Many in the crypto space have echoed a familiar sentiment over recent months: “The four-year crypto market cycle is dead.” Experts from the Bull Theory assert that while the four-year cycle may have come to an end, the Bitcoin bull run itself is merely delayed and could stretch until 2027.

Why The Four-Year Cycle May Be Ending

In a recent post on social media platform X, formerly known as Twitter, the Bull Theory analysts noted that the concept of Bitcoin adhering to a neat four-year cycle is weakening. 

They highlighted that significant price movements over the last decade weren’t solely driven by Halving events; rather, they were influenced by shifts in global liquidity. 

The analysts pointed to the current landscape of stablecoin liquidity, which remains high despite recent downturns, indicating that larger investors are still engaged in the market, poised to invest when appropriate macroeconomic conditions arise.

In the US, Treasury policies are emerging as pivotal catalysts. The recent buybacks are notable, but the analysts emphasize that the larger narrative lies in the Treasury General Account (TGA) balance, which is currently around $940 billion—almost $90 billion above its normal range. 

This surplus cash is likely to flow back into the financial system, enhancing financing conditions and adding liquidity that typically gravitates toward risk assets.

Globally, the trends appear even more promising. China has been injecting liquidity for several months, while Japan recently announced a stimulus package worth approximately $135 billion, alongside efforts to simplify cryptocurrency regulations. 

Canada is also moving toward easing its monetary policy, and the US Federal Reserve (Fed) has officially halted its quantitative tightening (QT) measures—a historical precursor to some form of liquidity expansion.

Political And Monetary Factors Align To Create Bullish Condition

The analysts explained that when major economies adopt expansive monetary policies simultaneously, risk assets like Bitcoin tend to respond more rapidly than traditional stocks or broader markets. 

Additionally, potential policy tools, such as the Supplementary Leverage Ratio (SLR) exemption—implemented in 2020 to allow banks more flexibility in expanding their balance sheets—could return, resulting in increased credit creation and overall market liquidity.

There is also a political dimension to consider. President Trump has discussed potential tax reforms, including abolishing income tax and distributing $2,000 tariff dividends. 

Furthermore, the likelihood of a new Federal Reserve chair who supports liquidity assistance and is constructive toward cryptocurrency could bolster conditions for economic growth.

Extended Bitcoin Uptrend

Historically, whenever the Institute for Supply Management’s Purchasing Managers’ Index (ISM PMI) surpasses 55, it has been followed by periods of altcoin season. The probability of this occurring in 2026 appears high, according to the Bull Theory.

The convergence of rising stablecoin liquidity, the Treasury’s injection of cash back into markets, global quantitative easing, the cessation of QT in the US, potential bank-lending relief, pro-market policy shifts in 2026, and major players entering the crypto sector suggests a very different scenario than the old four-year halving model. 

The analysts concluded that if liquidity expands concurrently across the US, Japan, China, Canada, and other significant economies, Bitcoin is unlikely to move counter to that trend.

Therefore, rather than experiencing a sharp rally followed by a prolonged bear market, the current environment indicates a more extended and broader uptrend that could span through 2026 and into 2027.

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

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 

Despite the Bitcoin price recovery above the crucial $90,000 threshold—a level that has historically served as a supportive floor for the cryptocurrency—the market is exhibiting signs that a further correction may be imminent. 

Bitcoin Price Recovery At Risk?

Market expert Rekt Fencer recently shared insights on social media platform X, formerly known as Twitter, suggesting that the Bitcoin price might be forming what he calls a “massive bull trap.” 

This term refers to a deceptive bullish signal in which the price briefly surpasses a resistance level, in this case, the $90,000 mark, only to reverse into a decline. Such movements can entrap investors who bought in during the peak, leading to significant losses.

Fencer pointed out a troubling pattern reminiscent of early 2022 when Bitcoin reclaimed its 50-week moving average (MA)—currently positioned above $102,300—before experiencing a severe decline of roughly 60%, plummeting below $20,000 by June of that year. 

He indicated that the recent price recovery following major drops to $84,000 should not be interpreted as a signal of near-term success, especially since the Bitcoin price is currently trading under the 50-week MA.

If historical trends repeat, this could mean that Bitcoin might see a significant drop, potentially reaching around $36,200, which could potentially represent the low point of the bearish cycle for the cryptocurrency. On the other hand, there are analysts who retain a bullish outlook. 

BTC Bottom In Sight? 

