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XRP may be setting up for a major breakout as technical indicators flash a familiar bullish signal. A crypto analyst has identified a developing Double Bottom pattern, suggesting that the cryptocurrency’s downtrend may be ending. Although the price performance over the past months has been muted and slow, now trading about 50% below its all-time high, analysts still believe that the altcoin is primed for a sharp upside move to $2.5. 

XRP Double Bottom To Fuel Surge To $2.5

Crypto market analyst Niels has indicated that XRP is showing signs of a potential bullish turnaround, which could trigger a price surge to $2.5. In his X post, he presented a fresh technical analysis, highlighting a Double Bottom formation beginning to take shape on the chart. The chart also shows that the price has reacted strongly twice from the same demand area, reinforcing the Double Bottom setup. 

Notably, the Double Bottom is emerging after months of sustained downside pressure, during which the altcoin remained firmly locked in a bearish structure. The decline initially kept its consolidation around $2. However, it recently pushed the token as low as $1.8 before price action stabilized and recovered modestly above $1.9. 

In his analysis, Neils also highlighted that momentum indicators are starting to align with a possible trend reversal for the token.  According to him, XRP’s Relative Strength Index (RSI) has already bottomed out, suggesting that selling pressure may be exhausted. He also observed that price action is showing encouraging signs, which often precedes a stronger upside move when supported by market momentum.

Niels further explained that the altcoin recently dipped below a key support zone before quickly reclaiming it, forming a fakeout. With momentum improving and support holding, the analyst predicts that it could soon rally toward the $2.3 to $2.5 range over the next few weeks if market conditions remain favorable. 

XRP Shows Signs Of Strength Despite Ongoing Downtrend

In a separate analysis, crypto market expert Broke Doomer highlighted that XRP remains in a downward trend but is showing signs of resilience. He noted that support levels continue to hold strong with buyers stepping in at each level, preventing a steeper decline.

Doomer also stated that seller momentum is weakening as the token maintains a strong low, suggesting that any upside shift could happen quickly. Given its growing strength and steady price recovery, the analyst has predicted that the cryptocurrency could first target a reclaim of $2.20 before moving toward $2.60. 

His chart also points to a higher target for XRP if it can cross $2.6, forecasting a potential rise back toward $3. If this happens, it would represent a roughly 56% increase from its price of $1.92 at the time of writing. 

As the year draws to a rapid close, the lawsuit between Ripple Labs and the United States (US) Securities and Exchange Commission (SEC) stands as one of the most consequential and closely watched legal battles in crypto history. Long before its official resolution, the case dominated the space, consistently making top headlines with each new filing, ruling, courtroom development, and update. Ripple and the SEC went head to head to determine whether XRP should be classified as a security under US law. For XRP investors, the lawsuit’s verdict served as a long-awaited reprieve after years of regulatory uncertainty and  suppressed price action in XRP.  

Ripple Vs SEC Lawsuit Recap For XRP Investors

After years of uncertainty, the long-running dispute between Ripple and the US SEC officially concluded in 2025. The case has been a defining moment for cryptocurrency regulation in the United States and has significantly influenced XRP investors worldwide. 

The lawsuit began on December 20, when the SEC accused Ripple of selling XRP as an unregistered security. The crypto payments company, however, argued that XRP is a digital asset, not a security under US law. Fast forward to 2023, Judge Analisa Torres from the Southern District of New York delivered a mixed ruling, finding that XRP sold on public exchanges did not constitute securities transactions, earning Ripple a partial victory. 

Although the ruling provided some level of clarity, it left unresolved questions that continued to affect XRP’s trading and adoption. Following the court’s decision, Ripple was ordered to pay a civil penalty of roughly $125 million in 2024 for institutional sales of XRP. An injunction was also imposed, restricting the company from engaging in similar activities in the future. The penalty was far below the nearly $2 billion fees initially sought by the SEC.  

In early 2025, both parties filed appeals and cross-appeals. The SEC challenged the exemption for public exchange sales, while Ripple contested the injunction’s restrictions. The dispute took a decisive turn when Ripple and the regulator jointly requested the Manhattan District Court to dissolve the injunction and release the $125 million civil penalty held in escrow. 

Under the agreement, only $50 million will be paid to the SEC, with the remaining funds returned to Ripple. The court approved this arrangement, formally resolving the nearly 5-year case and eliminating years of regulatory uncertainty and slow growth in XRP. 

How the Ripple-SEC Case Impacted XRP Investors

For years, the Ripple-SEC legal dispute had caused sharp price fluctuations, slow growth, and limited exchange listings for XRP. Many investors held back from buying or selling the token due to regulatory risks. As a result, the XRP price remained suppressed around $0.5 for an extended period,  even as other cryptocurrencies reached new ATHs. 

After the court’s ruling in 2024, the XRP price exploded, rising from $0.5 to over $2 in November. The official resolution of the case also boosted investor sentiment, contributing to the cryptocurrency’s price surge above $3 in 2025. Although XRP has since dropped from these levels, its trading volume and adoption continue to benefit from the regulatory clarity.

Despite several attempts at an upward move, the price of Bitcoin has continued to fluctuate below the $90,000 pivotal level over the past week. With the ongoing bearish price performance extending, a significant portion of long-term BTC investors have yet to witness a profit condition that would be considered truly compelling.

Long-Term Bitcoin Holders Still Waiting for Stronger Gains

Bitcoin’s waning price action appears to be testing the resolve of long-term BTC holders, who are usually classified as the market’s most patient and conviction-driven investors. CW, a market expert and data analyst, reports that these key investors are still struggling to record substantial profits from their positions, which is likely to affect supply dynamics and mold on-chain behavior. 

The lingering profit gap indicates that conviction among long-term investors remains strong, but the next decisive stage is still to come. Long-term BTC holders failing to see satisfactory profit yet is due to the flagship asset’s price being confined beneath the $100,000 price mark after falling from its all-time high. Such a situation raises significant concerns about whether the market has already reached a mature bullish phase or if a more crucial surge is still required to reward those who have persevered over several cycles. 

According to the data analyst, the cohort still holds a whopping 13.6 million BTC valued at a jaw-dropping $1.2 trillion at the current price of the asset. CW stated that the current holding level of the group is comparable to the maximum holding level from the last Bitcoin market cycle.

