Data ekonomi AS memberi sinyal peringatan dini bagi aset berisiko dan aset kripto. Data ketenagakerjaan terbaru menunjukkan pertumbuhan pendapatan rumah tangga bisa melemah menuju 2026.

Tren ini bisa mengurangi arus investasi ritel, terutama ke aset yang volatil seperti aset kripto. Dalam jangka pendek, ini lebih menimbulkan masalah permintaan, bukan krisis struktural.

Data Tenaga Kerja AS Tunjukkan Pertumbuhan Pendapatan Disposabel yang Lebih Lambat

Laporan Nonfarm Payrolls terbaru menunjukkan terciptanya lapangan kerja yang moderat di tengah kenaikan tingkat pengangguran. Pertumbuhan upah juga melambat dan ini menandakan momentum pendapatan rumah tangga yang semakin lemah.

Nonfarm payrolls -105k in October … +64k in November pic.twitter.com/tJcn8RSu9m

— Kevin Gordon (@KevRGordon) December 16, 2025

Pendapatan yang dapat dibelanjakan penting bagi adopsi aset kripto. Investor ritel biasanya mengalokasikan uang lebih, bukan dengan leverage, ke aset berisiko.

Saat upah stagnan dan keamanan kerja menurun, rumah tangga akan memangkas pengeluaran diskresioner terlebih dahulu. Investasi spekulatif sering masuk dalam kategori ini.

Investor ritel paling berisiko dan altcoin bisa terdampak lebih dulu

Keterlibatan investor ritel punya peran lebih besar di pasar altcoin dibanding di Bitcoin. Token-token kecil sangat bergantung pada modal ritel yang mencari imbal hasil tinggi.

Sebaliknya, Bitcoin menarik arus institusi, ETF, dan holder jangka panjang. Ini memberi Bitcoin likuiditas yang lebih dalam serta bantalan di sisi penurunan harga yang lebih kuat.

Jika orang Amerika punya lebih sedikit uang untuk diinvestasikan, altcoin biasanya terdampak lebih dulu. Likuiditas mengering lebih cepat dan penurunan harga bisa bertahan lebih lama.

Investor ritel juga bisa terpaksa keluar dari posisinya untuk menutup keperluan sehari-hari. Tekanan jual seperti ini lebih terasa di token berkapitalisasi kecil.

Pendapatan lebih rendah tidak berarti harga lebih rendah, tapi ini mengubah penggeraknya

Harga aset sebenarnya tetap bisa naik meski pendapatan melemah. Biasanya ini terjadi saat kebijakan moneter jadi lebih mendukung.

Pelemahan pasar tenaga kerja memberi ruang bagi The Fed untuk memangkas suku bunga. Suku bunga yang lebih rendah bisa meningkatkan harga aset melalui likuiditas, bukan karena permintaan dari rumah tangga.

Untuk aset kripto, perbedaan ini sangat penting. Reli yang hanya didorong likuiditas jauh lebih rentan dan sensitif terhadap guncangan ekonomi makro.

Lembaga Keuangan Menghadapi Tantangan Tersendiri dari Jepang

Kelemahan investor ritel hanyalah sebagian gambaran. Investor institusi kini juga mulai lebih berhati-hati.

Potensi kenaikan suku bunga Bank of Japan bisa mengancam kondisi likuiditas global. Hal ini berisiko membalikkan tren carry trade yen yang telah menopang aset berisiko selama bertahun-tahun.

Bank of Japan is set to hike interest rates by 25bps on December 19

The last 3 times BoJ hiked rates, Bitcoin dumped by over 20%

March 2024 → -27%
July 2024 → -30%
January 2025 → -31%

We already saw a 7% dump last week as investors tried to front-run the dump.

However,… pic.twitter.com/ex77EzHBMh

— Lark Davis (@LarkDavis) December 15, 2025

Saat biaya pinjaman naik di Jepang, institusi seringkali memangkas eksposur mereka secara global. Aset kripto, saham, maupun obligasi semuanya merasakan dampaknya.

Risiko utama saat ini bukanlah kejatuhan, tapi permintaan yang tipis. Investor ritel bisa mundur karena pertumbuhan pendapatannya melemah. Sementara institusi mungkin menunda aksi karena likuiditas global mengencang.

Altcoin tetap menjadi pihak yang paling rentan dalam situasi seperti ini. Bitcoin jauh lebih mampu menyerap perlambatan pasar.

Untuk saat ini, pasar aset kripto nampaknya sedang bertransisi. Dari momentum yang digerakkan ritel menjadi lebih berhati-hati karena faktor makro.

Pergeseran inilah yang bisa menentukan bulan-bulan awal di tahun 2026.

Trader Bitcoin sering memperhatikan The Fed di Amerika Serikat. Tapi, Bank of Japan (BoJ) juga bisa sama pentingnya untuk pasar aset kripto.

Hal ini karena Jepang memiliki peran unik dalam likuiditas global. Saat likuiditas itu mengetat, Bitcoin biasanya mengalami penurunan tajam.

Yen Murah Jadi Mesin Likuiditas Tersembunyi Bitcoin

Selama puluhan tahun, Jepang menetapkan suku bunga mendekati nol atau bahkan negatif. Hal itu membuat yen menjadi salah satu mata uang termurah di dunia untuk dipinjam.

Situasi ini melahirkan yen carry trade.

The 🇯🇵 Bank of Japan is about to do a rate hike on Friday the 19th, creating massive fear surrounding the Yen carry trade.

Bitcoin dumped hard the last time they hiked rates:

But why is this exactly? Let’s break it down 👇

What is the Yen Carry Trade?

For decades, the Yen has… pic.twitter.com/YjxzOctjnx

— Mister Crypto (@misterrcrypto) December 14, 2025

Institusi besar — termasuk hedge fund, bank, manajer aset, dan desk trading proprietary — meminjam yen lewat bank-bank Jepang, pasar FX swap, dan jalur pendanaan jangka pendek lainnya.

Mereka lalu menukar yen tersebut ke dolar atau euro. Modal itu kemudian dialirkan ke aset-aset yang menawarkan imbal hasil lebih tinggi.

Aset tersebut termasuk saham, kredit, pasar berkembang, dan belakangan mulai merambah aset kripto. Bitcoin diuntungkan saat pendanaan ini tetap murah dan melimpah.

Bitcoin sangat menarik karena diperdagangkan 24 jam nonstop serta punya volatilitas tinggi. Untuk dana yang memakai leverage, Bitcoin menjadi cara yang likuid untuk membuka posisi risk-on.

Kenaikan suku bunga BoJ bisa mengganggu sistem ini.

🚨 JAPAN WILL CRASH BITCOIN IN 5 DAYS!!!

People are seriously underestimating what Japan is about to do to Bitcoin.

The Bank of Japan is expected to raise rates again on Dec 19.

That might not sound like a big deal… until you remember one thing:

Japan is the largest holder… pic.twitter.com/0a9Aimfn88

— NoLimit (@NoLimitGains) December 14, 2025

Mengapa Kenaikan Suku Bunga Kecil oleh BoJ Bisa Berdampak Besar

Di atas kertas, langkah BoJ yang diantisipasi ini terlihat sederhana.

Pasar memprediksi kenaikan sekitar 25 basis poin, sehingga suku bunga acuan Jepang jadi sekitar 0,75%. Angka ini masih jauh lebih rendah dibandingkan suku bunga di AS atau Eropa.

Tapi, besarnya kenaikan bukan masalah utamanya.

Jepang sudah bertahun-tahun berada di kisaran nol. Bahkan kenaikan kecil saja sudah menjadi pergeseran struktural dalam kondisi pendanaan.

Lebih penting lagi, hal ini mengubah ekspektasi.

Jika pasar percaya Jepang akan masuk siklus pengetatan bertahap, trader biasanya bertindak cepat. Mereka memangkas eksposur lebih awal.

