Cointelegraph

Key takeaways:

Economic uncertainty, a delayed jobs report and weakness in the housing market are causing traders to retreat from Bitcoin.

Pro traders are incurring high costs to protect against Bitcoin price drops, while in China, stablecoins are being sold at a discount to exit the crypto market.

Bitcoin (BTC) faced a $2,650 pullback after failing to break above $92,250 on Monday. The move followed a reversal in the US stock market amid uncertainty over job market conditions and growing unease about stretched valuations in artificial intelligence investments. 

Traders now wait for the US Federal Reserve (Fed) monetary policy decision on Wednesday, but the odds of a quick recovery to $100,000 depend on risk perception.

Bitcoin 3-month futures annualized basis rate. Source: Laevitas.ch

The Bitcoin monthly futures premium relative to spot prices (basis rate) has remained below the neutral 5% threshold for the past two weeks. The weak demand for bullish leverage mirrors Bitcoin’s 28% decline since its October all-time high. Still, worries about global economic growth have also influenced sentiment.

Official US government data on employment and inflation has been delayed due to the 43-day funding shutdown that ended in November, resulting in reduced visibility into economic conditions. As a result, the consensus around a 0.25% interest rate cut in December has not been enough to spark optimism, especially after a private job report showed 71,321 layoffs in November.

Additional pressure came from the US real estate market after Redfin data showed that 15% of home purchase agreements were cancelled in October, citing high housing costs and rising economic uncertainty. Moreover, CNBC reported that delistings rose 38% from October 2024, while the median list price in November slipped 0.4% from a year earlier.

Bitcoin underperformed the stock market, signaling risk-aversion

Bitcoin’s drop to $90,000 accelerated after the forceful liquidation of $92 million in bullish leveraged BTC futures. The weak macroeconomic outlook may have pressured Bitcoin traders’ sentiment, yet the S&P 500 index stood just 1.2% below its 6,920 all-time high.

Bitcoin 30-day options skew (put-call) at Deribit. Source: laevitas.ch

Whales and market makers are demanding a 13% premium to sell Bitcoin put options on Deribit. The inflated cost of downside protection is typical of bearish markets. Still, the rejection at $92,000 on Monday did not affect traders’ positioning, reinforcing the $90,000 support level.

Traders have also been retreating from the cryptocurrency market in China as stablecoins have traded below parity against the local currency. This risk-off signal supports a short-term bearish outlook for Bitcoin, but it does not necessarily imply that traders expect prices to fall to $85,000 or lower.

Tether (USDT/CNY) vs. US dollar/CNY. Source: OKX

Under neutral conditions, USDT should trade at a 0.2% to 1% premium versus the official USD rate to offset cross-border frictions, regulatory hurdles, and related fees. A discount relative to the official rate indicates strong demand to exit cryptocurrency markets, a pattern often seen during bearish phases.

The lack of inflows into US spot Bitcoin exchange-traded funds (ETFs) over the past couple of weeks has also weighed on demand for bullish exposure. Whether Bitcoin can reach $100,000 in the near term will depend largely on improved visibility in the US job market and real estate conditions, which may take longer to develop than a single Fed decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Over the past two weeks, Bitcoin price repeatedly revisited the $90,000 range as retail investor sentiment improved, fund managers restated their bullish expectations for a potential end-of-year rally, and Strategy announced a sizable BTC purchase. 

According to VanEck head of digital asset research, Matthew Sigel, Bernstein wrote that “the Bitcoin cycle has broken the 4-year pattern (cycle peaking every 4 years) and is now in an elongated bull-cycle with more sticky institutional buying offsetting any retail panic selling.” 

Bernstein’s comments follow BlackRock chair and CEO Larry Fink mentioning that sovereign wealth funds are “incrementally” buying Bitcoin as it “has fallen from its $126,000 peak.” 

Fink said, 

“I know they bought more in the 80s. And they’re establishing a longer position. And you own it over years. This is not a trade. You won if for a purpose, but the market is skewed, it is heavily leveraged and that’s why you’re going to have more volatility.” 

Mirroring Fink’s and Bernstein’s view, on Monday Strategy announced a fresh 10,624 ($962.7 million) purchase of Bitcoin at an average $90,615 per coin. Bitwise European head of research Andre Dragosch noted that Strategy’s purchase “was the biggest amount since July 2025.”

Strategy makes is biggest BTC purchase since July. X / Andre Dragosch

While Bitcoin’s recovery from its Nov. 21 low of $80,612 has followed the improvement in investor sentiment, the price is still capped in the $90,000 to $93,000 range. On Saturday, chartered market technician Aksel Kibar said, 

“This is part of the choppy price action where BTC/USD is possibly trying to find a bottom. Technical support is lower between $73.7K and $76.5K. It took few months in March-May period to form that short-term double bottom.” 

Related: Did BTC's Santa rally start at $89K? 5 things to know in Bitcoin this week

Cumulative volume data from Hyblock provides a more nuanced view, highlighting rising participation from investors in the 0 to 100 BTC trade cohort, which some analysts label as retail. Larger trade-size cohorts in the 1,000 to 100,000 and 100,000 to 1 million (cumulative volume delta) appear to be selling on rallies in the $90,000 to $93,000 price range. 

BTC/USDT Binance, cumulative volume deltas. Source: Hyblock

Similarly, order book data for BTC/USDT (perpetual contracts at Binance) shows a wall of asks starting at $90,000 and thickening from $94,000 to $95,000. 

BTC/USDT (Binance), orderbook asks at 5%-10% depth. Source: TRDR.io

Liquidation heatmap data, on the other hand, shows short liquidity at $94,000 to $95,300, which could serve as fuel for bulls to attempt a run on $100,000 if the market provides sufficient catalyst to induce an uptick in either spot or futures buying. 

 BTC/USDT liquidation heatmap, 1-month lookback. Source: Hyblock

  

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Michael Saylor, CEO of the world’s largest Bitcoin treasury holder, is pushing nation-states to develop Bitcoin-backed digital banking systems that offer high-yield, low-volatility accounts capable of attracting trillions of dollars in deposits.

Speaking at the Bitcoin MENA event in Abu Dhabi, Saylor said countries could use overcollateralized Bitcoin (BTC) reserves and tokenized credit instruments to create regulated digital bank accounts that offer higher yields than traditional deposits. 

Saylor noted that bank deposits in Japan, Europe and Switzerland offer little to no yield, while euro money-market funds pay roughly 150 basis points, and US money-market rates are closer to 400 basis points. He said this explains why investors turn to the corporate bond market, which “wouldn’t exist if people weren’t so disgusted with their bank account.”

Source: The Bitcoin Therapist

Saylor outlined a structure in which digital credit instruments comprise roughly 80% of a fund, paired with 20% in fiat currency and a 10% reserve buffer on top to reduce volatility. If such a product were offered through a regulated bank, depositors could send billions of dollars to institutions for higher returns on deposits.

The account would be backed by digital credit with 5:1 overcollateralization held by a treasury entity, he said

According to Saylor, a country offering such accounts could attract “$20 trillion or $50 trillion” in capital flows. The CEO argued that a nation adopting this model could become “the digital banking capital of the world.”

The remarks followed Saylor’s revelation on X that the company purchased 10,624 BTC for about $962.7 million last week. The latest buy raises Strategy’s holdings to 660,624 BTC, acquired for roughly $49.35 billion at an average cost of $74,696.

Strategy’s Bitcoin holdings. Source: BitcoinTreasuries.NET

STRK tests the viability of Bitcoin-backed debt products

Saylor’s description of a high-yield, low-volatility digital bank product echoes elements of Strategy’s own offerings. The company introduced in July STRC, a money-market-style preferred share with a variable dividend rate of around 10% and a structure designed to maintain its price near par while being backed by Strategy’s Bitcoin-linked treasury operations.

