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Russia Unveils New Crypto Framework For Retail And Qualified Investors
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 RussiaAccording 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 RubleThis 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
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67% Of Ethereum Stablecoin Transfers Are P2P, Yet Institutions Dominate Volume
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 VolumeIn 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 PriceEthereum 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.
Энтони Помплиано: Не стоит ждать обвала биткоина в начале 2026 года
德州撲克詐唬戰｜WPT Global高額現金桌經典牌局AK對99勝負關鍵
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。
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。
Алекс Торн: Биткоин не достиг $100 000 с учетом инфляции
Ghana Officially Legalizes Crypto Trading Following Passage Of Key Legislative Bill
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 LegislationThe 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 SceneCurrently, 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 Giant BC Card Concludes Stablecoin Payments Pilot Ahead Of 2026 Framework
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 ForeignersOn 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 FrameworkThe 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 Institutional Accumulation Continues: Bitmine Buys $88M Worth of ETH
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 EthereumBitmine’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 PressureEthereum 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
Here’s How Many Transactions XRP Must Process To Reach A $2,000 Price Tag
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 XRPIn 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 RallyIn 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 Enters Risk-Off Regime: Sentiment and On-Chain Data Align
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 ElusiveBitcoin 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 TestedBitcoin 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 Pulls Back on ETF Outflows, but Corporate Treasuries Continue to Add Exposure
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 LevelsEthereum 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 WeaknessIn 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 ConvictionThe 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
Cardano Founder Explains Why Not Sell ADA For NIGHT
After the successful Midnight (NIGHT) token airdrop, Cardano founder Charles Hoskinson is getting a familiar question from ADA holders: if NIGHT is the new token tied to Cardano’s privacy network, why not sell ADA and move across? In a Dec. 21 appearance on the Discover Crypto podcast, he argued the premise is flawed because Midnight is designed to extend ADA, not replace it.
Why Not Sell Cardano For NIGHT“They’re complimentary. They do different things,” Hoskinson said. “Midnight is the ChatGPT of privacy. That’s its job. It’s a blockchain to blockchain infrastructure module. So, what Midnight does is it actually makes Cardano applications have privacy.”
That distinction is central to his pitch: Midnight is positioned less as a liquidity siphon and more as an infrastructure module that gives Cardano-native apps a feature set they can use to differentiate in an increasingly crowded DeFi landscape. Hoskinson argued that early adopters are more likely to be Cardano applications precisely because they need a lever to compete for users, rather than larger incumbents elsewhere that tend to be slower-moving.
“Which ones do you think are going to adopt privacy first? Uniswap and PancakeSwap and all these giant things that are slow moving and they’re very conservative because they have a lot of users of value flow,” he said. “No, it’ll be Cardano applications. Because they need to gain users and so this is how they leapfrog the competition.”
From there, Hoskinson broadened the argument into a cross-chain liquidity thesis, leaning heavily on Bitcoin DeFi as a source of potential inflows. He described Bitcoin as relatively “agnostic” capital that will route to wherever yield, credit, and utility are most accessible, and claimed Cardano’s UTXO model makes it a more natural destination than account-based chains.
“When you look at Bitcoin… it doesn’t care if it goes to Ethereum or Solana or Cardano or other places to get yield,” he said. “It’s going to go to the closest continent and the closest continent is Cardano because it’s a UTXO system and Bitcoin is UTXO system. So through Cardano DeFi in particular upgraded with Midnight suddenly Bitcoin’s going to get privacy preserving yield and credit.”
He added that the same privacy-preserving yield concept could extend beyond Bitcoin. “And it’s the same for XRP and these other things,” Hoskinson said, arguing that Midnight’s privacy tooling is intended to “hybridize” on-chain and off-chain infrastructure rather than “steal TVL or steal luster from other systems.”
In practical terms, Hoskinson also tied the ADA-versus-NIGHT decision to distribution and security. He emphasized that Cardano “launched Midnight,” framing it as evidence the ecosystem can execute large-scale initiatives while positioning ADA holders for preferential participation.
“If you’re an ADA holder, you get first access to all of these things and you get the largest proportion of the airdrop,” he said. “And also, Cardano secures Midnight. So, that means ADA holders get NIGHT tokens.”
