OnChainDetective

【Blockchain Rhythm】On January 1st, Ethereum founder Vitalik Buterin shared a summary of the past year and his outlook for the future on social media.
Gains in 2025
First, breakthroughs at the technical level. Increased Gas limits, more Blob capacity, comprehensive improvements in node software quality, plus zkEVM performance reaching new milestones. These developments may seem like technical details, but their interconnected significance is profound. As zkEVM and PeerDAS are gradually implemented, Ethereum is moving toward a new and more powerful blockchain form, with strides more solid than ever before.
Tasks Still Unfinished
However, Vitalik also candidly acknowledged that Ethereum still faces many challenges and requires more effort. But he emphasized that this is not about chasing hype narratives, whether it’s tokenized dollars or political meme coins, nor is it about

Bitcoin has experienced a negative premium index in the US market, maintaining at -0.171% for 18 consecutive days. This trend indicates increased selling pressure, decreased risk appetite among investors, rising risk aversion sentiment, and reflects a cautious attitude towards the future market.

The cryptocurrency market is currently experiencing extreme panic sentiment, with the Fear and Greed Index dropping to 20. Participants are cautious, trading and search activity have declined, and Bitcoin's dominance has weakened, indicating market unease and sluggishness.

After a security incident in the Flow ecosystem, the Foundation and exchanges collaborated on an investigation, discovering that an exchange account had a large number of abnormal transactions, revealing AML/KYC process vulnerabilities and transferring risk to innocent users. The Foundation made multiple requests for clarification without success, further fueling market doubts about the exchange's transparency and compliance.

In 2025, the total financing amount for fintech reached $55.94 billion, a 25% increase. Mainstream markets such as Polymarket and Kalshi performed outstandingly, reflecting a renewed market recognition of fintech. Despite the financing rebound, the number of transactions declined, with funds concentrating in large enterprises. Regulatory relaxation has provided new opportunities for crypto companies.

【BlockBeats】There is an important news on December 31—The US Financial Accounting Standards Board (FASB) plans to explore next year whether stablecoins can be classified as "cash equivalents." This sounds very technical, but it actually has a significant impact.
In addition to stablecoins, FASB also plans to clarify how to account for crypto asset transfers, including Wrapped Tokens. FASB Chairman Rich Jones has already added these items to the agenda. Behind this move are the background of the Trump administration's promotion of crypto-friendly policies and the support from the passage of the GENIUS Act.
Speaking of which, FASB already required companies in 2023 to use fair value accounting for crypto assets like Bitcoin and Ethereum. However, that rule had a limitation—NFTs and certain stablecoins were excluded. This exploration, to some extent, aims to fill that gap.

【Crypto World】The XRP exchange ecosystem exhibits a highly centralized characteristic. The top four exchanges—Upbit, a leading exchange, Bithumb, and Uphold—almost monopolize XRP reserves on the exchange side, collectively controlling about 80% of the exchange supply, totaling 12.3 billion tokens.
Korean exchanges stand out. Upbit holds 2.5 times the amount of XRP compared to a leading exchange, which is a significant gap. Upbit and Bithumb together control over 52% of the listed circulating supply, highlighting the influence of Korean platforms on the XRP ecosystem. Uphold, also ranking high, reflects its long-term support for XRP.
Interestingly, Exchange-Traded Products (ETPs) account for only about 1% of the total XRP supply, indicating that investors accessing XRP through structured products are still limited, and the market remains

Pakistan is accelerating the development of its cryptocurrency industry and is expected to become a leading country globally by 2030. The government responded quickly by establishing a virtual asset regulatory authority and implementing measures such as Bitcoin reserves and asset tokenization to attract foreign investment. Blockchain technology is more inclusive, but it requires the development of education and innovation ecosystems.

The latest Federal Reserve meeting minutes show that the US economy is experiencing moderate growth, and the cooling of the labor market is noteworthy. Although short-term inflation pressures fluctuate, the market expects it to fall back to 2% by 2028. These changes impact capital flows in the crypto market and the performance of risk assets.

At 22:34 Beijing time, over 4.31 million UNI tokens completed a large transfer worth approximately $25.69 million, transferred from Anchorage Digital's custody address to the main account. Market interpretations of this move vary and may reflect institutional strategy adjustments or account management operations.