Bitcoin has fallen recently, but its status as a core asset of the US dollar has not been affected. With the trend of regulatory relaxation, US dollar assets are expected to maintain a volatile upward trend.

The current altcoin market is very similar to coal stocks around 2015 - production capacity is being cleared quickly, market enthusiasm is declining rapidly, negative or positive news can no longer trigger industry fluctuations, and it is also facing the bloodsucking of alternative sectors (DEX) in the eyes of the entire market. However, there is nothing new under the sun. The first principle of investment is always liquidity and cheapness. There are gold mines that have been mistakenly killed hidden in the ruins. We believe that high-quality projects are only waiting to be precipitated and shine in the industry's clearing.

1/ The climax of the market came to an abrupt end as expected, and the money-making effect in CEX returned to silence again within the month. Most of the undisputed rising targets we mentioned have returned to the starting point of the rise. At present, there is no substantial improvement in the liquidity of the US dollar, and large-scale copycats are still out of sight. 2/ The adjustments of MSTR and BTC within the month were very benign. The low volatility characteristics of Bitcoin in the new cycle mentioned in our previous special report are undoubtedly evident. Even with the negative news about Silk Road today, the supply of Bitcoin is still not large-scale, and the duration of this cycle may exceed the pessimistic expectations of some analysts in the current market. 3/ The hot sentiment on the chain has continued the overflow of CEX funds as always, but there is nothing new under the sun. The lack of money-making effect in CEX will inevitably affect the duration of this round of DEX market. As of the date of publication of this article, we believe that the overall hype of DEX targets has entered a potential exit again

Metrics Ventures, a secondary fund in the crypto market, December market observations: 1/ This month's market is turbulent. The huge momentum of Bitcoin has accelerated the pace of entry of many hesitant funds in the off-site market. At the same time, the strong old coins with scarce chips have obvious profit effects, which has driven a large number of bottom Alts to grab the chip vacuum upwards, but the actual profit disk in the on-site market is probably very few. Meme, which has accumulated a lot of popularity in the early stage, has already started consolidation early. 2/ As of the date of writing this article, the marginal effect of external events on crypto assets has been obviously weakening day by day. At the same time, MSTR and BTC have both shown high turnover signals at the top. Everything will follow the law of asset operation. There will always be an end and a climax for the undisputed rise. 3/ The new purchasing power mainly comes from the new funds in the retail market, which is incompatible with the logic that has been interpreted in the circle.