Market Report: Top 5 cryptocurrencies by decline on December 28, 2025, with PIPPIN experiencing the largest drop

Strategy Perpetual Preferred Stock STRC returns to $100, opening a new round of Bitcoin "financing buy-in" channel

Despite the recent continuous pullback in Bitcoin prices, enterprise-level crypto asset deployment has not slowed down. The perpetual preferred stock STRC issued by Strategy (MSTR) returned to the $100 par value range during U.S. trading hours for the first time since mid-January. This key price signal is interpreted by the market as the company's renewed ability to raise capital through the capital markets and continue increasing its Bitcoin holdings. STRC is a financing tool designed by Strategy for long-term Bitcoin acquisition. When its price approaches or exceeds par value, the company can resume the "at-the-market" (ATM) issuance model to continuously raise cash without significantly diluting common shares. The last time STRC traded above $100 was on January 16, when Bitcoin was still around $97,000. Subsequently, as Bitcoin briefly fell to the $60,000 range in early February, STRC was also dragged down to a low of $93.

Binance's "Blind Box Experiment": When Airdrops Enter the Era of Randomness

Binance's Alpha Box Airdrop Mode transforms traditional deterministic rewards into a random selection process. By combining point consumption and time discounts, it creates a new participation mechanism. This mechanism enhances user engagement through game theory design, but may also lead to short-term behavioral fluctuations. The article analyzes its impact on users and project teams, as well as its potential sustainability in the future, pointing out that this change is not just a rule adjustment but an experiment in user behavior.

[Market Analysis] Yield-bearing stablecoins surpass $14 billion for the first time in two years

The yield-bearing stablecoin market has grown from nearly zero at the end of 2023 to a scale of $140 billion by early 2026, becoming a new liquidity foundation for the crypto market. The participation of traditional financial institutions has made it no longer a virtual scenario, with protocols like Aave and Morpho gradually evolving into "on-chain banks," driving the maturity of financial infrastructure. Investors should focus on long-term sustainability, institutional capital inflows, and the evolution of collateral assets, which will enhance the overall capital efficiency of the DeFi ecosystem.

Why did MicroStrategy's stock price crash? Saylor: Bitcoin is in a bear market, and leverage amplified the result

MicroStrategy founder Michael Saylor recently provided a precise explanation for the growing market concern over the decline in MSTR stock price, pointing out that Bitcoin has been in a bear market for the past four months, and MSTR's stock price has also weakened along with Bitcoin. Saylor did not mention execution issues or operational errors, but instead attributed it to Bitcoin market cycles. The leverage amplification effect means that when Bitcoin declines, the negative impact on MSTR is significantly magnified.

Hyperliquid (HYPE) retreats to a key support zone as selling pressure increases

Hyperliquid (HYPE) has experienced a nearly 10% decline this week, dropping below the 50-day EMA at $28.85. Weaker buying from retail investors and increased short positions highlight bearish market sentiment, with potential risks of further declines.

Retail investors flee, whales scoop up the bottom! PEPE smart money returns, absorbing 23 trillion tokens in four months

PEPE meme coin has declined for six consecutive weeks, but Santiment on-chain data shows that smart money accumulation remains strong. The top 100 largest wallets have held approximately 23.02 trillion PEPE over the past four months. Hyperliquid well-known trader James Wynn sold off after predicting last month that PEPE's market cap could reach $69 billion.