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Market expert Mr. Crypto Whale on the social media platform X (formerly Twitter) has attributed the recent Bitcoin price drop—falling below the $90,000 mark—to key developments in China. According to this analyst, the situation has been set in motion by renewed restrictions on domestic Bitcoin mining.

China’s Crackdown On Bitcoin Mining

Specifically, it was reported that China has intensified its crackdown on mining activities, particularly in the Xinjiang region, where a large segment of operations was halted in December. 

The expert noted that this abrupt closure led to around 400,000 miners being taken offline in a very short time, reflecting a significant shake-up in the network’s mining capacity.

The ramifications of this disappearance of miners are already evident in the data; the Bitcoin network’s hashrate has dropped by approximately 8%. 

Notably, when miners are suddenly forced offline, the immediate consequences can be severe. Revenue comes to a halt, and the costs associated with relocating operations can result in cash flow pressures. As a result, some miners are compelled to liquidate BTC holdings, contributing to sell pressure in the market.

Despite these current challenges, Mr. Crypto Whale suggests that this should not be viewed as a long-term bearish signal for Bitcoin. The expert believes that this is temporary supply shock driven by policy changes rather than a decrease in demand for the cryptocurrency.

Potential 60% Drop Ahead

Historical patterns indicate a cyclical nature to these events: after China enacts mining crackdowns, miners are forced to shut down, the hashrate takes a hit, and Bitcoin’s price experiences volatility. However, the network typically adjusts, allowing Bitcoin to recover.

In the short term, increased volatility can be anticipated. However, Mr. Crypto Whale asserts that in the long term, the fundamentals for the Bitcoin price remain intact. 

Technical analysis conducted by noted analyst Ali Martinez underscores the immediate focus for investors, particularly regarding the critical price level of $86,738, deemed essential to prevent a new crash. 

Martinez notes that historically, each time Bitcoin has fallen below the 50-week simple moving average (SMA), it has dropped, on average, by 60%. 

Currently, Bitcoin is trading just above that crucial threshold at $87,930. If this level is breached, Martinez’s analysis warns that the price could plummet to as low as $40,000.

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

Ethereum is struggling to reclaim higher price levels as persistent resistance continues to cap upside momentum. After repeated failed recovery attempts, ETH remains locked in a fragile structure that reflects broader uncertainty across the crypto market. While analyst opinions remain divided on the near-term outlook, a growing majority are increasingly vocal about the risk of a broader bear market emerging in 2026, citing weakening momentum, deteriorating sentiment, and fading liquidity as key warning signs.

Against this uneasy backdrop, on-chain activity has drawn renewed attention. Data tracked by Arkham shows that a high-profile Bitcoin OG — known for correctly shorting the market during the sharp sell-off on October 10 — has made a significant move involving a substantial Ethereum position. The scale and timing of this activity have not gone unnoticed, particularly given the trader’s track record and influence on market sentiment.

The transaction has fueled speculation about intent. Some market participants interpret the move as a defensive repositioning amid rising downside risk, while others view it as a calculated adjustment ahead of heightened volatility. Regardless of interpretation, large transfers from well-known entities tend to carry signaling value, especially when they occur during periods of technical fragility.

As Ethereum remains pinned below key resistance levels, the market is now watching closely to see whether this on-chain development foreshadows renewed selling pressure or signals a more complex shift in positioning. With sentiment already strained, the coming sessions may prove pivotal for Ethereum’s medium-term direction.

Ethereum Whale Transfer Sparks Positioning Speculation

On-chain data shared by Lookonchain has flagged a significant move by the so-called Bitcoin OG, a trader known for managing a massive $717 million long exposure across Bitcoin, Ethereum, and Solana. The wallet associated with this entity has deposited 100,000 ETH, worth roughly $292 million, into Binance, immediately drawing attention from both investors and analysts.

Given the size of the transfer and the trader’s prior market influence, the transaction is widely viewed as a potential signal rather than a routine activity.

Several scenarios stand out as the most plausible explanations. The most straightforward is risk management. Moving ETH onto an exchange allows the holder to reduce exposure, either by selling spot ETH or by opening hedges through derivatives to protect an existing long portfolio amid heightened volatility. Another possibility is collateral management. Large traders often transfer assets to exchanges to support margin requirements or rebalance leverage, especially during periods of declining prices.

Less bearish interpretations also remain on the table. The deposit could be part of a short-term tactical trade, enabling rapid execution without signaling an intention to fully unwind the position. In some cases, large holders move assets between custodians or exchanges for operational reasons, though the timing makes this less likely.

Ultimately, the deposit does not confirm outright selling. However, it does suggest that the trader is actively managing risk. As Ethereum remains under technical pressure, markets will be watching closely to see whether this ETH transfer precedes further distribution or proves to be a temporary adjustment within a broader long-term strategy.

Price Holds Long-Term Support

Ethereum is trading near the $2,930 level on the weekly chart, consolidating after a sharp pullback from the $4,800–$5,000 highs set earlier in the cycle. While price remains well above long-term macro support, the recent structure reflects a clear loss of momentum. ETH has transitioned from a strong impulsive advance into a corrective phase, marked by lower highs and increasing selling pressure at key resistance zones.

From a trend perspective, Ethereum is now hovering around its medium- and long-term moving averages. The loss of the faster weekly moving average signaled the start of the correction, while the price is currently testing the zone around the 200-week average, which has historically acted as a critical inflection point during major market transitions. This area is now functioning as a battleground between longer-term buyers and sellers defending prior gains.

Price behavior over recent weeks suggests indecision rather than capitulation. Large downside candles have been followed by smaller-bodied candles, indicating that aggressive selling has slowed, but buyers have yet to regain control. Volume supports this interpretation, with elevated activity during the initial sell-off and more muted participation during the consolidation.

Structurally, the $2,800–$3,000 range is pivotal. Holding this zone preserves Ethereum’s broader bullish market structure. A sustained breakdown below it would likely confirm a deeper corrective move, while stabilization could allow ETH to build a base before attempting to challenge higher resistance levels near $3,400 and $3,800.

Featured image from ChatGPT, chart from TradingView.com 

Russian stock exchanges have backed the Central Bank of Russia (CBR)’s recently shared framework to regulate cryptocurrencies, expressing their readiness to support the new rules and offer digital assets trading services next year.

Top Stock Exchanges Ready To Launch Crypto Trading

On Tuesday, local news reported that the leading stock exchanges in Russia, the Moscow Exchange (MOEX) and SPB Exchange, expressed their support of the Central Bank of Russia’s proposed regulatory framework for cryptocurrencies.

The exchanges affirmed they are prepared to launch crypto trading services under the recently unveiled framework as soon as it is enacted. In a statement, The Moscow Exchange, which is the largest exchange in Russia, backed the Central Bank’s proposals.

The platform asserted that the Russian financial market’s reliable and effective solutions will be “highly applicable” under the new framework, noting that they are “actively working on solutions to serve the cryptocurrency market and plans to launch their circulation as soon as the relevant regulations are in place.”

“In our opinion, the regulatory concept draws on the accumulated experience of conducting operations in the currency market, where the Moscow Exchange Group has accumulated expertise in trading, clearing, and settlement technologies that is unique in the international context,” the exchange reportedly said.

Meanwhile, the SPB Exchange also stated its support to the Central Bank’s efforts to create “transparent and secure conditions” for crypto trading, noting that it is prepared to participate in joint efforts to develop the relevant infrastructure within the regulated market.

“We are ready to start trading cryptocurrencies after the relevant changes are made to the legal regulation. The SPB Exchange has the appropriate technological infrastructure for trading and settlements,” the exchange’s statement read.

