Bitcoin is struggling to break away from the bearish market structure that has been in place since late October. Despite several short-lived relief rallies, price action continues to reflect weakness, with bulls failing to reclaim key resistance levels or generate sustained momentum.

As uncertainty and fatigue spread across the market, many participants are questioning whether Bitcoin’s current behavior fits the traditional cycle framework that has defined previous bull and bear phases.

A recent analysis by Darkfost highlights a structural shift that adds important context to this debate. According to the data, the number of active Bitcoin addresses has been in a persistent decline since April 2021. Historically, bullish phases were characterized by a clear expansion in active addresses, as new investors entered the market and on-chain activity surged. This growth typically peaked near cycle tops, followed by a contraction during bear markets as participation dried up.

This cycle, however, looks markedly different. Even during periods of strong price performance since 2022, active addresses have failed to recover meaningfully and continue trending lower. This divergence suggests that Bitcoin’s market structure may be evolving away from a retail-driven, on-chain participation model toward something more concentrated and institutionally influenced.

As Bitcoin attempts to stabilize after weeks of downside pressure, understanding these structural changes is becoming critical. The decline in active addresses may not simply signal weakness, but rather a transformation in how Bitcoin is held, traded, and valued in this cycle.

Active Addresses Signal A Structural Shift In The Market

The analysis suggests that despite Bitcoin’s strong price performance since 2022, on-chain participation continues to deteriorate. Active addresses are once again approaching the lowest levels observed during this cycle, highlighting a growing disconnect between price action and network activity. At the peak in April 2021, Bitcoin recorded roughly 1.15 million active addresses. Today, that figure has nearly halved, sitting near 680,000, a contraction that cannot be ignored.

This decline is difficult to attribute to a single cause. Instead, it likely reflects a combination of structural changes in how Bitcoin is held and accessed. One contributing factor appears to be the rise in inactive addresses. While precise classification criteria vary, the broader trend points toward a stronger long-term holding mentality, where coins remain dormant rather than actively transacted on-chain. This behavior reduces visible network activity without necessarily implying bearish conviction.

At the same time, a portion of market participants may have shifted away from direct on-chain usage altogether. Centralized exchanges, custodial platforms, and financial products such as ETFs offer exposure to Bitcoin without requiring on-chain interaction. As a result, demand for block space declines even as capital allocation to Bitcoin remains significant.

Taken together, the sustained drop in active addresses suggests Bitcoin’s market structure is evolving. The network is becoming less retail-driven and more concentrated, reinforcing the idea that traditional cycle metrics may be losing some of their explanatory power in this environment.

Bitcoin Price Tests Long-Term Support as Structure Weakens

Bitcoin continues to trade under pressure, with the chart highlighting a clear deterioration in market structure. After failing to sustain prices above the $100K–$110K zone earlier in the year, BTC has entered a corrective phase marked by lower highs and heavy selling momentum. The recent move toward the $87K area places price directly on a critical demand zone, closely aligned with the rising long-term moving averages.

From a trend perspective, the loss of the short- and medium-term moving averages is significant. The blue and green averages have rolled over, acting as dynamic resistance rather than support, reinforcing the bearish bias.

Price is now hovering just above the red long-term moving average, a level that has historically defined the boundary between bull market corrections and deeper bearish transitions. A clean breakdown below this zone would materially increase downside risk toward the low-$80K region.

Volume behavior adds further context. Selling pressure expanded notably during the sharp drawdown from the highs, while recent bounce attempts have occurred on comparatively weaker volume. This suggests that dip-buying interest remains cautious rather than aggressive. Structurally, the market appears to be consolidating after distribution, not building a strong base yet.

In the near term, holding the $85K–$88K range is crucial. A failure to defend this area would confirm a broader trend shift, while reclaiming the $95K–$100K region is required to neutralize the current bearish structure.

Featured image from ChatGPT, chart from TradingView.com

Cardano has moved to resolve a governance bottleneck by ratifying an on-chain vote to restore its Constitutional Committee (CC) to functional capacity, a procedural step that matters because the CC is required to evaluate constitutionality and ratify many categories of governance actions, including upgrades, budgets, and parameter changes.

Intersect, which coordinates parts of Cardano’s governance process, said on X: “On the 7th day of GA… We hit the Epoch’s end. DReps at 80%. Stake pools supporting- It looks like we have a new CC. Ratified. Thank you to everyone who reviewed, voted, and wrote rationales,Santa has been notified.”

Why The Cardano Governance Was Stuck

Cardano’s governance model is tripartite: delegate representatives (DReps), stake pool operators (SPOs), and the Constitutional Committee. The CC plays a gatekeeping role: it judges whether on-chain actions are constitutional and ratifies decisions needed for the network to adapt.

That mechanism stalled after an unexpected mid-term departure left the CC below its minimum operational size. The Cardano Atlantic Council retired mid-term in epoch 597, opening a seat and reducing the committee below quorum. The consequence was that the Cardano CC could not ratify key actions, even as the chain continued to operate normally at the protocol level.

The vote asked DReps and SPOs to ratify a newly elected CC member and restore the committee to full capacity. The candidate, Cardano Curia, was selected off-chain through a DRep vote using the Ekklesia tool, with on-chain ratification required to formalize the result.

The governance materials described the restoration as bringing the CC back to seven members and activating a clarified alternate-member process to handle future vacancies with less disruption. Approval thresholds were set at 67% from DReps and 51% support from SPOs. Intersect’s update indicates those thresholds were met as the epoch ended.

Why This Was Treated As Urgent

The vote was framed as more than housekeeping because an undersized CC effectively blocks major governance flows. Without quorum: Treasury withdrawals couldn’t proceed, the Critical Integrations Budget could not pass, hard forks could not be ratified, delaying network upgrades and several categories of governance actions were blocked, leaving only a limited subset able to move forward.

There was also a timing element: delays risk actions expiring, which would force a repeat of the voting process and extend the governance backlog. With the restoration ratified, Cardano’s governance process can resume normal throughput — reopening the path for upgrades, budget approvals, and protocol changes that depend on a functioning Constitutional Committee.

At press time, Cardano traded at $0.38.

Bitcoin is once again testing investor conviction as it struggles to reclaim the $90,000 level, a price zone that has now become a clear psychological and structural barrier. After weeks of choppy price action and repeated failures to sustain upside momentum, sentiment across the market has shifted sharply.

Fear and apathy are increasingly dominant, with a growing number of analysts and participants beginning to call for a broader bear market. For many investors, the narrative has changed from buying dips to questioning whether the cycle has already peaked.

This deterioration in confidence is occurring alongside renewed selling pressure from large, well-capitalized players. According to data from Arkham, two wallets linked to Matrixport deposited a combined 4,000 BTC, worth approximately $347.56 million, into Binance today.

Matrixport is a large digital-asset financial services platform founded by former Bitmain executives, offering products including crypto lending, structured products, asset management, and custody solutions.

Such large inflows to exchanges are closely watched by the market, as they often precede distribution or hedging activity, particularly during periods of heightened uncertainty. While not every deposit translates directly into spot selling, the timing of these transfers adds to the growing sense of caution.