Antisipasi ini saja bisa langsung memicu aksi jual pada aset berisiko di seluruh dunia. Bitcoin langsung merasakan dampaknya karena diperdagangkan nonstop dan bereaksi lebih cepat daripada saham atau obligasi.

Bagaimana Pengetatan BoJ Bisa Picu Likuidasi Bitcoin

Penurunan paling tajam Bitcoin jarang sekali hanya karena aksi jual spot. Biasanya terjadi akibat leverage.

Jika BoJ mengambil langkah hawkish, nilai yen bisa menguat dan yield global meningkat. Hal ini menekan aset berisiko di waktu yang bersamaan.

Setelah itu, Bitcoin bisa jatuh menembus level teknis penting. Ini berdampak besar karena pasar kripto sangat mengandalkan perpetual Futures dan margin.

Saat harga anjlok, posisi long dengan leverage akan terkena ambang likuidasi. Exchange otomatis menjual aset jaminan untuk menutup kerugian.

Bank of Japan is set to hike interest rates by 25bps on December 19

The last 3 times BoJ hiked rates, Bitcoin dumped by over 20%

March 2024 → -27%
July 2024 → -30%
January 2025 → -31%

We already saw a 7% dump last week as investors tried to front-run the dump.

However,… pic.twitter.com/ex77EzHBMh

— Lark Davis (@LarkDavis) December 15, 2025

Penjualan paksa ini mendorong harga Bitcoin makin turun. Proses ini menimbulkan likuidasi bertingkat yang saling memicu.

Karena itulah, kejadian ekonomi makro kadang terlihat seperti crash khusus kripto. Kejutan awal berasal dari suku bunga dan FX.

Gelombang kedua muncul karena struktur leverage di pasar aset kripto.

Apa yang trader perhatikan saat keputusan BoJ

Risiko dari BoJ biasanya meningkat sebelum pengumuman resminya. Trader memantau tanda-tanda awal berikut:

• Penguatan yen, menandakan carry trade mulai dibuka
  
• Kenaikan yield obligasi, memperketat kondisi keuangan
  
• Penurunan funding rate atau Open Interest, menunjukkan leverage mulai keluar
  
• Support Bitcoin utama jebol, bisa memicu likuidasi besar-besaran
  

Nada pidato dan arahan BoJ juga penting. Kenaikan suku bunga dengan pesan dovish bisa menenangkan pasar.

Sinyal hawkish justru akan memperpanjang tekanan jual.

Singkatnya, Bank of Japan penting karena mereka mengontrol salah satu sumber likuiditas global utama. Ketika likuiditas mengetat, biasanya Bitcoin jadi aset pertama yang kena efeknya.

Pembelian Bitcoin terbaru MicroStrategy langsung menuai sorotan. Hanya sehari setelah perusahaan mengumumkan pembelian besar, harga Bitcoin langsung turun tajam.

Pada 14 Desember, MicroStrategy mengumumkan telah membeli 10.645 BTC dengan harga sekitar US$980,3 juta, membayar rata-rata US$92.098 per koin. Pada saat itu, Bitcoin masih diperdagangkan di level tertinggi lokal.

Pembelian yang Kurang Tepat Waktu, Setidaknya untuk Jangka Pendek

Waktunya memang kurang beruntung. Hanya sehari setelah pembelian yang diumumkan oleh MicroStrategy, harga Bitcoin sempat anjlok ke kisaran US$85.000, bahkan sempat turun di bawah angka itu. Pada waktu publikasi, BTC tetap berada di bawah US$80.000.

Strategy has acquired 10,645 BTC for ~$980.3 million at ~$92,098 per bitcoin and has achieved BTC Yield of 24.9% YTD 2025. As of 12/14/2025, we hodl 671,268 $BTC acquired for ~$50.33 billion at ~$74,972 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STRE https://t.co/VdAz7pqce1

— Michael Saylor (@saylor) December 15, 2025

Penurunan harga Bitcoin terjadi di tengah aksi jual global yang dipicu oleh kekhawatiran kenaikan suku bunga oleh Bank of Japan, likuidasi leverage, dan aksi de-risking dari market maker. Pembelian MicroStrategy terjadi tepat sebelum penurunan besar itu.

Bitcoin’s Price Drop Was Driven by Liquidations — Not Spot Selling

“In this context, the current move should be viewed less as a collapse in fundamental demand and more as a structural deleveraging event.” – By @xwinfinance pic.twitter.com/i1DSrt2Ttw

— CryptoQuant.com (@cryptoquant_com) December 16, 2025

Saat Bitcoin turun, harga saham MicroStrategy pun jatuh tajam. Dalam lima hari perdagangan terakhir, saham MSTR turun lebih dari 25%, jauh lebih buruk dibandingkan penurunan Bitcoin itu sendiri.

Meski hari ini sahamnya sedikit pulih, nilainya masih jauh di bawah level sebelum pengumuman pembelian.

Angka-angka di Balik Kekhawatiran

Saat ini, MicroStrategy memegang 671.268 BTC yang didapatkan dengan total sekitar US$50,33 miliar pada harga rata-rata US$74.972 per koin.

Secara jangka panjang, perusahaan ini masih untung besar.

Tapi, persepsi jangka pendek punya pengaruh sendiri. Dengan harga Bitcoin di sekitar US$85.000, pembelian terbaru ini sudah mengalami kerugian di atas kertas.

mNAV MicroStrategy saat ini berada di sekitar 1,11, artinya saham tersebut hanya diperdagangkan sekitar 11% di atas nilai aset Bitcoin yang dimiliki. Premi ini menyusut cepat seiring harga Bitcoin jatuh dan para investor saham mengevaluasi ulang risiko.

Kenapa pasar bereaksi sangat keras

Investor tidak mempertanyakan keyakinan MicroStrategy terhadap Bitcoin. Mereka justru mempertanyakan masalah waktu pembelian dan pengelolaan risikonya.

Risiko makro yang memicu penurunan Bitcoin ini sudah lama diperingatkan pasar. Pasar sejak beberapa minggu lalu sudah mewaspadai potensi kenaikan suku bunga oleh Bank of Japan dan ancaman terhadap yen carry trade.

Bitcoin memang punya sejarah sering turun tajam saat siklus kenaikan suku bunga Bank of Japan terjadi. Kondisi kali ini pun serupa.

Pihak yang mengkritik mengatakan MicroStrategy dinilai tidak menunggu kejelasan kondisi makro. Perusahaan ini terlihat membeli secara agresif di dekat resistance, tepat saat kondisi likuiditas global sedang mengetat.

🚨 JAPAN WILL CRASH BITCOIN IN 5 DAYS!!!

People are seriously underestimating what Japan is about to do to Bitcoin.

The Bank of Japan is expected to raise rates again on Dec 19.

That might not sound like a big deal… until you remember one thing:

Japan is the largest holder… pic.twitter.com/0a9Aimfn88

— NoLimit (@NoLimitGains) December 14, 2025

Apakah Ini Sebenarnya Sebuah Kesalahan?

Semua itu tergantung dari sudut waktu yang dipakai.

Dari sudut pandang trading, pembelian ini memang terlihat kurang tepat waktu. Harga Bitcoin langsung drop, bahkan harga sahamnya turun lebih jauh karena pengaruh leverage, sentimen, dan shrinking NAV premium.

Tapi dari sisi strategi, MicroStrategy memang tidak pernah menargetkan beli di harga terendah. Perusahaan tetap fokus pada akumulasi jangka panjang, bukan pada mengoptimalkan harga beli di jangka pendek.

CEO Michael Saylor berulang kali menyampaikan bahwa memiliki lebih banyak Bitcoin jauh lebih penting daripada presisi harga pembelian.

Risiko utama bukan di aksi beli itu sendiri. Tapi justru pada apa yang terjadi setelahnya.