Russia’s New Regulatory Framework

As reported by Bitcoinist, the central bank unveiled new regulatory proposals this week that will allow retail and qualified investors to buy crypto assets through already licensed platforms in Russia.

The proposed rules, expected to take effect by July 2026, will permit non-qualified investors to purchase up to 300,000 rubles, worth around $3,800, annually in the most liquid digital assets after passing a knowledge test. Meanwhile, qualified investors will be able to purchase unlimited amounts of any cryptocurrency after passing a risk-awareness test.

The framework would also require that transactions are conducted through already licensed platforms, including exchanges, brokers, and trust managers, with additional requirements applied to custodians and exchange services.

In addition, residents will be allowed to buy crypto assets abroad and transfer their holdings through Russian licensed intermediaries, while subject to the necessary tax reporting.

Recently, Vladimir Chistyukhin, First Deputy Chairman of the Central Bank of Russia, affirmed that the local financial market has all the necessary infrastructure to work with crypto assets.

The Deputy chairman explained that Russian financial authorities consider it “fundamentally important” to legitimize the digital assets sector and ensure that it is compliant with the law.

However, he noted that the country needs to adopt regulations quickly due to “international attention” and this process will require amendments to multiple laws, including digital financial assets, the securities market, and banking legislation.

Strategy, the business intelligence company founded by Michael Saylor, has added hundreds of millions of dollars to its balance sheet after completing a sizable stock sale, while staying on the sidelines in the Bitcoin (BTC) market. The latest disclosure shows the firm prioritizing cash generation over Bitcoin accumulation as it evaluates its next steps. This change in capital allocation comes as rumors spread that Strategy could sell a significant portion of its Bitcoin holdings. 

Strategy Prioritizes Cash Reserve Over Bitcoin Buys

Strategy has released a new financial update showing a clear shift toward US dollar accumulation, stepping back from its previous pattern of aggressive Bitcoin buys. Saylor shared the report on X this Monday, outlining the company’s most recent capital activity. The filing focuses on equity sales, Strategy’s bitcoin holdings and activity, and its cash reserves. 

During the week of December 15 to December 21, Strategy raised significant funds through its ATM equity program. The business intelligence firm did not sell any of its preferred stock offerings within this period, leaving billions of dollars in remaining issuance capacity. Notably, the filing shows that the STRK preferred stock program still holds more than $20 billion in available capacity.

 Instead of preferred shares, Strategy had tapped its common stock program. The company sold 4.5 million shares of Class A common stock, generating roughly $747.8 million in net proceeds after fees. Even after this raise, Strategy still has approximately $11.8 billion of common stock available for future issuance. 

While the business intelligence firm has increased its cash position, it paused Bitcoin purchases for the week. The filing reported that no new Bitcoin purchases were made during the week of December 15 to December 21, keeping its total holdings unchanged at 671,268 BTC. Those holdings carry an aggregate purchase cost of about $50.33 billion, with an average price near $74,972 per coin. 

Update On Strategy’s US Dollar Reserve

Strategy’s latest addition to its cash reserve this past week builds a larger cushion to cover the company’s financial obligations. The firm started the month with a reserve of $1.14 billion and increased it to approximately $2.19 billion by December 21. This growth suggests a deliberate move to secure liquidity amid ongoing market activity. 

The boost in cash comes after rumors circulated that Strategy could face pressure to meet dividend obligations on its preferred shares. Additionally, there has been speculation that the business intelligence firm may sell its over $50 billion Bitcoin holdings if the market continues to trend downward for a prolonged period. 

According to the filing, the primary purpose of the Strategy’s US dollar reserve is to cover dividend payments on preferred stock and interest payments on outstanding debt. Because the company holds a large amount of Bitcoin, selling a significant portion to fund these dividends could disrupt the market, especially during periods of volatility. This underscores the importance of maintaining a cash reserve for easy liquidity.

Bitcoin’s current pullback continues to reflect on multiple major on-chain metrics, reinforcing the volatility across the market. With selling pressure still present among retail and institutional investors, the BTC Coin Days Destroyed (CDD) metric has experienced a sharp decline to levels that could shape the market’s direction.

Major Coinbase Transfer Triggers Bitcoin CCD Drop

While ongoing volatility has increased within the broader cryptocurrency sector, the Bitcoin market appears to be entering a pivotal phase. This new phase, which goes beyond routine volatility or short-term price noise, is largely driven by the BTC Coin Days Destroyed, an indicator that simply measures the number of holding days of a UTXO before it is spent, after undergoing a notable drop.

Beneath the surface, key structural indicators point to a significant shift occurring, characterized by evolving on-chain patterns, shifting liquidity dynamics, and altered investor behavior. This is a crucial turning point in the current cycle since it has the potential to redefine the market’s next major direction.

In the report shared on X by Darkfost, a market expert and author at CryptoQuant, it shows that the drop in the BTC CDD metric emerged following a large BTC move from Coinbase over a month ago. As a result, all leverage data are now slowly returning to normal levels.

According to the expert, the most interesting aspect of the development is that this decline has reached a level well below the previous spike. In addition to the Coinbase-related action, this implies a sign of slowdown in Bitcoin long-term holders’ activity. It is worth noting that when BTC held in the long term begins to move, it is usually in preparation for a sell-off. 

Although it may sound bad, this drop in CDD is a positive signal. This is because long-term holders continue to be the biggest possible source of selling pressure as they account for the largest share of the total supply. However, a decrease in long-term holder selling pressure aids in relieving the market and may add to the formation of a bottom if this trend persists.

When Is The Time To Buy The Crypto Asset?

After weeks of waning price action, Joao Wedson, the founder of Alphractal, has offered insights into when to purchase Bitcoin using the Financial Stress Index (FSI). Historically, this key metric has acted as a reliable signal for when to buy BTC, making it one of the most closely watched indicators.

Presently, the FSI metric has flipped into a positive territory. Wedson highlighted that each time this happens, good opportunities to acquire more BTC have emerged. However, this trend has not yet unfolded.

The indicator, which uses a wide range of factors, including volatility, spreads, and risk premiums, to gauge systemic stress in international financial markets, was created by the Office of Financial Research. Wedson stated that these kinds of metrics are uncommon in the macroeconomic environment, which is characterized by substantial data delays and sluggish decision-making.

Bitcoin is struggling to regain traction below the $90,000 level as selling pressure and uncertainty continue to weigh on the market. After repeated failed attempts to reclaim higher ground, price action has turned choppy and directionless, reflecting a market increasingly driven by apathy and fear rather than conviction.

On-chain data reinforces this fragile backdrop. Analysis shared by Axel Adler shows that Bitcoin’s short-term holder Net Pressure has fallen into the bottom 5% of its historical distribution, a rare condition that signals an unusually subdued intensity of trading activity. This metric captures the balance between buying and selling from recent market participants, and its current reading points to a state of near equilibrium rather than strong directional bias.

At the same time, Bitcoin is trading below the short-term holder realized price, meaning a large share of recent buyers are sitting at or below breakeven. This dynamic typically suppresses aggressive buying while encouraging selling into rallies, as participants look to exit positions with minimal loss. The result is a market caught in balance, where upside attempts lack follow-through, and downside moves struggle to accelerate.

As Bitcoin remains pinned below $90,000, the coming weeks are likely to determine whether this rare equilibrium resolves into renewed downside or sets the foundation for a broader trend reset.