Whether current demand can absorb this supply and stabilize price will likely determine if this phase becomes a deeper correction—or the start of a more prolonged bearish regime.

Exchange Inflows And What They Mean For Bitcoin

Large Bitcoin deposits to exchanges are almost always interpreted by the market as a bearish signal, since they increase the immediate supply available for sale. In most historical cases, sharp spikes in exchange inflows have preceded periods of downside volatility, reinforcing the perception that whales are preparing to distribute into liquidity. However, some investors urge caution when reading this data in isolation, as not every exchange transfer results in spot selling.

In certain scenarios, large inflows can be linked to internal treasury management, collateral rotation, or the opening of hedged derivatives positions rather than outright liquidation. Institutions may move Bitcoin to centralized venues to post margin for futures or options, allowing them to hedge downside risk without selling their underlying holdings.

In other cases, funds prepare liquidity for over-the-counter settlements or cross-exchange arbitrage, activities that do not necessarily translate into sustained selling pressure on the spot market.

Looking ahead, Bitcoin’s price action over the coming months will likely depend on whether these inflows are followed by a clear increase in realized selling volume. If demand continues to absorb supply near the $85K–$86K zone, the market could transition into a prolonged consolidation phase, allowing sentiment to reset.

However, if exchange balances continue to rise alongside weakening spot demand, downside risks remain elevated. In that scenario, Bitcoin may revisit lower support levels before any durable recovery can begin.

Price Tests Critical Long-Term Support

Bitcoin’s higher-timeframe structure shows a clear loss of momentum after failing to hold above prior highs. On the weekly chart, BTC is now consolidating around the $86,000–$87,000 zone after a sharp rejection from the $110,000–$120,000 region. This area has become a critical demand zone, as price is currently hovering near the rising 200-day moving average, which historically acts as a key trend filter during cycle transitions.

The short-term structure remains fragile. Bitcoin is trading below the 50-week moving average, which has started to roll over, signaling weakening upside momentum. Meanwhile, the 100-week moving average is still trending higher and sits below the current price, suggesting that the broader macro trend has not fully broken but is clearly under stress.

From a price-action perspective, BTC is forming a lower high relative to the previous cycle peak, while volatility remains compressed. This often precedes a larger directional move. If bulls fail to defend the $85,000 support decisively, the next downside targets sit near the $78,000–$80,000 region, where previous consolidation occurred.

Conversely, any structural recovery would require a reclaim and weekly close above $90,000, followed by sustained acceptance above the 50-week average.

Featured image from ChatGPT, chart from TradingView.com

Hyperliquid (HYPE) is slowly approaching a decisive governance moment as analysts and market participants reassess the protocol’s long-term outlook against the backdrop of a proposed large-scale HYPE token burn.

After months of declining prices and heightened volatility across crypto markets, attention has shifted from short-term price action to structural changes that could improve HYPE’s supply dynamics and investor expectations.

At the center of the debate is a governance proposal by the Hyper Foundation to formally treat all HYPE held in the Hyperliquid Assistance Fund as permanently burned. While these tokens are already locked in an address without a private key, the vote seeks to codify their removal from performance.

If approved, the decision would mark one of the most significant supply reductions in the protocol’s history, removing more than 37 million HYPE, over 10% of circulating supply, through a validator-backed consensus.

Governance Vote Puts Hyperliquid Supply Structure in Focus

The Assistance Fund accumulates HYPE through an automated mechanism that converts trading fees generated on Hyperliquid’s perpetuals exchange into the native token. These tokens sit in a system address that has never been controlled by a private key, making them inaccessible unless a protocol-level upgrade is authorized.

Under the current proposal, validators are being asked to establish a binding social consensus that no such upgrade will ever occur. Voting is stake-weighted, with validators signaling their positions by December 21, and final results are expected on December 24.

Approval would effectively lock in a more restrictive supply model, preventing the Assistance Fund from being used for grants, liquidity support, or emergency measures in the future.

The proposal follows earlier, unadopted discussions around broader supply cuts in 2025, suggesting a renewed effort to clarify HYPE’s long-term monetary framework rather than pursue incremental adjustments.

Market Reaction and Longer-Term Outlook

Hyperliquid (HYPE) has stabilized near the $26 level after several days of losses, with market data suggesting the proposed burn is not yet fully priced in. Futures open interest has climbed above $1.5 billion, and funding rates have turned positive, pointing to growing bullish positioning ahead of the validator vote.

In contrast, spot market activity remains muted, as trading volumes have edged lower and technical indicators continue to reflect lingering bearish momentum.

Beyond short-term price action, analysts are increasingly focused on Hyperliquid’s longer-term valuation framework. Cantor Fitzgerald has cited the protocol’s fee-driven and deflationary design as a potential driver of sustained growth, projecting billions in annual fees if adoption expands.

From this perspective, the Assistance Fund burn is seen as a test of whether stricter supply discipline can help rebuild confidence, with the vote outcome likely shaping how Hyperliquid’s economic model is evaluated into 2026.

Cover image from ChatGPT, HYPEUSD chart from Tradingview

Grayscale, one of the world’s largest digital asset managers, outlined its 2026 Digital Asset Outlook, projecting that the Bitcoin price could reach a new all-time high in the first half of 2026. The forecast is based on structural changes in market design, expanding institutional participation, and broader macroeconomic forces. These developments form the foundation of Grayscale’s view that capital structure and demand dynamics will define Bitcoin’s next market phase.

Institutional Capital Redefines The Bitcoin Price Growth Curve

A central pillar of Grayscale’s outlook is the transition of Bitcoin from a retail-led asset to an institutionally supported financial instrument. The firm argues that the market is entering a phase where large allocators, including asset managers, advisory platforms, and long-term capital pools, are no longer evaluating Bitcoin as an experiment but as a portfolio component. This shift fundamentally alters demand behavior, replacing short-term trading flows with measured, strategic allocations.

Grayscale highlights that regulatory progress and clearer market rules are reducing friction for institutions that previously remained sidelined. As operational and compliance barriers fall, capital that once avoided digital assets due to uncertainty can now enter with greater confidence. This gradual but persistent inflow model creates sustained upward pressure on price rather than sharp, unstable spikes.

Crucially, Grayscale notes that institutional exposure to Bitcoin remains relatively small compared to traditional asset classes. From a portfolio construction perspective, this leaves significant room for expansion. Even modest increases in allocation percentages can translate into meaningful demand, especially given Bitcoin’s fixed supply. The firm views this imbalance between potential demand and limited issuance as a key reason price discovery is expected to continue upward into 2026.

Macro Pressures And Supply Dynamics Set The Stage For New Highs

Beyond institutional adoption, Grayscale’s outlook identifies macroeconomic conditions as a key driver shaping Bitcoin’s next phase of price expansion. Elevated sovereign debt, currency dilution, and persistent inflation risks are directing capital toward assets with transparent and finite supply. In this context, Bitcoin’s fixed issuance schedule reinforces its role as a macro-aligned asset.

