The decline in this wave of the market indeed exceeded expectations. Bitcoin (BTC) directly broke below the 90,000 level, and Ethereum (ETH) also failed to hold the 3,000 support line. Previous long positions were stopped out around 3,100, and BTC's fourth round of reverse long positions were also closed at the 90 level. There was a warning to observe yesterday, but when it broke below 3,100, it felt off—this already surpassed the initial support level. The original expectation for this week was a pullback followed by mainly sideways movement. However, with such a large decline in the past two days, the key now is whether the market can stabilize and stop falling in the next few days, and whether it can be supported again through corrective oscillation. Only then can we look forward to an upward trend next week. From the weekly closing perspective, this week will be very important. **BTC Intraday Highlights** Today, it dipped to a low of 87,800 before bouncing back, but it has not yet formed a clear bullish signal. Unless it sharply reverses and pulls back to the 93,000 level, it is likely to continue oscillating or test the bottom in the short term. Focus on the support within the 88000-88600 range, with resistance concentrated around 91,600-92,200. If it can break through this resistance and stabilize, a reversal upward could occur in the next few days; if not, the market will attempt to test the 88,000-90,000 range again. **ETH Intraday Highlights** Today’s low touched 2,900 before bouncing back, which is also a previous low and starting point. The next step depends on the weekly closing performance to determine whether it will continue to recover or face further resistance.

On-chain data shows that a whale marked as "0xC45" has recently made a big move. This major holder withdrew 8,000 ETH from a leading exchange, with a market value of approximately $23.72 million. Interestingly, immediately after the withdrawal, the ETH was transferred into the Aave V3 lending protocol, indicating that the whale is not simply transferring assets but actively allocating liquidity. According to monitoring data, this whale holds a total of 21,220 ETH across two wallet addresses, with a total value of $62.87 million. From the behavior, it appears that the large holder is increasing their positions in DeFi protocols at this market stage, which usually reflects market participants' optimism about Ethereum's medium-term prospects. Such whale operations often serve as a market sentiment indicator, warranting close attention to subsequent developments.

#现货交易市场 Grayscale is up to something again. ETHE holders can earn $0.083178 worth of ETH staking rewards per share, with the dividend payout date set for January 6th. Honestly, this is the first US spot crypto product to distribute staking rewards, which is indeed a milestone event. But to be fair, the earnings per share don't seem particularly high; it mainly depends on the size of your holdings. If you hold a large position, this passive income is quite attractive. Staking rewards are earned year after year, and accumulating over time, it adds up to a significant amount of money. Spot ETFs are moving towards a more regulated approach, generating returns while trading. This method is definitely more stable than pure speculation. For those interested in participating but worried about risks, this type of product is a good option.