1. **Bitcoin Price Volatility Increases**: Due to concerns over AI tech stocks (disappointing Broadcom earnings) and the market's reaction to the Federal Reserve's interest rate cuts, Bitcoin briefly fell below $90,000 and is currently oscillating around $92,000. The 30-day implied volatility has dropped to its lowest since November, with traders expecting sideways movement until the end of the year. Altcoins are performing worse and continue to lag behind Bitcoin.

2. **Continued Impact of Federal Reserve Policy**: After the Federal Reserve's third interest rate cut this week, the market is digesting signals of a "pause in further easing." Some Fed officials expect more rate cuts in 2026, but short-term risk assets (such as cryptocurrencies) are under pressure. The dollar is weakening, but the crypto market has yet to rebound strongly.

3. **Major Product Developments at Coinbase**: Coinbase is set to launch a prediction market powered by Kalshi and plans to announce new features such as tokenized U.S. stocks at an event on December 17. This will expand its positioning as an "all-in-one exchange," integrating traditional assets with crypto.

4. **Ethereum Network Upgrade Benefits**: After the Fusaka upgrade, Ethereum Gas fees have dropped to their lowest since 2017, significantly reducing transaction costs, enhancing network efficiency, and increasing the attractiveness of DeFi.

5. **Divergent Institutional Views**: JPMorgan analysts have lowered their 2025 Bitcoin price target but deny entering a "crypto winter." Institutions like Standard Chartered have also adjusted their expectations to around $100,000. Overall market sentiment remains cautious, with the fear and greed index still low.

6. **Other Hot Topics**:

- Five crypto companies, including Ripple, Circle, and BitGo, are close to obtaining trust bank licenses.

- Multiple token unlocks this week, with a total value exceeding $2.37 billion, which may increase selling pressure.

- The prediction market and SportsFi (such as the award-winning SIXR cricket project) sectors are active.