Из жизни альткоинов

According to reports, Changpeng “CZ” Zhao said Pakistan could become one of the world’s leading crypto hubs within five years if the country keeps moving at its current pace on rules and adoption.

CZ made the comments during a conversation with Bilal bin Saqib, head of the Pakistan Crypto Council, and his forecast has been picked up by several outlets.

Pakistan Moves Fast To Build Rulebook

Reports have disclosed that Pakistan has already put several pieces in place that could support rapid growth in virtual assets.

The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued initial clearances — so-called No Objection Certificates — allowing global exchanges such as Binance and HTX to register local units and begin preparing full licence applications.

Those steps stop short of final licences, but they open the door for regulated operations inside the country.

A conversation between Changpeng Zhao (@cz_binance), Founder of Binance and Chairman PVARA, @BilalBinSaqib on the future of crypto in Pakistan.

From Pakistan’s potential to tokenization and what comes next for the virtual asset economy.

Timestamps:

– Why Pakistan for Crypto?:… pic.twitter.com/ILGHOMBdWY

— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) December 30, 2025

Officials And Advisers Lend Credibility

Based on reports, CZ’s role is described as a strategic adviser to Pakistan’s crypto effort, working with local leaders including Bilal bin Saqib.

The state is also reported to be staffing a new Pakistan Crypto Council and to have moved quickly to draft a Virtual Assets Act and related rules. These moves are meant to reassure international players that the market will be governed.

Pakistan could be a crypto leader in 5 years at current pace: CZ

Former Binance boss Changpeng Zhao has praised Pakistan for its speedy crypto adoption in 2025, saying the country is on track to become a crypto leader by 2030.#bitcoin #ethereum

— Insider.Space (@InsiderDotSpace) December 31, 2025

Tokenization And A Big Dollar Figure

Reports show discussions between Pakistan and Binance about tokenizing sovereign assets — government bonds, bills and commodity reserves — with an early figure floated at up to $2 billion.

That project, if carried out, would be one of the biggest sovereign tokenization efforts yet and could attract fresh foreign capital for Pakistan’s treasury.

Stablecoin Plans And A Central Bank Pilot

Based on reports, PVARA officials have said the country will “definitely launch” a national stablecoin as part of the strategy to modernize payments and support tokenized debt.

At the same time, the central bank has signaled work on a pilot central bank digital currency (CBDC). Those twin tracks — a government-backed stablecoin plus a CBDC test — are being watched closely by market participants.

Reports have also highlighted Pakistan’s large crypto user base and its interest in using surplus power for Bitcoin mining and AI data centers.

Some estimates cited by news wires place crypto users in the country at roughly 15–20 million, and officials say parts of the plan are aimed at turning excess electricity into economic activity.

Observers warn that legal steps taken so far include ordinances that need parliamentary approval, and that some measures remain temporary unless passed into law.

The Virtual Assets Ordinance and related rules have timelines attached, which means regulators must follow through fast to lock in investor confidence.

Featured image from Unsplash, chart from TradingView

Основатель и гендиректор финтех-компании Galaxy Digital Майк Новограц (Mike Novogratz) заявил, что все ингредиенты для мощного ралли биткоина в новом году уже на столе, «не хватает только импульса».

According to market reports, BitMine Immersion Technologies acquired roughly $97.6 million worth of Ethereum on Tuesday, buying about 32,938 ETH as investors trimmed positions near the end of the year.

The buy came while prices were subdued, a time some analysts say creates chances for large holders to add to treasuries.

BitMine Adds Millions Of Ether

BitMine’s move was followed by additional activity tied to staking. Reports show the company also staked about 118,944 ETH as part of a plan to earn yield on its holdings.

Those steps pushed public estimates of BitMine’s total Ether holdings to around 4.07 million ETH, with an approximate market value near $12 billion at current prices.