Although the product has already grown to around $2.9 billion in market cap, it has also been met with some skepticism.

Source: Daniel Muvdi

Bitcoin’s volatility is one reason some observers question Saylor’s push for Bitcoin-backed, high-yield credit instruments. Bitcoin has delivered strong long-term returns, but its short-term performance remains difficult to predict.

At the time of writing, Bitcoin was trading around $90,700, about 28% below its Oct. 6 all-time high of $126,080 and roughly 9% lower over the past 12 months, according to CoinGecko. Over a five-year horizon, however, BTC has climbed 1,155% from $7,193 on Jan. 1, 2020.

In October, Josh Man, a former Salomon Brothers bond and derivatives trader, called Saylor’s moves “folly” and suggested STRC could suffer a liquidity event. He wrote:

“The fiat banking system has been around a long time and has figured out how to build a moat around demand deposits so that they don't break the buck. Hiking rates on STRC to maintain/defend a peg or price level is not going to work when depositors want to get their money back out.”

Source: Josh Man

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AI infrastructure provider CoreWeave (CRWV) plans to raise $2 billion through a private offering of convertible senior notes due 2031, with proceeds earmarked for general corporate purposes and for capped-call transactions that could reduce potential future shareholder dilution.

The notes include an option for purchasers to buy an additional $300 million, the company said Monday. They can be settled in cash, shares or a combination of both at CoreWeave’s discretion.

To limit dilution if the notes are ultimately converted into equity, CoreWeave is entering into capped-call transactions. This hedge increases the effective conversion price and provides a degree of protection for existing shareholders while preserving financial flexibility.

CoreWeave was founded in 2017 as Atlantic Crypto, a company that used GPUs to mine Ether (ETH). As the crypto market weakened, it pivoted in 2019 into cloud and high-performance computing services, eventually refocusing its GPU infrastructure on AI workloads.

The company now operates a network of data centers built specifically for AI, and as of this year, reported running more than 33 facilities. It has not said whether proceeds from its latest fundraising will go toward further expanding that footprint.

CoreWeave stock reacted negatively to the private note offering, falling as much as 9.2% on Monday. Source: Yahoo Finance

CoreWeave’s failed takeover bid of Core Scientific 

Despite shifting its focus away from digital asset mining as its primary business, CoreWeave recently pursued a $9 billion acquisition of Core Scientific, one of the largest Bitcoin (BTC) mining operators. However, the deal fell through after Core Scientific’s shareholders voted against the proposal. 

The attempted takeover fueled speculation about a return to crypto, but CoreWeave has characterized the effort differently.

The company stated that the acquisition aimed to secure access to approximately 1.3 gigawatts of power capacity across Core Scientific’s sites, which could be leveraged for future expansion in AI, cloud computing or other GPU-intensive workloads. 

CoreWeave had spent more than a year pursuing Core Scientific, beginning with an initial offer in June 2024 that the miner rejected. As Core Scientific’s stock rose, the price needed to secure a deal also increased, ultimately contributing to the failure of the final proposal when shareholders voted it down.

Related: Crypto Biz: Mining weakness tests Bitcoin’s market cycle

With Do Kwon scheduled to be sentenced on Thursday after pleading guilty to two felony counts, a US federal judge is asking prosecutors and defense attorneys about the Terraform Labs co-founder’s legal troubles in his native country, South Korea, and Montenegro.

In a Monday filing in the US District Court for the Southern District of New York, Judge Paul Engelmayer asked Kwon’s lawyers and attorneys representing the US government about the charges and “maximum and minimum sentences” the Terraform co-founder could face in South Korea, where he is expected to be extradited after potentially serving prison time in the United States.

Kwon pleaded guilty to two counts of wire fraud and conspiracy to defraud in August and is scheduled to be sentenced by Engelmayer on Thursday.

Source: Courtlistener

In addition to the judge’s questions on Kwon potentially serving time in South Korea, he asked whether there was agreement that “none of Mr. Kwon’s time in custody in Montenegro” — where he served a four-month sentence for using falsified travel documents and fought extradition to the US for more than a year — would be credited to any potential US sentence.

Judge Engelmayer’s questions signaled concerns that, should the US grant extradition to South Korea to serve “the back half of his sentence,” the country’s authorities could release him early. 

Kwon was one of the most prominent figures in the crypto and blockchain industry in 2022 before the collapse of the Terra ecosystem, which many experts agree contributed to a market crash that resulted in several companies declaring bankruptcy and significant losses to investors.

Defense attorneys requested that Kwon serve no more than five years in the US, while prosecutors are pushing for at least 12 years.

The sentencing recommendation from the US government said that Kwon had “caused losses that eclipsed those caused” by former FTX CEO Sam Bankman-Fried, former Celsius CEO Alex Mashinsky and OneCoin’s Karl Sebastian Greenwood combined. All three men are serving multi-year sentences in federal prison.

Will Do Kwon serve time in South Korea?

The Terraform co-founder’s lawyers said that even if Engelmayer were to sentence Kwon to time served, he would “immediately reenter pretrial detention pending his criminal charges in South Korea,” and potentially face up to 40 years in the country, where he holds citizenship. 

Thursday’s sentencing hearing could mark the beginning of the end of Kwon’s chapter in the 2022 collapse of Terraform. His whereabouts amid the crypto market downturn were not publicly known until he was arrested in Montenegro and held in custody to await extradition to the US, where he was indicted in March 2023 for his role at Terraform.

South Korean authorities issued an arrest warrant for Kwon in 2022, but have not had him in custody since the collapse of the Terra ecosystem. The country’s prosecutors applied to extradite Kwon from Montenegro simultaneously with the US, while they were pursuing similar cases against individuals tied to Terraform.

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Tether-backed Stable protocol has launched its USDT-powered blockchain, StableChain, alongside a new governance foundation and a native token. 

According to the protocol, the new layer-1 network is designed for stablecoin transactions and relies on Tether’s USDt (USDT) for gas fees payments, removing the need for volatile assets to process payments.

Alongside the mainnet debut, Stable introduced the Stable Foundation and the STABLE governance token on Monday, separating network security from payment flows settled in USDT.

The rollout follows a pre-deposit campaign that drew more than $2 billion from over 24,000 wallets. It also comes on the heels of a $28 million seed round backed by crypto exchange Bitfinex, Hack VC and other investors, including Tether CEO Paolo Ardoino, who is also listed as an adviser to the project.

The launch expands the stablecoin infrastructure footprint of Bitfinex and Tether, which share the iFinex parent company, and extends USDT’s utility as a core element of the network’s design.

Brian Mehler, CEO of Stable, told Cointelegraph that the company has “maintained frequent contact with governing bodies overseeing the implementation of stablecoin and payments guardrails worldwide.”

Related: Circle and Bybit deepen USDC partnership as stablecoin nears $80B

Stablecoins’ role in digital payments continues to expand

The rise of stablecoins — digital tokens designed to maintain a steady value, often pegged to the US dollar — has pushed banks, payment companies and remittance providers such as Western Union to explore new strategies.

However, most stablecoins still run on blockchains that were not built for fast, low-cost payments. For example, Ethereum, home of the majority of the stablecoin supply, can take around three minutes to finalize transactions.

These constraints have helped drive interest in blockchains engineered specifically for stablecoin settlement.

In February, stablecoin startup Plasma raised $24 million to build a new blockchain for USDT in a funding round led by Framework Ventures and backed by Bitfinex, Peter Thiel and Tether CEO Paolo Ardoino. Plasma’s mainnet beta went live on Sept. 25, launching alongside its native XPL token 

In August, Circle announced plans to launch Arc, an EVM-compatible layer-1 blockchain designed for enterprise-grade stablecoin payments, FX and capital markets, later this year.