Jika harga Bitcoin stabil dan tekanan makro mereda, pembelian terbaru MicroStrategy akan menyatu ke dalam biaya rata-rata jangka panjang. Tapi jika Bitcoin turun semakin jauh, keputusan ini bisa akan terus menjadi sorotan para pengkritik.

Mungkin MicroStrategy bukan pembeli Bitcoin terburuk di tahun 2025. Tapi sepertinya ini adalah pembelian yang paling tidak nyaman.

US Securities and Exchange Commission (SEC) telah menghentikan investigasi terhadap Aave Protocol tanpa merekomendasikan tindakan penegakan hukum, menurut sebuah pengumuman tertanggal 16 Desember.

Keputusan ini mengakhiri penyelidikan selama bertahun-tahun terhadap salah satu platform decentralized finance (decentralized finance) lending terbesar dan menghilangkan tekanan regulasi utama untuk sektor tersebut.

Penyelidikan Ditutup tanpa Penegakan

Dalam pengumuman tersebut, SEC menyatakan telah menyelesaikan investigasi terhadap Aave Protocol dan saat ini tidak berniat merekomendasikan tindakan penegakan hukum.

namun, lembaga itu menegaskan bahwa penutupan investigasi ini bukan berarti pembebasan sepenuhnya dan tidak mencegah tindakan di masa depan jika situasi berubah. Pengumuman ini mengikuti praktik standar SEC sesuai Securities Act Release No. 5310.

After four years, we are finally ready to share that the SEC has concluded its investigation into the Aave Protocol.

This process demanded significant effort and resources from our team, and from me personally as the founder, to protect Aave, its ecosystem, and DeFi more… pic.twitter.com/aZeLrZz5ZQ

— Stani.eth (@StaniKulechov) December 16, 2025

Penyelidikan ini dimulai sekitar 2021–2022, di masa saat SEC memperketat pengawasan terhadap aktivitas crypto lending, staking, dan governance token.

Aave, sebuah decentralized finance protocol non-custodial, memungkinkan pengguna untuk meminjam dan meminjamkan aset digital lewat smart contract otomatis. Protokol ini berjalan tanpa perantara dan dikelola oleh para holder token AAVE.

Pendapatan dan Tata Kelola Aave Jadi Sorotan

Keputusan SEC ini hadir ketika Aave juga menghadapi isu internal terkait pendapatan dan tata kelola.

Pada pekan ini, anggota DAO menyoroti kekhawatiran bahwa perubahan infrastruktur front-end mungkin telah mengalihkan pendapatan biaya swap dari kas DAO Aave. Masalah ini muncul setelah adanya peralihan dari ParaSwap ke CoW Swap di antarmuka resmi Aave.

Extremely concerning.

The stealth privatization of approximately 10% of Aave DAO's potential revenue, leveraging brand and IPs paid for by the DAO, represents a clear attack on the best interests of the $AAVE Token holders.

We will prepare an official response with @AaveChan. https://t.co/opoG3I7x7s

— Marc ”七十 Billy” Zeller (@Marczeller) December 12, 2025

Delegasi governance menyampaikan bahwa perubahan ini bisa menurunkan pendapatan DAO hingga US$10 juta per tahun, tergantung pada volume trading.

Aave Labs menjelaskan bahwa front-end adalah produk terpisah dan pembagian pendapatan sebelumnya sifatnya sukarela.

Untuk saat ini, Aave berhasil lolos dari pengawasan regulasi tanpa sanksi, yang menjadi pola umum karena SEC mulai mundur dalam penegakan aturan aset kripto di bawah Paul Atkins.

Meski demikian, protokol ini tetap menghadapi pertanyaan seputar tata kelola, desentralisasi, dan penangkapan nilai seiring perkembangan decentralized finance.

US economic data is flashing early warning signs for risk assets and crypto. The latest labor figures suggest household income growth may weaken heading into 2026.

That trend could reduce retail investment flows, especially into volatile assets like crypto. In the short term, this creates a demand problem rather than a structural crisis.

US Labor Data Signals Slower Disposable Income Growth

The latest Nonfarm Payrolls report showed modest job creation alongside a rising unemployment rate. Wage growth also slowed, pointing to weaker income momentum for households.

Nonfarm payrolls -105k in October … +64k in November pic.twitter.com/tJcn8RSu9m

— Kevin Gordon (@KevRGordon) December 16, 2025

Disposable income matters for crypto adoption. Retail investors typically allocate surplus cash, not leverage, to risk assets.

When wages stagnate and job security weakens, households cut discretionary spending first. Speculative investments often fall into that category.

Retail Investors Are Most Exposed And Altcoins Could Feel It First

Retail participation plays a larger role in altcoin markets than in Bitcoin. Smaller tokens rely heavily on discretionary retail capital chasing higher returns.

Bitcoin, by contrast, attracts institutional flows, ETFs, and long-term holders. That gives it deeper liquidity and stronger downside buffers.

If Americans have less money to invest, altcoins tend to suffer first. Liquidity dries up faster, and price declines can persist longer.

Retail investors may also be forced to exit positions to cover expenses. That selling pressure weighs more heavily on smaller-cap tokens.

Lower Income Does Not Mean Lower Prices, But It Changes The Driver

Asset prices can still rise even when incomes weaken. That typically happens when monetary policy becomes more supportive.

A cooling labor market gives the Federal Reserve room to cut rates. Lower rates can boost asset prices through liquidity rather than household demand.

For crypto, that distinction matters. Rallies driven by liquidity are more fragile and sensitive to macro shocks.

Institutions Face Their Own Headwinds From Japan

Retail weakness is only part of the picture. Institutional investors are also becoming more cautious.

The Bank of Japan’s potential rate hikes threaten global liquidity conditions. They risk unwinding the yen carry trade that has supported risk assets for years.

Bank of Japan is set to hike interest rates by 25bps on December 19

The last 3 times BoJ hiked rates, Bitcoin dumped by over 20%

March 2024 → -27%
July 2024 → -30%
January 2025 → -31%

We already saw a 7% dump last week as investors tried to front-run the dump.

However,… pic.twitter.com/ex77EzHBMh

— Lark Davis (@LarkDavis) December 15, 2025

When borrowing costs rise in Japan, institutions often reduce exposure globally. Crypto, equities, and credit all feel the impact.

The main risk is not collapse, but thin demand. Retail investors may step back due to weaker income growth. Institutions may pause as global liquidity tightens.

Altcoins remain the most vulnerable in this environment. Bitcoin is better positioned to absorb the slowdown.

For now, crypto markets appear to be transitioning. From retail-driven momentum to macro-driven caution.

That shift could define the early months of 2026.

The post Why Americans May Have Less Money For Crypto In 2026 appeared first on BeInCrypto.

Bitcoin traders often focus on the US Federal Reserve. However, the Bank of Japan (BoJ) can be just as important for crypto markets.

That’s because Japan plays a unique role in global liquidity. When that liquidity tightens, Bitcoin often drops hard.

The ‘Cheap Yen’ is Bitcoin’s Hidden Liquidity Engine

For decades, Japan maintained near-zero or negative interest rates. That made the yen one of the cheapest currencies in the world to borrow.

This gave rise to the yen carry trade.

The 🇯🇵 Bank of Japan is about to do a rate hike on Friday the 19th, creating massive fear surrounding the Yen carry trade.

Bitcoin dumped hard the last time they hiked rates:

But why is this exactly? Let’s break it down 👇

What is the Yen Carry Trade?

For decades, the Yen has… pic.twitter.com/YjxzOctjnx

— Mister Crypto (@misterrcrypto) December 14, 2025

Large institutions — including hedge funds, banks, asset managers, and proprietary trading desks — borrow yen through Japanese banks, FX swap markets, and short-term funding channels.

They then convert that yen into dollars or euros. The capital flows into higher-yielding assets.

Those assets include equities, credit, emerging markets, and increasingly, crypto. Bitcoin benefits when this funding stays cheap and abundant.

