The cryptocurrency market experienced another wave of liquidations on Friday, with Bitcoin (BTC) prices dipping below the critical support level of $90,000. This decline followed a brief rally that had seen its price rise approximately $3,000 above this threshold earlier in the week.

Crypto Market Faces $430 Million In Liquidations 

Data from CoinGlass reveals that nearly $430 million in liquidations occurred across the crypto market over the past 24 hours, predominantly affecting leveraged long positions, which accounted for about $350 million. 

During this period, Bitcoin underwent a 3.5% retracement, with its price settling at just above $89,120—a stark 29% below its all-time high of over $126,000 reached in October.

Market expert OxNobler recently highlighted the role of both retail and institutional investors in this downturn. In a post on social media platform X, OxNobler detailed the reason behind Bitcoin’s decline: significant sell-offs by major players. 

According to the analyst, the world’s largest cryptocurrency exchange, Binance, sold 4,000 BTC; U.S.-based Coinbase (COIN) liquidated 5,675 BTC; and traditional finance giant Fidelity sold 3,288 BTC. Additionally, market maker Wintermute offloaded 1,793 BTC. 

Notably, the analyst pointed out that Strategy, formerly MicroStrategy, which is the largest public company holder of Bitcoin with over 650,000 coins, has also sold over 3,820 coins in this same time frame.

The firm’s sell-off comes on the heels of speculation regarding Strategy’s potential to liquidate some of its holdings due to the substantial losses affecting its financial performance amid declining Bitcoin prices. 

When Strategy CEO Phong Le was questioned about the possibility of selling off Bitcoin, he acknowledged that while the firm’s former CEO, Michael Saylor, has consistently opposed selling, circumstances may change if the company’s stock trades below the net value of its Bitcoin holdings, which aligns with the recent actions taken by the firm.

Coinbase Analysts Predict December Recovery 

Interestingly, while these institutional sell-offs have contributed to the current market dip, Coinbase’s institutional division has projected a potential recovery for the crypto market in December, citing improving liquidity, a 92% probability of the Federal Reserve (Fed) cutting rates, and supportive macroeconomic conditions.

Analysts have pointed out several reasons for optimism, including the recovery of liquidity, the resilience of the “AI bubble,” and the attractiveness of short US dollar trades at current levels. 

However, OxNobler warned that the situation may not be so straightforward. Alongside the activities of major institutions, he noted that BlackRock, the world’s largest asset manager, had recently sold $130 million worth of Bitcoin and Ethereum (ETH).

Furthermore, Vitalik Buterin, one of Ethereum’s co-founders, seems to have resumed selling Ethereum, with millions of ETH being moved from the foundation’s wallet through Gnosis Safe.

Ultimately, OxNobler asserts that these institutional activities may have a hand in manipulating crypto prices and preventing them from climbing to higher levels and key resistance points. 

Featured image from DALL-E, chart from TradingView.com 

Reports have disclosed that some extremely wealthy family offices are adding XRP to their holdings, a move that market watchers say could influence demand for the token.

According to Jake Claver, CEO of Digital Ascension Group, a close contact overheard members of an affluent family tied to a major US food brand discussing sizable XRP positions while being driven from Disney World to their hotel in Orlando. Claver also said he has spoken with several large family offices that are making allocations into XRP.

Billionaire Interest And Anecdotal Claims

Claver said many of these investors are not looking for quick gains but for ways to preserve capital over the long run. He said only 38% of global family offices are even considering crypto exposure today, and that some of the families he has spoken with are now exploring XRP as part of a hedge.

Claver emphasized a mindset common among long-term investors: “You should only have to get rich once,” he said, describing how some families build a steady core position surrounded by diversification.

ETF Inflows And Market Numbers

Based on reports, the new XRP exchange-traded funds have pulled substantial supply from exchanges and OTC desks since launch. Over 400 million XRP have been taken up by ETFs, and inflows have topped $887 million with total assets above $906 million as of Wednesday.

Some sources count these moves within nine days of launch; others reference a 15-day window, which suggests reporting on timing has varied. Price action has stayed fairly steady near $2, but many traders are watching whether ETF demand eventually pressures that level.

Record-Breaking XRP Velocity: A Surge in On-Chain Activity

“Such a surge typically signifies high liquidity and substantial involvement from traders or significant movements by whales.” – By @CryptoOnchain

Full analysis https://t.co/AgXG0JK5Ig pic.twitter.com/H04OICWRIW

— CryptoQuant.com (@cryptoquant_com) December 4, 2025

On-Chain Activity And Holder Concentration

Blockchain data shows there are roughly 7 million XRP wallets, and about half of those hold fewer than one hundred XRP. That concentration of ownership is being pointed to by some as a factor that could magnify price moves if larger buyers step in.

On December 2, the XRP Ledger’s velocity metric jumped to 0.0324, a yearly high according to CryptoQuant, driven by large transfers and heightened on-ledger circulation. Reports noted that several whales moved XRP at levels not seen earlier this year, a sign some big players may be repositioning.

What Investors And Observers Are Watching

Observers say the key things to monitor are ETF flows, on-chain metrics like velocity, and whether large family offices publicly disclose allocations. Ripple’s existing ties with certain banks and projects are often cited as part of the story for institutional adoption, though other platforms also aim at broad use by banks.

For now, the picture mixes solid market activity — including ETF inflows and a jump in velocity — with ongoing chatter about billionaire buying. The market signals suggest growing institutional interest, while the family-office stories add another layer to how people are interpreting the trend.

Featured image from Unsplash, chart from TradingView

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As stablecoins continue to gain worldwide momentum, the International Monetary Fund (IMF) has called for global cooperation to avert potential macro financial stability risks related to the rapidly growing sector and to turn the industry “into a force for good.”

Stablecoins To Foster Innovation, Financial Inclusion

On Thursday, the IMF released a 56-page report discussing the growing influence of stablecoins, their potential use cases in mainstream financial markets, and the risks associated with the sector’s varying oversight.

Amid the sector’s rapid growth, the organization highlighted that the two largest stablecoins, USDT and USDC, have tripled their market capitalization since 2023, reaching a combined $260 billion. Meanwhile, their trading volume has increased by around 90% to $23 trillion in 2024, with Asia surpassing North America in stablecoin activity volume.

The IMF noted two major potential benefits from stablecoins. First, they could enable faster and cheaper cross-border payments, especially for remittances, which can cost 20% of the amount being sent and face some delays.

However, “being a single source of information, blockchains can greatly simplify the processes linked with cross-border payments and reduce costs,” the Fund’s economists explained in a blog post.

Second, stablecoins could expand financial access, driving innovation by increasing competition with established payment service providers, therefore, making retail digital payments more accessible to underserved customers.

They could facilitate digital payments in areas where it is costly or not profitable for banks to serve customers. Many developing countries are already leapfrogging traditional banking with the expansion of mobile phones and different forms of digital and tokenized money.

Notably, competition with already established providers could lower costs and lead to enhanced product diversity, “leveraging synergies between digital payments and other digital services.”