Market researcher and analyst Miles Deutscher expressed a confident sentiment, stating he believes there is a 91.5% likelihood that the Bitcoin price has hit its bottom, based on his analysis of key developments. 

He noted that recent weeks have been dominated by negative news stories, including concerns surrounding Tether (USDT) and the implications of China’s actions on crypto, which he asserts often mark local price bottoms.

Moreover, Deutscher pointed out a shift in market flows from predominantly bearish to bullish. He explained that the trading environment has recently seen a resurgence in buying momentum, with large investors, or “OG whales,” ceasing their selling. This change has been reflected in the order books, indicating a possible stabilization in market sentiment.

Additionally, the liquidity landscape appears to be shifting, with market conditions tightening in recent months. The potential appointment of a new Federal Reserve chair known for dovish policies, coupled with the official end of quantitative tightening (QT), could further influence market dynamics in favor of buyers.

Deutscher concluded by emphasizing that given the extreme levels of fear, uncertainty, and doubt (FUD) in the market, combined with improvements in trading flows, he believes that the odds favor the notion that the Bitcoin price has indeed reached its bottom.

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

Fundstrat’s Tom Lee told attendees at Binance Blockchain Week that he believes the worst leg of the recent crypto slump is likely over and that markets may be ready for a gradual recovery. He pointed to weakening selling pressure and growing underlying activity as reasons for cautious optimism.

Market Sentiment May Be Near A Turning Point

According to Lee, mood on the street turned darker after October, with many investors showing fatigue after steady losses. He said the current selling looks closer to exhaustion than to the start of another major decline. Trading desks have cut back. Volume has thinned. Sentiment is low. Lee argued that often, when pessimism peaks, conditions for a reversal begin to form.

Bitcoin Drawdowns Are Not Uncommon

Based on reports, Bitcoin has fallen about 36% from its all-time high in the recent retreat. That size of drop has happened in prior cycles, including 2017 and 2021, and has been followed by rallies that reached new records.

“Crypto prices likely bottomed. The best years of growth are still ahead: there is 200x adoption to come.” – Tom Lee, Chairman of Bitmine pic.twitter.com/fPWbWdaosO

— Binance (@binance) December 4, 2025

Lee pointed to long-term returns for bitcoin and ether compared with some traditional assets over the last decade, saying crypto’s gains were larger. He used that history to support the idea that patient holders have been rewarded after past stress.

Tokenization Could Be A Major Story In 2026

Lee also presented tokenization as a key theme for the future. He said large institutions are preparing to move more financial products on-chain and that, if real estate joins the shift, close to a quadrillion dollars in assets could eventually be tokenized.

Stablecoins were cited as an early example of why tokenized instruments can attract demand. He suggested that a broader institutional push could add steady interest to the market over time.

BlackRock’s Bitcoin ETF Was Highlighted As A Signal

Reports have disclosed that BlackRock’s bitcoin ETF has become one of the firm’s top fee-earning products, a fact Lee used to show growing involvement from legacy finance. That kind of institutional participation, he argued, points to deeper engagement from big players who were previously on the sidelines.

Adoption Gap Suggests Large Upside

According to Lee, only 4.4 million bitcoin wallets hold more than $10,000 in BTC, while nearly 900 million people globally have more than $10,000 in retirement savings.

He said that gap shows how early the market still is and argued that if just a fraction of those savers put money into bitcoin, adoption could expand by as much as 200 times. The figure is speculative, he acknowledged, but he used it to show the potential scale for future demand.

What This Means For Investors Now

Lee questioned whether the old four-year cycle should be used as a strict guide. He suggested recent moves were driven more by de-leveraging and structural shifts than by the halving rhythm that shaped earlier cycles.

Featured image from Unsplash, chart from TradingView

VTB, Russia’s second-largest bank, has told clients it plans to let them buy and sell real cryptocurrencies through its brokerage service, with a target rollout in 2026 pending regulator approval.

According to the bank, the move would go beyond the derivative products that most Russian banks have offered so far. It is a clear shift toward opening traditional finance to digital assets, at least for now among wealthy clients.

Client Eligibility And Timetable

Reports have disclosed that VTB intends to begin with high-net-worth customers only. The bank set thresholds for its initial offering: clients with assets above $1.3 million or annual income over $649,000 would be eligible at first.

Andrey Yatskov, who heads VTB’s brokerage arm, said there is “sharp demand” from clients for access to actual crypto, not just paper products tied to token prices. The bank has picked 2026 as the planned start year, but it made that clear the launch depends on regulators signing off.

