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Gate Research Daily Report: On January 9, BTC first extended its previous rally and surged rapidly, forming a short-term peak near 94,800 USDT. ETH also continued its earlier uptrend and pushed higher, topping out around 3,308 USDT, before bullish momentum weakened significantly and prices retreated from the highs, gradually developing into a relatively smooth downward move. Meanwhile, ISLM became the market’s standout performer with a gain of over 460%. On the macro and industry front, JPMorgan is accelerating its blockchain strategy and plans to build a “regulated, interoperable digital money” system. Hilbert Group announced the acquisition of Enigma Nordic for $25 million, further strengthening its institutional-grade crypto trading presence. In addition, a company linked to Tether executives drew market attention after acquiring Northern Data’s bitcoin mining business.

In December 2025, on-chain activity across public blockchains slowed and structural divergence deepened. Solana and Ethereum remained at the core of the ecosystem, while internal differentiation within Layer2 networks became more pronounced, as the market shifted from narrative-driven positioning toward efficiency and real-use-case selection. For Bitcoin, an assessment of cost basis distribution, unrealized loss supply, and holder structure indicates that the market is undergoing a cyclical pullback and rebalancing phase within a broader bull trend. While short-term pressure persists, long-term holders remain largely stable; if key cost support levels hold, prices may gradually recover following a period of consolidation. At the project level, trading volume in the BSC prediction-market sector continued to expand, but liquidity remained highly concentrated in Opinion, with newer platforms still in early validation stages. At the token level, $BEAT recorded a peak gain of nearly 300% during the period, driven

Gate Research Daily Report: On January 9, BTC first extended its previous rally and surged rapidly, forming a short-term peak near 94,800 USDT. ETH also continued its earlier uptrend and pushed higher, topping out around 3,308 USDT, before bullish momentum weakened significantly and prices retreated from the highs, gradually developing into a relatively smooth downward move. Meanwhile, ISLM became the market’s standout performer with a gain of over 460%. On the macro and industry front, JPMorgan is accelerating its blockchain strategy and plans to build a “regulated, interoperable digital money” system. Hilbert Group announced the acquisition of Enigma Nordic for $25 million, further strengthening its institutional-grade crypto trading presence. In addition, a company linked to Tether executives drew market attention after acquiring Northern Data’s bitcoin mining business.