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Venezuela’s cash is losing value quickly. People and businesses are shifting to US-dollar stablecoins, especially USDT, to protect savings and make everyday payments.

According to market data, the peso-like bolívar has quoted around 267 per US dollar on December 12, 2025, after roughly 254 on December 5, showing how fast the local currency can move.

Why The Shift Is Accelerating

Based on reports from exchanges and on-chain firms, inflation has been estimated in the 100s–200s% range year-on-year in 2025. Prices rise fast under those conditions.

Wages lose value within days, sometimes hours. To avoid that loss, workers, freelancers and small shops are turning to stablecoins tied to the US dollar, which hold value better than the local currency.

Stablecoins As Daily Money

USDT is now being used for groceries, rent and even salaries in several cities. Peer-to-peer platforms and small crypto desks help users swap between bolívars and stablecoins without relying on traditional banks.

In some neighborhoods, merchants accept stablecoins directly, cutting out currency exchange altogether. Payments that once required cash stacks or quick conversions are now handled through mobile wallets.

Rising On-Chain Flows And Regional Trends

Blockchain analytics firms tracking activity across Latin America have reported a sharp rise in stablecoin volumes during 2024 and 2025.

TRM Labs and similar groups point to higher transaction counts and more active wallets linked to dollar-backed tokens. These increases match what residents describe on the ground. Crypto is not just held. It is being spent, saved and passed along as money.

Many Venezuelans receive remittances from abroad and convert them into USDT before bringing value back home. Others sell goods or services and ask to be paid in stablecoins to avoid sudden losses.

Conversion usually happens through messaging apps, local brokers or P2P platforms. The process is simple, but it depends heavily on trust and access to liquidity.

Government Reaction And Market Risks

Authorities have responded in mixed ways. Some unofficial dollar markets have been targeted, while limited crypto-based currency conversions have been allowed in certain cases.

Reports have also linked state-owned firms to crypto use for accessing foreign funds. At the same time, sudden rule changes remain a risk. Crackdowns, new compliance demands or exchange restrictions can disrupt access overnight.

Featured image from Pexels, chart from TradingView

The US government continues to advocate for cryptocurrency adoption after the Securities and Exchange Commission published a retail investor guide centered around various means of custody. In the bulletin released on Friday, the SEC provides a detailed education on the available ways investors can safeguard their cryptocurrency investments and the associated risks.

SEC Addresses Crypto Custody As Regulatory Acceptance Takes Shape

The Donald Trump-led administration has taken multiple steps in supporting the growth of the digital asset industry in line with the US President’s electoral manifesto. Under the current crypto-friendly stance, the US SEC has adopted a more accommodating regulatory approach compared to the regulation-by-enforcement strategy seen under the Biden administration.

This shift has led to several key developments, including the formation of a dedicated task force, the termination of multiple lawsuits initiated under Biden’s crackdown, and the launch of a new regulatory initiative known as “Project Crypto.” In another encouraging move towards the nascent industry, the regulator has recently released a set of guidelines on proper custody of cryptocurrency.

In this document, the SEC’s Office of Investor Education and Assistance defines a crypto asset as “an asset that is generated, issued, and/or transferred using a blockchain or similar distributed ledger technology network, including assets known as ‘tokens,’ ‘digital assets,’ ‘virtual currencies,’ and ‘coins.’” 

Meanwhile, custody is defined as how and where investors store and access their crypto assets. The Commission touches on the importance of private keys, which they define as an alphanumeric code that allows users to gain access to their digital assets using programs known as crypto wallets. The US regulators also drew comparisons between self-custody and third-party custody, highlighting their peculiarities in terms of control and security responsibility. Other aspects of crypto custody discussed by the SEC include types of crypto wallets (hot and cold), seed phrase, and public key.

Crypto Community Reacts To SEC’s Educational Efforts

Unsurprisingly, the SEC’s published bulletin on crypto custody has drawn applause from many crypto enthusiasts. For example, a market analyst with X username X Finance Bull describes the custody education post as another lever of regulatory acceptance. 

The analyst said: 

The SEC just released an official guide on crypto asset custody for retail investors. Months after dropping the $XRP case, the posture keeps shifting. from resistance to education. I’ve seen this movie before. This is what quiet acceptance looks like.

At press time, the total crypto market cap is valued at $3.04 trillion, after a minor 0.29% growth in the past day.

Standard Chartered and Coinbase announced an expanded collaboration on December 12, 2025, to develop a suite of services aimed at institutional investors.

Based on reports from both firms, the work will look at trading, prime services, custody, staking and lending for banks, funds and other large players.

Building On Existing Work

The firms said the push grows out of an existing arrangement in Singapore where Standard Chartered provides banking links that let customers move Singapore dollars in real time to and from Coinbase. That setup helped power Coinbase’s move into the island city’s business market on November 12, 2025.

What They Plan To Explore

Coinbase and Standard Chartered described five areas they will explore together: trading, prime services, custody, staking and lending. These cover order execution, financing and custody options that big clients typically demand.

Both sides framed the effort as trying to give institutional users safer, regulated ways to hold and move digital assets.

Why The Move Matters

Institutional investors have been asking for services that resemble what they get in traditional markets — custody with strong controls, credit and financing options, and execution tools tied to regulated banking rails.

Standard Chartered already rolled out spot trading for Bitcoin and Ether for its institutional clients earlier in the year, an effort that showed the bank is building its own crypto capabilities as demand grows.

Middle Ground For Banks And Crypto Firms

Coinbase brings its institutional trading platform and market access; Standard Chartered brings global payment rails, FX handling and a bank’s compliance framework.

The result, the partners say, should be a way for large investors to trade and custody digital assets while sticking to familiar banking rules and procedures.

Other banks and prime brokers are also striking ties with crypto firms or building in-house services, so this announcement is part of a broader push to give big clients regulated choices.

For institutional traders, having multiple, regulated routes to trade and settle crypto helps reduce single-point dependency and may lower operational risk.

Public Launch Date Or Pricing

Neither company provided a timetable or fee details when they announced the expansion. For now, the plan is to develop and test product ideas for institutional clients across regions where each firm operates.