How High Can ADA Go?Hoskinson was also pressed on Cardano price expectations. While he refrained to name any price targets, he used that moment to lay out what he described as a “value leakage” theory tied to Bitcoin’s institutional bid. He said Bitcoin is the only asset he feels comfortable forecasting with any confidence, arguing that large allocators are structurally “stuck” in Bitcoin exposure via ETFs and buy-and-hold mandates, which changes the old cycle mechanic where retail would rotate profits from BTC into alts.
In that setup, he suggested the main route for capital to spill from Bitcoin into other ecosystems is not spot rotation, but Bitcoin DeFi yield: if Cardano can offer yield and credit inside a risk profile that institutional holders can tolerate, demand can “leak” outward from BTC without investors selling BTC outright. That is the basis for his view that chains embracing Bitcoin DeFi could move more in sync with Bitcoin, while others could remain decorrelated, even if Bitcoin continues higher.
The broader message was less about discouraging trading behavior and more about presenting a structural rationale for staying exposed to ADA. In Hoskinson’s framing, Midnight is not meant to displace ADA; it is meant to expand the set of use cases Cardano applications can offer, while keeping ADA holders economically involved through security ties and token distribution.
At press time, ADA traded at $0.36.
IMF Acknowledges Progress On El Salvador Reforms, Cites Stronger Growth
According to an IMF staff statement released on December 22, 2025, El Salvador has made measurable progress on its reform program and is seeing faster economic growth than earlier expected.
The IMF said discussions on the second review of the country’s 40-month Extended Fund Facility program are ongoing as authorities work to meet agreed benchmarks. Growth forecasts were revised upward, and the fund signaled continued financial support tied to further policy steps.
IMF Notes Faster GrowthReports note that growth is running above earlier forecasts. The IMF now sees real GDP growth near 4% for 2025. Local data show the economy expanded 5.1% in the third quarter of 2025 compared with the same quarter a year earlier, led by construction and remittance-driven consumption.
Remittances and stronger investment flows were cited as key drivers. The fund said higher confidence and improved fiscal numbers have helped create space for short-term rebuilding of reserves.
Gradually, then suddenly. https://t.co/MWP0avqlDE pic.twitter.com/hYYONaRLcI
— Nayib Bukele (@nayibbukele) December 22, 2025
A Program Backed By Clear ConditionsBased on IMF releases, a staff-level agreement was reached with El Salvador in December 2024 for a program worth about $1.4 billion. That arrangement sets fiscal targets and governance measures meant to restore sustainability.
Earlier, when the IMF completed the first review and Article IV consultation in June 2025, a disbursement equivalent to roughly $118 million in SDRs was approved. Reports added that authorities have enacted a new fiscal law, strengthened public procurement transparency, and advanced governance measures for state firms.
Key Reforms And ConditionsAn actuarial study on pensions has been published, and steps to tighten anti-money-laundering rules were discussed with IMF staff. The fund has also pressed for limits on public sector exposure to cryptocurrencies; according to international coverage, measures to reduce that exposure and to make private crypto use voluntary are under consideration.
What Comes Next For The ProgramAccording to IMF briefings, the second review will require follow-through on prior actions and the meeting of fiscal targets. Continued disbursements depend on progress, and IMF teams remain in contact with Salvadoran authorities to work through outstanding issues.
In parallel, the IMF has reiterated its position on El Salvador’s Bitcoin policy. According to recent IMF statements, the fund wants the country’s public sector Bitcoin holdings to remain capped, with no additional purchases made under the current loan program.
The IMF has also pushed for a reduced state role in crypto-related activities, including changes tied to the Chivo wallet, arguing that limits are needed to contain fiscal and financial risks. Salvadoran officials have said Bitcoin remains part of their strategy, though IMF documents show no confirmed increase in government-held Bitcoin since early 2025.