IMF Warns Of Fragmented Oversight

Despite their potential benefits, stablecoins also carry significant risks, the IMF explained, including de-pegging and collapsing if the underlying assets lose value or if users lose confidence in the ability to cash out. Per the report, this could also trigger fire sales of the reserve assets and disrupt financial markets.

Stablecoins could also accelerate a “currency substitution” dynamic, where individuals and companies abandon their national currency in favor of a foreign one, like US dollars or euros, due to instability or high inflation.

The organization noted that the dynamic decreases a country’s central bank’s ability to control its monetary policy and serve as the lender of last resort, damaging the financial sovereignty of affected nations.

In addition, the potential to reduce cross-border frictions and make faster and cheaper transactions could be undermined by a lack of interoperability if various networks are unable to connect or are restricted by different regulations and other hurdles.

“Stablecoin regulation is in its infancy, so the ability to mitigate these risks remains uneven across countries,” the organization affirmed, noting that “the IMF and the Financial Stability Board have issued recommendations to safeguard against currency substitution, maintain capital flow controls, address fiscal risks, ensure clear legal treatment and robust regulation, implement financial integrity standards, and strengthen global cooperation.”

As reported by Bitcoinist, the FSB vowed in October to address the evolving threats from private finance and the growing use of stablecoins, promising to increase the global watchdog’s policy response and overhaul its surveillance system to make it more flexible and quicker.

Nonetheless, major jurisdictions have taken different stances in key areas, as the IMF detailed, which could result in the exploitation of gaps between jurisdictions and issuers to locate where oversight is weaker.

All this underscores the need for strong international cooperation to mitigate macrofinancial and spillover risks (…). Tokenization and stablecoins are here to stay. But their future adoption and the outlook for this technology are still mostly unknown.

The organization concluded that “improving the existing global financial infrastructure might be easier than replacing it. Achieving the best possible balance will require close cooperation among policymakers, regulators, and the private sector.”

Data shows distribution on the Bitcoin network has dropped off, with both the largest of whales and small retail hands taking to accumulation.

Bitcoin Accumulation Trend Score Shows Shift Toward Buying

As explained by Glassnode analyst Chris Beamish in an X post, Bitcoin investors have been showing a lot less distribution at the recent price levels. The on-chain indicator of relevance here is the “Accumulation Trend Score,” which tells us about whether BTC holders are buying or selling.

The metric tracks investor behavior using not just the changes happening in their wallet balance, but also accounting for the size of their wallets. This means that larger entities have a higher influence on the score.

When the value of the Accumulation Trend Score is greater than 0.5, it means the investors are displaying a net trend of accumulation. On the other hand, it being under the threshold suggests the dominance of distribution.

Now, here is the chart shared by Beamish that shows how the Accumulation Trend Score has changed for the different Bitcoin investor segments over the last few years:

As displayed in the above graph, the Bitcoin Accumulation Trend Score has reflected a varied behavior for the different investor segments during the last couple of months, but very recently, a uniform picture has started to develop.

The smallest of investors in the market, those holding less than 1 BTC, started participating in aggressive accumulation around the time of BTC’s low in November and have since maintained the indicator nearly at a perfect value of 1. This suggests that retail investors have been buying the dip.

Meanwhile, the 100 to 1,000 BTC traders, popularly called the sharks, have been accumulating throughout the drawdown that has followed since the early October peak, indicating that these investors haven’t lost conviction despite the deep decline.

The story is a bit different for the whale cohorts, however. The 10,000+ BTC holders, corresponding to the largest of hands on the network, were in a phase of distribution between August and November, but they have finally started accumulating since the price low, although the Accumulation Trend Score isn’t as high as the retail investors in their case.

The 1,000 to 10,000 BTC whale group didn’t stop distributing even after the bottom, but very recently, their score has just breached the 0.5 mark. With this, a uniform behavior has begun to appear on the Bitcoin blockchain, with investors as a whole opting to expand their wallet balance.

It now remains to be seen how long this trend of accumulation will continue.

BTC Price

Bitcoin has faced a drop of more than 3% over the last 24 hours that has taken its price to $89,300.

Do Kwon, the troubled co-founder of Terraform Labs based in Singapore, is facing a possible 12-year prison sentence in the United States due to his role in the collapse of the TerraUSD stablecoin, which resulted in significant losses within the cryptocurrency market.

Do Kwon Seeks Reduced Sentence Of Five Years

Bloomberg reported that in a court filing late Thursday, US prosecutors described the Terraform Labs co-founder’s fraudulent actions as “colossal in scope.” 

They emphasized that his “misleading statements to customers” triggered a domino effect of crises across the crypto landscape, culminating in the downfall of notable entities such as Sam Bankman-Fried’s FTX.

This comes amid a regulatory environment that has grown increasingly lenient under the Trump administration. In late October, President Trump pardoned Binance founder Changpeng Zhao (CZ), who had been convicted for failing to uphold proper anti-money laundering measures.

In a recent court filing, Terraform Labs co-founder expressed a desire for a reduced sentence of five years. His legal team asserted that he has already “suffered substantially” for his actions, noting that he has spent nearly three years in detention conditions described as “brutal” in Montenegro. 

Kwon’s lawyers argued that a five-year prison term would be sufficient and that the prosecutors’ recommendation of 12 years is “far greater than necessary” for justice to be served.

Potential For Sentence Transfer For Terraform Labs Co-Founder

Initially, Kwon pleaded not guilty in January to a nine-count indictment that charged him with securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering. However, he changed his plea in August to guilty for conspiracy to defraud and wire fraud. 

During this change, Terraform Labs’ leader acknowledged that his actions included making “false and misleading statements” regarding the restoration of TerraUSD’s peg in 2021, admitting, “What I did was wrong.”

As part of his plea agreement, Kwon has consented to forfeit $19.3 million and some properties. Prosecutors have chosen not to demand restitution for the millions of investors who collectively lost $40 billion, citing that calculating individual losses would be too complicated.

Kwon faces charges in both the US and his native South Korea, where prosecutors are also pursuing a lengthy prison sentence potentially reaching up to 40 years. 

He was arrested in Montenegro in 2023 while using a fake passport, and following a protracted legal battle, he was extradited to the United States in January after spending nearly two years in a Balkan jail.

US prosecutors have indicated they would support Kwon’s opportunity to serve the second half of his sentence in South Korea, provided he adheres to the terms of his plea deal and qualifies for a transfer program. Kwon is scheduled for sentencing by US District Judge Paul Engelmayer on December 11.

When writing, Terraform Labs’ native token Luna Classic (LUNC) saw a 75% increase in response to Do Kwon’s probable sentence, trading at $0.000050 and placing it at the helm of the market’s top performers on Friday. 

Featured image from DALL-E, chart from TradingView.com 

Reports have disclosed that central banks around the globe have stepped up purchases of gold this year, with one month standing out. In October 2025, officials bought 53 tons of gold, a level that analysts say is the highest monthly demand seen this year. These moves reflect growing concern about inflation, weaker currencies and rising geopolitical risk.

