Author: Techub Hot Topics
Author: Yangz, Techub News
"The future of finance is on Coinbase. All in one app," Coinbase announced at today’s System Update event, setting a new course for its future in 2026 and even 10 years ahead.
As an industry leader with a market capitalization of over $65 billion and owning the largest cryptocurrency trading platform in the United States, Coinbase has no intention of settling within existing boundaries. It is launching its most aggressive and disruptive product expansion since its founding 13 years ago: breaking down traditional barriers in the financial world, integrating crypto assets, stocks, derivatives, on-chain ecosystems, and even prediction markets into a seamless, unified application.

Author: Nancy, PANews
From the former "investment barometer" to today's "VC fears," crypto venture capital is undergoing a necessary disillusionment and cleanup.
The darkest hour is also a moment of rebirth. This brutal de-bubbling process is forcing the crypto market to establish healthier and more sustainable valuation logic, and is also driving the industry back to rationality and maturity.
The star VC falls, the disillusionment of the elite halo
Another crypto venture capital firm has fallen. On December 17, Shima

Author: Anita @anitahityou
If you only look at tech news in 2025, you'll think the world is in great shape: AI investments are still ongoing, data center construction in North America is accelerating, and crypto miners have finally "come out of the cycle," successfully transforming their originally highly volatile mining business into stable AI computing power services.
But in Wall Street's credit departments, the atmosphere is completely different.
Credit investors are not discussing model performance, nor do they care which generation of GPU is stronger. They are focused on the core assumptions in their Excel spreadsheets, beginning to feel a chill: it seems we are using a 10-year real estate financing model to buy a perishable product with only an 18-month shelf life.
Reuters and Bloomberg's continuous reports in December reveal only the tip of the iceberg: AI

Today's News Highlights:
ETHGas completes $12 million seed round funding, led by Polychain Capital
Glassnode: Bitcoin fluctuates between support at 81,000 and selling pressure at 93,000; breaking below 81,300 may trigger more sell-offs
Coinbase advances "All-in-One Exchange" strategy, expanding into stocks, prediction markets, Solana DEX, and other areas
Ethereum is expected to raise the Gas limit to 80 million in January 2026
Bitcoin spot ETF saw a total net inflow of $457 million yesterday, with Fidelity FBTC leading with $391 million net inflow
Data: Ethereum exchange supply drops to the lowest level since 2016, reducing short-term selling pressure

Author: XY
Translation: Tim, PANews
Entering the bear market for a year
It took me some time to convince myself: we are in a bear market, and it has been ongoing for about a year.
November 2024 will be a period of market excitement, and the issuance of $TRUMP pushed the market to extreme euphoria, marking the final狂欢 that no one wants to believe.
Below, I will explain my perspective.
It all started with that old cliché: “History doesn’t repeat itself, but it often rhymes.”
This silly phrase has caused huge misconceptions in market analysis, essentially doing more harm than good.
It led us to develop path dependence and also caused us to lose the ability to question.
Yes, this reliance on historical patterns for prediction is like looking at the world through a prism engraved with old patterns, inevitably leading to misreading the current new reality, and ultimately causing us to overlook the latest driving factors of the market. This is precisely the dangerous root

Original Authors: Huang Wenjing, Chen Haoyang
Everything happens on the eve of TGE
In the world of Web3, the most dramatic moments often occur in the weeks leading up to the project's TGE (Token Generation Event).
Mankun has recently received numerous inquiries from employees of crypto projects: complaints about project teams reclaiming token options at TGE, dismissing core team members, and so on. Such phenomena are quite common:
Developers working diligently for months, about to launch their tokens, suddenly lose all incentives due to "organizational adjustments";
Early advisors who were promised "token rewards and co-investment shares," only to be told after the project's popularity surged that "the model is not finalized" and "compliance is pending approval," causing repeated delays;
Others refer to the clear statement in the white paper about a "10% team incentive pool," but when the vesting period arrives, they are told it’s due to "performance not met" or "triggering non-compete clauses."