Featured image from Unsplash, chart from TradingView
Ripple CTO Explains How The XRP Ledger ‘Will Take Over The World’
On a Token Relations webinar for the XRP ecosystem on Dec. 20, Ripple CTO David Schwartz was asked the sort of question that usually produces a tidy dashboard answer, what on-chain metrics actually matter, what’s “real” economic activity, and what trends are showing up across the ledger (and, yes, the ETF chatter in the background). He went straight to the point: usage that sticks, value that moves, and the boring-but-decisive plumbing that financial institutions actually care about will “take over the world.”
How Ripple Wants To Make The XRPL Mainstream“I definitely focus on metrics that show sustained usage and real value moving through the network,” Schwartz said. “Transaction activity is probably the clearest signal. The XRP ledger has now processed more than four billion transactions with pretty consistent settlement in about four to five seconds at a fairly predictable fee.”
That’s the pitch in one breath: scale, predictable finality, and fees so low you don’t have to pretend they’re a feature.“You know, a transaction on the XRP ledger costs a tiny fraction of a penny,” the Ripple CTO added. “It’s not trying to extract value from people’s transactions. That’s trying to enable people to do what they need to do.”
Then he pivoted to liquidity, the kind of line XRP holders love to hear, but framed as infrastructure rather than tribal scoreboard-watching. “Liquidity is another huge factor,” Schwartz said. “XRP is a top five digital asset by market capitalization and has been for I think 10 years now, about 109 billion dollars deep global liquidity for real financial activity. That depth matters.”
The bigger point he kept coming back to was momentum in actual network use, not just “we issued a token and it sat there.”
“The XRP ledger itself is now one of the top 10 blockchains for real world activity this year with a rate of increase that’s just absolutely astonishing from a use case that was you know almost unthinkable just a year ago,” he said. “We now have institutional issuers like Guggenheim, Ondo [Finance], Aberdeen [Standard Investments], Franklin [Templeton].”
And then the part that’s meant to separate “RWA theater” from RWAs that matter: “And it’s not just issuance, you know, it wouldn’t be super exciting if they were just sort of issuing an asset on chain that just sort of sat on chain,” the Ripple CTO said. “What’s interesting is that these assets are actually moving and settling on chain. So the financial activity is getting the benefit.”
That little distinction is where a lot of tokenization narratives either hold up or collapse. Anybody can “issue” a thing on a ledger. The harder bit is getting it to behave like financial infrastructure, moving, settling, plugging into workflows that aren’t built for crypto vibes.
Schwartz also threw a bit of cold water on the current retail mix. XRPL has users who love the tech (and users who love leverage), but he was pretty blunt that this isn’t the endgame.
But obviously that’s not how we’re going to take over the world. We’re going to take over the world with solid financial products that solve real world use cases. And we are actually starting to see that now enabled by things like stablecoins and tokenized real world assets that let us handle these use cases like payments and like reasonable investments, tokenized money, market funds and treasuries,” he said. “
And retail might follow the institutions, not the other way around. The Ripple CTO pointed to “more than 500,000 new wallets” created, framing it as early evidence that institutional rails can drag everyday users in behind them.
At press time, XRP traded at $1.88.
SEC Files Complaint Against Crypto Exchanges In $14 Million Fraud Scheme
The US Securities and Exchange Commission (SEC), led by pro-crypto chair Paul Atkins, has filed a significant complaint against a network of alleged crypto exchanges and online investment clubs accused of defrauding victims out of $14 million.
Major Crypto Scam ComplaintThe complaint, which was filed in Colorado, identifies four entities that were operating under the guise of investment clubs and primarily used the popular social media app WhatsApp for communication.
The regulator alleges that these clubs falsely presented themselves as being managed by experienced financial professionals, offering what they claimed were valuable investment insights.
Participants were encouraged to invest in three purported crypto trading platforms, described as providing “security token offerings,” which they misleadingly likened to initial public offerings of legitimate company shares.
However, the Securities and Exchange Commission contends that those who bought into these so-called crypto investments were merely handing their money over to con artists.
“This was an elaborate confidence scam,” stated the SEC in its complaint, emphasizing that the investors’ assets were never invested as promised but were misappropriated from the very beginning.
Among the accused, one investment club, AI Investment Education, was registered with the SEC as an investment advisory firm. However, a phone number associated with the firm is currently out of service, and the regulatory filing indicated that it had no assets under management.