Real Crypto, Not Just Contracts

Based on reports, the service would allow ownership of the underlying coins — not merely derivative contracts or token-linked notes. That is a significant distinction in Russia, where until recently banks were limited to offering exposure through derivative instruments.

Allowing customers to hold coins directly would require legal and compliance work, from custody arrangements to anti-money-laundering controls. Those steps are on the critical path before any retail expansion can happen.

Potential Market Signals

VTB has also given investors a sense of how it views crypto as an asset class. The bank recommended a 7% allocation to crypto for some investor profiles, and its internal forecasts have mentioned medium-term Bitcoin price targets in the $200,000–$250,000 range under favorable conditions.

If VTB moves forward, it could be the first major Russian bank to operate in this way — a signal that some parts of the financial sector see token ownership as something to be offered through mainstream channels.

Regulatory Hurdles And Geopolitics

The plan is not risk free. Russian regulation of crypto is still evolving, and any permit to offer direct trading will require approval from the relevant authorities. Sanctions and other geopolitical pressures could alter timelines or force changes to how the service is structured. Compliance teams will need to reconcile domestic rules with international restrictions that affect many big banks operating in or dealing with Russia.

For now, the rollout remains conditional. VTB’s timeline, client criteria, and product design all hinge on legal clarifications and regulator consent. Market participants and clients will likely follow announcements from the Bank of Russia and other agencies to judge how soon broader access might come.

Featured image from Pexels, chart from TradingView

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

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.

And the arguments have already started.

According to an analytics report, XRP traded near $2.06 on Friday as social chatter around the token turned sharply negative after a two-month slide of about 30%.

Traders and data firms flagged a sudden rise in bearish messages, a shift from the more mixed views seen earlier this year. The mood has tightened around crypto, and XRP is not immune.

Crowd Mood Shifts To Fear

Based on reports from Santiment, its chart tracks XRP’s price against positive and negative comments and a combined sentiment line that aims to measure crowd feeling.

Recent readings pushed the balance into what Santiment calls the fear zone, where negative talk outweighs optimism. On this same model, Santiment pointed to Nov. 21 as a comparable moment.

Back then, XRP rallied more than 20% over the next three days before gains cooled. That past move is being used as a reference point by traders who watch social signals closely.

XRP (-31% in the past 2 months), unlike Bitcoin, is seeing the most fear, uncertainty, & doubt (FUD) since October, according to our social data.

Circles indicate days where there are abnormally higher BULLISH comments compared to BEARISH comments, about XRP (Greed Zone)… https://t.co/lJNW8zlRwK pic.twitter.com/ZoFmwrtw3h

— Santiment (@santimentfeed) December 4, 2025

Short Squeezes And Reflexive Moves

Extreme pessimism can become a catalyst. When weaker holders sell and shorts pile in, a quick reversal can squeeze sellers and lift price sharply. This is the scenario many are watching: heavy bearish chatter could clear the way for a reflexive rebound if buying pressure appears.

Santiment urged followers to keep an eye on the same dashboard to spot rapid shifts in sentiment, and some traders say the crowd’s mood often leads price in the very short term.

Price Moves And Market Backdrop

XRP was last reported down about 4% at $2.04, extending a loss of roughly 6% over the past month. The total crypto market value slipped about 1% to $3.22 trillion on the same day, a pullback that has dragged on many altcoins even as liquidity stays concentrated in the largest tokens.

Order books on smaller pairs have thinned and leveraged positions were trimmed, leaving less depth to absorb big moves. Traders also cited uncertainty around upcoming US policy decisions as a factor behind cautious positioning.

Institutional Push And On-Ledger Activity

Analysts watching the token say it still has room to run toward $2.50 to $2.75 if cross-border liquidity flows pick up and stablecoin projects on the XRP Ledger gain momentum. Reports have disclosed that Ripple has been moving to broaden its institutional reach.

Buy XRP. Stop focusing on any other Crypto Coins

They don’t matter

— Cameron Scrubs (@imcameronscrubs) December 2, 2025

Last month, the firm launched digital asset spot prime brokerage services in the US after acquiring Hidden Road and folding it into Ripple Prime, a combined trading and custody setup for professional clients. That push is being watched as a potential longer-term support for demand.

Vocal Bulls And Market Signals

Despite the FUD surrounding XRP, Cameron Scrubs, founder of Tradeship University, has again urged followers to “buy XRP,” stating that other crypto assets “don’t matter.” In previous posts, he also called to “sell everything and buy XRP.”

