Gate Research Institute: The crypto market faces renewed pressure | OpenEden introduces yield-bearing assets for Solana Shirley

Cryptocurrency Asset Overview

BTC (-0.09% | Current price 87,573 USDT)

BTC has maintained a mostly sideways and weak consolidation over the past day, with the price falling back and trading within the 87,500–88,000 USD range. In terms of moving averages, MA5 and MA10 have crossed below and are close to MA30, indicating limited short-term rebound momentum and some technical resistance above. The MACD is below the zero line, with the green bars gradually converging, showing diminishing bearish momentum. However, the fast and slow lines have not yet formed a clear golden cross, so the rebound remains more of a correction. If BTC can hold above 87,500 USD, a continued sideways correction is possible; if it breaks below this level, attention should be paid to the risk of testing support at 86,800–87,000 USD.

ETH (-0.29% | Current price 2,964 USDT)

ETH stabilized near 2,900 USD after the previous decline and is currently rebounding within the 2,950–2,970 USD range. Regarding moving averages, MA5 and MA10 have shown signs of turning upward but are still under resistance from MA30, indicating a generally weak rebound structure. The MACD green bars are shrinking, with bearish momentum clearly weakening, and the fast and slow lines are gradually converging, showing technical conditions for a golden cross, but not yet confirmed. If ETH can effectively stay above 2,950 USD, it may test the 3,000 USD level in the short term; if it falls below 2,920 USD again, the correction may be delayed.

GT (+0.10% | Current price 10.20 USDT)

GT has shown relatively stable performance over the past day, trading within a narrow range around 10.20 USD, with volatility significantly lower than mainstream coins. The moving average system is in a converged state, with MA5, MA10, and MA30 lacking clear direction, indicating a wait-and-see market. The MACD is oscillating near the zero line with weak bullish and bearish momentum, lacking trend-driving factors in the short term. Overall, GT remains in a high-level consolidation phase. If it can regain and stay above 10.30 USD, there is potential for upward movement; otherwise, if it falls below the 10.00 USD level, attention should be paid to the possibility of testing support around 9.80 USD.

Daily Gainers and Losers Tokens

In the past 24 hours, the overall crypto market faced renewed pressure, showing a general decline and bearish sentiment. Major assets like SOL, BNB, XRP, etc., weakened simultaneously, with red blocks dominating, indicating selling pressure is not concentrated in a single sector but affecting both mainstream and secondary assets, with market risk appetite significantly shrinking. Sentiment indicators, such as the fear and greed index, remain at 24, in the “extreme fear” zone. Although slightly higher than last week’s lows, the overall level remains low historically, reflecting investors’ lack of confidence in short-term trends.

CXT Covalent (+219.06%, Market Cap $17.75 million)

According to Gate data, the CXT token is currently priced at $0.018496, up approximately 219.06% in 24 hours. CXT is the native token launched by the blockchain data infrastructure project Covalent. Covalent positions itself as a multi-chain data indexing and verification layer, providing developers, applications, and institutions with verifiable, structured on-chain data services. Its core products include a unified data API covering multiple mainstream blockchains and a foundational data protocol focused on real-time and verifiable data, aiming to become the underlying component of “data availability and trustworthiness” in a modular, multi-chain environment.

The recent surge in CXT may be driven by intensive infrastructure development and the emotional amplification under low circulating market cap. On one hand, Covalent has announced several key developments recently, including official support for Base Mini App construction via SpeedRunApp, a builder incentive program targeting the developer ecosystem, and the launch of the ARC module integrated with GoldRush API, emphasizing its core selling point of “real-time, verifiable data,” significantly boosting market expectations for product implementation and developer penetration. On the other hand, with the Base ecosystem heating up and interest in Mini Apps and application-layer tools rising, Covalent, as a foundational data and indexing infrastructure, is naturally included in the “ecosystem expansion beneficiaries” trading logic.

ICNT Impossible Cloud Network Token (+16.73%, Market Cap $91.1 million)

According to Gate data, ICNT is currently priced at $0.48522, up 16.73% in 24 hours. ICNT is the native functional token of the cloud infrastructure project Impossible Cloud Network, positioned as the “basic utility key” within the ICN Protocol ecosystem, used to drive the use and settlement of distributed storage, computing power, and enterprise cloud services. The project emphasizes “born from real demand, not speculative assets,” aiming to provide decentralized, scalable, and cost-efficient virtual data center solutions for enterprises amid the highly centralized traditional cloud services. Its technical approach is closer to the intermediate layer needed for Web2 enterprise infrastructure migrating to Web3.

The driving factors behind the rise include progress in enterprise-level deployment, a warming infrastructure narrative, and emotional amplification under moderate market cap. Recently, the project has released multiple case studies and product signals, including a collaboration with NovoServe on enterprise cases demonstrating how ICN can transform Tier-III data centers into high-profit virtual data centers, reinforcing its “implementable and monetizable” business logic. Additionally, the project emphasizes ICNT’s necessity within protocols rather than just governance or incentives, making it attractive in a market that favors “infrastructure assets with cash flow potential.” Under the condition that circulating market cap remains moderate, the fundamental narrative and phased capital game resonate, pushing ICNT’s price upward significantly.

