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Digital asset manager Grayscale has released its 2026 outlook, highlighting 10 major crypto investing themes it believes will shape digital asset markets.

The report also designates quantum computing and digital asset treasuries (DATs) as non-drivers of market movements in 2026.

Grayscale’s Crypto Investing Themes for 2026

Grayscale’s 2026 Digital Asset Outlook report frames the period ahead as the “Dawn of the Institutional Era” for the crypto industry. The firm expects structural shifts in digital asset investing to accelerate in 2026, driven primarily by macro demand for alternative stores of value and improving regulatory clarity.

According to Grayscale, these trends could attract new capital, support broader adoption, particularly among advised wealth and institutional investors, and further integrate public blockchains into mainstream financial infrastructure.

“With crypto increasingly driven by institutional capital inflows, the nature of price performance has changed. In each prior bull market, Bitcoin’s price increased by at least 1,000% over a one-year period. This time around, the maximum year-over-year price increase was about 240% (in the year to March 2024). We think the difference reflects steadier institutional buying recently compared to retail momentum chasing in past cycles,” the report read.

Grayscale identified ten investment themes for 2026 and outlined specific crypto assets that are poised to benefit from these market trends.

1. USD Devaluation Risk Drives Demand for Alternative Assets

The first theme centers on the risk of dollar debasement, with Bitcoin (BTC), Ethereum (ETH), and Zcash (ZEC) serving as primary alternatives for investors seeking to hedge against risks associated with fiat currency.

Grayscale noted that the US economy faces rising debt levels, which could place long-term pressure on the dollar’s role as a store of value. According to the firm, only a limited subset of digital assets can be considered viable stores of value due to their relatively broad adoption, high degree of decentralization, and constrained supply growth.

“This includes the two largest crypto assets by market capitalization, Bitcoin and Ether…Bitcoin’s supply is capped at 21 million coins and is entirely programmatic…Zcash, a smaller decentralized digital currency with privacy features, may also be appropriate for portfolios positioning for Dollar debasement,” the firm stated.

2. Clear Regulatory Frameworks Support Industry-Wide Growth

Grayscale pointed to regulatory clarity as a key driver for broader adoption across the digital asset ecosystem. The report noted that clearer rules would enable greater participation in digital asset markets, benefitting multiple sectors simultaneously rather than favoring a single asset class.

“Next year we expect another major step forward with the passing of bipartisan market structure legislation…Because of the potential importance of regulatory clarity in driving the crypto asset class in 2026, a breakdown of bipartisan process in legislation in Congress should be considered a downside risk, in our view,” Grayscale added.

3. Stablecoins Gain Importance in On-Chain Finance

Stablecoin growth emerges as another major theme following the signing of the GENIUS Act by President Donald Trump. According to the report, 2026 may begin to show practical outcomes of this shift, including the integration of stablecoins into cross-border payment services, their use as collateral on derivatives exchanges, and growing adoption on corporate balance sheets.

Grayscale also drew attention to the potential for stablecoins to be used in online consumer payments as an alternative to credit cards. The firm stated that the continued growth of prediction markets could also drive demand for stablecoins. According to the report,

“Higher stablecoin volumes should benefit the blockchains that record these transactions (e.g., ETH, TRX, BNB, and SOL, among many others), as well as a variety of supporting infrastructure (e.g., LINK) and decentralized finance (DeFi) applications.”

4. Asset Tokenization Enters a Growth Phase

The report highlighted real-world asset tokenization as another area of interest within digital asset markets. Grayscale acknowledged that while the sector remains small today, continued infrastructure development and regulatory progress could support significant expansion over the longer term.

“By 2030, it would not be surprising to see tokenized assets grow by ~1,000x, in our view,” the team remarked.

The firm claimed that infrastructure and smart contract platforms, such as Ethereum, Solana, Avalanche, and BNB Chain, along with interoperability providers like Chainlink, are positioned to capture value as tokenization adoption evolves.

5. Privacy Solutions Become Essential Needs

The report emphasized that privacy-focused technologies are increasingly relevant for broader financial adoption. Projects such as Zcash, Aztec, and Railgun could benefit from growing investor attention toward privacy.

“We may also see rising adoption of confidential transactions on leading smart contract platforms like Ethereum (with ERC-7984) and Solana (with Confidential Transfers token extensions). Improved privacy tools may also require better identity and compliance infrastructure for DeFi,” Grayscale wrote.

6. Blockchain Addresses the Centralization Risks of AI

Blockchain’s role in countering artificial intelligence (AI) centralization forms the sixth theme. As AI development becomes increasingly centralized, decentralized networks like Bittensor, Story Protocol, Near, and Worldcoin provide alternatives for secure, verifiable compute and data management.

7. Defi Activity Accelerates With Lending as a Key Driver

The seventh theme centers on accelerating activity within decentralized finance. This year, DeFi applications have seen increased momentum.

Additionally, lending protocols such as Aave, Morpho, and Maple Finance experienced significant growth. The report also outlined the increasing activity on decentralized perpetual futures exchanges, such as Hyperliquid.

“The growing liquidity, interoperability, and real-world price connections across these platforms position DeFi as a credible alternative for users who want to conduct finance directly on-chain. We expect core DeFi protocols to benefit — including lending platforms like AAVE, decentralized exchanges like UNI and HYPE, and related infrastructure like LINK — as well as the blockchains that support most DeFi activity (e.g., ETH, SOL, BASE),” Grayscale forecasted.

8. New-Generation Blockchain Infrastructure Serves Mass Adoption Needs

The report discusses ongoing experimentation with newer blockchain networks designed to address scalability, performance, and user experience. As per the firm,

“Not all of today’s high-performance chains will follow a similar trajectory, but we expect that a few will. Superior technology doesn’t guarantee adoption, but the architectures of these next-gen networks make them uniquely suited for emerging categories such as AI micropayments, real-time gaming loops, high-frequency on-chain trading, and intent-based systems,”

Grayscale references projects such as Sui, Monad, MegaETH, and Near as examples of networks that could attract interest.

9. Investors Focus On Sustainable Revenue

The asset manager believes that institutional investors could consider on-chain revenue and fee generation when evaluating blockchains and applications.

The report revealed that smart contract platforms with relatively high revenue include Tron, Ethereum, Solana, and BNB. Furthermore, HYPE and PUMP are named among the application-layer assets with relatively high revenue.

10. Staking as a Default Feature in Investment Products

The tenth theme focuses on staking. Grayscale noted that greater regulatory clarity around staking could benefit liquid staking providers such as Lido and Jito.

“More broadly, the fact that crypto ETPs are able to stake will likely make this the default structure for holding investment positions in Proof of Stake tokens, resulting in higher stake ratios and pressure on reward rates,” the firm added.

Why Grayscale Does Not See Quantum Computing as a Crypto Price Driver in 2026

While Grayscale expects each of the investment themes to influence crypto market developments in 2026, the firm also identifies two topics that it does not expect to have a meaningful impact on the market. These include potential cryptographic vulnerabilities related to quantum computing and the evolution of digital asset treasuries (DATs).

“Research on quantum risk and community preparedness efforts will likely accelerate in 2026, but this theme is unlikely to move prices, in our view. The same goes for the DATs. These vehicles are likely to be a permanent feature of the crypto investing landscape but are unlikely to be a major source of new demand for tokens or a major source of selling pressure in 2026, in our view,” the asset manager explained.

Thus, Grayscale’s 2026 outlook highlights a shift toward a more institutionally driven cryptocurrency market, where adoption, regulation, and sustainable revenue models are increasingly shaping performance.

As markets brace for the release of November’s Consumer Price Index (CPI), Federal Reserve Governor Stephen Miran is pushing back against the prevailing view that inflation remains stubbornly above target.

His remarks come only days before the CPI data release on Thursday. This US economic data is likely to influence investor sentiment for Bitcoin.

Stephen Miran: The Fed Is Fighting the Wrong Inflation Ahead of CPI

Data on the CME FedWatch Tool shows markets are rethinking their interest rate bets, with traders wagering a 75.6% probability of no change in the January 2026 Fed meeting.

Interest Rate Probabilities. Source: CME FedWatch Tool

It comes as Miran argues that underlying inflation is already running close to the Fed’s 2% goal. He says that much of the remaining overshoot is driven by statistical distortions rather than excess demand.

“Underlying inflation is already running very close to the Fed’s 2% target,” Miran said in a post on X. “The majority of excess inflation over target is due to quirks of the statistical measurement process, not excess demand.”

At the center of Miran’s argument is shelter inflation. This is one of the largest and most persistent contributors to core inflation measures.

He noted that the Fed’s preferred Personal Consumption Expenditures (PCE) index captures housing costs for all tenants. This means it lags behind real-time market rents, which only reset when leases are renewed. According to Miran, that lag is now distorting the inflation picture.

Miran also addressed core non-housing services inflation, highlighting portfolio management fees as a key example. The policymaker argues that these artificially boost core PCE despite long-term fee compression in the asset management industry.

Because these fees are measured based on assets under management, rising equity markets can mechanically lift measured prices. This could happen even when actual costs to consumers are falling.

“It would be foolish of us to chase statistical quirks rather than focus on actual consumer prices,” Miran warned in his speech, suggesting that policy risks becoming overly restrictive if it reacts to such distortions.

Rethinking Tariffs and Goods Inflation as Forward-Looking Data Backs Disinflation

On goods inflation, Miran challenged the widely held belief that US tariffs are a major driver of recent price increases.

Drawing on trade elasticity research, he argued that exporters bear the majority of the tariff burden. This results in a relatively small and likely temporary impact on consumer prices.

Even under conservative assumptions, he estimated the effect on consumer prices to be around two-tenths of a percent. Ideally, it is closer to noise than a lasting inflationary impulse.

Miran’s view is echoed by Anna Wong of Bloomberg Economics, who pointed to forward-looking indicators suggesting renewed disinflation over the next six months.

Wong said core CPI goods are trending lower again, potentially by mid-2026, adding that markets may be underpricing the scale of rate cuts further out.

“The Fed can cut next year,” Wong wrote on X, arguing that if these signals hold, expectations for 2026 easing remain too conservative.

Together, the comments sharpen an emerging debate inside the Fed on whether policymakers are still fighting inflation pressures rooted in 2022 rather than current conditions.

With CPI due Thursday, the data will be closely watched for confirmation or contradiction of Miran’s claim that inflation is being overstated and that policy may already be tighter than necessary heading into 2026.

Stablecoin issuer Circle has acquired Interop Labs, the initial developer of the Axelar network.

This deal excludes the Axelar Network, Foundation, and AXL token, which will continue to operate independently. Common Prefix will take over development responsibilities.