The following month, payment giant Stripe disclosed plans to launch a new layer-1 network called Tempo, after CEO Patrick Collison said that existing blockchains are “not optimized” to handle the growing stablecoin and crypto activity moving through Stripe’s platform.

According to DefiLlama data, the stablecoin market capitalization has grown to about $308.45 billion from $198.76 billion a year ago, a roughly 55% increase over the period.

Stablecoin market capitalization. Source: DefiLlama

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The UK’s Financial Conduct Authority (FCA), the watchdog overseeing the country’s financial sector, has released proposals as part of its strategy to “boost UK investment culture,” and is asking for help from the crypto industry.

In discussion and consultation papers released on Monday, the FCA asked crypto companies to provide feedback on proposals aimed at “expanding consumer access to investments” and amending rules for “client categorization and conflicts of interest.”

Source: FCA

The discussion paper noted that “virtually all of the underperformance on high [digital engagement practices] apps could be attributed to trading in cryptoassets and [contracts for difference.” The proposal highlighted potential risks for consumers using “cryptoasset proxies” without investment limits, warnings, or “appropriateness tests.”

In its consultation paper, the UK watchdog proposed:

“We will also add guidance that a personal investment history mainly in speculative high risk or leveraged products or crypto assets is not usually an indicator of professional capability, unless there is strong evidence that the client meets the threshold of a professional client from other Relevant Factors, including the client’s ability to bear potential losses.”

According to the watchdog, the proposed changes would streamline the FCA’s existing guidelines and were part of a strategy to potentially “remove some arbitrary tests and give firms more responsibility to get it right.”

Companies that advised clients on or sold digital assets were asked to provide responses to the recommendations by February and March.

Slow and steady advances toward policies that favor cryptocurrency

The UK has been a significant hub for crypto companies doing business outside the United States, which, until the about-face on regulation and enforcement under US President Donald Trump, many industry leaders said that they considered an uncertain regulatory environment.

In December, the UK government passed a law treating digital assets as property, improving clarity on cryptocurrencies like Bitcoin (BTC) in cases such as the recovery of stolen goods or insolvency.

With the market steadily growing in the country, the government was reportedly considering a ban on crypto donations to political parties.

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Key takeaways:

Luke Judges states that technical strength alone cannot guarantee long-term competitiveness, suggesting that XRP could benefit from Solana’s pragmatism and execution speed.

Judges believes Solana’s market traction comes from practical engineering and a fast go-to-market strategy rather than protocol design alone.

David Schwartz takes the opposite position, arguing that XRPL’s reliability and stability are more valuable than pursuing high-throughput chains.

Judges highlights that developer onboarding, tooling and validator incentives are critical for sustaining growth and reducing centralization risks.

Luke Judges, global partner success lead and director of Ripple, shared observations about the evolving XRP Ledger ecosystem and its competitive landscape, highlighting a clear parallel to the operational successes of rival layer-1 network Solana. Drawing on his prior experience in the Solana network managing a substantial validator, Judges suggested that technical superiority alone is not enough to secure a network’s long-term relevance.

This article explores Ripple executives’ insights on operational lessons, focusing on technical advancements within the XRP Ledger (XRPL) and the strategic requirements for layer-1 competitiveness.

Operational lessons from Solana’s playbook

Judges’ perspective is unique and rooted in his experience operating two startups and running a Solana validator that managed more than $30 million in staked tokens through a full market cycle. He shared this detail on Nov. 30, 2025, on X, noting that he witnessed the network’s major price peak as well as its subsequent collapse and recovery.

This hands-on exposure led Judges to conclude that the success of layer-1 networks in a competitive cycle is often driven by factors distinct from core technology. He specifically credited Solana with having “pragmatism and speed,” which he views as essential for securing developer mindshare and driving adoption.

The core idea is that execution velocity and a practical approach to engineering and market entry can outweigh theoretical leadership in the race for ecosystem growth.

Nonetheless, Judges suggests that other chains could take note of how Solana runs its network, arguing there is “no point burying your head in the sand pretending you’re the only chain in town.” For the XRPL, these observations highlight potential blind spots, suggesting that technical milestones must be paired with a proactive go-to-market (GTM) strategy to translate into a true competitive edge.

Technical developments in the XRP Ledger

The call for strategic acceleration comes as the XRPL is actively pursuing significant technical expansion, including the launch of XRP Ledger Smart Contracts on AlphaNet. Historically optimized for fast, low-cost cross-border payments through its federated consensus mechanism, the XRPL is now focusing on increasing its programmability and utility in the decentralized finance (DeFi) space.

In direct contrast to Judges’ view, David Schwartz, chief technology officer of Ripple and the original architect of the XRP Ledger, emphasized that XRP’s design philosophy is centered on reliability, efficiency and institutional-grade performance. He argued that this positions the network as inherently superior to high-throughput chains like Solana without needing to overhaul its core strategy.

Schwartz critiques blockchains such as Solana for prioritizing raw speed at the expense of stability, pointing to its history of network outages as evidence that this approach is unsuitable for real-world financial applications.

For Schwartz, the XRPL’s consensus mechanism delivers consistent transaction finality and near-zero fees, offering superior uptime and predictability. He argues that this is a critical competitive edge that should be prioritized over mirroring the ecosystem structure that Judges praises for its “pragmatism and speed.”

Developer and ecosystem considerations

A key element of Judges’ assessment concerns developer experience and ecosystem support. Providing effective developer tools, clear documentation and structured onboarding processes can encourage builders to deploy applications and engage with the network.

Judges’ commentary highlights core challenges in maintaining a resilient layer-1 network, particularly the need for robust and sustainable validator economics. While acknowledging Solana’s success in attracting builders, he also noted that the network is facing the challenge of how “validator count is dropping fast right now,” which raises long-term concerns about decentralization and the sustainability of its incentive model.

For the XRPL, this serves as a preemptive caution against creating incentive structures that could lead to similar concentration risks, especially as the network explores native staking concepts.

The debate over validator economics highlights the two networks’ different design philosophies. The XRPL’s consensus is valued for its battle-tested stability, fast transaction finality and institutional-grade reliability. Its challenge is to develop new staking mechanisms that increase utility without compromising its core value proposition of predictable reliability, which stands in contrast to the instability seen in some high-throughput chains.

Did you know? In his X post, Judges notes that the Ethereum Foundation is becoming “much more focused in their GTM,” referring to its shift toward layer-2 solutions, or rollups. This move directly addressed user complaints about high fees and slow speeds on the main chain, issues that Solana was effectively using to attract users.

Market context and strategic execution

Judges’ overall message should not be interpreted as an existential threat to the XRPL but rather as a constructive mandate for strategic adaptation. It reflects a high-level recognition that the competitive landscape rewards execution over theoretical technological superiority.

In practical terms, Judges states that the XRPL’s strategic focus should center on three areas:

Improving the developer experience by making it faster and easier for programmers to build on the XRPL, borrowing Solana’s focus on practical, quick-to-use tools.

Sharpening the market strategy to quickly turn new technical features such as smart contracts into clear, unique and appealing benefits for partners and users.

Leveraging reliability for enterprise adoption, which is the XRPL’s main strength, while adopting the operational speed and flexibility seen in rival networks.

Judges’ takeaway can be interpreted as a reminder that capturing the next phase of blockchain adoption requires strategic adaptation to ensure the XRPL’s execution matches its technical innovation and established leadership in cross-border financial applications.

Key takeaways

The halving-driven Bitcoin pricing pattern that shaped Bitcoin’s early history is losing power. As more BTC enters circulation, each halving has a smaller relative impact.