The announcement underlines how more traditional finance players and crypto firms are working together to meet demand from large customers.

Featured image from Standard Chartered, chart from TradingView

Crypto promoter Rodney Burton, popularly known as “Bitcoin Rodney,” is facing new charges for his alleged role in the $1.8 billion HyperFund pyramid scheme. This development comes almost two years after the US Department of Justice brought criminal charges against two of the co-founders of the crypto Ponzi scheme.

In January 2024, the US DOJ charged Xue Lee (Sam Lee) and Brenda Chunga (Bitcoin Beautee) for their roles in HyperFund. According to the prosecutors, the founders falsely claimed that the scheme’s investors would receive substantial returns paid from non-existent crypto mining operations.

The fraudulent scheme, which also drew the attention of the US Securities and Exchange Commission (SEC), collapsed in 2022, leaving investors unable to withdraw their money. The SEC filed a civil action against the founders, stating that HyperFund lacked any real revenue source apart from investors’ funds.

US DOJ Adds Wire Fraud Charge To HyperFund’s Promoter

On Friday, December 12, the US Attorney’s Office for the District of Maryland announced new indictment charges against 56-year-old Burton for actively promoting the fraudulent HyperFund scheme. The new charges include conspiracy to commit wire fraud, two counts of wire fraud, seven counts of money laundering, and one count of operating an unlicensed money transmitting business.

The 56-year-old crypto promoter, who was initially facing two counts related to unlicensed money transmission, is now staring down at a protracted prison sentence if found guilty on all counts; a maximum of 20 years in federal prison for the wire fraud conspiracy and each wire fraud count, 10 years for each money laundering count, and five years for the unlicensed money transmission enterprise.

The superseding indictment also accused Burton of misappropriating investors’ funds in the purchase of luxury condo homes, sports cars, and a yacht. The crypto influencer managed to build a crypto community following while hosting various celebrities, including Akon, Jamie Fox, and Rick Ross.

According to court filings, Burton claimed that he was made to believe that he was operating a legitimate enterprise, causing him to mislead investors. The crypto influencer’s trial is expected to start by March 2026.

Crypto Market At A Glance

As of this writing, the total cryptocurrency market is valued at around $3.05 trillion, reflecting a 0.2% jump in the past 24 hours.

Strategy (formerly MicroStrategy) has kept its place in the Nasdaq 100 during this year’s reshuffling—its first since joining the index in a similar event last December. This comes as a piece of good news as the Bitcoin corporate buyer contends with the risk of possible exclusion from Morgan Stanley Capital International (MSCI)’s indexes.

MSTR Survives First Nasdaq 100 Reshuffling 

On Friday, December 12, Reuters revealed that Strategy (with the ticker MSTR), the largest corporate holder of Bitcoin, survived its first Nasdaq 100 rebalancing since joining the index. As its name suggests, the Nasdaq 100 tracks the performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange.

According to the report, this reshuffling saw Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor, and Trade Desk lose their places in the index. At the same time, Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate, and Western Digital made it into the Nasdaq 100. 

These changes to the Nasdaq 100 index are expected to come into effect on Monday, December 22.

Despite the positive nature of this development, the MSTR price closed the day on a nearly 4% decline, which has been the theme for the stock as of late. According to the latest market data, the Strategy stock is down by almost 25% in the past month.

Strategy Urges MSCI To Reconsider Index Criteria 

Furthermore, this positive event comes at a time when other index providers are reevaluating their inclusion criteria. As Bitcoinist earlier reported, global index provider MSCI stated that it is considering the exclusion of companies with business models that focus heavily on holding crypto assets.

However, Strategy’s cofounder and chairman, Michael Saylor, stated that his firm is not merely a passive Bitcoin holding entity but rather a software firm with a proactive financial strategy. According to Saylor, the firm is in discussions with MSCI regarding its plans to exclude companies whose crypto holdings exceed 50% of total assets from its indices. 

In a recent letter endorsed by Saylor and CEO Phong Le, Strategy voiced its support for MSCI’s intentions to establish consistent eligibility criteria across its indices. Nevertheless, the firm urged MSCI to reconsider its plan to delist companies with over 50% digital asset holdings from its Global Investable Market Indexes. 

While Saylor has countered their evaluation, saying an exclusion “won’t make any difference,” JP Morgan analysts estimate that Strategy alone might face outflows of up to $2.8 billion as a direct consequence of MSCI’s decision. 

Bitcoin has been the undisputed dominant force in the financial world. In a swift change of financial gravity, the spotlight has shifted from the decentralized digital asset to the US government treasury. As liquidity becomes the defining force behind every major market move, the Treasury General Account (TGA) has emerged as the true engine capable of driving risk assets.

Why Bitcoin’s Cycles Matter Less When Federal Cash Levels Shift

The most important chart for 2026 isn’t Bitcoin, it’s the US Treasury’s checking account. Crypto analyst Kyle Chassé has noted that the reason crypto has stalled is because of the government’s liquidity plumbing. Meanwhile, the TGA has just surged to $1 trillion, creating a massive liquidity vacuum in the cycle. When the treasury replenishes its funds, it drains dollars from the broader financial system.

However, to avoid a recession heading into 2026, the government must drain the account back down. Draining the TGA means pushing $150 billion to $200 billion back into the banking system. In addition, the Quantitative Tightening (QT) has officially ceased, meaning the government is done draining liquidity, and asset prices track liquidity.

Analyst Theunipcs revealed that the third rate cut of 2025 has been released, bringing the target range to its lowest level in nearly three years. The Fed also announced a new liquidity injection of roughly $40 billion per month in Treasury bill purchases. This policy pivot is happening immediately after BTC bounced from a 35% correction, which is the deepest pullback BTC has seen so far in this cycle.

At the same time, the most conservative trillion-dollar asset managers like Vanguard and Charles Schwab are pushing crypto products to their tens of millions of users for the first time. This isn’t the time to be bearish, but to be buying the dips aggressively.

