Latest Crypto News | Bitcoin, Ethereum and Altcoin Updates

Short sellers increased positions as Bitcoin faced intensified selling into late 2025 after a 23% Q4 drop. On-chain and derivatives metrics show bearish dominance: the Taker Buy/Sell Ratio fell to multi-month lows, U.S. spot Bitcoin ETFs recorded consecutive net outflows since Dec. 18, and CME Bitcoin futures open interest slipped below $10 billion — the weakest since Sept. 2024 — signaling waning institutional exposure. The previously profitable basis trade (buy spot ETF, short CME futures), which once yielded up to ~10%, has seen yields compress to about ~5%, reducing its appeal to hedge funds and contributing to reduced ETF demand. Options and derivatives positioning shows concentrated downside hedges near $85,000 and upside interest around $88,000–$90,000. CoinGlass data indicates roughly $3 billion of leveraged short liquidations could be triggered if BTC reclaims about $90,600, while leveraged long liquidation clusters sit near $83,900 and $86,100. Analysts warn that absent fresh catalysts — regulatory clarity, macro improvements, or renewed retail inflows — Bitcoin could remain range-bound with a downside bias and may test sub-$80,000 in early 2026. Traders should monitor ETF flows, CME open interest, the taker buy/sell ratio, and key liquidation levels for short-term volatility and potential squeeze scenarios.

Bitcoin slipped below its 50‑week simple moving average (SMA) and failed to reclaim resistance near $90,000, raising downside risk for traders. Analyst Ali Martinez noted that previous breaks of the 50‑week SMA have preceded average drawdowns around 54%, a historical analogue pointing to a potential target near $40,000 if weekly closes remain below the SMA. CryptoQuant on‑chain data and market metrics show weak spot demand: market sentiment sits in “Extreme Fear,” Coinbase Premium is negative, large inflows from whales to exchanges have slowed, and there are increased movements of 7–10‑year‑old coins — patterns historically associated with distribution or trend transitions. Despite record year‑to‑date spot‑BTC ETF inflows, US‑based spot demand appears muted and price reaction has been limited. Separately, Binance experienced a localized liquidity glitch on its BTC/USD1 pair that briefly printed a $24,111 dip before rapid recovery; exchanges and analysts attribute that event to low liquidity on the pair rather than a fundamental market change. Key watchpoints for traders: whether BTC reclaims the 50‑week SMA on weekly closes, shifts in sentiment out of “Extreme Fear,” spot ETF flows and Coinbase Premium trends, and exchange‑specific liquidity anomalies that can create temporary price dislocations. Overall, the combined technical and on‑chain signals warrant a cautious to bearish near‑term outlook until clear demand recovery is visible.

Cardano founder Charles Hoskinson said ADA holders do not need to sell ADA to gain exposure to Midnight Network’s NIGHT token, calling the projects complementary. Speaking on the Discover Crypto podcast in December 2025, Hoskinson described Midnight as a privacy-first smart contract layer for Cardano that uses zero-knowledge proofs to enable confidential dApps — “the ChatGPT of privacy” — while ADA remains responsible for Cardano staking, governance and consensus. Midnight launched NIGHT as a Cardano native asset via a Glacier Drop (total supply 24 billion): 50% allocated to Cardano wallets, 20% to Bitcoin wallets and the remaining 30% split among Ethereum, Solana, XRP Ledger, BNB Chain, Avalanche, Brave Wallet and one other ecosystem. Midnight’s randomized thaw shows about 4.5 billion NIGHT (19% of supply) claimed by 170,000+ wallets; claimed tokens unlock over 360 days in quarterly releases to avoid simultaneous cross-chain unlocks. Hoskinson said Midnight provides optional privacy tooling and developer infrastructure that should complement ADA-led growth and help attract cross-chain liquidity (including Bitcoin DeFi) to ecosystems that offer yield, credit markets and real-world utility. For traders: the announcement clarifies that NIGHT is positioned as complementary rather than competitive to ADA, highlights a substantial airdrop distribution and staged unlock schedule that may affect NIGHT’s sell pressure, and signals potential cross-chain flows into Cardano-linked products without forcing ADA holders to divest.