Circle to Bring Interop Labs Team and Technology In-House

Circle, the company behind the second-largest stablecoin USDC, announced that it has entered into an agreement to acquire Interop Labs’ team and proprietary technology.

The stablecoin issuer plans to integrate this team to accelerate progress on its Arc blockchain and Cross-Chain Transfer Protocol (CCTP). Circle said it expects the acquisition to close in early 2026.

“Our goal is to make blockchain connectivity seamless, and bringing the Interop Labs team into Circle will accelerate the Arc and CCTP roadmaps toward building the hub for multichain internet finance,” Nikhil Chandhok, Chief Product and Technology Officer at Circle, stated.

Meanwhile, both Circle and Interop Labs emphasized that the deal does not include the Axelar network.

“As the Interop Labs team transitions to Circle, the Axelar Network, Foundation and the AXL token will continue to operate independently under community governance and open source intellectual property will remain open source,” Circle added.

Common Prefix, a long-time contributor to the Axelar Network, will now lead the network’s development. In a recent X (formerly Twitter) post, the team outlined its main priorities for 2026.

The 2026 focus areas include expanding Axelar through new protocols and asset classes, reallocating away from underperforming chains, introducing co-staking of blue-chip assets to strengthen economic security, preparing the network for institutional use through improvements in privacy and compliance, and exploring gasless bridging to enable zero-fee transfers using idle gateway capital.

“Common Prefix is a team of scientists and engineers. Our scientists are post-docs, PhDs, and professors with strong academic backgrounds from renowned universities worldwide. We are an unapologetically multichain team, with deep expertise in Ethereum, XRP Ledger, Sui, Solana, Cosmos, and Bitcoin (having co-invented BitVM). We believe in a multichain world, where different chains can be used for different purposes. Axelar’s interoperability layer is an indispensable component that enables them to communicate,” the team stated.

Market Reaction and Community Concerns

The market reacted quickly to the acquisition news. The AXL token’s price plunged, extending its broader downtrend. At the time of writing, the altcoin traded at $0.11. This represented a decline of nearly 13% over the past day.

However, it’s worth noting that the decline is not isolated. Over the past day, the broader cryptocurrency market has declined by nearly 4%, with major assets such as Bitcoin and Ethereum in the red.

Axelar (AXL) Price Performance. Source: TradingView

The move has also caused concerns among some community members. Crypto commentator Nick described the deal as “very concerning” for AXL holders.

“Being an AXL holder/supporter myself, I can’t help but to feel used in a very predatory way here. It feels like they utilized AXL as a monetization tool with retail + VCs being the bread & butter to build the platform. Then at the end of the day sell the platform which is basically everything of value to Circle,” he noted.

Furthermore, another analyst stressed that the situation highlights what they described as the “token versus equity problem” in the crypto industry.

“You funded the project. You took the risk. You have no claim on the exit. Tokens aren’t shares. They never were. ‘Remains independent and community-governed’ = the people who built it are leaving for greener pastures,” Steady Crypto posted.

The commentator also noted that although Common Prefix has stepped in as the network’s new lead developer, there is no obligation for any team to remain indefinitely.

“Until crypto solves this, every token is a bet that the team sticks around – with zero contractual obligation that they will,” the analyst commented.

While the announcement has clearly shaken confidence among AXL holders, the project’s future now hinges on whether Common Prefix can successfully execute its roadmap and rebuild trust in Axelar’s long-term value proposition.

Gold prices edged higher on Tuesday, trading at $4,305 per ounce—within striking distance of October’s all-time high of $4,381.

The rally reflects a broader flight to safety as investors navigate uncertain monetary policy and seek inflation hedges. With markets pricing in a 76% chance of another rate cut in January, gold’s appeal as a non-yielding asset has only strengthened.

Historic Divergence Signals Potential Turning Point

The US dollar, near a two-month low during the Asian session, provided additional tailwinds for bullion. Gold has surged more than 64% year-to-date, marking its best annual performance since 1979. Federal Reserve rate cuts, persistent central bank buying, and steady inflows into gold-backed ETFs fueled the hike.

Holdings in gold-backed exchange-traded funds have risen every month this year except May, according to the World Gold Council, underscoring sustained investor appetite for the safe-haven asset. As rates decline, the opportunity cost of holding gold falls, making it more attractive compared to interest-bearing investments.

Meanwhile, Bitcoin keeps hovering around $86,000 after a sharp selloff triggered an hour-long $200 million in long liquidations on Monday. The leading cryptocurrency remains approximately 30% below its October peak of $126,210. While gold acts as a safe-haven asset in turbulent times, Bitcoin often trades like a risk asset, suffering outflows when investors seek stability.

The widening gap between gold and Bitcoin has caught the attention of market analysts. Crypto trader Michaël van de Poppe noted that Bitcoin’s Relative Strength Index against gold has dropped below 30 for only the fourth time in history.

Technical analysis from fellow analyst misterrcrypto supports this view. He shows that the BTC/Gold pair has been testing a long-term ascending support line for the fourth time since 2019. The Z-Score is -1.76, in oversold territory, and prior touches of this support level have led to substantial rallies.

Still, technical patterns do not guarantee future moves. The current macroeconomic environment differs from previous cycles, as inflation remains elevated and geopolitical risks continue to support demand for gold. The extent to which investors rotate from gold to Bitcoin remains uncertain.

Macro Factors in Focus

Markets are closely watching this week’s US economic data to fill a void created by a six-week government shutdown. The Bureau of Labor Statistics on Tuesday releases its long-awaited combined employment reports for October and November. However, key details will be missing—including October’s unemployment rate, resulting in the first-ever gap in that critical data series.

Economists project a 50,000 increase in payrolls and a 4.5% unemployment rate, consistent with a sluggish but stable labor market. Even moderate weakness in the figures would bolster the case for more rate cuts, according to Morgan Stanley strategist Michael Wilson.

The Fed delivered a 25-basis-point rate cut last week but signaled a likely pause amid persistent inflation. However, Fed Governor Stephen Miran said Monday that current above-target inflation does not reflect underlying dynamics, asserting that “prices are now once again stable.” Investors currently price in a 76% probability of another January cut.

Technical Outlook

Bitcoin options data reveals significant open interest concentrated around the December 26 expiry, with heavy positioning at the $100,000 strike. Analysts identify a gamma band spanning $86,000 to $110,000, suggesting heightened volatility as traders reposition heading into year-end.

Silver, which has more than doubled this year with a 121% gain, pulled back from Friday’s record high of $64.65 but remains near historic levels. The metal’s rally has been driven by tightening inventories, strong industrial demand, and its inclusion on the US critical minerals list.

As gold approaches new highs and Bitcoin consolidates near key support levels, the coming weeks may determine whether the historic divergence between the two assets resolves through rotation—or further dislocation.

US-listed spot XRP exchange-traded funds (ETFs) have recorded one month of consecutive net inflows since their November 13 debut, setting them apart from Bitcoin and Ethereum ETFs that experienced billions in outflows over the same period.

The milestone marks a turning point for XRP, which was excluded from traditional investment vehicles for years due to regulatory uncertainty surrounding Ripple’s legal battle with the US Securities and Exchange Commission. Now, with spot ETFs lifting that barrier, institutional capital is flowing into the asset at a pace that has surprised even bullish observers.

A Stark Contrast With BTC and ETH

According to SoSoValue data, XRP spot ETFs have attracted fresh capital every trading session since launch, lifting cumulative net inflows to approximately $990.9 million as of December 12. Total net assets across the five products climbed to about $1.18 billion, with no single day of net redemptions recorded.

Source: Sosovalue

The consistency stands out in a market where even the largest crypto ETFs have struggled to maintain steady momentum. Over the same 30-day window, US spot Bitcoin ETFs recorded approximately $3.39 billion in net outflows, including a single-day withdrawal of roughly $903 million on November 20. Ethereum ETFs followed a similar pattern, posting about $1.26 billion in net outflows.

The divergence was most pronounced on December 1. On that day, XRP ETFs brought in $89.65 million while Bitcoin ETFs gained just $8.48 million—roughly one-tenth of XRP’s figure. Ethereum ETFs, meanwhile, recorded more than $79 million in net outflows.

December trading has further highlighted the contrast. Bitcoin spot ETFs recorded four negative flow days compared to eight positive days, while Ethereum ETFs displayed similar volatility with five negative days and seven positive days through December 12. XRP ETFs maintained positive flows throughout.

Second-Fastest to $1 Billion

Ripple CEO Brad Garlinghouse noted that XRP has become one of the fastest spot crypto ETFs to reach $1 billion in assets under management in the US, trailing only Ethereum.

“There’s pent-up demand for regulated crypto products,” Garlinghouse stated. He highlighted Vanguard’s recent decision to offer access to crypto ETFs through traditional retirement and investment accounts, noting that crypto is now “accessible to millions more people who don’t need to be experts in the technology.”

Garlinghouse also emphasized that longevity, stability, and community strength are increasingly essential themes for these new “off-chain crypto investors.”

CME Expands Derivatives Infrastructure

CME Group announced the launch of Spot-Quoted XRP and SOL futures on December 15, further expanding institutional access to XRP.

“We’ve seen strong demand for our current Spot-Quoted Bitcoin and Ether futures, with more than 1.3 million contracts traded since launched in June, and we are pleased to add XRP and SOL to our offering,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group.

The existing Spot-Quoted Bitcoin and Ether futures have experienced substantial growth, with December average daily volume reaching 35,300 contracts and a record trade day of 60,700 combined contracts on November 24.

Price Lags Behind as Accumulation Signals Build

Market analysts suggest that the uninterrupted inflow pattern indicates that XRP ETFs are being used as structural allocations rather than as tactical trading instruments.

“This is just 5 spot ETFs. No BlackRock, no 10-15 ETFs exposure yet, but they are coming,” one analyst noted, projecting that if weekly inflows remain near $200 million, cumulative inflows could surpass $10 billion by 2026.

Source: BeInCrypto

Despite strong ETF inflows, XRP’s price performance has remained subdued. The token has declined nearly 15% over the past month and was trading at $1.89 at press time.

The disconnect between inflows and price may reflect the mechanics of ETF markets. ETF creation and redemption involve complex arbitrage processes that delay price effects. Market makers hedging their positions may also blunt some of the immediate impact from inflows.

President Donald Trump said he would consider pardoning Keonne Rodriguez, the CEO of privacy-focused Bitcoin wallet Samourai, who was sentenced to five years in federal prison last month for money laundering charges.

The statement reignited debate over the privacy technology of cryptocurrencies. It also raised questions about whether other convicted developers, including Tornado Cash’s Roman Storm, might receive similar presidential clemency.