Weekly Support Holds As Bitcoin Searches For A Relative Trend Reversal

A full-time crypto trader and investor, Daan Crypto Trades, highlighted that Bitcoin is currently trading only about 18% above its 2021 highs compared to the NASDAQ. Currently, the BTC/NASDAQ ratio is testing the Weekly Exponential Moving Average (EMA), a level that is providing support. Initially, BTC saw a clear breakout in this ratio during 2024 and early 2025,  but since then, momentum has stalled as stocks continued to grind higher, fueled by the AI tech rally.

According to the expert, the tech stock momentum is starting to cool, at least temporarily, and will watch if this ratio moves back in favor of BTC again for a while. Due to the rotation signal, BTC is already showing signs that the index, like the Russell 2000 (Small Caps), is starting to outperform, as the tech stocks are cooling off a bit.

Amid a steady price rebound in the Bitcoin (BTC) market, popular market analyst with the X username KillaXBT is predicting another significant correction in the forthcoming days.

Bitcoin Historical Data Reveals Recurring Monthly 8% Price Decline

In an X post on December 12, KillaXBT outlines a cautious market insight that suggests Bitcoin is headed for a price pullback. According to the renowned analyst, the premier cryptocurrency has consistently recorded an 8% price decline after the 14th day of the last five months. KillaXBT describes this observation as the 14th Pivot, which now holds important implications for Bitcoin in the short term. Since hitting a price bottom of $80,000 in late November, BTC has formed an ascending channel, recording a steady series of higher lows and higher highs.

However, KillaXBT’s projection is expected to break this channel, potentially halting the nascent uptrend. Going by the recurring price pattern, the analyst states Bitcoin investors should anticipate a minimum 5% price decline after the 14th of December, hinting at a potential retest of the 85,000-$86,000 price zone.

Given the asset’s broader bullish market structure, such a move may represent nothing more than a short-term pullback. However, the prolonged correction seen earlier in Q4 has already set a precedent, leaving room for another phase of deeper downside should momentum weaken.

BTC To Bottom Below $50,000? 

In another X post, KillaXBT shares more bearish projections of the Bitcoin market. This time, the seasoned analyst predicts the crypto market leader will hit a price bottom of $48,905 despite recent price gains. KillaXBT’s bottom target represents Bitcoin’s price as of the approval of the BlackRock IBIT ETF, alongside 11 other Bitcoin Spot ETFs in January 2024. This projection is likely due to the common rationale that the present bullish run has been heavily supported by institutional inflows.

 

Notably, the Bitcoin Spot ETFs have been central to these institutional inflows, boasting total net assets of $119.18 billion. The BlackRock IBIT holds over half of this traction as the undisputed market leader with $71.03 billion in net assets and $62.68 billion in cumulative net inflows. 

If Bitcoin were to return to its pre-ETF approval price levels, it would imply an estimated 46% decline from current market prices. Such a move would likely signal a sharp reversal in institutional positioning, suggesting that sustained ETF outflows, rather than retail capitulation, could emerge as the primary catalyst for a renewed crypto winter.

At press time, Bitcoin continues to trade at $90,348, reflecting a 2.18% decline.

Featured image from Pexels, chart from Tradingview

Bitcoin’s 2025 price action has been anything but smooth, but one group of investors has quietly dominated the year’s profit statistics. Short-term holders, which are classified as addresses holding BTC for only one to three months, spent most of the year in the green amidst the push to multiple all-time highs and ensuing drawdowns throughout the year. 

On-chain data from 2025 now provides a clearer answer to whether short-term exposure to Bitcoin actually paid off for holders, even though conditions look far less comfortable at the time of writing.

Short-Term Holders Spent Most Of 2025 In Profit

According to data from on-chain analytics platform CryptoQuant, Bitcoin short-term holders were in a profitable position for roughly two-thirds of 2025. On-chain profit and loss data shows that this cohort was in profit for about 66% of trading days, which translates to about 230 trading days. 

During the first half of 2025, Bitcoin’s price frequently traded above the average realized price of short-term holders, allowing recent buyers to lock in gains even as volatility remained elevated. This pattern became especially visible during mid-year rallies, when Bitcoin pushed above the $100,000 region and short-term profit margins expanded sharply. 

Each time the price reclaimed levels above the short-term realized price, realized gains dominated the distribution. Back in January, Bitcoin maintained a position above the short-term cost basis for nearly two consecutive months, creating the first extended window of sustained profitability for this cohort in 2025. 

A similar, and even more pronounced, phase unfolded between May and October, when short-term holders sat on substantial unrealized gains. During this period, the profit-and-loss margin climbed as high as 20 percent in July, coinciding with Bitcoin’s first breakout above $115,000. During this period, Spot Bitcoin ETFs were witnessing huge institutional inflows that cancelled out any profit-taking from short-term holders.

BTC: STH Realized Profit and Loss. Source: CryptoQuant

Current Picture Shows Short-Term Holders Underwater

That favorable backdrop has changed into losses in recent weeks. At the time of writing, Bitcoin is trading around the low-$90,000 range, while the short-term holder realized price is just above $100,000. This places the current profit/loss margin at a loss of about 10%. 

Interestingly, this margin recently fell to as low as negative 20% when the Bitcoin price broke below $85,000 in November, which is the deepest loss regime for short-term holders in 2025.

Nonetheless, the 2025 data shows that short-term holding was profitable for most of the year, but the outlook is not favorable right now. Structurally, these deep loss pockets usually show up closer to the late stages of a correction than the early ones.

Right now, the most important thing for short-term holders is for Bitcoin to reclaim the short-term realized price and push back above $100,000. Until then, short-term holders will stay under pressure, even with the yearly statistics leaning in their favor.

Featured image from Unsplash, chart from TradingView

Stablecoin operator Tether has submitted a market bid to acquire a controlling stake in Italian football club Juventus FC. This development follows initial minor investments, as the USDT issuing company looks to deepen its involvement with the footballing institution.

Tether Promises 1 Billion Euros For Sport Development If Bid Succeeds

In Feb 2025, Tether announced a minority stake purchase of 8.2% in Juventus FC. The stablecoin issuer described this acquisition as a strategic move to integrate stablecoins and digital assets into everyday life. Two months later, Tether would boost its holdings to 10%, as the company’s CEO and lifetime Juventus supporter, Paolo Ardoino, explained the move as a commitment to long-term innovation. 

