Market bullish and bearish divergence, whales frequently withdraw coins, and many institutions are optimistic about the second half of the year.

【Crypto World】Recently, there have been many movements in the market. Let’s first look at the attitude of major institutions. Deutsche Bank stated that the market does not buy into the expectation of interest rate cuts in January next year, while the research team of a leading compliant platform predicts that the crypto market environment may see a turning point in the first half of 2026, believing there is room for further growth.

Meanwhile, the actions of whales are also affecting market nerves. Recently, a whale withdrew $84.39 million worth of crypto assets from a major exchange, and a newly created wallet subsequently withdrew over $16.92 million in assets. On the other side, a giant whale deposited $1.57 million USDC on the HyperLiquid platform to short BERA. The logic behind this move is worth pondering.

Matrixport’s view is also quite interesting — in the current market environment, traders tend to focus more on top assets with high liquidity and solid trading depth to avoid pitfalls.

There are also new moves on the exchange side. A major exchange’s Alpha project launched a new coin, zkPass (ZKP), with a threshold set at 225 Alpha points. Meanwhile, Lighter, a 24-hour perpetual DEX, has recently surpassed Aster in trading volume. The rise of new players cannot be underestimated.

On the policy front, Japan seems to be planning a major move — they plan to implement a separate tax system for crypto assets starting from 2028. This is an important signal for participants in Japan’s crypto market.