These investors may be resilient during bearish price action, but a rebound will flip their behavior. CW noted that the cohort will transfer their holdings to short-term BTC holders when the asset shifts toward an upside direction again. 

During such a scenario, the analyst claims that the peak of the ongoing market cycle will probably coincide with the peak of greed. Looking at the chart from CW, it seems like there has not been a real rally in this cycle.

On-Chain Activity Slows Down, Creating A Calm Situation

Presently, the Bitcoin market has entered a critical phase as the BTC Cumulative Volume Delta (CVD) Indicator reveals a calm situation. BTC’s CVD indicator is a key metric that measures the aggressive purchasing versus selling pressure, which currently tells that neither side is dominating.

This calm situation is mainly driven by BTC whale investors or large holders, who are taking a break. The flatlining CVD indicator points to a period of consolidation during which liquidity is stabilizing, traders are pulling back, and the next big move is subtly developing beneath the surface.

BTC’s price is likely to continue its downward trend unless the activity of the cohort shifts, because only when they start moving again will something happen. In the meantime, CW highlighted that a selling wall is forming at the $94,000 price mark, which also represents the next crucial resistance level.

Solana is set to flip Ethereum in revenue numbers for the first time ever. Solana co-founder Anatoly Yakovenko commented on this development, highlighting the gap between both networks while also questioning how they could sustain this trend. 

Solana On Course To Flip Ethereum In Yearly Revenue

In an X post, the Solana treasury company DeFi Development Corporation (DFDV) revealed that SOL is on course to surpass ETH in annual revenue for the first time. The company stated that this is not just a milestone but “instead a regime shift.” DFDV added that SOL stands as the revenue chain, where the decentralized applications (dApps) of tomorrow will live, scale, and breathe. 

The accompanying chart shows that SOL has recorded annual revenue of $1.4 billion year-to-date (YTD), while the Ethereum network has recorded $522 million. As DFDV noted, this marks a significant shift, given that ETH surpassed SOL in previous years. In 2024, Ethereum recorded an annual revenue of $2.5 billion, while SOL recorded $1.42 billion. 

Notably, Ethereum’s revenue is down around 90% in 5 years, while Solana’s revenue has increased around 5,000% in the same period. DeFiLlama data shows that dApps such as Pump.fun, Axiom, Meteroa, Jupiter, and Phantom have actively contributed to the revenue recorded on SOL. Meanwhile, the network has also generated base fees paid by users. 

Commenting on this milestone, Solana’s co-founder stated that it has been a “crazy year” and noted that whether open permissionless protocols can actually grow and maintain revenue remains an open question. Yakovenko further remarked that he believes the entire crypto market cap will continue to grow and, eventually, will have to be split by revenue. 

He also stated that Solana and Ethereum’s only shot at this is in the execution layer. Yakovenko explained that providing the best execution layer will mean global decentralized, low-latency, and high-throughput censorship resistance. 

“SOL Is Dying”

Amid Solana’s revenue milestone over Ethereum, DeFi maxi Scribbler has declared that Solana is dying. In an X post, he noted that over 30 million people were trading on the network each month between November last year and February this year. However, since then, the network has struggled to average 1 million traders monthly.  

This is likely due to the slowdown in meme coin trading on the SOL network, which gained it a lot of traction last year and at the start of this year, when U.S. President Donald Trump launched his meme coin, TRUMP. However, crypto commentator Marty doesn’t believe that this is the end for Solana, stating that equity traders and stablecoin users will replace the meme coin traders. 

Notably, Galaxy Digital and Forward Industries have tokenized their stocks on SOL, while the network is also seeing increasing activity in stablecoin transactions. Visa just recently announced plans to begin USDC stablecoin settlements on Solana for U.S. banks.

Canary Capital CEO Steven McClurg says the investor mix showing up in XRP ETFs is broader and more institutional than the market tends to assume, with interest coming from pension funds and insurance allocators who prefer a regulated, brokerage-native wrapper over the operational burden of spot.

“Usually when you launch a new ETF that hasn’t been in the market before, it’s usually retail adoption that happens first. So we’ve seen a lot of impact from the retail audience in the first week or two. And then we started getting calls from pension funds and insurance companies globally,” McClurg revealed.

He added: “And that’s the second market segment that we market to at Canary. But we’re seeing a lot of interest there. XRP is truly an asset that most of Wall Street and most of the global capital markets get. It’s easy to understand. It’s the rails for the financial system. So, of course, they’re very interested. But those are the two segments that we’ve seen a lot of interest from.”

Why XRP ETFs Are So Successful

McClurg made the comments in a Wealthion podcast interview with CoinFund President Chris Perkins, discussing Canary’s strategy in crypto ETFs and why single-asset products like XRP can pull demand from both US and international channels. The throughline was familiar to anyone who has watched ETFs reshape other markets: access and execution matter, and they often matter more than ideology.

“A lot of our clients are retail,” McClurg said, estimating “probably 20 to 30%” of flows are coming from retail channels based on visible brokerage activity. The larger share, he added, is currently coming from faster trading-oriented capital. “It’s probably about 70% — I don’t want to call it institutional, but it’s probably 70% fast money at the moment.”

Even so, McClurg’s view is that the stable end state for products like an XRP ETF is the advisor and allocator channel that already lives inside the ETF ecosystem. “ETFs are going to be probably primarily used by financial advisors,” he said. “Because they’re simple, they’re clean, they can hold them in their accounts, they can explain it.”

For crypto, he argued, the problem is not subtle.“Most of retail is trading crypto on an exchange and they’re getting charged massive fees,” he said. “We’re talking $100 a trade. Plus the spread.”

His point was not that ETFs are free, but that the ETF wrapper can compress costs and friction, particularly for investors who do not want to operate in exchange-native workflows. “When you think about an ETF… you’ve already won by buying an ETF when you’re talking about pennies spread… and then you’re only paying a 1% management fee,” he said.

McClurg also addressed a factor that tends to drive ETF flows in crypto regardless of narrative: basis. He argued the spot/futures spread can act as a lever for ETF demand, and by extension a source of incremental spot pressure when the trade is attractive.

