🪙 STABLECOINS DOMINATE ONCHAIN SETTLEMENT

Stablecoin transfer volume (USDT + USDC) now averages around $192B per day on a 90D-SMA, nearly 2× the combined transfer volume of the top five crypto assets (~$103B/day).

The gap highlights how onchain liquidity, payments, and settlement activity is increasingly dominated by stablecoins, rather than native assets.

👀 HYPERLIQUID HIP-3 SURPASSES $10B IN TRADING VOLUME

Hyperliquid’s HIP-3 markets have crossed $10 billion in cumulative trading volume, a 2x surge from $5B just three weeks ago.

HIP-3 allows users to permissionlessly deploy synthetic perpetual markets for real-world assets like equities, fully onchain and trading 24/7.

Since launch HIP-3 has attracted:
> 32,000 unique traders
> 4.8M+ trades
> $1.6M in fees generated
> $200M+ in open interest, printing near-daily ATHs

On a standalone basis, HIP-3 would already rank as the 9th-largest perpetual DEX.

🔍 2025 TOKEN LAUNCHES ARE IN THE RED

As per Memento Research, nearly 85% of tokens launched in 2025 are worth less than at launch. Most of these tokens are down over 70%, and only 15% are trading above their TGE price.

Next Week in Crypto: Key Events to Watch (Dec 22nd–Dec 28th, 2025) 🗓

Next week brings a suite of events, ranging from token unlocks to US economic data. Here’s what to keep on your radar:

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🔒 Token Unlocks

- Dec 28 – JUP Token Unlock

Jupiter (JUP) will unlock 53.47 million tokens, valued at approximately $10 million, representing 1.73% of its circulating supply.

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📊 US Economic Data Release

- Dec 23 — Delayed GDP Report

Next week will be a relatively quiet one on the economic data front due to the holiday season. That said, we still have the US GDP report on the agenda, which will provide the first official reading of Q3 economic growth, delayed earlier this year due to the government shutdown.

Markets will be watching closely for signs of slowing momentum, as a weaker-than-expected print could reinforce expectations of further policy easing, while a stronger reading may support the case for the Fed to remain cautious.

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That’s all for next week’s action! Keep an eye on these events, and we’ll be back with more updates in the next roundup!

🔽 MARKETS TURN BEARISH ON $100K BITCOIN

Kalshi markets now price just ~11% odds that $BTC crosses $100,000 before year-end.

👀 LIQUIDITY IS BACK FOR THE FIRST TIME SINCE 2020

The Federal Reserve is injecting liquidity. In the past, this has often pushed markets into risk-on mode, with stocks, crypto, and other risk assets benefiting.

📊 BITCOIN $56K IS THE BEAR CASE

BTC has tested realized price 3 times, and each marked a cycle BOTTOM.

2018: -60%
COVID: -72%
2022: -77%

With Realized Price at $56K, this implies a potential ~55% drop from the recent ATH.

🚨 ALTCOIN DOMINANCE HITS A 5-YEAR LOW

Altcoin dominance is at its lowest in 5 years. This signals $BTC is capturing most capital, while altcoins continue to lag.

⚡️ JUST IN: GOLD REACHES A NEW ALL TIME HIGH OF $4,389!