Pantera Capital points out that despite a record high of $34 billion in crypto financing in 2023, the number of transactions has declined by nearly 50%. Capital is shifting towards more mature projects, reducing early-stage investments, leading to funds being concentrated in mainstream assets like Bitcoin, with more cautious and stringent investment approaches.

Author: BlockWeeks Weekly
In the cryptocurrency market, if you only look at market cap, you'll see a thriving, flourishing digital utopia. Valuations in the hundreds of billions of dollars, grand technical whitepapers, the halo of Turing Award winners... everything seems to be the dawn of the next-generation internet.
But if you change your perspective — viewing only the “on-chain real revenue (Fees)” — you'll see a completely different, even chilling scene: in this so-called trillion-dollar market, the vast majority of “unicorns” are actually zombie companies that have long since ceased to breathe.
Recently, BlockWeeks conducted a detailed analysis of the “Fees” data from DeFiLlama's public chains, and we discovered an unavoidable structural problem: crypto public chains have entered a phase of “extreme profit concentration and long tail collective zombification.”

In 2025, the returns from yield farming are not ideal, with many projects but few successful ones. Airdrops and liquidity issues are prominent. Once considered low-risk, yield farming has now become a mechanism of involution and selection. Participants need to reassess their time, risk, and expectations.

As a former VC investor, what are your thoughts on the current "VC is dead" rhetoric on Crypto Twitter?
Regarding the paid question, I’ll give a serious answer. I also have quite a few thoughts on this rhetoric.
First, the conclusion -
1. The fact that some VCs are already dead is undeniable.
2. Overall, VCs will not die; they will continue to exist and push the industry forward.
3. VCs are actually similar to projects and talent—they are entering a phase of "clearing out" and "big waves washing away the sand," somewhat like during the internet bubble of 2000. This is the "debt" from the last crazy bull run. After a few years of repayment, a new phase of healthy growth will begin, but the threshold will be much higher than before.
Now, let me elaborate on each point.
1. Some VCs are already dead
Asian VCs are probably the hardest hit in this round. Starting from this year, most of the top players have shut down or disbanded. The remaining few might not even make a deal once every few months, focusing on...

Author: David, Deep Tide TechFlow
On December 15th, Bitcoin dropped from $90,000 to $85,616, a decline of over 5% in a single day.
There were no major crashes or negative events on that day, and on-chain data also shows no abnormal selling pressure. If you only look at the news in the crypto world, it's hard to find a "reasonable" explanation.
But on the same day, gold was quoted at $4,323 per ounce, down only $1 from the previous day.
One dropped 5%, the other hardly moved.
If Bitcoin truly is "digital gold," a tool to hedge against inflation and fiat devaluation, its performance in risk events should resemble gold more. But this time, its movement clearly looks more like high Beta tech stocks in the Nasdaq.
What is driving this decline? The answer might be found in Tokyo.
Tokyo's Butterfly Effect

Author: Jaleel加六
This is one of the most important upgrades in Hyperliquid's history.
All the upgrades to various DeFi protocols and Perp DEXs in the crypto market over the past have actually been addressing the same issue: how to make limited funds generate greater liquidity. Traditional financial derivatives markets have had an extremely effective solution: Portfolio

The current yield efficiency of bank deposits is 10 times that of USDC on Aave, reflecting the structure of the crypto market. The article analyzes the role of on-chain lending and borrowing strategies, suggesting that as lending protocols become decoupled from the crypto market cycle, potential profits will change. Lending activities are gradually shifting towards tokenized physical assets and off-chain credit, and this transition is expected to become evident starting in 2026.

Author: Frank, MSX Research Institute
After seeing the last person, Trump's thoughts have once again changed.
Just as Wall Street was almost certain that the new Fed Chair would be Kevin Hassett, last week, a recent meeting at the White House between Trump and former Federal Reserve Governor Kevin Warsh once again added suspense to the betting.
Unlike previous perfunctory meetings, after this one, Trump's attitude toward Warsh shifted subtly but significantly, clearly giving Warsh more recognition, even stating in an interview with The Wall Street Journal: "I think both Kevins are great," with Warsh now on par with Hassett, becoming a leading candidate for Fed Chair.
The shift from Hassett to Warsh in the "dual Kevins contest" not only signifies a personnel change from "loyal dovish" to "Fed reformist,"