Bitcoin is especially attractive because it trades 24/7 and offers high volatility. For leveraged funds, it becomes a liquid way to express risk-on positioning.

A BoJ rate hike disrupts that system.

🚨 JAPAN WILL CRASH BITCOIN IN 5 DAYS!!!

People are seriously underestimating what Japan is about to do to Bitcoin.

The Bank of Japan is expected to raise rates again on Dec 19.

That might not sound like a big deal… until you remember one thing:

Japan is the largest holder… pic.twitter.com/0a9Aimfn88

— NoLimit (@NoLimitGains) December 14, 2025

Why a Small BoJ Rate Hike Can Have an Outsized Impact

On paper, the expected BoJ move looks modest.

Markets are pricing a hike of roughly 25 basis points, taking Japan’s policy rate toward 0.75%. That is still far below US or European rates.

But the size of the hike is not the real issue.

Japan spent decades anchored near zero. Even a small increase represents a structural shift in funding conditions.

More importantly, it changes expectations.

If markets believe Japan is entering a multi-step tightening cycle, traders do not wait. They cut exposure early.

That anticipation alone can trigger selling across global risk assets. Bitcoin feels the impact quickly because it trades continuously and reacts faster than stocks or bonds.

How the BoJ Tightening Can Trigger Bitcoin Liquidations

Bitcoin’s sharpest drops rarely come from spot selling alone. They come from leverage.

A hawkish BoJ move can strengthen the yen and lift global yields. That pressures risk assets simultaneously.

Bitcoin then falls through key technical levels. That matters because crypto markets rely heavily on perpetual futures and margin.

As price drops, leveraged long positions hit liquidation thresholds. Exchanges automatically sell collateral to cover losses.

Bank of Japan is set to hike interest rates by 25bps on December 19

The last 3 times BoJ hiked rates, Bitcoin dumped by over 20%

March 2024 → -27%
July 2024 → -30%
January 2025 → -31%

We already saw a 7% dump last week as investors tried to front-run the dump.

However,… pic.twitter.com/ex77EzHBMh

— Lark Davis (@LarkDavis) December 15, 2025

That forced selling pushes Bitcoin lower again. It triggers more liquidations in a cascading loop.

This is why macro events can look like crypto-specific crashes. The initial shock comes from rates and FX.

The second wave comes from crypto’s leverage structure.

What Traders Watch Around BoJ Decisions

BoJ risk builds before the announcement. Traders watch for early warning signs:

• Yen strength, which signals carry trades are unwinding
  
• Rising bond yields, which tighten financial conditions
  
• Falling funding rates or open interest, which show leverage exiting
  
• Key Bitcoin support breaks, which can trigger liquidations
  

The tone of BoJ guidance also matters. A hike with dovish messaging can calm markets.

A hawkish signal can extend selling pressure.

In short, the Bank of Japan matters because it controls a major source of global liquidity. When that liquidity tightens, Bitcoin often pays the price first.

The post Why the Bank of Japan Is So Critical for Bitcoin appeared first on BeInCrypto.

MicroStrategy’s latest Bitcoin buy has quickly come under scrutiny. Just one day after the firm disclosed a major purchase, Bitcoin fell sharply.

On December 14, MicroStrategy announced it had acquired 10,645 BTC for roughly $980.3 million, paying an average price of $92,098 per coin. At the time, Bitcoin was trading near local highs.

A Poorly Timed Buy, At Least in the Short Term

The timing was unfortunate. Only a day after Strategy’s reported purchase, Bitcoin had dropped toward the $85,000 range, briefly trading even lower. At the time of writing BTC remains below $80,000.

Strategy has acquired 10,645 BTC for ~$980.3 million at ~$92,098 per bitcoin and has achieved BTC Yield of 24.9% YTD 2025. As of 12/14/2025, we hodl 671,268 $BTC acquired for ~$50.33 billion at ~$74,972 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STRE https://t.co/VdAz7pqce1

— Michael Saylor (@saylor) December 15, 2025

Bitcoin’s decline came amid a broader macro-driven sell-off, fueled by Bank of Japan rate-hike fears, leverage liquidations, and market-maker de-risking. MicroStrategy’s purchase landed just ahead of that cascade.

Bitcoin’s Price Drop Was Driven by Liquidations — Not Spot Selling

“In this context, the current move should be viewed less as a collapse in fundamental demand and more as a structural deleveraging event.” – By @xwinfinance pic.twitter.com/i1DSrt2Ttw

— CryptoQuant.com (@cryptoquant_com) December 16, 2025

As Bitcoin slid, MicroStrategy shares fell sharply. Over the past five trading days, the stock dropped more than 25%, significantly underperforming Bitcoin itself.

While shares saw a modest rebound today, they remain far below levels seen before the purchase announcement.

The Numbers Behind the Concern

As of now, MicroStrategy holds 671,268 BTC, acquired for approximately $50.33 billion at an average price of $74,972 per coin.

On a long-term basis, the firm remains deeply in profit.

However, short-term optics matter. With Bitcoin near $85,000, the latest tranche is already underwater on paper.

MicroStrategy’s mNAV currently sits around 1.11, meaning the stock trades only about 11% above the value of its Bitcoin holdings. That premium has compressed rapidly as Bitcoin fell and equity investors reassessed risk.

Why the Market Reacted So Harshly

Investors are not questioning MicroStrategy’s Bitcoin thesis. They are questioning timing and risk management.

The macro risks that triggered Bitcoin’s drop were well telegraphed. Markets had been warning about the Bank of Japan’s potential rate hike and the threat to the yen carry trade for weeks.

Bitcoin has historically sold off aggressively around BOJ tightening cycles. This time was no different.

Critics argue MicroStrategy failed to wait for macro clarity. The firm appeared to buy aggressively near resistance, just as global liquidity conditions tightened.

🚨 JAPAN WILL CRASH BITCOIN IN 5 DAYS!!!

People are seriously underestimating what Japan is about to do to Bitcoin.

The Bank of Japan is expected to raise rates again on Dec 19.

That might not sound like a big deal… until you remember one thing:

Japan is the largest holder… pic.twitter.com/0a9Aimfn88

— NoLimit (@NoLimitGains) December 14, 2025

Was It Actually a Mistake?

That depends on the timeframe.

From a trading perspective, the purchase looks poorly timed. Bitcoin fell immediately, and the stock suffered amplified losses due to leverage, sentiment, and shrinking NAV premium.

From a strategy perspective, MicroStrategy has never aimed to time bottoms. The company continues to frame its purchases around long-term accumulation, not short-term price optimization.

CEO Michael Saylor has repeatedly argued that owning more Bitcoin matters more than entry precision.

The real risk is not the purchase itself. It is what happens next.

If Bitcoin stabilizes and macro pressure eases, MicroStrategy’s latest buy will fade into its long-term cost basis. If Bitcoin drops further, however, the decision will remain a focal point for critics.

MicroStrategy may not have made the worst Bitcoin purchase of 2025. But it may have made the most uncomfortable one.

The post Did MicroStrategy Make Its Worst Bitcoin Purchase of 2025? appeared first on BeInCrypto.

The US Securities and Exchange Commission has closed its investigation into the Aave Protocol without recommending enforcement action, according to a notice dated December 16.

The decision ends a multi-year probe into one of the largest decentralized finance (DeFi) lending platforms and removes a major regulatory overhang for the sector.

Investigation Closed Without Enforcement

In its notice, the SEC said it had concluded its investigation into the Aave Protocol and does not intend to recommend enforcement action at this time.

However, the agency emphasized that the closure does not constitute an exoneration and does not prevent future action should circumstances change. The notice follows standard SEC practice under Securities Act Release No. 5310.

After four years, we are finally ready to share that the SEC has concluded its investigation into the Aave Protocol.

