The European Commission has moved to allocate the supervision of crypto companies and their activities under the sole jurisdiction of the European Securities and Markets Authority (ESMA).  This move will end the application of different regulatory styles in several member states operating under the EU’s Markets in Crypto-Assets regulation (MiCA).

ESMA’s Single Crypto Authority To Boost Competitiveness, Innovation – EC

In a Thursday announcement, the European Commission, the executive arm of the European Union (EU), rolled out a series of regulatory measures aimed at creating a singular financial service market. This initiative centers around creating a competitive, innovative, and efficient financial system that offers EU citizens better options for wealth growth and business financing. 

A statement from the announcement read: 

Deeper integration of financial markets is not an end, but a means to create a single market for financial services greater than the sum of its national parts. Simplified access to capital markets reduces costs and makes the markets more appealing for investors and companies across all Member States, irrespective of size.

In particular, the EC’s new regulatory package will move the oversight of Crypto-Asset Service Providers (CASPs), among other groups of businesses to under the sole authority of the ESMA. Interestingly, the EC’s recent move comes just three months after the French, Austrian, and Italian market authorities pushed for a stronger European framework for cryptocurrencies, citing major differences in each national implementation of the MiCA regulations. 

Presently, crypto regulation across the 27 EU member states operates under MiCA, resulting in a patchwork of national approaches which the EC claims is hindering competition and effective cross-border operations. The ESMA’s singular regime aims to eliminate these discrepancies in order to provide a better integrated EU financial market. 

The EC said:

Improvements to the supervisory framework are closely linked to the removal of regulatory barriers. The package aims to address inconsistencies and complexities from fragmented national supervisory approaches, making supervision more effective and conducive to cross-border activities, while being responsive to emerging risks. 

Alongside the new singular regime, the European Commission has also expressed plans to create a friendly environment for the adoption of distributed ledger technology, e.g, blockchains, to spur innovations in the financial sector. However, all these regulatory changes still remain subject to negotiation and approval by the  European Parliament and European Council.

Crypto Market Overview

At the time of writing, the total crypto market cap is valued at $3.04 trillion, following a slight 0.25% loss in the past day. Meanwhile, total trading volume is valued at $135.47 billion.

Bitcoin (BTC) trades just below $90,000 after a fluctuating week of price action resulted in a net loss of 1.8%. Despite initial hopes of a resurgence in late November, the premier cryptocurrency is now 29.16% away from its all-time high. Going by the price action, popular analyst with the X username PlanD postulates BTC is now in consolidation guided by two major price levels.

Bitcoin Moves In Key Range Between $85,000-$93,000, Market Breakout Awaits

In an X post on December 5, PlanD provides an update on a continued analysis of the Bitcoin market, stating the crypto market leader appears to be building momentum within a set price range. Notably, recent price action has pushed the flagship cryptocurrency below the lower boundary of a broadening ascending channel between $93,000 and $131,000, raising fears of a bear market. However, Bitcoin has repeatedly rebounded, forming a strong consolidation range between $85,400 and $93,000. PlanD defines the present market condition as Bitcoin being in a decision zone and needing a price breakout to determine its next major direction. The analyst states that if Bitcoin moves to overcome the price resistance at $93,000, its initial price target lies at $100,000. A successful reclaim of this psychological six-figure level would confirm renewed bullish intent and stronger potential for a full market revival.

On the other hand, if Bitcoin breaks below the vital support zone at $85,300, investors should expect steeper losses. In this case, PlanD projects a price drop to around $72,000, representing a potential 19% decline from present market prices. Notably, considering the recent market volatility, the ongoing consolidation may close out sooner than expected, to establish a clear market direction.

Bitcoin Price Overview

According to data from CoinMarketCap, Bitcoin trades at $89,703, reflecting a price loss of 2.99%. Meanwhile, the daily trading volume is up by 4.56% and valued at $63.16 billion.

Following the turbulent price action of the last week, BTC’s price struggles in Q4 continue against previous popular predictions. Still, several bullish indicators could support a rebound before year-end. Key catalysts include a widely anticipated interest rate cut at the upcoming Federal Open Market Committee (FOMC) meeting on December 9–10.