This macro framing also underpins Grayscale’s reassessment of Bitcoin’s traditional four-year market cycles. As the asset integrates further into mainstream finance, the firm argues that historical, halving-centered models are losing relevance. In their place, Bitcoin’s valuation is increasingly influenced by liquidity conditions, market access, and investor behavior aligned with other macro-sensitive assets. This transition signals a market responding to structural inputs rather than repeating legacy patterns.

Supply dynamics further strengthen this view. As issuance slows and long-term Bitcoin holders retain more coins, market liquidity tightens. Combined with expanding demand channels, this creates an environment where price appreciation is supported by structural fundamentals rather than episodic surges.

Grayscale’s analysis indicates that these factors could drive Bitcoin to a new all-time high in early 2026. Considering the current all-time high of $126,198.06, the outlook positions the next phase of price discovery as a continuation of market maturation, supported by disciplined supply and macro alignment.

Solana (SOL) is approaching a decisive moment as its price drifts closer to the psychologically important $100 level, caught between weakening market momentum and a series of structural changes unfolding across the network.

Related Reading: Here Are The Meme Coins With Over 100% Rallies While Dogecoin And Shiba Inu Struggle

After more than a year trading within a broad range, recent price action suggests that the long-standing balance between buyers and sellers is under strain. At the same time, macroeconomic uncertainty and technical upgrades are reshaping how investors assess risk around the asset.

SOL has spent much of 2024 and 2025 oscillating between major support and resistance zones, but recent attempts to rebound have been increasingly shallow. Price is now hovering just above key demand areas, with traders closely watching whether these levels can continue to absorb selling pressure.

Solana Price Near Key Support as Bearish Signals Build

From a technical perspective, Solana has slipped toward the lower end of its multi-month range, from $145 to $120. Momentum indicators remain weak, with relative strength measures remaining below neutral levels and trend indicators indicating continued downside pressure.

Repeated failures to reclaim former support zones have shifted attention to the $120–$125 area, which has acted as a floor several times in recent months.

A decisive break below this band could expose SOL to a move toward the $100 region, where historical demand clusters sit. Some analysts warn that if selling accelerates and liquidity thins, the price could overshoot that level before stabilizing.

Others note that volume has declined alongside price, suggesting hesitation rather than panic, which leaves room for a short-term bounce if buyers step in.

Macro Signals Add to Uncertainty

Broader economic conditions are adding another layer of complexity. Rising U.S. unemployment and expectations of further Federal Reserve rate cuts have kept markets divided. Lower rates have historically supported crypto assets by improving liquidity, but mixed signals from policymakers have limited risk appetite so far.

For Solana, this means macro optimism has yet to translate into sustained inflows. Traders appear reluctant to commit heavily until there is clearer guidance from the Fed. A dovish shift could support a relief rally, while a pause in easing may reinforce downside risks and keep SOL pinned near current levels.

Network Resilience Meets Long-Term Transition

While price struggles, Solana’s network continues to evolve. The blockchain recently withstood one of the largest DDoS attacks recorded, maintaining transaction speeds with minimal disruption.

Separately, the Solana Foundation has begun testing post-quantum cryptographic signatures, signaling preparation for long-term security challenges.

Related Reading: Bitcoin Speculative Activity Cooling Fast: IFP Shows Steep Slide

These developments underline improving infrastructure resilience, but they have not yet offset near-term market pressure. For now, SOL’s outlook hinges on whether buyers can defend key support as macro conditions and technical signals converge. A clear break or rebound near $100 is likely to define sentiment into early 2026.

Cover image from ChatGPT, SOLUSD chart from Tradingview

XRP has recorded another win as institutional investors continue to adopt the altcoin. The CME exchange announced that it has rolled out another XRP product, which could boost its adoption and drive more inflows into its ecosystem. 

CME Launches Spot-Quoted XRP Futures

In a press release, the CME announced that it has launched Spot-Quoted XRP and SOL futures, which it stated will complement the existing Spot-Quoted Bitcoin and Ethereum futures already on the platform. The derivatives exchange further revealed that these products are available to trade across the four major U.S. equity indices. 

CME also noted that the Spot-Quoted XRP futures contracts allow investors to trade futures positions in spot-market terms with the added benefit of a longer-dated expiry. It is worth mentioning that the exchange had launched its XRP futures earlier this year, a product which it has on several occasions revealed has gained a lot of interest. 

CME specifically revealed that the XRP futures contracts were the fastest contract ever to reach $1 billion in open interest. Meanwhile, the exchange had, in October, rolled out options trading for the XRP futures amid the significant demand they were seeing. The launch of the Spot-Quoted product provides another boost for the altcoin, which could see more institutional flows into its ecosystem. 

XRP has also seen demand in the spot market as the spot ETFs recently became the fastest to reach $1 billion in assets since Ethereum. SoSo Value data shows that these funds currently hold $1.16 billion in net assets, which accounts for almost 1% of the altcoin’s market cap. These funds, as a group, have also recorded a cumulative net inflow of just over $1 billion, highlighting the demand for them in just over a month since the first XRP ETF launched.  

Ripple CEO Spotlights Institutional Demand For XRP

In an X post, Ripple CEO Brad Garlinghouse highlighted institutional demand for XRP, noting that these funds have yet to record a daily net outflow since launching on November 13. These funds have also outperformed the Bitcoin and Ethereum products, as they continue to see mixed flows. Meanwhile, the Solana ETFs are behind in net assets, despite launching before XRP.

Ripple executive Reece Merrick also echoed a similar sentiment to Garlinghouse, stating that this was “clear institutional demand” for the altcoin. Meanwhile, the funds have also continued to see demand globally, with a CoinShares report revealing that XRP investment products took in $46.91 million last week. They have now recorded a month-to-date net inflow of $292 million, only behind Bitcoin and Ethereum. 

At the time of writing, the XRP price is trading at around $1.91, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Recent fund flow data across US-listed crypto investment products is revealing a notable divergence in investor behavior, as Ethereum-focused funds continue to shed billions in capital, and XRP-linked products are recording steady inflows that now place them among the strongest performers in the Spot crypto ETF market. 

Data from SoSoValue shows that this divergence has persisted for the past month, showing that investors are beginning to favor XRP’s regulated crypto exposure over Ethereum.

Ethereum ETFs See Billions Exit In One Month

According to SoSoValue data, Ethereum Spot ETFs have experienced sustained capital outflows over the past four weeks, with cumulative net outflows since the beginning of November coming in at $1.725 billion. November alone accounted for $1.42 billion of those redemptions, making it the worst month for Ethereum ETF flows since the products launched in the US in July 2024.

The intensity of the selling was evident across several trading sessions during November, where  daily outflows exceeded $250 million on a few occasions. This negative momentum has carried into December with little sign of stabilization. Spot Ethereum ETFs have extended their outflow streak, with the most recent two trading days alone recording net redemptions of $224.78 million and $224.26 million, respectively. 

At the same time, Ethereum’s Spot price has struggled to gain traction. The continued ETF outflows have coincided with muted price action, with ETH failing to hold above $3,000.

Rather than seeing rotation between Ethereum products, the data shows capital leaving the Ethereum ETF complex altogether. This pattern means that investors may be reallocating funds away from ETH exposure into other assets, and XRP is showing the strongest conviction.