Taking this step further, the USDT operator has submitted an audacious bid to acquire the entire 65.4% controlling stake of the football club from Exor, the listed holding company of the billionaire Italian Agnelli Family. For context, Juventus FC ranks as the third-largest Italian club with a market valuation of $1.87 billion. However, the Old Lady, as it is popularly called, is the most decorated in the land, boasting 71 major honors, which include 36 Serie A championships. 

While Juventus’ momentum has slowed down in recent years, with its last league-winning campaign coming in 2020, the Italian giant has remained relevant by securing three domestic cup trophies since then. Paolo Ardoino explains that Tether’s objective is to contribute to Juventus’ growth and drive exceptional performance.

The Tether CEO said: 

Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon. Our goal is to make a positive contribution to the club’s future, support its sporting performance at the highest level, and help Juventus continue to grow sustainably in a rapidly evolving global sports and media landscape.

To this end, Tether has promised to invest 1 billion Euros in the club if the transaction receives approval from relevant regulatory bodies. However, footballing media The Athletic has reported that sources close to Exor state the Agnelli Family has no intent to divest their stake in Juventus, with the message being “the club is not for sale.”

Notably, Juventus represents one of Tether’s investments, which also includes the Italian media company Be Water and the Canadian video platform Rumble.

USDT Market Overview

At the time of writing, USDT’s total market cap is valued at $186.24 billion, ranking as the largest stablecoin and third-largest cryptocurrency in the world.

Ethereum was one of the best-performing cryptocurrencies in the market over the past week, with its price jumping mid-week to as high as $3,400. Interestingly, the “king of altcoins” is now barely hanging on to the psychological $3,000 price level.

On Friday, December 12, the crypto market felt a wave of bearish pressure, with most large-cap assets witnessing significant price corrections on the day. According to the latest on-chain data, the Ethereum market appears to be experiencing heavy selling pressure.

Ethereum Taker Volume Sees Notable Spike

In a new post on the X platform, crypto analyst Maartunn revealed that the Ethereum price has been a victim of heavy selling pressure in the past day. This observation was based on the Taker Sell Volume metric, which saw a significant increase on Friday.

This on-chain metric estimates the total volume of sell orders filled by takers in perpetual swaps of a particular cryptocurrency (Ethereum, in this case). In crypto trading, a taker refers to a market participant who fills an existing order in an exchange’s order book.

Maartunn highlighted that the Taker Sell Volume across all centralized exchanges saw a notable uptick on Friday. Data from CryptoQuant shows that the metric rose to as high as 124.2 million ETH on the day.

According to Maartunn, this significant spike in the Ethereum Taker Sell Volume is a clear sign of aggressive selling in the market. This level of selling activity put bearish pressure on the Ethereum price, explaining the latest correction to $3,000.

60,000 ETH Flows Into Centralized Exchanges

Another on-chain signal that supports the theory of increased selling in the Ethereum market is the exchange inflow metric. According to data shared by Ali Martinez, significant amounts of ETH tokens have found their way onto centralized exchanges in the past day.

Santiment data shows that 60,000 ETH tokens, worth approximately $200 million, flowed onto exchanges on Friday. As expected, this inflow activity led to a spike in the Ethereum supply on exchanges and the open market.

With no adequate demand to mop up this increasing supply, this rising exchange inflow only puts downward pressure on the Ethereum price. As of this writing, ETH is valued at around $3,080, reflecting an over 4% decline in the past 24 hours.

The XRP ecosystem is taking a major step forward with the launch of Wrapped XRP (wXRP) on the Solana and Ethereum blockchains. A crypto expert has provided a thorough breakdown of what this new development could mean for XRP, noting that it not only strengthens the cryptocurrency’s credibility among other blockchains but also significantly boosts its utility.  

A Look Into XRP’s Launch On Solana And Ethereum

XRP is expanding its presence beyond its native blockchain with the introduction of Wrapped XRP on Ethereum and Solana. Hex Trust, a regulated institutional digital asset custodian, has issued wXRP, a 1:1 backed representation of the native XRP, on LayerZero’s OFT standard to enable DeFi functionality across multiple blockchains.

This new move marks a significant step in increasing XRP’s utility outside the XRP Ledger (XRPL). According to a press release published on Hex Trust’s official site on December 12, wXRP will launch first on Solana before expanding to other chains, including Optimism, Ethereum, and HyperEVM. The tokenized coin will be available for trade alongside the RLSUD stablecoin on Ethereum and supported chains, further broadening its use cases.

Crypto expert ‘Mr Cauliman’ explained on X that this new development should not be mistaken for a formal partnership between Ripple and Solana. He added that it also does not mean XRP is leaving the XRP Ledger, which continues to operate as intended, or that the wXRP is replacing the native token. He emphasized that wrapped assets are not IOUs but simply a way to access liquidity in other ecosystems. 

Cauliman highlighted that the introduction of wXRP reflects the growing acknowledgment of XRP’s liquidity by other blockchain ecosystems, including Solana. Similar to how Ethereum and Bitcoin have been wrapped for use across multiple networks, XRP is now being made accessible to users outside its native chain. This expansion not only reflects strong demand for XRP in DeFi markets but could also encourage wider adoption across different blockchain networks. 

While wXRP’s launch is a significant milestone, Cauliman has warned that wrapped assets carry considerable risks. These include counterparty, bridge, and custodial risks. He stated that native XRP is free from these risks, remaining a fast, permissionless settlement layer. Despite this, demand for the cryptocurrency in DeFi continues to grow. 

wXRP Unlocks DeFi Rewards With Reliable Pricing

wXRP is set to debut with full support for authorized merchants to mint and redeem the token in a secure and compliant environment. Users will gain access to cross-chain applications, including swaps, liquidity provisioning, and supported DeFi rewards. All of these will be made available while the asset remains redeemable 1:1 for native XRP held in Hex Trust’s custody. 

Hex Trust has revealed that wXRP will launch with over $100 million in Total Value Locked (TVL), providing strong liquidity from day one. This foundation supports smoother trading, reliable pricing, and a healthier market. The wrapped XRP is also designed to serve institutional liquidity providers, DeFi protocols, DAOs, funds, and retail and merchant users.