BitMEX co-founder Arthur Hayes says ‘altcoin season’ has not ended but evolved: gains are now concentrated in selective, narrative-driven small- and mid-cap tokens rather than broad market rotations. Citing Hyperliquid’s HYPE surge (from under $5 to about $58 in 2025) and Solana’s rebound toward $300, Hayes argues traders should stop relying on historical BTC→ETH→alt rotations and instead screen for projects with real on-chain activity and fresh narratives. He flagged privacy-focused chains as potential opportunities amid regulatory pressure. Hayes remains broadly bullish, pointing to Fed liquidity and reserve-management buys as tailwinds that could lift crypto — he even reiterated a multi-year Bitcoin upside scenario. Counterviews persist: some analysts expect legacy alts to benefit if ETF inflows arrive or foresee a BTC-to-ETH rotation before a wider altcoin run. On-chain data show mixed consolidation: several altcoins have posted strong selective rallies while many others remain fragmented. For traders: favor selective, narrative-led positions in active DeFi projects and monitor on-chain demand and liquidity conditions rather than relying on past-cycle assumptions.

Bitcoin (BTC) is consolidating around $86,400–$88,000 (near $87.5K) amid thin holiday liquidity and cooling institutional participation. US spot Bitcoin ETFs recorded notable net outflows — about $189M on Dec. 23 and $175.29M on Dec. 24 — marking multiple consecutive withdrawal days and weighing on sentiment despite cumulative ETF inflows for the year. Technical indicators show fading bullish momentum: RSI has dipped below 50 and MACD lines are converging, increasing the risk of downside if buying interest does not return. Key intra-day levels for traders: support at $86,400–$86,700 (break could lead to $85,500 then $84,000–$82,000 or a deeper test of $80,000) and resistance at $89,000–$90,000 (a decisive close above could target $93,000–$94,000). Market factors pressuring BTC include ETF outflows, reduced market-maker activity and a temporary decoupling from gold’s rally. Trading action to watch: ETF flow updates, volume and market-maker liquidity, RSI/MACD shifts, and price reaction at $86.4K support and $89–90K resistance. Overall outlook: neutral-to-cautiously bullish while support holds, but sustained ETF outflows create meaningful near-term downside risk.

Ethereum developers have consolidated two planned component upgrades — execution-layer Bogota and consensus-layer Heze — into a single 2026 network upgrade called Hegota. The priority technical goals are to reduce state bloat, improve node efficiency and enable much higher throughput. Front-runner proposals are implementing Verkle Trees to compress state and adding state/history expiry (or archiving) and gas repricing to make new state creation costlier. Developers warn the current Merkle Patricia structure will strain as throughput rises toward targets near 180 million gas by late 2026; Verkle Trees are presented as essential to preserve solo-staking viability and support a possible threefold throughput increase (from ~20M to ~60M gas). Hegota focuses on backend data-structure and gas-economy changes rather than user-facing features. Roadmap items extend into 2026 with key decisions and special execution-layer meetings planned in early January 2026 to finalize specifications and Glamsterdam-related choices. For traders: successful deployment of Verkle Trees or state expiry should lower long-term node costs, improve scalability, and be structurally bullish for ETH; delays, technical setbacks, or contentious gas-repricing could create short-term uncertainty around staking, node operator economics and network performance.

Bitcoin (BTC) briefly surpassed the $88,000 level on OKX, trading around $88,018.60 and recording a daily gain of about 1.12% on December 25, according to PANews. An earlier note recorded a similar intraday high near $88,008.70 with a 0.64% intraday rise. Both reports are short market updates and explicitly do not constitute investment advice. Neither article cited on-chain indicators, trading volumes, broader market drivers or other tokens/events. For traders, the move represents a short-term bullish uptick in BTC price but lacks accompanying data to assess momentum or conviction.