Spot Ethereum ETF Flows. Source: SoSoValue

XRP ETFs Record $1 Billion In Consistent Inflows

The first U.S.-listed Spot XRP ETF was launched on November 23, and the momentum has been positive since then. At the time of writing, there are now five Spot XRP ETF issuers in the US, and they have yet to have a collective day of outflows. 

In contrast, XRP-linked spot ETFs have posted a full month of uninterrupted net inflows. This comes up to 22 consecutive trading days, with a cumulative inflow of $1.01 billion since launch. This, in turn, has pushed total assets under management to around $1.16 billion as of December 16. 

Spot XRP ETF Flows. Source: SoSoValue

Ripple CEO Brad Garlinghouse described the growth of XRP ETFs as a signal of broader structural demand for regulated crypto products. He recently highlighted that XRP became the fastest crypto spot ETF since Ethereum to surpass $1 billion in assets under management in the US. This shows institutional crypto investors are switching sides from Ethereum to XRP. 

The divergence becomes even more pronounced when compared with Bitcoin, which has always dictated the pace of general inflows. According to data from SoSoValue, Spot Bitcoin ETFs are on a combined outflow of $3.915 billion since the beginning of November.

Spot Bitcoin ETF Flows. Source: SoSoValue

What makes these numbers more interesting is that they are coming at a period of bearish price action for the entire crypto market, with the XRP price even breaking below the $2 support level. 

Solana’s price may be slowly regaining upward momentum once again following weeks of bearish action due to the volatile condition of the broader cryptocurrency market. While the price may have displayed weakness during the period, the SOL network appears to be holding strong even with waning on-chain activity.

Interest In Solana Bolstering The Network’s Dominance

In the blockchain sector, many analysts consider the Solana network as the apex of all blockchains due to its robust and fast performance. According to recent data, the blockchain continues to stand out from the rest of the cryptocurrency market, even as the hysteria over meme coins slowly fades away.

CryptoRank, a leading crypto industry researcher and data analytics platform, shared the data in a recent post on the social media platform X. Short-term traders may be moving away from viral tokens, and speculative activity may have decreased, but Solana’s core indicators reveal a very different picture.

Interestingly, on-chain gambling and meme mania are frequently linked to SOL, but the network continues to outpace other chains in a fading meme market. This discrepancy indicates that Solana is well-positioned as market conditions change since its strength is increasingly based on fundamentals rather than speculation.

As seen in the data shared by the platform, Solana remains at the number 1 spot across most major blockchain metrics. This position highlights SOL’s resilience even as the meme narrative cools off and traders reduce their risk in the face of bad market circumstances. 

Given the fading meme narrative, the total daily Decentralized Exchange (DEX) traders have now dropped from their peak of almost 5 million to approximately 514,000. Despite this drop, the blockchain is still maintaining strong results, which shows that it does not rely only on memes.

Currently, CryptoRank states that institutions are demonstrating more attention and interest in SOL for tokenization. These large firms are including the blockchain in their platforms, which proves its increasing dominance.

SOL Leads In 2025 With The Most Traffic Market Share

After robust network usage, developer traction, and capital flows, Solana has secured the top spot in the Mindshare War in 2025. A report from CryptoRus reveals that SOL is the most talked-about blockchain in the world. 

According to CoinGecko’s data, it marks the second year in a row that the blockchain has come on top. The study examined interest in blockchain ecosystems using data from CoinGecko’s global web traffic between January 1 and December 14, 2025. Solana now controls about 26.79% of global crypto mindshare, which is more than that of Ethereum and Base networks put together.

CryptoRus highlighted that this is not price, nor narratives pushed by Venture Capitalists (VCs). Rather, this is where attention builders, users, and culture actually reside. “Mindshare comes before liquidity, attention comes before capital, and history shows whoever wins mindshare, eventually wins the cycle,” CryptoRus added.

XRP’s price action in recent weeks has been deprived of bullish momentum, and the derivatives market is also sending clear signals that traders are scaling back their exposure to the cryptocurrency. 

Data from on-chain analytics platforms like CryptoQuant and Coinglass across leverage and futures activity shows that speculative participation has thinned out considerably, with XRP’s leveraged trade ratio at its lowest point since November 2024.

XRP Leverage On Binance Drops To Multi-Year Lows

One of the clearest signals of the sentiment among traders comes from CryptoQuant data tracking the Estimated Leverage Ratio of XRP on Binance, the world’s largest crypto exchange. 

The Estimated Leverage Ratio measures how much borrowed capital traders are using relative to exchange reserves. High readings of the ratio usually mean high activity trades where traders are willing to open positions. On the other hand, declining values indicate that traders are closing leveraged positions or avoiding them altogether. 

According to data from CryptoQuant, the estimated leverage ratio for XRP is currently sitting around 0.187, its lowest reading since November 2024. To put this in context, the estimated leverage ratio was at a 0.59 reading in July 2025, right when the altcoin was pushing toward new all-time highs and trading activity was at its peak.

Therefore, the current low means that the token has moved into a de-risking phase, and traders are prioritizing reduced exposure over aggressive upside bets. This is in contrast to the performance of Spot XRP ETFs, which have been on a streak of inflows. 

Futures Open Interest Collapses From July Highs

A similar story of crypto traders no longer betting big on XRP can be seen from the futures data from Coinglass. 

Data from Coinglass figures show that Exchange XRP Futures Open Interest is currently around 1.81 billion XRP, which is worth approximately $3.47 billion. This number is notable because open interest was around $10.94 billion in July during the cryptocurrency’s march to a new all-time-high price of $3.65. Therefore, the 68% decline from $10.94 billion to $3.47 billion is a massive contraction in speculative participation across derivatives markets.

Open interest tracks the total value of outstanding futures contracts and is also a direct gauge of trader engagement, comparable to the estimated leverage ratio. Rising open interest alongside price strength usually confirms bullish trend momentum, while falling open interest shows traders are closing positions and fading appetite for futures contracts. 

Interestingly, the decline seen in this metric since July indicates that traders have largely exited leveraged positions rather than rotating from longs to shorts. 

A positive reflection from the combination of these two data points is that the token is no longer dominated by aggressive speculative flows, which lowers the risk of cascading liquidations, but it also removes a major source of bullish momentum for the cryptocurrency.

Bhutan has pledged up to 10,000 bitcoin — roughly $1 billion — to back the development of Gelephu Mindfulness City, a new special economic zone the crown is promoting as a hub for sustainable industry and jobs.

Reports have disclosed the allocation was announced on national day and framed as a long-term commitment to fund the city’s growth rather than a quick selloff of reserves.

King Announces Bitcoin Allocation

According to King Jigme Khesar Namgyel Wangchuck, the pledge is meant “for our people, our youth, and our nation,” and aims to make every Bhutanese “a custodian, stakeholder, and beneficiary” of the project. The statement linked the Bitcoin allocation directly to the government’s plan to support economic opportunity inside Gelephu.

Bhutan and Cumberland DRW have signed a multi-year MoU to build a responsible digital asset ecosystem in Gelephu Mindfulness City, guided by the vision of His Majesty King Jigme Khesar Namgyel Wangchuck.