“The basis trade is really what’s driving crypto ETFs at the moment,” he said, adding that outflows in bitcoin spot ETFs have, at times, coincided with the collapse of that spread. For XRP specifically, he suggested the dynamic has been supportive since launch.

“We’ve benefited from launching XRP,” he said, “because there’s a great basis trade there.” He went further, claiming the product has seen consistent net buying even as broader markets softened.

McClurg also highlighted the success of all spot XRP ETFs in the US. “Ever since the launch, even at a down market, there’s not been a single day of outflows,” McClurg said.

At press time, XRP traded at $1.92.

On Sunday, the Ethereum price retested the $3,000 mark after trading below the level for the past few days due to a volatile market environment. ETH’s price may be gradually regaining upside momentum, but other aspects are still experiencing downward pressure, such as the Open Interest (OI).

Sharp Drop In Ethereum Open Interest

In the current volatile state of the cryptocurrency landscape, the Ethereum derivatives market is signaling a key indicator. This crucial signal is coming from the ETH Open interest, which has witnessed a significant pullback in the past few months. According to the research from the advanced investment and on-chain data analytics platform Alphractal, the metric has dropped by half or 50% since August this year. 

A significant drop in this metric is a clear indication that trader positioning and risk appetite have shifted notably. Following a period of high leverage and aggressive speculation, the sharp collapse indicates that positions are being unwound, exposure is being decreased, and momentum is cooling across futures markets.

Alphractal highlighted that the Ethereum open interest is valued at roughly half of what it was in August 2025, suggesting a drastic decline in market risk. Such a move points to institutions and large whale holders who have closed leveraged ETH positions. The exiting of positions by big investors shows that they are reducing exposure and speculative pressure.

ETH’s open interest has also fallen sharply on cryptocurrency exchanges. After examining the Ethereum Open Interest distribution by exchange, Alphractal unveiled a 31% decline to $7.64 billion on the world’s largest exchange, Binance.

On Gateio, open interest is at $3.72 billion, indicating a 15% decrease, while HTX (formerly known as House) has fallen by 12.65% to $3.12 million. Furthermore, Bybit has $2.53 billion with a 10.25% drop, HyperLiquid has $2.51 billion with a 10.18%, and Bitget has $1.79 billion with a 7.25% decline.

With exchanges’ open interest dropping, this tells a compelling story of the current market structure. This outlines robust deleveraging across the Ethereum market and a lower probability of explosive moves in the short term. 

Typically, an atmosphere that is more cautious and protective implies stages of consolidation or preparation for the next trend leg. However, deep declines in open interest have historically frequently preceded significant structural changes, either a healthier reversal or a downward continuation with less leverage.

ETH Withdrawals From Crypto Exchanges Have Spiked

Ethereum’s open interest drop comes at a time of a massive drop in ETH supply on crypto exchanges. Currently, ETH withdrawals have reached their lowest levels since 2016, reflecting growing trader caution and dampened short-term sell pressure. 

As more ETH is taken out of exchanges and placed in long-term holding locations, the liquid supply keeps decreasing. While the supply decrease bolsters ETH’s volatility, it also encourages price pressure to rise.

Over the last few years, Cardano has fallen into the background when it comes to decentralized finance (DeFi) participation as the likes of Solana and XRP ramped up. Solana triggered the meme coin wave that swept the market for two years, and XRP continued to push into institutional adoption with deals and partnerships, as well as regulatory compliance, while Cardano lagged behind. That is, until recently, that an anticipated launch changed the tide in favor of Cardano.

The Midnight (NIGHT) Token Launch That Changed Everything

Earlier this month, a new token rocked the crypto sphere as the Midnight (NIGHT) went live with its airdrop. At first, the token looked to be off to a slow start, crashing by over 90% from its launch $1.81 all-time high to reach below $0.025. This had made widespread news as airdrop claimers rushed to dump their tokens.

However, what seemed like a dead drop has begun to change, with the Midnight (NIGHT) token moving fast and taking the Cardano network along for the ride. As Bitcoinist reported, the token launch had essentially reignited interest in the Cardano blockchain, leading to over 122,000 transactions containing NIGHT tokens.

Midnight, which is a side chain of the Cardano network, focuses on investor privacy, leveraging the recent privacy narrative that has taken hold in the crypto market. With a large number of airdrop claimers having collected their tokens, and presumably sold, the token has begun to recover.

On Sunday, market reports showed that Midnight (NIGHT) was one of the best-performing altcoins in the market, rising over 30% in a 24-hour period. On the weekly chart, it showed a 44% increase, as its market cap rose above $1.5 billion again. However, that is not the thing that caught the Cardano founder’s eye.

Cardano Founder Trolls XRP And Solana With Midnight (NIGHT)

With the Midnight (NIGHT) token price soaring, there was a major spike in its trading volume, enough to catch the attention of Cardano founder Charles Hoskinson. Stakepool had taken to X (formerly Twitter) to share with the community that the Midnight (NIGHT) token had secured more trading volume than Solana and XRP combined.

Responding to this post, the Cardano founder pointed out that Midnight (NIGHT) was a native token of the blockchain and has managed more trading volume than both XRP and Solana combined. This is backed by data from CoinMarketCap, which shows Midnight (NIGHT) with a daily trading volume of over $6 billion, compared to $2.4 billion for XRP and $2.078 billion for Solana in the same time period.

However, Cardan itself continues to struggle, with $405 million in daily trading volume for the same time period. XRP and Solana are the 5th and 7th-largest cryptocurrencies in the market, with Cardano at 10th place, and Midnight (NIGHT) at 46th position.

According to a post shared on X by Keith Grossman, president of crypto payments firm MoonPay, finance is heading toward an onchain future that could unfold over several years.

The view comes as large banks and asset managers begin product tokenization, a move that once seemed extreme but is now being treated as a practical step by major institutions.

Regulatory Signals Push Institutions Forward

Based on reports cited by Grossman, progress has accelerated because rules are becoming clearer. Legislative efforts, regulatory guidance, bank involvement and accounting standards are starting to line up.

That combination reduces uncertainty, which is often what slows large pools of capital. BlackRock has already launched tokenized funds, while Franklin Templeton is running tokenized money market funds on public blockchains.

Those actions suggest that tokenization is no longer confined to pilot labs or internal trials. It is being used with real assets and real clients.