This process demanded significant effort and resources from our team, and from me personally as the founder, to protect Aave, its ecosystem, and DeFi more… pic.twitter.com/aZeLrZz5ZQ

— Stani.eth (@StaniKulechov) December 16, 2025

The investigation began around 2021–2022, during a period when the SEC intensified scrutiny of crypto lending, staking, and governance tokens.

Aave, a non-custodial DeFi protocol, allows users to lend and borrow digital assets through automated smart contracts. The protocol operates without intermediaries and is governed by holders of the AAVE token.

Aave Revenue and Governance Under the Spotlight

The SEC decision comes as Aave faces separate internal scrutiny over revenue and governance.

Earlier this week, DAO members raised concerns that a front-end infrastructure change may have redirected swap fee revenue away from the Aave DAO treasury. The issue followed a shift from ParaSwap to CoW Swap on Aave’s official interface.

Extremely concerning.

The stealth privatization of approximately 10% of Aave DAO's potential revenue, leveraging brand and IPs paid for by the DAO, represents a clear attack on the best interests of the $AAVE Token holders.

We will prepare an official response with @AaveChan. https://t.co/opoG3I7x7s

— Marc ”七十 Billy” Zeller (@Marczeller) December 12, 2025

Governance delegates said the change could reduce DAO revenue by up to $10 million annually, depending on trading volumes. 

Aave Labs responded that the front-end is a separate product and that prior revenue sharing was voluntary.

For now, Aave emerges from regulatory scrutiny without penalties, which has been a common pattern as the SEC backtracks from crypto enforcement under Paul Atkins.

Still, the protocol faces ongoing questions around governance, decentralization, and value capture as DeFi matures.

The post SEC Drops Long-Running Investigation Into Aave Protocol appeared first on BeInCrypto.

Senat AS kembali menunda RUU Struktur Pasar Kripto yang telah lama dinantikan, dan akan mempertimbangkan secara final pada awal 2026. Para anggota legislatif kehabisan waktu sidang, karena perdebatan internal memperlambat tercapainya kesepakatan terkait sejumlah ketentuan penting.

Penundaan ini membuat ketidakpastian regulasi semakin lama untuk exchange aset kripto, penerbit, serta investor institusi yang beroperasi di AS.

Kenapa RUU Struktur Pasar Aset Kripto Ditunda

RUU ini, yang mengacu pada Digital Asset Market Clarity (CLARITY) Act versi DPR, bertujuan menentukan bagaimana aset digital akan diatur. Regulasi ini juga secara resmi membagi pengawasan antara Securities and Exchange Commission (SEC) dan Commodity Futures Trading Commission (CFTC).

Namun, perbedaan pendapat yang belum terselesaikan tentang yurisdiksi, pengawasan DeFi, dan perlindungan konsumen memperlambat kemajuan pembahasan.

🚨NEW: In a statement, a Senate Banking Committee spokesperson confirmed my reporting from this AM that @BankingGOP will not hold a market structure markup this year:

“Chairman Scott and the Senate Banking Committee have made strong progress with Democratic counterparts on… pic.twitter.com/op5rIyMn3d

— Eleanor Terrett (@EleanorTerrett) December 15, 2025

Negosiator Senat kesulitan menemukan jalan tengah antara Komite Perbankan dan Komite Pertanian. Dua komite ini mengawasi SEC dan CFTC, dan keduanya sama-sama mengklaim otoritas atas pasar spot kripto.

Akibatnya, para legislator tidak berhasil merampungkan perumusan aturan yang didukung kedua pihak sebelum sesi berakhir.

Regulasi DeFi pun menjadi salah satu pembahasan yang alot. Beberapa senator mengusulkan agar protokol decentralized tanpa perantara pengendali memperoleh pengecualian.

Sementara itu, senator lain memperingatkan bahwa pengecualian yang terlalu luas bisa melemahkan penegakan hukum dan memunculkan celah regulasi.

Kelompok advokasi konsumen juga menambah tekanan dengan menentang sebagian isi RUU ini. Mereka berpendapat kerangka regulasi ini memindahkan kekuasaan dari SEC serta berisiko melemahkan perlindungan investor setelah beberapa kegagalan besar aset kripto.

Penolakan itu akhirnya mendorong revisi tambahan dan memperlambat proses negosiasi.

Meski tertunda, RUU ini sangat berbeda dari beberapa regulasi kripto lain yang sudah disahkan. Tidak seperti GENIUS Act, yang hanya berfokus pada stablecoin, RUU struktur pasar ini justru mengatur seluruh ekosistem perdagangan aset kripto.

RUU tersebut juga menetapkan aturan untuk exchange, broker, penyedia kustodi, dan penerbit token di bawah satu kerangka federal yang terpadu.

RUU ini bahkan lebih maju daripada regulasi berbasis penegakan hukum saja. RUU ini memperkenalkan standar klasifikasi aset secara formal, dan mengurangi ketergantungan pada putusan pengadilan untuk menentukan apakah suatu token tergolong sekuritas atau komoditas.

Para legislator menyatakan bahwa pendekatan ini akan menggantikan ketidakpastian hukum dengan kejelasan berdasarkan undang-undang.

Upaya diplomatik untuk mengakhiri perang Rusia–Ukraina terlihat semakin maju pada hari Senin, saat pejabat AS, Ukraina, dan Eropa menguraikan dasar-dasar kemungkinan gencatan senjata dan kerangka keamanan pasca-perang.

Perkembangan ini menjadi salah satu kemajuan diplomatik paling signifikan sejak konflik dimulai. Tanda-tanda positif ini sudah mendorong investor untuk menilai ulang risiko geopolitik di seluruh pasar global, termasuk aset kripto.

Bagi kripto, yang belakangan ini mengalami penurunan tajam akibat dinamika risk-off global, gencatan senjata bisa mengubah sentimen, tapi tetap ada beberapa catatan penting.

Momentum Diplomatik Meningkat untuk Gencatan Senjata Rusia-Ukraina

Negosiator dari Ukraina, AS, dan sekutu utama Eropa bertemu di Berlin minggu ini dalam putaran diskusi intensif yang fokus untuk mengakhiri permusuhan dan mencegah konflik kembali terjadi.

Pejabat yang terlibat dalam diskusi tersebut menyebutkan kemajuan sebagai hal yang signifikan, dengan kesepakatan pada sebagian besar elemen yang diusulkan dalam kerangka perdamaian.

Pejabat AS mengonfirmasi bahwa Washington telah sepakat untuk mendukung jaminan keamanan bermakna bagi Ukraina sebagai bagian dari perjanjian damai, menjawab permintaan Kyiv selama ini untuk perlindungan dari agresi di masa depan.

Flood of positive-sounding headlines as US official briefs media on Ukraine talks, says 90% of issues solved, Polymarket pricing just 3% odds of ceasefire this year pic.twitter.com/IMVlegXJGW

— db (@tier10k) December 15, 2025

Menurut pejabat yang tahu jalannya perundingan, negosiator kini sepakat untuk sekitar 90% dari kerangka yang diajukan.

Namun, perbedaan yang tersisa berpusat pada pertanyaan wilayah di Ukraina timur, terutama di wilayah Donetsk.

Pemimpin Eropa semakin menegaskan dorongan diplomasi dengan menyetujui rencana pembentukan pasukan multinasional yang dipimpin Eropa untuk membantu menstabilkan Ukraina jika gencatan senjata tercapai. Usulan ini juga mencakup mekanisme pemantauan dan verifikasi yang didukung AS untuk memantau kepatuhan gencatan senjata dan merespons pelanggaran.

Most recent polls suggest that only 38% of Ukraine's population are in favor of giving up any territory, even if it means the war must drag on. pic.twitter.com/kSsAPc6ZsS

— SPRAVDI — Stratcom Centre (@StratcomCentre) December 11, 2025

Opini publik di Ukraina tetap menjadi batasan dalam perundingan. Survei yang dikutip oleh Reuters menunjukkan mayoritas warga Ukraina menolak kompromi wilayah besar atau adanya batasan pada kemampuan militer negara, kecuali ada komitmen keamanan yang tegas dan bisa ditegakkan.