According to Grayscale, today’s Bitcoin market is shaped more by institutional capital than the retail speculation that defined earlier cycles.

Unlike the explosive rallies of 2013 and 2017, Bitcoin’s recent price rise has been more controlled. Grayscale notes that the subsequent 30% drop resembles a typical bull-market correction.

Interest-rate expectations, bipartisan US crypto regulatory momentum and Bitcoin’s integration into institutional portfolios increasingly shape market behavior.

Since it came into being, Bitcoin’s (BTC) price has followed a predictable pattern. A programmed event cuts the supply of Bitcoin in half and creates scarcity. This has often been followed by periods of sharp price increases and later corrections. The repeating sequence, widely known as the four-year cycle, has strongly influenced investor expectations since Bitcoin’s earliest days.

Recent analysis from Grayscale, backed by onchain data from Glassnode and market-structure insights from Coinbase Institutional, takes a different view of Bitcoin’s price path. It indicates that Bitcoin’s price action in the mid-2020s may be moving beyond this traditional model. Bitcoin’s price movements appear increasingly influenced by factors such as institutional demand and broader economic conditions.

This article explores Grayscale’s view that the four-year cycle framework is losing its ability to fully explain price movements. It discusses Grayscale’s analysis of Bitcoin cycles, supporting evidence from Glassnode, and why some analysts believe Bitcoin will still follow the four-year cycle.

The traditional four-year cycle

Bitcoin halvings, which take place approximately every four years, reduce the issuance of new BTC by 50%. In the past, these supply reductions have consistently preceded major bull markets:

2012 halving — peak in 2013

2016 halving — peak in 2017

2020 halving — peak in 2021.

The pattern arose from both the built-in scarcity mechanism and investor psychology. Retail traders were the primary drivers of demand, and the reduced supply led to strong buying.

However, as a larger portion of Bitcoin’s fixed 21 million supply is already in circulation, each halving has a progressively smaller relative impact. This raises questions about whether supply shocks alone can continue to dominate the cycle.

Did you know? Since 2009, halvings have occurred in 2012, 2016, 2020 and 2024. Each one permanently lowered Bitcoin’s inflation rate and brought annual issuance closer to zero while reinforcing BTC’s digital scarcity narrative among long-term holders and analysts.

Grayscale’s assessment of Bitcoin cycles

Grayscale has concluded that the current market differs significantly from past cycles in three respects:

Institutional-dominated demand, not retail mania

Previous cycles depended on strong buying from individual investors on retail platforms. Today, capital flows are increasingly driven by exchange-traded funds (ETFs), corporate balance sheets and professional investment funds.

Grayscale observes that institutional vehicles attract patient, long-term capital. This is contrary to the rapid, emotion-driven retail trading seen in 2013 and 2017.

Absence of a rally preceding the drawdown

Bitcoin’s peaks of 2013 and 2017 were marked by extreme, unsustainable price surges followed by collapses. In 2025, Grayscale has pointed out, the price rise has been far more controlled, and the subsequent 30% decline looks like a standard bull-market correction rather than the beginning of a multi-year bear market.

Macro environment that matters more than halvings

In Bitcoin’s earlier years, price movements were largely independent of global economic trends. In 2025, Bitcoin has become sensitive to liquidity conditions, fiscal policy and institutional risk sentiment.

Key influences cited by Grayscale include:

Anticipated changes in interest rates

Growing bipartisan support for US crypto legislation

Bitcoin’s inclusion in diversified institutional portfolios.

These macro factors exert influence independent of the halving schedule.

Did you know? When block rewards are halved, miners receive fewer BTC for the same work. This can prompt miners with higher costs to pause operations temporarily, which often leads to short-term hashrate dips before the network rebalances.

Glassnode data showing a break from classic cycle patterns

Glassnode’s onchain research shows that Bitcoin’s price has made several departures from historical norms:

Long-term holder supply is at historically high levels: Long-term holders control a larger proportion of the circulating supply than ever before. Continual accumulation limits the amount of Bitcoin available for trading and reduces the supply-shock effect usually associated with halvings.

Reduced volatility despite drawdowns: Although significant price corrections occurred in late 2025, realized volatility has remained well below the levels seen at previous cycle turning points. It is a sign that the market is handling large moves more efficiently, often due to greater institutional participation.

ETFs and custodial demand reshape supply distribution: Onchain data shows growing transfers into custody wallets tied to ETFs and institutional products. Coins held in these wallets tend to remain dormant, reducing the amount of Bitcoin that actively circulates in the market.

A more flexible, macro-linked Bitcoin cycle

According to Grayscale, Bitcoin’s price behavior is gradually detaching from the four-year model and becoming more responsive to:

Steady long-term institutional capital

Improving regulatory environments

Global macroeconomic liquidity

Sustained ETF-related demand

An expanding group of committed long-term holders.

Grayscale stresses that corrections remain inevitable and can still be severe. However, they do not automatically signal the onset of a prolonged bear market.

Did you know? After each halving, Bitcoin’s inflation rate drops sharply. Following the 2024 halving, annual supply inflation fell below many major fiat currencies and strengthened its comparison to scarce commodities like gold.

Why some analysts still believe in halving patterns

Certain analysts, often citing Glassnode’s historical cycle overlays, continue to believe that halvings remain the primary driver. They argue that:

The halving is still a fundamental and irreversible supply cut.

Long-term holder activity continues to cluster around halving periods.

Retail-driven activity could still reappear even as institutional participation grows.

These differing views show that the discussion is far from settled. Arguments and counterarguments about Bitcoin’s ignoring the four-year cycle reflect an evolving market.

An evolving framework for understanding Bitcoin 

Grayscale’s case against the dominance of the traditional four-year cycle rests on clear structural shifts. These include rising institutional involvement, deeper integration with global macro conditions and lasting changes in supply dynamics. Supporting data from Glassnode and Coinbase Institutional confirm that today’s Bitcoin market operates under more sophisticated forces than the retail-dominated cycles of the past.

As a result, analysts are placing less emphasis on fixed halving-based timing models. Instead, they are focusing on onchain metrics, liquidity trends and institutional flow indicators. This more refined approach better captures Bitcoin’s ongoing transformation from a fringe digital asset into a recognized part of the global financial landscape.

Tether’s USDt, the largest stablecoin by circulation, has secured a regulatory milestone in Abu Dhabi’s international financial center, opening the door for licensed institutions to use the token in regulated services.

Announced Monday, USDt (USDT) was formally recognized as an “accepted fiat-referenced token,” allowing regulated firms in the Abu Dhabi Global Market (ADGM) to offer trading, custody and other services involving the stablecoin. 

ADGM — an international financial center and free economic zone — has become a magnet for digital asset companies seeking clear rules and institutional access.

Tether CEO Paolo Ardoino said the designation “reinforces the role of stablecoins as essential components of today’s financial landscape,” a nod to their growing use in remittances, cross-border settlements and digital asset markets.

ADGM had already classified USDT as an accepted virtual asset across issuance on Ethereum, Solana and Avalanche. The latest recognition extends that framework, potentially boosting USDT’s usability for cross-border payments, institutional custody and settlement.

Source: Tether

Abu Dhabi targets stablecoins for finance

Tether’s USDT isn’t the only stablecoin gaining traction in Abu Dhabi. Local regulators recently approved Ripple’s dollar-pegged RLUSD as an accepted fiat-referenced token, clearing the way for institutional use.

The development comes as expectations build around a separate initiative backed by some of Abu Dhabi’s largest financial players.

A consortium including ADQ — the emirate’s sovereign wealth fund — International Holding Company and First Abu Dhabi Bank has announced plans for a dirham-pegged stablecoin, pending approval from the UAE Central Bank.