Today's News Highlights:
Cryptocurrency venture capital firm Shima Capital reportedly quietly ceases operations
Binance releases a guide to listing processes and issues a community warning about impersonation scams by third parties
The US SEC has concluded nearly four years of investigation into the Aave protocol
Michael Saylor: Quantum computing will not crack Bitcoin; instead, it will make it stronger
Rainbow Token Economics: 15% airdrop at TGE, total supply of 1 billion tokens
Bitcoin spot ETF experienced a net outflow of $277 million yesterday, with only Fidelity FBTC seeing a net inflow

Author: Nancy, PANews
After 7 years of entrepreneurship, virtual currency exchange Hashkey sounded the gong and opened the door to the traditional capital market.
On December 17, HashKey officially listed on the Main Board of the Hong Kong Stock Exchange. From starting in auto parts to controlling multiple publicly listed companies across various industries, the blockchain sector cultivated by the Wanxiang Group over the years has finally borne fruit. Led by Xiao Feng, known as the "Godfather of Chinese Cryptocurrency," HashKey has established a compliant listing model for the cryptocurrency industry that can serve as a reference.
Started preparing for listing five years ago, Wanxiang's major shareholder
"The company has been preparing for a listing since its establishment in Hong Kong in 2018." Now, HashKey is officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the first publicly issued digital asset company in Hong Kong in the Asian digital asset field.
After the listing ceremony, HashKey Chairman and

Author: Hu Tao, ChianCatcher
As the cryptocurrency industry becomes increasingly mainstream, Chinese entrepreneurs seem to be drifting further away from the center stage.
Once upon a time, projects founded by Chinese entrepreneurs already occupied half of the industry, including well-known cryptocurrency exchanges such as Binance, OKX, Bybit, Bitget, Gate, HTX, Bitmart, and others. The same is true in mining, with projects like Bitmain, Canaan Creative, and SparkPool holding important positions in the industry. Their commonality is that most were founded around 2017-2018 or even earlier.
Although Zhao Changpeng, Xu Mingxing, Wu Jihan, and Sun Yuchen are still actively engaged at the forefront of the industry, since the DeFi Summer craze in 2020, a general consensus has gradually formed: the visibility and influence of the new generation of Chinese entrepreneurs in the global crypto industry are diminishing.

Author: DeFi Warhol
Translation: Tim, PANews
Solid
Tokenization: RWA scale repeatedly hits new highs (about $20 billion), with more and more stocks and commodities being tokenized. As mainstream funds and custodial institutions continue to expand on major trading platforms, this is no longer just a conceptual level.
Stablecoins: As a market with a market cap of $310 billion, stablecoins are gradually becoming the infrastructure for foreign exchange, payments, credit cards, and digital banking distribution, serving as the best bridge from the crypto world to real-world applications.
Prediction Markets: Trading volume and user numbers in prediction markets are hitting new highs. With the integration of mainstream crypto applications and traditional financial institutions, their adoption speed is accelerating.
Perpetual Contracts: Perpetual contracts still dominate trading volume in the crypto market, with derivatives trading far exceeding spot trading. On-chain perpetual contract platforms' monthly trading volume has matched that of centralized exchanges, breaking through

I just saw a very interesting news:
A few hours ago, Nasdaq officially submitted documents to the SEC, planning to extend US stock trading hours to 23 hours a day, officially incorporating the "night trading" into the official trading system.
Huh? Are you trying to set an example for the "on-chain stocks" and "asset tokenization" market that will be 24/7 in two years? Starting with 5X23?
In simple terms, it’s currently like the first image; if approved, it will become the second.
If truly approved, the impact will still be significant.
1. Retail Investors - First of all, retail investors will definitely have a better experience, no need to stay up late waiting for the market to open, and they can buy and sell during the day.
And this experience boost is not limited to Futu Tiger; using platforms like Ondo Finance, StableStock, and other on-chain US stock services also benefits. Because essentially, your buy and sell transactions are executed through their underlying broker "agency trading."