The partnership focuses on sustainable digital asset infrastructure,… pic.twitter.com/IJR7t3oHYl

— gmcbhutan (@gmcbhutan) December 15, 2025

Plan For Digital Reserves

Based on reports, officials say the 10,000 BTC will be held with an eye toward preserving value while generating returns through careful, risk-managed strategies — not by liquidating the holdings immediately.

The government has also signed a multi-year memorandum of understanding with market maker Cumberland DRW to help build digital-asset infrastructure and explore reserve management, stablecoins, and renewable energy-based mining inside the zone.

City Details And Goals

The Mindfulness City covers a very large area and has been pitched as an economic response to youth emigration, low birth rates, and lagging jobs.

Reports from earlier coverage describe the plan as a mix of green energy, tech, tourism, and regulated finance, with space set aside for vetted businesses and infrastructure projects such as an airport and dry port. the project’s promoters present it as a way to create higher-value work without abandoning Bhutan’s environmental and social aims.

Partnerships And Practical Steps

Officials say the partnership with Cumberland will focus on building market access and institutional-grade operations for the city’s crypto activities, including experimenting with a national stablecoin and sustainable mining tied to renewable power. Local leaders have sought legal and investment partners to give investors a clearer route into the zone’s projects.

Global Implications And Risks

Analysts note this is one of the larger sovereign moves toward using bitcoin as a development tool, and the pledge raises clear questions about governance, transparency, and the possible exposure of state coffers to crypto price swings.

Reports flag both opportunity and risk: the funds could underwrite major projects, but they also require careful oversight to avoid losses that would hurt public services.

Featured image from Visit Bhutan, chart from TradingView

 

Seasoned Bitcoin Holders Are In Distribution Mode

Bitcoin’s price action is shifting, and so is the sentiment of investors, especially the long-term BTC holders. The development carries weight in the market because these holders are often considered the most patient and conviction-driven players in the crypto sector.

Following a research of the BTC Long-Term Holder Flow metric, IT Tech, an on-chain analyst and author at CryptoQuant, revealed that these investors are unloading their coins. This time, they are unloading into strength, triggering questions about BTC’s next price direction.

As seen on the chart, coins that have been hoarded for years are increasingly returning to the market during times of price strength rather than panic. Such a tendency suggests either the locking in of profits following an extended rise or a phase of strategic distribution among the cohort.

Furthermore, the chart shows a rise in long-term holders’ distribution in the 30-day time frame. According to the expert, this 30-day rise in LTH distribution is one of the biggest in the previous 5 years. Interestingly, these kinds of distribution often turn up near major tops, and not bottoms.

IT Tech highlighted that the long-term holders’ supply is currently rolling over from a record high. At the same time, spot trades are well above the realized price of long-term holders while old coins are locking in big profits, not capitulating.

A key takeaway outlined by the expert regarding the action is that it looks similar to late-cycle distribution and de-risking, instead of fresh accumulation. Due to the state of the market, IT Tech urges investors to adjust their risks, not their hopes.

BTC Whales Resume Buying Activity

Even with ongoing waning price action, major Bitcoin holders seem to be making a decisive move once again. After a period of strategic caution, these investors have resumed accumulation, indicating renewed interest and conviction in the flagship asset’s long-term prospects.

As reported by Marty Party, a macro analyst and the host of The Office Space, whales or large investors have scooped up over 54,000 BTC valued at $4.66 billion over the past week. This massive accumulation from deep-pocket investors raises the possibility that they are preparing for a more significant change in the market.

According to the analyst, this purchase in a weekly time frame marks the fastest accumulation pace ever recorded since 2012. Historically, heavy whale movement has influenced BTC’s next price direction, which means that the ongoing accumulation could pave the way for a short-term bounce if it extends.

At the time of writing, BTC’s price was hovering around $86,800, demonstrating a 0.27% increase in the past day. Its trading volume has turned bearish, falling by more than 12% within the same time frame.

The Shiba Inu ecosystem recently experienced a major leadership change after one of its key engineers left the project, surprising many in the SHIB community. Previously playing a major role in the network’s development, the Shiba Inu Engineer’s abrupt resignation sparked widespread discussion among community members, prompting questions about his next moves and the possible reasons behind his departure. 

Shiba Inu Engineer Announces Resignation 

The Shiba Inu community was stunned on Friday, December 12, after Johndoeshib, the Managing Engineer for the blockchain, announced his abrupt departure from the project. In his statement on X, he described his time at Shib.io as reaching a natural conclusion, expressing pride in the blockchain’s utility and the resilience of its supporters. 

During his tenure, Johndoeshib played a key role in developing the SHIB network’s infrastructure and supporting the growth of its community. He was known for providing key updates and relevant information about the blockchain on his official X account. Following the announcement of his resignation, he updated his X profile to reflect his new status as an “ex-Engineering Manager at Shiba Inu.” 

Johndoeshib also highlighted that although he is shifting his focus to new endeavors, he remains a long-term observer of SHIB and maintains confidence in the team’s decentralized vision. His quick exit from the crypto project sparked immediate reactions from community members. 

Shiba Inu developer Kaal Dhairya extended his best wishes and noted that Johndoeshib’s presence would be missed. The team behind OSCAR, a CTO token guided by Shiba Inu, publicly thanked the former SHIB engineer for his past contributions, calling him one of the most talented developers in the space and expressing excitement for his next ventures. 

Other community members questioned his departure, asking why he was leaving and what he meant by “a natural conclusion.” Many SHIB supporters took the time to acknowledge Johndoeshib’s impact on the blockchain network, wishing him success and highlighting his integrity. Some shared personal reflections on their interactions with him, describing the former Shiba Inu Engineer as a positive and reliable presence within the ecosystem. 

Ex SHIB Engineer Unveils New Venture After Departure

Two days after revealing that he was exiting Shiba Inu, Johndoeshib disclosed more details about the new venture he is pursuing. He has shifted his focus to HypeIt, a platform that provides software development, web design, and programming services. The former SHIB engineer stated that he is now working on building the new platform to support long-term growth and maximize benefits for the community. 

Johndoeshib encourages collaboration and feedback from the crypto community, inviting suggestions and interaction of ideas as the project moves forward. He emphasized creating an engaged, genuine audience through HypeIt, highlighting the potential for users to transform their content and online presence on the platform positively.

Russia’s crypto payment rumor mill just got another hard “no.” Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets, said cryptocurrencies “will never” function as money inside Russia — and that if you’re paying for something domestically, it’s rubles or nothing.

“It must be understood that cryptocurrencies will never become money within our country. They can only be used as an investment tool. If you want to pay for something, you can only do so with rubles,” Aksakov said at a press conference hosted by TASS.

Russia Rejects Crypto Payments

That line lands because, for years, there’s been a steady drip of “maybe Russia will allow” crypto payments chatter — and it’s not always completely baseless. The country has been trying to route around sanctions pressure, and crypto keeps popping up in the conversation. When officials talk up “settlements” and “trade,” plenty of people hear “payments” and assume that means everyday retail use is next.