Traders are watching these statements closely as sentiment shifts, while on-chain data and social signals are being monitored for indications that the current negative chatter may be starting to ease.

Featured image from Gemini, chart from TradingView

Strategy, the Michael Saylor-led corporate Bitcoin buyer long watched by investors, has sharply cut back purchases this year, according to CryptoQuant. Once a steady force of demand, its monthly buys have fallen dramatically, changing the way market watchers view institutional support for Bitcoin.

Sharp Drop In Monthly Purchases

Based on reports, Strategy’s monthly accumulation peaked around 134,000 BTC in late 2024. By November 2025 that figure had dropped to roughly 9,100 BTC. That move amounts to about a 93% decline from the high-water mark. Buying this month was almost nil, with only 135 BTC recorded early in December. Those numbers show how quickly a major buyer can thin out.

Strategy’s Bitcoin buying has collapsed through 2025.

Monthly purchases fell from 134K BTC at the 2024 peak to just 9.1K BTC in November 2025, only 135 BTC so far this month.

A 24-month buffer makes one thing clear: they’re bracing for the bear market. pic.twitter.com/qEwXR3JQ82

— CryptoQuant.com (@cryptoquant_com) December 3, 2025

A Big Buy Amid The Pullback

Reports have disclosed that on November 17, 2025, Strategy made a sizeable purchase of roughly 8,178 BTC, a buy worth near $835 million at the time. The purchase was the largest for the firm since July and pushed its total holdings to about 649,870 BTC. But while that single entry was large, it did not reverse the broader trend: overall monthly activity is far lower than it was a year earlier.

Big Holdings But More Cash On Hand?

According to CryptoQuant, Strategy has also piled up cash — about $1.4 billion has been set aside. That reserve is being held to cover dividend payments, debt servicing and other company needs. Observers say this signals a shift toward preserving liquidity rather than steady accumulation of Bitcoin. In other words, the company appears to be prioritizing cash stability over more buys for now.

What CryptoQuant And Others Are Watching

Market analysts are taking the slowdown as a warning sign that corporate appetite for Bitcoin treasuries may be cooling. If other big holders act the same, the structural demand that helped support prices could weaken.

Some traders will read the figures as a move to brace for a possible bear market. Others point out that Strategy’s enormous stash — nearly 650,000 BTC — still gives it room to ride out a downturn without having to sell immediately.

Key signals to monitor include the monthly purchase totals going forward and any change in Strategy’s cash holdings. Observers will be watching to see if the company returns to regular Bitcoin purchases or if the reduced buying becomes the standard.

It’s also important to monitor other corporate treasuries, because if several slowdowns occur together, the market for newly issued and available Bitcoin could tighten significantly.

Featured image from JRU, chart from TradingView

According to utility records and media reports, Malaysian authorities have begun a nationwide crackdown on illegal Bitcoin mining after state power losses linked to miners topped roughly $1.1 billion between 2020 and August 2025.

The push targets nearly 13,800–14,000 sites suspected of tapping power without paying. Actions have included drone sweeps, meter inspections and on-the-ground raids.

Task Force Launches Drone And Ground Sweeps

Based on reports, a multi-agency task force was formed that includes the national utility Tenaga Nasional Berhad (TNB), police and other regulators. Drones fitted with thermal cameras and teams with special meters have been used to spot heat signatures and odd power draws in warehouses, shuttered shops and even residential blocks.

Bitcoin mining hardware were seized in several operations and arrests were reported in at least a few cases where evidence of meter tampering was found.

Illegal Bitcoin Mining: Estimated Losses And Numbers

The scale is large. Reports have disclosed losses of about $1.1 billion, which is roughly RM 4.57 billion, and investigators say the number of illicit premises discovered since 2020 is close to 14,000.

Authorities warned that power theft linked to mining has climbed sharply in recent years, with some sources pointing to an increase of about 300% since 2018. Many operators pick low-cost hiding spots and keep moving to avoid detection.

Legal And Policy Questions Loom

While Bitcoin mining itself is not outright banned in Malaysia, stealing power and bypassing meters is illegal under the Electricity Supply Act 1990. Officials are weighing tougher steps. Some lawmakers and energy officials have raised the option of stricter licensing, smarter metering or even temporary bans on certain operations if theft continues.

Based on reports, the effort is meant to protect grid stability and stop long running losses that hit the utility’s bottom line.

Safety Risks And Grid Strain

Beyond the money, authorities say there are safety concerns. Tampered connections and overloaded lines raise the risk of short circuits and fires, and they can damage transformers and other costly equipment.