Short-Term Holder Pressure Enters Rare Neutral Zone

Recent on-chain analysis highlighted by Axel Adler points to an unusual shift in Bitcoin’s short-term holder dynamics. The chart tracks Bitcoin’s price alongside the short-term holder realized price and the Net Pressure Tilt indicator, which measures the balance between weighted selling and buying pressure from recent market participants. Positive readings reflect dominant selling pressure, while negative values signal stronger buying activity.

At present, the 24-hour moving average of Net Pressure stands at 4.79, with Bitcoin trading near $87,324. This places the indicator deep in historically rare territory. Over the past three years, the median Net Pressure value has been 73.17, a level typically associated with strong selling dominance during expansion phases. By contrast, readings below 10 have occurred in just 5.8% of all observations, underscoring how uncommon the current environment is.

Looking at recent behavior, the indicator has fluctuated between −13.30 and +16.66 over the past month. While it spent roughly 75% of that time above zero, indicating net selling pressure, the intensity has remained unusually low. This lack of force suggests neither buyers nor sellers are acting with conviction.

The market is now firmly inside the so-called neutral zone, defined by Net Pressure values between −10 and +10. Historically rare, this zone reflects a state of equilibrium where buying and selling pressures largely cancel each other out. Such conditions often precede major directional moves, making the current setup particularly important as Bitcoin searches for its next trend.

Bitcoin Holds Near $87K as Medium-Term Structure Comes Under Pressure

Bitcoin is trading near the $87,300 level on the 3-day chart, consolidating after a sharp corrective move from the $120,000–$125,000 highs recorded earlier in the cycle. While price remains well above long-term trend support, the medium-term structure has weakened notably, reflecting a shift from momentum-driven expansion to a corrective phase marked by lower highs and reduced follow-through.

Technically, Bitcoin has lost its faster-moving averages, with price now trading below the 100-day and 200-day averages on this timeframe. Both are beginning to flatten and turn lower, acting as dynamic resistance rather than support. This change signals that upside momentum has faded and that rallies are increasingly being sold into. The rejection of above $110,000 was particularly significant, as it confirmed a distribution phase rather than a simple consolidation.

From a structural standpoint, the $85,000–$88,000 zone is critical. Holding this area preserves the broader bullish market structure, anchored by the rising long-term moving average below. A decisive breakdown, however, would likely open the door to a deeper retracement toward the low $80,000s.

For Bitcoin to regain strength, price must reclaim the $95,000–$100,000 region and reestablish acceptance above its key medium-term averages.

Charles Hoskinson has explained what the Midnight Network’s launch will mean for the Cardano network. This comes as the Cardano network doubles its efforts to improve DeFi on the network and, in the process, boost ADA’s utility. 

Hoskinson Explains Midnight Will Boost Cardano’s DeFi

During a livestream, the Hoskinson rebutted speculation that Midnight would kill the Cardano ecosystem, stating that it would instead 10x DeFi on the network. He also mentioned that the Midnight network provides an incentive for users to leave other networks, such as Ethereum and Solana, and migrate to Cardano. 

The founder noted that these users can go through the Midnight network to Cardano in order to get privacy. The hype around the Midnight launch already looks to be boosting the network’s ecosystem, as DEX aggregator DEX Hunter pointed out that the DeFi volume has been exploding since the launch of the NIGHT token.

Meanwhile, Hoskinson also mentioned why investors should not sell their ADA for NIGHT tokens, describing both tokens as complementary. He further remarked that Midnight is the ‘ChatGPT of privacy’ and that it adds privacy to Cardano decentralized applications (dApps). 

The founder also asserted that these dApps will be the first to adopt privacy, enabling them to leapfrog competitors on other networks, such as Ethereum’s Uniswap. Hoskinson also does not believe Midnight will steal ADA’s TVL, as he sees the latter as one meant to provide on-chain/off-chain infrastructure for networks like Cardano. 

Hoskinson also expects Bitcoin DeFi to grow on Cardano, since they share the same UTXO system. This move could further boost ADA’s utility and lead to significant growth in the ecosystem. However, for now, the blockchain remains well behind, as DeFiLlama data show it ranks 31st in DeFi TVL. 

Big Things In Store For The Blockchain?

Cardano’s core ecosystem organizations proposed an infrastructure budget last month to advance stablecoins, custody, analytics, bridges, and pricing oracles on the network. The ecosystem already appears to be making progress, as the Midnight Foundation President, Fahmi Syed, recently revealed that a legal contract has been received for a stablecoin partner. 

This has led to speculation that it could be USDT or USDC, with these stablecoins likely to provide a significant boost to network activity. Commenting on the network’s future, stakeholder Rami recently expressed optimism, stating that the network is getting a tier-1 stablecoin in months while the DEX trading volume is “exploding.” 

He believes that trading volume will continue to grow as additional NIGHT liquidity enters the market and more trading pairs are established. Rami added that DEXs are faster than ever and that new oracle systems are coming online.

At the time of writing, the ADA price is trading at around $0.35, down over 2% in the last 24 hours, according to data from CoinMarketCap.

Despite a prolonged bearish action in the price of Ethereum, the network activity has been demonstrating notable growth and performance over the past few weeks. After reaching a crucial peak in network performance, the leading blockchain could be on the verge of another major achievement.

Another Incoming Record For Ethereum

In a significant development, the on-chain momentum of Ethereum is growing quietly, but convincingly. With rising network performance and utilization, the network is poised to make history, as revealed in a recent research from Leon Waidmann, a market expert and head of research at The On-Chain Foundation.

Even while the Ethereum price has fallen, its ecosystem has managed to handle an increasing amount of activity throughout the year. In the post on X, Waidmann highlighted that the ecosystem is on track to close 2025 with another transaction all-time high in this month of December.

As seen on the chart, the leading network is drawing dangerously close to challenging and beating its previous all-time high once again in the remaining days of this month. Interestingly, this strong performance highlights the ongoing role of ETH as the foundation of on-chain commerce.

Waidmann noted that aggregate Ethereum, with the total transaction count of Layer 2s, is persistently pushing higher. Several other major chains, such as Base, Arbitrum, Optimism (OP), World Chain, and the ETH mainnet, are all contributing meaningfully to the sharp surge in on-chain activity.

In the midst of the growing Ethereum ecosystem, the growth is not fueled by a single outlier, but rather is distributed throughout the stack. These include Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Layer 2 networks, and Real-World Applications (RWA).

ETH Network Is Dominating The DeFi Sector

Ethereum’s network performance extends into the DeFi sector and seems to be leading the charge, surpassing other major blockchains. Following an examination of the dynamic sector, Joseph Young, an Ethereum narrator, disclosed that the blockchain currently controls over 68.2% of all pure DeFi Total Value Locked (TVL). 

Related Reading: Ethereum Takes The Lead In DeFi Lending Revenue, Leaving Rivals Behind – See How

To put it in value, over $69.3 billion has been deployed on smart contracts on ETH. The achievement highlights a fresh surge in capital concentration around the fundamental protocols of the blockchain. This is possible with liquidity, developer activity, and institutional conviction still favoring the network over other chains.

Young stated that the figure is more than the DeFi capital of Solana, Tron, Binance Smart Chain (BSC), Bitcoin, Avalanche, and every other chain put together. As a result of this growing dominance, the expert has declared ETH the most trusted settlement layer of finance.

At the time of writing, the price of Ethereum was trading at $2,931, indicating a 1% decline in the last 24 hours. As the price flips negative, trading volume has also turned bearish, falling by over 7% over the past day.