It isn’t. At least not in the way crypto Twitter likes to imagine. Aksakov’s comments track with the central bank’s position. Bank of Russia governor Elvira Nabiullina told lawmakers earlier this year that crypto can’t be used for domestic settlements, while also pointing to a separate experimental legal regime (ELR) that allows crypto to be used in foreign trade under controlled conditions.

That split — “no” at home, “maybe” abroad — is the whole story. Russia has been building carve-outs for cross-border use, including frameworks that allow exporters and importers to use crypto in international settlements under foreign trade contracts.

And officials have been unusually blunt about the motivation. In late 2024, Finance Minister Anton Siluanov said Russia had begun using bitcoin and other cryptocurrencies for international trade under a special legal regime. So yes, crypto gets used. Just not the “pay your landlord in ETH” version.

The other source of confusion is that policy tone has softened around investing — even while payment bans stay in place. In March that the central bank proposed an experimental program that would let “specially qualified” wealthy investors buy crypto, explicitly keeping the domestic payment ban intact.

And regulators have still shown they’re willing to swing a hammer at the retail plumbing when they want to, like the reported blocking of crypto-related services.

In other words: Russia’s message is basically “speculate if you must, trade if you’re authorized, settle cross-border if you’re inside the sandbox — but inside the country, the ruble stays the only checkout option.” And for anyone still clinging to the payment narrative: this was the door closing sound.

At press time, the total crypto market cap stood at $2.92 trillion.

More than 100 new crypto exchange-traded products could hit the market in 2026 after a recent rule change by the US securities regulator, a researcher at Bitwise said. According to Ryan Rasmussen, that drop in red tape will let firms file many more ETPs without the long, individual approval process that slowed launches in the past.

Regulatory Shift Lowers Bar

The SEC issued generic listing standards in October that remove the need for separate 19(b) approvals for qualifying crypto ETPs. That step cuts out a process some issuers had to wait through — a delay that could stretch to a 240-day clock under earlier practice.

Reports have disclosed that the number of crypto ETPs already sits above 300, based on data from Fineqia International, which shows the market is no longer limited to just a few funds.

LIVE NOW – 10 Crypto Predictions for 2026: $1M BTC, Wall Street Onchain & ETF Takeover@BitwiseInvest’s @Matt_Hougan and @RasterlyRock return with 10 big predictions for 2026.

We get into:

– The $1M BTC case and why the classic 4-year cycle might be dead. – A world where ETFs… pic.twitter.com/fgELVnu6Zu

— Bankless (@Bankless) December 16, 2025

Institutional Appetite

Market watchers say new listings make it easier for issuers. But easier access is not the same thing as strong buying. Bitfinex analysts warned in August that altcoins are unlikely to enjoy a major rally until ETFs that track assets beyond the largest coins are available and attract real money. Liquidity, investor interest, and clear use cases still matter a lot. An ETF wrapper does not fix those basic needs by itself.

Issuers Race To Expand Menus

Rasmussen said issuers can now plan a variety of products — spot crypto, index funds, equity-linked ETPs, smart beta strategies and momentum plays.

He compared the change to moving from a tiny menu to a much larger one, saying investors will have more choices about where to put money. He also noted it has been about 15 years since the Winklevoss twins first filed for a Bitcoin ETF, and yet only a handful of crypto ETPs are widely held today.

Many New Products, Few Big Winners

Expect a wave of filings. But expect concentration too. In the wider ETF market, most assets gather in a few large funds while many other listings see thin trading.

That pattern is likely to repeat in crypto: dozens of niche products may be launched, while a smaller group gathers most assets under management. Issuers get to plant flags quickly. Investors will sort the winners from the rest over time.

WOW. The SEC has approved Generic Listing Standards for “Commodity Based Trust Shares” aka includes crypto ETPs. This is the crypto ETP framework we’ve been waiting for. Get ready for a wave of spot crypto ETP launches in coming weeks and months. pic.twitter.com/xDKCuj41mc

— James Seyffart (@JSeyff) September 17, 2025

Market Reaction Hinges On Demand

On Sept. 17, Bloomberg ETF analyst James Seyffart said the rule change could trigger a “wave of spot crypto ETP launches.”

He added that clearer rules could lead to several similar products being rolled out around the same time, raising competition among issuers while making it harder for weaker funds to gain traction.

Featured image from Unsplash, chart from TradingView

Рынок снова переключился из режима «вечный рост» в режим «все пропало». На этой неделе $BTC опускался ниже $90 000 на фоне ухудшения аппетита к риску: инвесторов напугали сигналы, что бум расходов на ИИ может приносить прибыль медленнее, чем ожидалось, а значит — давление на рискованные активы возвращается.

На этом фоне снова всплыл самый «токсичный» прайс‑таргет в крипте: $10 000 за биткоин. В медиа его активно продвигает Майк Макглоун из Bloomberg Intelligence — он связывает риск глубокой просадки с дефляционным сценарием после периода инфляции. Идея не в том, что «завтра будет $10k», а в том, что при переломе цикла рынок способен перегибать вниз так же агрессивно, как он перегибал вверх.

Но вот что многие обсуждения упускают: даже если вы верите в долгий рост $BTC, в коротком сроке вам все равно нужна инфраструктура, которая делает биткоин рабочим инструментом, а не только «твиттер‑тикером». Высокие комиссии, ограниченная пропускная способность и почти нулевая нативная программируемость — это банальная UX‑боль. И именно в этот раз «спасение» на рынке чаще ищут не в очередной мем‑истории, а в Bitcoin Layer 2 и инфраструктуре вокруг него (да, звучит менее азартно — зато гораздо практичнее). Проекты из этой ниши регулярно попадают в подборки лучших монет на 2025 год.

Отсюда логичный мостик к Bitcoin Hyper: если следующая фаза рынка будет про эффективность, скорость и приложения на биткоине, то проекты, которые дают $BTC нормальный слой исполнения, будут собирать внимание — даже если кто-то параллельно рисует страшилки про $10 000. В прошлых циклах похожая логика уже работала: когда рост замедляется, рынок начинает ценить то, что приносит реальную полезность.

КУПИТЬ BITCOIN HYPER

Как Layer 2 становятся стресс-тестом $BTC

Когда волатильность растет, капитал становится разборчивее. Инвесторы перестают покупать нарратив ради нарратива и начинают смотреть на то, где появится реальная активность: транзакции, комиссии, ликвидность, разработчики. Reuters как раз фиксирует сдвиг к более осторожным стратегиям и попыткам рынка «взрослеть» после резких движений.

Сейчас Bitcoin Layer 2 — это гонка сразу за двумя целями: масштабирование платежей и запуск полноценной on-chain экономики (DeFi, NFT, игры) вокруг биткоина, причем без потери доверия к базовому активу. У решений разные ставки: Lightning закрывает микроплатежи, rollup‑подходы обещают вычисления «вне L1», а нарратив BitVM подталкивает рынок к более сложным конструкциям без изменения консенсуса L1. Но пользовательский запрос один: «дайте скорость и комиссии уровня современных сетей, не ломая доверие к $BTC».

