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The Nasdaq, as a leading global technology stock index and stock exchange, has recently influenced the price fluctuations of cryptocurrencies (such as Bitcoin BTC and Ethereum ETH) to some extent. However, this influence is not a direct causal relationship but is transmitted indirectly through market sentiment, investor behavior, and macroeconomic factors. In this case, how exactly does the Nasdaq influence cryptocurrencies?

We believe this can be summarized in the following points:
Linkage of market sentiment and risk appetite
The Nasdaq is primarily composed of technology stocks, and its fluctuations usually reflect investor confidence and preference for high-risk assets. Cryptocurrencies, as a class of highly volatile and high-risk assets, share psychological similarity with tech stocks. When the Nasdaq rises, investors are often more willing to chase high-return assets, driving funds into the cryptocurrency market; conversely, when the Nasdaq falls, risk-averse sentiment rises, and funds may exit from cryptocurrencies.

The recent drop in BTC has left many people at a loss, exposing the investment risks in the crypto market. For retail investors, the dynamics of large funds are often very crucial. Therefore, today we analyze the price based on miners' mining costs, CME gaps, and ETF holding costs.

Mining Costs
Mining costs primarily include the market share of various types of miners, as well as current mining revenues and shutdown prices, some of which we can find in F2Pool data.
F2Pool provides daily mining income and shutdown prices for various mining machines on its website. This data is based on the current Bitcoin network difficulty, hash rate, and electricity price (default $0.06/kWh).

As one of the core platforms in the blockchain world, Ethereum's continuous evolution and market performance are closely monitored. Currently, the market is not very optimistic about ETH's performance, and many believe that ETH has dragged down the altcoin bull market. Therefore, for investors and institutions, understanding the cost of ETH under significant declines and determining whether the current price has reached the bottom is crucial.
During the POW period, we could calculate the production cost of each ETH through mining input and output, but during the POS era, it is harder to determine the cost moat of ETH. Coupled with ETF holdings, this is also an important reference factor for short-term market support for investors. Today, we will analyze the cost of Ethereum from the perspectives of staking mechanisms and ETF inflows, as well as their impact on investors and the ecosystem.

Last week, Bybit suffered a serious hacker attack, losing approximately $1.3 billion worth of Ethereum (ETH). According to market news and subsequent developments, this incident had a certain impact on the price of ETH, characterized by an initial drop followed by a rise, but the increase was limited. The following is an analysis of this incident, focusing on the impact of the hacker attack on the price of ETH, the possibility of Bybit using its own funds to buy back ETH, and its potential role in the market.
The hacker attack and its direct impact on the price of ETH
After the hacker attack, Bybit lost approximately 401,300 ETH (estimated at about $1.3 to $1.5 billion at the time, with specific amounts varying by report). Such a large-scale theft usually causes market panic, as investors worry that the stolen ETH may be sold off quickly, increasing market supply pressure. This expectation often triggers a price drop.

Market Overview and Current Prices
According to the latest data as of February 21, 2025:
The current price of Ethereum (ETH) is approximately $2,751, with a 24-hour trading volume of up to $26.143 billion, indicating extremely high market activity.
The current price of Bitcoin (BTC) is approximately $98,246, with a 24-hour trading volume of about $31.75 billion, also reflecting strong market participation.

Market Heat and Trend Analysis
"Market heat" can be understood as trading activity and price volatility. From the data:
The trading volumes of both ETH and BTC are above $30 billion, indicating a large number of market participants and strong liquidity.

In the evolutionary process of the Ethereum ecosystem, Uniswap has always played a key role. The Unchain upgrade marks another significant evolution of this decentralized exchange (DEX). This upgrade is not only an optimization of its original architecture but also a deep integration with the Layer 2 ecosystem. This article will delve into the core technological breakthroughs of Unchain and explore its profound impact on the Layer 2 ecosystem.
Unichain is a Layer 2 solution launched by Uniswap, aimed at providing a more efficient and low-cost trading experience for the Ethereum ecosystem. The launch of Unichain is not only an important supplement to the scalability of Ethereum Layer 2 but also has a significant impact on the widespread development of DeFi applications. This article will conduct an in-depth analysis from the team background of Unichain, its impact on Layer 2, its contributions to DeFi, its impact on the Ethereum ecosystem, and its impact on the UNI token, ultimately summarizing its significance.

Introduction
Ethereum, as the world's second-largest cryptocurrency and smart contract platform, has always faced scalability issues. To address the high transaction fees and network congestion on the Ethereum network, Layer 2 solutions have emerged. However, although Layer 2 technology has achieved significant results in improving network efficiency and reducing transaction costs, it has also negatively impacted the price of ETH to some extent. This article will analyze various aspects of Layer 2 technology and explore how it has dragged down the price of ETH.
 
Background of Layer 2 technology

Recently, I have mainly emphasized the Spring Festival market, and the main reasons are as follows:
1. In previous years, the cryptocurrency market has seen activities during the Spring Festival, regardless of whether it is a bull or bear market. This is considered to be more credible than the notion of a four-year cycle.
2. The benefits brought by Trump's administration have been consumed by the emergence of MEME coins, leading to a brief market weakness, and there are no new hot topics for speculation.

Against this backdrop, we saw Trump mention cryptocurrencies at Davos, refer to BTC reserves, and also discuss the repeal of SAB121. Currently, aside from the uncertainty regarding Japan's potential interest rate hike, there are virtually no negative factors in the market.

XRP is a widely watched cryptocurrency, and the company behind it, Ripple Labs, has significant influence in the industry. This article will analyze XRP's historical trends, legal disputes, market frenzy brought by price increases, and future expectations in detail.

Historical trends
Early development (2012-2017)
XRP was first launched by Ripple Labs in 2012, with the early goal of creating a more efficient cross-border payment system. Compared to Bitcoin, XRP features faster transaction confirmation times and lower transaction fees. The early market response was relatively lukewarm, with XRP's price remaining at a low level for several years. In 2013, XRP's price was only about $0.005. Nevertheless, Ripple Labs continued to develop its technology and partnerships.

With the rapid development of artificial intelligence (AI) technology, AI agents are increasingly being used in various fields. These intelligent agents can not only play a huge role in the financial, medical, logistics and other industries, but also gradually become one of the hot spots for investors. This article will analyze in detail the current status of AI agents, the investment prospects, advantages and problems of related projects and tokens, and give layout and investment suggestions.
AI Agent Overview
AI Agent is an intelligent program that can perform tasks autonomously, relying on technologies such as machine learning, natural language processing (NLP), and computer vision. Its main functions include data analysis, decision support, and automated task execution. With the advancement of technology, the capabilities of AI agents are constantly increasing, and their application scenarios are constantly expanding.

As 2024 draws to a close, the performance of the cryptocurrency market this year has laid the groundwork for 2025. After experiencing multiple market cycles, especially the severe blow of the 2022 bear market, the crypto market seems to be gradually recovering and maturing more than ever. Bitcoin (BTC) and Ethereum (ETH), as the dominant forces in the market, have attracted widespread attention from investors for their current trends and outlook for 2025.
This article will delve into the cryptocurrency market trends of December 2024 and early 2025, focusing on the price trajectories of Bitcoin and Ethereum, the potential for a cryptocurrency bull market, and possible market performance, combining current market sentiment, technical indicators, and the macroeconomic environment for a comprehensive analysis.