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Christmas 2025, Bitcoin price drops 12%, reflecting a cooling market reality. Contrary to the performance of the S&P 500, the crypto market shows divergence, with capital flowing into AI-related assets. Most forecasts failed to anticipate AI's capital attractiveness and macroeconomic stagflation pressures. As the market matures, investors need to focus on fundamentals rather than hype. In 2026, it may be necessary to seek new growth points to avoid falling into past prediction traps.

Entering 2026, Sui has sparked market attention with a strong rally, but behind this enthusiasm lies a deeper issue—when a public chain evolves from a technical experiment into an institutional asset, can it maintain the market's trust? The world's largest crypto asset management firms, Grayscale and Bitwise, have successively submitted Sui spot ETF applications to the US SEC, which means the SUI token has officially entered the same institutional evaluation basket as BTC and ETH. However, behind this glamorous narrative, the Sui ecosystem is facing a severe test regarding credibility and resilience.

The Federal Reserve implemented unlimited quantitative easing (QE) policy in March 2020, attempting to stabilize the market but failing to improve the performance of US stocks. Instead, it prompted safe-haven assets like gold and Bitcoin to strengthen. Investors' concerns about unlimited money printing leading to a loss of purchasing power have made these cryptocurrencies popular, reflecting market skepticism towards the traditional financial system and recognition of new asset classes.

The United Nations recent report指出，the world's largest stablecoin USDT has become a primary tool for scams, money laundering, and criminal organizations, especially favored in East Asia and Southeast Asia. The report analyzes the reasons why USDT is used in online financial scams, extortion, and other activities, and warns that this stablecoin is playing an increasingly important role in the illegal digital economy. Tether has expressed disappointment, emphasizing the traceability of USDT and stating that hundreds of millions of dollars have been frozen to demonstrate its commitment to combating crime. However, regulatory challenges still exist, and international cooperation is needed to address this issue.

Cardano(ADA)'s staking ecosystem performs outstandingly, with staking volume exceeding $30 billion and 71.7% of tokens participating in staking. With the successful launch of the smart contract testnet, Cardano plans to officially activate smart contract functionality in August and further expand the ecosystem in the future. Its unique lock-free fixed-term staking design lowers the barrier to participation and attracts more investors.

Morgan Stanley is actively advancing its digital asset business, including opening spot trading for Bitcoin and Ethereum on the E-Trade platform, and planning to launch a digital wallet. The bank has also applied to the U.S. Securities and Exchange Commission for the issuance of a cryptocurrency ETF, demonstrating a deep strategic layout in the crypto market. Additionally, Morgan Stanley's strategic shift reflects traditional financial institutions' increasing focus on digital assets, aligning with actions taken by other investment banks such as JPMorgan Chase, indicating widespread industry acceptance and attention to cryptocurrencies.

Entering 2026, the Sui public chain is experiencing a spectacular transformation from a technical experiment to an institutional-grade asset. When Grayscale and Bitwise successively submitted spot ETF applications to the US SEC, it was not just a matter of submitting documents; it signaled that Sui was officially entering a basket of assets alongside Bitcoin, Ethereum, and others. However, behind this dazzling report card, Sui also faces the challenge of balancing rapid expansion with ecological stability.
Ecological index growth, user activity hits new highs
Over the past two and a half years, the Sui ecosystem has shown remarkable growth. Since the mainnet launched in May 2023, its TVL has skyrocketed by approximately 32 times. Although it has currently retreated to around $1 billion due to market adjustments, this still reflects the vibrant vitality of the ecosystem.
In terms of public chain fees

The Korea Financial Services Commission announced that cryptocurrency investment restrictions will officially end in 2025, marking a shift from strict bans to regulatory openness. The new regulations will limit corporate investment caps, allow only the top 20 cryptocurrencies by market capitalization, and implement measures to prevent market volatility. With the introduction of the Digital Asset Basic Act, the market will gain clearer regulations, promoting long-term development.

By the end of 2025, Ethereum demonstrates a strong rebound in trading volume, with daily transaction counts surpassing 2.885 million, reflecting improvements in the network's fundamentals. Despite increased transactions, transaction fees remain low, indicating optimized network efficiency. The staking market experiences steady growth, with validator exit queues cleared, and investors show positive confidence in staking performance. Ethereum's value gradually shifts from supply scarcity to real-world application value, highlighting its core position in the global financial infrastructure.