Central Bank Buying Surges

According to data cited by financial outlets, 2025 is on track to be the fourth-highest year this century for institutional gold accumulation when measured net year-to-date through October. Analysts at Deutsche Bank put gold’s share of central-bank reserves at about 24%, a level not seen since the 1990s. Those figures help explain why governments that once moved away from bullion are returning to it now.

Bitcoin Enters The Conversation

Some banks and market researchers are now asking whether Bitcoin could play a similar role for national treasuries. Based on reports from major financial firms, Deutsche Bank projects that Bitcoin could appear on central-bank balance sheets by 2030 as a complementary reserve asset.

Central banks are ramping up gold purchases:

Global central banks purchased +53 tonnes of gold in October, the most since November 2024.

This marks a +194% jump compared to July, and the 3rd-straight monthly acceleration.

In the first 10 months of the year, central banks have… pic.twitter.com/7pZWyEjjvf

— The Kobeissi Letter (@KobeissiLetter) December 4, 2025

Bitcoin’s market profile has changed: liquidity has risen, and price swings have been less extreme during recent months even though volatility remains higher than older reserve assets. Bitcoin also reached a record above $123,500 in recent trading, a price point that has captured wide attention.

A Few Banks Are Testing The Idea

A small number of central banks are now at least studying the idea more seriously. The Czech National Bank, for example, has discussed the possibility of a “test allocation” to learn how crypto might behave inside a reserve mix. Those conversations tend to focus on custody, accounting rules and how to report gains or losses, rather than immediate buying.

On Gold & Bitcoin: Why Officials Are Cautious

Risk is the main reason most central banks have not moved faster. Bitcoin still shows larger price swings than standard reserve assets, and global rules for how to hold and audit crypto are not uniform. Based on expert commentary, regulators and auditors would need clear guidance before many central banks felt comfortable adding crypto to official reserves.

What This Could Mean For Markets

If even a handful of national banks were to allocate a small share of reserves to Bitcoin, demand could rise sharply and change how markets view the asset. A modest sovereign allocation would not replace gold or the US dollar, but it could give Bitcoin a stronger role as a hedge for countries facing currency weakness or rising inflation. At the same time, such a move would push more work into custody and compliance services, which would have to scale up quickly.

Gold buying by central banks is already significant — 53 tons in one month and about 24% of reserves in gold for some — and that Bitcoin is being discussed as a possible next step for some policymakers. The path from discussion to adoption is uncertain, and many technical and legal questions remain. Still, the debate has moved from theory to test runs and official reports, making this one of the more closely watched trends in global finance this year.

Featured image from Unsplash, chart from TradingView

The anticipated crypto market structure bill, or namely the CLARITY Act, designed to provide essential regulatory clarity for digital assets in the United States, is approaching critical dates in the Senate. However, it faces significant complexities related to stablecoin yield, conflicts of interest, and decentralized finance (DeFi).

Senate Divided On Crypto Market Structure Bill

Legal expert and Chief Legal Officer of Variant Jake Chervinsky, reports that the Senate is divided into two committees: Banking, which is handling the securities law aspect, and Agriculture, responsible for the commodities law portion. 

Both committees have published drafts of their work this fall, with the next step being markup, a process where hearings will be held to vote on amendments before sending the bill to the Senate floor for a full vote.

However, both committees are cautious and are unlikely to proceed with markup until they resolve ongoing disputes. Among these, three significant issues stand out.

The first major concern involves stablecoin yield. In the GENIUS Act, banks lobbied for a prohibition on interest payments, meaning stablecoin issuers cannot offer holders any form of interest or yield. 

While the current prohibition prevents direct yield payments to holders, it does not address non-yield rewards or yield provided by third parties. Banks consider this gap a “loophole” and are advocating for broader restrictions to be included in the market structure bill. 

Conflicts Of Interest And DeFi Regulations Stall Progress

The second issue revolves around conflicts of interest. Some Democratic senators have indicated they would not support the market structure legislation unless it includes provisions that restrict the President’s family from conducting business in the crypto space. 

The third and perhaps most crucial issue pertains to DeFi. It is important to note that market structure legislation primarily addresses centralized platforms that exercise custody over user funds and transactions. 

Chervinsky believes the bill should primarily focus on protecting DeFi, but traditional finance (TradFi) stakeholders have been pushing Congress to categorize virtually all entities in the crypto sector—developers, validators, and others—as intermediaries. 

The expert emphasized that the success of any market structure bill hinges on ensuring robust protections for developers since the viability of the crypto industry relies on their contributions. 

Given the intricate nature of these issues and the swiftly approaching holiday break, Chervinsky noted that it is possible that discussions about market structure could extend into January. 

Senate Markup Set For December 17-18

Market analyst MartyParty provided another update on December 4, indicating that the bipartisan Digital Asset Market Structure Bill is gaining significant momentum in Congress, with a markup session in the Senate Banking Committee tentatively scheduled for December 17-18, just before the holiday recess

If successfully passed, he states that the bill could establish clearer pathways for tokenized real-world assets (RWAs) and mitigate “debanking” risks, paving the way for compliant exchanges and potentially stimulating market volumes following the Commodity Futures Trading Commission (CFTC) approvals for spot crypto trading. 

This “regulatory convergence” is seen as a catalyst that could drive liquidity and energize the next bull market, reinforcing President Trump’s vision for the US to emerge as the “crypto capital of the world.”

Featured image from DALL-E, chart from TradingView.com 

Tom Lee has reiterated one of the most aggressive Ethereum targets in the market, telling attendees at Binance Blockchain Week on 4 December that ETH could eventually trade at $62,000 as it becomes the core infrastructure for tokenized finance.

“Okay, so let me explain to you why Ethereum, now that we’ve talked about crypto, […] is the future of finance,” Lee said on stage. He framed 2025 as Ethereum’s “1971 moment,” drawing a direct analogy to when the US dollar left the gold standard and triggered a wave of financial innovation.

Lee’s Thesis For Ethereum

“In 1971, the dollar went off the gold standard. And in 1971, it galvanized Wall Street to create financial products to make sure the dollar would be the reserve currency,” Lee argued. “Well, in 2025, we’re tokenizing everything. So it’s not just the dollar that’s getting tokenized, but it’s stocks, bonds, real estate.”

In his view, this shift positions ETH as the primary settlement and execution layer for tokenized assets. “Wall Street is, again, going to take advantage of that and create products onto a smart contract platform. And where they’re building this is on Ethereum,” he said. Lee pointed to current real-world asset experiments as early evidence, noting that “the majority of this, the vast majority, is being built on Ethereum,” and adding that “Ethereum has won the smart contract war.”

Lee also stressed that ETH’s market behavior has not yet reflected that structural role. “As you know, ETH has been range bound for five years, as I’ve shaded here. But it’s begun to break out,” he told the audience, explaining why he “got very involved with Ethereum by turning Bitmine into an ETH treasury company, because we saw this breakout coming.”

The core of his valuation case is expressed through the ETH/BTC ratio. Lee expects Bitcoin to move sharply higher in the near term: “I think Bitcoin is going to get to $250,000 within a few months.” From there, he derives two key ETH scenarios.