Calls for More Pardons Meet Market Frustration

During a press briefing on Dec. 15, a reporter asked Trump about Rodriguez’s case, noting it began under the Biden administration but continued under his Department of Justice. Trump responded, “I’ve heard about it. I’ll look at it.” The President added that he would review the matter after the reporter mentioned widespread support for clemency within the crypto community.

Rodriguez, 37, and co-founder William Lonergan Hill, 67, were convicted of operating a cryptocurrency mixing service. The prosecutors say the two facilitated the laundering of over $237 million in criminal proceeds. Rodriguez received five years, while Hill received four years, with both ordered to pay $250,000 in fines.

The announcement drew varied responses. Some supporters expressed hope that the decision would provide momentum for crypto-friendly policies. One X user even called for extending clemency to Do Kwon, the embattled founder of the collapsed Terra/Luna ecosystem.

However, critics pointed to broader market performance under Trump’s presidency. Since he took office, there have been significant declines across major cryptocurrencies, with some tokens down more than 70%.

Prosecution’s Case Against “Simple Developer” Narrative

The Department of Justice presented evidence that challenges the portrayal of Rodriguez and Hill as mere privacy tool developers. According to the Nov. 19 sentencing announcement, prosecutors demonstrated that the founders actively promoted their services to criminal users.

Hill allegedly marketed Samourai on Dread, a darknet forum, directly responding to a user seeking “secure methods to clean dirty BTC” by recommending Whirlpool as a superior option. Rodriguez reportedly encouraged Twitter hackers in 2020 to funnel stolen proceeds through the mixing service. He even expressed disappointment when they chose a competitor.

Most damaging was Rodriguez’s own description of mixing as “money laundering for bitcoin” in WhatsApp messages. At the same time, the company’s marketing materials acknowledged targeting “Dark/Grey Market participants” moving proceeds from “illicit activity.”

Prosecutors said criminal funds processed through Samourai originated from drug trafficking, darknet marketplaces, cyber intrusions, fraud, sanctioned jurisdictions, murder-for-hire schemes, and a child pornography website.

Broader Implications

The case has reignited debate over developer liability for user actions on decentralized platforms. Privacy advocates argue that the prosecution sets a dangerous precedent for open-source software development, while law enforcement maintains that actively promoting criminal use crosses legal boundaries.

Online discussions have expanded to question whether Roman Storm, the Tornado Cash developer convicted on similar charges in August, might also be considered for clemency. Storm was found guilty of conspiracy to operate an unlicensed money transmitting business. The jury deadlocked on more serious money laundering and sanctions violation charges.

Congress continues to debate cryptocurrency regulation. The lawmakers are introducing multiple bills to clarify the legal status of privacy-enhancing technologies, though none have passed into law.

Trump has previously pardoned several crypto figures, including former Binance CEO Changpeng Zhao and Silk Road founder Ross Ulbricht, establishing a pattern that fuels speculation about future clemency decisions in the sector.

The US Senate has delayed the long-awaited Crypto Market Structure Bill, pushing final consideration into early 2026. Lawmakers ran out of legislative time as internal disputes stalled consensus on key provisions.

The delay prolongs regulatory uncertainty for crypto exchanges, issuers, and institutional investors operating in the US.

Why the Crypto Market Structure Bill Was Delayed

The bill, built on the House-passed Digital Asset Market Clarity (CLARITY) Act, aims to define how digital assets are regulated. It would formally split oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

However, unresolved disagreements over jurisdiction, DeFi oversight, and consumer protections slowed progress.

Senate negotiators struggled to reconcile differences between the Banking and Agriculture committees. These committees oversee the SEC and CFTC respectively, and both claim authority over crypto spot markets.

As a result, lawmakers could not finalize language that both sides supported before the session ended.

DeFi regulation also emerged as a major sticking point. Some senators pushed for exemptions for decentralized protocols with no controlling intermediary.

Others warned that broad exemptions could weaken enforcement and create regulatory gaps.

Consumer advocacy groups added pressure by opposing parts of the bill. They argue the framework shifts power away from the SEC and risks weakening investor protections after several high-profile crypto failures.

This opposition prompted further revisions and slowed negotiations.

Despite the delay, the bill differs sharply from other crypto legislation already passed. Unlike the GENIUS Act, which focuses narrowly on stablecoins, the market structure bill targets the entire crypto trading ecosystem.

It sets rules for exchanges, brokers, custody providers, and token issuers under a unified federal framework.

The bill also goes further than enforcement-led regulation. It introduces formal asset classification standards and limits reliance on court rulings to define whether tokens are securities or commodities.

Lawmakers say this approach would replace regulatory uncertainty with statutory clarity.

Diplomatic efforts to end the Russia–Ukraine war gained visible momentum on Monday, as US, Ukrainian, and European officials outlined the foundations of a possible ceasefire and post-war security framework.

The developments mark one of the most substantive diplomatic advances since the conflict began. The positive signs are already prompting investors to reassess geopolitical risk across global markets, including cryptocurrencies.

For crypto, which has recently suffered sharp declines tied to global risk-off dynamics, a ceasefire could alter sentiment, but not without important caveats.

Diplomatic Momentum Builds For Russian-Ukraine Ceasefire

Negotiators from Ukraine, the US, and key European allies met in Berlin this week for an intensive round of talks focused on ending hostilities and preventing renewed conflict. 

Officials involved in the discussions described progress as significant, with alignment reached on most elements of a proposed framework.

US officials confirmed that Washington has agreed to support meaningful security guarantees for Ukraine as part of a peace arrangement, addressing Kyiv’s long-standing demand for protection against future aggression. 

According to officials familiar with the talks, negotiators are now aligned on roughly 90% of the framework. 

However, remaining disagreements centered on territorial questions in eastern Ukraine, particularly in the Donetsk region.

European leaders reinforced the diplomatic push by endorsing plans for a European-led multinational force that would assist in stabilizing Ukraine if a ceasefire holds. The proposal also includes a US-backed monitoring and verification mechanism designed to oversee ceasefire compliance and respond to violations.

Public opinion inside Ukraine continues to act as a constraint on negotiations. Polling cited by Reuters shows that most Ukrainians oppose major territorial concessions or limits on the country’s military capabilities unless backed by firm and enforceable security commitments.

Fighting Continues Despite Negotiations

Even as diplomacy advances, military operations have not paused. On Monday, Ukrainian forces carried out additional long-range drone strikes against Russian oil infrastructure in the Caspian Sea, disrupting production at key platforms for the third time in recent days. 

The attacks highlight Kyiv’s strategy of applying economic pressure on Russia’s energy revenues while negotiations remain unresolved.

Ukraine also claimed it struck a Russian Kilo-class submarine in the port of Novorossiysk using underwater drones. 

If confirmed, would underscore the growing sophistication of Ukraine’s asymmetric naval capabilities. Independent verification of the claim remains limited, and Russian officials have denied damage.

What a Ceasefire Could Mean for Crypto Markets

1. Reduced Safe-Haven Demand, Improved Risk Appetite

A credible ceasefire would remove one of the largest sources of global tail risk. In markets where risk sentiment is a major driver, such a de-escalation can:

Boost risk assets broadly, reducing demand for traditional safe havens like the US Treasuries and the US dollar.

Support assets like Bitcoin and major altcoins as investors rotate back toward higher-beta investments.

Lower implied volatility across equity and digital asset markets.

The mechanics are straightforward: with reduced geopolitical risk, funds that fled to safety may redeploy into risk assets, potentially lifting Bitcoin and Ethereum prices. A stronger risk appetite could also benefit altcoins, which tend to outperform in relief rallies.

Polymarket Odds On Russia-Ukraine Ceasefire By Early 2026 Have Increased. Source: Polymarket 2. Energy and Inflation Narrative

A sustained ceasefire could also affect commodity markets, especially if it lessens pressure on energy prices. Lower or stabilized global energy prices could:

Dampen inflation expectations in Europe and elsewhere.

Reduce pressure on central banks to maintain restrictive policy settings.

Allow liquidity conditions to ease further, which historically has supported higher valuations in risk assets such as cryptocurrencies.

However, this transmission is neither direct nor immediate. It depends on how quickly markets perceive structural changes in energy markets and central bank policy trajectories.

What Might Limit the Crypto Recovery

While a ceasefire can reduce geopolitical risk, it cannot fully offset macro headwinds that influenced crypto markets over the past months:

Persisting central bank uncertainty: If the Bank of Japan proceeds with tightening and the US data continues to suggest sticky inflation, liquidity could remain constrained, muting upside in risk assets.

Derivative market positioning: Leverage has been a significant catalyst of past crypto declines. Relief rallies can trigger fresh positioning and high funding rates, only to be reversed if macro forces reassert.

Liquidity conditions: A ceasefire is good news, but sustained asset price rallies require ample liquidity. Without clearer signals of easing financial conditions, crypto assets may see only transient relief moves.

Bitcoin Dip When Russia Invaded Ukraine in 2022. Source: Reuters A Ceasefire Would Be Positive, But Not Sufficient

An agreed ceasefire between Russia and Ukraine would mark a monumental shift in geopolitics and initially bolster risk assets, including cryptocurrencies. 

However, the broader impact on crypto markets will depend heavily on how the ceasefire intersects with liquidity conditions, central bank policy expectations, and global risk appetite.

In the short term, crypto could see a meaningful relief rally, driven by sentiment and risk reallocation. 

Over the medium term, the trend will likely hinge on whether ceasefire outcomes tangibly ease inflation and liquidity pressures — the primary macro drivers that have influenced digital assets in recent months.

Bitcoin slid to the $85,000 level on December 15, extending its recent decline as global macro risks, leverage unwinding, and thin liquidity collided. The drop erased more than $100 billion from the total crypto market cap in just days, raising questions about whether the sell-off has finished.

While no single catalyst caused the move, five overlapping forces pushed Bitcoin lower and could keep pressure on prices in the near term.

Bank of Japan Rate Hike Fears Triggered Global De-Risking

The biggest macro driver came from Japan. Markets moved ahead of a widely expected Bank of Japan rate hike later this week, which would take Japanese policy rates to levels unseen in decades. 

Even a modest hike matters because Japan has long fueled global risk markets through the yen carry trade.

For years, investors borrowed cheap yen to buy higher-risk assets such as equities and crypto. As Japanese rates rise, that trade unwinds. Investors sell risk assets to repay yen liabilities.

Bitcoin has reacted sharply to previous BOJ hikes. In the last three instances, BTC fell between 20% and 30% in the weeks that followed. Traders began pricing in that historical pattern before the decision, pushing Bitcoin lower in advance.

