Title: Opinion: Bleak Outlook for Most Cryptocurrency Treasury Companies in 2026, Flagship DAT Also Facing Crisis

December 29th — Per HyperInsight monitoring, ZEC has notched a ~22% cumulative gain since Dec 27, sparking a spike in open interest (OI) on the Hyperliquid platform. Top on-chain long and short positions for ZEC have both ramped up their bets. The largest ZEC short address recently added to its position, pushing it back to $19.84 million (avg entry: $417) — with a floating loss of ~$4.51 million (-113%). Active in shorting ZEC since October, the address cut its short from $16.5M to $9.1M on Dec 17 before reloading. Its total short position now sits at $163M (up from $113M), making it the biggest short holder for the platform’s three top coins: ETH, ZEC, and MON. Meanwhile, whale address 0x6b2 significantly boosted its 3x leveraged ZEC long yesterday (avg entry: $520). Its current ZEC long totals $32.2M (avg: $431) with ~$6.53M in floating profit (60%) — now the largest on-chain ZEC long holder.

Per Coinglass data as of December 29, here are the top 24-hour net inflows and outflows for cryptocurrency spot funds: ### Top 24-Hour Net Inflows - USDC: $164 million - SOL: $42.27 million - BNB: $9.42 million - BGB: $5.27 million - ADA: $4.72 million ### Top 24-Hour Net Outflows - BTC: $25.98 million - ETH: $13.73 million - XRP: $12.38 million - GAS: $6.5 million - ZKP: $5.85 million This version uses concise, natural U.S. English phrasing, clear sectioning, and standard crypto asset abbreviations—aligning with typical financial news brief styles.

On December 29th, Andy, founder of The Rollup, stated that after initial token volatility eases, Lighter’s Open Interest (OI) is likely to drop by over 20%, while trading volume may decline by more than 30%. He noted the current market isn’t a bull market—instead, it’s sideways or bearish, with an overall unoptimistic outlook. Still, if LIT’s fully diluted valuation (FDV) is around $2 billion, he would choose to buy.

Hourglass announced on December 29 that the second phase of its Stable Pre-Staking event will allow withdrawals starting December 31, 2025. Additional details about the withdrawal process will be released shortly.

On Dec. 29, Bitcoin surpassed $89,000, posting a 1.63% 24-hour gain, per HTX market data.