First, if the ETH/BTC price relationship simply reverts to its historical mean, he sees substantial upside. “If ETH price ratio to Bitcoin gets back to its eight year average, that’s $12,000 for Ethereum,” he said. Second, in a more aggressive case where ETH appreciates to a quarter of Bitcoin’s price, his long-standing $62,000 target emerges: “If it gets to 0.25 relative to Bitcoin, that’s $62,000.”

TOM LEE CALLS FOR $62,000 $ETH

“I think Ethereum’s going to become the future of finance, the payment rails of the future and if it gets to .25 relative to Bitcoin that’s $62,000. Ethereum at $3,000 is grossly undervalued.” pic.twitter.com/VydvLou9IE

— CryptosRus (@CryptosR_Us) December 4, 2025

Lee links these ratios directly to the tokenization narrative. “If 2026 is about tokenization, that means Ether’s utility value should be rising. Therefore, you should watch this ratio,” he told the crowd, arguing that valuation should track growing demand for ETH blockspace and its role as “the payment rails of the future.”

He concluded with a pointed assessment of current levels: “I think Ethereum at $3,000, of course, is grossly undervalued.”

At press time, ETH traded at $3,128.

On 3rd December, official filings and press releases announced Twenty One Capital’s upcoming debut on the New York Stock Exchange (NYSE), positioning the company as one of the largest Bitcoin treasury firms ever to enter public markets. The listing brings a dedicated Bitcoin balance sheet into Wall Street’s core ecosystem, signaling a structural shift in how institutional investors can gain long-term BTC exposure.

A Bitcoin Treasury Giant Steps Onto The NYSE Stage

Twenty One Capital’s NYSE entry is anchored by its business combination with Cantor Equity Partners (CEP), the SPAC serving as the public-market vehicle for the transaction. CEP shareholders have already approved the merger, and the deal is expected to close around December 8. Once completed, the combined entity will operate as Twenty One Capital, Inc. and begin trading on December 9 under the ticker XXI. 

The original announcement, released through official press channels and SEC-related filings, emphasized CEP’s central role in enabling the listing and establishing the company’s public-market structure. CEO Jack Mallers also highlighted the milestone on X, noting the company’s readiness for its debut.

According to this press announcement, Twenty One Capital will debut with an estimated 43,500 BTC, a reserve valued near $4 billion at recent market levels. This immediately places it among the top corporate Bitcoin treasuries globally. Unlike companies that hold Bitcoin as a secondary reserve, Twenty One is specifically engineered around a Bitcoin-native model. The firm intends to report “Bitcoin-per-share,” providing investors a transparent look at how much BTC each equity unit represents. It also pledges full, on-chain proof-of-reserves, positioning itself as a high-transparency asset custodian at launch.

This model effectively transforms Twenty One into a regulated balance-sheet wrapper for Bitcoin. It lowers operational friction for institutional allocators who want direct BTC exposure without the complexities of crypto custody, self-storage, or exchange-based acquisition. By listing on the NYSE rather than relying on ETFs or derivatives, Twenty One creates a regulated public equity vehicle that holds, safeguards, and transparently tracks Bitcoin for institutional and retail investors alike.

Wall Street’s New On-Ramp To Institutional BTC Exposure

The market impact of Twenty One’s listing reflects the accelerating integration of Bitcoin into mainstream financial architecture. The company’s backers—including Tether-linked entities, Bitfinex-aligned interests, SoftBank-connected capital, and Cantor’s public-markets network—provide a cross-sector foundation aimed at bridging crypto-native philosophies with institutional liquidity channels. 

Under this structure, Twenty One aims to become a long-term institutional treasury vessel—a regulated balance sheet that accumulates BTC and gives investors an equity-linked way to participate in Bitcoin’s upside without engaging directly with crypto custody or trading infrastructure.

As the NYSE debut approaches, Twenty One Capital embodies a pivot point where BTC’s role in capital markets shifts from speculative asset to institutional treasury instrument. If XXI attracts sustained flow, it could set a new blueprint for how corporate entities engage with Bitcoin—anchoring Wall Street’s next phase of digital-asset adoption.

Dogecoin has spent the past few days rebounding after a downturn to the mid-$0.13s, and its on-chain activity is beginning to tell an interesting bullish story. Data from Santiment shows a quiet accumulation trend of hundreds of millions of DOGE tokens taking place among some of the asset’s larger holders, even as the price continues to struggle for momentum. 

This change in wallet behavior is unfolding at a time when Dogecoin’s recent performance offers very little excitement for bullish traders, making the quiet accumulation all the more notable.

Dogecoin Whales Accumulation: What the Numbers Show

The data from Santiment highlights a quick climb in holdings among Dogecoin addresses holding between 1 million DOGE to 100 million DOGE tokens. Particularly, the data shows that the collective holding of this cohort has grown from 27.79 billion on December 3 to 28.34 billion DOGE at the time of writing. That equates to an increase of about 550 million DOGE in roughly 48 hours, a meaningful inflow even for a large-cap crypto like Dogecoin.

This trend shows that these mid-size and large holders view current prices as favorable entry points. Broad accumulation by this “whale tier” often precedes consolidation phases or, in some cases, precedes upward moves, especially if retail sentiment is weak and fewer coins are being sold into the market.

Interestingly, this accumulation, which kicked off after Dogecoin fell to the mid-$0.13 range on December 3, contributed to a rebound at this level that contributed to the meme coin reaching an intraday high of $0.1504 in the past 24 hours. 

Is A Surge Coming For Dogecoin?

Accumulation by larger wallets can reshape market conditions in subtle but meaningful ways. First, it reduces the circulating supply available to typical retail traders, which can tighten availability and potentially support price stability or upward pressure. Second, it reflects conviction. Large holders are showing confidence in DOGE’s long-term value, even when price action is not yet bullish. 

Furthermore, this recent buying represents the first clear shift in sentiment among whale cohor

s after weeks of steady distribution. Santiment’s data shows that these wallets had been decreasing their balances since mid-October, and the trend coincided with a drop in large transactions that pushed activity to a two-month low.

While accumulation may set the stage for a rally, there are still structural challenges that Dogecoin must face. Technical analysis suggests that $0.138 is a critical level for confirming whether a firm bottom has formed. Sustained trading above that zone in the coming weeks would strengthen the case that the worst of the downturn is over.

At the same time, crypto analyst Bitcoinsensus outlined a possible upside target in the $0.70 to $0.75 region as the peak of the current cycle. This price target aligns with other technical projections for the meme coin.

Meta Platforms Inc. shares climbed after reports that the company is weighing deep reductions to the budget behind its metaverse projects. Investors pushed the stock higher as traders reacted to the possibility that one of the company’s most costly bets could be scaled back.

Metaverse Budget Faces A Major Trim

Based on reports from Bloomberg and Reuters, Meta is considering cuts of up to 30% to the unit that builds its virtual reality and metaverse products, a move tied to planning for the company’s 2026 budget. The change would mainly affect Reality Labs, the division that makes Quest headsets and Horizon virtual spaces.

Reality Labs Has Been Losing Billions

Reality Labs has posted heavy losses since 2020. Reports put the total at more than $60 billion and, by some counts, closer to $70 billion in cumulative losses over recent years. Those sums have kept pressure on management to rethink where the company puts its money.

