Last week, the crypto market divergence intensified: DePIN and gaming led the gains, L2s and RWA faced pressure, and ETF funds continued to fluctuate.

2026-01-02 17:20:11

【Crypto World】Last week in the crypto circle was a tale of two extremes. Bitcoin rose slightly by 1.6%, but the performance across different sectors varied greatly.

The bullish side: DePIN and gaming sectors took off directly, surging 13.1% and 12.6% respectively. It’s worth noting that these two sectors experienced deep adjustments throughout the year, and this rebound is quite strong.

However, there were also many declines. The L2s sector fell by 2.67%, and the RWA sector declined slightly less but still dropped 0.84%. The divergence is extremely obvious.

ETF capital flows continued to be volatile. On December 31, outflows reached $417.8 million, essentially offsetting the $428.2 million inflow from the previous day. Capital is testing the waters repeatedly here.

The most painful part is the continued weakness of digital asset-related government bond targets. The market-to-book ratios of the two heavyweight assets, MSTR and BMNR, are only 0.69 and 0.85 respectively, indicating significant pressure.

RWA-2,4%

BTC-0,95%

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SerRugResistant

· 01-05 14:12

DePIN and gaming are surging so strongly, it feels like someone is manipulating the market ETF funds are flowing in and out, this rhythm is truly nerve-wracking Is MSTR trading below net asset value? Need to consider whether this is a bottom signal or if it will continue to decline L2s are still under attack, when will they turn around

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MevWhisperer

· 01-04 15:59

DePIN and gaming are taking off ridiculously, finally it's their turn to take the throne. It’s time for a rebound, but L2 is still struggling, which is really tough... Wait, are MSTR and BMNR’s P/E ratios serious? Seems like there’s a chance... When will L2 turn around? I’m still at the bottom price. This ETF trading in and out so frequently makes my eyes dizzy. Is it institutions bottoming out or fleeing... Can DePIN’s recent rally continue? I always feel like rebounds are traps. The divergence is so severe; choosing the wrong sector could lead to big losses. It’s safer to stick with BTC. MSTR has broken net asset value more than once. Now it’s happening again. Are government bonds in the asset class really out of luck? The gaming sector finally has its moment to shine after being mocked for so long. RWA’s decline doesn’t look much, but it just won’t rebound. Feels like there’s no story left. P/B ratio of 0.69... If you don’t buy the dip now, you’re crazy. What about the contrarian indicator?

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FUD_Vaccinated

· 01-03 03:52

But it's just a rebound, don't celebrate too early, L2s will also fall sooner or later --- DePIN is rising, wow, but I still prefer long-term infrastructure. How long this wave of gaming rebound can last remains to be seen --- It's a bit ironic that MSTR and BMNR are breaking their net worth, is this hinting at something? --- Funds are flowing in and out, ETF keeps fluctuating, isn't it exhausting? --- Wait, RWA has fallen but you're still saying "the decline is slow"? Who are you trying to comfort? --- Again, there is differentiation and volatility. This kind of market tests the most patience --- DePIN has risen thirteen points, but I still feel it's not enough --- It seems the crypto world is playing a very interesting "choice" game --- What is the mentality of those chasing DePIN now? Anyway, I am waiting for the next trap --- With such a low price-to-book ratio, is there really no one willing to buy?

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VirtualRichDream

· 01-02 17:50

DePIN and gaming are really on a rebound, finally gaining some presence, but L2 is still taking a hit, the divergence is too extreme.

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GweiWatcher

· 01-02 17:50

DePIN's rebound is really gaining momentum this time, finally breaking through. But L2's underperformance is really frustrating; it feels like the funds are choosing their preferred tracks.

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AirdropSkeptic

· 01-02 17:47

DePIN and the game taking off, I didn't get it wrong, but the decline of L2 is really painful. After finally waiting for a rebound, it was crushed again. The rhythm of entering and exiting ETF positions feels like funds are still hesitating. End of the year, repeatedly testing this way, it's really exhausting. MSTR's price-to-book ratio has fallen to 0.69, how desperate is that? But on the other hand, isn't this kind of situation often an opportunity? The 13% increase in DePIN feels like it lacks momentum; it seems like a correction is coming. That's how the crypto world is—flying left and falling right, it just can't stop. Why hasn't RWA fallen more? It's still holding up, but it will eventually need to catch up with the decline. Honestly, with such severe market segmentation, small retail investors choosing a track is like gambling.

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DefiOldTrickster

· 01-02 17:45

Tsk tsk, DePIN and gaming are taking off this wave. I saw it coming a long time ago, already laid out last year. Now a 13% rebound? No big deal. The key is that the re-investment potential in these two sectors hasn't been fully tapped yet. L2 dropped 2.67%, and I actually want to buy the dip. This is a great arbitrage opportunity. I haven't paid much attention to RWA; I always feel that the yields aren't as sweet as they seem. The ETF's 400 million in inflows and outflows, honestly, it just means no one is sure about the direction. I see this as retail investors and institutions betting against each other. Anyway, I'm just continuing to sit back and enjoy the gains. On-chain data doesn't lie. MSTR and BMNR with P/B ratios of 0.69 and 0.85—oh my, that's really unsustainable. But experienced players like us know that surviving a bear market is winning. Don't rush to buy the dip; let the bullets fly a bit longer.

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LiquidationOracle

· 01-02 17:41

DePIN and gaming are skyrocketing, but L2 and RWA are still taking hits; this divergence is really intense. ETF funds are flowing in and out, yet they can still suppress MSTR and BMNR like this, indicating that big funds are still on the sidelines.

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