In addition, market sentiment is benefiting from speculation that pro-crypto economist Kevin Hassett could succeed Jerome Powell as Federal Reserve Chair in 2026.

The Bitcoin market continues to experience high levels of investor uncertainty, as indicated by the unstable price action of the past week. In the last month alone, the leading cryptocurrency has lost about 14% of its value, strengthening fears of an impending bear market. Notably, renowned market expert Ali Martinez has shared some insight on this speculation, highlighting a key technical development that historically precedes an extended downtrend.

Bitcoin Winter Phase To Start Only When Price Loses 730-Day SMA – Analyst 

In an X post on Friday, Martinez presents an on-chain analysis that identifies a key price zone for determining Bitcoin’s price trajectory amid current market volatility. Using data from the Bitcoin Investor Tool metric from Glassnode, the analyst has discovered that extended downtrends in Bitcoin often start once the price falls below its 730-day Simple Moving Average (SMA), a level currently sitting at $82,150. For context, the chart below shows that the 730-day SMA (green), an important long-term indicator, has historically acted as a structural support level during major market cycles. When Bitcoin decisively loses this line, momentum tends to shift, leading to deeper corrections and lengthier bearish periods as seen between 2015-2016, 2019, and 2022-2023.

However, the chart also presents some bullish insights. Larger cyclical metrics, including the 730-day SMA × 5 band (pink) sitting at $410,771, remain well above the current price, indicating that macro overvaluation is not yet a concern, as the leading cryptocurrency remains far from an overheated zone. According to Ali Martinez, as long as Bitcoin holds above $82,150, the potential for any prolonged downtrend synonymous with a bear market remains minimal, ensuring the bull structure remains intact.

Bitcoin Weekly Net Outflows Hit $800M As Accumulation Rises

In other developments, on-chain analytics firm Sentora reports that the Bitcoin market recorded an $805 million increase in weekly exchange net outflows, indicating that a significant portion of market investors are unfazed by the recent price correction. Instead, they are opting to transfer more of their investment off crypto exchanges, suggesting an intention to hold in anticipation of future price appreciation. Meanwhile, total Bitcoin network fees reached $1.96 million, representing a 7.69% gain from the previous week and indicating an increase in transactions and network activity during this period. At the time of writing, Bitcoin trades at $89,693 following a 2.71% price decline in the last 24 hours.

The People’s Bank of China (PBOC) has reaffirmed its commitment against cryptocurrency trading after confirming a resurgence in market speculation. The Chinese apex bank is nudging several government institutions to strengthen their crackdown on business and financial activities involving virtual currencies and curb related illegal operations.

Stablecoins Yet To Meet AML Requirements, China Says

In 2021, China issued a ban on all cryptocurrency trading and mining activities, citing a potential threat to the nation’s financial stability and energy control system. Prior to this policy, the Asian giant had been one of the fastest-growing crypto hubs with the highest mining activity in the world. Four years later, the PBOC has reiterated this hostile stance against virtual assets despite a significant increase in cryptocurrency adoption and regulation globally. This development came on November 28, 2025, in a meeting centered on “The Coordination Mechanism for Combating Cryptocurrency Trading Speculation.”

Notably, this policy discussion involved representatives from 13 government departments and agencies, including the Ministry of Justice, the State Financial Regulatory Commission, and the China Securities Regulatory Commission, among others. While the PBOC acknowledged the steadfast implementation of the government’s “Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation” issued in 2021, they also highlighted an increase in trading speculations and related illicit activities, requiring new methods for risk prevention and control. 

In particular, the meeting reaffirmed that no form of cryptocurrencies qualifies as a legal tender, including stablecoins, which they claim still fail to satisfy certain regulatory requirements.

The statement read:

Virtual currency-related business activities constitute illegal financial activities. Stablecoins are a form of virtual currency, and currently cannot effectively meet requirements for customer identification and anti-money laundering, posing a risk of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers.

Moving forward, the People’s Bank of China admonished all concerned government institutions to bolster regulatory actions in enforcing the existing prohibitive policy on cryptocurrencies and all related criminal actions, in line with President Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era. 

The directive read:

All units should deepen coordination and cooperation, improve regulatory policies and legal basis, focus on key links such as information flow and capital flow, strengthen information sharing, further enhance monitoring capabilities, severely crack down on illegal and criminal activities, protect the property safety of the people, and maintain the stability of the economic and financial order.