Bank of America recently said that banks are heading toward a multi-year, onchain future. A few years ago, that would have sounded radical. Today, it sounds inevitable.

20+ years ago, I began my career in media and saw firsthand what happens when an analog industry collides with…

— Keith A. Grossman (@KeithGrossman) December 21, 2025

Tokenization: Big Players Making Their Presence Felt

Banks are also taking part. Citi, Bank of America and JPMorgan Chase have all been linked to onchain settlement tests, tokenized deposits and near real-time asset transfers.

These projects focus on reducing friction in back-end processes that have existed for decades. Settlement that once took days could be shortened to minutes if shared ledgers are used. That change alone alters how risk, liquidity and cost are managed across markets.

Grossman framed the moment as similar to earlier shifts in other industries. He pointed to how legacy media struggled when distribution moved online more than 20 years ago.

At the time, many firms tried to protect old revenue streams instead of adapting. Some survived by changing early. Others lost influence as new platforms took control.

Tokenization: Old Revenue Lines Face Pressure

In finance, the pressure point sits in areas such as reconciliation, clearing, settlement and custody. These roles have long supported steady margins, partly because they depend on complex and slow systems.

Reports have disclosed that software and shared protocols can now handle much of that work. As a result, some services may become cheaper and less profitable over time.

That does not mean banks disappear. According to Grossman’s view, they remain central players, much like they did after ATMs reduced teller roles or when voice-over-internet systems cut long-distance call costs for telecom firms.

The institutions stayed, but their shape changed. The same pattern is expected here. Banks may rely more on software, fewer manual steps and new forms of infrastructure control.

Tokenization is moving faster than expected, according to MoonPay president Keith Grossman. Banks and asset managers are testing tokenized funds and onchain settlement, signaling that what was once experimental is now becoming practical.

The lenders and other big players are among the firms pushing the shift, showing the trend is already under way.

Featured image from Unsplash, chart from TradingView

Bitcoin mining may be providing incremental support to the Russian ruble, Central Bank Governor Elvira Nabiullina said, while cautioning that the effect is difficult to measure because much of the sector still operates in a legal and reporting gray zone.

Bitcoin Mining May Support The Ruble

Responding to a question at a press conference, Nabiullina said it is “probably difficult to quantify” mining’s influence “because a significant part of mining is still in a gray area.” Still, she added that mining is “indeed one of the additional factors contributing to the strong ruble exchange rate.”

As Russian business news portal for RBC reported, her remarks come as Russian officials increasingly frame mining and crypto flows as macro-relevant, not just a niche tech or energy story. Earlier, Maxim Oreshkin, deputy head of the presidential administration, said ruble forecasts have been thrown off by the underestimation of financial flows tied to mining and cryptocurrency. In his view, the sector has effectively become a new export item that can influence the currency market, in part because it moves outside standard channels and therefore stays statistically “invisible.”

Nabiullina did not endorse a direct, one-to-one link between ruble strength and a sudden surge in mining. She stressed that mining did not appear in 2025, so it would be incorrect to attribute the ruble’s strengthening specifically to a sharp rise in mining activity this year. “This mining did not appear this year, so it is impossible to link the strengthening of the exchange rate specifically to the fact that it has somehow grown sharply,” she said. “There is probably some increase. Nevertheless, mining is indeed one of the additional factors contributing to the strong ruble exchange rate.”

Crypto Legislation Is Coming?

The central bank’s emphasis on measurement and legality is also tied to its broader push to “whiten” Russia’s Bitcoin and crypto market — bringing activity into a more formal framework where it can be monitored, constrained, and accounted for. Last week, first deputy chairman Vladimir Chistyukhin said it is now fundamentally important to “legalize” the cryptocurrency sector and called for laws governing crypto transactions to be adopted as soon as possible, including strict restrictions and prohibitions.

In parallel, the central bank is discussing rules for crypto trading with the Finance Ministry, Rosfinmonitoring, and other agencies. Under the approach described, crypto transactions would be conducted primarily through existing market participants operating under existing licenses, rather than through informal venues or bespoke structures.

Meanwhile, Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets, clarified last week that cryptocurrencies “will never” function as money inside Russia or in global trade.

For crypto markets, the significance is not that Russia has officially “blamed” or “credited” mining for the ruble’s moves. It is that senior policymakers are increasingly treating mining-linked flows as an input into currency-market dynamics — while pushing for regulatory plumbing that would make those flows easier to see, categorize, and control.

At press time, Bitcoin traded at $88,927.

Lawmakers in the US have put forward a discussion draft that would ease tax reporting for small stablecoin payments and let some crypto earners delay taxes on staking and mining rewards.

According to reports, the plan was circulated by Representatives Max Miller (R-Ohio) and Steven Horsford (D-Nev.). The proposal aims to clear up rules that many say are confusing for everyday users and small businesses.

Stablecoin Safe Harbor For Small Payments

Based on reports, the draft would create a safe harbor for regulated dollar-pegged stablecoins when they are used like cash. Under the plan, capital gains on stablecoin transactions under $200 would be exempt from tax.

That $200 threshold is meant to stop everyday buys — coffee, tips, small fees — from triggering tax paperwork and capital gains calculations. The exemption would only apply to stablecoins issued by a permitted issuer and that keep a stable peg to the USD.

A Deferral Option For Staking And Mining Rewards

Reports have disclosed another major change: taxpayers could elect to defer taxes on staking and mining rewards. Instead of being taxed the moment rewards are received, a taxpayer could choose to defer recognition for up to five years.

After that period ends the rewards would be taxed as ordinary income at fair market value. The choice would be voluntary, and some taxpayers might still face tax when they sell or convert assets later.

Mark-To-Market And Wash Sale Provisions Also Included

The draft does more than just touch stablecoins and staking. It would apply wash sale rules to digital assets, which limits the ability to claim artificial losses by quickly repurchasing the same token.

It also creates a path to elect mark-to-market accounting for certain traders, which would treat their holdings as sold at year-end for tax calculations. These moves are meant to align crypto tax practice closer to other parts of the tax code and to reduce gaps the IRS says exist.

A Draft, Not Yet A Bill

Lawmakers described the text as a discussion draft and have been talking with stakeholders and committees. The measure has not been formally introduced as a bill, and changes could come as it moves through the House Ways and Means Committee. If enacted, the framework is written to take effect for taxable years beginning after December 31, 2025.

