Summary
Alpha Mining: BTC sharply retreated after surging above $94,000, forming a lower high consolidation structure on the 4-hour chart, with the $90,000–$91,000 range shifting from support to resistance. ETH pulled back from around $3,400 but remains oscillating above $3,000. M surged over 46.63% last week, becoming the standout token; MERL and ZEC also gained 28.35% and 18.99% respectively, reversing the trend in the short term.
On-chain Funds: Hyperliquid led with approximately $190 million in net inflows, reflecting a market consensus on on-chain perpetual contracts, high-frequency trading, and high capital efficiency infrastructure. The actual performance of the Stablecoin public chain Stable after its mainnet launch has been noticeably weaker than narrative expectations. In existing

Crypto Market Overview
BTC (-4.20% | Current price 85,740 USDT): After failing to effectively break through the key resistance level of 95,000 USD last week, Bitcoin's price continued to weaken and gradually retraced to the core supply and demand zone. From a daily chart perspective, both the 100-day and 200-day moving averages are above the price, showing a downward trend slightly above the 100,000 USD level, further reinforcing the medium-term bearish technical pattern. However, the current price has approached the lower band of the Bollinger Bands, and both RSI and KDJ are in oversold zones, indicating that the short-term downward momentum is weakening. The 79,000–82,000 USD range remains the most critical demand support zone, where strong buying previously entered, forming a temporary bottom in this round of correction; if the price faces further pressure and declines again, this area is likely to remain the core of bullish defense.

Summary
- Introduction to Dual-Currency Investment Mechanism: Dual-currency investment is a structured product centered around "holding coins for interest + conditional currency exchange." Investors receive a fixed return within the lock-up period. Whether to exchange currency upon maturity depends on whether the underlying asset price hits the preset target price. Essentially, investors sell short-term options through the platform, with returns derived from the conversion of option premiums. Dual-currency investments exhibit behaviors similar to option Greek letters and are productized return structures of "option premiums + principal lock-in compensation."
- Bitcoin Market Cycle Classification: The Bitcoin market is divided into bull markets, consolidation phases, and bear markets using technical indicators to illustrate the risk-return characteristics of dual-currency investments as "selling options" strategies in different cycles. The specific method uses MA100 and its ±1σ, ±2σ rolling standard deviations for visualization, showing that since 2023, the market has mainly been in a bull phase.

Cryptocurrency Asset Overview
BTC (-2.01% | Current price 88,558.7 USDT)
In the past 24 hours, BTC has fallen from above $90,000 to a low of $87,581, showing an overall weak downward trend. In the short term, it is in a low-volatility consolidation phase after technical oversold conditions. MA5 < MA10 < MA30, a typical bearish alignment, indicating that market sentiment remains weak; meanwhile, the price continues to stay below MA30, demonstrating that both short-term and medium-term trends are dominated by bears. During the decline, trading volume did not significantly increase, suggesting sustained selling pressure rather than panic selling, but bullish buying has not yet appeared prominently. Short-term traders can watch for support signals in the $87,500–$88,000 range; if $87,500 is effectively broken, the price may decline further to the $86,500–$86,000 zone.

Gate Research Institute Daily Report: December 15 — The overall crypto market continues to face pressure, with BTC and ETH maintaining low-level consolidation, while GT shows relative resilience. Under the weak performance of mainstream coins, tokens such as FHE, ICE, and BAS have reversed trends and strengthened amid catalysts like privacy computing collaborations with Chainlink, token migrations and mainnet transitions, as well as ERC-8004 protocol upgrades, reflecting a concentrated battle for structural opportunities among funds. The structural selling pressure in the options market still suppresses BTC upside momentum. The divergence between ETF bullish demand and OG holders selling volatility suggests that BTC is more likely to remain in short-term consolidation rather than make rapid breakthroughs; Ant International is reconstructing corporate treasury management systems through blockchain, AI, and tokenized deposits; after the mainnet launch of Stable, on-chain activity has been below expectations, highlighting ongoing challenges for the differentiated implementation of stablecoin public chains.

Summary
Momentum investing is based on the assumption of trend persistence and is widely used in traditional finance and cryptocurrency markets. This report takes BTC as the research object, systematically reviews the theoretical basis of momentum strategies, behavioral drivers, and potential risks, providing a framework for empirical analysis.
Momentum can be understood as the "inertia" of prices, commonly quantified as the difference between the current price and historical prices. In the BTC market, short-term momentum indicators (such as the 10-day momentum) can effectively characterize cyclical trend directions.
The momentum effect is closely related to behavioral finance; herd behavior, conformity, and underreaction can reinforce trend continuation. However, unexpected events and emotional reversals may quickly invalidate momentum signals, leading to significant drawdown risks.
This report selects MACD, Bollinger Bands, ADX/DMI, and RSI as core momentum tools, analyzing from the perspectives of trend direction, volatility structure, trend strength, and market

Gate Research Institute: On December 12, BTC's short-term trend clearly turned stronger; ETH price surged then pulled back within the past 24 hours, showing a high-level oscillation structure; GT price is generally in a phase of oscillation and recovery; LIGHT became the focus with a surge of up to +41.61%. JPMorgan launched the USCP token on Solana to help Galaxy complete a milestone on-chain debt issuance; Blockstream plans to acquire TradFi hedge fund Corbiere Capital to expand institutional investment; El Salvador, in partnership with Musk’s xAI, is implementing the Grok AI education program nationwide.