Buying Comes Amid Year-End Selling

2/ Here are our weekly buys by week Weekly ETH buys (by week ending): -12/29/25: 44,463 ETH tokens -12/22/25: 98,852 ETH tokens -12/15/25: 102,259 ETH tokens -12/8/25: 138,452 ETH tokens -12/1/25: 96,798 ETH tokens -11/24/25: 69,822 ETH tokens -11/17/25: 54,156 ETH… pic.twitter.com/80KrtK5uv1

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) December 29, 2025

Based on reports and comments from Fundstrat’s Tom Lee, BitMine timed some purchases to take advantage of what is often called tax-loss selling in the US, which tends to heat up in the final days of the year and can weigh on crypto prices.

Lee said year-end selling—especially from December 26 to December 30—has been a factor pushing certain token prices lower, creating a window for accumulation.

What The Numbers Mean For Investors

The scale of BitMine’s accumulation matters because a company holding more than 4 million Ether can influence market perceptions even if it does not trade frequently.

Reports note that BitMine shifted part of its corporate strategy this year toward an Ethereum treasury, and that move has drawn interest from big-name investors and the wider market. The firm’s staking activity also signals a desire to generate returns beyond price gains.

Market Reaction And Wider Context

Different methodologies were used to interpret the various trading desk reactions to the institutional purchase of bitcoin. Some trading desks indicated that they thought the purchase showed that the institutional investor community continues to be willing to acquire Bitcoin.

In contrast, other trading desks stated that the year-end volatility and the algorithmic sell-offs are obscuring the true level of interest from these institutions.

The exact amounts and timestamps of the transfers were published via on-chain analytics services, and various crypto media outlets covered the exact same information shortly after the trades were detected on the exchanges.

Featured image from Unsplash, chart from TradingView

Cardano’s governance process closed out 2025 with a tangible green light: the “Critical Integrations Budget Info Action” has been ratified, a step EMURGO framed as foundational to getting priority ecosystem integrations funded and executed.

In a post on X late Tuesday, EMURGO said the action cleared with “6 out of 7 Constitutional Committee approval and over 85% DRep support,” positioning the proposal to move into its next, more consequential phase. “With the BIA complete, focus now shifts to the Treasury Withdrawal Action,” EMURGO wrote. “This next step transitions the proposal from intent to execution which requires continued active review and support from the CC and DReps.”

Why This Is Crucial For Cardano

The distinction matters in Cardano’s post-Voltaire governance flow. The Budget Info Action signals alignment around scope and direction, while the Treasury Withdrawal Action is the point at which the ecosystem’s intent is translated into an on-chain withdrawal, meaning governance scrutiny typically intensifies as the discussion moves from principle to disbursement.

EMURGO also used the moment to emphasize that the process is already yielding concrete outputs under what it called the “Critical Integrations framework,” describing coordination across the “Pentad” that includes Input Output (IOG), the Cardano Foundation, EMURGO, Intersect, and the Midnight Foundation.

Two integrations were highlighted as already confirmed. The first is Pyth Network, which EMURGO described as “real time, institutional-grade market data coming to Cardano,” aimed at supporting DeFi primitives that depend on robust price feeds. EMURGO pointed to use cases including “lending, derivatives, stablecoins, and onchain risk management,” underscoring that oracle availability remains a gating factor for more complex on-chain markets.

The second is Dune, which EMURGO said will bring “Cardano data integrated into a shared analytics platform used across the industry,” making on-chain activity “easier to analyze, compare, and build on.” For builders and funds that already rely on common analytics tooling across ecosystems, the pitch is straightforward: lower friction for monitoring Cardano activity alongside other chains, and less bespoke infrastructure work to get dashboards, queries, and reporting into production.

EMURGO cast the vote outcome as an indicator of governance maturity and ecosystem alignment, explicitly thanking Constitutional Committee members and DReps for participation “even during the holiday period.” It also framed the timing as a setup for 2026 execution, writing that “this momentum reflects an ecosystem working together with a shared goal” and that Cardano is “positioned to enter 2026 stronger, more capable, and ready to support the next phase of ecosystem growth with these critical integrations in place.”

The near-term question now shifts to whether the Treasury Withdrawal Action maintains similar levels of support as the conversation moves from approvals to actual treasury spend, an inflection point that will test not just consensus, but the community’s appetite for follow-through on what “critical integrations” should look like in practice.