Digitap is marketing an omni-banking app that prioritises stablecoins for everyday spending and is running an active $TAP token presale. The live iOS/Android app offers fiat and stablecoin wallets, a Visa-backed card, merchant tools (auto-conversion), tiered KYC (including a No-KYC wallet), and planned faster settlement over SEPA and SWIFT. The presale has sold roughly 155–156 million TAP and raised about $2.8–$3.0 million; current presale price is $0.0383, next step $0.0399, with a confirmed listing price targeted at $0.14. Tokenomics cite a fixed supply, staking rewards (advertised up to 124% APY), and 50% of platform profits earmarked for buybacks and burns. A time-limited “12 Days of Christmas” campaign offers staged bonuses and account upgrades to sustain momentum during the sale. The project frames itself as a utility-first play amid tighter liquidity and falling risk appetite, comparing early-stage conditions to historical opportunities (the article references Solana when SOL traded near $10). Note: this is paid promotional content and not investment advice.

Bitcoin (BTC) traded below $88,000 as U.S. spot Bitcoin ETFs recorded net outflows for a fifth consecutive trading day, totaling more than $825 million over that period. On Dec. 24 the 12 tracked spot ETFs posted $175.29 million in outflows, led by BlackRock’s IBIT (≈$91.37M). Grayscale’s GBTC and Fidelity’s FBTC also saw notable withdrawals. December outflows are roughly $804.3M so far, adding to a broader trend of several hundred million to multi-billion dollar outflows since October (earlier reports cited ~ $3.5B net outflows over the prior month). Analysts attribute selling pressure to seasonal factors—Christmas liquidity thinness and tax-loss harvesting—plus positioning ahead of a large Deribit options/futures expiry (~$23.6B) due Dec. 26. Technical indicators point to near-term weakness: BTC trading below its 50-day SMA, bearish MACD, and a potential bearish flag on the daily chart. Immediate support sits around $85,200, with a break possibly targeting the Nov. 21 low near $80,757. Key resistance is near the $91k area (23.6% Fib noted in earlier analysis). Market commentators expect flows to recover after seasonal pressure eases, but institutional demand appears weakened and short-term downside risk is elevated. This summary is for informational purposes only and not investment advice.

Bybit published a December 17 proof-of-reserves (PoR) snapshot showing over-collateralization across major assets. Independent auditor Hacken verified reserve ratios above 100% for reported tokens, including BTC 105%, ETH 101%, XRP 101%, SOL 103%, USDT 102% and USDC 112%. Bybit uses Merkle Tree proofs so users can independently verify inclusion of funds. The exchange frames these disclosures as part of broader industry moves toward transparency after past exchange failures, stressing that >100% ratios provide liquidity buffers to meet withdrawals and reduce counterparty risk. The report also notes that PoR is one solvency indicator and should be considered alongside security measures (cold storage, compliance, insurance). For traders, the snapshot aims to reinforce market confidence and reduce short-term solvency concerns for the listed assets while not guaranteeing operational risk removal.

The crypto sector recorded 267 deals worth about $8.6 billion in 2025, driven by clearer US policy, regulatory rollbacks and renewed institutional demand. Major transactions included Coinbase’s acquisition of Deribit (~$2.9B), Kraken’s purchase of NinjaTrader (~$1.5B) and Ripple’s acquisition of Hidden Road (~$1.25B). Eleven crypto-related IPOs raised roughly $14.6B globally — notable listings cited include Bullish (~$1.1B), Circle Internet Group (~$1B) and Gemini (~$425M). Analysts attribute the surge to a more crypto-friendly US administration, appointments of crypto-aligned regulators, and new EU/US rules that reduced legal uncertainty. Deal activity was often motivated by pursuit of regulatory licences, derivatives access and institutional infrastructure ahead of anticipated licensing regimes in the US and UK in 2026; stablecoin businesses were singled out as likely high-demand targets. The deal wave persisted despite a late-year crypto price pullback (BTC down >30% from an October peak). For traders: the trend signals stronger institutional capital flows, improved market infrastructure and potential long-term liquidity gains, even as short-term volatility may continue while markets adjust to macro and regulatory developments. Primary keywords: crypto M&A, IPOs, stablecoins, regulation, institutional investment.