Gold has reached unprecedented price levels at the end of 2025, breaking above $4,525 per ounce and setting fresh all-time highs as Bitcoin price continues to struggle. That surge has pushed gold’s total market capitalization to levels that dwarf the value of the world’s largest cryptocurrency. This difference between gold, the established safe-haven asset and Bitcoin, a growing digital store of value, invites a provocative question: if BTC’s total valuation equaled gold’s peak market cap, what price would BTC have to reach?

Gold’s Massive Surge In 2025

Gold’s rally in 2025 captured global attention as prices climbed past $4,500 per ounce for the first time, setting a new record that reflects more than just short-term speculation. Gold’s strength this year is not just about price per ounce.  In market-cap terms, gold has added about $12 trillion in value since the start of 2025 alone. That single-year increase in gold’s market capitalization is around seven times larger than the entire Bitcoin market cap.

This recent all-time high price has helped boost gold’s total market capitalization to an estimated $31.1 trillion, based on the total value of above-ground gold stocks multiplied by the elevated price per ounce. Bitcoin’s market capitalization currently stands at $1.736 trillion, based on a circulating supply of just under 20 million BTC. Unlike gold, BTC’S total valuation has not increased this year. Instead, it has shrunk by roughly $100 billion since January 1, with its price now struggling in the mid-$80,000s. 

Market Cap Of Gold And Bitcoin. Source: Companiemarketcap.com

Put simply, Bitcoin is only a small slice of gold’s valuation. At today’s levels, gold’s $31 trillion market cap means that Bitcoin fits into gold roughly 18 times over. This ratio is a good reference point for Bitcoin’s long-term growth potential, given its reputation as a digital version of gold.

How High Bitcoin Price Would Be At Gold’s ATH Market Cap

If Bitcoin were to match gold’s $31 trillion market capitalization, the corresponding price per BTC would be considerably higher than current levels. Using a circulating supply of about 19.96 million BTC, BTC would need to push to approximately $1.55 million per coin to reach parity with gold’s current all-time-high market cap.

The amount of capital inflow needed for BTC to reach this price level is massive and unprecedented. Still, many Bitcoin maximalists believe this scenario is not unrealistic over an extended timeframe. 

Michael Saylor, one of Bitcoin’s most vocal advocates, has proposed that BTC will eventually surpass gold in total market value within the next 10 years. In a November interview, Saylor said he has “no doubt” that BTC will become a larger asset class than gold by 2035.

It is obvious that 2025 is about to be a red year for Bitcoin and the entire crypto market. However, 2026 could play out as a recovery and normalization year. Recovery in this context does not imply explosive upside, but a period where bearish price action is worked off and confidence in BTC is rebuilt gradually.

Strategy CEO Phong Le has been on the road with Michael Saylor, and the message from the meetings is less about “orange-pilling” bankers than watching large institutions sprint to close a Bitcoin product gap they can no longer ignore.

In a Dec. 23 interview with CoinStories host Nathalie Brunell, Le said the conversations start with the most basic building blocks, custody and exchange because banks have already watched meaningful flows move to crypto-native and quasi-crypto incumbents.

“They’re all trying to catch up with just the base of custodying Bitcoin and providing exchange services,” Le said. “They’ve seen, for example, Coinbase or Fidelity, and what they’re doing. And they want to be able to offer their customers native services with BTC so they don’t take the money off the platform out to somewhere else.”

Large US Banks Begin Bitcoin Conversations

Le described this baseline in familiar banking language, positioning BTC as an account-type object inside existing distribution rather than an external asset clients self-custody elsewhere. “So I’ll just start that as a baseline. I call it a checking account and a savings account for Bitcoin, right?” he said. “And then on top of that, what do they want to do?”

His answer was a laddered product roadmap that increasingly resembles the capital-markets “stack” Strategy has spent the last several years industrializing: credit, yield, structured exposure, and eventually something close to money-like instruments backed by BTC collateral.

“Then they want to offer things like the coin lending, which means you get loans against Bitcoin,” Le said. “And we know a lot of folks are doing that on a one-to-one private loan basis, but they should provide it in general. Perhaps offering instruments that give you yield off of Bitcoin. That will be the next sort of step above that.”

From there, Le said, banks start converging on Strategy’s own playbook, not necessarily copying it line-by-line, but arriving at the same conclusion that Bitcoin can be used as balance-sheet collateral to manufacture investable products.

“And then a set of Bitcoin-backed products, not too much different than what we do,” he said. “An investment bank would want to be able to underwrite Bitcoin-backed securities like MSTR or like any of our preferreds. That would be the next step.”

The “underwrite” comment is the tell. This is not merely about giving wealth clients a custody button. It is about turning exposure into fundable, tradable paper that sits comfortably inside existing bank distribution: preferreds, structured notes, and credit instruments that look like what clients already buy, just with BTC as the collateral story.

Le then moved into what he called “digital credit,” explicitly tying it to preferred-style issuance and bank-native variants of the same idea.

“And then you get into offering digital credit, right? Which would be our preferreds or a bank preferred based off of Bitcoin,” he said. “And then the last thing, which is what Mike talked about at Bitcoin in the Middle East, which is digital money, right? How do you give somebody essentially access to something that looks like money backed by Bitcoin that gives them a steady yield that’s better than what they would get otherwise called eight, nine percent?”

That “digital money” framing is aligned with what Saylor has been signaling on stage: BTC as collateral that can support a broader credit superstructure. At Bitcoin MENA 2025 in Abu Dhabi, Saylor argued the shift is already underway and, in his telling, the largest names in US finance are no longer keeping their distance, as Bitcoinist reported.

“In the past six months I have noted and been approached by BNY Mellon, by Wells Fargo, by Bank of America, by Charles Schwab, by JP Morgan, by Citi,” Saylor said. “They are all starting to issue credit against either Bitcoin or against derivatives like IBIT.”

At press time, BTC traded at

The Shiba Inu price action over the last few months has been incredibly bearish, especially as attention begins to shift away from meme coins. The current trend suggests that investors are leaning more toward selling as the altcoin’s price is now almost 92% below its 2021 all-time high. Even as the year draws to a close, the prognosis for the meme coin has not changed, with a machine learning algorithm predicting that the SHIB price will continue to fall.

Expect The Shiba Inu Downtrend Into The New Year

Shiba Inu is already down by more than 14% this month, and it looks like the decline is far from over. The algorithm at the CoinCodex website has predicted that the meme coin will see further decline into the end of the year, amplifying the already brutal losses.

The 5-day prediction puts the Shiba Inu price somewhere around $0.000007038, pushing its monthly losses toward 20%. This comes as the sentiment around the Shiba Inu altcoin hovers in Extreme Fear, meaning investors are still scared to put money into the digital asset.

In addition to the downtrend, volatility is also expected to spike during this time. The website rates it at 5.62%, which is a high percentage, putting investors in Shiba Inu at a higher risk of losing their money. Thus, it might be better to wait for the downtrend to play out before getting into the cryptocurrency.

Over the medium to longer term, though, the expectations begin to lean toward the bullish end. The 1-month prediction expects a 15.89% surge to push the price above $0.000008. Then, the 3-month prediction also expects that Shiba Inu will continue to trend above $0.000008.

Why SHIB Decline Could Continue In January

While January has usually been a bullish month for the likes of Bitcoin, Shiba Inu has usually gone in a much different direction. In the last four years, the meme coin has only closed the month of January in the green one time. This also coincides with its performance from December, usually ending in the red and carrying over into the new year.

If this trend holds, then it is likely that the Shiba Inu price will see another double-digit decline in January 2026. Usually, it is by the month of February that the SHIB price begins to pick up, making it one of its most bullish months since the meme coin first launched back in 2020, as shown by data from CryptoRank.