Pertempuran tetap berlangsung meski ada negosiasi

Walaupun pembicaraan diplomatik berjalan maju, operasi militer belum berhenti. Pada hari Senin, pasukan Ukraina melancarkan serangan tambahan menggunakan drone jarak jauh terhadap infrastruktur minyak Rusia di Laut Kaspia, sehingga mengganggu produksi di beberapa platform utama untuk ketiga kalinya dalam beberapa hari belakangan.

Serangan ini menyoroti strategi Kyiv untuk memberi tekanan ekonomi pada pendapatan energi Rusia ketika negosiasi belum mencapai hasil.

Ukraine has opened another front against Russia. Ukraine has begun striking Russian oil platforms and ships in the Caspian Sea. Russia is helpless to stop these Ukrainian drone and missile attacks. pic.twitter.com/bD3YW5Yg4P

— Jake Broe (@RealJakeBroe) December 14, 2025

Ukraina juga mengklaim telah mengenai kapal selam kelas Kilo milik Rusia di pelabuhan Novorossiysk menggunakan drone bawah laut.

Jika terbukti benar, hal ini akan menunjukkan semakin canggihnya kemampuan angkatan laut asimetris Ukraina. Verifikasi independen atas klaim tersebut masih terbatas, sementara pejabat Rusia membantah adanya kerusakan.

Apa Arti Gencatan Senjata untuk Pasar Aset Kripto

1. Permintaan Safe-Haven Berkurang dan Minat Risiko Meningkat

Sebuah gencatan senjata yang kredibel akan menghilangkan salah satu sumber risiko besar di dunia. Di pasar dengan sentimen risiko sebagai penggerak utama, penurunan eskalasi seperti ini dapat:

• Menambah daya tarik pada aset berisiko secara luas, sehingga menurunkan permintaan terhadap aset safe haven tradisional seperti US Treasuries dan US dollar.
  
• Mendukung aset seperti Bitcoin dan altcoin besar karena investor mulai kembali memilih investasi dengan risiko lebih tinggi.
  
• Menurunkan volatilitas yang diharapkan di pasar saham dan aset digital.

Mekanismenya sederhana: dengan risiko geopolitik yang berkurang, dana yang sebelumnya mencari keamanan bisa kembali masuk ke aset berisiko, sehingga berpotensi mendorong harga Bitcoin dan Ethereum naik. Selera risiko yang lebih besar juga bisa menguntungkan altcoin, yang biasanya melesat lebih tinggi saat pasar mulai pulih.

2. Narasi Energi dan Inflasi

Gencatan senjata berkelanjutan juga bisa memengaruhi pasar komoditas, khususnya jika tekanan pada harga energi menurun. Harga energi global yang turun atau stabil dapat:

• Menurunkan ekspektasi inflasi di Eropa dan wilayah lain.
  
• Mengurangi tekanan pada bank sentral untuk tetap menjalankan kebijakan ketat.
  
• Membuka peluang kelonggaran likuiditas lebih lanjut, yang secara historis mendukung valuasi lebih tinggi untuk aset berisiko seperti aset kripto.

Namun, transmisi pengaruh ini tidak langsung maupun instan. Semua tergantung pada seberapa cepat pasar melihat perubahan struktural di pasar energi dan arah kebijakan bank sentral.

Apa Saja yang Bisa Membatasi Pemulihan Aset Kripto

Meski gencatan senjata dapat menurunkan risiko geopolitik, hal ini tidak sepenuhnya mampu menangkal tekanan ekonomi makro yang memengaruhi pasar aset kripto beberapa bulan terakhir:

• Ketidakpastian bank sentral yang terus berlanjut: Jika Bank of Japan melanjutkan pengetatan dan data Amerika Serikat terus menunjukkan inflasi yang membandel, maka likuiditas bisa tetap terbatas, sehingga kenaikan pada aset berisiko bisa tertahan.
  
• Posisi pasar derivatif: Leverage jadi pemicu utama penurunan aset kripto di masa lalu. Reli sesaat bisa memicu pembukaan posisi baru serta funding rate yang tinggi, tapi bisa saja terbalik jika tekanan ekonomi makro kembali muncul.
  
• Kondisi likuiditas: Gencatan senjata memang kabar baik, namun reli harga aset yang berkelanjutan membutuhkan likuiditas yang cukup besar. Tanpa sinyal yang lebih jelas tentang pelonggaran kondisi keuangan, aset kripto mungkin hanya akan mengalami reli singkat sementara.
  

Gencatan senjata memang positif, namun belum cukup

Kesepakatan gencatan senjata antara Rusia dan Ukraina akan menjadi perubahan besar di dunia geopolitik serta awalnya bisa mendongkrak aset berisiko, termasuk aset kripto. 

Namun, dampak lebih luas terhadap pasar aset kripto sangat bergantung pada bagaimana gencatan senjata ini bersinggungan dengan kondisi likuiditas, ekspektasi kebijakan bank sentral, dan selera risiko global.

Dalam jangka pendek, aset kripto bisa mendapat reli relief yang berarti, didorong oleh sentimen dan pergeseran risiko. 

Untuk jangka menengah, tren pasar mungkin akan bergantung pada apakah hasil gencatan senjata benar-benar mampu meredakan tekanan inflasi dan likuiditas — karena faktor makro ini menjadi pendorong utama perubahan aset digital dalam beberapa bulan terakhir.

Bitcoin turun ke level US$85.000 pada 15 Desember, memperpanjang penurunan terbarunya seiring risiko ekonomi makro global, peluruhan leverage, dan likuiditas tipis bertemu dalam waktu bersamaan. Penurunan ini menghapus lebih dari US$100 miliar dari total kapitalisasi pasar aset kripto hanya dalam beberapa hari, sehingga menimbulkan pertanyaan apakah aksi jual ini sudah selesai.

Walau tidak ada satu pemicu tunggal, lima faktor yang saling tumpang tindih mendorong Bitcoin turun dan bisa terus memberi tekanan pada harga dalam waktu dekat.

Ketakutan Kenaikan Suku Bunga Bank of Japan Picu De-Risking Global

Pendorong ekonomi makro terbesar datang dari Jepang. Pasar bergerak lebih dulu sebelum Bank of Japan yang diprediksi luas akan menaikkan suku bunga minggu ini, yang akan membawa suku bunga kebijakan Jepang ke level tertinggi dalam puluhan tahun terakhir.

Bahkan kenaikan yang kecil sekalipun berdampak besar karena Jepang selama ini jadi sumber dana bagi pasar risiko global melalui yen carry trade.

🚨 JAPAN WILL CRASH BITCOIN IN 5 DAYS!!!

People are seriously underestimating what Japan is about to do to Bitcoin.

The Bank of Japan is expected to raise rates again on Dec 19.

That might not sound like a big deal… until you remember one thing:

Japan is the largest holder… pic.twitter.com/0a9Aimfn88

— NoLimit (@NoLimitGains) December 14, 2025

Selama bertahun-tahun, investor meminjam yen murah untuk membeli aset berisiko tinggi seperti saham dan aset kripto. Saat suku bunga Jepang naik, aktivitas ini pun berbalik. Investor menjual aset risiko demi membayar kembali utang yen.

Bitcoin sebelumnya juga sudah merespons dengan tajam terhadap kenaikan suku bunga BOJ. Dalam tiga kejadian terakhir, BTC turun antara 20% hingga 30% dalam beberapa minggu setelahnya. Trader sudah mulai mengantisipasi pola historis itu sebelum keputusan dikeluarkan, sehingga Bitcoin pun menurun lebih dulu.