The other investment clubs named in the complaint include AI Wealth, Lane Wealth, and Zenith Asset Tech Foundation. The accused crypto trading platforms are Morocoin Tech, Berge Blockchain Technology, and Cirkor.
SEC Details Multistep SchemeThe scammers allegedly lured participants with promises of artificial intelligence-generated investment tips. Victims were persuaded to fund accounts on the fake trading platforms, which were falsely claimed to possess government licenses.
To expand their fraudulent agenda, the scammers implemented a tactic whereby victims wishing to withdraw their funds were required to pay fees upfront. According to the complaint, no withdrawal requests were ever fulfilled.
The SEC reports that the $14 million disappeared overseas, funneled through a complex web of bank accounts and cryptocurrency wallets.
Laura D’Allaird, the chief of the SEC’s Cyber and Emerging Technologies Unit, asserts that this case exemplifies a prevalent type of confidence scheme targeting investors and leading to “devastating consequences.” D’Allaird elaborated on the mechanics of the fraud, stating”
Our complaint alleges a multistep fraud that attracted victims through social media advertisements, built trust in group chats where fraudsters posed as financial professionals, and ultimately led victims to invest their money into nonexistent crypto asset trading platforms where it was misappropriated.
Featured image from DALL-E, chart from TradingView.com
JPMorgan’s Bitcoin Move: How Institutions Are Moving Further Into BTC
Bitcoin is becoming harder for Wall Street to ignore. A report first published by Bloomberg has put JPMorgan back at the center of the cryptocurrency conversation, this time for reasons that would have seemed unlikely just a few years ago.
The Wall Street giant is now exploring ways to deepen its exposure to Bitcoin and other digital assets through services designed specifically for institutional clients. This represents a notable change in how large financial institutions are approaching crypto as Bitcoin.
JPMorgan Weighs Crypto Trading Options For Institutional ClientsAccording to sources familiar with the discussions, JPMorgan Chase & Co. is evaluating whether its markets division should begin offering cryptocurrency trading services to institutional clients. The internal review reportedly covers possible spot trading and derivatives exposure linked to digital assets.
Interestingly, these conversations are still at an early stage, and any eventual rollout will depend on client demand, internal risk assessments, and regulatory feasibility. Even so, the move would represent a meaningful expansion of JPMorgan’s footprint in crypto.
Although it has yet to delve into crypto trading, JPMorgan has already maintained an active presence in crypto-related initiatives. Now, direct trading access would place it closer to the center of institutional Bitcoin activity. The fact that such options are now being seriously assessed means that large financial players increasingly view cryptocurrencies as assets their clients expect to access through regulated channels.
The timing of JPMorgan’s reassessment is closely tied to recent regulatory developments in the United States. Since the return of Donald Trump to the White House, the regulatory environment around digital assets has become more accommodating. His administration has installed officials seen as more receptive to crypto innovation and has advanced stablecoin legislation aimed at providing clearer rules for the sector.
A clear example is the appointment of Paul Atkins to lead the US Securities and Exchange Commission, a choice widely interpreted as more constructive for crypto markets. At the same time, there are discussions around the possibility that Trump could nominate Christopher Waller, who is viewed as relatively pro-crypto, as the next chair of the Federal Reserve.
Additional momentum came earlier this month when the Office of the Comptroller of the Currency clarified that US banks are permitted to act as intermediaries in crypto-related activities. That guidance has eased long-standing restrictions that previously limited how banks could interact with digital assets.
Jamie Dimon’s Shift From Critic To PragmatistJPMorgan’s exploration of Bitcoin trading is notable given the history of comments from its chief executive, Jamie Dimon. Dimon has always been one of Bitcoin’s most outspoken critics on Wall Street, describing it as a “pet rock,” questioning its intrinsic value, and repeatedly warning about its potential misuse. Those views positioned him in the camp of names like Warren Buffett and Peter Schiff, who are skeptical of cryptocurrencies as a whole.
Behind the scenes, though, JPMorgan continued building blockchain infrastructure and digital capabilities. Dimon’s tone has shifted toward pragmatism. He has acknowledged that his personal opinions do not override client demand, even if he is not convinced about Bitcoin’s long-term value.
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