Russia’s central bank has unveiled a new framework to regulate cryptocurrencies within its domestic digital asset market, with a deadline set for July 2026. This initiative aims to enable both retail and qualified investors to purchase cryptocurrencies.

New Crypto Regulations In Russia

According to a Bloomberg report, non-qualified investors will be permitted to buy the most liquid cryptocurrencies after successfully passing a knowledge assessment. However, their transactions will be limited to 300,000 rubles, roughly equivalent to $3,800 annually, and must be conducted through a single intermediary. 

In contrast, qualified investors will have the freedom to purchase unlimited amounts of any cryptocurrency, aside from anonymous tokens, although they too will have to pass a risk-awareness evaluation.

Despite these regulatory steps, the Bank of Russia maintains a cautious stance towards cryptocurrencies, categorizing them as high-risk assets. The central bank has urged potential investors to consider the significant risk of losing their funds. 

Transactions will occur through already licensed entities such as exchanges, brokers, and trust managers, while additional requirements will apply to custodians and exchange services. 

Moreover, Russian residents will be able to buy cryptocurrencies abroad and transfer their holdings through licensed intermediaries within the country, with obligatory tax reporting requirements.

Bitcoin’s Role In Strengthening The Ruble

This regulatory shift follows President Vladimir Putin’s remarks last year regarding the potential use of Bitcoin (BTC) and the need for Russia to rethink its reliance on foreign currency reserves. 

Speaking at an investment conference in Moscow, Putin highlighted the geopolitical issues stemming from the West’s freezing of around $300 billion in Russian reserves due to the ongoing conflict in Ukraine. 

He questioned the prudence of holding state reserves in foreign currencies, considering how easily these assets can be confiscated for political reasons. 

In a significant development, Putin has also signed a law that creates a legal framework for taxing Bitcoin mining and transactions, officially classifying them as property. 

This new law recognizes digital currencies as property and encompasses those utilized for foreign trade settlements within the Experimental Legal Regime (EPR) designed for digital innovation. 

Notably, the legislation stipulates that Bitcoin mining and sales will be exempt from value-added tax (VAT), potentially spurring further investment in the cryptocurrency market.

Recently, Central Bank Governor Elvira Nabiullina made an unexpected acknowledgment regarding Bitcoin mining, noting its small yet meaningful impact on supporting the Russian ruble. 

While she admitted that quantifying this influence is challenging, Nabiullina suggested that mining has emerged as an “additional factor” contributing to the currency’s recent strength—a noteworthy admission from a central banker traditionally cautious about the crypto landscape.

When writing, Bitcoin was trading just above the $88,090 mark, recording losses of 1.5% in the 24-hour time frame. 

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

Data shows 67% of Ethereum transactions involving the stablecoins USDT and USDC are P2P in nature, but the majority of volume lies elsewhere.

Business-Related Ethereum Stablecoin Transactions Dominate Volume

In a new post on X, Ethereum Foundation head of ecosystem James has shared some numbers related to stablecoin transactions on the ETH blockchain. Stablecoins refer to cryptocurrencies that have their value pegged to a fiat currency.

As these assets are relatively “stable” by nature, they have quickly established themselves as the preferred mode of payments, with their volume surpassing combined that of the top five non-stablecoin cryptocurrencies.

But what does the nature of these transactions look like? Below is the data posted by James, showcasing how the transfers related to the Ethereum versions of USDT and USDC break down between retail and business payments.

As is visible in the chart, 67% of USDT and USDC transactions on the Ethereum network that occurred between August 2024 and 2025 were of the peer-to-peer (P2P) type. Such transactions are usually a sign of activity from retail users.

The small size of the users being involved could be why the transaction volume share of P2P transfers was just 24%. In contrast, business-involved payments made up for 76% of the volume, despite occupying a transactions share of just 33%.

The Ethereum Foundation member sourced the data from Artemis’ report on Ethereum stablecoin payment usage. While stablecoins pegged to various currencies exist, Artemis focused on the USD-tied USDC and USDT as they are by far the most popular options, occupying 88% of the sector’s market cap.

These coins circulate on several blockchains, but Ethereum is currently the most dominant network, hosting more than 50% of the global stablecoin supply. “We also only focus on transfer transactions and exclude any mint, burn, or bridge transactions from our analysis,” noted the report.

Artemis has broken down how it classifies transactions. Transfers are considered P2P if they occur between the externally owned accounts (EOAs) of two separate users.

Determining whether a transaction is P2P can be tricky, however, given that it’s not always possible to determine whether two accounts are owned by different entities. Problems also arise for wallets owned by exchanges and other centralized entities. “In our dataset we are able to label many institutional and firm EOA wallets; however, the labeling is not perfect and some EOA wallets that are owned by firms and are not documented in our dataset can be mislabeled as individual wallets,” explained the report.

The second category is business-to-business (B2B), naturally consisting of the moves taking place between two institutional EOAs. Transactions between the same institutional entity fall inside the “Internal B” label.

Finally, there is the person-to-business (P2B) category, accounting for the transfers happening between individuals and businesses. James’ chart clubs all the business categories into one.

ETH Price

Ethereum made recovery above $3,000 earlier, but it seems the coin has once again faced a pullback as its price is now back at $2,950.

所謂從實戰中學習，向高手偷師。WPT Global高額現金桌這手Keating對Airball的AK對99，就是經典一局。這場牌局表面是常見的高牌對中口袋，實際上是深籌碼條件下，把形象、信用度與範圍閱讀拉到極端的一次對抗。

我們要讀懂這手牌的走向，先要讀懂兩個人的桌上人設，因為在這種級別，牌力只是入口，決策的核心是對手相信你到什麼程度。

桌上人設，一個靠混沌施壓，一個靠讀牌拆招

Alan Keating在高額桌屬於最受歡迎、也最難對付的類型之一。他的VPIP極高，入池範圍寬到近乎失真，強牌會打，邊緣牌會打，甚至垃圾牌也敢用巨額尺度去做壓力與詐唬。資金深度與冒險偏好讓他在很多對局中具備天然優勢，對手很難用傳統訊號去鎖定他的底牌，因為他加注時可能是AA，也可能是72 offsuit。

這種近乎瘋狂的形象在長期能帶來大量棄牌收益，但同時也會侵蝕他的信用度，一旦對手把他歸類為「兩極化且詐唬占比高」，他的大動作就容易被反向解讀，最終成為悲劇的起點。

Nik Airball則是另一種極端，他是Hustler Casino Live等節目的常客，以喋喋不休的Speech Play與強侵略性著稱，外界對他評價兩極，卻不能低估他的技術底層。他在範圍閱讀與節奏調整上相當紮實，尤其擅長針對特定對手做剝削性防守。

面對像Keating這種過度激進的對手，他清楚什麼時候要把防守頻率擡高，什麼時候要用跟注讓對手把詐唬推到底，換句話說，他不是跟Keating比誰更兇，而是比誰更懂得把對方的形象變成可收割的EV。

翻前加碼戰，不是AK對99，而是信用度的定價

牌局由Airball持99開池，Keating以AK3bet屬於標準強牌路徑，目標是隔離對手並建立主動權。隨後Airball選擇4bet，這一步在深籌碼下很關鍵，99在多數人的框架裡是尷尬的中口袋，既不像小口袋那樣只求set value，也不像QQ以上能舒適扛住壓力。Airball的4bet既是測試，也是反制，他押注Keating的3bet範圍夠寬，自己仍能在對抗中取得價值與主動。