PIPPIN Pippin (+28.85%, Market Cap $467 million)

According to Gate data, PIPPIN is currently priced at $0.46686, up approximately 28.85% in 24 hours. PIPPIN (Pippin) is a Meme / AI narrative project built around AI creator personal IP and generative AI culture. Its core image, Pippin, is an SVG unicorn generated based on ChatGPT-4o’s latest LLM capabilities, created by well-known AI creator and investor Yohei Nakajima.

The rapid rise of PIPPIN this time aligns more with short-term capital-driven technical speculation. The daily chart shows a volume breakout after a long sideways consolidation, quickly moving away from MA30 and accelerating along MA5 and MA10, forming a typical trend initiation structure. MACD has significantly expanded and remains high, attracting momentum traders and chasing buyers to continue entering. Without new fundamental catalysts, the price increase is mainly driven by “technical breakthrough + liquidity concentration + sentiment game,” representing a high-volatility, high-drawdown risk trading pattern. The future trend will heavily depend on the continuation of trading volume; if volume diminishes or it falls below key moving averages, short-term capital may exit rapidly, and volatility risks should be closely monitored.

Hotspot Analysis

OTC selling pressure marginally easing, BTC and ETH entering a recovery period after historic risk reduction

According to Wintermute data, the OTC net flow of BTC and ETH has been mostly negative over the past year. After a brief positive shift due to event-driven news at the beginning of 2024, professional funds quickly shifted to systematic deleveraging, reaching a peak of selling pressure from the second half of 2024 to early 2025, reflecting that institutions prefer to clear risks on OTC channels during price rebounds and rising uncertainty rather than chasing trends on the secondary market.

Focusing on recent trends, OTC net selling pressure has not completely disappeared but has significantly eased, with flows gradually returning to neutral and showing marginal signs of turning positive. This indicates that the previous structural deleveraging and rebalancing are nearing completion. The market is transitioning from a “concentrated selling” phase to a “wait-and-see and selective allocation” phase, providing the necessary but still insufficient capital conditions for subsequent price stabilization and medium-term recovery.

Upexi launches large-scale financing plan, Solana treasury model faces market test

Upexi, a listed Solana crypto treasury company, recently filed a shelf registration with the SEC for up to $1 billion, reserving space for flexible financing through various securities instruments. According to disclosures, Upexi currently holds about 2 million SOL, with a market value of approximately $248 million, making it one of the top SOL holders among listed companies. This registration does not mean immediate issuance of securities but provides regulatory flexibility for the company to raise capital at an appropriate market window. Potential uses include working capital, R&D, and debt management.

From an operational and asset structure perspective, Upexi is headquartered in Tampa, with business spanning consumer brands and crypto asset allocation, including Cure Mushrooms (medical products) and Lucky Tail (pet care). Since the beginning of the year, the company’s market cap has fallen by about 50%, while Solana ecosystem assets have declined roughly 34%, reflecting dual pressures: on one hand, the market’s risk appetite for crypto treasury-listed companies has cooled; on the other hand, SOL price fluctuations directly impact its balance sheet stability. In this context, the shelf registration is more of a defensive layout, helping to maintain financial flexibility amid uncertainty, but also highlighting the model’s high sensitivity to market cycles. The subsequent pace and purpose of financing will be key variables in assessing long-term sustainability.

OpenEden introduces government bond yields into Solana, cUSDO constructs an on-chain risk-free rate benchmark

RWA platform OpenEden announced that its yield-bearing stablecoin USDO’s composable wrapped version, cUSDO, will soon launch on Solana. As a wrapped asset of USDO, cUSDO continues the core feature of being “fully backed by tokenized government bonds” and further enhances composability and DeFi adaptability. Each cUSDO circulating on Solana corresponds to a tokenized government bond asset verifiable on-chain, held and managed by qualified custodians, providing institutional-level endorsement in terms of compliance, transparency, and asset security.

On the application layer, cUSDO will primarily connect with stablecoin exchange pools, lending protocols, and yield markets, becoming a productive foundational asset in the Solana ecosystem that combines “government bond yields + protocol incentives.” This design lowers the barrier for DeFi participants to access real-world risk-free yields and provides protocols with a more stable and predictable baseline income. More importantly, the launch of cUSDO enables Solana to have its first on-chain risk-free rate benchmark directly linked to regulated government bond yields, which may improve interest rate pricing and risk benchmarks, and promote more rational and institutionalized development of lending spreads, yield strategies, and capital allocation.
References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• OpenEden, https://openeden.com/news/openeden-launches-cusdo-yield-bearing-stablecoin-on-solana/
• CoinDesk, https://www.coindesk.com/business/2025/12/23/solana-treasury-focused-upexi-files-for-up-to-usd1-billion-capital-raise
• X, https://x.com/wintermute_t/status/2003430814206263491

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