US Economic Data Reintroduces Policy Uncertainty

At the same time, traders pulled back risk ahead of a dense slate of US macro data, including inflation and labor market figures.

The Federal Reserve recently cut rates, but officials signaled caution about the pace of future easing. That uncertainty matters for Bitcoin, which has increasingly traded as a liquidity-sensitive macro asset rather than a standalone hedge.

With inflation still above target and jobs data expected to weaken, markets struggled to price the Fed’s next move. That hesitation reduced speculative demand and encouraged short-term traders to step aside.

As a result, Bitcoin lost momentum just as it approached key technical levels.

Heavy Leverage Liquidations Accelerated the Decline

Once Bitcoin broke below $90,000, forced selling took over.

More than $200 million in leveraged long positions were liquidated within hours, according to derivatives data. Long traders had crowded into bullish bets after the Fed’s rate cut earlier this month.

When prices slipped, liquidation engines sold Bitcoin automatically to cover losses. That selling pushed prices lower, triggering further liquidations in a feedback loop.

This mechanical effect explains why the move was fast and sharp rather than gradual.

Crypto Liquidations On December 15. Source: Coinglass Thin Weekend Liquidity Magnified Price Swings

The timing of the sell-off made it worse.

Bitcoin broke down during thin weekend trading, when liquidity is typically lower and order books are shallow. In those conditions, relatively small sell orders can move prices aggressively.

Large holders and derivatives desks reduced exposure into low liquidity, amplifying volatility. That dynamic helped pull Bitcoin from the low-$90,000 range toward $85,000 in a short window.

Weekend breakdowns often look dramatic even when broader fundamentals remain unchanged.

Bitcoin Price Chart. Source: CoinGecko Wintermute’s Bitcoin Sales Added Spot-Market Pressure

Market structure stress was compounded by significant selling from Wintermute, one of the crypto industry’s largest market makers.

During the sell-off, on-chain and market data showed Wintermute offloading a large amount of Bitcoin — estimated at over $1.5 billion worth — across centralized exchanges. The firm reportedly sold BTC to rebalance risk and cover exposure following recent volatility and losses in derivatives markets.

Because Wintermute provides liquidity across both spot and derivatives venues, its selling carried outsized impact. 

Wintermute Sending Bitcoin to Centralized Exchanges. Source: Arkham

The timing of the sales also mattered. Wintermute’s activity occurred during low-liquidity conditions, amplifying downside moves and accelerating Bitcoin’s slide toward $85,000.

What Happens Next?

Whether Bitcoin drops further now depends on macro follow-through, not crypto-specific news.

If the Bank of Japan confirms a rate hike and global yields rise, Bitcoin could remain under pressure as carry trades unwind further. A strong yen would add to that stress.

However, if markets fully price in the move and US data softens enough to revive rate-cut expectations, Bitcoin could stabilize after the liquidation phase ends.

For now, the December 15 sell-off reflects a macro-driven reset, not a structural failure of the crypto market — but volatility is unlikely to fade quickly.

According to the Crypto Fear & Greed Index, the crypto market sentiment in the third week of December remains dominated by fear, with a score of extreme fear. This negative sentiment has caused short positions to gain the upper hand.

However, several altcoins have their own catalysts that could trigger liquidations of these short positions. Which altcoins are they, and what specific risks do they face?

1. Solana (SOL)

The 7-day liquidation heatmap for SOL shows that the potential liquidation volume of short positions is twice that of long positions.

Specifically, if SOL rises to $147 this week, traders holding short positions could suffer losses of up to $1 billion. In contrast, if SOL falls below $120, long traders could face liquidations worth around $500 million.

SOL Exchange Liquidation Map. Source: Coinglass

Several factors suggest that traders should be cautious when holding short positions this week.

First, SOL ETFs recorded seven consecutive days of positive inflows last week. Notably, the Bitwise SOL ETF has maintained positive inflows for 33 straight days since launch. It currently holds more than $600 million worth of SOL. This trend indicates sustained institutional demand.

Second, SOL has established strong support around the $130 level over the past four weeks. In addition, positive news about XRP expanding its DeFi use cases on Solana through Hex Trust has improved market sentiment.

As a result, SOL has solid grounds for a recovery this week, which could trigger short liquidations.

2. Cardano (ADA)

Similar to SOL, overall negative market sentiment has encouraged short-term ADA derivatives traders to increase capital allocation and leverage on short positions.

This behavior has significantly increased the total short liquidation volume. If ADA rises to $0.45 this week, short positions could incur losses of up to $50 million. Conversely, if ADA drops to $0.35, long positions could face liquidations of around $19.5 million.

ADA Exchange Liquidation Map. Source: Coinglass

One key factor that ADA short traders should consider to reduce risk is the positive sentiment surrounding the Midnight project.

Midnight Network is a new blockchain developed by Input Output Global (IOG), the company behind Cardano, founded by Charles Hoskinson.

Midnight Network focuses on privacy through zero-knowledge proof technology, specifically ZK-SNARKs. The NIGHT token has surged more than 150% over the past seven days. The project also won BeInCrypto’s “Breakthrough of the Year” award.

The growing demand for NIGHT is driving demand for ADA. According to the Taptool trading platform, NIGHT recorded DEX trading volume exceeding 85 million ADA over the past five days. Additionally, ADA holders can earn NIGHT by staking their ADA.

3. PIPPIN

PIPPIN is a meme coin that gained significant attention towards the end of the year. Its market capitalization surged from below $60 million to over $350 million in just three weeks.

The liquidation heatmap indicates that cumulative potential long liquidations remain higher than those of short liquidations. This data suggests that many short-term traders still expect prices to continue rising.

PIPPIN Exchange Liquidation Map. Source: Coinglass

However, this expectation carries significant risk. A recent analysis by the on-chain data tracking account Evening Trader Group revealed that 93 wallets currently hold 73% of the total supply.

These wallets are divided into three main accumulation clusters. Each cluster shows distinct origins and behavioral patterns. According to Evening Trader Group, this accumulation may be the primary driver behind the price surge. On the other hand, selling pressure could emerge at any time.

In addition, the project-linked account (ThePippinCo) has not posted any updates since June. This silence has raised concerns about the team’s commitment to the project.

If PIPPIN falls below $0.30 this week, more than $9 million in long positions could be liquidated. This figure could be even higher if PIPPIN experiences a sharp dump, similar to the fate of other manipulated meme tokens.

The crypto market remains cautious, but some tokens are facing important tests this week. As prices move sideways, attention is shifting toward three altcoins to watch in the third week of December. Each has a specific catalyst approaching, from supply changes to network events and shifting holder behavior.

These setups could drive sharp moves if buyers or sellers take control in the days ahead.

Sei (SEI)

SEI has been under steady pressure heading into mid-December, and price action reflects that caution. The token is down roughly 23% over the past month and more than 60% over the last three months, keeping sentiment fragile as the market looks for direction.

At the time of writing, SEI trades near $0.124, consolidating inside a broader falling wedge structure on the daily chart. This pattern often appears late in downtrends, where selling pressure slows, and the price begins to compress. For now, SEI is hovering just above the lower boundary of that structure, making the next few sessions critical. That tension qualifies SEI to be on the altcoins to watch list.

Momentum indicators offer a mixed but interesting signal. Between December 5 and December 14, the SEI price made a lower low, while the Relative Strength Index (RSI) formed a higher low. RSI measures momentum strength, and this bullish divergence suggests sellers may be losing control, even as price remains weak.

SEI Price Analysis: TradingView

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That said, near-term risk remains elevated due to SEI’s scheduled token unlock on December 15. Around 55.56 million SEI, roughly 1.08% of the circulating supply, is set to enter the market. Token unlocks often increase short-term selling pressure, especially when broader sentiment is cautious.

Key levels define the setup clearly. A clean move above $0.159 would signal that buyers are absorbing unlock-related supply and could open a rebound toward higher resistance zones. That includes $0.193 and even higher.

On the downside, a drop of roughly 3% from current levels, to $0.120, risks a breakdown toward the lower trendline. That would weaken the bullish divergence thesis.

Bittensor (TAO)

Bittensor price action has compressed into a tight range ahead of its upcoming halving, setting up a clear decision point. TAO has been trading inside a symmetrical triangle on the daily chart, showing balance between buyers and sellers after weeks of downside pressure. That kind of buyer-seller tussle makes it one of the top altcoins to watch in the third week of December.

TAO is down around 15.5% over the past month and roughly 6.6% over the last seven days. Short-term weakness continues, but volatility has dropped, which often appears before larger moves. This structure reflects indecision rather than outright bearish control.

The halving acts as the key backdrop. Bittensor’s halving reduces token emissions, tightening new supply. Historically, such events do not guarantee immediate upside, but they often act as a catalyst when the price is already compressed.

From a technical view, the first bullish trigger sits near $301. A daily close above this level would break the upper trendline of the triangle and signal renewed strength. That move opens a path toward $321, followed by $396 if momentum builds and broader market conditions cooperate.

TAO Price Analysis: TradingView

Downside risk remains. $277 is critical support. A breakdown below it weakens the structure and exposes $255, with $199 as a deeper risk zone if sentiment deteriorates.

Aster (ASTER)

Aster stands out as one of the altcoins to watch in the third week of December because of a clear tug-of-war between whales and the broader market.

On-chain data shows aggressive whale accumulation heading into this week. Over the past seven days, whale-held ASTER balances jumped by about 42.7 million tokens, rising from roughly 39.85 million to 82.54 million ASTER. That is a 107% increase, signaling strong conviction from large holders ahead of the third week of December.

ASTER Holders: Nansen

At the same time, exchanges tell a different story. Exchange balances took a 10.48% jump. This suggests possible retail selling even as whales accumulate.

That buyer-seller conflict is also visible on the chart. ASTER has been correcting since November 19 but is now compressing inside a triangle pattern, reflecting indecision. During this phase, a hidden bullish divergence has formed. Between November 3 and December 14, the price made a higher low while the Relative Strength Index (RSI) made a lower low, which often signals exhausting selling pressure.

ASTER Price Analysis: TradingView

That’s often associated with price rebounds. If this setup plays out, the first level to watch is $0.94. A daily close above it would break the triangle resistance and open the path toward $0.98, followed by a potential 16% move to $1.08 if momentum builds and whale support persists.

On the downside, losing $0.88 would invalidate the bullish divergence and expose $0.81, shifting control back to sellers.

Embedded finance has moved from payments into lending. Trading is the logical next step, and platforms that force users to hop between providers to access different asset classes are losing ground. Patrick Murphy, Managing Director for the UK and EU at Eightcap, argues that multi-asset access has to be built in from the start if platforms want to keep users engaged.