Vanguard, the world’s second-largest asset manager, enabled the trading of Bitcoin exchange-traded funds (ETFs) and other crypto-related products on its platform at the start of December. However, it appears that the firm’s overall view of crypto and the digital asset industry has not changed very much over time.

Hence, the reversal of its longstanding position on Bitcoin and other cryptocurrencies seems to be a purely business decision rather than a change in belief. This revelation came from one of the trillion-dollar company’s top executives at a Bloomberg conference on Thursday, December 11.

No Evidence BTC’s Technology Offers Economic Value: Vanguard’s Quant Head

According to a Bloomberg report, John Ameriks, Vanguard’s global head of quantitative equity, revealed that the asset management firm’s view of crypto remains unchanged despite recently offering its investors access to Bitcoin ETFs. The senior investment executive likened BTC to a speculative “digital Labubu”—a popular plush toy collectible.

Ameriks posited that Bitcoin could be seen as a speculative collectible rather than as a productive asset, as it lacks the income, compounding, and cash-flow properties Vanguard typically checks for in long-term investments. The global head of quant said there is no clear evidence that Bitcoin’s underlying technology delivers durable economic value.

It is for this not-so-optimistic view of cryptocurrencies that Vanguard has refrained from issuing its own crypto-linked exchange-traded funds. However, the asset management firm welcomed select crypto funds to its platform earlier this month after seeing the successful record of the US-based Bitcoin ETFs since their launch.

Ameriks said in a separate interview at the Bloomberg conference:

We allow people to hold and buy these ETFs on our platform if they wish to do so, but they do so with discretion. We’re going to not give them advice as to whether to buy or sell or which crypto tokens they ought to hold. That’s just not something we’re going to do at this point.

Nevertheless, the Vanguard global head of quantitative equity did admit that he sees Bitcoin potentially offering non-speculative value in certain contexts. The top executive listed high-inflation environments and periods of political instability as some of such scenarios.

Ameriks concluded:

If you can see reliable movement in the price in those circumstances, we can talk more sensibly about what the investment thesis might be and what role it could play in a portfolio. But you just don’t have that yet – you’ve still got too short of a history.

Bitcoin Price At A Glance

The price of BTC has been in a sustained downtrend over the past few months, sitting nearly 30% away from its all-time high of $126,080. As of this writing, the premier cryptocurrency is valued at around $90,380, reflecting an over 2% decline in the past day.

The Office of the Comptroller of the Currency (OCC) has granted Ripple a conditional approval to become a national trust bank. Crypto pundit Stern Drew highlighted what this means for the crypto firm and also XRP, which it uses for its payment services. 

What The OCC Approval Means For Ripple And XRP

In an X post, Stern Drew stated that Ripple just broke the system following the OCC’s grant of a conditional approval to the crypto firm. He further noted that Ripple now has federal and regulatory oversight locked in with this approval. The pundit added that the RLUSD stablecoin has become the gold standard for compliant stablecoins, while XRP has stepped straight into the heart of the U.S. financial system.  

Ripple CEO Brad Garlinghouse also reacted to the OCC’s grant of a conditional approval, stating that it was huge news. He remarked that this was a massive step forward, mainly for the RLUSD stablecoin, which is setting the highest standard for stablecoin compliance with both federal and state oversight. 

In a press release, the firm also indicated how this development positions RLUSD and XRP by extension for greater adoption. The firm stated that as traditional finance firms continue to enter the crypto market, they will look to leverage stablecoins with the highest regulatory rigor and compliance, which offer the trust and reliability required for enterprise adoption. 

Meanwhile, the payment firm confirmed that its banking services will also extend the same regulatory rigor behind RLUSD into its broader payments and institutional service offerings, which utilize XRP. The firm further noted that utility is already driving adoption as its stablecoin has surpassed $1 billion in market cap in less than a year. The company added that the stablecoin is actively used in its payment solutions and as collateral by prime brokers, including its prime brokerage. 

An “XRP Wake Up Call”

Crypto pundit BarriC described the OCC’s grant of a conditional approval to Ripple as an XRP wake-up call for those who may still be skeptical of the altcoin. He stated that for those who said that banks would never use XRP or partner with Ripple, the crypto firm has now also been granted a banking license.

The pundit noted that this is significant as over half of Ripple’s transactions for its payment services go through XRP. The altcoin has also received a huge boost as Swiss bank AMINA bank has become the first European bank to integrate Ripple’s payment services. BarriC highlighted that the bank will ultimately use XRP through its integration with Ripple payments. Meanwhile, crypto analyst Dark Defender indicated that Ripple’s status as a Trust bank could be one of the catalysts that lead to higher prices for XRP. 

At the time of writing, the XRP price is trading $2.01, down in the last 24 hours, according to data from CoinMarketCap.

Hyperliquid (HYPE), one of the largest decentralized exchanges (DEXs) in the industry, has announced the pre-alpha launch of a portfolio margin system on its testnet, marking a significant advance for traders by unifying spot and perpetual (perps) trading to enhance capital efficiency. 

This system supports various trading strategies, such as carry trades, wherein spot balances can collateralize short perps. Additionally, idle assets will automatically earn yield, creating a more dynamic trading environment.

Hyperliquid’s New Upgrade

In this initial rollout, users can only borrow Circle’s USDC stablecoin, with the exchange’s native token HYPE designated as the sole collateral asset. However, Hyperliquid plans to introduce Native Market’s USDH and Bitcoin (BTC) before transitioning to the alpha version. 

The portfolio margin framework is designed to be applicable across all HIP-3 decentralized exchanges and is expected to extend to future asset classes under the HyperCore umbrella. 

An upcoming upgrade will provide smart contract access via CoreWriter, allowing developers to create on-chain strategies using ERC-20-based wrappers, which will further broaden the platform’s functionality.

Market expert Austin King recently articulated the importance of this launch in a post on X (formerly Twitter), noting on the historical significance of portfolio margin, reflecting on its introduction in traditional finance (TradFi) that added an impressive $7.2 trillion to the derivatives market within a few years.

