Bitcoin Volatility currently stands at 2.01%, slightly higher than the average level since mid-May.

On December 25, a Caixin article titled *U Card Frenzy on Xiaohongshu: Hidden and Deadly Risks* noted that users can use Visa-branded bank cards to pay for services like ChatGPT Plus subscriptions—with deductions processed via USDT from a cryptocurrency wallet. These overseas cards are commonly known as "U Cards," a type of offshore card that uses U.S. dollar stablecoins for payments. The article also pointed out that domestic issuance and use of U Cards carry an additional layer of unique legal risks. It remains unknown whether these cards are a short-lived transitional product or hold the key to the future of the payment landscape.

Cointelegraph reported on December 25 that CoinGlass has released a report showing cryptocurrency derivatives trading volume hit $85.7 trillion in 2025, with a daily average of roughly $2.645 trillion. Binance led the market with total derivatives volume of around $25.09 trillion, making up 29.3% of global volume. OKX, Bybit and Bitget followed closely, with annual volumes ranging from $8.2 trillion to $10.8 trillion. Combined, these four exchanges accounted for roughly 62.3% of the market share. The report notes that by 2025, the derivatives market shifted from a retail-dominated high-leverage model to institutional hedging, basis trading and ETFs. However, the growing leverage chain has boosted tail risk. Global crypto derivatives open interest fell to an annual low of roughly $87 billion in Q1 2025 following deleveraging, before hitting a record high of $235.9 billion on October 7.

Per CoinGlass data, total crypto market liquidations in 2025 have topped $150 billion as of December 25th, with average daily liquidations ranging from $400 million to $500 million.

On December 25th, on-chain analyst @alicharts reported that an Ethereum whale has purchased 220,000 ETH over the past week, with the holdings valued at roughly $660 million.

On December 25th, Polymarket’s current probabilities for Bitcoin’s December price moves are: 9% chance of falling below $80,000, 3% chance of dropping below $75,000, and 10% chance of surpassing $95,000.

On-chain Perps Volume is cooling off during the market downturn — except on Tron. Tron's daily Perps Volume has topped $1B for two days straight, and 7-day Perps Volume reached $5.77B, up 176% WoW.