OpenAI's latest GPT-4o model, with its powerful image generation technology, has sparked a creative frenzy on social media, especially in imitating Hayao Miyazaki's style, and has caused the prices of related meme coins to surge dramatically. However, this also raises legal and ethical issues such as copyright concerns, with Studio Ghibli expressing worries over unauthorized AI creations. Facing a surge in demand, OpenAI's original schedule to roll out features to free users has also been delayed.

US-listed broker-dealer Interactive Brokers launches stablecoin deposit service, breaking the traditional bank operating hours and offering 24/7 trading with competitive fees (0.30%). The service is supported by Zerohash, initially supporting USDC and planning to expand to other stablecoins, demonstrating its ambitious layout in the crypto asset field and attracting more investors to participate.

In the Ethereum scaling ecosystem, Polygon was simply positioned as a "sidechain." But in a recent series of actions, it is completely changing its narrative—from a technical scaling solution to an infrastructure connecting traditional finance and the blockchain world.
Polygon co-founder Sandeep Nailwal openly states that 2026 will be the "year of rebirth" for POL. Shortly after this declaration, the POL token price surged by over 30%. Now, with a series of deployments in the fields of payments and tokenization, Polygon is trying to become the "underlying layer for payments and tokenization" in the global market.
Completing the ecosystem map: Polygon's new channel for "cash on-chain"
Polygon has adopted a highly aggressive strategy, directly penetrating the financial gateways of the physical world.
Recently, Polygon

Recently, the US Producer Price Index (PPI) unexpectedly rose to 3.3%, surpassing market expectations, triggering market volatility and affecting interest rate cut expectations. Subsequently, the crypto market experienced a sell-off, liquidating over $400 million in positions in a short period, exposing long leverage risks. The market should pay attention to the upcoming retail sales data, which could once again influence market sentiment and volatility.

Robert Kiyosaki recently warned of an impending large-scale financial collapse, advising investors to shift their funds into cryptocurrencies and precious metals to protect their wealth. He emphasized that emotional intelligence surpasses IQ in wealth accumulation and believes that cryptocurrencies will become an important asset protection tool during a collapse. In the context of fiat currency devaluation, early allocation of cryptocurrencies becomes a wise choice.

Vitalik Buterin pointed out that decentralized stablecoins in the cryptocurrency industry face three major structural obstacles: the dependency on the US dollar, the security risks of oracles, and the contradiction of staking yields. These issues cannot be resolved through short-term solutions and require the establishment of an autonomous value anchoring mechanism. Although the design of decentralized stablecoins still needs to overcome these challenges, the market is currently dominated by centralized solutions. As regulatory frameworks become clearer, there may be new opportunities for their development in the future.

Standard Chartered Bank's report shows long-term optimism for Ethereum, predicting 2026 will be a turning point, despite a short-term target adjustment from $12,000 to $7,500. Ethereum's growth is based on real-world applications and continued institutional investment, benefiting from on-chain data transformation and improved policy environment, and is expected to outperform the overall market.

The "Ancient Address" that has been dormant for 14 years has become active again, transferring 150 Bitcoins and attracting market attention. Although the appreciation of these Bitcoins is remarkable, experts point out that their actual impact on the market is limited and that it is more of a psychological test. Market speculation about early holders selling off may cause panic, but similar past events have usually not led to a decline in coin prices. It is crucial to stay rational, remain calm, and observe subsequent developments.

After the Federal Reserve ended its quantitative tightening policy, the crypto market reacted enthusiastically, with Bitcoin and Ethereum soaring significantly. However, experts warn that this rebound may only be a technical correction and not a new trend. Compared to the end of QT in 2019, the market's sensitivity to US stocks has increased, and whether it can truly receive a "blood transfusion" in the future remains to be seen. Additionally, the rise of the AI market may also diminish attention to cryptocurrencies. Overall, market sentiment is cautiously optimistic, but potential risks should be watched carefully.

As the NFT market recovers in 2026, the definition of NFTs is shifting towards assets with practical value, rather than purely speculative tools. The liquidity crisis highlights the current market situation, and the shift of funds to tangible assets indicates that demand for NFTs has not disappeared but is seeking new avenues. Investors should focus on NFTs with fundamental value support, and from the perspective of liquidity environment and risk-reward, seek truly meaningful investment opportunities.