Coinbase CEO Brian Armstrong recounted his tech background, early fundraising challenges, and the pivotal partnership with Fred Ehrsam while outlining Coinbase’s evolution from a retail exchange to a global platform for retail, institutional clients and developers. Armstrong said Coinbase failed to raise its target $1M at Y Combinator and initially closed $600K, and credited Ehrsam’s traditional‑finance experience for strengthening product design and regulatory credibility. He emphasized Coinbase’s current focus on infrastructure, developer tools and new product categories rather than specific token listings. Armstrong highlighted prediction markets and tokenized equities as high‑potential areas—prediction markets could improve policy signaling, while tokenized stocks could expand accessibility and enable 24/7 trading—signaling strategic priorities that may shape product roadmaps and institutional demand.

Shiba Inu (SHIB) has posted a notable rise in futures-market activity across multiple exchanges, with open interest increasing and spot prices ticking higher amid broader weakness in major tokens. CoinGlass data show SHIB open interest rose about 1.84% over 24 hours to roughly 10.97 trillion SHIB (≈$81.2M). Exchange-level gains were concentrated at MEXC (+37.69%), Coinbase (+20.04%), LBank (+15.04%), Kraken (+12.86%), HTX (+10.52%) and Bitget (+10.16%), while KuCoin (-44.53%) and Bitunix (-11.79%) saw declines. The long/short split favors longs at 51.35% vs 48.65% (long-to-short ratio ~1.06). Over the same window, open interest fell for Bitcoin (-1.14%) and XRP (-2.3%), underscoring SHIB’s relative strength; SHIB’s spot price rose ~3.21% to $0.000007239, about 3.5% above a recent low but still ~27.6% below the $0.00001 psychological level. Traders cite potential catalysts supporting further upside—possible CLARITY Act passage, deployment of Fully Homomorphic Encryption (FHE) on Shibarium, and speculation about a standalone SHIB ETF—suggesting renewed speculative interest and likely short-term volatility. For traders, higher open interest plus a slight long bias can signal increased leverage and conviction but also raises liquidation risk if momentum reverses. This summary is informational and not financial advice.

Dragonfly Capital partner Rob Hadick told CNBC that tokenization will enable multiple public blockchains — notably Ethereum (ETH) and Solana (SOL) — to grow alongside each other rather than one eliminating the other. Hadick argued different chains will serve distinct use cases: Ethereum currently hosts far more stablecoins and institutional tokenized money-market funds (examples cited: BlackRock’s BUIDL, Fidelity’s FYHXX, JPMorgan’s MONY), while Solana captures higher trading volume, lower fees and is optimized for fast transaction flows, suiting scalable trading applications. Market-data cited (RWA.XYZ) put Ethereum’s on-chain market value including stablecoins at about $183.7 billion versus Solana’s $15.9 billion. Hadick said no single public blockchain can scale to serve every use case and predicted public chains will remain central despite banks’ interest in private networks; he also left open the possibility of new chains emerging. The reporting notes practical migration examples — Sorare and Render moving parts of their infrastructure to Solana and Galaxy Digital swapping ETH for SOL to build a sizable SOL treasury — suggesting an industry trend toward blockchain-specific roles rather than winner-takes-all dominance. For traders, the takeaway is clear: expect ongoing multi-chain demand, differentiated value propositions for ETH and SOL, and continued flow-based activity favoring high-throughput networks.