At press time, ADA traded at $0.351.

In a recent piece penned for Entrepreneur, Sandeep Nailwal, the co-founder and CEO of Layer 2 (L2) blockchain Polygon (POL), has made a bold prediction for the technological landscape of 2026. 

Nailwal envisions a major convergence of blockchain, artificial intelligence (AI), and payment technologies that could potentially “reshape the internet completely.”

Blockchain’s Transparency Solution 

In Nailwal’s vision, AI would assume the role of decision-maker within this cohesive structure. Blockchains would then verify these decisions, ensuring their authenticity, while the payment infrastructure would facilitate the seamless transfer of value to enforce these decisions instantaneously.

The fusion of these technologies is poised to have far-reaching implications. Nailwal highlights the role of AI in shaping various aspects of daily life and business operations, from content curation to supply chain logistics and financial decision-making. 

However, the opacity surrounding artificial intelligence systems poses a challenge, with limited transparency into the decision-making process and data integrity.

Blockchains emerge as a solution to this transparency issue, offering a public ledger that provides visibility into transactions, models, and decisions. The security protocols inherent in blockchain technology not only safeguard digital signatures but also verify algorithmic outputs, instilling trust in the decision-making process.

Nailwal emphasizes the importance of zero-knowledge proofs (ZKPs) protocols in ensuring transparency without compromising data privacy, allowing for the verification of rules and decisions without revealing sensitive underlying information.

Future Of Digital Wallets

According to Nailwal’s thesis, the transition from trust-based systems to proof-based systems has already begun, with governments using blockchain platforms to anchor public records and maintain transparency and accountability. 

Additionally, blockchain payment systems are being trialed by cities worldwide for various applications, from tax collection to cross-border transfers, ushering in a new era of efficiency and security in financial transactions.

The evolution of payment systems is another area of focus, with digital currencies poised to streamline cross-border transactions by eliminating intermediaries. 

Nailwal noted platforms like Polygon, which are currently facilitating seamless stablecoin payments, offering swift and cost-effective transfers for individuals and businesses globally.

Furthermore, Nailwal anticipates a future where digital wallets consolidate identity, data, and financial assets, simplifying everyday tasks like payments and document signings. 

The convergence of AI, blockchain, and payment technologies is expected to redefine user experiences, seamlessly integrating trust mechanisms into daily interactions. Nailwal concluded: 

The greatest technology shift of 2026 won’t be a new chain or a new model but the unceremonious formation of the converged internet, an infrastructure that can think, verify and pay on its own. Most people won’t notice the change. They’ll just find that the digital world suddenly works as it should — seamlessly.

At the time of writing, Polygon’s native token, POL, was trading at $0.1025. This represents year-to-date losses of almost 80%, and 92% compared to the all-time high of $1.29. 

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

Data shows the 30-day ETF netflow is still negative for both Bitcoin and Ethereum, suggesting capital has been flowing away from the digital assets.

Bitcoin & Ethereum ETF Netflows Have Been Negative Recently

As explained by CryptoQuant community analyst Maartunn in a new post on X, Bitcoin and Ethereum spot exchange-traded funds (ETFs) have faced a negative netflow over the past month.

Spot ETFs are investment vehicles that allow investors to gain indirect exposure to an underlying asset’s price movements. In the context of cryptocurrencies, this means that an ETF investor never has to interact on-chain; the fund buys and custodies the tokens on their behalf.

US spot ETFs are a relatively new phenomenon in the digital asset sector, only getting approval by the Securities and Exchange Commission (SEC) in January 2024 for Bitcoin and July 2024 for Ethereum.

Spot ETFs can look like a convenient mode of investing for traders unfamiliar with cryptocurrency wallets and exchanges. Institutional entities, in particular, prefer to gain exposure through them.

Since their arrival, these investment vehicles have quickly gained popularity by tapping into this demand from the traditional investors and established themselves as one of the cornerstones of the sector.

Below is a chart that shows how the 30-day netflows related to the Bitcoin and Ethereum spot ETFs have changed during their existence so far.

