Insight: Dow/Gold Ratio Hits Major Turning Point, Previously Signaling "Gold Outperformance" Over Stocks for Years三

On December 26, data from Lookonchain shows that Arthur Hayes’ crypto address has just purchased 1.855 million LDO tokens, valued at approximately $1.03 million.

On December 26, Cointelegraph published an article recapping the events that reshaped the cryptocurrency industry in 2025. Rather than being dominated by a single narrative, the crypto space was redefined by a series of developments: hacker breaches, macroeconomic shocks, regulatory milestones, and deeper integration with traditional finance. ### **February | Bybit Hit by $1.4B Hack** At the start of the year, Bybit fell victim to one of the largest exchange hacks in history. The U.S. attributed the breach to North Korea-linked hackers, shifting market focus to custody practices, signature protocols, and exchange counterparty risk. This underscored that **operational risk has emerged as a core systemic threat**. ### **April | Tariff Escalation Sparks Risk Asset Volatility** Global tariff tensions escalated, pushing Bitcoin to a yearly low. Crypto assets showed high-beta macro asset traits under pressure, with prices highly sensitive to non-crypto developments. ### **July | U.

**December 26th Update** Per Coinglass data, Bitcoin’s long liquidation intensity across major centralized exchanges (CEXs) would total $763 million if the token falls below $87,000. Conversely, short liquidation intensity across the same platforms would hit $402 million should Bitcoin climb above $90,000. *BlockBeats Note*: Liquidation charts do not display the exact number or value of contracts at risk of liquidation. Instead, the bars reflect the relative importance of each liquidation cluster compared to neighboring clusters (i.e., "intensity"). Higher bars indicate a more pronounced price reaction when the underlying asset reaches that level, driven by a liquidity cascade.

On December 26, spot silver tumbled sharply in short-term trading, last trading at $74.30 per ounce with intraday gains trimming to 3.45%.

**U.S. Interested in Crypto Mining at Zaporizhzhia Nuclear Plant, Putin Says** Russian President Vladimir Putin recently stated the U.S. has expressed interest in cryptocurrency mining operations at the Zaporizhzhia Nuclear Power Plant (ZNPP) during negotiations—with such arrangements potentially part of a Russia-U.S. strategic game, per Russian outlet RBC. The ZNPP—Europe’s largest nuclear facility, located in southeastern Ukraine—has been controlled by Russia since 2022. It remains a core sticking point in the Russia-Ukraine conflict and peace talks, with major disagreements among parties over ownership, operation, and power distribution. Reports outline competing proposals: - RBC notes Russia and the U.S. are discussing a joint management plan that excludes Ukraine. - BBC has revealed the U.S. proposed a trilateral operation with equal shares for the U.S., Russia, and Ukraine. - Reuters cited sources saying Ukraine offered a 50-50 joint venture with the U.S., allowing

December 26th — Aave founder Stani Kulechov said the recent DAO vote controversy reflects normal tensions in decentralized governance, and acknowledged a lack of prior communication to align Aave Labs with AAVE holders’ interests. Stani noted Aave DAO’s annual revenue has hit $140 million, exceeding the total from the past three years, with its treasury funds fully controlled by AAVE holders. Regarding the $15 million AAVE purchase he made, Stani emphasized those tokens did not participate in the recent vote, and the purchase was motivated by confidence in the project’s long-term growth.