Crypto Market Overview 

At the time of writing, the total market crypto cap stands at $3.06, reflecting a 0.12% gain in the last day. Meanwhile, total trading volume is down 32.95% to $81.28 billion.

The US Bitcoin Spot ETFs have produced a positive turnaround following four prior weeks of consistent outflows. In line with Bitcoin’s price recovery, these investment funds also ended a bleeding month of losses on a moderately positive note.

Bitcoin Spot ETFs Begin Recovery From Red November

According to the ETF tracking site, SoSoValue, Bitcoin Spot ETFs registered a net inflow of $70.05 million in the last week of November, to provide relief to a rather draining month. Notably, this reported figure represents the first positive netflow in four weeks, stretching since the last week of October. In analyzing individual ETF performance, BlackRock’s IBIT, valued at $51.55 per share, was largely unaffected by Bitcoin’s recovery, resulting in net outflows of $137.01 million. However, its cumulative net inflow still stands at $62.57 billion, retaining its status as the undisputed market leader. 

Other ETFs that also remained under bearish influence include Bitwise’s BITB and VanEck’s HODL, with aggregate outflows of $18.10 million and $36.95 million, respectively. On the other hand, the majority of the positive momentum came from Fidelity’s FBTC, which registered net inflows valued at around $230.44 million. Meanwhile, Grayscale’s duo GBTC and BTC, alongside Ark Invest’s ARKB, recorded a combined $31.65 million in net deposits.

Other funds such as Invesco’s BTCO, Valkyrie’s BRRR, Franklin Templeton’s EZBC, WisdomTree’s BTCW, and Hashdex’s DEFI recorded no significant netflow. Following this recent modest recovery, the Bitcoin spot ETFs closed November with total net outflows of $3.48 billion. At the time of writing, the cumulative total net inflow for these investment funds stands at $57.71 billion, while total net assets are valued at $119.39 billion, representing 6.56% of the Bitcoin market cap.

Ethereum ETFs Not Excluded From Recovery Party 

According to SoSoValue, the Ethereum Spot ETFs also experienced a market rebound following three consecutive weeks of outflows. Over the last week, these products attracted net deposits of $312.62 million to bring the cumulative total net inflows to $12.94 billion.

BlackRock’s ETHA and Fidelity’s FETH accounted for the majority of this positive netflow with net deposits of $257.18 million and $45.3 million, respectively. The Ethereum Spot ETFs now boast of total net assets of $19.14 billion, representing 5.19% of ETH’s market cap. At press time, Ethereum continues to trade at $2,991 after a minor 1.64% decline in the past day. Meanwhile, Bitcoin remains in consolidation around $90,840.

Ethereum presently trades around $3,000 following a broader crypto market rebound in the last week. During this time, the market’s largest altcoin gained by 7.22%, providing a much-needed relief after an extended correction that dominated the majority of the last two months. As price stabilizes, crypto analytics platform XWIN Research Japan shares a forward-looking assessment of Ethereum’s outlook, especially considering developments in the futures market.

Ethereum Bulls Buy The Dip After Weak Position Exits

Amid the widespread correction of the crypto market in Q4 2025, Ethereum’s prices crashed from $4,700 to as low as $2,900, representing a 38% price decline. XWIN Research Japan reports this price fall coincided with certain relevant developments in the futures market.

In particular, Ethereum’s open interest across all exchanges dropped from $21 billion to around $17 billion in late November, as overleveraged long positions were closed down, forcing traders to open new positions with moderate leverage size. Meanwhile, funding rates stayed positive but declined to around 0.002, meaning that the dominant bullish sentiment from mid-2025 greatly reduced.

Looking at on-chain data, the Market Value to Realized Value (MVRV) is at 1.27, while Binance data shows it to be around 1.0, both values indicating Ethereum is in a neutral to fair value zone, suggesting a period of stability before the next major trend emerges. Meanwhile, the recent market recovery kick-started after ETH retested the realized price of whale addresses, indicating that large market players are bolstering their holdings. 