The Essential Role Of Portfolio Margin

The expert recalled that the government had introduced margin requirements in 1934 in response to excessive leverage during the 1929 crash. 

While well-intentioned, these regulations simplified the complex nature of liquidity and often exacerbated volatility in markets. The inability to run delta-neutral strategies efficiently meant that significant margin was required for each position, presenting a challenge for traders.

The introduction of portfolio margin by the Chicago Mercantile Exchange (CME) in 1988 transformed this landscape by reducing margin requirements through a comprehensive analysis of overall risk across combined positions. 

Yet it wasn’t until 2006 that retail customers gained access to these benefits, as they had been historically limited to broker-dealers and market makers.

So, what does this mean for Hyperliquid? According to King’s thesis, the introduction of portfolio margin is poised to significantly enhance liquidity growth on the platform. 

Increased Open Interest and trading volume can be expected for every dollar of margin in the system. Effectively, this will create a substantial liquidity multiplier for every new dollar that enters Hyperliquid. Moreover, portfolio margining serves as an essential tool for large-scale liquidity providers in the traditional financial sector. 

The expert asserted that without this capability, it would be economically challenging for significant TradFi players to participate in providing liquidity on Hyperliquid, as the returns per dollar of margin would be considerably lower compared to traditional exchanges that offer portfolio margin. King concluded the following:

There is more work to be done, but with this rollout one of the biggest issues I repeatedly heard cited will no longer be a blocker.

At the time of writing, HYPE was trading at $28.83, having recorded significant losses of 18% and 25% over the fourteen- and thirty-day time frames, respectively. However, it is one of the few tokens that remains in the green zone on a year-to-date basis, with gains of 60% recorded in this period.

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

As Tether (USDT), the issuer of the world’s largest stablecoin, USDT, prepares for a significant fundraising effort aimed at entering the US market, the company is actively seeking ways to bolster liquidity for its investors. 

This initiative comes in the wake of Tether’s intervention to prevent some existing shareholders from offloading their stakes at a substantial discount.

Tether In Talks With Major Firms

According to Bloomberg, Tether is contemplating various strategies, including share buybacks and the tokenization of the company’s shares on a blockchain once the fundraising deal is complete. 

These discussions have been prompted by concerns that the sale of shares by certain investors could jeopardize Tether’s ambitious fundraising goals. 

In response to inquiries from Bloomberg News, Tether confirmed that it has successfully halted plans from at least one shareholder seeking to divest their stock, emphasizing that it would be “imprudent” for any investor to attempt to bypass the established processes managed by top-tier global investment banks. 

Tether’s management is actively managing these situations to ensure that the forthcoming fundraising effort remains robust. Reports indicate that the company aims to attract “strategic” investors as part of its capital raise and has held discussions with firms such as SoftBank Group Corp. and Ark Investment Management LLC. 

However, Tether has not provided a timeline for a potential initial public offering (IPO), suggesting that both new and existing investors may face delays before any liquidity events occur.

Juventus Acquisition Proposal

Tether also announced on Friday a binding cash proposal to acquire Exor’s entire stake in the Italian Football giant, Juventus Football Club. This proposal aims to secure Exor’s shareholding, which represents 65.4 percent of Juventus’ total issued share capital. 

The completion of this acquisition is contingent upon Exor’s acceptance, the signing of final agreements, and the receipt of necessary regulatory approvals.

Tether intends to make a public tender offer for any remaining shares at the same price, fully backed by its own capital, reflecting a long-term commitment to Juventus. 

Paolo Ardoino, CEO of Tether, expressed a deep personal connection to the club, emphasizing that his experiences with Juventus have instilled values of commitment, resilience, and responsibility in him.

With plans to invest €1 billion in the club’s development and support, the firm’s proposal extends beyond mere ownership; it aims to forge a meaningful partnership that reinforces Juventus’ legacy and enhances its global brand, the firm disclosed.

Ardoino articulated his belief in the club’s importance, stating that Juventus is more than just a football team; it represents a cultural and sporting identity that has inspired loyalty among fans worldwide.

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

A cross-party group of UK lawmakers jointly expressed concerns about the Bank of England (BOE)’s proposal to limit stablecoin holdings in the country, urging Chancellor Rachel Reeves to push back on the controversial policy.

UK Lawmakers Fight Stablecoin Cap Plans

On Thursday, a coalition of UK lawmakers sent a letter asking Chancellor Rachel Reeves to oppose some of the Bank of England’s stablecoin-related policies that could undermine the government’s efforts to position the UK as one of the leading nations in the digital assets industry.

In the letter reviewed by Bloomberg, members of the House of Lords, the House of Commons, and peers highlighted how stablecoins are reshaping financial infrastructure by lowering costs, accelerating settlements, and promoting financial inclusion.

“Their rise is also enabling traditional institutions to connect with the digital asset ecosystem and modernise legacy infrastructure,” it noted, “Powerful tailwinds are rapidly driving a major shift across financial services as we know them.”

However, they argued that BOE’s proposal to cap stablecoin ownership could “risk preventing the UK from fully capitalising on these opportunities,” drive innovation offshore and investors to USD-pegged alternatives, while potentially positioning the UK “as a global outlier.”

“We are deeply concerned that the UK is drifting towards a fragmented and restrictive approach that will deter innovation, limit adoption, and push activity overseas,” the coalition wrote in the letter.

As reported by Bitcoinist, the BOE released a new consultation paper on its proposed regulatory framework for sterling-denominated systemic stablecoins in November. The proposed rules, built on feedback received on the November 2023 Discussion Paper, addressed backing rules and holding limits.

Among the controversial policies, the Bank proposed to temporarily cap stablecoin ownership to “mitigate financial stability risks stemming from large and rapid outflows of deposits from the banking sector.”

The restriction would impose limits of £10,000 to £20,000 for individuals and £10 million for businesses, resembling its proposed approach to the digital pound, also aimed at addressing financial stability risks.

MPs Call BOE’s Policies ‘An Own Goal’

In a statement to Bloomberg, a Treasury spokesperson said that they “want the UK to be a global leader in digital assets, providing certainty for firms and boosting consumer confidence by bringing cryptoassets under regulation.”