Bank of Japan is about to hike rates with 0.25% on December 19

Bitcoin dumped the last 3 times the BoJ hiked interest rates:

March 2024 → -27%
July 2024 → -30%
January 2025 → -30% pic.twitter.com/GNjHyUIV3d

— Quinten | 048.eth (@QuintenFrancois) December 15, 2025

Data Ekonomi AS Kembali Picu Ketidakpastian Kebijakan

Pada saat yang sama, para trader mengurangi risiko menjelang jadwal padat data makroekonomi Amerika Serikat, termasuk data inflasi dan ketenagakerjaan.

The Fed baru-baru ini memangkas suku bunga, tapi pejabatnya menyampaikan sikap hati-hati soal kecepatan pelonggaran ke depan. Ketidakpastian itu berdampak bagi Bitcoin, yang kini makin sering diperdagangkan sebagai aset makro sensitif likuiditas daripada sekadar lindung nilai terpisah.

Dengan inflasi masih di atas target dan data ketenagakerjaan yang diprediksi melemah, pasar kesulitan memprediksi langkah The Fed berikutnya. Keraguan tersebut mengurangi permintaan spekulatif dan membuat trader jangka pendek memilih menunggu.

Akibatnya, Bitcoin kehilangan momentum tepat saat mendekati level teknikal kunci.

MACRO DATA TOMORROW 👇

– 🇪🇺 GDP (Q2)
– 🇺🇸 Nonfarm Payrolls (Aug)
– 🇺🇸 Unemployment Rate (Aug)

MORE VOLATILITY INCOMING! pic.twitter.com/eiVJI7Bmxx

— Mister Crypto (@misterrcrypto) September 4, 2025

Likuidasi Leverage Besar Mempercepat Penurunan

Begitu Bitcoin menembus di bawah US$90.000, aksi jual paksa pun terjadi.

Data derivatif menunjukkan lebih dari US$200 juta posisi long leverage dilikuidasi dalam hitungan jam. Trader long sebelumnya membuka posisi optimistis usai pemangkasan suku bunga oleh The Fed awal bulan ini.

Ketika harga melemah, sistem likuidasi otomatis menjual Bitcoin untuk menutup kerugian. Penjualan ini membuat harga makin jatuh, menimbulkan likuidasi beruntun dalam efek umpan balik.

Efek mekanis ini menjelaskan kenapa pergerakan harga terjadi secara cepat dan tajam, bukan bertahap.

Likuiditas Tipis di Akhir Pekan Memperbesar Ayunan Harga

Waktu terjadinya aksi jual membuat situasi makin parah.

Bitcoin terkoreksi di saat perdagangan akhir pekan yang tipis, ketika likuiditas biasanya lebih rendah dan order book juga dangkal. Dalam kondisi seperti itu, order jual yang tak terlalu besar pun bisa menggerakkan harga dengan agresif.

Holder besar dan desk derivatif mengurangi eksposur saat likuiditas kecil, sehingga volatilitas pun makin tinggi. Dinamika ini membuat Bitcoin tergelincir dari kisaran rendah US$90.000 menuju US$85.000 dalam waktu singkat.

Penurunan saat akhir pekan seringkali tampak dramatis meski fundamental pasar secara umum tidak berubah.

Penjualan Bitcoin oleh Wintermute Menambah Tekanan di Pasar Spot

Ketegangan struktur pasar bertambah akibat penjualan besar-besaran dari Wintermute, salah satu market maker terbesar di industri kripto.

Selama aksi jual, data on-chain dan pasar menunjukkan Wintermute melepas sejumlah besar Bitcoin — diperkirakan bernilai lebih dari US$1,5 miliar — ke exchange terpusat. Perusahaan ini dilaporkan menjual BTC untuk menyeimbangkan risiko dan menutup eksposur setelah volatilitas dan kerugian di pasar derivatif baru-baru ini.

Karena Wintermute menjadi penyedia likuiditas di pasar spot maupun derivatif, aksi jualnya punya dampak besar.

Waktu penjualan juga sangat berpengaruh. Aktivitas Wintermute terjadi saat kondisi likuiditas rendah, sehingga memperbesar pergerakan penurunan dan mempercepat penurunan harga Bitcoin menuju US$85.000.

Apa yang Terjadi Selanjutnya?

Apakah Bitcoin turun lebih dalam sekarang bergantung pada tindak lanjut situasi ekonomi makro, bukan berita spesifik soal kripto.

Jika Bank of Japan mengonfirmasi kenaikan suku bunga dan imbal hasil global naik, Bitcoin bisa tetap tertekan karena perdagangan carry trade semakin dibuka. Nilai yen yang kuat juga bakal menambah tekanan tersebut.

tapi jika pasar sudah memasukkan pergerakan ini secara penuh dan data AS mulai melemah sehingga harapan pemangkasan suku bunga muncul lagi, Bitcoin bisa stabil setelah fase likuidasi selesai.

Untuk saat ini, aksi jual pada 15 Desember mencerminkan penyesuaian karena faktor makro, bukan kegagalan struktur pasar kripto — namun volatilitas nampaknya tidak akan langsung mereda.

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.

🚨NEW: In a statement, a Senate Banking Committee spokesperson confirmed my reporting from this AM that @BankingGOP will not hold a market structure markup this year:

“Chairman Scott and the Senate Banking Committee have made strong progress with Democratic counterparts on… pic.twitter.com/op5rIyMn3d

— Eleanor Terrett (@EleanorTerrett) December 15, 2025

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.

The post US Senate Delays Crypto Market Structure Bill Until 2026 appeared first on BeInCrypto.

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. 

Flood of positive-sounding headlines as US official briefs media on Ukraine talks, says 90% of issues solved, Polymarket pricing just 3% odds of ceasefire this year pic.twitter.com/IMVlegXJGW

— db (@tier10k) December 15, 2025

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.

Most recent polls suggest that only 38% of Ukraine's population are in favor of giving up any territory, even if it means the war must drag on. pic.twitter.com/kSsAPc6ZsS

— SPRAVDI — Stratcom Centre (@StratcomCentre) December 11, 2025

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 has opened another front against Russia. Ukraine has begun striking Russian oil platforms and ships in the Caspian Sea. Russia is helpless to stop these Ukrainian drone and missile attacks. pic.twitter.com/bD3YW5Yg4P

— Jake Broe (@RealJakeBroe) December 14, 2025

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.

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.
  

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.

The post How a Potential Russia–Ukraine Ceasefire Could Impact Crypto Markets appeared first on BeInCrypto.

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.

🚨 JAPAN WILL CRASH BITCOIN IN 5 DAYS!!!

People are seriously underestimating what Japan is about to do to Bitcoin.

The Bank of Japan is expected to raise rates again on Dec 19.

That might not sound like a big deal… until you remember one thing:

Japan is the largest holder… pic.twitter.com/0a9Aimfn88

— NoLimit (@NoLimitGains) December 14, 2025

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.

Bank of Japan is about to hike rates with 0.25% on December 19

Bitcoin dumped the last 3 times the BoJ hiked interest rates:

March 2024 → -27%
July 2024 → -30%
January 2025 → -30% pic.twitter.com/GNjHyUIV3d

— Quinten | 048.eth (@QuintenFrancois) December 15, 2025

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.

MACRO DATA TOMORROW 👇

– 🇪🇺 GDP (Q2)
– 🇺🇸 Nonfarm Payrolls (Aug)
– 🇺🇸 Unemployment Rate (Aug)

MORE VOLATILITY INCOMING! pic.twitter.com/eiVJI7Bmxx

— Mister Crypto (@misterrcrypto) September 4, 2025

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.

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.

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. 

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.

The post 5 Reasons Bitcoin Fell to $85,000 and Why More Downside Is Possible appeared first on BeInCrypto.

Perang Rusia-Ukraina telah berlangsung hampir 4 tahun. Sanksi Barat awalnya bertujuan untuk mengisolasi Rusia secara finansial. Tapi, sanksi ini justru memaksa Rusia untuk beradaptasi.