XWIN Research Japan supports this theory, noting that Ethereum Treasury BitMine has boosted its market holdings to 3.63 million ETH. Additionally, a BlackRock client recently acquired tens of millions of dollars’ worth of ETH, further reinforcing the strength of current market demand. However, despite this robust market demand, ETH Spot ETF net outflows for November hit $1.42 billion, indicating there is significant selling pressure in the market.

Ethereum Market Outlook

At the time of writing, Ethereum trades at $3,003, reflecting a 0.22% loss in the past day. Despite its gains in the last week, the altcoin is still down by 22.34% over the last month, suggesting the majority of short-term holders are in losses.

XWIN Research Japan explains that although the overleveraged position has been cleared out with market whales now ramping up their holding, Ethereum remains in a “bottom-building phase”.  Therefore, investors should still anticipate a “choppy, sell-on-rally” price action in the short term. The analysts predict a major trend reversal with time as the current price area becomes increasingly attractive to investors for massive accumulation opportunities.

The Bitcoin (BTC) market continues to stabilize around $90,000 following a significant price recovery in the last week. Before these recent gains, the maiden cryptocurrency had undergone a heavy market correction, dropping about 36.10% from its all-time high of around $126,100.  Amid the ongoing consolidation, the latest data on Bitcoin miner activity suggests the asset may have hit a local bottom with sights now set on a sustained uptrend. 

Notably, market analyst BorisD shares on the CryptoQuant QuickTake platform an insight that suggests Bitcoin likely formed a local bottom as it dipped to $80,000 during its recent correction phase. The expert explains that this theory is confirmed by Bitcoin miners recording an underpaid status, which has historically been a strong signal in confirming a local market bottom. 

For context, Bitcoin miners become underpaid when the mining revenue, i.e., block rewards + fees, falls below miners’ average operating costs, resulting in financial stress, forced selling, and capitulation of certain miners, possibly due to bankruptcy.

Bitcoin Miners’ Economics In Influencing Market Ends

BorisD explains that Bitcoin miner profitability has been a consistent guiding metric in determining potential market tops or bottoms. For example, miner revenue in early 2024 reached intensely high levels as prices rallied strongly. This condition, created by a rise in transaction fees and block dollar value, allowed miners to become profitable to distribute supply to the market, thereby aligning early topping structures.

By mid-2024, the market had created a pattern where capitulation zones often indicated local bottoms, and severely overpaid zones matched market tops with heavy liquidity outflows. Notably, this pattern held throughout late 2024, early and mid 2025, during which miners’ revenue alternated between the overpaid and underpaid zone.

As Bitcoin’s price struggled in Q4 2025, falling to around $80,000, BorisD explains that miners experienced another deep underpaid regime that completed a capitulation cycle, exhaustion of miner-driven selling pressure, but most importantly, confirmation of price local bottom.

Bitcoin Market Overview

At the time of writing, Bitcoin trades at $90,898 after a minor 0.64% gain in the past 24 hours. Meanwhile, the daily trading volume is down 36.32% to $38.77 billion.

According to BorisD, Bitcoin miners’ profitability is expected to continue improving, provided the market price stays above $80,000. This dynamic, in turn, supports a continuation of upward price momentum, potentially pushing Bitcoin toward another market top. Although the present market cycle has displayed atypical behavior compared to previous ones, analysts remain broadly optimistic. Many expect Bitcoin not only to recover but to eventually surpass its prior six-figure valuation.

Digital asset adoption continues to grow after Turkmenistan announced plans to legally accommodate cryptocurrency operations from 2026. Following this move, the Central Asian nation joins the expanding list of countries opting for regulation in the crypto industry against an outright ban.

Turkmenistan Explores Crypto Amid Economy Diversification 

On Friday, Reuters reported that President Serdar Berdymukhamedov of Turkmenistan signed a new law that will permit registration of crypto exchanges and crypto mining companies from January 1, 2026. 

Notably, this development appears to represent part of the state government’s recent efforts to diversify its economy beyond gas exports, following Turkmenistan’s status as the nation with fourth fourth-largest gas reserves. Reuters also confirmed the government’s motive behind its new regulation, stating an intent to drive investment and speed up digitalization. 