Gate Research Institute: On December 12, BTC's short-term trend clearly turned stronger; ETH price surged then pulled back within the past 24 hours, showing a high-level oscillation structure; GT price is generally in a phase of oscillation and recovery; LIGHT became the focus with a surge of up to +41.61%. JPMorgan launched the USCP token on Solana to help Galaxy complete a milestone on-chain debt issuance; Blockstream plans to acquire TradFi hedge fund Corbiere Capital to expand institutional investment; El Salvador, in partnership with Musk’s xAI, is implementing the Grok AI education program nationwide.

On-Chain Data Summary
Overview of On-Chain Activity and Capital Flows
To accurately assess the true usage of the blockchain ecosystem, this section examines several key on-chain activity indicators, including daily transaction volume, Gas fees, active addresses, and net cross-chain bridge flows. These metrics cover user behavior, network usage intensity, and asset liquidity. Compared to simply observing capital inflows and outflows, these native on-chain data provide a more comprehensive reflection of the fundamental changes in the public chain ecosystem, helping to determine whether capital flows are accompanied by actual usage demand and user growth, thereby identifying networks with sustainable development potential.
Transaction Volume Analysis: Solana remains high, mainstream public chains maintain steady activity
According to Artemis data, in November, the on-chain transaction activity of multiple mainstream public chains generally maintained a moderate upward trend, showing a structural pattern dominated by high-performance public chains and a gradual recovery of Layer2 solutions. From

Summary
The market sentiment warmed up driven by the strong performance of BTC and ETH, with weekly gains in sectors such as prediction markets, GambleFi, and ZK reaching 18%–35%.
Institutional Bitcoin holdings surged significantly, and capital allocation structures continued to deepen.
Major banks accelerated their deployment of Bitcoin collateral services, and institutional-grade funding acceptance continued to rise.
Rate cuts triggered intense market volatility, with Ethereum and Bitcoin experiencing large fluctuations in response to macro signals.
Digital Asset completed a $50 million funding round, led by DRW Venture.
CONX, APT, and ARB will unlock approximately $21.83 million, $19.68 million, and $19.58 million worth of tokens respectively over the next 7 days.
Market Commentary
Market Analysis
BTC Market — BTC showed a "fluctuating" trend over the past day

Recent options market trends show a decline in implied volatility for BTC and ETH, with market expectations for future volatility weakening. Block trades are concentrated in bullish spreads, mainly involving large-scale options transactions for BTC and ETH. The Gate platform has launched a rolling sell options tool to help users automate options trading, improve trading efficiency, and enhance risk management.

Crypto Asset Panorama
BTC (-2.76% | Current price 89,972 USDT)
BTC has recently shown a pattern of "slight weakness after volatile correction." The price repeatedly faces resistance above $92,000, and has been sliding continuously around $91,000, indicating a weakening short-term momentum. On the technical side, the MA5 and MA10 have turned downward and broken below the MA30, with the three moving averages converging, suggesting the short-term trend is shifting from strong to neutral or slightly weak. If the price cannot quickly regain the MA10, the rebound will be limited. Regarding MACD, the fast and slow lines have been decreasing after a death cross at high levels, with the red histogram shrinking and turning green, indicating diminishing bullish momentum. In the short term, focus should be on the support zone at $90,500–$90,800. If this area holds, there is still potential to attempt recovery near the moving averages; otherwise, a break below could lead to further decline towards 8

CN：
Panorama of crypto assets
BTC(+2.07% 丨 Current Price 92,005 USDT)
BTC briefly fell back to the $92,000 range and saw buying intake, and although the price pulled back from the high of $94,500, it remained in the short-term bullish structure as a whole. In terms of moving averages, MA5 and MA10 have slightly retraced, but they are still above MA30, indicating that the trend has not yet weakened and has only entered a short-term consolidation. The MACD red bars converged from the highs, the momentum slowed down but was still above the zero axis, and the market was in a cooling phase after strength. If BTC can stabilize the $91,800–92,200 zone, it can continue the repair trend; A break below the MA30 could further backtest the $90,500 support.