Valued at over $300 billion, the global stablecoin market has experienced rapid growth over the past two years. Source: DefiLlama

Abu Dhabi and the UAE, more broadly, have emerged as key players in the developing stablecoin and digital asset markets, thanks to a relatively clear regulatory framework in a region already positioned as a global hub for commerce. ADGM has become a central venue for licensing exchanges, custodians and other crypto-focused firms seeking structured oversight.

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How to choose what cryptocurrency to gift

With over 27 million cryptocurrencies available as of late 2025, choosing one can feel overwhelming. For a Christmas gift, especially for someone who barely uses crypto or has never held it before, the most reliable approach is to stick with established and well-known options.

There is no universal “best” coin since cryptocurrencies differ in purpose, age and level of adoption. Cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and those rated highly on CoinMarketCap or CoinGecko typically have the longest track records, the largest communities and the highest visibility. They are also widely supported by crypto exchanges and wallet apps, which makes it easier for a new user to manage or use the funds later.

While some newer or very low-priced cryptocurrencies are marketed with claims of rapid growth, they often fluctuate sharply and can be harder for beginners to manage or convert.

Crypto gift cards and vouchers

Crypto assets are volatile and can lose value, so gifting crypto should be viewed as a personal gesture rather than an expectation of financial gain.

Crypto gift cards and specialized vouchers are one of the most user-friendly entry points. They work much like standard gift cards for a retail store, but instead of credit for physical goods, the gift represents a claim on a specific value of cryptocurrency.

The process is straightforward. A digital code or physical card is bought for a fixed amount of traditional money, $100, for example. This card is your gift.

The recipient takes the code and enters it on the provider’s website or app. At that moment, the cash value is used to buy the chosen cryptocurrency, such as Bitcoin, at the current market rate. The purchased digital currency is then deposited into an associated account created by the recipient.

This crypto gift idea is suitable for people who are not familiar with wallets or recovery phrases and want to avoid complex transaction interfaces. They simply enter a code to receive their digital asset. Availability, supported coins and redemption steps differ by provider, so reading the terms carefully before purchasing is advised.

Gifting crypto through hardware wallets

For a significant gift meant for long-term holding, a hardware wallet can help reduce certain security risks, especially if you want to give a physical item you can wrap.

Hardware wallets are small physical devices used for secure storage because they keep private keys completely offline. These keys play a central role in security since the assets are controlled by whoever holds the key. And because the keys in hardware wallets never come into direct contact with the internet, they help reduce exposure to hacks and malware.

There are two primary ways to use a hardware wallet as a Christmas gift. One is to preload the crypto onto the device yourself. The other, and usually safer, approach is to gift the wallet unopened and guide the recipient through setting it up. This ensures that the recovery phrase is known only to them.

If the device is lost or damaged, the recovery phrase (also known as a seed phrase) is the only method to restore the wallet. Whoever knows that phrase can access the funds.

Hardware wallets vary in features, pricing and supported assets. This means you can choose a wallet that fits your budget and the features you want to give the recipient, whether they need basic Bitcoin storage or multi-asset support. Some models include small screens, passphrase support and companion apps.

Did you know? Aside from money or gift cards, you can give a non-fungible token (NFT), which is a one-of-a-kind digital item secured by the blockchain. It can turn your gift into a unique collector’s item rather than a simple monetary asset.

How to give crypto as a gift using exchanges and wallets

If the gift recipient is more crypto savvy, or if a direct money transfer is more convenient for them, sending tokens through an exchange or a self-custody software wallet is another secure option.

Another popular method is to transfer cryptocurrency directly to the recipient’s wallet. However, for this method to work, the recipient must already have a crypto wallet. Entering the address incorrectly or sending the funds on the wrong network can lead to irreversible loss.

To find the wallet address, the recipient needs to open their wallet or cryptocurrency exchange account and select the “Receive” or “Deposit” option for the chosen cryptocurrency. This will generate a unique public wallet address.

Then you log in to your wallet or exchange, select “Send” or “Withdraw” for that coin and enter the recipient’s address in the destination field. After confirming the amount and checking any network fees, the transaction is sent to the blockchain.

If you choose this method, make sure the address is valid and send a small test transfer before sending the full gift amount.

Risks and tax implications of gifting crypto

While gifting crypto in any form is exciting, knowing the associated risks and responsibilities is essential.

Core security risks of gifting crypto

The recipient should be aware that the value of cryptocurrencies is highly volatile and the amount gifted may rise or fall sharply over time. Unlike a traditional bank account, most crypto setups place the responsibility for security entirely on the user.

New cryptocurrency holders are also frequent targets of phishing emails and fake links designed to steal personal information. The golden rule is simple: Never reveal your seed phrase to anyone for any reason.

Gifting and tax implications

Crypto tax laws vary widely from country to country, and recipients should always consult a local qualified tax professional.

A general principle in many jurisdictions is that simply gifting cryptocurrency, or transferring ownership, is not usually an immediate taxable event for either the giver or the receiver. This applies as long as the value stays below certain annual exclusion limits. In the US, for example, the threshold per recipient is $19,000 for 2025.

The tax obligation usually arises for the recipient when they later sell, trade or dispose of the gifted crypto for a profit. To calculate future gains correctly, the recipient needs to know the original price the giver paid for the asset and the date it was acquired. Sharing this information can help the recipient understand the future tax calculation process if they choose to dispose of the asset later.

US-based asset management company BlackRock has applied to list and trade shares of an investment vehicle tied to staked Ether, following its offering of other cryptocurrency products.

In a Friday filing with the US Securities and Exchange Commission, BlackRock filed a Form S-1 registration statement for its iShares Staked Ethereum Trust exchange-traded fund. The filing is part of the SEC’s process for companies to list investment vehicles such as ETFs, but does not guarantee approval.

BlackRock staked Ether ETF filing on Friday. Source: SEC

Shares of the staked Ether (ETH) fund, which BlackRock intends to list and trade on the Nasdaq exchange under the ticker ETHB, could be one of the first offerings tied to staked cryptocurrencies. Grayscale Investments added staking functionality to its previously approved spot ETH and mini ETH trusts in October.

The regulator has not greenlighted many crypto staking funds since initially approving spot Ether ETFs in May 2024. However, Canary Capital made a similar SEC filing for a staked Injective (INJ) product in July, and Grayscale and Bitwise launched separate staking products tied to Solana (SOL) in October.

BlackRock manages the largest spot Bitcoin (BTC) exchange-traded fund, the iShares Bitcoin Trust ETF, which is listed under the ticker symbol IBIT.

Related: Spot Ether ETF staking could ‘dramatically reshape the market’

Has BlackRock’s CEO softened on crypto?

Larry Fink, who co-founded BlackRock in 1988, said before Bitcoin’s 2017 bull run that the cryptocurrency “shows you how much demand for money laundering there is in the world.”

In the years since, and as the US digital asset market grew in volume and usage, the CEO has made more bullish remarks on crypto investments, including by supporting BlackRock’s launch of a spot Bitcoin ETF and others.

In The New York Times’ DealBook Summit last week, Fink said he had had a “big shift” in his opinions of crypto, but still referred to BTC as an “asset of fear.”

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Bitcoin (BTC) fell back below $90,000 around Monday’s Wall Street open as US selling pressure returned.

Key points:

Bitcoin keeps volatility coming as US sellers send price back below $90,000.

Liquidations remain steady as investors stay on the sidelines amid indecisive price action.

Evidence of buying the dip is visible across exchanges over the past two weeks.

BTC price runs out of room as Wall Street returns

Data from Cointelegraph Markets Pro and TradingView showed BTC price action staying volatile as the TradFi trading week got underway.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Having passed $92,000 during the Asia session, BTC/USD soon ran out of upward momentum, abandoning a potential retest of the yearly open at $93,500.

