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According to The Block, Bitcoin briefly broke through $74,000 on Monday, continuing its upward trend this week. Analysts believe that strong institutional demand is driving the price, and additionally, global crypto ETF products saw a net inflow of about $1 billion last week, marking three consecutive weeks of positive inflows, with the U.S. Bitcoin spot ETF dominating. Strategy and other companies continue to increase their Bitcoin holdings, and BlackRock's Bitcoin ETF has attracted about $1.75 billion in inflows over the past three weeks.Despite the return of institutional funds, the market structure shows that the upward trend still has vulnerabilities. Liquidity in the crypto market has tightened since the end of January, with the profit ratio for short-term holders below 50%. The options market has a concentration of open contracts around $75,000, which could amplify price volatility when breaking through that level.Analysts point out that Bitcoin has formed an accumulation zone in the $62,000--$72,000 range, and may maintain range-bound fluctuations in the short term. If it breaks through the concentrated area at $75,000, derivatives hedging could accelerate the rise; if it does not break through, it may remain solidified, with investors watching the developments in the war, energy markets, and Federal Reserve policies.

According to the data panel on the ChainCatcher official website, as of now, the top five BTC wallet balances on mainstream exchanges are: Coinbase (818,200), Binance (631,400), Bitfinex (423,500), Kraken (154,800), and OKX (122,300).In terms of changes in holdings, among the top 10 exchanges by BTC wallet balance, only Coinbase, Kraken, and OKX have increased their holdings in the past 30 days; in the past 7 days, Bithumb had the largest reduction, reaching 22.98%. Additionally, Kraken had the largest increase in the past 24 hours, reaching 8.29%.In terms of asset transparency proof, the top five exchanges by total asset reserves are: Binance ($155.824 billion), Bitfinex ($17.788 billion), OKX ($15.425 billion), Gate ($6.378 billion), and Bitget ($5.732 billion).Looking at asset changes, among the top 10 exchanges by reserve asset size, in the past 7 days, only KuCoin and Deribit saw an increase in reserve assets, with net inflows of $52.1411 million and $26.7172 million, respectively; the top three exchanges with net outflows are Binance (-$707.8 million), HTX (-$166 million), and Bitget (-$152 million).In the past 24 hours, only KuCoin and HTX saw an increase in reserve assets, with net inflows of $7.6549 million and $347,100, respectively; the top three exchanges with net outflows are Bybit (-$70.7477 million), Bitfinex (-$29.7365 million), and Binance (-$29.2526 million).

According to Cointelegraph, investment research firm Bernstein pointed out in its latest report that the core driving force behind Bitcoin's recent rebound is the continuous strengthening of the long-term holder structure.In the past week, BTC rose about 7%, and ETH rose about 9%, outperforming gold and major stock indices. Bernstein attributes this to the ongoing inflow of funds into the U.S. spot Bitcoin ETF, as well as the continued accumulation by companies like Strategy. In terms of fund inflows, the U.S. spot Bitcoin ETF has seen three consecutive weeks of net inflows, totaling over $2.1 billion; the net outflow since the beginning of the year has narrowed to about $460 million, while the total assets under management are approximately $92 billion.Regarding the holding structure, according to Glassnode data, about 60% of the Bitcoin supply has not seen on-chain transfers for over a year. Bitcoin Treasuries data shows that ETFs and exchanges collectively hold about 1.6 million BTC, while publicly traded companies hold about 1.15 million BTC. In terms of corporate accumulation, Strategy has accumulated a total of 66,231 BTC since the beginning of the year, costing about $5.6 billion, with an average price of about $85,000, and the total holdings have exceeded 738,000 BTC.

According to the latest data from rwa.xyz, Circle's tokenized U.S. Treasury fund USYC has surged over 41% in scale, with a total value exceeding $2.2 billion, successfully surpassing BlackRock's BUIDL fund to become the world's largest tokenized U.S. Treasury product.