И вот тут Bitcoin Hyper появляется как одна из ставок на «биткоин с нормальной скоростью и программируемостью» — без необходимости убеждать людей, что им нужно отказаться от $BTC ради очередного L1. Звучит здраво. И именно такие утилитарные истории обычно и начинают «готовить» следующую ротацию цикла.

Почему Bitcoin Hyper может запустить новый цикл всего биткоина

Bitcoin Hyper продвигает понятную идею: модульная архитектура, где Bitcoin L1 остается слоем расчетов и доверия, а исполнение уходит в быстрый L2 с интеграцией Solana Virtual Machine. SVM — ставка на высокую производительность и привычный для разработчиков стек, особенно если нужно быстро запускать DeFi‑механику, NFT‑платформы или игровые dApp.

Ключевой мессадж проекта сформулирован максимально прямо: «первый Bitcoin Layer 2 с SVM‑интеграцией», который нацелен на ультра‑низкие задержки исполнения. Это важно по очень практичной причине: без быстрых смарт‑контрактов биткоин‑экономика почти неизбежно утекает в другие экосистемы — туда, где можно делать свопы, лендинг, стейкинг и более сложные стратегии без ожидания блоков и без боли из-за комиссий. А если следующий рыночный цикл действительно будет про полезность, то инфраструктура часто выигрывает у шума — мысль скучная, зато рабочая (и трейдеры, которые следят за такими сдвигами, обычно отмечают это первыми).

Интерес к истории подогревают и цифры из пресейла: проект уже собрал $29 556 732,75, а цена токена составляет $0,013435. Это не гарантия успеха — это просто маркер спроса. Выглядит любопытно и активность крупных кошельков: трекинг «китов» фиксирует две заметные покупки на общую сумму около $396 тыс., а крупнейшая сделка — примерно $53 тыс. от 19 ноября 2025 года.

Финальный штрих — стейкинг‑механика после TGE: заявлен высокий APY (без раскрытия ставки), моментальный запуск, 7‑дневный вестинг для пресейл‑стейкеров и фокус на вознаграждения за участие в комьюнити. Риск тут очевидный: без конкретных параметров доходности рынок будет требовать прозрачности, иначе ожидания легко превращаются в разочарование. Это не «минус проекта», а скорее проверка на зрелость коммуникаций — насколько команда Bitcoin Hyper готова раскрывать детали вовремя.

Michael Saylor tossed a compact bit of Bitcoin game theory onto X on Tuesday and it set off the predictable kind of fight: technical details colliding with ideology.

“The Bitcoin Quantum Leap: Quantum computing won’t break Bitcoin—it will harden it,” Saylor wrote, adding: “The network upgrades, active coins migrate, lost coins stay frozen. Security goes up. Supply comes down. Bitcoin grows stronger.”

Short version: if quantum ever becomes real enough to threaten today’s signature schemes, Bitcoin can upgrade. Coins that are actively managed move to new, quantum-resistant output types. Coins that aren’t—because the keys are lost, the owner is gone, or the UTXOs are simply abandoned—should effectively get stuck. Frozen.

Bitcoin Developers And Community React

That’s the part people latched onto, because it’s not just a technical question. It’s a social one. Who gets to decide which coins are “lost” versus “just old”? Jameson Lopp, one of the loudest voices pushing for practical quantum-readiness, basically said: yes, and welcome aboard. “I agree, lost coins should stay frozen. Glad to hear you’ll support my BIP!”

Then the counterpunch arrived fast. “We have no right to freeze another man’s bitcoin,” wrote Wicked (@w_s_bitcoin), arguing any attempt to lock legacy coins could spark a contentious chain split. He also floated a more narrative-friendly twist: what if Satoshi left early keys exposed as a “bounty” for quantum computers?

Lopp’s answer wasn’t sentimental. It was node-level realism. “On the flip side, every node runner has the right to refuse to accept coins they believe are most likely to have been stolen by a quantum attacker,” he wrote, framing it less as confiscation and more as a defensive filter to preserve the integrity of circulating supply. Later, he conceded the uncomfortable core: “Correct, the best you can do is come up with an extremely lengthy migration window.”

That “migration window” is doing a lot of work here. The draft proposal described by Lopp and co-authors (Christian Papathanasiou, Ian Smith, Joe Ross, Steve Vaile, Pierre-Luc Dallaire-Demers) sketches a three-phase path: first a soft fork that nudges (or forces) new sends into proposed quantum-resistant outputs, then a later rule change that makes legacy ECDSA/Schnorr spends invalid after a long deadline, and an optional third phase to recover unmigrated coins if the rightful owner can prove control through some new mechanism.

It sounds orderly on paper. It never is in practice. Because you can’t prove theft in Bitcoin’s older UTXOs. Wicked hammered that point: there’s “no way to prove whether older coins were stolen or just forgotten and then moved later by the rightful owner.” The fear, in his view, is basically supply paranoia dressed up as security.

Lopp didn’t deny the incentives. He leaned into them. “I can assure you that many entities in the industry care about supply shocks causing the value of their coins to plummet; businesses still use dollars as their unit of account.” And then, in a line that reads like a homework assignment for anyone who thinks this ends cleanly: “Your homework is to figure out the power dynamics…”

Outside the Bitcoin-only trench fight, other corners of crypto mostly reacted with a raised eyebrow. Nic Carter, a founding partner at Castle Island Ventures, demanded specifics: “Explain in detail how all of those things will happen […] Which core devs has microstrategy funded to work on the multiple hard and soft forks that will be required for this plan? Which quantum researchers?”

BitMEX Research pushed back on the “hardfork” framing. “What makes you think we need a hardfork?” it asked, arguing the transition could be painful without literally being a hard fork. Another account summed up the mood: “You can freeze coins with a soft fork.”

Then again—soft fork or not—getting broad social consensus to lock unmoved coins is its own nightmare. “The idea that there would be social consensus over locking unmoved coins is crazy,” one user wrote. “In 1,000 realities that doesn’t happen once.”

And, quietly, a reminder from Willem Schroe (Botanix CEO): “Yes, there are quantum developments but nothing remotely close to a breakthrough. That said, our current cryptographic solutions are not even remotely close to ready or battletested so quantum resistance work is definitely worth it. Very small risk but would have a big impact.”

So overall, none of this is about quantum tomorrow. It’s about Bitcoin deciding what it is when faced with a threat that can’t be patched with vibes. The tech path is hard. The politics might be harder.

At press time, Bitcoin traded at $86,761.

Top meme coins Dogecoin and Shiba Inu have slipped into the background of recent times, giving room for other unexpected candidates to shine. Over the last week, there have been some interesting rallies in the meme coin space, but none from the usual suspects. Instead, meme coins, which were believed to be long dead, have seen a revival, with prices more than doubling in 10 days. This report takes a look at the two meme coins that have dominated the sector over the last few weeks.

PIPPIN Climbs The Ranks Of Meme Coins Very Quickly

Like other meme coins, PIPPIN saw an initial run-up following its initial launch back in November 2024, and as attention shifted to the next shiny meme coin, it died a slow death. By 2025, the coin was all but forgotten before its shocking revival in November 2025.