“This is exactly why you'll need to stay calm for a little bit if there's a move on $BTC. Great move on some Altcoins today, but harsh rejection on the crucial resistance of Bitcoin,” crypto trader, analyst and entrepreneur Michaël van de Poppe reacted in a post on X.

Van de Poppe said that he hoped for a higher low to form next, also flagging $86,000 as an important level.

“And, what if that doesn't happen?” he continued about the higher low.

“Exactly, that's the moment that I'm looking at a sweep of the lows and $86K to hold, that's the final level of support before a test of the lows.”

BTC/USDT four-hour chart with RSI, volume data. Source: Michaël van de Poppe/X

Trading company QCP Capital noted that liquidations through the volatility had remained “relatively modest.”

“This reflects a notable drop in positioning as broader interest in crypto continues to fade, whether due to fatigue, caution or simple indifference while traders wait for clearer direction,” it wrote in its latest “Asia Color” market update.

24-hour cross-crypto liquidations stood at $330 million at the time of writing, per data from monitoring resource CoinGlass.

Crypto total liquidations (screenshot). Source: CoinGlass

“Migrating” BTC supply poses liquidity question

Business intelligence company Strategy announcing a new Bitcoin purchase worth almost $1 billion, meanwhile, failed to boost market confidence.

As Cointelegraph reported, Strategy boosted its BTC holdings by 10,624 BTC last week, at an average cost of just over $90,000 per coin. 

QCP, however, said that buyer appetite for both Bitcoin and altcoins extended to the broader exchange user base.

Over the past two weeks, it said, over 25,000 BTC left exchange order books. Data from onchain analytics platform Glassnode put two-week exchange outflows at closer to 35,000 BTC.

BTC balance on exchanges. Source: Glassnode

“Bitcoin ETFs and corporate treasuries now collectively hold more BTC than exchanges, a meaningful shift that signals supply migrating into longer-term custody and tightening the available float,” Asia Color added.

“ETH is showing a similar pattern, with exchange balances falling to decade lows. Against this backdrop, Sunday’s moves underscored how little market depth remains as year-end liquidity thins.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ripple’s $500 million raise in November marked a striking turn for a company once defined by its bruising, multiyear battle with the US Securities and Exchange Commission. As its legal challenges ease and Ripple pushes beyond cross-border payments toward a more ambitious crypto-native settlement stack, the company is repositioning itself in ways that are increasingly attracting major Wall Street investors.

The round, which Cointelegraph reported valued Ripple at $40 billion, one of the highest valuations for a private company, drew an unusually heavy institutional roster. Investors included Citadel Securities, Fortress Investment Group and funds linked to Galaxy Digital, Pantera Capital and Brevan Howard.

New details reported by Bloomberg also shed light on how Ripple secured that interest — namely, by offering investors a deal structured with significant downside protections. 

The terms allow participating funds to sell their shares back to Ripple after three or four years at a guaranteed annualized return of about 10%, according to people familiar with the matter. That option disappears if Ripple goes public within that window.

The company also retained the right to repurchase the shares itself over the same period — in that case, providing investors with an even higher annualized return of roughly 25%.

Source: Cointelegraph

Related: Ripple rejects IPO plans despite SEC case victory: Here’s why

Ripple broadens its reach, but investors still zero in on XRP

Although Ripple has broadened its focus, including a significant push into the stablecoin market with its dollar-pegged Ripple USD (RLUSD), some institutional investors still view backing the company as a bet on XRP (XRP), according to Bloomberg.

Two of the funds involved concluded that roughly 90% of Ripple’s net asset value was tied to XRP, despite the company’s repeated emphasis that it does not control the token and that XRP functions as an independent asset.

The Ripple USD stablecoin has grown to a market capitalization of more than $1 billion. Source: CoinMarketCap

Nevertheless, Ripple is positioning itself as a company that can combine custody, treasury, prime brokerage services and stablecoins to help institutions access digital assets. 

As part of that strategy, the company acquired non-bank prime broker Hidden Road in April, now rebranded as Ripple Prime, and also bought treasury-management company GTreasury. The two deals, totaling approximately $2.25 billion, highlight Ripple’s growing effort to establish a comprehensive institutional infrastructure stack.

Related: VC Roundup: Big money, few deals as crypto venture funding dries up

Key takeaways

MAS has expanded Ripple’s MPI license, allowing the company to offer a much wider range of regulated payment services and marking a notable regulatory milestone for the company’s operations in Singapore.

Ripple first secured a full MPI license in 2023, enabling digital payment token services but limiting comprehensive end-to-end payment capabilities until the restrictions were removed in the 2025 expansion.

The upgraded license now permits full cross-border payment processing, regulated XRP and RLUSD services, liquidity solutions, on/off-ramps and enterprise-grade settlement tools under Singapore’s strict oversight.

The expanded license positions Ripple to meet rising institutional demand across Asia-Pacific, compete in major remittance corridors, offer XRP- and RLUSD-based services and strengthen relationships with regional regulators.

Ripple took a big step ahead in Singapore when the Monetary Authority of Singapore (MAS) extended the scope of Ripple’s Major Payment Institution (MPI) license. This permitted the company to offer a significantly broader range of regulated payment services.

For Ripple, which regards Singapore as its main center of operations in the Asia-Pacific region, this decision marks the start of a new stage of international growth.

This article discusses how Ripple set its foot in Singapore, what the extended MPI license allows and the prevailing challenges for Ripple in the country.

How Ripple built its Singapore base

In 2023, Ripple’s subsidiary Ripple Markets APAC obtained a full MPI license under Singapore’s Payment Services Act (PSA). This allowed the company to provide digital payment token services in compliance with strict rules on Anti-Money Laundering (AML), consumer protection, transaction monitoring and operational resilience.

However, the license restricted Ripple to certain digital token-related activities. It did not permit the comprehensive end-to-end payment solutions that banks, fintech companies and large corporations increasingly require. The 2025 expansion of the license removes those limitations.

Did you know? Singapore was one of the first countries to regulate crypto through the PSA 2019, a dedicated framework. The country created clear rules for digital payment tokens at a time when most nations were still debating basic definitions.

Details of the expanded MPI license for Ripple in Singapore

The MAS has authorized Ripple to provide a wider set of regulated payment services, including:

Full end-to-end cross-border payment processing, covering the entire transaction flow rather than only token-related elements

Regulated services involving digital payment tokens, such as XRP (XRP) and Ripple’s stablecoin Ripple USD (RLUSD), including settlement, liquidity provision and integration into institutional payment systems

Scalable payment solutions for banks, fintech firms and cryptocurrency companies

Fiat-to-crypto on-ramps and off-ramps, cross-border remittances and enterprise-grade settlement tools, all under MAS oversight.

Ripple is now permitted to offer a broader range of regulated services to a larger group of clients in one of the world’s most rigorously supervised financial markets.

Ripple president Monica Long described the approval as a major advance that will help the company expand its licensed services in Singapore for a growing customer base of banks and fintech firms. She highlighted Singapore’s clear and innovation-friendly regulatory environment, which stands out compared to the legal uncertainty Ripple faced in other jurisdictions.

Did you know? The MAS openly warns retail investors about crypto risks, yet simultaneously supports institutional-grade infrastructure. This blend of pro-innovation policy and cautious consumer guidance has helped Singapore maintain financial stability while remaining a global blockchain hub.

Why Ripple’s extended MCI license matters in Asia-Pacific

The Asia-Pacific region is the fastest-growing market for digital assets worldwide, and Singapore is a leading center for financial innovation. The expanded license strengthens Ripple’s position by enabling it to:

Meet rising institutional demand for regulated blockchain-based payment and liquidity solutions

Compete effectively in high-volume cross-border remittance corridors

Offer regulated services involving XRP and RLUSD at scale

Enhance its reputation with regulators in neighboring countries, supporting further regional expansion.