But meeting that expectation isn’t as simple as adding new instruments. It raises deeper questions about infrastructure. How do you embed regulated derivatives alongside crypto? How do stablecoins fit into cross-border settlement when banks still operate on legacy rails? And what happens when tokenized assets start functioning as collateral across both traditional finance and DeFi?

In this conversation with BeInCrypto, Murphy breaks down how Eightcap is approaching those challenges, from embedding compliance into its API stack to preparing for a world where Bitcoin, equities, and gold increasingly move on-chain.

​​BeInCrypto: Eightcap Embedded allows brokers, exchanges, and wallets to integrate multi-asset trading through a single API. What specific market signals or client needs convinced you that embedded multi-asset access would become the next frontier in platform engagement?

Patrick Murphy: “When we looked at where the market was heading, a few things stood out. Across brokers, exchanges, and other fintechs, we saw a convergence of client needs. Users wanted the ability to move between crypto, forex, and commodities seamlessly. Platforms were losing engagement when users had to leave to access different asset classes, causing a retention challenge. If you couldn’t offer multi-asset exposure natively, then your clients were going to trade elsewhere. 

Embedded finance was reshaping expectations. Just as payments and lending became embedded within non-financial ecosystems, trading was the next logical step. We saw an opportunity to bring that same model to trading, turning partners into all-in-one investment hubs rather than single asset providers. 

We also found that traders today value experience as much as execution; they want real-time, frictionless access to the markets. The Eightcap Embedded multi-asset capability enables that ecosystem, where a trader doesn’t just buy or sell crypto with their exchange but has the opportunity to diversify their assets with derivatives. This increases both engagement and monetisation potential for our clients. Eightcap Embedded wasn’t built in response to a single client need; it emerged from observing the shift towards embedded finance and the behavioural evolution of traders expecting all-in-one access.”

BeInCrypto: Drawing on your background in compliance and payments, how have you approached embedding regulated trading features into partner platforms while maintaining speed and scalability?

Patrick Murphy: “My experience in both the payments and compliance verticals has allowed me to merge regulatory principles with product agility. In payments, I learned that scalability breaks down when compliance is treated as a ‘review step’. 

At Eightcap, our embedded trading API is architected with jurisdictional awareness, KYC, AML, and licensing logic that are integrated into the onboarding process and transaction flow. This ultimately means that partners don’t need to build parallel systems; compliance is built in, not bolted on. 

By maintaining a compliance core, our partners can launch faster because they’re not revisiting or revalidating core controls. 

We position Eightcap Embedded as a ‘compliant-by-design’ infrastructure, allowing brokers, exchanges, and wallets to scale confidently while maintaining trust with both clients and regulators.”

BeInCrypto: Integrating derivatives and crypto products within embedded finance introduces unique technical and risk-management challenges. What were the hardest trade-offs in balancing usability, compliance, and resilience across volatile markets?

Patrick Murphy: “One of our challenges was creating an experience that felt native within partner platforms, while still adhering to regulatory requirements, like client classification under TMD, leverage limits, and margin requirements. 

However, this was easily and successfully managed with both our trading teams and legal and compliance teams collaborating to create a working integration for our partners that is compliant.”

BeInCrypto: Eightcap Tradesim rewards users for simulated trading. What have you learned about trader behaviour or education from this experiment, and how has it influenced your approach to onboarding and retention?

Patrick Murphy: “Tradesim revealed that traders learn best when the environment feels real, but the consequences are not. By simulating live market conditions and rewarding training performance, we saw a measurable increase in confidence in trading. Many traders develop real trading discipline, such as tracking positions, understanding the market, and analyzing data. The key takeaway here is that gamified education bridges the gap between curiosity and confidence. 

We found that educational engagement directly correlates with trading longevity. Users who spent more than five days in simulated trading were more likely to become active traders.”

BeInCrypto: Stablecoins are reshaping settlement and liquidity. How is Eightcap using them to streamline fiat-crypto flows within embedded platforms, and what overlooked frictions remain around regulation or cross-border transfers?

Patrick Murphy: “Stablecoins have been one of the most meaningful financial innovations of the past decade. They’ve extended access to digital dollars like USD₮, enabling instant, low-cost transfers of size and filling gaps left by fragmented banking and payment systems, particularly across emerging markets and countries outside of the UK, EU, and Australia.

At Eightcap, we’ve been able to use stablecoins to make client funding and withdrawals faster and more reliable, removing friction where traditional rails don’t perform. But there are still regulatory hurdles when it comes to treating this version of the dollar as client money within licensed entities. Existing frameworks weren’t designed for blockchain-based settlement, so custody, safeguarding, and reconciliation requirements remain built around traditional bank money.

Interoperability with USD bank accounts also remains limited. Stablecoins settle 24/7 on-chain, but banks still operate within business hours and siloed payment networks. Until regulation and infrastructure catch up, stablecoins remain a parallel system, highly efficient in their own right, but not yet fully integrated with how regulated financial institutions manage client funds.”

BeInCrypto: What regulatory or technological shifts do you expect will define embedded multi-asset trading over the next two years, and how is Eightcap positioning itself to lead that transition?

Patrick Murphy: “Over the next two years, most assets will begin to move on-chain, not just crypto, but tokenized gold, equities, and cash equivalents. That shift will fundamentally change how capital is used. Once assets exist natively on-chain, they can be deployed far more efficiently as collateral, for settlement, or to reinvest without having to sell or exit positions. Investors will be able to use Bitcoin, tokenized gold, or stocks as dynamic collateral to trade other assets, hedge positions via derivatives, or reinvest instantly.

At Eightcap, we’re partnering with leading crypto technology firms that require a global licensing stack to bring on-chain and hybrid DeFi/traditional finance products to market. By combining regulated multi-asset infrastructure with tokenized assets and stablecoin settlement, we enable our partners to offer seamless, compliant, and capital-efficient trading experiences. 

As crypto and tokenization regulations mature, Eightcap is positioning itself as the bridge between traditional capital markets and the emerging on-chain economy.”

Buenos Aires has a distinct frequency. It is a city where European grandeur collides with Latin American intensity, a place where economic theory is not an abstract concept discussed in ivory towers, but a visceral, daily struggle for preservation. It is, therefore, no accident that this metropolis was chosen to host Devconnect 2025. The backdrop of Argentina, a country synonymous with both monetary volatility and grassroots crypto adoption, provided the perfect stage for an industry that is finally growing up.

If previous years in the crypto cycle were defined by noise, spectacle, and the blinding lights of speculative mania, reminiscent of a Las Vegas casino floor, Buenos Aires offered a stark, sobering contrast. The air didn’t smell of “easy money” and vaporware; it smelled of strong coffee and serious engineering. Here, the narrative shifted. We are no longer building toys for the bored and wealthy; we are building infrastructure for a world that is cracking at the seams.

To navigate this profound shift, we enlisted the insights of key industry architects: Arthur Firstov (Mercuryo CBO), who focused on the privacy mandate; Vivien Lin (BingX CPO), who detailed the integration of AI into trading ecosystems; and Ivan Machena (8lends CCO), who provided a vital assessment of the layer-2 adoption landscape.

Through extensive back-channel conversations with these leaders, a clear picture emerges. We are entering a new epoch. This is the story of how privacy became a mandate, how Artificial Intelligence is demanding a seat at the financial table, and how global diversity finally shattered the myth of the “archetypal user.”

The Privacy Mandate, From Feature to Foundation

The most potent message from Buenos Aires was not broadcast via fireworks or celebrity endorsements. It was whispered in the dense fabric of technical workshops and crowded hacker houses. The message is simple: transparency is a feature, but total exposure is a flaw.

In Bangkok, at previous gatherings, privacy was merely a “track”, a side room visited by cypherpunks and idealists. In Buenos Aires, it was the main event. The industry has collectively realized that without privacy, there is no mass adoption, only mass surveillance.

Arthur Firstov, the Chief Business Officer of Mercuryo, captured this paradigm shift perfectly. Reflecting on the dominant research areas of the event, Firstov noted a distinct change in temperature.

“Privacy was the defining theme,” Firstov asserts, before continuing:

“Compared to Bangkok, where privacy was just one important track, Buenos Aires elevated it to the main stage.”

His observation aligns with a sentiment that permeated every venue of the conference. A phrase began circulating around the co-working spaces and lecture halls, becoming the unofficial motto of Devconnect 2025:

“If your wallet is not privacy-preserving by design, it is legacy.”

This is not a technological fad, it is a response to an increasingly transparent world where financial data is weaponized. Firstov highlights that the tone was set from the top, with Vitalik Buterin offering a “full walkthrough of his personal privacy stack, from OS and mobile devices to private RPC.”

But the crucial evolution lies in how this technology is now being packaged. It is no longer about command-line interfaces for the elite; it is about invisibility.

Firstov explains:

“Builders focused on stealth addresses, smart AA [Account Abstraction] patterns, selective disclosures, and ‘creating better defaults so users do not even notice how much complexity is being handled beneath the surface.”

This “invisibility” is the holy grail. The user does not want to understand zero-knowledge proofs; they simply want to know their bank balance isn’t public property.

Alongside this push for privacy, Firstov identified a pragmatic evolution in DeFi: the rise of “preconfirmations for instant-feeling stablecoin payments” and new yield surfaces that offer “simple, ‘money-market style’ experiences without going full degen.” The industry is moving away from 10,000% APY Ponzi schemes toward boring, reliable, private finance.

The “Black Box” Controversy, Who Do We Trust?

However, no revolution is without its internal schisms. While the consensus on the need for privacy was absolute, the method of achieving it sparked the most heated technical debates of the week. The eye of the storm was the reliance on Trusted Execution Environments (TEEs), hardware-based secure enclaves.

Is the future of privacy found in cryptographic math or in silicon manufacturing?

Firstov describes this division as the “most unexpected or controversial technical debate” of the event. On one side stood the pragmatists. He notes:

“One camp argued that TEEs are ‘practically necessary for high-throughput, low-latency, and private computation’, particularly for private settlement, derivatives strategies, and agent-based execution.”

The argument is compelling: if we want Wall Street speeds on the blockchain, math alone might be too slow. We need hardware acceleration.

But the opposition was loud, principled, and deeply skeptical. Firstov relays their warning: “If the trust model becomes ‘trust this black-box server in a data center,’ then crypto is not improving much over traditional finance.”

If we simply replace a bank’s server with Intel’s SGX enclave, have we actually decentralized anything?

This led to an unresolved meta-question that will likely define research priorities for the rest of the decade:

“How much of the world’s stablecoin and payment rails are we comfortable running on opaque hardware… and what does ‘trust-minimized enough’ actually mean in that context?”