真正的轉折發生在Keating做出5bet並加到16.5萬。對一般玩家而言，5bet常被視為AA或KK的訊號，但Keating的5bet在他的形象框架裡更接近兩極化操作，要麼是堅果牌，要麼是利用深籌碼與桌上信用去逼出棄牌。這一刻問題變成，Airball是否相信Keating的「代表範圍」。Airball沒有推回全下，也沒有棄牌，而是選擇跟注，把決策帶到翻後，用位置與資訊優勢延後定價，這是高額桌常見的高階處理方式，保留了對Keating翻後線路的觀察空間。

翻牌J46，Keating超池全下的目的與代價

翻牌沒有A或K，AK未命中，Keating仍選擇超池All in全下。這種線路的核心不是牌力，而是Fold Equity最大化。他希望用極端尺度扮演AA、KK、JJ或強同花聽牌類的高權重組合，迫使99這類中口袋在巨大壓力下棄牌，因為一旦他選擇過牌或小注，AK很容易被動走向攤牌劣勢。

從純策略角度看，這是一個把勝負一次性結算的決策，成功就直接拿下底池，失敗就幾乎把整個買入風險押出去。

問題在於，超池全下極度依賴信用度。若對手相信你，這是高效率的壓力工具。若對手不信你，它就會變成把對手的跟注範圍鎖死在「專抓你詐唬」的區間，讓你用最大尺寸去替對手提供最佳跟注誘因。

Airball秒跟，跟的是99，抓的是Keating的形象裂縫

Airball的秒跟看起來像是牌力決策，實際上是模型決策。他把Keating整條線放進對手人設裡計算，Keating翻前範圍寬，5bet具兩極化特徵，翻牌未命中時更可能以大尺寸把兩張高牌空氣牌推到底，藉此贏獎一次性拿走底池。

在這個假設下，99在J46上的相對強度大幅提升，跟注不是硬扛，而是剝削對手過度施壓且信用不足的結構性破綻。雙方Run it twice，兩次都沒有出A或K，99守住領先並清空Keating，結局由發牌收尾，但勝負的邏輯其實在秒跟那一刻已經完成。

CoinPoker博彩 – 總體最佳比特幣撲克博彩網站

CoinPoker長期被視為加密圈中表現最全面的比特幣博彩平台，以流暢介面、多元玩法與強大獎金制度樹立高度競爭力。平台提供150%歡迎獎金，首次存款最高可達2,000美元，對新手與進階玩家而言都是極具吸引力的起步條件，亦成功奠定其作為主流BTC博彩網站的地位。

在玩法方面，CoinPoker提供超過15種投注市場，涵蓋現場體育、電子競技、虛擬賽事等。同時支援多種主流加密貨幣入金，提款更以即時處理、零手續費、匿名結算見稱，確保玩家能迅速、安全地提取獎金。除了體育投注，平台亦具備成熟的賭場系統，包括高品質真人直播荷官，從二十一點到輪盤都以高清串流呈現，讓玩家能透過手機或桌機享受接近實體賭場的沈浸感。

對撲克玩家而言，CoinPoker的吸引力更為明顯。平台提供穩定活躍的撲克桌與多樣錦標賽形式，每週一提供33%在線撲克回扣，對長期玩家來說極具實質價值。加上平台的透明運營與持續推出的促銷活動，使其成為全球玩家評價極高的專業撲克環境。

CoinPoker兼具比特幣博彩、真人荷官賭場與專業撲克生態，提供快速結算、完善獎金制度與高度匿名性，是加密玩家追求安全、速度與娛樂性的理想選擇。

進入CoinPoker玩樂

結論，高額桌真正的牌力，是對手眼中的你

這手牌的價值在於它把高額桌最本質的現實講得很清楚，你下注的威力不只由牌面決定，更由對手如何定價你的形象決定。Keating的混沌打法在很多對手面前能換取過度棄牌，長期賺走大量無攤牌EV，但一旦遇到能把他詐唬占比算進去的對手，他的5bet與翻牌全下就會失去嚇阻力，甚至反過來成為對手最舒服的跟注點。Airball贏在敢於把防守頻率調高，並且精準選擇在最適合抓詐唬的結構上承接壓力。

更現實的一句話是，深籌碼環境下AK不再是無腦打光的武器，它更像是一手需要信用度加成的壓力牌。當你被視為鬆兇，你要接受對手更敢跟，價值線要更直接，詐唬線要更挑人。這手牌之所以成為經典，不是因為99贏了AK，而是因為它示範了高額桌的終極規則，當對手看透你是誰，你手上的牌就會被重新定價。

 

Ghana’s parliament has taken a significant step forward by approving the legalization of cryptocurrency, primarily aimed at addressing the concerns of the central bank regarding the unregulated and increasing use of digital assets within the country. 

The passage of the Virtual Asset Service Providers bill marks a milestone in establishing a framework for the licensing and regulation of crypto platforms, as noted by Bank of Ghana Governor Johnson Asiama during a recent announcement.

Ghana’s New Crypto Legislation

The newly enacted bill aims to create a legal structure governing digital assets and the activities of Virtual Asset Service Providers. The effective date of the Act will be announced in the coming days, as the Bank of Ghana and regulators work on the directives and regulatory instruments to operationalize this new framework. 

Entities and individuals engaged in crypto activities will be required to either register or obtain licenses from the Bank or the country’s Securities and Exchange Commission (SEC), depending on the nature of their operations. 

According to Governor Asiama, this bill lays the groundwork for regulating participants in the cryptocurrency space. He emphasized that such regulations will help ensure emerging activities are conducted within accountable and well-governed boundaries. 

These developments promise to lower costs for financial institutions, enhance customer experiences, and support small and medium enterprises, ultimately positioning Ghana’s financial system to be more competitive within the context of the African Continental Free Trade Area (AfCFTA).

Looking ahead to 2026, the Bank of Ghana plans to explore additional initiatives, including the development of asset-backed digital settlement instruments, such as gold-backed stablecoins. 

Africa’s Digital Asset Scene

Currently, nearly 3 million Ghanaians, or about 17% of the adult population, are estimated to have participated in digital asset transactions. Reports indicate that crypto transactions in Ghana reached approximately $3 billion from June 2023 to June 2024. 

In comparison, Nigeria remains Africa’s largest crypto market, despite regulatory challenges. While the Central Bank has imposed restrictions, these measures have not hindered adoption but rather shifted users towards decentralized platforms and regulated fintechs that comply with emerging rules.

South Africa, on the other hand, has developed one of the clearest legal frameworks for crypto on the continent, classifying crypto assets as financial products and placing exchanges and service providers under regulatory oversight. This clarity has reportedly attracted institutional interest and facilitated compliance-driven growth.

Egypt presents a less favorable landscape, marked by strong demand for digital assets driven by inflation concerns, coupled with strict regulations that limit official approval for transactions. Other African nations involved in cryptocurrency initiatives include Kenya, Tunisia, and Morocco.

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

South Korean payments giant BC Card has completed its pilot project to verify the stability and convenience of card-integrated stablecoins in collaboration with domestic and international digital asset companies.

BC Card Completes Stablecoin Payment Pilot Project For Foreigners

On Tuesday, South Korea’s largest payment processing company, BC Card, announced it had concluded its two-month pilot project enabling foreigners to use stablecoins as a payment method at domestic merchants.

The project was conducted alongside blockchain financial firm Wavebridge, overseas digital wallet company Aaron Group, and remittance fintech company Global Money Express.

According to BC Card, the pilot focused on “verifying whether foreign currency-based stablecoins held by foreigners could be practically used within the domestic payment environment, while also assessing payment convenience and stability.”