Crypto researcher SMQKE reported on X that Ripple is in late-stage talks to pursue an initial public offering in 2026. Earlier, Ripple avoided IPO plans while it managed regulatory disputes and prioritized enterprise adoption; improved regulatory clarity and business stability are now cited as reasons the company may pursue public markets. Analysts say a Ripple IPO would increase corporate disclosure, boost institutional confidence, and widen access to capital—factors that could spur enterprise adoption and on-chain XRP usage. The report stresses Ripple uses XRP as a liquidity tool, so a public listing could materially shift investor sentiment and affect XRP’s trajectory. Ripple CEO Brad Garlinghouse previously said there were no plans for a 2025 IPO and the company has not needed to raise capital, implying any move may target 2026 or later. The note is unconfirmed and should not be taken as financial advice; traders should monitor regulatory developments, official company statements, and on-chain activity for signals ahead of any IPO-related market moves.

XRP broke the key $1.90 support after earlier losing $2.00 and briefly dipping under $1.80, now trading around $1.86–$1.88 following a short rebound. Analysts flagged the close below $1.90 as a critical technical event that could open a larger decline toward ~$1.10 — a level not seen since late 2024. Short-term indicators (TD Sequential) and recent price action signal retracement risk, while nearer supports sit at $1.85 and $1.60 (0.618 weekly Fibonacci). On-chain metrics are mixed: active addresses have declined, but whale wallets show accumulation and spot taker CVD points to prevailing buying pressure despite the price drop. XRP ETFs continue to record inflows, supporting demand (cumulative flows around $1.1bn). Key trade considerations: (1) $1.90 has flipped to a critical resistance — a confirmed weekly close below increases probability of a run toward $1.10; (2) reclaiming $1.90 (and $2.00) is needed to re-establish bullish structure and could trigger short-covering; (3) whale accumulation and positive taker CVD could cap downside or spark a bounce; (4) traders should monitor on-chain flows, ETF inflows, whale wallet activity, and whether price can hold above near supports before increasing exposure. This is informational and not financial advice.

A record $23.7 billion (≈300k contracts) Bitcoin options expiry, concentrated on major platforms such as Deribit, is set to conclude this Friday. Market participants including QCP Capital and industry analysts say the expiry — coming during typically low Christmas liquidity — could release suppressed volatility and prompt sizable intraday moves. The reported “max pain” level sits near $95,000. Traders will watch whether large December $85,000 put positions are rolled, closed or adjusted; how those positions settle is likely to influence directional bias and may create upward pressure if downside protection is removed. BTC has traded in a tight $85k–$90k range for weeks, described as a “waiting game” while capital rotates between equities, gold/silver and crypto. Strength in precious metals (notably record moves in gold) has drawn flows; some commentators expect a metals pullback could free capital to rotate back into BTC and ETH. Short-term expectations include heightened intraday volatility around expiry and an initial bullish target cited near $100,000, though outcomes depend on whether large option blocks are reclaimed or repositioned. This report is informational and not investment advice.

BitMine, Tom Lee’s Ethereum-focused treasury, purchased 67,886 ETH (≈$201 million), bringing its reported holdings above 4 million ETH — roughly 3% of circulating supply. This tranche follows earlier disclosed buys (including a prior ~29,462 ETH purchase and an earlier 98,852 ETH disclosure), lifting BitMine’s cumulative accumulation to over 4 million ETH. The firm reports an average acquisition price near $2,991 per ETH and values the treasury at roughly $12 billion at current market prices. BitMine frames the strategy as a long-term structural bet on Ethereum’s role in tokenization, DeFi and the proof-of-stake ecosystem. Market reaction was muted: BitMine’s NYSE stock ticked down slightly while ETH experienced short-term weakness. For traders, the key takeaways are: concentrated institutional buying that reduces free float, potential for continued price support if accumulation persists, increased staking/governance influence from large holders, and the possibility of heightened volatility as markets digest large treasury builds. Primary keywords: BitMine, Ethereum, ETH accumulation. Secondary keywords: institutional buying, treasury holdings, proof-of-stake, ETH supply.