Investors Reward A Smaller Bet

The market response was swift. Meta’s share price jumped roughly 4%, and some outlets calculated that the move added about $69 billion to the company’s market value as traders reacted positively to a pullback from costly metaverse spending. That reaction signals investors prefer money steered toward projects with clearer near-term returns.

Layoffs Could Follow Early Next Year

Reports have warned that the cuts could bring staff reductions inside Reality Labs, with layoffs possibly starting as early as January 2026. Company leaders reportedly discussed budget scenarios during recent planning meetings. Any job cuts would mark a sharp change after years of heavy investment in virtual reality and related software.

A Bigger Push Toward AI And Wearables

At the same time, Meta has been moving money into artificial intelligence and related hardware. The company finalized a multibillion-dollar deal this year to take a large stake in Scale AI — a pact reported at roughly $14 billion for a near-half ownership — and then hired talent from that startup to help run a new AI effort. That tradeoff shows where Meta’s priorities now lie.

What This Means For Users And Competitors

For people who own or use Meta’s VR gear, this does not mean every project will end. But several initiatives could see slower progress and smaller teams. For rivals and suppliers in the AR/VR space, the cut may reshape who wins short-term device and platform business.

Analysts say the move narrows one major uncertainty for Meta while opening another: how well the company can compete in AI after so many dollars flowed into virtual worlds.

Featured image from Unsplash, chart from TradingView

With the crypto market showing signs of recovery, both the XRP and Solana Exchange Traded Funds (ETFs) have attracted significant investor interest. The rivalry among major crypto ETFs has intensified, with XRP taking the spotlight amid its consistent surge in daily inflows and the Solana ETF recording significant outflows.

Solana ETFs See Largest Outflow Yet

Solana has entered a surprising phase of turbulence as its recently launched US Spot ETF struggles to maintain momentum after weeks of inflows. The latest data from Sosovalue reveal a sizable setback with a fresh withdrawal of $32.19 million, marking the third and largest outflow recorded since the investment product debuted in late October 2025. 

The outflow, registered on December 3, came as a major surprise, especially given that the broader crypto market had been enjoying a slight reprieve from the bearishness weighing it down. Notably, Sosovalue’s data shows that the entire Solana ETF outflow originated from the 21Shares TSOL offering, which shed $41.79 million in a single session. Minor inflows into the remaining six Solana ETFs had softened the blow, reducing total outflow to $32.19. 

Since the launch of Solana ETFs, TSOL has been responsible for all negative flows posted, including the $13.55 million pullback on December 1 and the $8.10 million decline in late November. Across all sessions, 21Shares Solana ETF has now seen total outflows reach $101.51 million. 

The weakness in TSOL stands in sharp contrast to Bitwise’s Solana ETF, BSOL. BSOL continues to outpace other investment products, with impressive cumulative inflows of $580.72 million, making it the most successful Solana ETF. Grayscale’s GSOL follows at a distant $89.01 million. Overall, the net cumulative inflows for the Solana ETF have reached $623.21 million. While this is impressive, it is still significantly behind the XRP ETF. 

XRP Overtakes Solana ETF As It Nears $1 Billion Inflows

The latest on-chain numbers show the XRP ETF pulling ahead of the Solana ETF with surprising speed and volume. Analyst Neil Tolbert highlighted the rise in XRP ETF inflow this week, noting that growing institutional interest indicates the trend is only getting started. With more XRP ETFs expected to debut soon, Tolbert anticipates a significant rise in demand and inflows as traditional finance finally wakes up. 

Five Spot XRP ETFs collectively hold more than $984 million in assets, with less than $16 million to reach the $1 billion inflow milestone. Canary Capital’s XRPC leads with $358.88 million, followed by Grayscale’s GXRP, Bitwise’s ETF, Franklin Templeton’s XRPZ, and finally REX-Osprey’s XRPR.  

According to SosoValue, the total XRP ETFs, excluding that of REX-Osprey, have attracted approximately $887.12 million in net cumulative inflows. Since its launch in November, the XRP ETF has recorded 15 days of positive inflows, in stark contrast to Solana ETFs, which have seen multiple outflows. 

Despite Solana launching seven ETFs as early as October 2025 and XRP only introducing four last month, XRP ETFs have already surpassed Solana ETFs in total inflows by almost 30%. With fewer products and a later debut, XRP has emerged as the clear winner amongst the newest ETF entrants in 2025. 

XRP ETFs are on the verge of hitting a significant milestone, with total Assets Under Management (AUM) approaching the $1 billion milestone. Since the launch of its ETF last month, hundreds of millions of dollars have been flowing in daily, making XRP the most successful new ETF entrant of 2025. 

XRP ETFs Close In On $1 Billion

XRP ETFs have continued to experience skyrocketing growth and institutional demand, now rapidly closing in on the $1 billion inflow milestone. Over the past two weeks, all five XRP ETFs have recorded over $984.54 million in cumulative net inflows, just $15.46 million away from $1 billion. This explosive, accelerated growth has effectively solidified XRP’s position as the third-largest crypto ETF, behind Bitcoin and Ethereum.

Data from Sosovalue reports 15 consecutive days of positive flow, with the XRP ETF recording its highest single-day inflow on November 14 at $243.05 million. Over the last two weeks, all five XRP ETFs, including REX-Osprey, have seen notable inflows, reflecting growing institutional interest and demand. 

According to crypto enthusiast @NADZOE93 on X, XRP has become the third cryptocurrency ever to surpass the $800 million ETF inflow threshold. She noted that while Spot Bitcoin ETFs reached this cap in just two days after their launch, Ethereum ETFs took 95 days. This officially positions XRP as the second-fastest crypto to hit the $800 million inflow mark. 

Notably, strong inflows in the XRP ETF began on November 13 with the launch of Canary Capitals XRPC. A week later, Bitwise introduced its own XRP ETF, followed shortly by Grayscale and Franklin Templeton debuting their funds. Since then, investments have continued to pour in, with $26.17 million flowing in just yesterday alone, bringing the total to $887.12 million after 15 days of positive flow. 

Crypto market analyst Neil Tolbert shared additional insights on the XRP ETF performance on X this week. He noted that five spot XRP ETFs are currently trading, with a combined $995 million in Assets Under Management. Canary Capital’s XRPC stands at the top of the market with $358.88 million, followed by Grayscale’s GXRP with $211.07 million, Bitwise’s ETF at $184.87 million, Franklin Templeton’s XRPZ at $132.3 million, and REX-Osprey at $108 million. 

Tolbert has stated that more ETFs are reportedly in the pipeline, with institutional demand set to grow as traditional finance takes notice of XRP. With the race to a $1 billion inflow milestone heating up, XRP ETFs have already surpassed those of Solana and Dogecoin. 

Institutions Accumulate Over 400 Million XRP Through ETFs

Institutional demand for XRP is reaching new heights as data from ETF tracker XRP Insights show that a whopping 425.76 million tokens have been officially locked. This surge in accumulation comes as the five currently launched XRP ETFs collectively reach $984.54 million in AUM.