In some areas, local residents reported flickering lights and unstable supply, which investigators link to abnormal draws found at nearby illegal mining sites. Those technical strains add urgency to enforcement.

What Comes Next

Reports suggest enforcement will rely on a mix of tech—drones, thermal scans, smart meters—and traditional policing. For now, the immediate goal is to shut down rigs, seize equipment and bring legal action against operators who took power without paying. The long term path may include clearer rules for legal miners and tighter monitoring across the grid.

Featured image from Pexels, chart from TradingView

Regulators in Washington on Thursday cleared a major step that lets Americans trade spot Bitcoin and other cryptocurrencies on federally registered exchanges for the first time.

According to the Commodity Futures Trading Commission, listed spot crypto products may now be offered on exchanges registered with the agency, a move announced on December 4, 2025.

Regulated Spot Trading Begins

The action comes from a CFTC press release labeled Release No. 9145-25 and that the change allows spot crypto contracts to be listed on futures exchanges that are registered with the CFTC.

The regulator said its rules now permit such listings to trade under the oversight and surveillance standards those exchanges already follow.

.@CFTCpham Announces First-Ever Listed Spot Crypto Trading on U.S. Regulated Exchanges: https://t.co/89Mx6f0ss4

— CFTC (@CFTC) December 4, 2025

Bitnomial Leads The Way

Bitnomial, a Chicago-based derivatives exchange, is set to be the first exchange to list such products, with plans to offer both leveraged and non-leveraged spot trading on its platform.

Market notices and statements show Bitnomial moved quickly to use the new framework, announcing a launch and filings that position it as the first US venue to trade listed spot crypto under CFTC rules.

What This Means For Investors

According to market commentators and reporting, the shift brings spot trades under long-standing market protections like clearing, surveillance and execution rules that apply to other listed products.

That can make some institutional players and big funds more willing to trade onshore. At the same time, regulators say this is meant to pull activity away from unregulated offshore venues and improve market oversight.

Acting Chairman Caroline Pham said the move is meant to strengthen the US position in the crypto market while giving traders access to safer and more transparent trading venues.

Risks Remain

Reports have disclosed that the change does not remove the underlying risks of crypto: prices can swing widely, and no regulatory move can stop market volatility.

Also, only exchanges that seek and obtain the proper CFTC registration will be able to use this route, so most offshore platforms remain outside US oversight for now.

Next Steps

Observers will be watching whether other US exchanges follow Bitnomial, how many retail investors gain access, and how the SEC responds on parallel issues such as token classification and custody rules.

The CFTC had flagged this pathway in August as part of a broader initiative to allow listed spot crypto trading, and agencies have since coordinated on guidance and public engagement.

The CFTC’s Acting Chairman said this brings spot crypto trading into a regulated setting Americans can trust, and that exchanges with the right protections can now list these products.

This development is part of a months-long policy push by the administration to create clearer rules for digital assets.

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Kraken and Deutsche Börse has announced a strategic partnership that will integrate crypto with traditional market infrastructure.

Kraken And Deutsche Börse Have Partnered Up

As announced in a press release, US-based digital asset exchange Kraken has teamed up with Deutsche Börse Group to bridge crypto and traditional finance and deliver institutional investors access across asset classes.

Headquartered in Frankfurt, Deutsche Börse Group is one of the biggest financial market infrastructure providers in the world. It operates the Frankfurt Stock Exchange, which ranks the 12th largest in market cap globally.

In the first phase of the partnership, Kraken will integrate directly with 360T, a subsidiary of the German multinational corporation that provides foreign-exchange trading services. This integration will provide Kraken clients access to the latter’s foreign-exchange liquidity.

The partnership will go the other way, as well. Via Crypto Finance, another Deutsche Börse subsidiary, and Kraken, Deutsche Börse Group clients will be able to trade cryptocurrencies and derivatives.

The two firms also plan to leverage Kraken Embed, the crypto trading infrastructure solution created by Kraken, to provide institutions in Deutsche Börse Group’s network with digital asset access.

The press release noted:

Together, the companies will develop advanced white-label solutions enabling banks, fintechs, and other financial institutions to offer secure, compliant crypto trading and custody services to clients across Europe and the U.S.

Another thing Kraken and Deutsche Börse Group are collaborating on is integration of xStocks in the ecosystem of 360X, Deutsche Börse’s tokenized trading venue. xStocks is a stock tokenization standard that has been gaining adoption. Kraken announced the acquisition of Backed, the company behind xStocks, just this Tuesday.