The Rise of the Machines: AI as the New Financial Architect

While cryptographers sparred over hardware trust, another titan was quietly integrating itself into the crypto stack: Artificial Intelligence. Devconnect 2025 wasn’t just about the ledger; it was about the inevitable marriage of the decentralized database and the autonomous brain.

Vivien Lin, Chief Product Officer and Head of BingX Labs, brought a perspective from the front lines of centralized exchanges (CEXs), which are rapidly morphing into something far more complex. For her, the primary theme was undeniable.

Lin says:

“The primary theme for me was the integration of AI into exchange infrastructure and the realization that exchanges are evolving into full financial ecosystems, not just trading applications.”

She paints a picture of a future where AI acts as the connective tissue of finance.

“Builders were focused on how AI can unify trading, custody, payments, risk management, and user intelligence into a single ‘super app’ experience.”

However, much like the TEE debate in the privacy sector, the integration of AI brings its own security paradox. How do you trust an AI with your life savings? Lin notes a strong push toward “secure, verifiable systems, including privacy-preserving compute and on-chain proofs, that ensure AI-driven features don’t compromise user data or fund safety.”

The goal is to create ecosystems that are “both intelligent and deeply secure, giving users more automation and context without sacrificing trust.” But the most fascinating friction point, according to Lin, wasn’t about capability, it was about autonomy.

“The major friction point was how much autonomy AI agents should have in trading environments,” Lin explains. The debate split the room.

She adds:

“Some developers argued that agents should manage liquidity, rebalance portfolios, or place orders without human oversight. Others warned that giving AI unrestricted access to execution layers could create systemic risk.”

The core disagreement touches on the very nature of human agency in markets: “Should AI be a co-pilot for traders or a fully autonomous participant in market structure?” In Buenos Aires, the consensus seemed to be shifting toward autonomy, provided the guardrails of cryptography are strong enough to hold it.

Geography is Destiny, Lessons from the Global South

Perhaps the most transformative aspect of Devconnect 2025 was the location itself. Hosting this event in Argentina forced the global developer community to touch grass. While Silicon Valley developers obsess over optimizing code for milliseconds, the people of Buenos Aires obsess over preserving the value of their labor against inflation.

Arthur Firstov observed how this radical diversity shifted the conversation from theoretical scaling to survival tools. “Devconnect brought radically different user priorities into the same room,” he says.

“Latin American teams highlighted everyday use cases such as ‘wallets on low-cost smartphones’ and rent or payroll paid in stablecoins,” Firstov notes, further adding:

“Contrast this with the Asian and US infrastructure teams, who remained focused on “perpetual futures, routing, MEV, and latency.”

This collision of worlds forced a synthesis. The conversation moved away from simple “Transactions Per Second” (TPS) bragging rights toward UX and practical deployment. Firstov lists the questions that actually matter now:

“How can smart wallets hide complexity so users feel like they are using a normal fintech app? How do we support both ‘high-frequency trading flows and monthly salary payments’ without compromising trust or security?”

The biggest realization? “There is no single archetypal user in crypto.”

Vivien Lin echoes this sentiment, noting how the Argentine presence grounded the high-flying technical debates.

“The diversity of developers, especially strong representation from Argentina, shifted the discussion toward real adoption challenges on the ground, not just theoretical scaling.”

Argentine builders didn’t want to talk about the philosophy of money; they wanted to solve immediate problems.

Lin explains:

“Argentine builders raised issues around inflation, capital controls, and the need for fast settlement rails that work reliably in volatile economies.”

This expanded the scope of what an exchange should be, pushing for “AI-powered ecosystems that address both local constraints and broader challenges such as compliance fragmentation, cross-border liquidity, and mobile-first onboarding.”

What is Actually Being Built? Infrastructure Over Hype

Stepping away from the philosophical and geographical, we must ask: where are the builders actually deploying code?

Ivan Machena, Chief Communication Officer at 8lends, provides a sober look at the landscape. The era of “ghost chains”, blockchains with high valuations but no users, is ending. The focus is now on ecosystems that support real products.

“Looking at the broader industry conversations happening around Devconnect,” Machena observes, “several layer-2 and application-layer projects continue to attract strong builder interest.”

On the consumer front, Machena highlights Base. It is frequently cited for its “rapid growth and smooth onboarding infrastructure,” effectively becoming the gateway for the retail user. In the DeFi segment, Arbitrum retains its crown as the “preferred choice thanks to its mature ecosystem and composability,” while Polygon remains a staple for teams seeking balance.

However, Machena notes a migration toward the technically superior.

“There is also increasing attention toward zk-based solutions such as zkSync and StarkNet, especially from teams building more technically demanding or long-term products. The trend is clear: Discussions around Devconnect points toward L2s that already support real products, not just experimental concepts.”

Arthur Firstov adds another layer to this adoption map, pointing toward the privacy and “agent-native” sectors. He identifies Aztec as drawing “serious attention as a privacy-first environment where products can be ‘private by default, selectively transparent where necessary’.”

Crucially, Firstov highlights Privacy Pools as the bridge between the cypherpunk ethos and institutional reality. It emerged as a “compliance-aware solution… a ‘practical answer to what privacy looks like when regulators and serious capital must be comfortable with it’.”

Furthermore, the physical world is coming on-chain. Firstov notes a trend of teams building DePIN (Decentralized Physical Infrastructure Networks) style storage and compute services, paid for in stablecoins, “aiming to make crypto feel like traditional cloud APIs.”

Outlook 2026: From Casino to Cathedral

As the attendees of Devconnect 2025 disperse from Buenos Aires, returning to their respective corners of the globe, the mood is undeniably different. The industry is maturing. The cultural ethos of the event, small, technical, community-led sessions rather than massive marketing spectacles is shaping the narrative for the coming year.

Arthur Firstov predicts a fundamental pivot in how we tell the story of crypto:

“Expect 2026 narratives to reflect that shift,  ‘infrastructure story instead of casino story,’ ‘stablecoins as the front end of crypto,’ and privacy as table stakes.”

This is a vision of a world where crypto ceases to be a synonym for gambling and becomes the invisible, robust plumbing of the global financial system. The questions are no longer about token prices. As Firstov puts it, the growing question is: “Which Web2–Web3 integrations will actually ship and move the needle on real users?”

Vivien Lin agrees, seeing the future in interconnected ecosystems rather than walled gardens.

“It reinforced the view that the future of crypto trading will be ecosystem-first. This ethos pushes the industry toward interoperable, AI-powered trading ecosystems where liquidity, identity, execution, and strategy automation become increasingly unified as we move into 2026.”

Buenos Aires was a stress test for the soul of crypto. The industry passed, not by offering easy answers, but by finally asking the right, difficult questions. We leave with fewer illusions, but with better tools. The “Casino Story” is dead; the “Infrastructure Story” has begun. And for the first time in a long time, it feels like we are building something that will last.

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee, because Wall Street has just sent another signal that crypto’s future is becoming increasingly institutional. As JPMorgan moves a core financial product on-chain, market watchers are wondering whether this is merely experimentation or a deeper shift toward Ethereum as an economic infrastructure.

Crypto News of the Day: JPMorgan Takes Money Markets On-Chain with Ethereum-Powered Fund

JPMorgan Chase has taken another decisive step into blockchain-based finance, launching its first tokenized money market fund on the Ethereum network.

According to reporting by WSJ, the banking giant’s $4 trillion asset-management arm has rolled out the My OnChain Net Yield Fund, or MONY. It is a private money market fund deployed on Ethereum and supported by JPMorgan’s tokenization platform, Kinexys Digital Assets.

The bank will seed the fund with $100 million of its own capital before opening it to outside investors, signaling strong internal conviction in tokenized financial products.

MONY is structured for institutional and high-net-worth participation only. It is open to qualified investors, including individuals with at least $5 million in investable assets and institutions with a minimum of $25 million, as well as a $1 million investment minimum.

Investors receive digital tokens representing their fund interests, bringing traditional money-market exposure onto blockchain rails while preserving familiar yield dynamics.

According to the report, JPMorgan executives attribute client demand as the driving force behind the launch.

“There is a massive amount of interest from clients around tokenization,” read an excerpt in the report, citing John Donohue, head of global liquidity at JPMorgan Asset Management.

He added that the firm expects to be a leader in the space by offering blockchain-based equivalents to traditional money-market products.

The launch comes amid accelerating momentum for tokenized assets on Wall Street, following the passage of the GENIUS Act earlier this year.

The legislation established a US regulatory framework for stablecoins and is widely viewed as a catalyst for broader tokenization efforts across funds, bonds, and real-world assets.

Since then, major financial institutions have moved quickly to explore blockchain as core market infrastructure rather than a peripheral experiment.

For Ethereum, JPMorgan’s decision to deploy MONY on its network is being read as a meaningful institutional endorsement. Fundstrat co-founder Tom Lee reacted to the news by calling it “bullish for ETH.”

This comment highlights how products like MONY expand Ethereum’s real-world utility through transaction activity, smart contract execution, and deeper integration into global finance.

Crypto commentators echoed the sentiment, with some arguing that Ethereum’s role as the settlement layer for regulated financial products is becoming increasingly difficult to ignore.

JPMorgan vs. BlackRock: Tokenized Money Market Funds Signal a New Era in Finance

JPMorgan’s move also invites comparisons with BlackRock’s tokenized money market fund, BUIDL, which has grown to roughly $1.83 billion in assets under management, according to public blockchain data.

BlackRock’s Money Market Fund (BUIDL). Source: Rwa.xyz

Like MONY, BUIDL invests in short-term US Treasuries, repurchase agreements, and cash equivalents. However, it follows a multi-chain strategy and is administered through a different tokenization partner.

Together, the two funds highlight a broader trend that traditional finance (TradFi) firms are converging on blockchain to modernize low-risk, yield-bearing products.

More broadly, analysts view tokenization as a means for traditional money market funds to remain competitive with stablecoins, while unlocking new use cases such as on-chain settlement, programmability, and enhanced transferability.

JPMorgan has already experimented with tokenized deposits, private equity funds, and institutional payment tokens, suggesting that MONY is part of a longer-term strategy rather than a standalone pilot.

As regulatory clarity improves and institutional participation deepens, JPMorgan’s Ethereum-based fund reinforces the narrative that blockchain, once seen as niche, is steadily becoming an integral part of the operating system of modern finance.

For Ethereum, that shift may prove to be one of the most consequential signals yet.

Chart of the Day

BlackRock’s BUIDL vs JPMorgan’s MONY Tokenized Money Market Fund Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

Russell 2000 sets new highs, rekindling a familiar Bitcoin pattern.

One critical XRP price level surfaces — Holding it could trigger a 9% bounce.

