#加密市场观察 Crypto Daily ( 12.28 ): Bitcoin Volatility Under Pressure, Institutional Allocation Initiatives, and Regulatory-Driven Structural Divergence

1. Bitcoin Price Fluctuations and Market Sentiment Analysis
Bitcoin has recently been oscillating below $90,000, with futures open interest dropping to an 8-month low. Market attention is focused on whether it can break through the downward trend and signal a rebound. Analysts have noted that the correlation between Bitcoin, US stocks, and gold has deviated; historically, such deviations have been followed by a tenfold increase in price. Currently, attention is on how changes in correlation may influence the trend. Market opinions are divided: some analysts believe a breakout from the downtrend indicates a rebound, while others (like Michael Burry) consider Bitcoin worthless and hold a negative outlook on reaching $100,000.
2. Institutional and Capital Flow Dynamics
Japanese listed company KLab has launched a "Dual Gold Financial Strategy," planning to invest 3.6 billion yen (approximately $24 million) from financing, allocating assets in a BTC:Gold ratio of 6:4, and has begun purchasing Bitcoin and gold in batches. Over the past 24 hours, centralized exchanges (CEX) saw a net inflow of 431.42 BTC. Miner Bitmine has deposited ETH worth $219 million into an Ethereum staking contract, marking its first such operation and reflecting institutional emphasis on Ethereum staking.
3. Market Performance of Other Mainstream Cryptocurrencies
In the Up platform’s 24-hour trading volume leaderboard, the ZKP/KRW trading pair ranks first, followed by BTC and XRP, indicating active trading of specific tokens in regional markets. XRP price oscillates between $1.85 and $1.91, repeatedly testing the $1.90 resistance level without success, with clear seller pressure, while ETF capital inflows support long-term demand.
4. Regulatory and Market Structure Evolution
By 2025, significant changes are expected in the crypto regulatory environment. The SEC has approved a spot Bitcoin ETF, promoting compliant capital inflows, while regulatory rules for crypto assets are being strengthened, and policies such as stablecoin legislation are being implemented. The market is showing structural divergence: compliant capital favors assets like Bitcoin, BNB, and XRP, which have regulatory certainty or monopolistic positions, while narrative-driven sectors like Layer2 and GameFi are underperforming. The market is shifting from a “general rise” to a “selective inclusion” approach.
5. Other Market Developments
A former traffic police officer in Russia was sentenced to 7 years in prison for stealing approximately 20 million rubles worth of Bitcoin. The case involved illegal access to mobile phones and violent evidence collection, highlighting the risks of crypto asset theft and legal consequences.