This large amount of XRP held in ETFs shows how quickly institutions are adopting, as investors increasingly seek regulated, transparent ways to gain exposure to cryptocurrencies. Analysts have also warned that if ETFs continue to absorb XRP at such a rapid pace, it could trigger a supply shock as the number of tokens in circulation declines.

Ethereum has retraced from the $3,240 level and is now testing the $3,150 zone as support, a key area that traders are closely watching. Bulls are attempting to defend this level after a modest rebound, but uncertainty remains high as the market tries to establish direction following weeks of volatility and aggressive selling pressure. While some analysts view this consolidation as the early stages of a recovery, others warn that ETH may still be vulnerable to deeper pullbacks if momentum fails to strengthen.

According to top analyst Darkfost, Ethereum’s recent price action is being shaped by a notable shift in market structure. Over the past few days, spot volumes have continued to decline, even as the price attempted a small recovery. This weakening in spot activity reduces the impact of actual buying and selling on the underlying asset, making futures markets increasingly influential in dictating short-term price direction.

As Darkfost explains, when spot volume thins out, futures often become the dominant driver of volatility. This dynamic can accelerate both upside and downside moves, depending on traders’ positioning. With Ethereum now sitting at a critical support level, the market awaits clearer signals to determine whether this rebound can evolve into a sustained recovery or merely represents a temporary pause in the downtrend.

Futures-Driven Momentum Raises the Stakes for Ethereum

Darkfost expands on this dynamic by noting that when spot volumes weaken to the extent seen over the past few days, the risk of heightened volatility increases sharply. Thin spot liquidity means fewer buy and sell orders are available to absorb sudden moves, allowing futures-driven momentum to exert an outsized influence on price. This environment often produces sharper swings and rapid directional shifts, as leveraged traders and algorithmic strategies dominate short-term market behavior.

For now, the futures market is tilting upward, providing a constructive force that is helping Ethereum hold above the $3,150 support zone. Darkfost emphasizes that this upward pressure from futures could work in the bulls’ favor, as volatility—if it expands to the upside—may push the spot market to follow the same trajectory.

In other words, a sustained futures-led rebound could act as the spark needed for a broader recovery, especially if spot buyers gain confidence and begin re-entering the market.

However, this setup cuts both ways. Without stronger spot participation, any reversal in futures positioning could quickly translate into accelerated downside pressure. For now, Ethereum sits in a delicate phase where volatility is both a potential catalyst and a potential threat, making the next few sessions crucial for determining the market’s short-term direction.

ETH Weekly Structure Holds Key Support

Ethereum’s weekly chart shows a market attempting to stabilize after a steep downturn from the $4,500 region. ETH has rebounded toward $3,140, reclaiming its 100-week moving average (green line) — a historically important support level that often defines the boundary between mid-term bullish and bearish phases. This bounce signals renewed demand at a critical zone, especially after the strong wick rejection seen near $2,700, where buyers stepped in aggressively.

However, Ethereum still faces meaningful resistance overhead. The 50-week moving average (blue line), now hovering near $3,400–$3,500, has flipped into resistance and remains the next major hurdle for bulls. A successful reclaim of this zone would materially improve ETH’s technical structure and open the door to a challenge of higher levels. Until then, the weekly trend remains neutral to slightly bearish.

Volume offers an encouraging signal: the recent rebound occurred with a noticeable uptick in buying activity compared to prior weeks, suggesting strengthened interest at these lower levels. Yet the broader structure shows a pattern of lower highs since August, meaning ETH must demonstrate follow-through to avoid slipping back into deeper consolidation.

Featured image from ChatGPT, chart from TradingView.com

As Thursday drew to a close, the entire cryptocurrency market flipped sharply bearish again, causing Dogecoin’s price to fall below the $0.15 mark. Despite the persistent struggle to produce another major rally, traders’ sentiment seems to be turning bullish, leaning towards accumulation, as indicated by a key on-chain metric.

Dogecoin Moving Into Accumulation Mode

A fresh reading indicates that the Dogecoin market is currently at a pivotal juncture that could shape its next trajectory and price dynamics. Sina Estavi, a builder and the Chief Executive Officer (CEO) of Bridge AI, reported that on-chain data is pointing to a decisive shift in the current market trend of DOGE.

Estavi’s research is based on the key Dogecoin Bubble Risk Model, a metric that determines when the price of an asset is significantly overvalued relative to its fundamental value. After examining this crucial metric, the builder has found a shocking trend that suggests the meme coin is experiencing a positive market phase.

According to the expert, the data from the metric is quite clear, showing that DOGE is currently not in a bubble phase. It is worth noting that the bubble-risk indicator only flashes red when speculative excess rises to extreme levels. Meanwhile, recent data is showing that the signal is muted in comparison to previous market cycles. 

This development opposes the tales of fear that frequently emerge with significant price fluctuations. Rather, the signal suggests that the market is acting in a surprisingly stable manner, bolstered by consistent accumulation, strong holder belief, and robust network activity.

Estavi highlighted that from a structural standpoint, Dogecoin is shifting into an accumulation territory, not a blow-off top. In the meantime, this measure is unfolding as a subtle but potent indicator that the asset’s base is still far stronger than critics believe.

Active Addresses Showing Up At A Substantial Rate

The gradual shift into accumulation territory is evidenced by the massive wave of active wallet addresses on the Dogecoin network. Despite the ongoing volatility in the market and pullback in DOGE’s price, new investors appear to be reappearing at a substantial rate.

Ali Martinez, a market expert and trader, shared this development, which points to renewed demand and confidence in the leading meme coin. Data from Martinez shows that Dogecoin recorded over 71,589 active addresses on the network as of Thursday.

As seen on the chart, the figure marks the highest spike in the metric since September 2025. This rapid expansion suggests that genuine momentum is developing beneath DOGE’s current market trend, possibly foreshadowing a significant shift in market behavior and future price direction.

At the same time, heightened accumulation has also been ongoing within the whale cohort. In another X post, Martinez noted that whale investors have gone on a buying spree, scooping up millions of DOGE in the last 2 days. Within the time frame, the cohort acquired over 480 million DOGE, valued at approximately $71.2 million at current prices.

Bitcoin is holding firmly above the $92,000 level after several days of relief and a stronger-than-expected rebound across the market. Yet despite the positive price action, analysts remain deeply divided. Some interpret this move as a classic relief rally within a broader downtrend, warning that the macro structure still favors a deeper correction.

Others see the recent recovery as the first sign that Bitcoin may be stabilizing and preparing for another bullish phase. The uncertainty reflects the conflicting signals coming from both derivatives and spot markets.

Adding fuel to the discussion, new on-chain data from Arkham shows that Matrixport withdrew 3,805 BTC—worth approximately $352.5 million—from Binance within the last 24 hours. This is a significant development, as Matrixport is one of Asia’s largest crypto financial service platforms, founded by Jihan Wu, the co-founder of Bitmain. The firm provides institutional-grade investment products, lending, trading, and asset management solutions to high-net-worth clients and funds across the region.