Featured image from Chainalysis, chart from TradingView

The investment landscape in 2025 has delivered an unusual outcome that few would have anticipated at the start of the year. Assets traditionally viewed as slow movers have risen as the clear winners, while the cryptocurrency market has quietly slipped to the bottom of the performance rankings. 

As the year draws to a close, data from across commodities, equities, and digital assets shows an imbalance in returns, revealing that cryptocurrencies now sit behind every major asset class in year-to-date performance.

Clear Split Between Traditional Assets And Crypto

The performance data for 2025 reveals a strong divergence between traditional markets and digital assets, with the gap widening as the year progressed. According to the figures revealed on the social media platform X by ‘Bull Theory,’ silver is the top-performing asset for 2025, posting gains of about 130% year-to-date. Gold is the second-best-performing asset of 2025, with an increase of about 65%, while copper has climbed close to 35%. These numbers reflect sustained strength across the commodities sector.

Equity markets are also currently trading in positive territory. The Nasdaq is up around 20% on the year, the S&P 500 has gained approximately 16%, and the Russell 2000 is higher by about 13%. 

The only negative numbers are from the crypto industry. In contrast, the crypto market sits at the bottom of the performance rankings. Bitcoin is currently down by about 6% from its 2025 opening price, Ethereum has declined around 12%, and the entire altcoin market (removing Ethereum) has suffered a much deeper drawdown of about 42%. Therefore, the crypto market is now officially the worst-performing asset class in 2025.

Chart Image From X. Source: @BullTheoryio

From Mid-Year Rally To Q4 Breakdown

The current weakness of the crypto market is very different from the optimism that dominated the beginning and middle of 2025. During that period, the crypto market experienced a powerful recovery that reignited bullish sentiment across the board. Bitcoin, Ethereum, XRP, and several large-cap tokens pushed to new all-time highs.

Bitcoin’s rally peaked in October, when it set its standing record of $126,000 after months of steady accumulation and strong momentum. Ethereum, on the other hand, registered a new all-time high of $4,946 in August, while XRP’s all-time high came earlier in July. XRP’s record price of $3.65 was the most notable, as it was its first time breaking into a new all-time high since 2018.

That bullish trend began to unravel as the fourth quarter got underway, starting with the crypto market flash crash on October 10. The decline has extended since then, and Bitcoin and the broader crypto market have now fallen into negative territory from their 2025 opening levels. 

Quarterly returns data shows that Bitcoin just recorded its worst fourth-quarter performance in seven years. The result is a year in which digital assets, despite a powerful mid-year rally, are closing out as the worst-performing major asset class.

Bitcoin Quarterly Returns. Source: @TedPillows On X

Featured image from Unsplash, chart from TradingView

According to a report by Mercado Bitcoin, crypto trading activity in Brazil rose 43% year-over-year in 2025, while the average amount invested per user crossed roughly BRL 5,700 — about $1,000.

Reports have disclosed that this jump was driven by heavier use of stablecoins and a growing appetite for lower-risk crypto products alongside traditional tokens.

Rise In Transaction Volumes

Bitcoin remained the most traded asset, followed closely by USDT, Ether and Solana. Stablecoin transaction volumes were about three times higher than the prior year, a sign that many investors are moving funds into pegged tokens for trading or as a cash-like holding.

The report shows that around 18% of investors now hold more than one digital asset, which points to broader portfolio choices beyond single-coin speculation.

Fixed-Income Tokens Gain Traction

Demand for tokenized fixed-income offerings surged. Renda Fixa Digital, or RFD, recorded 108% growth in volume, and Mercado Bitcoin distributed roughly $325 million through these structured products during the period covered. Based on reports, many retail investors appear to be using these instruments to seek stable yields instead of chasing only price gains.

Young Traders Push Numbers Higher

Younger investors were a major factor, with participation among those under 24 rising about 56%. Activity increased across age groups, but the fastest growth was clearly among younger adults.

Regional data show São Paulo and Rio de Janeiro leading in transaction volume, although activity expanded into other states. Average ticket sizes increased, which helped lift the overall value of trades even as more people entered the market.

Regulatory And Market Signals

Tax authority figures and market trackers offer similar signals. A Receita Federal update covering activity through September 2024 recorded a roughly 24% rise in crypto transactions measured in BRL, and one report put USDT’s share of on-chain volume near 62%. Those numbers underline how stablecoins have become central to flows in and out of Brazilian crypto markets.

What This Means For Investors And Firms

Based on reports, Brazil’s market is showing signs of maturation: investment amounts are growing, product choices are widening, and stablecoins are being used more often for trading and storage.

Exchanges are responding with more fixed-income style offerings, and younger users are helping to expand the investor base. Market watchers warn that this does not remove price risk, but it does suggest a shift in behavior as more people use crypto for a mix of trading and yield strategies.

Featured image from Unsplash, chart from TradingView

2025 was a challenging year for the cryptocurrency market and industry, and it did not spare the spot Bitcoin exchange-traded funds (ETFs). The US-based Bitcoin ETF market experienced wet and dry spells in equal proportions over the course of the year.

However, BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (ticker: IBIT), has been a standout performer at times this year. According to the latest market data, the product’s performance in 2025 has earned it a spot among some of the best funds in the global ETF market.

BlackRock’s IBIT Records $25 Billion Net Inflow In 2025 

In a recent post on the social media platform X, senior Bloomberg analyst Eric Balchunas revealed that BlackRock’s Bitcoin ETF has ranked sixth in net capital inflows in the past year. This feat comes despite the BTC exchange-traded fund posting a negative return in the same period.

According to data shared by Balchunas, BlackRock’s IBIT registered a net inflow of approximately $25 billion so far this past year. What’s interesting is that the Bitcoin ETF pulled in this significant capital despite being the only fund with negative performance among the traditional equity and bond ETFs, as observed in the chart below.

Interestingly, SPDR’s GLD ETF, the world’s largest physically backed gold exchange-traded product, lags behind BlackRock’s IBIT in terms of capital inflows despite its 64% return in the year. Notably, Vanguard’s S&P 500 ETF (VOO) led the cohort with a year-to-date capital inflow of over $145 billion.