Arjun Sethi, Kraken Co-CEO, said:

By linking traditional and digital markets across a wide range of asset classes, we’re building a holistic foundation for the next generation of financial innovation: defined by efficiency, openness, and client access.

The companies are also looking to make derivatives listed on Deutsche Börse Group’s Eurex, the largest futures and options marketplace in Europe, available on Kraken, if regulators provide the nod.

Stephan Leithner, Deutsche Börse CEO, noted:

This collaboration with Kraken is a great strategic fit for Deutsche Börse Group. It underscores our ongoing commitment to shaping the future of financial markets by combining the trust and resilience of our regulated infrastructure with the innovation of the digital asset ecosystem.

Back in October, the German organization also announced another crypto partnership, this one with USDC issuer Circle. The collaboration aimed to integrate the latter’s USD and EUR stablecoins in the former’s infrastructure to boost stablecoin adoption in Europe.

Bitcoin Price

At the time of writing, Bitcoin is trading around $92,500, up 1% over the last week.

A new player has emerged in the world of cryptocurrency banking, with a team of former executives from the collapsed Signature Bank at the helm. The establishment of N3XT comes nearly three years after Signature Bank’s downfall in March 2023, which significantly impacted the crypto industry.

Former Signature Bank Leaders Establish N3XT

According to a report by Reuters, the newly founded blockchain-based bank aims to facilitate instant US dollar payments around the clock, led by Scott Shay, who served as the founder and chairman of the Signature Bank. Jeffrey Wallis, the former director of digital assets at Signature, will take on the role of CEO at N3XT.

Per the report, N3XT will operate under a special-purpose bank charter in Wyoming and has decided to avoid typical lending activities, which were at the heart of the collapsed Signature Bank. 

“Every dollar of deposits will be backed by cash or short-term U.S. Treasuries,” Wallis explained, noting that the bank will publish its reserve holdings daily. 

This sets N3XT apart from its predecessor, Signature Bank, especially given that its reserves will be held with custodial partners, though Wallis did not disclose their names. 

Importantly, N3XT will not be insured by the Federal Deposit Insurance Corporation (FDIC) since Wyoming special-purpose banks are not required to obtain such insurance.

The collapse of Signature Bank, along with the failures of Silvergate Bank and Silicon Valley Bank, pointed to a troubling trend among banks with significant uninsured deposits and ties to the cryptocurrency sector. Rising interest rates and a loss of depositor confidence culminated in bank runs that led to their downfall.

Solutions For Crypto Clients 

Addressing concerns about the safety of client assets, Wallis reassured potential customers in the crypto industry, stating, “We do not lend against our balance sheet, so clients always have confidence that their capital is available to them and is never at risk.” 

He emphasized that the newly established  bank is designed to offer a new and “unique banking structure,” ensuring that clients’ liquidity is readily accessible according to their economic needs.

Wallis further distinguished N3XT’s approach to risk management from that of Signature Bank, which was criticized for “poor management” and a focus on “rapid, unrestrained growth” with little attention to risk. 

“We are not making any lending decisions with the balance sheet,” Wallis reiterated. “We are keeping our clients’ assets in full liquid form.” N3XT will reportedly focus on catering to crypto clients, many of whom Wallis mentioned are already in the onboarding process.

As of this writing, Bitcoin (BTC), the market’s leading crypto, is trading at $92,834. It has consolidated above the key $90,000 support level for the past few days, sparking new hopes for a potential recovery above $100,000 by the end of the year. 

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

Reports have disclosed a sharp rebound in crypto markets this week, with Bitcoin jumping 8% to trade above $93,000 after sliding from lows under $85,000 earlier in the week.

Traders are watching the Federal Reserve’s December actions closely as they try to gauge how much liquidity will return to markets. The move pushed bitcoin back within reach of a roughly $2 trillion market cap.

Sovereign Funds Building Longer Positions

According to BlackRock chief executive Larry Fink, several sovereign wealth funds have been quietly adding to positions as prices fell from a peak near $126,000.

“There are a number of sovereign funds that are standing by…. and they’re buying ‘incrementally’ as the Bitcoin price has retreated from its $126,000 peak,” Fink said.

He said these buyers are taking a gradual approach — adding over time rather than making quick bets — and treating holdings as multi-year positions.

Reports have disclosed that public funds in Abu Dhabi and Luxembourg have bought into BlackRock’s IBIT bitcoin fund in recent months.

