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Fidelity's Global Macro Director, Jurrien Timmer, stated that he does not see any signs from the charts indicating that the four-year cycle has ended. He said: "If we compare all the bull markets together, we can see that after 145 weeks of gains, the $125,000 high reached in October aligns very closely with expectations." As for what happens next, that would be the winter. Timmer pointed out that the subsequent bear markets often last about a year. "My feeling is that 2026 could be bitcoin's 'off year'." He concluded that the support level is between $65,000 and $75,000.

according to data released on social media by Ash from the Memento Research team, the token issuance market performed poorly in 2025. By tracking the TGE situation of 118 tokens, it was found that 84.7% (100/118) of projects currently have a fully diluted valuation (FDV) lower than their opening valuation, meaning about four-fifths of the projects are below their initial valuation. Data shows that the median FDV of tokens dropped 71% compared to issuance, and market capitalization fell 67%. Only 15% of projects achieved positive returns compared to the TGE period. The analyst believes that TGE is no longer an early investment opportunity.

According to TechFlow, on December 20, based on Coinmarketcap data, the performance of the top 100 cryptocurrencies by market capitalization today is as follows: Top five gainers: Canton (CC) up 30.87%, current price $0.09813; Pippin (PIPPIN) up 22.42%, current price $0.4335; UNUS SED LEO (LEO) up 15.83%, current price $8.40; Uniswap (UNI) up 12.99%, current price $5.88; Midnight (NIGHT) up 12.12%, current price $0.07383. Top five losers: MemeCore (M) down 4.66%, current price $1.40; Starknet (STRK) down 0.92%, current price $0.08187; Bittensor (TAO) down 0.64%, current price $228.88; Pump.fun (PUMP) down 0.49%, current price $0.001962; Sei (SEI) down 0.09%, current price $0.1114.