For the project, foreign users converted their stablecoins held in oversea wallets parented with BC Card into digital prepaid cards that could be used at domestic affiliated merchants using a QR code, without requiring a physical card or currency exchange procedures.

The company integrated stablecoin payments into the existing card authorization and settlement structure using a digital prepaid card as an intermediary, the announcement explained, noting that “this design enables both paying customers and merchants to transact in the same manner as with conventional card payments.”

BC Card’s President, Choi Won-seok, stated, “Stablecoins, due to their technical characteristics, are particularly useful for cross-border payments and hold significant potential to improve the domestic payment experience for foreign consumers.”

South Korean Companies Prepares For 2026 Framework

The payments giant affirmed that the pilot was not a “short-term technical verification” but a “process to prepare a stablecoin payment structure responsive to future domestic legal and regulatory changes.”

Notably, the South Korean government recently failed to submit the highly anticipated bill for the Second Phase of the Virtual Asset User Protection Act, which will address the issuance and distribution of won-pegged stablecoins.

As reported by Bitcoinist, the Financial Services Commission (FSC) did not meet the ruling party’s December 10 deadline to submit the government’s legislation to the National Policy Committee.

According to local media, the government bill was delayed after the FSC and the Bank of Korea (BOK) failed to resolve their differences over the issuance of won-denominated stablecoins.

The financial authorities reportedly agree that financial institutions must be involved in the issuance of the tokens but disagree on the extent of banks’ role. While the central bank has been pushing for a consortium of banks owning at least 51% of any stablecoin issuer seeking approval in the country, the FSC has expressed concerns that giving a majority stake to banks could reduce participation from tech firms and limit the market’s innovation.

Recent reports affirmed that the government’s proposal is expected to be announced by early next month at the latest, as the integrated bill must be submitted in January 2026. “To protect the public’s right to know, there will be a separate opportunity to explain the government’s proposed bill to the public while submitting it to the National Assembly,” an FSC official stated last week.

Ultimately, BC Card pledged to strengthen its cooperation with relevant agencies while considering the flow of virtual asset legislation, aiming to “lead the establishment of a ‘Korean-style stablecoin payment infrastructure’ by progressively advancing a payment model compliant with domestic regulations.”

“BC Card will leverage its card payment infrastructure to progressively prepare a stable stablecoin payment model that aligns with Korea’s legal and regulatory environment,” the company’s president concluded.

Ethereum is struggling to stabilize above the $3,000 threshold, a level that has become a psychological and technical battleground as bearish narratives gain traction across the market. After failing to hold its late-summer momentum, ETH is now down roughly 40% from its August peak, placing sustained pressure on investor confidence. Analysts are increasingly warning that the broader market may be transitioning into an early-stage bear phase, with Ethereum’s weak relative performance reinforcing those concerns.

Sentiment around ETH has deteriorated sharply in recent weeks. Price rebounds have been short-lived, volatility remains elevated, and trading activity suggests a market dominated by defensive positioning rather than accumulation. The inability to decisively reclaim higher levels has left Ethereum vulnerable to further downside if demand does not return near current prices.

Against this cautious backdrop, on-chain data is offering a contrasting signal. According to figures tracked by Arkham, institutional-focused miner Bitmine has continued to expand its Ethereum exposure. The firm recently acquired an additional 29,462 ETH, worth approximately $88.1 million, sourced from custodial and exchange-related wallets linked to BitGo and Kraken. The timing of the purchase, amid widespread pessimism, has drawn attention from market participants.

While price action remains fragile, the presence of large, deliberate buyers suggests that some investors are positioning beyond short-term volatility. Whether this activity marks early accumulation or simply isolated conviction remains an open question as Ethereum approaches a critical inflection point.

Large-Scale Accumulation Highlights Strategic Positioning In Ethereum

Bitmine’s Ethereum exposure has reached a new milestone, with the company now holding approximately 7.79 million ETH, valued at an estimated $11.2 billion at current market prices. This places Bitmine among the largest known Ethereum holders, a status that is drawing increasing attention as the market grapples with deteriorating sentiment and elevated volatility. The scale of the position alone makes recent transactions material, not just for tracking individual wallet activity, but for understanding broader capital behavior.

These purchases are notable because they are occurring during a period of sustained price weakness. Ethereum remains significantly below its recent highs, and many participants have adopted a risk-off stance. In that context, large, transparent inflows into long-term custody wallets suggest strategic allocation rather than short-term speculation. Transactions routed through custodians and major exchanges further reinforce the view that these moves are deliberate and structured, rather than opportunistic trades.

From a market perspective, activity of this magnitude can influence supply dynamics. When large holders accumulate and remove ETH from active circulation, available liquidity tightens, potentially reducing sell-side pressure over time. While this does not guarantee immediate price appreciation, it often alters the medium-term balance between buyers and sellers.

More broadly, Bitmine’s expanding position underscores how select institutional players continue to view Ethereum as a core asset despite unfavorable market conditions. As prices consolidate near critical levels, these flows provide important context for assessing whether current weakness reflects distribution or the early stages of long-term repositioning.

ETH Struggles to Stabilize as Daily Trend Remains Under Pressure

Ethereum is trading near the $2,960 level on the daily chart, continuing to show signs of structural weakness after a prolonged correction from its late-summer highs. The chart highlights a clear trend shift over recent months, with ETH posting a sequence of lower highs and lower lows since failing to hold above the $4,500–$4,800 region. That rejection marked the start of a broad downside move that has yet to fully resolve.

Price is currently positioned below all major daily moving averages. The faster blue moving average has rolled over sharply and continues to cap upside attempts, while the 111-day and 200-day simple moving averages are now sloping downward and acting as dynamic resistance in the $3,300–$3,600 zone. This configuration reflects sustained bearish momentum rather than a temporary pullback within a strong uptrend.

Volume dynamics support this interpretation. The sell-off phases have generally been accompanied by higher volume spikes, while rebound attempts have occurred on relatively muted participation. This suggests that buyers remain cautious and that conviction behind recovery moves is limited.

From a technical standpoint, the $2,900–$3,000 area is a critical short-term support zone. A failure to hold this range would expose Ethereum to a deeper retracement toward prior consolidation levels. For sentiment and structure to improve, ETH would need to reclaim the $3,300–$3,500 region and stabilize above its declining daily averages.

Featured image from ChatGPT, chart from TradingView.com

Crypto analyst Rob Cunningham has detailed the conditions and how many transactions XRP would need to handle to reach a $2,000 valuation. He explained that the token must process sovereign-scale settlement volumes and eliminate liquidity stress to achieve its full potential. 

The Transaction Threshold For A $2,000 XRP

In a rather lengthy X post this Monday, Cunningham outlined a new framework for understanding XRP’s potential price trajectory. He emphasized that the most important question for cryptocurrency is the price at which it eliminates pre-funding, slippage, and liquidity stress for sovereign-scale settlement. The analyst evaluated this using metrics such as global settlement volume, order-book depth, central-bank-scale transaction sizing, and the need to avoid balance-sheet drag. 

According to his analysis, the minimum clean operating range for XRP lies between $1,500 and $3,000 per coin. At a $2,000 valuation, XRP’s network would need to hold $200 trillion in value and process up to $2 quadrillion in daily transactions with a tenfold velocity. 

Cunningham described XRP at the $2,000 level as a rail, a reserve, and a unit of account bridge. He stated that if the cryptocurrency could achieve this valuation, liquidity would effectively become invisible, and the cost of capital could approach zero, making XRP function more like energy than conventional money. 

