This article conducts a statistical review across multiple time windows from 5 minutes to 30 days post-listing, using metrics such as the proportion of assets that rose, the gains of rising samples, and median values to characterize overall performance and its structural differences.

This report systematically outlines the entire evolution of crypto wallets from private key management tools in the Bitcoin era to becoming the core gateway for on-chain finance. The research reviews how waves such as DeFi Summer, inscriptions, Memes, and on-chain derivatives have continuously expanded the functional boundaries of wallets, driving their transformation from passive asset management tools into All-In-One on-chain "CEX-like" platforms. It also analyzes the commercial breakthroughs wallets have achieved in asset issuance, trading, and distribution scenarios.

From December 2nd to December 15th, 2025, global markets diverged. Despite the Fed's expected rate cut, policy disagreements and expectations of a pause in rate cuts suppressed risk appetite. BTC and ETH remained in a consolidation phase, with highly volatile assets relatively outperforming. Tokens related to AI applications and privacy computing strengthened, while new public chains and stablecoin narratives underperformed. A clear divergence in volume and price structures was evident, with the market still primarily driven by short-term speculation, but structural opportunities still existed.

In November 2025, high-performance public chains continued to dominate on-chain activity, and the ecosystem stratification became increasingly apparent. Solana maintained its leading position in transaction volume and active addresses due to its high-frequency interactions; although Arbitrum experienced low fluctuations on the user side, it continued to receive net inflows driven by asset tokenization and institutionalization, becoming the focus of capital preference.

From November 11th to November 24th, 2025, the cryptocurrency market experienced a correction due to concerns about an AI bubble and tightening macroeconomic conditions. However, BTC and ETH saw a low-level recovery, maintaining an overall consolidation phase. The top 500 cryptocurrencies by market capitalization all fell by approximately 15%, with significant divergence among small and mid-cap coins. BEAT led the gains with a 436% increase, while thematic coins like SOON fell by 50-70%. There was a clear mismatch between volume and price; coins like AGENTFUN and XSO saw increased volume but failed to rise, indicating a cautious short-term market but still presenting structural opportunities.

BTC and ETH continued their weak and volatile trend, with prices declining and rebounds proving weak. Volatility repeatedly increased, indicating fragile sentiment. Contract data shows that leveraged funds have not significantly recovered after substantial deleveraging, with open interest remaining low. The concentrated surge in long position liquidations in early November reflects a lack of market confidence, and further short-term pullbacks should be watched closely. In terms of quantitative strategies, moving average trend breakout models have performed well on assets such as XRP, DOGE, and ADA, but in one-sided market conditions, they may still be constrained by signal delays and pullback stop-loss orders.

The competition in the oracle race is essentially a struggle for the "right to define facts in the digital world." Whoever becomes the safest, most reliable, and most network-effect-driven "source of truth" will become an irreplaceable cornerstone of the future value internet.

This report systematically reviews the evolution and cryptographic trends of the global private wealth management (PWM) industry, focusing on the structural changes in wealth management since 2025, which have shifted from the traditional financial system to an on-chain economy.

Strategy pioneered DAT, and in 2025, Ethereum DAT sparked a new wave of staking.

From October 7th to October 20th, 2025, the cryptocurrency market continued its rotation pattern, with BTC rebounding from $102,100 and ETH stabilizing at $3,680 before trending upwards.

本报告总结了2025年8月Web3行业的融资情况。

过去十年，加密用户规模指数级扩张，CEX与DEX双轨并进，共同塑造多元格局；CEX稳健扩展，DEX加速崛起，市场生态逐步走向均衡。黑客事件与跨链洗钱路径持续演化，个人钱包盗窃上升，DEX风险暴露明显；CEX借助全球合规架构与成熟安全体系，保持信任与制度优势。未来，CEX与DEX将长期共存，CEX继续作为主流用户的核心入口与合规枢纽，DEX则以开放性与创新能力驱动生态持续扩张，市场发展将在多元架构下延续前行。

This report summarizes funding in the Web3 industry as of July 2025. A total of 132 financings were completed in July, totaling $3.68 billion. Funding primarily flowed into CeFi and blockchain services, demonstrating a balance between infrastructure and services. Investments focused on growth-oriented projects with funding between $3 million and $20 million. Series A rounds became the primary focus, and the accelerated penetration of traditional financial instruments such as post-IPOs signaled the industry's deep integration with mainstream capital. The report also highlighted key funding rounds for Delabs Games, Gaia Labs, Syntetika, Blockskye, and Limitless.

This article explores the classic Turtle Trading System and its applicability to cryptocurrency markets, focusing on the design principles and empirical results of the AdTurtle Improved Turtle Trading System. Through systematic backtesting of GT/USDT historical data, this article evaluates the performance of both traditional and improved strategies in highly volatile markets, and identifies their strengths and weaknesses, as well as areas for improvement.

The crypto market is still volatile at high levels, and funds are accelerating to rotate to small and medium-sized market capitalization tokens. Projects such as BONK and REKT are experiencing resonance in terms of volume and price, and short-term heat is exploding. The increase in volume and stagflation of some assets reflects market differences. The structural market continues, and abnormal trading volume is still a key signal.