Recently, the crypto industry has been filled with exciting developments: traditional financial giants ramping up their layouts, compliant platforms seeing skyrocketing trading volumes, institutions bottom-fishing core assets, and new ETFs being launched intensively. Each action is affecting the market's nerves. Below, we present these key dynamics in the most understandable way!
I. Traditional finance strikes again: Goldman Sachs acquires for $2 billion, Strategy invests $1.44 billion to stabilize dividends.
Traditional institutions are increasingly deepening their layout in the crypto field, with one side acquiring and expanding, while the other side is reserving dividends, filling confidence.
Goldman Sachs acquires a Bitcoin-linked ETF for $2 billion: Goldman Sachs Group officially announced the acquisition of Innovator Capital Management for approximately $2 billion. This institution's core product includes a structured fund linked to Bitcoin and also focuses on 'defined income' ETFs. The transaction is expected to be completed in the second quarter of 2026, at which point Goldman Sachs' asset management department will add approximately $28 billion in regulated assets, effectively adding a 'heavyweight weapon' to its crypto product line.
Strategy establishes a $1.44 billion dividend reserve fund: Strategy Company announced the establishment of a $1.44 billion dividend reserve fund, with all funds coming from the issuance income of Class A common stock. The company's goal is clear: to ensure at least 12 months of dividends, and in the future, it plans to increase the reserve to cover more than 24 months of dividends. However, it's important to note that the specific amount and adjustment rules of this fund will be flexibly determined by the company based on market conditions.
II. Compliant prediction markets are booming! The monthly trading volume of two platforms approaches $10 billion.
The U.S. compliant prediction market has entered an 'explosive phase,' with a monopoly pattern emerging among two major platforms, and trading volume reaching an all-time high.
Kalshi and Polymarket team up to dominate the rankings: In November, Kalshi's trading volume surged to $5.8 billion, a 32% increase compared to October, setting a monthly record; Polymarket also performed well, with a monthly trading volume of $3.74 billion, a 23.8% increase, also breaking historical records. Together, the two are close to $10 billion, almost dominating the entire industry's capital flow, forming a 'duopoly' pattern.
Kalshi doubles down on Solana to attract users: Recently, Kalshi, which completed a $1 billion financing with a valuation of $11 billion, launched tokenized event contract trading on the Solana blockchain. By integrating DeFi protocols like DFlow and Jupiter, it connects off-chain order books with Solana's liquidity, attracting crypto-native traders while enhancing market depth. This step is also seen as a key countermeasure against competitor Polymarket's entry into the U.S. market.
III. Institutions are bottom-fishing against the trend: BitMine bought 1.07 million ETH in two months, unperturbed by a 30% drop in coin price.
Against the backdrop of a significant correction in ETH prices, institutions have instead entered a 'buying mode,' expressing long-term confidence with real money. According to data released by BitMine, from September 29 to now over the past two months, its ETH holdings have increased from 2.6509 million to 3.7265 million, a total increase of 1.0756 million. During this period, ETH's price performance was not ideal: the opening price in October was still $4,142, and as of the time of publication, it had dropped to $2,811, a decline of over 32%. This 'buying more as prices fall' strategy highlights institutions' optimism about ETH's long-term value.
IV. A new ETF joins the lineup: Grayscale Chainlink ETF lands on NYSE Arca this Tuesday.
The U.S. crypto ETF camp continues to expand, and this time it's Chainlink's turn. According to documents from the New York Stock Exchange Group, NYSE Arca has approved the listing application for the Grayscale Chainlink Trust ETF, which will officially start trading this Tuesday. Recently, the speed of new U.S. crypto ETFs has noticeably accelerated, with ETFs for several cryptocurrencies including Chainlink, Litecoin, HBAR, XRP, and SOL being launched one after another, providing investors with more compliant crypto investment options.