Fink warned that markets remain skewed and that volatility will persist while many players remain highly leveraged.

Tokenization Seen As A Long-Term Story

Fink has been vocal about tokenization as a major theme for the coming years. Based on reports, he wrote in The Economist that tokenization could grow as quickly as the internet did in its early days, noting that Amazon had only $16 million in sales in 1996.

BlackRock, the $10 trillion asset manager he runs, has pushed the idea that a digital wallet could one day hold stocks, bonds and tokenized assets together.

Coinbase chief executive Brian Armstrong said some of the largest banks are already working with Coinbase on stablecoins, custody and trading services, though he did not name the banks.

On Ownership & Worry

According to remarks made at a DealBook event alongside Andrew Ross Sorkin and Brian Armstrong, Fink described bitcoin in emotional terms: ownership often reflects worries about physical safety or financial security.

He tied demand to concerns over the debasement of financial assets and rising deficits. Reports have also quoted him warning that the US risks falling behind other governments if it does not speed up adoption of tokenization and other digital tools.

US President Donald Trump has similarly warned about competition from China in crypto innovation.

Market Reaction And Risks Ahead

Traders are already pricing in a variety of scenarios. Some are betting on a major development in 2026 that could reshape demand; others remain focused on short-term policy moves from the Fed.

Bitcoin’s recent 8% gain was the largest daily jump since May, but it came after sharp swings that highlighted how quickly positions can reverse.

With significant capital now involved — and big names publicly backing tokenization — the market is likely to see more headline-driven moves.

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According to on-chain monitors, a wallet linked to TRON founder Justin Sun pulled 100 million TRX from Binance on December 3, 2025. Reports say the same address also moved $5 million USDT around the same time. These large transfers were flagged publicly by Onchain Lens and picked up by multiple crypto news outlets.

Transaction Values And Timing

Onchain tracking shows the 100 million TRX was worth close to $28 million at the time of the move. The USDT transfer of $5 million happened within a minute of the TRX withdrawal, which has led observers to call the action coordinated rather than routine.

Based on reports, the close timing and mixed asset types — token plus stablecoin — drew extra attention from traders and on-chain sleuths.

Data also shows the Justin Sun-linked wallet now holds a much larger TRX balance than just this single transfer. Tracking services report the address sits at about 492 million TRX, a holding with a notional value near $138 million based on market rates at the time. That swelling balance has prompted talk that accumulation of TRX has been steady in recent days.

A wallet linked to Justin Sun (@justinsuntron) withdrew 100M $TRX worth $27.96M from #Binance and also withdrew $5M $USDT.https://t.co/4d2utqwsv0 pic.twitter.com/k40pMUj15d

— Onchain Lens (@OnchainLens) December 3, 2025

Market Reaction And Liquidity

Initial market moves were muted. Some exchange data and commentaries noted a mild uptick in TRX price after the news, suggesting traders saw the outflow as removing sell pressure from exchange order books.

Analysts who track exchange liquidity say large withdrawals like this can shrink available sell-side supply and can support price stability if demand holds. Still, any clear price trend will depend on what happens next with the withdrawn tokens.

No Official Word Yet

There has been no public statement from Justin Sun or TRON explaining the transfers. Without confirmation, motives remain speculative. Observers are weighing a few common possibilities: long-term cold storage, staking or protocol use, or internal treasury moves. All of those ideas are possible, but none are confirmed by the team.

What Could Happen Next

If the tokens stay offline, some traders may view the move as bullish since it cuts the floating supply held on big exchanges. If the funds are later sold or used to provide liquidity, the effect could swing the other way.

Reports point out that similar moves by major holders have sometimes been followed by quiet accumulation and other times by large transfers into trading venues — timing and intent matter.

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Reports have disclosed that Ripple CEO Brad Garlinghouse told a Binance-hosted panel he expects Bitcoin to reach $180,000 by December 31, 2026.

Bank Moves Could Be The Spark

According to market coverage, Bitcoin tumbled about $5,000 in roughly three hours during early December, wiping more than $200 billion from the broader crypto market and triggering nearly $700 million in liquidations. That sudden drop has been linked to moves in traditional markets, not a single crypto event.

Some analysts point to a change in Japan’s bond market that is pressuring the long-running yen carry trade. Reports say the Bank of Japan’s policy path is now in focus, with a key decision due in mid-December that could move global risk appetite and the yen.

