📉 LIQUIDITY DRIES UP ACROSS CRYPTO DERIVATIVES

December 2025 recorded the lowest derivatives trading volumes of the year, signaling a broad pullback and reduced participation from leveraged traders.

⚔️ PERP DEX WARS: LIGHTER & $LIT TEST

Lighter just climbed to the top of the perp DEX leaderboard with a multi-billion-dollar TGE, but beneath the headline lies a deeper story.

This quick report breaks down whether Lighter is building the future of onchain markets or entering its hardest phase yet.

Next Week in Crypto: Key Events to Watch (Jan 5th – Jan 11th, 2026) 🗓

Next week brings a suite of events, ranging from major token unlocks to US economic data. Here’s what to keep on your radar:

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🔒 Token Unlocks

- Jan 5 – ENA Token Unlock
   
Ethena (ENA) is set to unlock 171.88 million tokens, worth approximately $41 million, representing 2.37% of its circulating supply.
   
- Jan 6 – HYPE Token Unlock
   
Hyperliquid (HYPE) is set to unlock 12.46 million tokens, worth approximately $316 million, representing 3.61% of its circulating supply.
   
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📊 US Economic Data Release

- Jan 9 — U.S. unemployment rate

With the holiday period behind us, markets return to a more normal pace of economic data releases, with the U.S. unemployment rate standing out as the most significant reading of the week.

As always, a steady or declining jobless rate would reinforce the Fed’s cautious stance, while an uptick in unemployment could increase the odds of a January rate cut, which are currently priced quite low, at around 20%.

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That’s all for next week’s action! Keep an eye on these events, and we’ll be back with more updates in the next roundup!

📊 SOL LEVERAGE AT RISK WITH 10% MOVE

Fresh liquidation data shows $217M in SOL shorts could be wiped out on a 10% rally, while a 10% drop threatens $183M in long positions.

As SOL hovers near $132 levels, leverage is stacked tightly on both sides