Large withdrawals from exchanges by institutions like Matrixport often signal accumulation, reduced selling pressure, or repositioning for custody and long-term holding. Combined with Bitcoin’s stabilization above $92K, this data adds an important layer of complexity to the current market outlook.

Institutional Positioning and a Changing Macro Landscape

Matrixport’s withdrawal of 3,805 BTC from Binance signals a potentially meaningful shift in institutional positioning. Large entities rarely move this size of capital without intention. Such withdrawals typically imply reduced selling pressure and a preference for custody over exchange liquidity, often interpreted as quiet accumulation.

For a firm managing billions in client assets, reallocating Bitcoin off exchanges suggests growing confidence in medium-term price stability or an expectation of improving market conditions.

This move arrives at a pivotal moment in the global macro environment. The Federal Reserve has ended Quantitative Tightening (QT), marking a major transition from liquidity withdrawal to a more accommodative stance. Historically, the end of QT has preceded periods of asset reflation, as systemic liquidity begins to stabilize.

At the same time, Japanese bond yields have surged, signaling stress in one of the world’s most influential funding markets. A spike in Japanese yields often triggers global liquidity adjustments, particularly through the carry trade, which can ultimately redirect capital toward risk assets—including Bitcoin.

Additionally, markets expect the Federal Reserve to cut interest rates soon, further easing financial conditions. Lower rates weaken the dollar, reduce funding costs, and typically stimulate inflows into alternative and high-beta assets.

In this environment of softening monetary policy and rising liquidity, Matrixport’s aggressive Bitcoin accumulation could reflect growing institutional conviction that the worst of the downturn is behind us—and that Bitcoin may be entering a more favorable macro phase.

BTC Price Analysis: Testing Recovery Momentum

Bitcoin’s daily chart shows the market attempting to stabilize after the sharp decline that pushed price toward the mid-$80,000s. The rebound into the $91K–$93K zone marks the first meaningful recovery attempt, but the structure still reflects caution.

BTC remains below the 50-day and 100-day SMAs, which have both started to slope downward, signaling that the broader trend has not yet shifted back in favor of the bulls. Until Bitcoin reclaims these moving averages with strong volume, the market will likely see this move as a relief rally rather than a confirmed reversal.

Price is currently consolidating above the 200-day SMA, a level that often acts as a long-term trend gauge. Holding this region is essential; losing it would risk a deeper drop toward earlier support zones near $82K–$84K. Volume activity during the bounce shows some improvement, yet it remains far below the levels seen during the late-October peak, suggesting that buyers are cautious and large players are not fully engaged.

The chart also shows a clear lower-high structure forming since September, confirming the bearish pressure that has dominated the last several weeks. For sentiment to shift decisively, BTC must break above $95K and rebuild momentum toward the psychological $100K mark. Until then, volatility and hesitation remain the defining features of this recovery.

Featured image from ChatGPT, chart from TradingView.com

В начале декабря поклонники покера стали свидетелями яркого события: CoinPoker и его амбассадор Марио Мосбек представили новый YouTube-канал, приурочив к премьере эксклюзивный розыгрыш.

В течение 24 часов до публикации первого видео зрители могли подписаться и автоматически стать участниками акции. Релиз вызвал значительный интерес благодаря сочетанию щедрых призов и обещания уникального контента от одного из самых результативных игроков Triton Poker.

Это событие стало важным шагом в расширении мультимедийного присутствия CoinPoker и позволило привлечь широкую аудиторию, увлеченную современным покером.

ПОДПИСАТЬСЯ НА КАНАЛ

Как проходил розыгрыш и что получали участники

Акция, приуроченная к запуску канала, была построена максимально просто. Стоило лишь подписаться на канал Марио Мосбека за сутки до запуска — и подписчик автоматически включался в список претендентов на призы. Без регистраций, анкет или дополнительных этапов.

Среди всех участников были разыграны 200 билетов CoinMasters номиналом по $25, формирующих общий призовой пул в $5 000.

Победители определялись с помощью рандомайзера, а финальный список был передан CoinPoker для начисления билетов прямо в игровые аккаунты. Эти билеты давали доступ к CoinMasters — серии турниров с гарантией $10 000 и шансом получить редкие CoinMasters Coins, а также претендовать на участие в престижной программе с призовым фондом $250 000, разработанной совместно Мосбеком, Патриком Леонардом и игроком Bencb.

Премьера канала вызвала ажиотаж

Марио Мосбек за последние годы стал одной из самых узнаваемых фигур в международном покере. Его путь — от профессионального футболиста до чемпиона Triton Poker и финалиста крупнейших мировых турниров — вызывает интерес как у начинающих, так и у опытных игроков. Благодаря аналитическому подходу, спокойному стилю игры и активной позиции за честность в покерной индустрии он заслужил репутацию эксперта, которому доверяют.

Запущенный канал предлагает зрителям редкий доступ к закулисью элитных турниров, просмотры уникальных раздач с точки зрения самого Мосбека, детальные разборы стратегий, рассказы о топ-регулярах и образовательные материалы высокого уровня.

Этот формат делает канал востребованным среди тех, кто хочет глубже понять механику игры на высшем уровне и наблюдать за развитием одной из главных фигур CoinPoker.

Почему новым пользователям стоит подписаться уже сейчас

Хотя розыгрыш билетов CoinMasters завершился, запуск канала стал лишь отправной точкой. CoinPoker традиционно поддерживает свою аудиторию регулярными акциями, турнирами и уникальными предложениями, и команда уже готовит новые активности.

Просмотр и подписка позволяют первыми узнавать о свежих промо, выпуске закулисных роликов, обучающих видео и специальных розыгрышах от Мосбека.

Если вы не успели подписаться перед первым розыгрышем, самый подходящий момент сделать это — прямо сейчас. История с $5 000 показала, что проект настроен щедро поощрять вовлеченность.

Подписка дает не только доступ к профессиональному контенту, но и шанс стать участником следующих акций, которые, судя по активности CoinPoker, не заставят себя долго ждать.

PEPE investors are at risk of losing their coins following a recent security incident. On-chain security firm Blockaid drew attention to a front-end attack on the meme coin’s website that could potentially drain users’ funds. 

PEPE Investors At Risk With Website Front-End Attack

In an X post, Blockaid stated that its system identified a front-end attack on PEPE’s website. The security firm further revealed that the site contains a code of Inferno Drainer. This malware is known to be used to automatically drain users’ wallets, which puts holders at risk of losing their coins. 

The Inferno Drainer malware is said to redirect visitors on the website to a fake portal, where they risk clicking phishing links that are designed to drain their wallets. As such, the security firm advised investors and community members to avoid the website until the issue is resolved. 

Blockaid’s Threat Intelligence Team also told Cointelegraph that the Inferno Drainer code detected on the website matched a known drainer family they regularly identify. Meanwhile, the team has yet to make a statement on their official X platform regarding the malware. 

Notably, the website on the PEPE X platform redirects to a fake website (pepedotvip) instead of the original site (pepedotcom). The website also promotes a PEPE derivative, which is believed to be a rug coin. The price remained steady amid reports of the hack, climbing as high as 4% yesterday. 