Whales Bought While Prices Fell

On-chain trackers show large investors added to holdings during the drop. According to on-chain data aggregators, accumulator addresses picked up about 375,000 BTC over recent weeks. That figure, if measured the way those firms define “whales,” suggests big players were buying into weakness.

Miners Also Cut Back Sales

Based on market commentary, miner selling has slowed sharply. One widely cited dataset shows miner outflows fell from roughly 23,000 BTC per month to about 3,672 BTC in the most recent window. That drop in miner supply was flagged as a possible tailwind for price if it persists.

ETF Money Flows And Model Targets

Reports have also tracked ETF movements, noting several billion dollars left Bitcoin ETFs in November, and that flows remain a key short-term force for price direction. Meanwhile, major banks have published valuation work that places fair-value scenarios well above current levels — for example, JPMorgan analysts have argued a model-based target near $170,000 under certain assumptions.

How Realistic Is A $180,000 Outcome?

Putting these pieces together, hitting $180,000 by the end of 2026 is possible in a bullish scenario where institutional demand resumes, whale buying continues, miner selling stays low, and central-bank moves help risk appetite.

But it would require sizeable, sustained inflows and a benign macro backdrop across many months — not just a one-off rally. Garlinghouse remains optimistic about his forecast.

Signals To Watch Next

Bank of Japan guidance in mid-December could influence Bitcoin’s next move. Daily ETF flows and open interest have shown significant shifts recently. On-chain data indicates that accumulators added around 375,000 BTC while miner selling dropped sharply. These figures, if confirmed by the original data sources, may play a major role in shaping near-term price action.

Garlinghouse’s $180,000 call is a high-profile, optimistic view that matches other bullish models on the market. Reports show real volatility and major flows are already shaping price. For now, the forecast is an opinion rooted in plausible scenarios — one to watch, not a certainty.

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Reports have disclosed that the US Federal Reserve has ended its Quantitative Tightening program and has put cash back into markets. According to sources, the Fed injected more than $13 billion through overnight repo operations, the largest such move in years.

Crypto investor and author Paul Barron said that coins like XRP could “bring the fire” now that more liquidity is flowing back into the system. He believes that when the Fed starts easing up, assets with clear utility often react faster than the rest of the market.

Barron added that stronger liquidity usually pulls traders toward tokens that can move money quickly and cheaply, which is why he thinks XRP may see more attention if this trend continues.

Markets reacted quickly. Bitcoin rose about 4% in a 24-hour span to reach $93,800. XRP climbed more than 8%, touching $2.18 as demand picked up.

THE FED JUST DOUSED THE FLAMES: $13.5B repo injection, 2nd-largest since C@#$D After months of burning through liquidity (QT), they’re flooding the system again. Here’s the pattern: When the Fed brings water, $BTC, $ETH, $XRP brings the FIRE. Risk assets don’t cool down when…

— PaulBarron (@paulbarron) December 2, 2025

Liquidity Push Fuels Market Moves

According to analysts, this type of liquidity shift often lifts risk assets, including crypto. Tom Lee of BitMine said on TV that Bitcoin gained nearly 20% in the weeks following the last time the Fed shifted away from QT.

He noted that the same setup might lead to more upside before the year ends. Many traders are watching how much money returns to markets because it can shape short-term sentiment.

ETF Flows And Long-Term Views

According to reports, new XRP ETFs have already attracted more than $800 million in inflows. Supporters say these inflows can change how investors view XRP, although they don’t remove all uncertainty.

Some hedge fund managers also weighed in, pointing out that over the past 16 years the Fed added close to $9 trillion in liquidity while only removing $3.2 trillion before reversing course.

Utility Tokens May Get More Attention

Some community voices argue that tokens built for payments or settlement may see stronger demand if liquidity continues to rise. One XRP supporter said XRP was made to move money at scale and claimed the market will focus more on assets with real use cases.

Adoption remains mixed. Some companies that previously used Ripple’s tools have stepped back, while others still rely on parts of its payment network. The XRP Ledger is being used, but not always in the same way it was during earlier partnerships.

Outlook For The Market

With Bitcoin holding steady at the $93,000 level, and XRP at $2.22, the market is clearly reacting to the Fed’s change of direction. Liquidity helps drive rallies, but it also creates quick pullbacks and shaky moments.

Barron’s line — that coins like XRP could “bring the fire” — hangs over the market: renewed liquidity may be the spark that helps XRP ignite fresh momentum. But fire can spread fast or fizzle out; traders should stay alert, manage risk, and not get burned if the rally cools as quickly as it heats up.

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