PA Daily Report | Bitcoin spot ETFs see net outflows for five consecutive days; offshore yuan breaks through the 7 mark.

Today's top news highlights:

Two major Russian exchanges plan to launch compliant cryptocurrency trading in 2026.

Bitcoin mining difficulty increased slightly by 0.04% to 148.26 T.

The most profitable crypto narratives of 2025: RWA and Layer 1 lead the pack, AI and Meme experience significant pullbacks, GameFi and DePIN lead the declines.

The offshore yuan broke through the 7 mark for the first time since 2024, while the onshore yuan hit a new high in more than a year.

The high premium of silver funds has attracted attention; Guotou Silver LOF will be suspended from trading from the opening of the market on December 26 until 10:30 a.m. on the same day.

Bitcoin spot ETFs saw a net outflow of $175 million yesterday, marking the fifth consecutive day of net outflows.

Multicoin is suspected of purchasing 60 million WLD tokens from the Worldcoin team via OTC.

Macro

The People's Bank of China (PBOC) stated that it supports provinces and municipalities along the Western Land-Sea New Corridor to participate in multilateral central bank digital currency bridge projects.

The People's Bank of China (PBOC) held a press conference to interpret the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor." At the conference, Wang Xin, Director of the Research Bureau of the PBOC, stated that the "Opinions" grasp the new trends in international cooperation such as digital finance and green finance, and innovatively drive high-level financial opening-up in the central and western regions. For example, it supports provinces and municipalities along the corridor to participate in multilateral central bank digital currency bridge projects, promoting the use of central bank digital currencies in cross-border payments; and it supports strengthening cooperation based on the China-Singapore Green Finance Working Group mechanism in areas such as the formulation and application of green finance standards, green financial products, and financial support for green technologies.

Two major Russian exchanges plan to launch compliant cryptocurrency trading in 2026.

According to Cryptopolitan, the Moscow Exchange (MOEX) and the St. Petersburg Exchange (SPB) have expressed their support for the comprehensive cryptocurrency regulatory plan proposed by the Central Bank of Russia (CBR) and stated that they will launch cryptocurrency trading after the regulations take effect. The plan proposes to classify Bitcoin and stablecoins as "monetary assets," with related transactions handled through existing licensed exchanges and brokers; cryptocurrency custody and trading platforms will need to meet stricter requirements. The annual purchase limit for non-accredited investors is proposed to be capped at 300,000 rubles, while there will be no limit for accredited investors, except for privacy coins. This framework is expected to be implemented no later than 2026.

Bitcoin mining difficulty increased slightly by 0.04% to 148.26 T.

Bitcoin mining difficulty was adjusted at block height 929,376 (11:48:06 Beijing time today), increasing by 0.04% to 148.26 T. The network's average hashrate over the past seven days is currently 1.08 ZH/s.

The most profitable crypto narratives of 2025: RWA and Layer 1 lead the pack, AI and Meme experience significant pullbacks, GameFi and DePIN lead the declines.

According to CoinGecko statistics, the strongest performing crypto narrative in 2025 was RWA (Real-World Assets), with an average annual increase of 185.76%, mainly driven by Keeta Network (+1794.9%) and others. Layer 1 crypto narratives ranked second with an increase of 80.31%, while Zcash and Monero surged by 691.3% and 143.6% respectively. US-based crypto narratives ranked third with an annual increase of 30.62%, entirely driven by the strong performance of Zcash. Despite their popularity, AI and Meme narratives declined by 50.18% and 31.61% respectively in 2025; DeFi and DEX sectors declined by 34.79% and 55.53% respectively; and Layer 2 recorded a loss of 40.63%, marking its second consecutive year of losses.

The offshore yuan broke through the 7 mark for the first time since 2024, while the onshore yuan hit a new high in more than a year.