According to Cointelegraph, Andrei Grachev, managing partner of crypto market maker DWF Labs, analyzed that the "Altseason" driven by the overall rise of the crypto market is becoming a thing of the past. The surge in the number of tokens in the market, the limited scale of participants, and the absorption of liquidity by crypto ETFs are changing the market structure. Currently, institutional funds are more inclined to allocate to Bitcoin, Ethereum, and tokenized real-world assets (RWA), further diverting attention and funds away from altcoins. In the future, the market will see shorter narrative cycles and more intense sector rotations, with a large number of mid- to long-tail tokens resembling high-risk investments or "casino-like" assets, struggling to survive solely on speculation.Data shows that over the past 13 months, the market capitalization of altcoins has cumulatively flowed out more than $209 billion, and currently about 38% of altcoin prices are close to historical lows.

According to Jinshi, U.S. federal funds futures continue to decline, with the market expecting the Federal Reserve to cut interest rates by only 26 basis points this year.

According to Bloomberg, Amazon is returning to the bond market with a massive cross-border issuance, which has intensified the corporate borrowing wave driven by the AI boom.Insiders revealed that the company plans to issue up to 11 tranches in the form of U.S. investment-grade bonds, with maturities ranging from 2 to 50 years. The sources added that preliminary pricing discussions for the longest bond (maturing in 2076) indicate a premium of about 1.55 percentage points over U.S. Treasuries. The individuals requested anonymity due to the private nature of the information.HSBC Holdings, Citigroup, Goldman Sachs, and JPMorgan will be responsible for underwriting this bond issuance. This is the latest in a series of large bond issuances by major cloud computing companies, which are preparing to invest hundreds of billions of dollars in building AI infrastructure. So far, investor demand remains strong, with recent bond offerings being oversubscribed multiple times.

The CEO of the Hong Kong Securities and Futures Commission, Ashley Alder, stated that the agency has received nearly 900 complaints about investment fraud, with a quarter related to virtual currencies.The Hong Kong Securities and Futures Commission will collaborate with the police, customs, the Monetary Authority, as well as licensed brokers and virtual asset service providers (licensed entities) to establish communication channels with licensed entities and actively cooperate with the police's anti-fraud coordination center's "24/7 payment halt mechanism" to immediately freeze transfers involved in fraud or high risk.

The U.S. Treasury Department, in its report on the GENIUS Act submitted to Congress, suggested that Congress consider creating a "hold law" for digital assets. This proposal aims to provide a legal safe harbor for crypto platforms, allowing them to temporarily and voluntarily freeze digital assets suspected of illegal activity during investigations.Ari Redbord, policy director at TRM Labs, stated that this legislation would give law enforcement time to address the rapid nature of blockchain transactions. Although the Bank Secrecy Act protects institutions that submit suspicious activity reports, there is currently a lack of clear statutory provisions authorizing platforms to freeze funds without a court order. The report noted that this move would strengthen public-private partnerships in combating crypto fraud and money laundering.

According to Alex Thorn, head of research at Galaxy Research, the U.S. Treasury submitted a report to Congress under the GENIUS Act, recommending that DeFi should explicitly bear anti-money laundering and counter-terrorism financing (AML/CFT) obligations, and consider establishing a "hold law" safe harbor mechanism for digital assets, allowing institutions to temporarily freeze assets during investigations of suspicious transactions without a court order.The report also revealed that the scale of crypto crime continues to grow, with losses from crypto scams recorded by the FBI reaching $9 billion in 2024.

According to Solid Intel, the Central Bank of Kazakhstan plans to use part of its gold and foreign exchange reserves to invest in the cryptocurrency sector, with an amount of up to $350 million. Currently, the official has not disclosed the specific asset categories and timeline for the investment.

