The digital-treasury boom has collapsed — Bloomberg.
A strategy that looked unstoppable only months ago has unraveled at high speed.
🟠 Companies replicated Michael Saylor’s model: raise capital, buy crypto, and let equity valuations grow faster than the underlying asset. 🟠 Early in the year it worked: some stocks surged thousands of percent — SharpLink jumped +2600%, and Alt5 Sigma even brought in Donald Trump's sons as advisors. 🟠 But the structural weakness emerged: tokens don’t generate income, while convertible-debt and preferred-share obligations still need servicing. 🟠 Result: the median drop among digital-asset-treasury (DAT) stocks in the U.S. and Canada hit 43%, with several collapsing by 99%. 🟠 Many companies now trade below the value of their crypto holdings. 🟠 Strategy signaled it may sell Bitcoin to cover dividends — breaking Saylor’s core “never sell” narrative.
Why it matters: 🟠 Large-scale selling by DAT firms could trigger a chain reaction: price pressure → margin calls → further forced liquidations. 🟠 Meanwhile, bigger DAT companies are acquiring smaller firms whose market caps have fallen below asset value.
🇺🇸 LATEST: The SEC has released the agenda for its Dec. 15 roundtable on Financial Surveillance and Privacy, featuring speakers from Zcash, StarkWare, Aleo, the ACLU and more.
⚡Vanishing act in progress. Ethereum on centralized exchanges just hit 8.8% of total supply, the lowest since the blockchain launched in 2015. According to Glassnode, reserves have plummeted 43% since July. Apparently, someone out there still believes in ETH while crypto Twitter debates whether it's dead for the hundredth time.
👀The coins are quietly flowing into staking and long-term storage while institutions keep stacking their balance sheets. Price is chilling above $3,000, eyeing $3,200 resistance. Break that, and $3,500 is on the table. Tom Lee is out here casually predicting $20K in the coming months. No pressure.
Supply squeeze loading. Market sentiment says one thing, on-chain data says another. Pick your side wisely.
💥BREAKING: MICHAEL SAYLOR SAID HE JUST MET EVERY SOVEREIGN WEALTH FUND AND THE RICHEST FAMILIES IN THE MIDDLE EAST TO DISCUSS $BTC
MORE MONEY WILL FLOW INTO BITCOIN.
If sovereign wealth funds even allocate a fraction of their multi trillion portfolios, it changes Bitcoin’s demand curve entirely. The bigger story is that BTC is shifting from a retail driven asset to one shaped by long duration, institutional capital.
A NEW FINANCIAL SYSTEM THAT WILL LAST A THOUSAND YEARS
Bitcoin was not invented by luck; it was deliberately and purposefully invented due to the global financial crisis that spanned 2007 - 2009, known as the Great Recession which started in the US as the subprime mortgage market collapsed.
On September 15, 2008, Lehman Brothers, the 4th largest U.S investment firm, filed for Bankruptcy, marking the largest bankruptcy filing in U.S. history, which triggered a panic in the global financial market. Because of how interconnected through derivatives and short-term lending, the crisis spread like cancer, crashing the global stock markets.
Many countries entered into a deep recession, and unemployment soared. It was catastrophic, so the American government, in collaboration with other countries' secret services, had to experiment with a new kind of money to prevent that from happening in the future, and the team today referred to as 'Satoshi Nakamoto', made up of elite programmers, mathematicians and Economists, was born.
Yes, the Feds created Bitcoin using a cryptographic thesis posited by a group of professors from Stanford University. And the Bitcoin blockchain was built brick by brick to exhibit that money can be minted digitally, with a capped supply, without experiencing wear and tear, and transferable through the internet.
Bitcoin was that prototype. And it was deliberately introduced to the world privately, open-sourced, to allow human intelligence and geniuses to build on that prototype and contribute to improving the technology for future use, and it worked.
We have been able to scale this tech to a certain degree and are awaiting a few final polishings for it to be ready for mass production adoption, hence the groundwork on regulations has to be completed in this era. I believe that will be completed within the space of 6-8 years (2 market cycles) starting in 2024 through 2030/2032.
After that, this technology will be integrated into supply chains, medicine, agriculture, etc.
This is a clear indicator of high risk appetite and short-term momentum in the crypto market. However, in this volatile market, such rapid rises often carry the risk of swift declines. Caution is necessary.
📉Markets focus on Fed internal divisions and signals from Powell.
The upcoming Federal Reserve meeting is seen as almost certainly centred on the prospect of rate cuts, but the market’s focus is no longer on “cut or not”, rather on how divided policymakers are internally.
Investors are paying close attention to Jerome Powell’s comments for clues about the future policy path. Nomura has warned that markets may be underestimating the risk that the Fed does not cut rates in December.
Meanwhile, Wilmington Trust and Janus Henderson believe that the longer-term impact will depend more on policy decisions taken in the first half of 2026.
🔴Plot twist nobody asked for: Trump, the self-proclaimed crypto champion, has quietly ghosted the entire industry. Remember those bold promises about making America the "crypto capital of the world"? Yeah, the new national security strategy doesn't even mention blockchain. Not once.
💸Meanwhile, the irony is thick enough to cut with a knife - every tariff announcement, every trade war escalation still sends BTC into a tailspin. The guy who promised to buy billions in Bitcoin now has his Treasury Secretary saying "actually, we're not buying anything." Market dropped 6% on that one. Crypto community trusted, crypto community learned.
$10.94M in $BTC positions just got liquidated in the last 1 hour.
$10.92M from SHORTS as Bitcoin tapped $92K.
Wild how fast shorts get erased when liquidity thins out. Feels like the market’s reminding everyone that betting against momentum at these levels is basically asking to get steamrolled.
It has now been a good 5 months since the market was truly hot, back in July this year.
The upside of this is that it will take quite a bit of time before getting to that level again and getting overheated. But obviously there's been no strong upwards move in the market for a while now.
This year and cycle has mostly consisted of smaller several month mini cycles where BTC and a select few alts outperform. Only to go in a slow and corrective phase afterwards.
This makes it so this cycle is nothing like the previous ones, where the market could just trend for 6-12 months non stop. This has made it very hard on the crypto natives that tend to go risk on after a big move or breakout happened. But in this cycle that got punished hard.
I personally think 2026 will be more of the same. The crypto market is more and more intertwined with macro and TradFi and that's what were seeing with this price action. Especially in 2025.
🇸🇻 EL SALVADOR LEADING THE WORLD IN $BTC OWNERSHIP.
📊 The recent study showed that around 72% of Salvadorans say they have owned Bitcoin at some point. Only about 24% of U.S. residents reported ever owning $BTC .
El Salvador remains #1 for both past and current $BTC ownership.
Strong adoption is also evident in Venezuela, Nigeria, Turkey, and the UAE, all of which rank above many European nations and the U.S.
The data shows that countries facing monetary instability are increasingly turning to Bitcoin as an alternative store of value or financial tool.
BREAKING: The Federal Reserve’s balance sheet fell -$37 billion in November, to $6.53 trillion, to its lowest level since April 2020.
The Fed has reduced its assets by -$2.43 trillion, or -27%, during its quantitative tightening (QT) program, which ended on December 1st after running for 3 years and 5 months.
This unwound 51% of the +$4.81 trillion added during pandemic-era QE.
Treasury securities declined -$4 billion in November, to $4.19 trillion, the lowest since June 2020.
We have now see a -$1.58 trillion decline in treasury securities, or -27.4%, from the June 2022 peak.
Mortgage-backed securities fell -$16 billion last month, to $2.05 trillion, the lowest since November 2020, down -$687 billion from the 2022 peak.