“Our approach will be fair and proportionate, and we continue to work closely with the Bank of England on the UK approach to stablecoins,” the spokesperson affirmed, adding, “Their recent consultation provides an invaluable opportunity for stakeholders to provide views.”

Earlier this week, the Financial Conduct Authority (FCA) stated that stablecoin payments will be a priority for the next year. In a letter sent to the Prime Minister on Tuesday, the regulatory agency pledged to “finalise digital assets rules and progress UK-issued sterling stablecoins” in 2026.

However, the report noted that the overall perception among lawmakers and market participants is that the UK is falling behind other jurisdictions, including the US, which introduced a comprehensive regulatory framework for stablecoins in July.

It’s worth noting that the BOE suggested that systemic stablecoin issuers be required to hold at least 40% of the reserves backing the token as unremunerated deposits at the central bank to ensure “robust redemption and public confidence, even under stress.” Meanwhile, issuers would be allowed to hold up to 60% of backing assets in short-term UK government debt.

Lawmakers consider that requiring all reserves backing sterling-pegged tokens to be held in the UK is a “massive own goal” that will limit the relevance of the pound. “To remain globally competitive, the UK must ensure its stablecoin framework is benchmarked against leading international models,” the lawmakers concluded.

Pakistan’s Virtual Assets Regulatory Authority has issued “No Objection Certificates” (NOC) to Binance and HTX, allowing both platforms to begin formal steps to operate inside the country.

The clearances do not amount to full licenses. They instead permit preparatory work such as registering with the country’s anti-money-laundering system and setting up local units before full license applications are filed, reports disclosed.

Tokenization Deal And Local Ties

Based on reports, the finance ministry said the NOCs could cover government bonds, treasury bills and some commodity reserves. The move is aimed at creating new ways to raise liquidity and to open government assets to wider markets through blockchain-based tokens.

Pakistan takes a decisive step toward a regulated digital asset future.

Pakistan Virtual Assets Regulatory Authority (PVARA) has issued NOCs to Binance and HTX, launching a phased, FATF-aligned pathway toward full licensing. Strong governance, AML and CFT compliance remain… pic.twitter.com/jSk6JTqvFt

— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) December 12, 2025

A Shift Toward Formal Oversight

Officials from the virtual-assets authority said they examined governance, risk controls and compliance frameworks before granting the early approvals. These NOCs let the exchanges connect to Pakistan’s AML systems and coordinate with the Securities and Exchange Commission to set up regulated subsidiaries. That review was described as part of a phased licensing system meant to align local rules with global standards.

Partnerships And Local Players Move Fast

Local payments firms and government bodies are being brought into talks. One public statement from a Pakistan-based payments group said the aim is to study how regulated virtual-asset access could expand financial services for ordinary users, while keeping track of risks. Commercial ties like these could speed up customer access if full regulatory approval follows.

How Big Is Pakistan’s Crypto Scene?

Based on reports, Pakistan ranks third globally in retail crypto activity. That ranking has helped push the authorities to build a formal regime quickly.

Officials say the new framework will be backed by a Virtual Assets Act and other measures, including plans for a pilot central bank digital currency and closer work on stablecoins. The intent is to bring trading and payments under clearer oversight while attracting compliant investment.

What Comes Next

Binance and HTX must still meet full licensing conditions before they can offer trading to the public.

The NOCs are an opening move. Full permissions will depend on how well each firm satisfies the regulator’s detailed checks and how the proposed Virtual Assets Act is implemented.

Markets may react to progress on tokenization and any future licensing milestones, but for now the country has signaled a clear shift from informal activity to regulated market access.

Featured image from Unsplash, chart from TradingView

On-chain data shows the Unrealized Loss in the crypto market recently ballooned to $350 billion, with Bitcoin accounting for a significant part of it.

Unrealized Loss Has Spiked In The Crypto Sector After Bearish Price Action

In a new post on X, on-chain analytics firm Glassnode has shared the data related to the Unrealized Loss in the crypto sector. This indicator measures, as its name suggests, the total amount of loss that investors are holding on their tokens right now.

The metric works by going through the transaction history of each token on a given network to find what price it was last moved at. If this last selling price of a token was less than the current spot price of the asset, then that particular coin is assumed to be underwater.

The exact amount of the loss involved with the token is equal to the difference between the two prices. The Unrealized Loss sums up this value for all coins being held at a loss.

Like the Unrealized Loss, there also exists the Unrealized Profit, keeping track of the supply of the opposite type. That is, it accounts for the coins with a cost basis lower than the latest spot price.

Now, here is a chart that shows the trend in the Unrealized Loss for the combined crypto market and Bitcoin over the last few years:

As displayed in the above graph, the Unrealized Loss across the crypto market has surged following the downturn that the sector has gone through since October.

At its peak, the indicator hit a value of $350 billion for the entire market, with Bitcoin alone contributing about $85 billion. These are both elevated levels and showcase the degree of pain among the investors.

Glassnode explained:

With multiple on-chain indicators signalling shrinking liquidity across the board, the market is likely entering a high-volatility regime in the weeks ahead.

In some other news, Bitcoin and Ethereum have shown strong divergence in the Exchange Netflow trend this week, as institutional DeFi solutions provider Sentora has pointed out in an X post.

As is visible above, the Bitcoin Exchange Netflow registered a significant value of -$1.34 billion over the past week. The value being negative implies centralized exchanges faced net withdrawals.

In contrast, the same indicator has witnessed a sharp positive value of $1.03 billion for Ethereum instead. Usually, investors deposit to exchanges when they want to participate in one of the services that they provide, which can include selling. As such, large exchange net inflows can be bearish for the asset’s price.

BTC Price

Bitcoin has again failed to maintain its recovery above $92,000 as its price is back to $90,000.

Bitcoin has failed to reclaim higher prices, reinforcing the growing belief that the market may be entering a deeper bearish phase. After multiple attempts to push above key resistance levels, BTC continues to trade sideways with declining momentum, reflecting a clear shift in investor sentiment. Fear is rising across the market, and price action has yet to show any convincing signs of recovery.