As data analytics platform Bubblemaps shared, there seemed to be a coordinated accumulation trend from a number of connected wallets. Between October 24 and November 23, 50 wallets, funded from the HTX exchange in very tight timeframes, had received similar amounts of Solana (SOL).

Once received, the wallets, which previously had no enchain activity, then proceeded to buy the PIPPIN token. By the time the buying was done, the wallets had bought up $19 million worth of PIPPIN, giving them control of half of the meme coin’s supply.

What followed was what has been referred to as a coordinated pump, causing the meme coin to rise 1,000%, or 10x, in the space of one week. However, PIPPIN did not stop there and has since risen by more than 2,000% since then, with its market cap crossing $400 million to new all-time highs. CoinMarketCap data shows a 146% increase in the last week alone, making it the top performer among the leading meme coins and putting it ahead of the likes of FARTCOIN and FLOKI.

JELLYJELLY Doubles In One Week

Another of the meme coins that seemingly came back from the dead is JELLYJELLY, whose initial rally had shocked the market. Just like PIPPIN, JELLYJELLY’s rise had also begun with a coordinated accumulation among a number of wallets. Bubblemaps reported this back in November, showing that seven wallets had withdrawn 20% of the meme coin’s supply from the Gate and Bitget exchanges.

With the accumulation done, the JELLYJELLY price had risen by more than 600% to reach a new all-time high just short of $500 million back in early November. The price had then retraced, reaching below $100 million, but has seen another revival this week.

CoinMarketCap data shows the JELLYJELLY price rose 143% in one week, to put it above the $100 million market cap level once again. This makes it the second-best performer behind PIPPIN among the top 30 meme coins over the last week.

As concerns about the potential risks posed by quantum computing to the cryptocurrency landscape grow, the Solana Foundation has taken new measures by announcing a collaboration with Project Eleven, which specializes in post-quantum security.

Solana’s Focus On Long-Term Security 

In a Tuesday press release, the Solana Foundation outlined its commitment to fortifying the cryptocurrency’s ecosystem against the implications of quantum computing. 

Through this initiative, Project Eleven has conducted a comprehensive threat assessment and successfully prototyped a functioning testnet utilizing post-quantum digital signatures. 

Under their engagement, Project Eleven undertook a risk analysis to evaluate how forthcoming breakthroughs in quantum computing could impact various facets of Solana’s infrastructure. Areas scrutinized included user wallets, validator security, and the foundational cryptographic assumptions that underpin the network. 

Moreover, Project Eleven has implemented a working post-quantum signature system on a Solana testnet, demonstrating that quantum-resistant transactions can be both practical and scalable.

Matt Sorg, VP of Technology at the Solana Foundation, emphasized the organization’s approach: “Our responsibility is to ensure Solana remains secure not just today, but decades into the future.” 

He noted that the culture of innovation within the Solana ecosystem would continue to thrive with the upcoming release of a second client and an advanced consensus mechanism this year. 

Alex Pruden, CEO of Project Eleven, echoed this sentiment, stating, “Solana didn’t wait for quantum computers to become a headline problem. They invested early, asked the hard questions, and took actionable steps today.” 

Industry Leaders Urge Speedy Action

Solana’s stance comes amid alarming reports indicating that quantum computers could potentially undermine blockchain security by developing algorithms capable of deciphering private keys. 

This scenario raises significant concerns for any digital assets operating on blockchain technology that rely on digital signatures, making them vulnerable to quantum hacking. As such, industry experts are actively exploring various measures to bolster cryptocurrency networks against these threats. 

Doug Finke, Chief Content Officer at Global Quantum Intelligence, pointed out that several groups are integrating the three post-quantum cryptography (PQC) algorithms established by NIST into their platforms. 

He emphasized the uncertainty surrounding when a sufficiently powerful quantum computer might be developed, raising the stakes even further. Finke stated, “What’s worse, if an unfriendly party does develop such a computer, they may not let anyone know about it.”

Currently, several cryptocurrencies have already begun incorporating quantum-safe cryptography into their architecture, including Quantum Resistant Ledger (QRL), Cellframe, and Bitcoin Quantum from BTQ. 

Among those issuing warnings about the looming threats from quantum computing are notable figures such as Solana co-founder Anatoly Yakovenko, Capriole Investment founder Charles Edwards, and representatives from major firms like BlackRock and Google.

Yakovenko has urged the Bitcoin community to accelerate efforts to implement quantum-resistant upgrades. He believes there is a 50% chance of a significant quantum breakthrough occurring within the next five years, further emphasizing the need for vigilance.

At the time of writing, SOL is trading at $127, which is a 6.7% decrease in price over the past seven days. Compared to the all-time high of $293 reached earlier this year, SOL is trading at almost 56% below this threshold. 

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

On-chain data shows the Bitcoin Inter-exchange Flow Pulse (IFP) has rapidly been going down recently, a sign of cooling derivatives interest.

Bitcoin IFP Has Witnessed A Plunge Recently

In a new post on X, CryptoQuant community analyst Maartunn has talked about the trajectory that the Bitcoin IFP has been following recently. The IFP refers to an on-chain indicator that measures the BTC flows taking place between spot and derivatives exchanges.

When the value of this metric is going up, it means investors are ramping up transactions to derivatives platforms. Such a trend can be a sign that demand for speculation is on the rise.

On the other hand, the indicator witnessing a decline implies fewer coins are traveling from spot exchanges to derivatives ones. This kind of trend can suggest traders are lowering their appetite for risk.

Now, here is the chart shared by Maartunn that shows the trend in the Bitcoin IFP and its 90-day moving average (MA) over the past decade:

As is visible in the above graph, the Bitcoin IFP was witnessing an uptrend in the last few months of 2024, but with the start of this year, a reversal in the indicator occurred. The switch to a downtrend meant that its value slipped below the 90-day MA, something that has historically signaled bearish conditions.

Over the course of 2025, the IFP has continued its downward trajectory, but lately, the decline has accelerated, indicating that derivatives interest is cooling off fast.

Two cycles ago, the IFP sliding below its 90-day MA led into the 2018 bear market. In the 2021 bull market, the bear signal on the IFP was initially followed by the second half of that bull run, but then the 2022 bear market took over as the metric failed to recover.

A similar trend has been witnessed this year as well, with Bitcoin exploring new all-time highs (ATHs) despite the IFP suggesting bearish conditions. The recent acceleration in the indicator’s downtrend, however, has been accompanied by a bearish period in the asset’s price. Only time will tell whether this is a repeat of the pattern from the last cycle, or if risk appetite will make a comeback among investors and the IFP will reverse course.

In some other news, the Bitcoin treasury companies have seen their holdings go up recently, despite the drawdown that the market has faced, as pointed out by Glassnode co-founder Rafael in an X post.

From the chart, it’s apparent that since Bitcoin started declining from its ATH above $126,000, the treasury companies have still continued a net upward trajectory. “Not seeing much of the alleged forced selling here despite some equities trading below mNAV,” noted Rafael.

BTC Price

At the time of writing, Bitcoin is trading around $87,500, down over 7% in the last week.