As is visible in the graph, the 30-day spot ETF netflow has been negative for both Bitcoin and Ethereum since a while now, suggesting that the funds have been witnessing sustained net outflows.

The situation has improved a bit most recently, but the indicator is still red for both assets, sitting at -$656 million for BTC and -$422 million for ETH. The weak demand in the market is similar to the phase of outflows from the first half of 2025.

Back then, demand eventually made an explosive return, with Bitcoin and Ethereum witnessing sharp price rallies. It now remains to be seen whether a comeback will happen this time or if the slowdown in demand is here to stay for now.

Another relatively recent source of demand in the market is digital asset treasuries. As highlighted by institutional DeFi solutions provider Sentora in a new X post, holdings of cryptocurrency treasuries now exceed $185 billion across 368 entities.

Out of this amount, 73% of the digital asset treasuries are controlled by companies, while the rest is in the hands of governments.

BTC Price

At the time of writing, Bitcoin is trading around $88,100, unchanged from last week.

The submission of South Korea’s long-awaited crypto bill continues to face hurdles due to the ongoing disagreements between the main regulatory agencies over policies related to stablecoin issuers.

South Korea’s Digital Assets Act Delayed

On Tuesday, local news outlets reported that South Korea’s Second Phase of the Virtual Asset User Protection Act will be delayed until next year as financial authorities continue to clash over stablecoin issuance-related legislation.

According to Yonhap News Agency, financial circles and the National Assembly shared on December 30 that the main policies of the crypto framework have been largely decided.

Notably, the Financial Services Commission (FSC)’s draft is expected to include investor protection measures such as no-fault liability for crypto asset operators and isolation of bankruptcy risks for stablecoin issuers.

As part of investor protection measures, stablecoin issuers will likely be required to manage reserve assets in deposits and government bonds. In addition, they will be required to deposit or entrust at least 100% of the issuance amount with custodians such as banks.

The bill could also require crypto asset operators to comply with disclosure obligations as well as terms and conditions. Moreover, it may “impose strict liability for damages on digital asset operators in accordance with the Electronic Financial Transactions Act in cases of hacking or computer system failures.”

It will seemingly address allowing the sale of domestic crypto assets, subject to sufficient disclosure of information. Despite this, the key issues remain unresolved, suggesting that the final submission deadline will likely be pushed to the start of 2026.

Stablecoin Issuance Dispute Continues

As reported by Bitcoinist, the Financial Services Commission failed to submit the highly anticipated Digital Assets Act, which is expected to address the issuance and distribution of Korean won (KRW)-pegged stablecoins.

The financial regulator did not meet the December 10 deadline set by the South Korean ruling party to submit the government’s legislation to the National Policy Committee.

The bill was delayed after the FSC and the Bank of Korea (BOK) were unable to resolve their differences over the issuance of won-denominated stablecoins nearly three weeks ago.

The financial authorities have been debating this issue for months, with reports in November suggesting that the long-awaited legislation, which was expected to be approved at the end of this year, risked being delayed.

The FSC and the BOK disagree on the extent of banks’ role despite agreeing that financial institutions must be involved in the issuance of won-pegged tokens. The central bank has pushed for a consortium of banks owning at least 51% of any stablecoin issuer seeking approval in the country.

Meanwhile, the FSC has shared concerns that giving a majority stake to banks could reduce participation from tech firms and limit the market’s innovation.

Yonhap News Agency highlighted that the financial authorities also face other disagreements, including the initial capital requirements for stablecoin issuers, with opinions ranging from 500 million to 25 billion won, and whether to separate the stablecoin issuance and distribution functions of exchanges.

An FSC official reportedly asserted that they are “currently in the process of gradually narrowing the differences in positions with the relevant agencies,” while “discussing all possibilities with an open mind.”

The report also noted that the ruling party’s Digital Asset Task Force (TF) is allegedly preparing its own version of the bill, based on the legislative proposals submitted by lawmakers.

Notably, recent reports affirmed that the government’s proposal should be announced by early next month at the latest, as the integrated bill must be submitted in January 2026.