Furthermore, Balchunas highlighted that while the crypto community would naturally complain about the Bitcoin ETF’s yield, it is also important to recognize the significant feat of attracting the sixth-largest capital in spite of this negative return. According to the ETF expert, this yearly performance is a good sign in the long term.

Balchunas wrote:

If you can do $25b in a bad year, imagine the flow potential in a good year.

The Bloomberg analyst did credit the older, long-term investors (the boomers) in what he called a “HODL clinic” for the positive net inflows seen by BlackRock’s Bitcoin ETF.

Bitcoin ETFs Record $497 Million Weekly Outflow

According to SoSoValue data, the US-based Bitcoin ETFs closed the week with a total net outflow of $158 million on Friday, December 19. This brought the ETFs’ record to about $497.05 million in outflows over the past week.

The dismal run of performances in the Bitcoin ETF market can be seen in the price action of the premier cryptocurrency in recent weeks. The Bitcoin price is down by exactly 30% from its all-time high of $126,080.

As of this writing, the price of BTC stands at around $88,293, reflecting a 2% decline in the past seven days.

Hyundai Group’s Seoul offices were evacuated after an email threatened explosions unless a Bitcoin ransom was paid, authorities and media reports said.

The message demanded 13 Bitcoin — roughly $1.1 million — and set a deadline of 11:30 AM, prompting an immediate safety response across multiple company sites on December 20, 2025.

Threat Sent To Seoul Offices

According to police and news outlets, the email named two locations: the Hyundai Group building in Yeonji-dong, Jongno-gu, and the Hyundai Motor Group tower in Yangjae-dong, Seocho-gu.

Staff left work and buildings were cleared while local law enforcement mobilized special units. Reports have disclosed that Hyundai moved operations to remote work as officials searched the premises.

Police Clear Buildings After Sweeps

Bomb squads and officers combed rooms and public areas at both sites. Equipment was used and rooms were checked methodically. No explosives or suspicious devices were found, officials reported.

During the hours of searching, streets near the buildings were closed and entry was tightly controlled. No transfer of the demanded 13 BTC has been traced, and Hyundai did not pay the ransom, according to sources close to the company and law enforcement briefings.

Officers said the threat appeared aimed at causing alarm rather than reporting a verifiable plan. Investigators have been collecting digital evidence from the threatening email and are working with cyber units to trace its origin.

Searches of nearby surveillance footage and building logs were carried out as part of standard procedure. Several witnesses described the scene as tense, with employees escorted out calmly and officers coordinating safe movement.

Part Of A Wider Pattern Of Extortion

Based on reports from multiple outlets, this incident is not isolated. Similar threats have targeted major South Korean firms in recent days, with messages mentioning Samsung Electronics, KT, Kakao, and Naver.

Authorities believe some of the messages may be copycat attempts or coordinated extortion that rely on fear rather than real bombs. Officials said they are treating each tip seriously while trying to separate credible leads from hoaxes.

Financial and cybercrime units have noted an uptick in ransom demands tied to cryptocurrencies in the region over the past months. While attackers favor crypto for its cross-border reach, tracing transactions can sometimes reveal useful leads when firms and exchanges cooperate.

Analysts who follow such cases say investigators now routinely combine physical security sweeps with blockchain analysis to follow any money trail.

Hyundai released a brief statement confirming the evacuations and thanking emergency services for their fast response, but it declined to comment on investigative details.

Featured image from Unsplash, chart from TradingView

Tom Lee, chairman of BitMine and managing partner at Fundstrat, has been a vocal optimist when it comes to the cryptocurrency market, especially for Bitcoin and Ethereum. Most recently, Fundstrat’s managing partner revived his $62,000 target call for the Ethereum price in 2026.

However, it appears that Lee and his investment firm do not align in terms of their market expectations for the coming year. Fundstrat seems to be looking at a more bearish setup for most of the large-cap digital assets, including Bitcoin, Ethereum, and Solana, in 2026.

$60,000 Is The Target, But Not For Ethereum

According to screenshots posted on social media platform X, Fundstrat released a 2026 crypto strategy report, warning internal clients of potential market headwinds in early 2026. The report’s title, however, also suggested that Bitcoin, Ethereum, and Solana could enjoy significant growth in the second half of next year.

Sean Farrell, Fundstrat’s head of digital asset strategy, projected significant drawdowns for the crypto market in the first half of 2026. The research set the target for the Bitcoin price between $60,000 to $65,000, the Ethereum price within $1,800 – $2,000, and the Solana price around $50 – $75.

Farrell wrote in the report:

These levels would present attractive opportunities into year-end. If this view proves incorrect, I still prefer to play defense and wait for confirmation of strength.

This circulating report stands in contrast to the predictions of Tom Lee, who is the chief investment officer (CIO) at Fundstrat. Speaking to attendees at the Binance Blockchain Week earlier this month, Lee stated that the price could run up to as much as $62,000 as Ethereum becomes the core infrastructure for tokenized finance.

In September, at the Korea Blockchain Week, Lee said that the price of Bitcoin could reach as high as $250,000 by year-end, while Ethereum’s value could climb toward $12,000. The rationale for this projection revolved around macro tailwinds and growing institutional interest in crypto assets.

Now, while the Fundstrat internal document has yet to be authenticated by Bitcoinist as of press time, Colin Wu-led outlet Wu Blockchain verified that this document was indeed distributed to internal clients.

Bitcoin And Ethereum Price At A Glance

As of this writing, Bitcoin, the world’s largest cryptocurrency by market cap, is valued at around $88,180, reflecting no significant movement in the past 24 hours. Meanwhile, the price of ETH stands at around $2,980. 

The Brooklyn District Attorney’s Office, Kings County, has charged a man for allegedly defrauding $16 million from unsuspecting individuals by posing as a Coinbase representative. The elaborate scam, which reportedly ran from April 2023 to December 2014, resulted in about 100 victims, 70 of whom were interviewed over the course of the investigation.

Brooklyn Man Indicted In Nationwide Phishing Scam

In a press statement on Friday, Brooklyn District Attorney Eric Gonzalez announced the Virtual Currency Unit had indicted one Ronald Spektor of Sheepshead Bay, for orchestrating a multi-million dollar phishing and social engineering scam. Spektor, also known as “Ronaldd”, and identified as 23 years old, allegedly contacted multiple Coinbase users acting as an exchange representative to claim that users’ assets were at risk of being stolen, and directed that they move their assets to a given new cryptocurrency wallet. 