According to market news, Bitcoin is currently fluctuating above $72,000, while Ethereum has seen a slight increase. The market has entered a consolidation phase after the previous breakout. Although Bitcoin has successfully stabilized above the $70,000 level, which has been a resistance point multiple times, it has not yet shown the expected rapid advance towards $80,000.Expectations of easing tensions in the Middle East have boosted risk assets. If there are disruptions in the Strait of Hormuz that drive up inflation, the Federal Reserve may be forced to maintain a tighter interest rate policy. Derivatives data shows that bullish sentiment remains moderately strong, with Bitcoin futures open interest (OI) rising to about 680,000 BTC, reaching a nearly two-week high, while open interest in gold-linked tokens XAUT and PAXG futures continues to decline, indicating that some funds may be flowing back into mainstream crypto assets after the slowdown in gold's upward momentum.In the options market, demand for high strike call options has increased, and the 30-day implied volatility remains stable overall, reflecting relatively calm market sentiment.

According to market news, as the conflict between the U.S. and Iran continues to escalate, and the market re-prices the geopolitical risks in the Middle East along with the delayed expectations for short-term interest rate cuts by the Federal Reserve, Bitcoin's performance remains strong. Analysts believe that after several weeks of consolidation, institutional funds are repositioning, providing significant support for Bitcoin's rebound, with spot ETF funds flowing back in, underpinning the price recovery.Additionally, on-chain and derivatives data also indicate a rebound in risk appetite, with Bitcoin perpetual contract open interest recording the largest single-day increase since July 2025, and leverage significantly expanding. However, there may be a time lag between ETF share trading and actual Bitcoin spot purchases, and the settlement and hedging mechanisms of institutional products may weaken the immediate transmission effect of short-term prices.

According to market news, the Central Bank of Brazil has issued new regulations requiring licensed cryptocurrency trading platforms to submit daily reports starting January 1, 2027, proving they have sufficient funds to address risks such as hacking, and to implement data protection and confidentiality obligations in accordance with commercial banking standards.The new regulations also require exchanges to completely separate their own fiat and cryptocurrency asset accounts from customer asset accounts, and to account for cryptocurrency assets on the balance sheet according to a specialized accounting manual. In addition, regulatory authorities will impose restrictions and audits on cross-border transfers, enhancing the traceability of on-chain fund flows to curb the use of cryptocurrency assets for money laundering, tax evasion, and financing criminal activities.

The world's second-largest cryptocurrency exchange by trading volume, Bybit, today officially announced the comprehensive results of its 2025 Security Initiative. Bybit has built an industry-leading multi-layer defense architecture, successfully protecting the safety of tens of thousands of users and setting a new benchmark for proactive risk control in the digital asset space. According to a report by Chainalysis, global cryptocurrency losses due to scams and fraud reached as high as $17 billion in 2025.Redefining Industry Standards: Three-Tier Withdrawal Fraud Defense FrameworkTo break through the limitations of traditional post-event remediation in risk control, Bybit has pioneered a dynamic risk grading protection system that intervenes proactively before financial losses occur. This system categorizes potential fraud scenarios into three risk levels, each matched with differentiated response strategies—ensuring user withdrawal safety while maintaining a smooth trading experience on the platform.Level 1: Early Warning (Low Risk)Leveraging big data heuristic algorithms to identify abnormal behavior patterns (e.g., large withdrawals concentrated to a single new address), Bybit automatically triggers a risk questionnaire survey. Relevant insights assist the risk control operations team in blacklisting high-risk addresses in advance, achieving source interception.Level 2: Real-Time Warning (Medium Risk)When an account is flagged due to database breaches (cross-referencing external network leak data) or associated with suspicious withdrawal addresses, Bybit will trigger a real-time pop-up reminder during the withdrawal process. This mechanism guides users to pause operations and review transaction details, effectively resisting social engineering attacks that rely on urgency or emotional pressure.Level 3: Instant Interception + Cooling-Off Period (High Risk)For wallet addresses confirmed to be involved in fraud (including so-called "pig-butchering" investment scams), Bybit implements real-time withdrawal interception and enforces a 1-hour cooling-off period mechanism. This critical time window provides users with essential assurance to regain rational judgment and verify the authenticity of transactions.Overview of 2025 Achievements and Core DataThe measures implemented in the fourth quarter of 2025 have brought breakthrough results in user safety protection:Q4 Fraudulent Fund Interception and Recovery: Bybit successfully intercepted and recovered $300 million through proactive reminders, safeguarding the life savings of over 4,000 users;Q4 AI-Driven Risk Identification: Bybit's self-developed AI algorithm accurately identified 350 high-risk investment scam addresses through on-chain data analysis, helping 8,000 users avoid potential withdrawal losses;2025 Annual Infrastructure Resilience: The platform successfully withstood over 3 million hacker database breach (account hijacking) attacks;Q4 On-Chain Proactive Monitoring: The system automatically flagged 350 risk addresses, and the ticket operations team manually reviewed and marked 600 addresses, cumulatively avoiding nearly $1 million in immediate fraud losses.Co-Building a Safe Ecosystem: Industry Collaboration and Government-Enterprise LinkageBybit firmly believes that safety should not be a competitive barrier but a shared responsibility across the industry. The strategic focus for 2025 is on deep integration of external intelligence:"In 2025, our mission is to upgrade the risk control system from a 'silent shield' to a proactive, intelligent safety guardian," said David Zong, Head of Risk Control at Bybit Group. "By deeply integrating AI-driven on-chain monitoring with real-time intelligence from industry partners like TRM, Elliptic, and Chainalysis, we not only protect Bybit users but also help map the 'genetic blueprint' of fraud networks. We are opening and sharing these standardized monitoring clues across the entire ecosystem—because the safety of the industry begins with the safety of each participant."