Binance launched a promotional yield program offering up to 20% APR for flexible USD1 deposits over $50,000, running until 23 January 2026 and paying tiered rewards daily. The announcement coincided with a roughly $150 million jump in USD1’s market cap — from about $2.74B to $2.89B — and helped push the stablecoin into the global top-seven by market cap. Binance also expanded USD1 support by adding trading pairs, enabling 1:1 conversion of BUSD collateral to USD1, and reportedly using USD1 in settlement linked to a $2B MGX investment. USD1 is issued by World Liberty Financial (WLFI) and has reported ties to the Trump family; questions remain about technical and business links between Binance and WLFI after Bloomberg reported Binance helped develop part of USD1’s code, a claim Binance CEO Changpeng Zhao has disputed. Lawmakers have expressed concern over the relationship. For traders, the promotion drove yield-seeking inflows and increased on-exchange liquidity for USD1, reducing immediate sell pressure and concentrating stablecoin supply on Binance. Key trader takeaways: the yield-driven inflows are time-limited and may reverse when the program ends; peg maintenance and transparent reserves are critical for USD1’s stability; heightened liquidity can compress spreads and enable larger on-exchange arbitrage or settlement activity while raising counterparty and regulatory risk exposure.

Analyst Nick Anderson (BullRunners) urges retail holders not to panic-sell XRP after the token fell from near $3.65 to below $2, arguing institutional accumulation is underway despite price weakness. Physically backed XRP ETFs from issuers such as Grayscale, Bitwise, Franklin Templeton and Canary Capital have reportedly pushed combined AUM above $1 billion, and these funds require actual XRP purchases to back shares. Anderson says institutions are buying millions of dollars of XRP daily while exchange-listed supply has tightened — over 1 billion XRP has been withdrawn from exchanges in the past two months. Regulatory developments also matter: the U.S. Office of the Comptroller of the Currency reportedly cleared national banks to execute XRP trades as riskless-principal transactions, which could let banks offer XRP exposure via standard banking apps without placing XRP on their balance sheets. Anderson highlights Ripple’s strategic moves — a U.S. bank charter application, large acquisitions to expand institutional trading and payments, and the RLUSD stablecoin — as infrastructure that supports XRP’s role as a bridge asset for cross-border flows. He warns short-term volatility or sideways action may persist but views the current weakness as consistent with strategic, medium- to long-term institutional accumulation. This is informational and not financial advice.

In 2025 five major jurisdictions moved from regulatory uncertainty to clearer, more accessible crypto licensing frameworks. Key developments: (1) United States — the GENIUS Act established a unified federal stablecoin framework and licensing pathway, reducing reliance on state money-transmitter regimes; (2) European Union — full MiCA implementation began and activated passporting for Crypto-Asset Service Providers (CASPs) across all 27 member states, with Germany authorizing 21 CASPs and emerging as a gateway; (3) UAE (Dubai) — VARA published Version 2.0 of its rulebook, switching to an activity-based licensing model, clarifying custody and collateral standards, and streamlining application checklists and deadlines; (4) Hong Kong — a dedicated stablecoin licensing framework introduced capital and reserve rules plus a legal “safe harbour” for specified cross‑border DeFi arrangements after HKMA sandbox testing; (5) United Kingdom — authorities advanced plans to fold crypto into the Financial Services and Markets Act (FSMA), with FCA consultations clarifying rules for trading venues, intermediaries and promotional conduct. Across jurisdictions, AML, custody and consumer-protection standards tightened even as licensing processes became more predictable. For traders, clearer crypto licensing lowers legal tail risk, improves on‑ and off‑ramp access, encourages institutional flows into regulated venues, and may shift liquidity toward jurisdictions with predictable frameworks rather than regulatory arbitrage. This summary emphasizes crypto licensing and stablecoin regulation — it is not investment advice.