As earlier stated, victims of this scam were found all around the US, including a California resident who reported a $1 million loss, and another Virginia resident who lost over $900,000. Spektor, who has been associated with the Telegram handle @lolimfeelingevil, notoriously cleaned out the stolen assets by laundering them through crypto mixers and gambling sites.  

The 23-year old defendant was arraigned before the Supreme Court Justice Danny Chun on a 31-count indictment, including counts of first-degree grand larceny, first-degree money laundering, and scheme to defraud. However, Spektor has been held on bail conditions of $2.5 million, after investigations also revealed plans of the alleged fraudster to escape to Mexico.

Coinbase Collaborates With Authorities

Speaking on the case, Coinbase’s Chief Legal Officer, Paul Grewal, appreciated the district attorney’s efforts while also noting the exchange’s commitment to protect its customers, evident through its participation in the investigation. 

Grewal said: 

We’re grateful to District Attorney Gonzalez and the Brooklyn District Attorney’s Office for their partnership and relentless work to protect victims. In this case, Coinbase supported the investigation by helping identify the perpetrator and the customers he defrauded, providing evidence to ensure he could be charged, and assisting law enforcement efforts to trace and recover funds connected to the fraudulent phishing scheme. We’re committed to protecting our customers and working hand-in-hand with law enforcement to hold scammers accountable and help bring justice for those they harm.

Meanwhile, Gonzalez has vowed to cleanse Brooklyn of online scams, especially those exploiting innocent crypto users.

The Brooklyn DA said:

My office is committed to making sure that Brooklyn never becomes a hub for online scams, and we will continue to root out every instance of cryptocurrency fraud, which is a serious problem that’s been exploding throughout the country. We will investigate offenders using the latest technology, freeze their assets whenever possible, and assist the victims.

At press time, Gonzalez’s office also reports that $105,000 in cash and approximately $400,000 in crypto assets have been confiscated from the defendant over the course of the investigation, with ongoing efforts to gain access to more stolen assets.

An unsuspecting crypto user has recently lost $50 million USDT in an address poisoning scam. The incident represents one of the largest on-chain losses in 2025, drawing reactions from crypto security experts as new developments on the matter roll in.

Copy-Paste Mistake Costs User 50M USDT

Address poisoning is a scam in which an attacker sends small transactions from a wallet address that closely resembles a victim’s legitimate address, hoping the victim will later copy the wrong address from their transaction history and unknowingly send funds to the attacker.

Blockchain security page, Web3 Antivirus reports that a crypto user recently fell victim to this scam, sending 49,999,950 USDT to a poisoned address copied from transaction history. Considering the large transaction, the user had tried taking caution by sending a small test transaction to the correct address. However, the nature of address poisoning requires close monitoring, where attackers are able to immediately send dust transactions from wallets resembling the intended address.

Cos, founder of fellow security platform Slowmist, provided valuable insights on this operation, noting the similarity between both addresses, which shared the same first 3 characters and last 4 characters. The victim unknowingly picked the poisoned address from the transaction history to complete the $50 million, thus marking one of the biggest on-chain individual losses of 2025. 

More data from Web3 Antivirus reveals that the victim wallet has been active on-chain for approximately two years and is primarily used for USDT transfers. The stolen $50 million was also initially withdrawn from Binance before the scam occurred. Notably, the stolen USDT has since been converted to ETH by the attackers and shared among multiple wallets, who have also funneled some of the loot through Tornado Cash.

Address Poisoning Victim Offers Bounty With 48-Hour Ultimatum

In other news, blockchain investigator Specter Analyst reports that the victim has attempted to establish communication with the attackers via an on-chain message. 

According to an X post on December 20, the victim claims to have filed a criminal complaint case while also enlisting the relevant law enforcement, cybersecurity, and blockchain protocols to provide needed intelligence on the scammer’s activities. Furthermore, all six addresses associated with the heist are now under constant surveillance. However, the aggrieved party is offering the perpetrators of the address poisoning a peaceful resolution, which involves the willing return of 98% of the loot to a specified address within 48 hours.

Notably, the victim will allow the bad actors to keep $1 million as a bug bounty for spotting such a vulnerability in their operations. However, they warn that failure to accept the amicable offer within the stipulated time will result in legal escalation of the matter to international law enforcement authorities. They further warn that the attackers’ identities will be revealed and shared with the relevant agencies to aid their arrest and persecution. At press time, total crypto losses in 2025 have surpassed $3.4 billion, underscoring the need for continually strengthened security measures within the thriving ecosystem. 

The Blockchain Association led a broad industry push this week, asking Senate Banking leaders to resist efforts that would widen a ban on stablecoin yields beyond what Congress wrote into law.

According to the association, the letter was signed by more than 125 crypto and fintech groups and companies and was sent to lawmakers to warn against reinterpreting the new rules in a way that would also bar exchanges and apps from offering rewards tied to stablecoin holdings.

Preserving Platforms’ Ability To Offer Rewards

The coalition’s argument rests on the text of the GENIUS Act, which was signed into law earlier this year by US President Donald Trump and explicitly bars permitted stablecoin issuers from paying interest or yield directly to holders.

Reports have disclosed that the statute nevertheless leaves room for third-party platforms to provide incentives, a distinction industry groups say is intentional and important for competition.

Banks Call For Closing A Loophole

Banking groups have pushed back hard. A coalition led by the American Bankers Association and other banking trade groups asked Congress to clarify that the prohibition should extend to partners and affiliates, arguing that third-party rewards could circumvent the law and drain deposits from traditional banks.

According to recent coverage, Treasury analyses cited by bank advocates estimate that stablecoins could, in some scenarios, pull over $6 trillion from bank deposits — a figure that has become central to the banks’ case for tightening the rules.

What Industry Leaders Say

Industry spokespeople say expanding the ban would chill new services that rely on stablecoins and would tilt the market toward larger, incumbent financial firms that already control many payment rails.