However, the meme coin price has since retraced as part of a broader crypto market correction led by Bitcoin. The third-largest meme coin by market cap is also down over 75% year-to-date (YTD) thanks to the recent crypto market crash. 

The Rise In Inferno Drainer Attacks

The PEPE front-end isn’t the first to fall victim to an Inferno Drainer attack this year. Earlier in the year, Blockaid had identified that CoinMarketCap’s frontend was compromised by what appeared to be an Inferno Drainer. Back then, the CoinMarketCap website displayed a pop-up prompting users to verify their wallets, which ultimately drained their funds. 

The BNB Chain X account was also a victim of this Inferno Drainer in October. The hackers posted links that directed users to websites that employed the Inferno Drainer toolkit. This incident resulted in a total loss of around $8,000 for users, which the BNB Chain promised to reimburse. 

Blockaid last year revealed that the Inferno Drainer group stole $80 million from Web3 users by exploiting older, malicious decentralized applications. This kind of scam is also said to have tripled last year, resulting in significant losses for investors. 

At the time of writing, the meme coin price is trading at around $0.000004697, down over 3% in the last 24 hours, according to data from CoinMarketCap.

Crypto research firm Delphi Digital argues that global dollar liquidity has quietly flipped from a structural headwind to a marginal tailwind for risk assets for the first time since early 2022 – with 2026 emerging as the key inflection point for digital assets.

In a macro thread on X, Delphi says “the Fed’s rate path heading into next year is the clearest it’s been in years.” Futures imply another 25-basis-point cut by December 2025, taking the federal funds rate to roughly 3.5–3.75%. “The forward curve prices at least 3 more cuts through 2026, putting us in the low 3s by year-end if the path holds,” the firm notes.

Short-term benchmarks have already adjusted. According to Delphi, “SOFR and fed funds have drifted toward the high 3% range. Real rates have rolled over from their 2023–2024 peaks. But nothing has collapsed. This is a controlled descent rather than a pivot.” The characterization is important: this is not a return to zero rates, but a gradual easing that removes pressure on duration and high-beta assets.

The more consequential shift is in the liquidity plumbing. “QT ends on December 1. The TGA is set to draw down rather than refill. The RRP has been fully depleted,” Delphi writes. “Together, these create the first net positive liquidity environment since early 2022.”

Crypto Bulls Can Rejoice As The Macro Regime Is Shifting

In a follow-up post, the firm is explicit: “The Fed’s liquidity buffer is gone. Reverse Repo Balances collapsed from over $2 trillion at the peak to practically zero.” In 2023, a swollen RRP allowed the Treasury to refill its General Account without directly draining bank reserves, because money-market funds could absorb issuance out of the RRP. “With the RRP now at the floor, that buffer no longer exists,” Delphi warns.

From here, “any future Treasury issuance or TGA rebuild has to come directly out of bank reserves.” That forces a policy choice. As Delphi puts it, “The Fed is left with two options: let reserves drift lower and risk another repo spike or expand the balance sheet to provide liquidity directly. Given how badly 2019 went, the second path is far more likely.”

In that scenario, the central bank would shift from shrinking its balance sheet to adding reserves, reversing a core dynamic of the past two years. “Combined with QT ending and the TGA set to draw down, marginal liquidity is turning net positive for the first time since early 2022,” Delphi concludes. “A key headwind for crypto could be fading.”

For the crypto market, the firm frames 2026 as the pivotal year: “2026 is the year policy stops being a headwind and becomes a mild tailwind. The kind that favors duration, large caps, gold, and digital assets with structural demand behind them.”

Rather than calling for an immediate price spike, Delphi’s thesis is that the macro regime is shifting toward a more supportive, liquidity-positive backdrop for Bitcoin and larger crypto assets as policy eases and the era of aggressive balance-sheet contraction comes to an end.

At press time, the total crypto market cap was at $3.1 trillion.

Il Regno Unito ha appena messo nero su bianco una nuova legge che classifica ufficialmente le criptovalute come proprietà ai sensi del diritto inglese. La misura è stata approvata e ha ricevuto l’Assenso Reale (Royal Assent) il 2 dicembre 2025, diventando effettiva a tutti gli effetti.

Questa mossa trasforma un lungo periodo di incertezza legale in una regola chiara su “chi possiede cosa” quando si parla di Bitcoin, stablecoin e altri asset tokenizzati.

Nasce una “Terza Categoria” di Proprietà

Secondo il report, il disegno di legge — denominato Property (Digital Assets etc.) Act 2025 — crea una nuova, “terza categoria” di beni personali specifica per gli asset digitali. La legge copre le giurisdizioni di Inghilterra, Galles e Irlanda del Nord.

È importante fare una distinzione:

• Cosa NON fa: Non rende le crypto “valuta legale” (non devono essere accettate obbligatoriamente nei negozi) e non stabilisce di per sé nuove regole per gli exchange o le tasse.
• Cosa FA: Conferisce ai proprietari un titolo giuridico molto più solido da far valere in tribunale.

I Tribunali avevano già preparato il terreno

Ancor prima della legge, i giudici inglesi stavano già trattando le crypto come proprietà in alcuni casi specifici, basandosi sulla Common Law.

• 2019: Una sentenza dell’Alta Corte aveva concesso un rimedio proprietario su Bitcoin utilizzati in una richiesta di riscatto.
• 2023: Un giudice aveva stabilito che la stablecoin USDT poteva attrarre diritti di proprietà.

https://twitter.com/CryptoUKAssoc/status/1995872556851527848

Gruppi legali come la UK Jurisdiction Taskforce sostenevano da anni che le crypto soddisfacevano i test base per essere definite proprietà: possono essere definite, trovate, trasferite e detenute per un periodo di tempo. La nuova legge inserisce semplicemente questa visione nello statuto ufficiale.

SCOPRI: Migliori Wallet Crypto

Diritti più forti per i Detentori (e per i Creditori)

Con lo status di proprietà scritto nella legge, le persone che detengono crypto troveranno più facile avviare cause per recuperare asset rubati o persi.

Ma c’è l’altro lato della medaglia: creditori e curatori fallimentari avranno basi più chiare per includere gli asset digitali nelle eredità e nelle procedure di bancarotta.

I report suggeriscono che il cambiamento renderà più facile ottenere tramite i tribunali britannici:

1. Ordini di congelamento (Freezing orders).
2. Sequestri.
3. Restituzioni.

Questo è fondamentale per le vittime di hack, i clienti di piattaforme fallite e chiunque stia cercando di dividere un patrimonio (es. in caso di divorzio) che include criptovalute.

Una Fondazione Legale, non un Regolamento completo

L’atto è un riconoscimento legale, non un manuale operativo completo su come le crypto vengono comprate, vendute o tassate. I regolatori controllano ancora le licenze, i controlli antiriciclaggio e la condotta di mercato.

Le autorità fiscali continueranno a definire come vengono valutati i guadagni. Secondo i commentatori legali, questa legge agisce come una fondazione: chiarisce prima di tutto la proprietà, permettendo a legislatori e regolatori di costruire regole più dettagliate su questa base solida in futuro.

SCOPRI: Come Comprare Bitcoin