Overall, the current DEX market shows early signs of sentiment recovery and capital inflow, but in the short term, mainstream assets still face ongoing long/short battles. Key support levels to watch include the BTC price around $32,000 and whether trading volumes on major DEXs can stabilize. Structurally, leading platforms like Hyperliquid are continuously attracting major capital thanks to their liquidity advantages, while emerging platforms are rapidly rising with differentiated strategies, intensifying industry divergence. On the capital side, concentrated on-chain holdings and locking behavior provide temporary support for some tokens (such as IRYS). It is recommended to closely monitor the sustainability of buy-side orders and be alert for profit-taking pressure if there is no incremental capital involvement. Regarding thematic sectors, Meme Coins and innovative derivatives maintain high trading activity, but given the volatility, a quick in and out strategy should be adopted to guard against sentiment reversal risks. Overall strategy advice: closely monitor changes in trading volume, price ranges, and capital flows; prioritize layouts on platforms with strong liquidity and high user retention as well as solid innovative products; and strictly control position sizes to prevent sudden fluctuations.

Recent on-chain data and market signals indicate that market sentiment is entering a slight recovery phase, though the strength of the rebound requires further confirmation. Some indicators show preliminary signs of capital inflow, but Bitcoin has briefly dipped below key price levels, reflecting ongoing fierce long/short contests. Overall, although market outlook is improving, limited macroeconomic catalysts mean that short-term attention should focus on changes in trading volume and volatility to confirm trend sustainability.

CryptoQuant analyst Darkfrost noted on January 4 that the cryptocurrency market is beginning to improve, urging caution against dismissing this trend prematurely. While more data is needed for definitive conclusions, some trend changes are starting to emerge, making this a critical time to pay close attention.

Analysis: The crypto market is beginning to improve, with some trend changes gradually becoming apparent.

In the perpetual contract DEX sector, Hyperliquid maintains its leading position with 24-hour trading volume surpassing $3 billion and open interest steadily increasing, demonstrating its liquidity and user retention advantages. At the same time, Variational and Paradex have made it into the top five, exhibiting a clear effect of market share redistribution by emerging platforms. Overall, major leading platforms continue to attract primary capital due to their strong liquidity moat, while newcomers are competing for market share through differentiated strategies, further intensifying sectoral competition.

Over the weekend, Perp DEX trading volumes were sluggish, with Hyperliquid leading at approximately $3.09B in 24-hour trading volume and an open interest of $7.77B, marking a 10% increase from the previous week. Variational and Paradex saw continuous growth, ranking fourth and fifth respectively. Other notable platforms include Lighter, Aster, EdgeX, and Pacifica, each with varying trading volumes, TVL, and open interest.

Overview of Major Perp DEXs: Weekend Trading Volume Slumps Across Platforms, Hyperliquid Open Interest Increases by 10% Compared to Last Week

Over the past week, multiple addresses collectively purchased a specific token on decentralized exchanges with total capital exceeding $500,000, which was then concentrated into a single address for a locked position, with total locked market value now exceeding $1.1 million. These behaviors indicate some investors are utilizing the on-chain transparency of DEXs for strategic positioning, potentially forming short-term support, but if there is no sustained buy-side follow-up, profit-taking risks remain.

Over the past week, multiple addresses have collectively bought over $500,000 worth of IRYS from DEX. Three days ago, these tokens were consolidated into a single address, which now holds $1.10 million worth of IRYS and has maintained continuous ownership.

Multiple addresses have cumulatively bought over $1.10M worth of IRYS from DEX and aggregated them into a single address.

Recently, the Meme Coin sector has been active again, with individual tokens rising over 30% in a single day and total market value reaching tens of millions, attracting short-term capital seeking swing profits. Meanwhile, in the field of derivatives innovation, off-chain Bitcoin yield vaults offering an expected annualized rate of 3-5% appeal to conservative asset allocation needs; platform airdrop incentives and network usage fees (such as 'stealth taxes') have become new user behavioral constraints and incentives. Overall, sector hotspots and product innovation coexist, short-term trading activity may remain high, but caution is warranted as speculative sentiment recedes and profit-taking ensues.

DEX Message

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