Crypto market panorama
BTC (+2.07% 丨 Current price 92,005 USDT): BTC briefly fell back to the $92,000 range and saw buying orders, and although the price retraced from the high of $94,500, the overall price remained within a short-term bullish structure. In terms of moving averages, MA5 and MA10 have slightly retraced, but they are still above MA30, indicating that the trend has not yet weakened and has only entered a short-term consolidation. The MACD red bars converged from the highs, the momentum slowed down but was still above the zero axis, and the market was in a cooling phase after strength. If BTC can stabilize the $91,800–92,200 zone, it can continue the repair trend; A break below the MA30 could further backtest the $90,500 support.

In November, Bitcoin fell by 17.54%, the crypto market capitalization dropped below $3 trillion, and leveraged liquidations hit a new high. In Gate's quantitative funds, the USDT and BTC strategy returns were 1.9% and -0.3%, respectively. Historically, Bitcoin's performance in December has been unstable, so attention should be paid to liquidity improvements and risk sentiment.

BTC remains fluctuating in the $89,000–$93,000 range, and is still in a short-term weak recovery phase. ETH is relatively more resilient, but technical indicators show that selling pressure above has not been fully released. 2Z surged over 31.63% last week, becoming the standout token; Polygon PoS led the way, with Polygon’s strong performance driven by both stablecoin payments and the Polymarket prediction market, with scale and trading volume both hitting new highs. In contrast, after Monad’s mainnet launch, its popularity quickly faded, with trading volume and user activity dropping significantly. The ecosystem still lacks native applications with sustained depth, making it difficult to attract incremental capital in the short term.

Panorama of Crypto Assets
BTC (+1.86% | Current price 91,052.7 USDT)
After forming a "deep V rebound" on the night of December 7 and early morning of December 8, BTC did not continue its strong momentum. Instead, it fluctuated back and forth within the $90,000–$91,700 range, resembling a "door" structure. This is a typical corrective consolidation, with the main funds likely testing the resistance capacity of the upper trapped zone at $91,500-$92,000, while facilitating rotation through repeated oscillations. On the moving averages, the MA 5 has crossed below the MA 10, resulting in a minor death cross in the short-term moving average system, indicating weak short-term rebound momentum. Overall, this is a consolidation phase under main control within a box pattern, and a directional breakout has not yet formed. If the price can break through $91,700 with high volume in the coming days and hold above $92,000, then

Crypto Market Overview
BTC (+1.86% | Current price 91,052.7 USDT): BTC experienced a "deep V rebound" from the evening of December 7 to the early morning of December 8, with the price consolidating within the $90,000–$91,700 range. The chart structure shows an "archway" shape, reflecting that after a rapid rebound, the market has entered a correction phase. Main funds may be testing resistance and completing position rotation in the $91,500–$92,000 area. On the short-term moving averages, the MA 5 has crossed below the MA 10, forming a slight death cross, indicating that the short-term price trend is leaning toward consolidation. Overall, the market is still in a box consolidation phase, sentiment remains cautious, and no clear directional signal has yet formed.
ETH (+1.86% | Current price 3,102.66 USDT): ETH trend

Panorama of Crypto Assets
BTC (-0.87% | Current Price 92,345 USDT)
After a period of high-level consolidation, BTC has shifted to a weaker corrective pattern over the past 24 hours. The price has repeatedly encountered resistance and pulled back near $93,000, failing to achieve a meaningful breakout. At the same time, short-term moving averages (MA5, MA10, EMA9) have flattened or even slightly turned downward, reflecting a weakening of short-term bullish momentum. The current price is running below several short-term moving averages and approaching the mid-term average (MA30), indicating that the market is gradually transitioning from a strong phase to a consolidation phase. Overall trading volume is insufficient, and the candlesticks are characterized by small bodies with upper and lower shadows, suggesting cautious market sentiment and a noticeable cooling of buying power compared to earlier periods.
If the price finds support above $92,000 and trading volume picks up, there is still a chance for renewed strength and a move toward the $93,500 resistance.

Crypto Market Overview
BTC (-0.87% | Current price 92,345 USDT): After a period of high-level consolidation, BTC has shifted to a weaker consolidation trend over the past 24 hours. The price has repeatedly encountered resistance and pulled back near $93,000, failing to achieve an effective breakout. At the same time, short-term moving averages (MA5, MA10, EMA9) have flattened or even slightly turned downward, indicating that short-term bullish momentum is weakening. The current price is running below several short-term moving averages and is approaching the mid-term moving average (MA30), showing that the market is gradually transitioning from a strong phase to a consolidation phase. Overall trading volume is insufficient, and the candlesticks are mainly small-bodied with upper and lower wicks, reflecting a cautious market sentiment and noticeably cooler buying power compared to previous periods.