Did you know? Singapore was one of the earliest major economies to embrace stablecoin regulation, releasing formal guidelines on reserve backing, redemption rights and operational safeguards.

What challenges remain for Ripple in Singapore

Despite this progress, certain obstacles remain:

Some permitted activities have not been publicly detailed, requiring further compliance work.

Banks and large institutions often need time to evaluate and integrate new payment systems.

Regulatory differences across countries mean Ripple must obtain comparable approvals elsewhere for seamless global services.

Market volatility can affect the pace of institutional adoption of XRP-based solutions.

Nevertheless, Singapore now provides Ripple with one of its strongest regulatory foundations worldwide.

Did you know? Companies offering digital payment token services in Singapore must comply with rigorous AML and counter-terrorism financing standards, including full transaction monitoring, risk scoring and independent audits.

Strategic greenlight for digital global payments

For Ripple, the expansion of its MPI license is a strategic enabler rather than just a procedural change. It effectively grants the company approval to vastly expand its operations, permitting it to offer complete cross-border payment solutions and to seamlessly integrate both XRP and the RLUSD stablecoin within regulated financial services. This authorization allows Ripple to serve a more extensive and diverse clientele, encompassing banks, financial technology firms and other crypto-focused enterprises.

By solidifying its operational base in Singapore, Ripple is helping Singapore position itself as a central hub for its activities across the Asia-Pacific region and the global market. For a firm striving to become a leader in the future of digital payments, this type of regulatory endorsement is essential, transforming corporate goals into tangible operations.

The true scale of this achievement will be determined by Ripple’s subsequent actions. These include the establishment of new partnerships, the activation of payment corridors and the expansion of tokenized payment applications. The expansion of the license is likely to reshape the digital payment ecosystem throughout Asia-Pacific and the wider international financial landscape.

Zero-knowledge proof (ZK-proof) coprocessor Brevis launched its marketplace, allowing users to earn by computing ZK-proofs.

According to a Monday Brevis announcement, the “ProverNet” decentralized physical infrastructure (DePIN) network allows applications to access ZK-proof proving capacity and computing providers to earn money by computing proofs. Currently, the network uses Circle’s USDC (USDC) stablecoin as the native settlement currency.

Still, Brevis plans to move to the yet-to-be-launched BREV token when ProverNet comes out of beta and launches mainnet. On mainnet, the system will also introduce prover staking and slashing for “misbehavior or missed deadlines.”

Currently, ProverNet allows for proving task distribution through a continuous auction, USDC payment settlement and prover registration and job matching. Provers can already register and start competing for jobs, while applications can also submit proof requests directly to the network.

Source: Brevis

Not new to the game

Computing ZK-proofs is computationally intensive, meaning it is often impractical for developers or users to compute them themselves. This is especially true when large volumes of proofs are needed, as seen in some projects.

Brevis has long offered ZK-proof processing as a solution for the industry. The firm announced in late 2023 that it supported Uniswap v4 hooks to trustlessly read and compute the transaction history of liquidity providers and traders.

In October, Uniswap, a decentralized crypto exchange, introduced a routing rebate program built on its technology, announcing that Brevis had been awarded a grant to develop it. Earlier this year, Brevis had also unveiled “a partnership between MetaMask, Linea, and Brevis to bring ZK Proof-powered rewards to MetaMask Card users.”

PancakeSwap also integrates Brevis infrastructure for ZK-proof processing. After a 2024 Binance investment, it was also used to power trustless crosschain restaking infrastructure on BNB Chain.

Brevis claims to have processed over 250 million proofs across more than 30 partners. The organization explained that it learned that ZK-proof workloads are highly variable, which led to the development of ProverNet to provide enough flexibility:

“From this point on, applications get access to specialized capacity without vendor lock-in while provers can now find workloads matched to their hardware. The ecosystem gets shared infrastructure instead of fragmented silos,” it said.

A DePIN with usage from day one

In its announcement, Brevis also notes that it is already “gradually migrating” production workloads to ProverNet. For now, the service is moving “a subset of Ethereum block execution proving from ETHProofs.”

ETHPoofs is a public-facing service for generating ZK-proofs of Ethereum block execution — proving what is included in specific blocks. This allows crosschain verification for trust-minimized bridging, among other applications.

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XRP (XRP) price is up 3% in the past 24 hours and 15.5% from its Nov. 21 low to $2.10 on Monday. This sets it up for further gains backed by several fundamental, onchain and technical factors.

Key takeaways:

XRP’s new all-time highs are in play, backed by increasing institutional demand and bullish trader sentiment.

XRP price technicals, namely the symmetrical triangle, project a 27% rise to $2.65.

Investors pour into XRP investment products

Institutional demand for XRP investment products has not waned, according to data from CoinShares.

Related: XRP sentiment plummets, which could set token up for rally: Santiment

XRP exchange-traded products (ETPs) posted inflows totaling $245 million in the week ending Dec. 5, “bringing year-to-date inflows to US$3.1bn, far eclipsing the US$608m inflows seen in 2024,” CoinShares head of research James Butterfill said in its latest Digital Asset Fund Flows Weekly report, adding:

“ETP investors believe the current bout of negative sentiment may now have reached its bottom.”

Crypto funds net flows data. Source: CoinShares

Meanwhile, spot XRP exchange-traded funds (ETFs) continued their perfect record of positive flows, with $10.23 million on Friday marking 15 consecutive days of net inflows.

This streak has pushed cumulative inflows to nearly $900 million and the total assets under management (AUM) to $861.3 million, per data from SoSoValue.

Spot XRP ETF flows data. Source: SoSoValue

“For 15 straight days, every US spot $XRP ETF printed green inflows, pushing total assets close to $900M dollar,” said crypto investor Giannis Andreou in an X post on Monday, noting that over 400 million XRP tokens are already locked inside these investment products.

Andreou added: 

“This is the kind of accumulation you usually see before a narrative shift.”

As Cointelegraph reported, sustained spot XRP ETF inflows will likely determine XRP’s next price trajectory.

XRP traders are leaning bullish

XRP price is expected to increase in tandem with the steady increase in interest among leverage traders as they continue to place new positions, indicating a rise in speculative momentum.

XRP’s daily funding rate has flipped positive to 0.0189% from 0.0157% a day prior, suggesting that most traders were taking long positions.

XRP OI-weighted funding rates. Source: CoinGlass

XRP’s ratio of long/short accounts on Binance is currently skewed toward bullish positions at 72%. While this heightened activity introduces liquidation risks, it underscores rising confidence in XRP’s upside.

XRP: Long/short accounts on Binance. Source: CoinGlass

Making a similar observation, analysts at trading platform Beacon said XRP traders on Hyperliquid are leaning bullish with 72% long worth $94.5 million in XRP against 28% short with $37.6 million exposure.  

New week, fresh sentiment.@HyperliquidX traders are leaning bullish with 55.3% longs across the market. $XRP is even stronger: 72% long vs 28% short with $94.5M long exposure against $37.6M short exposure.

How are you feeling about the market right now? pic.twitter.com/0U6HdvbnTC

— Beacon (@beacontradeio) December 8, 2025

XRP symmetrical triangle breakout targets $2.65

Data from Cointelegraph Markets Pro and TradingView shows XRP trading above a symmetrical triangle in the four-hour time frame, as shown in the chart below.

The price needs to close above the upper trendline of the triangle at $2.15 to continue the upward trajectory, with a measured target of $2.65. 

Such a move would bring the total gains to 27% from the current level.