While there are no official data on the level of crypto ownership in Turkmenistan, citizens’ ability to purchase digital assets using credit/debit cards, as well as the existence of Bitcoin ATMs, indicate significant traction requiring legalization. In particular, local Kyrgyzstan media states the new regulations signed by President Berdymukhamedov assert the legal status of cryptocurrencies as civil assets but with no economic power to serve as currency or means of payment. 

Furthermore, all licensed crypto exchanges are mandated to ensure the protection of users’ data and deposits. Meanwhile, mining operations can be performed by both individuals and local businesses following approval and registration with the recognized state authority. Other aspects of Turkmenistan’s crypto regime cover specific definitions of terms, and operations center around offering, transfer, issuance, and storage.

Crypto Adoption Surges In Central Asia

Beyond Turkmenistan, other nations in Central Asia, including Kazakhstan and Uzbekistan, are also ramping up crypto regulatory efforts to create an enabling environment for digital assets adoption. Notably, Uzbekistan has completed legal preparations to formally adopt stablecoins for payments in 2026, while also permitting the trading of tokenized stocks on licensed exchanges. 

Meanwhile, Bitcoinist reported that Kazakhstan has recently allocated $500 million – $1 billion for a national reserve fund with a potential launch slated for 2026. In addition, the former soviet state also introduced a national stablecoin, KZTx, in collaboration with the world’s biggest exchange, Binance. 

Taken together, these crypto-friendly moves show that Central Asian nations are doubling down on blockchain and digital assets as an emerging pillar of the global financial sector. 

According to data from CoinMarketCap, the total crypto market cap is now valued at $3.05 trillion following a modest rebound in the last week after an extended correction that began in early October. 

Bitcoin regained price levels above $90,000 after trading beneath this key zone for the majority of the past two weeks. Within this period, the premier cryptocurrency saw a decline to as low as $80,600, marking a more than 10% deviation from the aforementioned support. 

As the price stands fairly over $90,000, there seems to be a recovery underway. However, a closer monitoring of on-chain activity has revealed that the reality is diametrically opposite to widespread expectation.

LTH-STH SOPR Ratio Spikes To 2.63 — What This Means

In a recent QuickTake post on CryptoQuant, the on-chain analytics platform Arab Chain reveals a shift within the internal structures of the Bitcoin market. This report revolves around readings obtained from the Binance: BTC SOPR Ratio (LTH – STH) metric, which assesses and compares the profit-taking behavior of Bitcoin’s long-term holders (LTH) to that of its short-term holders (STH). 

Arab Chain highlights that the LTH-STH ratio recently saw a spike to 2.63, a reading which marks the highest level put in since August. Notably, this spike in the SOPR index comes amid Bitcoin’s rise to around $90,000, signaling an underlying spike in LTH sell-off despite this modest rebound.

This notion is confirmed by the Long-Term Holder SOPR itself, which reportedly to 2.58, indicating that members of Bitcoin’s most influential trend setters are currently exiting the market in deep profits.  Normally, the sharp move in the LTH–STH ratio, especially one that causes the establishment of a multi-month high,  usually represents a period of selling pressure that typically precedes price corrections. However, the current situation steers slightly away from this standard.

‘Profit-Taking Phase May Go On For Several Weeks’ — Analyst 

As the LTH SOPR reads 2.58, the STH SOPR stands at levels around the 0.98 mark, suggesting that the flagship cryptocurrency’s short-term holders are selling off their holdings either at break-even or even with some losses incurred. 

The market imbalance, therefore, reveals itself in that “long-term investors are capturing substantial profits and capitalizing on previous rallies to sell off, while short-term investors are unable to achieve clear gains.” Arab Chain explains that if the Bitcoin price decline should intensify, there could be additional acceleration dedicated to its fall down south. 

Historically, widening gaps between LTH and STH SOPR have often preceded defined movements in BTC’s market cycle. This behavior, according to Arab Chain, reveals that the market is likely entering a typical “cash-for-profit” phase, where its major holders sell off their holdings. Seeing as a surge of an almost comparable magnitude last took place in August, the firm conjectures that the market could see a major price reset, as opposed to the minor price fluctuation investors may be anticipating.

As of this writing, Bitcoin is worth about $90,652, recording no significant movement over the past day.

The Bitcoin market experienced a moderate price rebound over the past week, following a prolonged period of price correction that began in early October. The flagship cryptocurrency is now trading above $90,000, with hopes building for a potential push back toward its all-time high of $126,100.

