In 2025, many newly issued altcoins traded below their token generation event prices amid a broader risk off phase. As the year closed, investors focused on selective themes, while most assets struggled to recover previous levels.

Ethereum is drawing liquidity as traders reduce Bitcoin exposure. Between 24 November and 8 December, ETH/BTC rose about 14%, per TradingView, and over the past 24 hours liquidations were nearly balanced at $67.42 million longs versus $64.53 million shorts. Derivatives data from Alphractal also show BTC perpetual activity dropping while ETH contracts hold near 17 million.

On 20 December, Midnight's NIGHT token saw investor addresses dip to 6,110 before rebounding to 6,500, while market cap rose by $430 million but eased to $1.52 billion from $1.94 billion. Over the past 24 hours, trading volume slid 50% to $3.97 billion and derivatives Open Interest fell 12% to about $106 million, even as spot buyers spent $3.24 million on 23 December and $301 million across five days, supporting a still bullish, accumulation-driven outlook.

BEAT climbed 30% and is now testing a key resistance after forming an ascending triangle on the four-hour chart. Technical momentum remains favorable, with shorter SMAs above longer ones and a Bull Bear Power reading of 0.51. On-chain data reports 287,170 tokens burned, valued at $847,151 at $2.95, alongside just over 125,000 holders.

NIGHT surged 24% in the past day, with trading volume hitting $5.03 billion as its airdrop, expected to distribute roughly 4.5 billion tokens, began on December 10. According to Artemis, privacy tokens showed a 0.5% decline overall, while Bybit and Binance accounted for $3.33 billion and $1.16 billion, respectively.

Canton Network’s CC token climbed 11% in the last 24 hours amid new institutional partnerships and regulatory progress enabling tokenized treasuries. Bullish sentiment and positive funding rates supported the move, but liquidity maps pointed to downside clusters that could trigger a short-term pullback.

On 19 December, Bitcoin Cash rose by about 10% in 24 hours, with derivatives activity and growing leverage driving most of the move. Open Interest in BCH perpetual futures increased to roughly $786 million, while funding rates turned positive as shorts lost around $2.54 million. At the same time, spot investors sent nearly $3.93 million in BCH to exchanges to sell, leaving the rally to confront key resistance zones near $598–$606 and around $651.

MYX Finance's token fell 11% as liquidity and participation weakened, with TVL down about $1.16 million to roughly $22.64 million over eight days. Derivatives metrics turned bearish, including a funding rate near -0.0140%, a 14% drop in open interest to $21.27 million, and spot volume sliding to $44.74 million.

ONDO declined over the past 24 hours amid broader market pressure. Derivatives activity showed capital withdrawals, while on-chain participation strengthened, with TVL setting a new high on the 15th of December. Binance positioning and a positive funding rate suggest improving sentiment despite near-term bearish momentum.