The analyst also asserted that beyond the $1,500 to $3,000 range, XRP ceases to be “priced” in conventional terms and is instead evaluated based on its functional utility. He declared that XRP would reprice faster than any other asset in history. Unlike most cryptocurrencies, which usually move based on earnings, narratives, or market cycles, XRP would be repriced like infrastructure—fast, violent, and discolored.

Analyst Compares XRP Move To Oil Discovery And Predicts Explosive Rally  

In his analysis, Cunningham also predicted that XRP’s price will eventually be driven by its structural role rather than typical market factors. He explained that once the market recognizes Ripple Labs and the XRP Ledger (XRPL) as essential to global settlements, three key dynamics could kick in simultaneously. 

First, it could optionally collapse as XRP stops being one of many cryptocurrencies and becomes a required input. Second, the future value could exceed the present value. Third, the “float” becomes functionally illiquid, as long-term holders remain firm and institutions must acquire XRP regardless of price. The analyst has compared this rare combination of factors to oil discoveries, wars, shifts in reserve currency, or recognition of monopoly infrastructure. 

The analyst also outlined a three-phase acceleration pattern for XRP, emphasizing that the token’s growth would occur in leaps, with rapid bursts of 3X to 10X. The first phase, Recognition Shock, could last weeks to three months, triggered by clear regulatory finality and treasury-level integration. The second phase, Future Value Compression, may last three to twelve months as the market prices XRP to prevent scarcity. The final phase, Infrastructure Pricing, could span one to three years, with XRP no longer priced but managed.

Bitcoin continues to trade below the psychologically important $90,000 level, reinforcing a cautious tone across the market as more analysts begin to warn that the current cycle could be transitioning toward a broader bear phase in 2026. Despite several attempts to regain upside momentum, price action has remained fragile, with volatility picking up and confidence fading among short-term participants.

Recent on-chain insights from analyst Axel Adler add weight to the growing risk-off narrative. Market sentiment, which reached euphoric levels earlier this month, has undergone a notable reversal. After peaking in early December, optimism quickly faded as prices failed to sustain higher levels, triggering a steady deterioration in sentiment indicators. The latest readings now place sentiment firmly below neutral, reflecting a clear cooling in trader conviction.

This shift is particularly notable because it follows a failed seasonal rebound attempt, often referred to as the “Santa rally,” which historically tends to support prices. Instead, the market’s inability to capitalize on that window has reinforced the view that short-term conditions have deteriorated. The downward turn in sentiment metrics suggests that traders are increasingly defensive, with reduced risk appetite and lower willingness to add exposure at current levels.

As Bitcoin remains capped below key resistance, sentiment dynamics point to a market that is no longer driven by momentum but by caution, uncertainty, and a reassessment of the medium-term outlook.

Bitcoin Trades Below Key Cost Bases as Recovery Signals Remain Elusive

Bitcoin continues to trade under pressure, with price hovering near the $87,400 level, a zone that analysts view as structurally weak in the short term. According to insights shared by Axel Adler, Bitcoin is currently trading below all major short-term holder realized price benchmarks, highlighting the fragility of recent demand. The closest overhead barrier is the short-term holder, 1-week to 1-month realized price around $90,300, a level now acting as immediate resistance rather than support.

Above that, resistance intensifies sharply. A dense supply cluster emerges between $100,400 and $101,500, where the 1-month to 3-month short-term holder realized price converges with the aggregate short-term holder realized price. This zone also aligns closely with the 365-day simple moving average near $101,800, reinforcing its importance as a longer-term inflection area. Additional moving average resistance is positioned even higher, with the 111-day and 200-day SMAs near $104,300 and $107,900, respectively.

Trading below short-term holder cost bases implies that the most recent buyers are sitting on unrealized losses. As a result, relief rallies toward breakeven levels risk triggering renewed selling. For market conditions to improve meaningfully, Bitcoin would need to reclaim and hold above the $90,000 area. Until then, the absence of strong spot demand leaves the market exposed to further downside, despite long-term support anchored near the aggregate realized price at $56,300.

Price Pulls Back to Key Weekly Support: Trend Structure Is Tested

Bitcoin is consolidating near the $87,700 level on the weekly chart, following a sharp rejection from the $110,000–$115,000 region earlier this cycle. The chart shows a clear loss of momentum after the parabolic advance that defined most of 2024 and early 2025, with price now correcting toward its rising long-term averages. Notably, Bitcoin is trading just above the weekly 111-day simple moving average, which has historically acted as an important trend gauge during bull market corrections.

The pullback has so far remained orderly. Despite several weeks of downside pressure, the price has not broken decisively below the ascending structure that began in late 2023. However, the loss of the faster weekly moving average, combined with lower highs since the peak, suggests that the market is transitioning into a consolidation or corrective phase rather than an immediate trend continuation.

Volume dynamics reinforce this view. Selling pressure has increased during down weeks, while recovery attempts have lacked strong follow-through, pointing to cautious positioning among participants. Meanwhile, the 200-day weekly moving average remains far below current levels, underscoring that the broader trend is still intact, albeit stretched.

From a structural perspective, holding the $85,000–$88,000 area is critical. A sustained breakdown below this zone would expose deeper downside risk, while stabilization here could allow Bitcoin to build a base before attempting another directional move.

Featured image from ChatGPT, chart from TradingView.com

Ethereum’s (ETH) market structure is showing a clear split between financial products and direct balance-sheet accumulation.

While U.S.-listed Ethereum ETFs have struggled to attract consistent inflows in recent sessions, corporate treasuries are quietly increasing their exposure, creating a mixed signal for investors heading into the final days of 2025.

Recent ETF data highlights this contrast. According to flow trackers, several Ethereum ETFs recorded flat or negative flows, including a session where BlackRock’s Ethereum ETF posted zero net inflows.

ETF Demand Softens as Ethereum Trades Near Key Levels

Ethereum has momentarily held above the $3,000 psychological level despite the ETF withdrawals, signaling that selling pressure has not translated into a broad market breakdown.

The Ethereum Price action has remained range-bound, with resistance forming above recent highs and buyers continuing to defend lower support zones. Analysts note that ETF flows have historically amplified short-term momentum, but their absence often leads to consolidation rather than sharp declines.

The uneven ETF activity also reflects market concentration. While some Ethereum funds briefly recorded inflows earlier in the week, most products showed little to no activity. This points to selective positioning rather than a coordinated institutional exit, even as risk appetite remains muted across crypto markets.

Corporate Accumulation Offsets Ethereum ETF Weakness

In contrast to the hesitation among ETF investors, corporate buyers have continued to accumulate Ethereum directly.

Bitmine Immersion Technologies, now the largest known corporate holder of ETH, has surpassed 4 million ETH in total holdings, representing more than 3% of the circulating supply. The firm added nearly 100,000 ETH in a single week, buying into recent price weakness at an average cost of around $3,000.

This steady accumulation highlights a longer-term thesis centered on Ethereum’s role in staking, tokenization, and blockchain-based financial infrastructure. Unlike ETF flows, which are often driven by short-term sentiment and portfolio rebalancing, corporate treasury strategies tend to reflect multi-year positioning.

A Market Divided Between Caution and Conviction

The divergence between ETF flows and direct corporate accumulation underscores a market in transition. Financial products tied to Ethereum appear sensitive to macro conditions and regulatory clarity, while some firms are using price pullbacks to build strategic exposure.

As 2026 approaches, Ethereum’s price may continue to reflect this balance, limited upside without renewed ETF demand, but firm underlying support from long-term holders willing to accumulate outside traditional investment vehicles.

Cover image from ChatGPT, ETHUSD chart from Tradingview