According to new data shared by Axel Adler, several structural on-chain and market indicators now support a continuation of bearish conditions in the months ahead. Adler’s analysis points to weakening demand, persistent sell pressure, and deteriorating liquidity—factors that historically precede prolonged corrective periods.

While Bitcoin has held above critical support zones, its inability to establish higher highs or sustain rebounds suggests that buyers remain cautious and largely defensive.

Moreover, broader market conditions show similar fragility, with derivatives positioning, stablecoin flows, and long-term holder behavior all signaling reduced conviction. This confluence of factors strengthens the bearish thesis and implies that volatility could intensify before the market finds a meaningful bottom.

Bitcoin MVRV Spread Signals a Deep Bear Phase

Adler’s analysis highlights one of the clearest structural indicators pointing toward sustained bearish conditions: the Bitcoin MVRV Z-Score Bull vs. Bear Market model. Specifically, he notes that the 30-day to 365-day MVRV spread is deeply negative and continues to deteriorate.

This spread measures the difference in profitability between short-term and long-term holders, and when the short-term cohort is underperforming significantly, it traditionally signals risk aversion, exhaustion, and weakening demand.

A crossover—when the 30-day MVRV rises above the 365-day metric—has historically marked the transition from bear markets into new bullish phases. However, Adler stresses that such a crossover does not appear imminent under current conditions. The spread remains far below the threshold required for a structural reversal, reinforcing the view that Bitcoin is still entrenched in a deep bear phase within this model’s framework.

Cycle analogs further support this interpretation. Reviewing past market cycles, Adler estimates that the next likely window for a meaningful crossover sits in the second half of 2026. This implies that even if short-term rallies occur, they are more likely to be counter-trend bounces rather than the early stages of a sustainable bull market. Until the MVRV structure improves, broader sentiment may remain decisively bearish.

Price Struggles to Recover Momentum

Bitcoin continues to move sideways, reflecting a market that remains indecisive and structurally weak. The chart shows BTC trading near $92,000 after its sharp decline from the $120,000 region, with recent candles forming a tight consolidation range. This behavior typically signals a temporary stabilization phase rather than a confirmed reversal, especially given the broader bearish context highlighted by on-chain and macro indicators.

The 50-day moving average sits well above the current price, acting as dynamic resistance and indicating that short-term momentum remains firmly bearish. Likewise, the 100-day and 200-day moving averages trend downward, creating a compression zone that BTC has yet to challenge. Until Bitcoin can reclaim these levels with conviction, rallies may continue to be faded by sellers.

Despite the small rebound from sub-$90,000 levels, buying activity remains muted compared to the heavy sell volume that drove the initial breakdown. This suggests that demand is insufficient to absorb higher-timeframe selling pressure.

Structurally, Bitcoin is forming lower highs and lower lows across the daily timeframe, reinforcing a downtrend. A decisive break below $90,000 would expose deeper liquidity zones near $86,000–$84,000. Conversely, reclaiming $96,000 would be the first sign of strength—but current price action shows no such momentum yet.

Featured image from ChatGPT, chart from TradingView.com

Bitcoin enters the week trapped in a tight consolidation range, reflecting a market caught between caution and expectation. Price action has stalled as traders wait for clearer direction after the recent Federal Reserve decision and ongoing macro uncertainty.

Yet beneath the surface, whale activity tells a very different story. According to Lookonchain, one of the most notable market participants—the famous BitcoinOG, known for accurately shorting the market during the sharp October 10 crash—is now aggressively expanding his long exposure across multiple assets.

His current positioning is substantial: 150,466 ETH valued at approximately $491 million, 1,000 BTC worth $92.6 million, and 212,907 SOL totaling $27.8 million. Rather than scaling out or reducing risk during this period of market hesitation, he continues to build, signaling strong conviction in a broader recovery across major cryptocurrencies.

While retail traders and smaller speculators wait for confirmation, this whale is positioning early, anticipating a potential shift in momentum. His actions add a new layer of intrigue to Bitcoin’s consolidation, raising the question of whether smart money is preparing for a trend reversal while the rest of the market hesitates.

Whale Positioning and Strategic Bids Ahead

Lookonchain reports, citing Hypurrscan data, that this whale isn’t just holding an already massive multi-asset long position—he is strategically preparing to increase exposure even further. According to the data, he has placed limit orders to add an additional 40,000 ETH in the $3,030–$3,258 price range and 50,000 SOL at $138.6. These levels are positioned just below current market prices, suggesting he expects—or is at least prepared for—a deeper pullback before the next major move.

This behavior is notable because it reflects a deliberate accumulation strategy rather than impulsive buying. By setting large bids at key support zones, he aims to capture liquidity during periods of volatility, effectively using market weakness to scale into long-term positions. Such an approach is typical of sophisticated traders who rely on structured entries rather than reacting to short-term fluctuations.

The scale of these pending orders also indicates that his conviction extends beyond his already massive exposure. If filled, these additions would significantly increase his leverage in the broader crypto market, particularly in Ethereum and Solana. For observers, this raises an important question: is this smart money positioning ahead of a potential macro-driven rebound, or is it a high-risk bet into an uncertain environment?

Bitcoin Price Analysis: Testing Support, Lacking Momentum

Bitcoin’s latest price action on the 3-day timeframe shows a market stuck between recovery attempts and lingering downside pressure. After the sharp November sell-off, BTC stabilized above the $90,000 zone, which is now acting as a short-term support area. Price briefly dipped below this level but was quickly bought back, suggesting that buyers are still defending the region. However, the rebound remains shallow, and the structure lacks the strong momentum typically seen during bullish reversals.

The chart shows BTC trading below the 50-day and 100-day moving averages, both of which have now turned downward. This alignment reflects a shift toward medium-term bearish conditions. The 200-day moving average currently sits below the price and has become the most important dynamic support; BTC is hovering directly above it. Historically, when Bitcoin holds the 200-day MA after a major correction, a consolidation phase often follows before a decisive move.

Volume also reinforces the uncertainty. Despite multiple attempts to push higher, buying volume remains muted compared to previous rallies, indicating limited conviction from bulls. Until BTC breaks convincingly above the 50-day MA region near $100K, the market will likely remain in a cautious, range-bound state.

Featured image from ChatGPT, chart from TradingView.com