XRP/USD four-hour chart. Source: Cointelegraph/TradingView

“A symmetrical triangle on the 1H chart shows XRP coiling tightly, said pseudonymous trader BD in an X post on Monday, adding,

“A breakout here could trigger a move of up to 16%, pushing the price toward the $2.40 zone.”

As Cointelegraph reported, a bullish daily close above $2.30 would confirm a break of structure and possibly lead to a move to $2.58 as long as support at $2 holds.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Michael Saylor’s Strategy has expanded its Bitcoin treasury again, buying nearly $1 billion in BTC even as digital asset treasury inflows cool and its own stock trades sharply lower on the year.

Strategy chairman Michael Saylor announced on X that the company bought 10,624 Bitcoin (BTC) for roughly $962.7 million at an average price of $90,615 per coin last week. The move brings Strategy’s total holdings to 660,624 BTC, acquired for approximately $49.35 billion at an average price of $74,696.

The move comes during a rough stretch for Strategy’s equity. According to Google Finance, Strategy shares recently traded around $178.99, down 51% over the past 12 months.

Despite this, the company has billions in unrealized gains on its BTC holdings. According to BitcoinTreasuries.NET, Strategy’s current BTC holdings are worth about $60 billion, more than 22% above the firm’s aggregate cost basis.

Strategy is up 22% on its Bitcoin holdings. Source: BitcoinTreasuries.NET

Saylor pushes Bitcoin to wealth funds as digital capital

At the Bitcoin MENA event in Abu Dhabi on Monday, Saylor said he had been meeting with sovereign wealth funds and a diverse range of investors, including people who run banks and family offices, to discuss Bitcoin. 

“My message by the way is very straightforward. My message is: We now have digital capital. Bitcoin is digital capital. It’s digital gold,” Saylor said. “On top of digital capital, we have a new asset class called digital credit. Digital credit strips the volatility from the capital and provides yield.” 

Despite a downturn in Strategy stock prices, the company’s chairman consistently reaffirms their belief in the asset, saying recently on social media that they “won’t back down” from their Bitcoin bet. 

Strategy also recently raised $1.44 billion to dispel fear, uncertainty and doubt, or FUD. According to Strategy CEO Phong Le, there were concerns about whether the company could continue to service its debts and payment obligations should the stock’s price fall too far. 

“There was FUD that was put out there that we wouldn’t be able to meet our dividend obligations, which causes people to pile into a short Bitcoin bet,” he said. 

Related: Cantor slashes Strategy target by 60%, tells clients forced-sale fears are overblown

DAT inflows in November drop to lowest in 2025

Strategy’s latest Bitcoin purchase comes amid digital asset treasuries (DATs) having their slowest month in November. DefiLlama data showed that DATs only had $1.32 billion in inflows during the month, down 34% from October. 

Bitcoin-focused firms led the month with over a billion in inflows driven by Strategy’s $835 million buy on Nov. 17. Ether-focused DATs flipped negative with $37 million in outflows. 

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The US Securities and Exchange Commission has officially dropped its investigation into the New York-based tokenization platform Ondo Finance, which it initiated in 2023.

Ondo Finance has received formal notice that a confidential, multi-year SEC investigation into the platform has been closed without any charges, the company announced on Monday.

“The probe examined whether Ondo’s tokenization of certain real-world assets complied with federal securities laws as well as whether the ONDO token was a security,” the statement said.

The SEC’s decision to end the investigation reflects a broader shift in the US policy regarding real-world asset (RWA) tokenization, bringing it on the authority’s formal agenda, Ondo noted.

A new chapter of tokenization in the US

According to a report by Crypto in America, the SEC initially opened the probe in October 2023 under former SEC Chair Gary Gensler, who was known for his stringent stance toward the crypto industry.

However, since Paul Atkins took over as SEC chair, the agency has closed a number of crypto-related cases involving major companies, including Coinbase, Ripple and Kraken.

“When the inquiry began in 2024, the US regulatory environment for digital assets was defined by caution, confusion, and occasionally overbroad enforcement actions,” Ondo Finance said in its blog post.

Source: Ondo Finance

Against that backdrop, Ondo was “one of the only firms focused on tokenizing publicly listed equities at scale,” it said, adding: “Being early, and being successful, came with scrutiny.”

According to Ondo, the resolution of the SEC inquiry marks the end of one chapter for Ondo and the beginning of another, where tokenized securities become a “core part of the US capital markets.”

“The future of global finance, including U.S. capital markets, will be onchain and Ondo will help lead that transition,” Ondo said.

Most US tokenization platforms serve overseas markets

The news comes as most tokenization platforms offer tokenized equity products primarily to customers outside the US, including firms such as Kraken-owned Backed, the issuer of xStocks.

While these platforms tokenize major US-listed stocks and exchange-traded funds (ETFs), many of the offerings are aimed at clients located overseas, particularly in Europe.

“The reality is that users in the US already have relatively seamless access to traditional equities such as stocks and ETFs through well-established brokerage platforms,” Alchemy Pay chief marketing officer Ailona Tsik told Cointelegraph in June.

Following the SEC probe’s resolution, it remains to be seen whether RWA platforms like Ondo will begin offering services to US-based clients.

The news came shortly after Ondo Global Markets received regulatory approval to offer tokenized stocks to European investors in November.

Securitize, a rival US tokenization platform, also obtained regulatory approval to operate as both an Investment Firm and a Trading & Settlement System (TSS) in the EU on Nov. 26. According to the company, the approval positioned it as one of the first operators for regulated digital securities infrastructure in both the US and EU.

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Tensions between blockchain platform Mantra and crypto exchange OKX are rising after Mantra accused the exchange of posting incorrect information about its token migration.

In a Monday X post, Mantra CEO John Patrick Mullin urged users of centralized cryptocurrency exchange (CEX) OKX to withdraw their Mantra (OM) tokens and cut their “dependency” on the platform.

“Users should consider withdrawing their OM tokens from OKX[...]. Avoid OKX Exchange Dependency: Complete migration without relying on potentially negligent or malicious intermediaries,” said Mullin.

His warning came in response to a Friday announcement from OKX about supporting the incoming OM token migration.

Source: JP Mullin

Related: BitMine buys $199M in Ether as smart money traders bet on ETH decline

According to Mullin, the OKX post contained multiple inaccuracies, including false migration and implementation dates.

OKX said the migration would occur between Dec. 22 and Dec. 25. Mantra’s governance proposal, by contrast, states that the migration will only take place after the Jan. 15 deprecation of the Ethereum-based ERC-20 OM token.

Mullin also said OKX’s post referenced “arbitrary dates throughout December 2025,” while Mantra has not yet announced an official implementation date.

He claimed OKX has not communicated with Mantra since “the events” of April 13, while Mantra has “helpfully [been] communicating with all other major exchanges regarding our migration.”

OKX’s OM Crypto Migration post. Source: okx.com

During the incoming migration, the OM token will migrate from an Ethereum-native ERC-20 token to a Mantra Chain-native token.

Cointelegraph has contacted OKX for comment but had not received a response by publication time.

Related: Prediction markets emerge as speculative ‘arbitrage arena’ for crypto traders

April crash still casting a shadow

On April 13, the Mantra’s OM token price fell by over 90% from around $6.30 to below $0.50.

OM/USD, 1-day chart. Source: Coingecko.com

On April 30, Mantra published a post-mortem report that blamed the aggressive trading policies and high leverage on cryptocurrency exchanges for the token crash.

“Liquidation cascades could happen to any project in the crypto industry,” Mullin said in the post, pointing to the role of “aggressive leverage positions” on exchanges as a broader threat to investor safety.

Mullin also urged exchanges to review their leverage policies while implementing a transparency dashboard for OM tokenomics, along with announcing the burning of 150 million staked OM tokens, permanently removing them from circulation in a bid to tighten the token’s supply.

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