Notably, popular market analyst KillaXBT has flagged a key price zone that could serve as the next target in this relieving market recovery.

Bitcoin Headed To $95k-$96k, But Price Pullback May Occur First – Analyst

In an X post on November 28, KillaXBT shares some compelling insights on Bitcoin’s price condition, highlighting both bullish and bearish tendencies. Following the asset’s gain of 7.22% in the past week, the analyst predicts that market bulls are likely to drive prices to around $95,000-$96,000, which contains strong, heavy illiquidity pockets and several liquidation clusters. 

For context, these zones are attractive to price because they contain large concentrations of resting orders, making them high-value liquidity targets. Liquidation clusters, in particular, hold groups of leveraged positions that trigger forced buying or selling once the price reaches them, injecting fresh liquidity into the market.

However, KillaXBT cautions that this upside move may not occur immediately, noting that the market often delays sweeping major liquidity zones ahead of key macro events. With the upcoming Federal Open Market Committee (FOMC) meeting expected to deliver clarity on potential rate cuts, traders may see continued liquidity building below the yearly open in the near term.

According to the analyst, these upper liquidation levels are still likely to be cleared, but the timing could align more closely with next month’s policy announcement rather than the current market cycle.

The analyst outlines a potential scenario in which Bitcoin experiences a minor pullback to around $93,000 before retesting $89,200. From there, the asset could move toward the $95,000–$96,000 target, in line with expectations for a potential FOMC rate adjustment.

However, KillaXBT also highlights the possibility that Bitcoin may reach these key liquidation zones before the FOMC meeting. In such a scenario, the market could see a rapid surge to $96,000, followed by a sharp drop to around $89,200 due to potential liquidations, before eventually returning to these upper liquidity zones.

Following this analysis, KillaXBT is opting for a short position, which he intends to reassess in relation to market trends as the FOMC approaches. Interestingly, the analyst believes the real short-term opportunity only comes after the FOMC’s announcement.

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $90,490, reflecting a slight 0.64% decline in the past day.

Blockchain analytics platform XWIN Research Japan shares that Bitcoin’s NPRL has returned to a neutral zone following a period of significant volatility. This development represents one of many positives following Bitcoin’s modest price gain over the last week.

NPRL Shows Balanced Market, New Trend Forms On Horizon

The Net Realized Profit and Loss (NRPL) is an on-chain metric that measures the total profit or loss that Bitcoin holders realize when they sell their coins at a given price. A positive NRPL suggests more BTC are being sold at a profit rather than at a loss, i.e., market participants are realizing gains, while a negative NRPL means more BTC are being sold at a loss than at a profit.

According to analysts at XWIN Research Japan, Bitcoin’s NPRL registered significant positive and negative deviations between November 22 and 24. However, the metric has stabilized in its neutral zone since November 25, as Bitcoin achieved a sustained market recovery. At near-zero NRPL, realized gains and losses are roughly balanced, suggesting market indecision or consolidation. This period usually comes after periods of market capitulation, marking a transition from a volatile phase to a calmer market environment.

As earlier stated, the stabilization of NRPL aligns with Bitcoin’s price action, which has recently risen to steady around the $90,000 range. The lack of significant upward or downward pressure suggests that the market is digesting recent volatility and building a foundation for future movements. Analysts at XWIN state similar NRPL neutralization from the past phases has preceded the emergence of new trends, indicating BTC price may be consolidating for a new direction.

What Next For Bitcoin? 

Looking ahead, XWIN Research Japan states the critical factor will be whether NRPL maintains its position above the zero line or slips back into negative territory. A sustained positive NRPL would indicate improving demand and healthier inflows, potentially supporting a stronger recovery. Conversely, a return to negative NRPL could signal renewed weakness and the potential for another round of selling pressure.

In summary, the recent pattern, from deep negative swings to positive spikes, followed by convergence near zero, demonstrates that the market’s internal structure has largely reset and has completed its clearing phase for a new price trend to emerge.

At the time of writing, Bitcoin trades at $90,485 after a minor 0.65% loss in the last 24 hours. Meanwhile, its daily trading volume is up by 14.06% and valued at $57.04 billion.