The offshore yuan broke through the 7 mark against the US dollar for the first time since 2024. The onshore yuan also broke through 7.01 against the dollar, reaching a new high since September 2024. The central parity rate of the yuan against the dollar was 7.0392, an increase of 79 basis points, the highest since September 30, 2024, and the largest increase since August 27, 2025. Market analysts believe that the weakening dollar index, the increased resilience of the Chinese economy, and the release of year-end demand for foreign exchange settlement have driven the strong appreciation of the yuan. In the short term, the yuan is expected to maintain a relatively strong trend against the dollar, but whether it can hold above the 7.0 mark remains to be seen.

The high premium of silver funds has attracted attention; Guotou Silver LOF will be suspended from trading from the opening of the market on December 26 until 10:30 a.m. on the same day.

Guotou Silver LOF announced that it will suspend trading from the market opening on December 26th until 10:30 AM on the same day, and will resume trading at 10:30 AM. The current subscription limit for Class A shares is 500 yuan. The fund manager stated that it will adjust the subscription limit and warned that the high premium rate in the secondary market is unsustainable, and investors should be wary of the risks. Recently, silver prices have continued to surge, with London silver closing at $71.81 per ounce on the 24th, a year-to-date increase of over 140%. Guotou Silver LOF has hit the daily limit for three consecutive days, with a premium rate as high as 68.19%, and a year-to-date increase of 254.9%. In addition, commodity LOFs, resource LOFs, and other funds have also collectively hit their daily limits, but several fund companies have issued high premium risk warnings and announced short-term trading suspensions.

Opinion

Pantera Capital's Head of Investment Research released 12 predictions for 2026, covering DATs, AI, stablecoins, and more.

Jay Yu, Head of Research and Investments at Pantera Capital, released 12 predictions for the crypto industry in 2026: **Capital-Efficient Consumer Credit:** Crypto lending combining on-chain and off-chain credit modeling, modular design, and AI behavioral learning will become the new frontier. **Prediction Market Divergence:** The prediction market will split into a "financial" direction (integrated with DeFi, supporting leverage and staking) and a "cultural" direction (more localized and catering to long-tail interests). **Agentic Commerce and x402:** x402-based payment frameworks will expand, with Solana potentially surpassing Base in x402 trading volume. **AI as the Crypto Interface Layer:** AI-assisted trading and analytics will become widespread, while LLM-driven trading AI remains experimental. **Tokenized Gold Rise:** Tokenized gold will become a popular asset for hedging against inflation and the dollar's problems. **BTC Quantum Threat:** Breakthroughs in quantum technology may trigger discussions among BTC institutions regarding countermeasures, but it will not threaten value in the short term. **Unified Privacy Development Experience:** Privacy frameworks (such as Kohaku) will evolve into enterprise-grade privacy services. **DATs Consolidation:** The number of DATs in major sectors will decrease to 2-3, through consolidation or transformation into ETFs. The lines between tokens and equity are blurring: governance tokens face an existential crisis, equity-convertible tokens may emerge, and the regulatory framework is becoming clearer. Hyperliquid dominates perpetual contract DEXs: Hyperliquid maintains its dominant position, with stablecoins becoming core assets. Prop AMMs are expanding across multiple chains: Prop AMMs are expanding across multiple chains, accounting for over 50% of trading volume on Solana. Stablecoins are driving international payments: more fintech companies (such as Stripe and Brex) are using stablecoins for international payments, and stablecoin chains like Tempo are becoming major entry points for fiat-crypto transactions.

Project Updates

Maple Finance issued a $500 million loan yesterday, setting a new record for the platform's lending and growth.

Austin Barack, founder of Relayer Capital, posted that DeFi platform Maple Finance issued its largest single loan ever yesterday, amounting to $500 million, while its total outstanding loans also reached a new all-time high. Relayer Capital stated that its token $SYRUP represents a high-conviction holding and that multiple data points continue to strengthen its confidence in the project and the team's execution capabilities.

Logan Paul has agreed to auction off $5.3 million worth of Pokémon cards on January 12, potentially setting a new record.

According to a joint announcement by Goldin and Netflix, Logan Paul has agreed to auction his record-breaking Pikachu Illustrator card at Goldin Auctions on January 12, 2026. The card previously sold for $5.3 million, setting a Guinness World Record. $2.5 million has already been pre-paid for the transaction, and the auction will be featured on Netflix's "King of Collectors" show. Goldin anticipates the card will fetch between $7 million and $12 million. With Pokémon's 30th anniversary approaching, the collecting craze continues to heat up.