Based on reports, the Blockchain Association and partner groups contend that changing the law’s interpretation now would reopen negotiations the GENIUS Act resolved and would sow regulatory confusion before agencies finish writing implementing rules.

Competition And Consumer Choice At Stake

Supporters of stronger limits say the aim is consumer protection — to stop stablecoin arrangements from becoming de-facto interest accounts that could undermine the banking system and reduce loans to households and businesses.

Other observers point out the issue could also shape which firms win in payments going forward, since restrictions on rewards would affect the commercial incentives of exchanges and fintechs.

Next Steps In Washington

Senate Banking staff are weighing letters from both sides as they consider potential fixes or clarifying language during upcoming hearings.

Regulators who must implement the GENIUS Act have been urged to issue rules that prevent evasion of the ban, and lawmakers may face pressure to either leave the law as written or to craft narrow changes aimed at banks’ concerns.

Featured image from Unsplash, chart from TradingView

In the financial landscape, Bitcoin stands out as one of the few major assets that have failed to keep pace with broader market gains. This underperformance comes despite strong underlying fundamentals, where its price is being governed by the mechanics of hedging and synthetic leverage rather than the conviction of its holders. Network security remains strong, long-term holders continue to dominate supply, and institutional access has never been broader. 

How This Cycle Looks Different For Bitcoin

There’s no satisfying explanation for one of the strangest market outcomes of the year. An entrepreneur, Bitcoin investor, and founder of Wealth Mastery, Lark Davis, has mentioned on X that Bitcoin is the only asset underperforming, while gold and stocks are printing all-time highs, and 2025 was supposed to be the golden moment for BTC.

Davis highlighted that in 2025, the United States had a pro-BTC administration for the first time in history, and there was demand for the cryptocurrency and peak adoption from institutions and nation-states. Macro conditions turned supportive, and Wall Street has effectively rolled out the red carpet for BTC.

At the same time, Michael Saylor’s Strategy purchased a BTC supply greater than the average daily production of miners. Despite all this bullishness, BTC  is still down 6% from its yearly open and still around 30% below its all-time high. Meanwhile, the rest of the crypto looks worse as altcoins have been crushed, with many down 80% to 90% over the last two years.

The 2026 Bitcoin chart will be the most important to watch. A full-time crypto trader and investor, Daan Crypto Trades, highlighted that Global liquidity is the metric to watch for BTC’s long-term performance. It’s not a holy grail that works every single day, but there are shorter-term deviations right now.

When overlaying global liquidity growth with long-term price performance, it shows that the peaks and troughs align with remarkable accuracy. Daan believes that this BTC setup is more important than a rate cut, and the overall stock market performance will reveal a good signal.

Whale Accumulation While The Market Hesitates

While fear dominates across the market, a whale has been quietly buying BTC since yesterday. Crypto educator Wilberforce Theophilus revealed that over the past 24 hours, more than 2,509.2 BTC, which is approximately $221 million worth of BTC, has been accumulated. 

According to Wilberforce, December 2020 was objectively worse than today, but in January 2021, BTC was $1 and then rallied to $19,000. December 2025 doesn’t stand out as extremely bearish when viewed through a long-term lens. “I have just one piece of advice: HODL and WAIT,” the expert noted.

The price action of Bitcoin over the past week tells a perfect story of its performance this year. The premier cryptocurrency experienced incredible levels of volatility throughout the week, oscillating between the $90,000 and $86,000 range over the past few days.

The latest market evaluation shows that the future of the Bitcoin price might be looking bleaker than mere periods of sideways volatility. According to a prominent cycle, BTC’s price cycle has turned and is entering a bear market.

Bitcoin Cyclical Behavior Depends On Demand Cycles: CryptoQuant

In its latest market report, blockchain analytics firm CryptoQuant has associated the steady decline in Bitcoin price with the fading demand boom. According to data on the on-chain platform, the BTC demand growth has slowed down in the course of 2025, signaling the start of a bear market.

CryptoQuant highlighted that Bitcoin has witnessed three major spot demand waves—triggered by the US spot ETF launch, the US presidential election outcome, and the Bitcoin Treasury Companies bubble—since the bull cycle started in 2023. However, the demand growth has slowed down since early October 2025.

Unsurprisingly, this trend reversal for the demand growth coincides with the October 10 market bloodbath, one of the largest liquidation events in crypto history. The Bitcoin price has since struggled to mount any convincing recovery, falling to as low as $82,000 in late November.

CryptoQuant went on to hypothesize that a key pillar of price support has been removed as most of this cycle’s incremental demand has already been realized. For instance, demand from institutional and large investors is in a downturn, with US-based Bitcoin exchange-traded funds (ETFs) turning into net sellers in 2025’s fourth quarter. 

According to CryptoQuant’s data, the US spot ETF holdings have declined by 24,000 BTC in Q4 2025, which is a far cry from the steady accumulation seen in Q4 2024. “Similarly, addresses holding 100–1K BTC—representing ETFs and treasury companies—are growing below trend, echoing the demand deterioration seen at the end of 2021 ahead of the 2022 bear market,” the blockchain firm added.

Besides the weakening spot demand, the Bitcoin derivatives market has also seen reduced activity and decreased risk appetite. CryptoQuant revealed that BTC’s funding rates have fallen to their lowest level since December 2023, an on-chain signal that suggests the reduced willingness of traders to maintain long exposure; this trend is often associated with bear markets.

Ultimately, the blockchain firm concluded that the Bitcoin four-year cycle hinges more on demand phases—expansions and contractions in demand growth— rather than on the halving event. In essence, a bear market tends to come after the BTC demand growth peaks and topples over.

What Next For BTC Price?

In its report, CryptoQuant revealed that the Bitcoin price structure has worsened in line with the demand weakness. The flagship cryptocurrency is currently trading below its 365-day moving average, a key long-term support level that has historically separated bull and bear phases.

According to CryptoQuant, the downside reference points suggest that the Bitcoin bear market might not be as deep as feared. As in previous bear seasons, the realized price—currently around $56,000—has been identified as the potential bottom.

This implies a possible 55% correction from the latest all-time high, Bitcoin’s smallest drawdown on record (during a bear market). Meanwhile, the market leader has its intermediate support level around $70,000.

As of this writing, the price of BTC stands at around $88,170, reflecting a 3% jump in the past 24 hours.