Evernorth, a treasury vehicle backed by Ripple executives, has accumulated about 389 million XRP at a reported cost basis of roughly $947 million. At the current XRP price near $1.86, the position is valued at about $724 million, implying an unrealized loss of approximately $220 million. XRP has fallen roughly 16% over the past 30 days, a decline that coincides with broader market weakness in Bitcoin and a wider crypto correction. This pullback has occurred despite ongoing inflows into U.S.-listed XRP ETFs, which have taken in over $100 million since launch. For traders, the report highlights notable whale risk and mark-to-market exposure from a large treasury holding that could increase downside pressure on XRP if Evernorth reduces holdings to realize losses, or conversely provide liquidity support if it refrains from selling. Key metrics: Evernorth ~389M XRP; cost basis ~$947M; current value ~$724M; unrealized drawdown ~$220M; 30-day XRP decline ~16%; current price cited ~$1.86. Primary keywords: XRP, Evernorth, Ripple, unrealized loss, XRP ETFs. Secondary keywords: crypto treasury, market correction, Bitcoin weakness, large-holder risk, selling pressure.

Solana Foundation launched Kora on December 22, 2025 — a fee-relayer and signing node that enables fee-free user experiences and lets dApps pay transaction fees in arbitrary tokens instead of requiring users to hold SOL. Kora supports sponsored transactions where designated fee wallets cover fees for users, and accepts any token (including stablecoins such as USDC and in-game tokens) to pay gas. The tool targets gaming and consumer-facing dApps by removing SOL as an onboarding prerequisite and enabling flexible revenue models and subsidy flows. Kora integrates with standard RPC servers, CLI tools and configuration-based policy controls; developers can set allowed users/programs and custom fee rules. Security and operations features include remote signing integrations (AWS KMS, Turnkey and other providers), runtime verification, differential fuzz testing, six remote signers deployed, monitoring metrics and low-balance alerts for fee wallets. For traders, Kora could change on-chain fee dynamics and SOL utility over time by reducing the requirement for users to hold SOL for transactions; market observers should watch dApp adoption, fee sponsorship volumes and any resulting effect on SOL demand and protocol fee patterns. Keywords: Solana, Kora, fee relayer, gasless transactions, SOL, USDC, blockchain gaming.

Bitcoin (BTC) remains range-bound near $85,800–$90,600 as on-chain metrics and exchange inflows show tightening liquidity and falling participation. CryptoQuant data shows the 30-day moving average of active BTC addresses dropped to about 807,000 — a one-year low — indicating weaker retail and short-term trader engagement. Binance deposit and withdrawal address counts also sit at yearly lows. Seven-day cumulative exchange inflows that peaked on Nov. 24 (Coinbase ~$21B; Binance ~$15.3B) have contracted sharply: Coinbase inflows fell ~63% to ~$7.8B while Binance inflows declined to ~$10.3B by Dec. 21, suggesting fresh liquidity has cooled. Price trades below the monthly VWAP and is neutral-to-cautious within the range. Liquidity clusters on Binance highlight key liquidation zones: a buy-side fair-value gap (FVG) around $85,800–$86,500 that could threaten roughly $60M of leveraged long positions, and an upside sell-side FVG near $90,600–$92,000 containing about $70M in short liquidation exposure. With lower participation and tight liquidity, analysts say a sustainable break above $90,000 is unlikely until on-chain activity and exchange liquidity recover; near-term direction will likely depend on which side of the range is tested first. This is market analysis, not investment advice.

Offchain Labs, the lead developer of the Arbitrum network, disclosed additional purchases of the governance token ARB under an approved buy plan, executing buys gradually via open-market and structured transactions to limit market impact. The move signals long-term conviction in Arbitrum amid weak governance-token sentiment. Offchain Labs reiterated its commitment to Arbitrum’s strategic direction, developer support, community engagement and ongoing technical work. Network fundamentals cited: over $20 billion total value secured (TVS) in 2025, 2.1 billion lifetime transactions on Arbitrum One, 100+ chains in the broader ecosystem, 1,000+ projects building on Arbitrum and an 82% year‑on‑year rise in stablecoin supply to an $8+ billion market cap. Despite these metrics, ARB price remained depressed (~$0.18 on Dec 24, 2025) with daily volume near $92.9M and circulating supply above 5.7B, far below its Jan 2024 peak near $2.40. For traders: developer accumulation can support sentiment and governance participation over time; disclosed purchases executed gradually reduce immediate market shock but future buy disclosures or sustained accumulation may tighten free float and influence ARB price dynamics. Primary keywords: ARB, Offchain Labs, Arbitrum, governance token, buy plan, Layer-2, TVS, stablecoins.