Last week, cryptocurrency investment products saw an inflow of $1 billion, reversing the previous trend of outflows totaling $4 billion over five consecutive weeks. Among these, BTC-related products had an inflow of $881 million, ETH-related products saw an inflow of nearly $117 million, Solana-related products had an inflow of about $54 million, and XRP-related products saw an inflow of nearly $2 million. Additionally, investment products that short BTC had an inflow of $3.7 million. Currently, the price of BTC is $69,655, down approximately 45% from its all-time high.

According to Cointelegraph, the decentralized anonymous lottery protocol Foom Cash lost approximately $2.26 million in funds due to a security vulnerability exploit, but white hat hackers intervened in time to help recover $1.84 million (about 81% of the stolen funds).This security incident stemmed from a critical error during the deployment of Foom Cash, specifically involving a Groth16 verifier configuration issue that allowed attackers to submit forged proofs to the protocol.A white hat hacker known as Duha identified the vulnerability and quickly protected the funds on the Base chain, while the security company Decurity was responsible for the rescue of funds on Ethereum. In return, Foom Cash paid the white hat hacker a bounty of $320,000 and paid Decurity a security fee of $100,000.

According to CoinDesk, data shows that U.S.-listed spot Bitcoin and Ethereum ETFs have experienced record outflows over the past four months, indicating a significant decline in institutional interest in digital assets.Bitcoin ETFs have seen outflows for four consecutive months, with a total net outflow of $6.39 billion, marking the longest monthly outflow record since the fund's launch in January 2024. Ethereum ETFs experienced outflows of $2.76 billion during the same period. The massive outflows explain the price declines of both tokens. Bitcoin has nearly halved from its peak of over $126,000 in early October last year to around $67,000. Ethereum has seen an even steeper decline, dropping over 60% from its peak of over $4,950 last August.

According to Jinshi, U.S. federal funds futures fell, with the December contract down 3 basis points.

According to Reuters, Tether stated that it has frozen approximately $4.2 billion USDT due to "association with illegal activities," with about $3.5 billion occurring since 2023; this week it assisted the U.S. Department of Justice in freezing nearly $61 million USDT related to "pig-butchering" scams. Tether claimed it can remotely freeze USDT in user wallets at the request of law enforcement agencies.