escalation in the trade war, leading to a $19 billion liquidation in the crypto market within 24 hours, setting a historical record. Ethereum then dropped by about 40% over the following month, and Eric Trump's crypto company saw a significant decrease in its December market value. Analysts point out that despite the overall "crypto-friendly" stance of the Trump administration, the greater market impact came from the trade conflict, a tightening macro environment, and high-leverage liquidations. In November, Bitcoin briefly fell below $81,000, marking the largest monthly decline in 2021. The price is currently fluctuating around $90,000. Industry warnings suggest that the market may be entering a new phase of "crypto winter," but some institutions believe this is more of a typical Bitcoin four-year cycle pullback. Both BlackRock CEO Larry Fink and the CEO of an exchange have stated that institutional funds are still flowing in in the long term, and that crypto assets are transitioning from the "gray area" to the mainstream financial system.

BlockBeats News, December 30, according to MLM Monitor, Lighter has withdrawn a total of 32.05 million USDC from the platform to its treasury address, with approximately $100,000 still remaining in Lighter's platform fee wallet. Out of this $32.05 million, around $8.6 million has been re-deposited back into Lighter since October 16, with about $7.5 million entering the LLP (fees generated returned to holders, reflected in LLP earnings). This is somewhat unusual as it has never been publicly disclosed before and was not mentioned in the documents—equivalent to around 25% of total revenue being used for this purpose. The remaining approximately $21.9 million USDC has been transferred to an exchange custody address. Lighter also disclosed that its treasury address is hard-coded in the contract as account 0, responsible for receiving platform fees, and the address can be changed through a contract mechanism.