the total open interest amounted to $104656761182.14769, with BTC at $48.66 billion, ETH at $32.53 billion, XRP at $4.78 billion, LTC at $2.09 billion, ETC at $1.26 billion, DASH at $1.25 billion, IOTA at $1.12 billion, QTUM at $707.47 million, . The data is sourced from the quarterly and perpetual contracts on Bitget,dYdX,Deribit,CME,Hyperliquid,Binance,Coinbase,OKX,Bybit,Gate,HTX,Kraken,Crypto.com,Bitfinex,BitMEX. This report is for informational purposes only and does not constitute investment advice.

Odaily Planet Daily reports that Tom Lee responded to the controversy surrounding his conflicting outlook on Bitcoin with Fundstrat analysts. He clarified that Fundstrat executives do not base their work on a single, unified forecast, but rather on different investment objectives. Farrell's comments reflect a defensive positioning strategy focused on drawdown risk, capital flows, and cost basis, aiming to reduce the proportion of cryptocurrencies in model portfolios, rather than a long-term bearish view. Mark Newton's views are entirely based on chart structures. Tom Lee stated that his role focuses more on macro liquidity cycles, market structural shifts, and the impact of institutional investors and ETFs on the Bitcoin cycle.

The total liquidation amount in the past 24 hours was $64.24 million, including $14.23 million in LIGHT, $3.39 million in ETH, $3.27 million in XRP, $2.87 million in BTC, $2.41 million in ANIME, $2.22 million in BEAT, $1.93 million in ZEC, $1.68 million in SOPH, $1.68 million in FOLKS, $1.47 million in UNI, $1.34 million in NIGHT, $1.22 million in WET, $1.15 million in ACT, $1.02 million in CC, $901,037.4 in H, $868,754.73 in GIGGLE, $802,316 in HYPE, $759,887.11 in CHZ, $750,234.49 in PIPPIN, $739,635.3 in XMR, $617,487.44 in FARTCOIN, $614,678.8 in SOL, $583,170.74 in ICP, $538,914.38 in FIL, $525,453.28 in RAVE, $520,088.17 in FHE, $486,190.24 in BCH, $464,399.64 in RIVER, $425,164.18 in DOGE, $377,942.15 in ASTER, $357,336.63 in XPL, $346,605.02 in RESOLV, $317,723.64 in PIEVERSE, $283,237.1 in TRUTH, $258,771.42 in AAVE, $248,217.52 in JELLYJELLY, $246,692.56 in LTC, $238,022.76 in MON, $234,213.79 in SOON, $228,364.96 in LAB, $225,611.02 in ZORA, $201,773.58 in NOM, $193,309.68 in ICNT, $165,558.33 in LINK, $150,003.3 in TAC, $145,479 in TAO, $141,731.79 in CLO, $139,473.65 in F, $133,630.24 in ADA, $127,016.87 in WIF, $126,254.57 in APR, $122,103.63 in LUNA, $121,571.03 in RLS, $119,476.72 in PUMP, $118,604.79 in SWARMS, $115,309.85 in 1000PEPE, $115,286.8 in APT, $114,941.45 in CYS, $108,198.05 in PEOPLE, $101,226 in AIXBT, $99,477.93 in BOME, $98,071.82 in VIRTUAL, $93,986.85 in ETC, $93,696.55 in MMT, $92,355.13 in SAHARA, $92,069.87 in NIL, $90,937.98 in SSV, $87,792.7 in JCT, $87,629.33 in 1000LUNC, $85,354.41 in MERL, $84,344.99 in DOG, $81,745.26 in DASH, $80,056.98 in ESPORTS, $78,694.03 in WLD, $76,793.2 in BAS, $70,708.25 in GPS, $69,734.12 in US, $67,873.67 in ZRC, $66,848.46 in ENA, $66,034.65 in PROMPT, $65,928.19 in ZEN, $63,646.5 in SUI, $63,166.75 in ORDI, $62,459.57 in STRK, $61,482.1 in PENGU, $59,768.98 in POWER, $59,581.05 in OP, $57,077.72 in MASK, $55,599.65 in AVAX, $54,972.12 in PEPE, $54,116.27 in BAN, $53,510.56 in HMSTR, $53,356.28 in VTHO, $51,261.34 in OXT, $50,466.89 in PLUME, $49,860.37 in ASR, $48,649.6 in PENDLE, $46,613.53 in API3, $44,420.9 in KERNEL, $3.12 million in Others. The data is sourced from the quarterly and perpetual contracts of Binance, Bybit, OKX, Gate, HTX, Hyperliquid, BitMEX, Bitfinex. The statistical period is from 8:30 AM on December 20, 2025 to 8:30 AM on December 21, 2025. This report is for informational purposes only and does not constitute investment advice.

According to CryptoQuant, Bitcoin demand growth has slowed significantly since October 2025, indicating that Bitcoin has entered a new bear market cycle. Analysts point out that the three waves of investment demand in this cycle (the approval of spot ETFs, the 2024 US election, and the corporate financial asset allocation bubble) have been largely released. ETF holdings decreased by approximately 24,000 BTC in the fourth quarter, and perpetual contract funding rates fell to their lowest level since December 2023. Furthermore, the price of Bitcoin has fallen below the 365-day moving average of approximately $98,172, a key dynamic support level for the asset. While some analysts anticipate a price rebound driven by interest rate cuts in 2026, market sentiment is currently fearful, with only 22.1% of investors expecting an interest rate cut at the January FOMC meeting.

According to Odaily Planet Daily, Arthur Hayes stated in a YouTube podcast interview that the altcoin season is always happening, and investors believe it hasn't arrived because they haven't held assets that have risen in value. Hayes pointed out that many traders still expect the altcoin season to repeat the patterns, coins, and narratives of previous years, and advised traders to adjust their mindset to focus on new market developments rather than relying on history. He cited Hyperliquid as the best example of this cycle so far, with its token HYPE rising from $2-3 to $60, and mentioned Solana's performance from $7 to nearly $300. Hayes emphasized that the altcoin season has already begun; it's just that some investors haven't participated.