Top 3 price predictions: Bitcoin, gold, and silver signal a high-stakes turning point.

What does the stock–crypto investor divide signal for the future?

Base creator Jesse Pollak sparks backlash by endorsing Soulja Boy–linked meme token.

Bitcoin loses whale support? Yet history shows the price can still rise.

Yuan at 14-month high as Fed-BOJ-PBOC split — crypto impact.

Coinbase CLO Paul Grewal: NYT’s SEC crypto story admits no impropriety—So why the headline?

Crypto Equities Pre-Market Overview

CompanyAt the Close of December 12Pre-Market OverviewStrategy (MSTR)$176.45$176.75 (+0.17%)Coinbase (COIN)$267.46$268.40 (+0.35%)Galaxy Digital Holdings (GLXY)$26.75$26.75 (0.00%)MARA Holdings (MARA)$11.52$11.56 (+0.35%)Riot Platforms (RIOT)$15.30$15.31 (+0.065%)Core Scientific (CORZ)$16.53$16.65 (+0.73%)

Crypto equities market open race: Google Finance

XRP is trading near $1.99, down about 1% over the past 24 hours. Despite broader market volatility, it is only around 4% lower on the week, showing relative stability compared to many altcoins like ADA and BCH.

More importantly, the chart is flashing an early bullish reversal signal. The setup is not confirmed yet, but if one key level continues to hold, the odds of a short-term rebound, at least 9%, increase meaningfully.

Bullish Divergence Appears as the XRP Price Defends Key Support

XRP has formed a bullish divergence on the daily chart between December 1 and December 14. A bullish divergence happens when the price makes a lower low, but the Relative Strength Index (RSI) makes a higher low. RSI is a momentum indicator that measures buying and selling strength. When RSI improves while price weakens, it often signals that selling pressure is fading.

On the daily chart, a standard bullish divergence like this can lead to trend reversal — from bearish to bullish.

Yet, this divergence alone is not enough. It only matters if the XRP price holds support.

Bullish Divergence: TradingView

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That support sits near $1.97. XRP has repeatedly defended this zone, and on-chain data helps explain why.

The cost basis heatmap shows a dense cluster of XRP bought between roughly $1.97 and $1.98.

Strong Support Cluster: Glassnode

Around 1.79 billion XRP were accumulated in this range. A cost basis heatmap shows where large groups of holders bought their coins. When price trades near these levels, holders are less likely to sell at a loss, which strengthens support.

As long as XRP stays above $1.97, the bullish divergence theory remains valid, provided the RSI reading stays strong.

Why $2.17 Is the First Real Test for the Bulls

If support holds, XRP has room to move higher. The first upside target sits near $2.17, which is roughly a 9% move from current levels.

This level matters because the cost basis heatmap shows heavy supply between $2.16 and $2.17. About 1.36 billion XRP were acquired in this zone. That makes it a strong resistance area, where selling pressure is likely to appear.

XRP Price Can Face Resistance At This Level: Glassnode

If the XRP price pushes through $2.17 with a daily candle close, it could open the path toward $2.28, then $2.69, and eventually $3.10. Yet, those levels remain secondary for now and depend on broader market conditions.

The invalidation is clear. A daily close below $1.97 would weaken the reversal setup and expose downside toward $1.81 and $1.77.

XRP Price Analysis: TradingView

For now, the XRP price sits at a decision point. The bullish reversal signal is active, but only if the most important support level continues to hold.

The crypto market is still stabilizing, but price weakness has slowed across majors. As volatility compresses and buyers defend key levels, attention is shifting toward altcoins that could hit all-time highs even without a full market breakout.

These are not random picks. They are coins already trading within 5–15% of their previous highs, where momentum, structure, and liquidity align. If the broader market holds steady, these altcoins could surge higher without needing additional triggers.

Pippin (PIPPIN)

PIPPIN is one of the clearest examples among altcoins that could hit all-time highs this week. The token is a meme-category asset, but price behavior has been unusually bullish.

Since November 21, PIPPIN has trended higher in a controlled uptrend, forming a bull flag and then breaking above it with follow-through buying.

PIPPIN is currently trading near $0.37, sitting just 5% below its all-time high near $0.39. Price has held above prior resistance without sharp pullbacks, showing buyers are defending higher levels rather than chasing spikes.

PIPPIN Price Analysis: TradingView

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From a structure perspective, a clean break above $0.39 would confirm a new all-time high. If that happens, the next upside zone sits near $0.45, which aligns with the measured move from the prior flag breakout. That level would mark continuation, not exhaustion.

On the downside, the structure remains healthy as long as PIPPIN holds above $0.25. Losing $0.13, followed by $0.10, would invalidate the broader setup and signal trend failure. For now, price remains well above those risk levels.

Audiera (BEAT)

Audiera (BEAT) token is another standout among altcoins that could hit all-time highs. BEAT is a Web3 cloud infrastructure token and has been one of the strongest movers this week. The token is up sharply over the past 24 hours and has gained nearly 90% over the last seven days.

BEAT’s most recent all-time high was set just days ago near the $3.31 area. Price is now consolidating just below that level, at around $2.83, rather than pulling back aggressively.

A confirmed move above the prior high would shift focus toward the $3.95 region, which aligns with a key extension level on the 12-hour chart. If momentum persists, higher zones near $5.58 come into view over time.

BEAT Price Analysis: TradingView

As long as BEAT holds above the $2.62–$2.94 support range, the trend structure remains intact. A sustained loss of that zone would be the first warning sign that upside momentum is fading. That could lead to a retest of $1.30, a key support zone.

Rain (RAIN)

Rain (RAIN) is the final name on this list of altcoins that could hit all-time highs if market conditions stay steady. It is a DeFi-focused token tied to lending activity within the Jupiter network. It has stayed relatively quiet compared to faster-moving names, but the structure has been tightening in a constructive way.

Over the past seven days, RAIN is up about 4.4%. In the past 24 hours alone, it has added roughly 6.7%, showing fresh momentum.

Price is currently trading near $0.0079. Its all-time high sits around $0.0084, which was set on November 24. That puts RAIN less than 6% away from price discovery. This matters because the token has already spent weeks consolidating just below that level, rather than rejecting sharply lower.

RAIN Price Analysis: TradingView

If RAIN manages a clean break above $0.0084, it would enter price discovery. Based on prior range expansion and Fibonacci projections, the next levels to watch sit near $0.0097, followed by $0.010 and $0.011 if momentum accelerates and the broader market holds.

Downside levels are also clear. Losing $0.0075 would weaken the structure. A deeper breakdown below $0.0062 would expose a larger gap in support, with $0.0032 as the next major historical level.

Retail investors captured about 20% of US stock trading volume in Q3 2025, the second-highest level ever recorded. At the same time, the crypto market is experiencing the opposite trend, with institutional capital dominating as retail participation declines.

This divide between equities and digital assets raises important questions about market maturity, volatility, and the future direction of both asset classes as 2026 approaches.

Stocks Go Retail While Crypto Turns Institutional

The rise in retail investor activity marks a major change in equity market structure. According to data shared by the Kobeissi Letter, individual investors reached their second-highest trading share in history during Q3 2025, nearing the peak of the Q1 2021 meme stock surge.

Before 2020, average retail participation was about 15% for several years. Thus, this makes the current 20% figure quite significant.

Retail Investors Now Command 20% of US Stock Trading Volume. Source: X/The Kobeissi Letter

Retail participation has surpassed individual institutional categories. Long-only mutual funds and traditional hedge funds each accounted for about 15% of trading volume last quarter, or half their 2015 share. Furthermore, all fund categories, including quants, together made up just 31% in Q3.

“Retail investors are taking over the market at a historic pace,” The Kobeissi Letter stated.

Meanwhile, the crypto market now shows the reverse of the stock market’s composition. While retail investors fueled past bull runs, 2025 saw a clear shift to institutional dominance. JPMorgan, in its recent note, highlighted that retail participation in the market has fallen. According to the bank,

“Crypto is moving away from resembling a venture capital style ecosystem to a typical tradable macro asset class supported by institutional liquidity rather than retail speculation.”

It is worth noting that the crypto market’s drawdown has reduced demand for exchange-traded funds (ETFs) and put substantial pressure on digital asset treasury (DAT) firms. That said, analysts indicate that buying interest has slowed rather than disappeared.

This dynamic is reflected in the growing gap between retail and institutional behavior. According to CryptoQuant data, institutional Bitcoin holdings continued to expand throughout 2025, while retail investors moved in the opposite direction.

Retail and Large Investor Bitcoin Holdings. Source: CryptoQuant Why This Contrast Matters

The market changes matter beyond participation rates. High retail activity in stock markets typically reflects a sentiment-driven environment where price action is increasingly influenced by short-term narratives, momentum chasing, and crowd behavior. When individual investors dominate trading, markets tend to become more reactive.

On the other hand, crypto analysts view institutional dominance as a sign of growing maturity and future stability. More institutional capital means deeper liquidity, more stable pricing, and (in theory) less volatility. Large institutions usually have longer time horizons and better risk management, which could allow for steadier price growth instead of wild swings.

Still, expectations for crypto remain cautious. Barclays projects 2026 as a down year for crypto, noting that in the absence of major catalysts, structural growth appears limited. While the US political climate has become more crypto-friendly this year, Barclays believes this shift has already been priced in by the market.

Thus, the divergence between equities and crypto highlights a structural shift in how risk is being expressed across markets. While rising retail participation is making stock trading more sentiment-driven, crypto’s growing institutional base points to increased maturity but more subdued momentum. Whether these differences are temporary or mark a lasting shift as 2026 nears remains to be seen.

Bitcoin, gold, and silver remain the focus this week ahead of the US CPI on Thursday and the prospective Bank of Japan (BoJ) rate hike.

With the macro narratives lined up, analysts signal imminent volatility for BTC, XAU, and XAG prices.

Price Prediction for Bitcoin, Gold, and Silver Ahead of Key Macro Headlines

The US CPI on Thursday and the almost certain BOJ rate hike on Friday position the Bitcoin price and that of commodity safe havens, such as gold and silver, for volatility. Against this backdrop, the outlook for BTC, XAU, and XAG this week is as follows.

Relief Rally Weakens Amid Bearish Bitcoin Price Structure

Bitcoin’s daily chart presents a counter-trend recovery rather than a confirmed bullish reversal. The price has fallen out of an ascending channel, suggesting a relief rally may be weakening following the sharp drawdown from the $126,000 peak.

While the short-term structure has improved, Bitcoin remains below key moving averages, including the 50-day and 100-day EMAs at $95,601 and $101,022, respectively. These levels have been steadily tracking the BTC price from the upside, serving as dynamic resistance.

