ChainCatcher reports that Kain Warwick, founder of Synthetix and Infinex, posted on X that Infinex has lowered the valuation of its Sonar token sale on Echo from the initial $300 million to $99.99 million to better align with current market conditions. He noted that the original FDV was considered high by the market, and the adjustment aims to enhance the project's appeal and prepare for the upcoming TGE. Kain also stated that the early exit mechanism was originally designed as an incentive, but due to high pricing feedback, the related exit price will be gradually reduced from $300 million at TGE to approximately $100 million, with the lock-up period remaining unchanged at one year. Due to the FDV reduction, the overall allocation for the Sonar sale has decreased, and priority allocation arrangements for original Patron NFT holders cannot be guaranteed. Kain emphasized that this adjustment aims to attract more new participants, not just existing holders. Infinex plans to open registration for the INX token sale on December 27, with the sale officially launching on January 3, targeting a valuation of $99.99 million, offering 5% of the total supply, aiming to raise $5 million, with a one-year lock-up period. After the sale, an additional 2% of tokens will be sold on Uniswap at a valuation of approximately $100 million.

PANews reported on December 25th that, according to a CoinGlass report, the trading volume of crypto derivatives is projected to reach $85.7 trillion in 2025, averaging $265 billion per day. Binance will account for 29.3% of the global trading volume, approximately $25.09 trillion, maintaining its leading position in the market. OKX, Bybit, and Bitget will contribute between $8.2 trillion and $10.8 trillion respectively, with the four major exchanges collectively accounting for 62.3% of the market share. The report also points out that institutional participation is driving market structural transformation, but more complex leverage chains have increased risks. In October, the market saw $19 billion in liquidations triggered by the US announcement of 100% tariffs on Chinese imports, with long positions accounting for 85%-90%.

BlockBeats News, December 25th: According to CoinGlass data, the liquidation amount in the crypto market for 2025 has exceeded $150 billion, with an average daily liquidation amount ranging from $4 billion to $5 billion.

PANews reported on December 25th that, according to official data, Gate has completed 50 airdrop events since the launch of its unique contract points system. These events have covered over 60 popular cryptocurrencies, with a single account accumulating over $2,400 in earnings, and the highest single-event airdrop yielding over $127. The performance is impressive. It is understood that Gate's contract points mechanism is the first of its kind in the industry, creating a virtuous cycle between trading incentives and community rewards, bringing continuous high returns to active users.

BlockBeats 消息，12 月 25 日，据链上分析师 @alicharts 监测，以太坊鲸鱼在过去一周购买了 22 万枚 ETH，价值约 6.6 亿美元。

BlockBeats news, December 25, on Polymarket the probability prediction for "Bitcoin falling below $80,000 in December" is currently reported at 9%, and the probability for falling below $75,000 is currently reported at 3%. Additionally, the probability prediction for breaking above $95,000 is currently reported at 10%.

PANews reported on December 25th that Jack Kong (Kong Jianping), founder of Nano Labs, tweeted an analysis of Bitcoin's price trajectory around Christmas. He pointed out that from $0.25 in 2010 to $98,200 in 2024, the price of Bitcoin increased nearly 400,000 times in 14 years. Historical data shows that Bitcoin bear market bottoms often occur around Christmas, such as $319 in 2014, $3,815 in 2018, and $16,831 in 2022. The projected $88,000 for 2025 is a slight pullback from the 2024 forecast, which may reflect market expectations of a cyclical adjustment. From a macro perspective, this volatility is a characteristic of the growth of digital assets as emerging stores of value. According to previous reports, Kong Jianping, founder of Nano Labs, stated that Bitcoin's hashrate has plummeted and at least 400,000 mining machines have been shut down .

BlockBeats news, December 25th, according to DefiLlama data, the trading volume of mainstream Perp DEXs over the past 24 hours has significantly declined again compared to the previous day. If Lighter launches its mainnet and issues tokens before the end of the year on the 31st, this Friday may be its last points distribution, which could keep Lighter's trading volume active and at the top. Hyperliquid ranks second, with most platforms seeing slight increases in open interest. Current trading volumes for some Perp DEXs are as follows:Lighter 24-hour trading volume approximately $5.04 billion, TVL approximately $1.41 billion, open interest $1.55 billion;Hyperliquid 24-hour trading volume approximately $3.5 billion, TVL approximately $4.13 billion, open interest $7.26 billion;Aster 24-hour trading volume approximately $2.85 billion, TVL approximately $1.27 billion, open interest $2.43 billion;EdgeX 24-hour trading volume approximately $1.87 billion, TVL approximately $368 million, open interest $761 million;ApeX 24-hour trading volume approximately $1.76 billion, TVL approximately $46.26 million, open interest $240 million;Variational 24-hour trading volume approximately $1.09 billion, TVL approximately $66.18 million, open interest $485 million;Backpack 24-hour trading volume approximately $813 million, TVL not yet disclosed, open interest $216 million;Pacifica 24-hour trading volume approximately $488 million, TVL approximately $41.44 million, open interest $60.26 million.

PANews reported on December 25th that Jack Yi, founder of Trend Research, tweeted that unrealized losses are short-term, and the long-term trend is bullish. ETH is currently in a bottoming-out phase, and the team's research suggests a major bull market is expected in 2026. He emphasized that their bottom-fishing and top-selling operations this year have been transparent, and stated that they will not miss long-term upward opportunities due to short-term fluctuations. Jack Yi reiterated that the team plans to continue investing $1 billion to buy ETH on dips in order to capitalize on potential future price increases of several thousand dollars. According to previous reports and data, Yi Lihua confirmed that Trend Research's 645,000 ETH holdings are currently showing a floating loss of $143 million .

BlockBeats news, December 25, according to Coinglass data, current funding rates on mainstream CEXs and DEXs indicate a slight return to market neutrality. Specific funding rates for major cryptocurrencies are shown in the attached image.BlockBeats note: Funding rates are fees set by cryptocurrency trading platforms to maintain balance between contract prices and underlying asset prices, typically applicable to perpetual contracts. It is a fund exchange mechanism between long and short traders; the platform does not charge this fee, using it to adjust the cost or profit of traders holding contracts to keep contract prices close to underlying asset prices.When the funding rate is 0.01%, it indicates the base rate. When the funding rate is greater than 0.01%, it represents a generally bullish market. When the funding rate is less than 0.005%, it represents a generally bearish market.