Fund manager Dan Tapiero says a possible Kraken US IPO and rising crypto mergers-and-acquisitions could attract TradFi capital and reinforce what he calls Bitcoin’s “mid-cycle.” Kraken reportedly raised $800 million in private funding at a $20 billion valuation and has filed for a US IPO. Bitcoin reached an October all-time high above $126,000 before a $19 billion liquidation event and has since eased to about $87,000 (CoinGecko), dropping roughly 6% over two weeks. Tapiero views IPOs and M&A as medium-term tailwinds for institutional inflows and market structure. Contrasting views: Fidelity’s Jurrien Timmer expects a down year for Bitcoin in 2026 with a local support range near $65k–$75k, calling 2026 a potential “rest year.” Axis COO Jimmy Xue argues that the traditional four‑year cycle now interacts with macro liquidity and sovereign adoption, meaning cycles may be prolonged and higher lows could form if liquidity remains favorable. On‑chain analytics give mixed signals: Nansen reports “smart money” net-short positions across most major tokens, except pockets like AVAX and some Pump.fun‑related tokens. For traders: the Kraken IPO and M&A wave are potential bullish structural catalysts that may draw institutional inflows, but divergent analyst forecasts, smart‑money net‑short positioning and recent volatility imply higher short‑term risk. Maintain risk management, monitor institutional activity and on‑chain flows, and watch liquidity conditions for signals of sustained bullish follow‑through.

Ethena’s yield-bearing stablecoin USDe recorded roughly $8 billion in redemptions over two months following the October 2025 market crash, cutting protocol TVL from about $14.8 billion to $7.4 billion. The largest wave occurred in October when $5.7 billion exited after a temporary USDe depeg on Binance amplified liquidations. Competing yield stablecoins such as Sky’s sUSDS and Maple’s syrupUSDC captured inflows as investors reallocated. Ethena’s native token ENA plunged about 62% to below $0.20, revisiting prior lows; on‑chain metrics show reduced ENA supply on exchanges and increased holdings off‑exchange, suggesting some dip buying (reports indicate Arthur Hayes bought ~1.22M ENA). Ethena has said it will improve hedging mechanisms after the depeg. For traders: monitor USDe redemption trends and peg stability, protocol TVL recovery, ENA exchange supply and off‑exchange accumulation, and capital flows into competing yield stablecoins — these indicators will signal whether investor confidence is returning or risk aversion persists. Short term, continued redemptions and weak sentiment raise the risk of further ENA downside and elevated volatility; longer-term recovery is possible if redemptions slow and the peg is restored.

U.S. XRP spot ETFs recorded net inflows of $11.93 million on Dec. 24 (US Eastern), driven mainly by Franklin’s Franklin XRP ETF (XRPZ), which saw $11.14 million of inflows that day and now has cumulative net inflows of $231 million. Canary’s Canary XRP ETF (XRPC) contributed $0.79 million on the day and has cumulative inflows of $385 million. Total assets under management (NAV) across XRP spot ETFs stand at $1.25 billion, with XRP making up 0.98% of net assets. Historical cumulative net inflows into XRP spot ETFs have reached about $1.14 billion. Data source: SoSoValue; figures are market information and not investment advice.

Kraken plans to launch a dedicated prediction market in 2026 as part of a broader push into tokenized equities following its acquisition of Backed Finance, operator of the xStocks tokenized-stock platform. Mark Greenberg, Kraken’s global head of consumer, told CNBC the move aims to diversify revenues beyond spot trading and expand retail access to tokenized assets by integrating xStocks across Kraken’s ecosystem. The exchange framed the remarks as market information, gave no specific launch date beyond 2026, and positioned the initiative alongside development of related financial services. For traders: expect increased product breadth (tokenized equities and prediction markets), potential new liquidity venues, and regulatory and execution risks tied to tokenized securities and prediction products.