Brevis releases $BREV token economic model: Total token supply 1 billion, community incentives account for 32.20%.

According to Brevis's official announcement, $BREV is the core utility and governance token of Brevis ProverNet. It is used to pay for the generation and verification fees of zero-knowledge proofs, serves as a staking and reward medium, and grants governance rights to token holders. Validators must stake BREV or accept delegations to take on tasks; violating the service agreement will result in forfeiture of staked tokens. The network is initially deployed on Base; after migrating to the Brevis-specific rollup, $BREV will serve as the native gas token. The total token supply is 1 billion, with nearly 70% allocated to community and ecosystem incentives. Airdrop registration will be available soon. The specific allocation is as follows: Ecosystem Development (37%): Used for ecosystem growth, R&D, strategic cooperation, initial market making, and...

Important data

A new address withdrew 50,000 ZEC tokens from Binance, worth approximately $22.17 million.

According to Onchain Lens, a newly created wallet has just withdrawn 50,000 ZEC from Binance, which is worth approximately $22.17 million at the current market value.

Bitcoin spot ETFs saw a net outflow of $175 million yesterday, marking the fifth consecutive day of net outflows.

According to SoSoValue data, on December 24th (Eastern Time), Bitcoin spot ETFs saw a total net outflow of $175 million, marking the fifth consecutive day of net outflows. BlackRock's IBIT saw the largest net outflow of the day at $91.37 million, while Grayscale's GBTC saw a net outflow of $24.62 million. Currently, the total assets of all ETFs in the market reach $113.8 billion, representing 6.51% of Bitcoin's market capitalization, with a cumulative net inflow of $56.9 billion.

Financing/Acquisition

Yun Shenchu Technology completes pre-IPO round financing of hundreds of millions of yuan

Hangzhou Yun Shenchu Technology Co., Ltd. has completed a pre-IPO financing round of several hundred million yuan. This round was led by the National Artificial Intelligence Industry Fund, with participation from a major internet company.

Institutional holdings

Data: Trend Research currently holds approximately 645,000 ETH, with a paper loss of approximately $242 million.

According to AiYi, on-chain data shows that Trend Research, an entity suspected to be under Yi Lihua's control, began a new round of Ethereum accumulation in early November. It currently holds approximately 645,000 ETH (about $2.1 billion), becoming the third largest Ethereum holder after Bitmine and SharpLink. Its average purchase price was $3299.43, and it currently has a floating loss of approximately $242 million. If the plan to "buy another $1 billion" is realized, Trend Research may become the second largest ETH holder. The main accumulation was concentrated in November, accounting for over 88% of the total, and involved at least seven major addresses.

Multicoin is suspected of purchasing 60 million WLD tokens from the Worldcoin team via OTC.

According to Ember's observation, an address (0xf000, suspected to be owned by Multicoin Capital) transferred $30 million USDC to the Worldcoin team wallet a day ago, and received 60 million $WLD from the same wallet 7 hours ago, which is worth about $29.06 million at market value, suspected to be an off-exchange block trade.

Metaplanet plans to increase its holdings to 210,000 Bitcoins by the end of 2027.

PANews reported on December 24th that, according to DLNews, Metaplanet's board of directors has approved a plan to further purchase Bitcoin, aiming to hold 210,000 Bitcoins by the end of 2027. Metaplanet will expand the issuance size of its Class A and Class B shares, introducing a floating interest rate and quarterly dividend mechanism. Furthermore, these shares will pay dividends quarterly, meaning investors will receive interest-like returns four times a year. The board also approved the issuance of Class B shares to overseas institutional investors.

BlackRock deposits nearly $230 million in Bitcoin and Ethereum into Coinbase Prime.

PANews reported on December 24 that, according to Lookonchain, BlackRock has just deposited 2,292 bitcoins ($199.8 million) and 9,976 ETH ($29.23 million) into Coinbase Prime.