Bitcoin (BTC) Price Performance. Source: TradingView

The RSI is recovering from oversold territory, currently stabilizing near the mid-40s, and a pending buy signal suggests improving short-term momentum. This buy signal will be executed once the RSI (purple band) crosses above its signal line (yellow band).

Meanwhile, the MACD line remains above the signal line, indicating that bullish momentum technically remains in control. However, sellers continue to show strength, seeing as this indicator resides in negative territory.

While the histogram bars are contracting and fading from their green hue, this only indicates that buying pressure is weakening, not that the bulls have capitulated. Note, the histograms remain in positive territory.

An analysis of the bullish Volume Profile (green horizontal bars) reveals a heavy overhead demand with late dip buyers waiting to interact with BTC above the $90,000 psychological level.

For Bitcoin to shift into a bullish continuation phase, it must break above the lower boundary of the ascending channel and reclaim the $100,000 level. Traders looking to capitalize on this potential upside should consider waiting for a candlestick close above the 61.8% Fibonacci retracement level at $98,018.

Until then, the market favors range-bound recovery trading, with an elevated risk of rejection at resistance levels. The broader trend remains cautious, but early signs of stabilization are emerging.

Gold Price Rising Channel Nears Upper Boundary as Sell Signals Emerge

Like Bitcoin, Gold’s 4-hour chart highlights a well-defined ascending channel, with price currently eyeing the $4,381 XAU price all-time high.

Structurally, the trend remains bullish, as gold continues to post higher highs and higher lows while respecting channel support throughout November and December.

Gold (XAU) Price Performance. Source: TradingView

That said, momentum is beginning to diverge. The RSI has rolled over from elevated levels, hovering around the mid-to-high 60s, and a clearly marked pending sell signal suggests waning upside momentum. The sell signal would be executed once the RSI crosses below the signal line.

This does not imply a trend reversal, but rather an increased probability of a pullback toward channel support. Such a move would provide late XAU bulls with a discounted entry into the gold trade.

Key Fibonacci retracement levels reinforce this view. A corrective move toward $4,265 (23.6% Fibonacci retracement level) or $4,193 (38.2% Fib) would remain fully consistent with trend continuation.

A deeper retracement to the $4,134 would only become concerning if accompanied by a channel breakdown, with the bullish thesis invalidated once price breaks and closes below the 61.8% Fibonacci retracement level.

Unless the gold price decisively breaks and closes below $4,076 on the 4-hour timeframe, the current setup favors short-term consolidation or a corrective downside move.

The medium-term bias remains constructive, but momentum traders should exercise caution when chasing highs at this stage.

Silver Price Breakout Strength Faces Overextension Risks

Silver’s daily chart displays a powerful bullish breakout, with the XAG price surging toward the $64-$65 resistance zone. The broader trend structure remains decisively bullish, supported by a rising Bollinger Band midline and sustained closes above key moving averages.

The silver price has respected higher highs and higher lows since mid-year, confirming strong trend continuation.

However, momentum indicators suggest near-term exhaustion risk. The RSI near 74 signals overbought conditions, historically associated with short-term pullbacks or consolidation rather than immediate trend reversals.

At the same time, the Awesome Oscillator (AO) remains positive and expanding, indicating bullish momentum is still intact beneath the surface.

Silver (XAG) Price Performance. Source: TradingView

Key downside levels to watch sit at $56.90, marked by the 23.6% Fibonacci retracement. A shallow retracement into this zone would likely be constructive, allowing momentum to reset while preserving the broader uptrend.

However, a break below $52.10 (38.2% Fibonacci retracement) would threaten upside momentum. The bullish outlook would only be invalidated if the price falls below $44.56, marked by the 61.8% Fibonacci retracement level.

On the upside, a clean daily close above $65 could open the door toward psychological extension levels beyond current projections.

Overall, silver remains in a strong bullish regime, but traders should expect volatility and possible mean reversion before the next sustained leg higher. Risk management becomes critical at these elevated levels, especially for late entries.

The cryptocurrency market will welcome a wave of tokens worth approximately $666.4 million in the third week of December 2025. Major projects, including LayerZero (ZRO), Arbitrum (ARB), and Sei (SEI), will release token supplies over the next seven days.

These unlocks could increase short-term volatility and influence price movements across the market. So, here’s a breakdown of what to watch in each project.

1. LayerZero (ZRO)

Unlock Date: December 20

Number of Tokens to be Unlocked: 25.71 million ZRO (2.57% of Total Supply)

Current Circulating Supply: 202.6 million ZRO

Total Supply: 1 billion ZRO

LayerZero is an interoperability protocol that connects different blockchains. Its primary goal is to facilitate seamless cross-chain communication. Thus, it enables decentralized applications (dApps) to interact across multiple blockchains without relying on traditional bridging models.

The team will release 25.71 million tokens on December 20, valued at around $38.31 million. The stack accounts for 6.79% of the released supply.

ZRO Crypto Token Unlock in December. Source: Tokenomist

LayerZero will award 13.42 million altcoins to strategic partners. Core contributors will get 10.63 million ZRO. Lastly, 1.67 million ZRO are for tokens repurchased by the team.

2. Arbitrum (ARB)

Unlock Date: December 16

Number of Tokens to be Unlocked: 92.65 million ARB (0.93% of Total Supply)

Current Circulating Supply: 5.6 billion ARB

Total supply: 10 billion ARB

Arbitrum is a Layer-2 scaling solution built for Ethereum (ETH). It enhances transaction speed and reduces costs while maintaining the security of the Ethereum network. The blockchain achieves this by utilizing ‘optimistic rollups,’ which process transactions off-chain and submit them to the Ethereum mainnet for validation.

On December 16, Arbitrum will unlock 92.65 million tokens into the market. The tokens are worth $19.3 million and represent 1.90% of the current released supply.

ARB Crypto Token Unlock in December. Source: Tokenomist

Arbitrum will award 56.13 million ARB from the unlocked supply to the team, future team, and advisors. Moreover, investors will gain 36.52 million tokens.

3. Sei (SEI)

Unlock Date: December 15

Number of Tokens to be Unlocked: 55.56 million SEI (0.55% of Total Supply)

Current Circulating Supply: 6.49 billion SEI

Total supply: 10 billion SEI

Sei is a Layer-1 blockchain built on the Cosmos SDK. The network provides high-performance infrastructure for decentralized finance (DeFi) and other dApps.

Sei will unlock 55.56 million tokens, worth approximately $6.98 million, on December 15. The tokens represent 1.08% of the released supply. Furthermore, the team will receive the entire unlocked supply.

SEI Crypto Token Unlock in December. Source: Tokenomist 

In addition to these, other prominent unlocks that investors can look out for in the third week of December include Lista DAO (LISTA), ZKsync (ZK), ApeCoin (APE), and more, contributing to the total market-wide releases.

Indian authorities have launched a major crackdown on an alleged crypto Ponzi scheme that reportedly inflicted losses of approximately $254 million on investors.

The case highlights a growing global issue. As crypto hacks surge in 2025, scams are escalating in parallel. Sophisticated bad actors are exploiting digital asset holders through advanced and targeted fraud tactics.

Indian Authorities Uncover Multi-Platform Crypto Ponzi Scheme

India’s Directorate of Enforcement (ED) stated that it conducted search operations across eight locations in the northern states of Himachal Pradesh and Punjab on December 13, under the Prevention of Money Laundering Act (PMLA). The probe relates to what officials describe as a large-scale fake cryptocurrency-based Ponzi and multi-level marketing (MLM) scheme that allegedly defrauded hundreds of thousands of investors.

According to the ED, investors lost around Rs. 2,300 crore. This is equivalent to roughly $254 million at current exchange rates. The scheme was allegedly masterminded by Subhash Sharma, who fled India in 2023.

“ED initiated investigation on the basis of multiple FIRs registered by various Police Stations located in the states of Himachal Pradesh and Punjab against Subhash Sharma, the mastermind of the scam and other associated persons for offences under various sections of IPC, 1860 the Chit Funds Act, 1982, the Banning of Unregulated Deposit Schemes Act, 2019 and allied law,” the press release read.

Investigators allege that Sharma and associated individuals floated and operated their schemes through multiple platforms. These include Korvio, Voscrow, DGT, Hypenext, and A-Global. These platforms are described as unregulated, self-created systems that functioned as classic Ponzi schemes.

“Gullible investors were lured with false promises of extraordinary returns,” the authorities stated.

The ED also revealed that the accused persons manipulated fictitious token prices. From time to time, they created, shut down, and rebranded platforms to conceal the fraud.

Authorities claim the proceeds of crime were laundered through cash-based collections, shell entities, and personal bank accounts belonging to the accused and their relatives.

The press release suggested that several individuals acted as commission agents, earning significant sums for bringing new participants into the scheme. The network is also accused of using foreign travel incentives and promotional events to accelerate investor recruitment and expand the operation.

“Despite freezing orders issued on 04-11-2023 by the competent authority (on the basis of investigation by the state police), which had been duly communicated to the Secretary of Finance, the Hon’ble Court and the revenue authorities of the Punjab Government, 15 plots of land located in Zirakpur, Punjab were sold by one of the arrested accused (arrested by Himachal Pradesh Police in 2025), namely Vijay Juneja in blatant contravention of law,” the ED said.

Following the searches, the ED confirmed that it froze three lockers, bank balances, and fixed deposits totaling approximately Rs. 1.2 crore (around $132,000).

“Further, various incriminating documents relating to investment made in numerous immovable properties including benami properties which were acquired by the accused individuals by utilizing PoC generated through the ponzi scheme, investor databases, commission structures along with digital devices have been seized which indicate large-scale generation and laundering of PoC.”

Authorities also affirmed that the investigation remains ongoing.

Global Crypto Scam Epidemic Rises

The crackdown in India comes amid a global rise in cryptocurrency fraud. Last month, BeInCrypto reported that scammers in Australia were forging cybercrime reports and impersonating law enforcement to steal victims’ assets.

Bad actors are also becoming more strategic in their timing, increasingly launching schemes during holiday periods when online shopping and digital transactions surge.

Notably, this trend is not a new phenomenon. The FBI’s 2024 Internet Crime report logged over 150,000 cryptocurrency-related complaints.

Losses totaled $9.3 billion, up 66% from 2023. Investment scams caused $5.8 billion in damages. Furthermore, according to TRM Labs, crypto-related scams have drained at least $53 billion worldwide since 2023.

Regulators worldwide are stepping up enforcement. India’s action reflects a broader movement to prosecute scammers and recover funds. Yet, challenges remain. As crypto grows more popular, the race between scammers and those fighting fraud continues.