Pada tahun 2025, BeInCrypto mulai mendokumentasikan bagaimana Rusia dan aktor-aktor yang terkait dengan Rusia membangun kembali jalur pembayaran dengan menggunakan aset kripto. Yang muncul bukan hanya satu exchange atau satu token, tapi sebuah sistem tangguh yang dirancang agar bisa bertahan dari pembekuan, penyitaan, ataupun keterlambatan penegakan hukum.

Investigasi ini merekonstruksi sistem tersebut secara kronologis, berdasarkan analisis forensik on-chain dan wawancara dengan para penyidik yang melacak aliran dana itu.

Tanda Peringatan Pertama Bukan Tindak Kriminal

Pertanda awal tidak mengarah ke ransomware atau pasar gelap di darknet. Sinyal utamanya justru ke perdagangan.

Pemerintah mulai mempertanyakan bagaimana aliran uang melintasi perbatasan untuk kebutuhan impor, bagaimana barang dual-use dibayar, dan bagaimana transaksi bisa terjadi tanpa peran bank.

Bersamaan dengan itu, data on-chain menunjukkan OTC desk Rusia mengalami lonjakan aktivitas. Exchange yang menjadi tempat likuiditas OTC dari Rusia juga melihat volume yang meningkat tajam, terutama di Asia.

Sementara itu, grup Telegram dan forum di darknet secara terbuka membahas cara menghindari sanksi. Percakapan ini tidak tersembunyi, melainkan menjelaskan metode praktis untuk memindahkan nilai melintasi perbatasan tanpa melibatkan bank.

Caranya sangat sederhana. OTC desk menerima rubel di dalam negeri, kadang dalam bentuk tunai. Setelah itu, mereka menerbitkan stablecoin atau aset kripto. Lalu aset kripto itu digunakan untuk menyelesaikan pembayaran di luar negeri, agar bisa diubah ke mata uang lokal di negara tujuan.

Garantex jalankan pusat pencucian aset kripto Rusia

Garantex memegang peran penting dalam ekosistem ini. Exchange ini menjadi pusat likuiditas bagi OTC desk, para migran, dan pembayaran terkait perdagangan.

Bahkan setelah sanksi awal, Garantex tetap berinteraksi dengan exchange yang resmi di luar negeri. Aktivitas ini terus berjalan selama beberapa bulan.

Saat penegakan hukum akhirnya meningkat, orang-orang memperkirakan akan terjadi gangguan besar. Tapi yang terjadi justru adalah persiapan matang.

“Bahkan orang-orang yang meninggalkan Rusia tetap menggunakan Garantex untuk memindahkan uang mereka ke luar. Kalau kamu ingin pindah ke tempat seperti Dubai, ini jadi salah satu cara utama transfer dana setelah jalur perbankan tradisional terputus. Bagi banyak warga Rusia yang ingin pergi dari negaranya, Garantex jadi jalan keluar yang praktis. Ini adalah salah satu dari sedikit cara yang masih bisa digunakan untuk memindahkan uang ke luar negeri setelah bank dan SWIFT sudah tidak bisa diandalkan lagi,” ujar Lex Fisun, CEO Global Ledger

Penyitaan Memicu Perebutan Cadangan

Pada hari saat infrastruktur Garantex disita di bulan Maret 2025, sebuah wallet Ethereum yang terhubung langsung dengan Garantex dengan cepat mengkonsolidasikan lebih dari 3.200 ETH. Dalam hitungan jam, hampir seluruh saldo itu dipindahkan ke Tornado Cash.

Langkah itu sangat penting. Tornado Cash memang tidak untuk pencairan, tapi digunakan untuk memutus jejak transaksi.

Beberapa hari setelah itu, cadangan Bitcoin yang sudah lama tidur mulai bergerak. Wallet yang tidak disentuh sejak 2022 mulai mengkonsolidasikan BTC. Ini bukan aksi jual panik, melainkan pengelolaan aset treasury di tengah tekanan.

Jadi, terbukti aset di luar kendali stablecoin masih bisa diakses kapan saja.

Penerus muncul hampir seketika

Saat akses ke Garantex perlahan menghilang, layanan baru mulai muncul.

Grinex diam-diam diluncurkan dan mulai mendukung USDT. Arus dana yang ditelusuri bergerak melalui TRON dan terkoneksi dengan infrastruktur yang berkaitan dengan Grinex. Pengguna melaporkan saldo mereka muncul kembali dengan nama baru.

“Sepertinya ini adalah rebranding paling mencolok yang pernah kami temui. Namanya hampir sama, websitenya juga mirip, dan pengguna yang kehilangan akses ke Garantex mendapati saldonya muncul kembali di Grinex,” terang Fisun kepada BeInCrypto.

Akhir Juli 2025, Garantex mengumumkan pembayaran kepada mantan pengguna dalam Bitcoin dan Ethereum secara terbuka. Data on-chain mengonfirmasi bahwa sistem ini sebenarnya sudah berjalan.

Setidaknya, crypto senilai US$25 juta sudah didistribusikan. Masih banyak lagi yang belum tersentuh.

Struktur pembayaran mengikuti pola yang jelas, dengan cadangan dicairkan lewat mixer, wallet agregasi, dan cross-chain bridge sebelum sampai ke pengguna.

Pencairan Ethereum Bergantung pada Kompleksitas

Pembayaran Ethereum memakai cara pengaburan yang disengaja. Dana berpindah lewat Tornado Cash, masuk ke protokol DeFi, lalu menyeberang ke beberapa chain. Transfer bergerak di antara Ethereum, Optimism, dan Arbitrum sebelum akhirnya masuk ke wallet pembayaran.

Meski strukturnya rumit, hanya sebagian kecil cadangan ETH yang sampai ke pengguna. Lebih dari 88% tetap tidak tersentuh, menandakan pembayaran masih pada tahap awal.

Pembayaran Bitcoin Menyingkap Kelemahan Lain

Pembayaran Bitcoin jauh lebih sederhana dan terpusat.

Penyelidik menemukan beberapa wallet pembayaran yang terhubung ke satu hub agregasi, yang menerima hampir 200 BTC. Hub ini tetap aktif selama beberapa bulan setelah penyitaan.

Hal yang lebih menarik adalah ke mana dana itu bergerak berikutnya.

Wallet sumber sering melakukan transaksi dengan alamat deposit milik salah satu exchange terpusat terbesar di dunia. Sisa transaksi (“change”) selalu kembali ke sana.

Mengapa Sanksi Barat Sulit Mengejar

Sanksi Barat tidak sepenuhnya absen. Sanksi datang terlambat, pelaksanaannya tidak merata, dan prosesnya berjalan lambat.

Saat Garantex benar-benar dihentikan, penyelidik sudah mencatat pergerakan dana senilai miliaran US$ melalui wallet mereka. 

Bahkan setelah sanksi diberlakukan, exchange tersebut tetap berinteraksi dengan platform terregulasi di luar negeri karena memanfaatkan jeda waktu antara penetapan sanksi, penerapan, dan update kepatuhan.

Masalah utamanya bukan tidak ada kewenangan hukum. Masalahnya adalah perbedaan kecepatan antara penegakan sanksi dengan infrastruktur kripto. Regulator bergerak dalam hitungan minggu atau bulan, sementara sistem kripto bisa memindahkan likuiditas hanya dalam hitungan jam.

“Sanksi hanya efektif di atas kertas. Masalahnya ada pada eksekusi. Miliaran dana masih bisa bergerak karena penegakan berjalan lambat, terpecah-pecah, dan sering tertinggal dari kecepatan sistem kripto beradaptasi. Masalahnya bukan sanksi tidak ada, tapi pelaksanaannya terlalu lambat untuk sistem yang bergerak secepat kripto,” tutur CEO Global Ledger. 

Kesenjangan tersebut memungkinkan Garantex beradaptasi. Wallet sering berpindah. Hot wallet berubah secara acak. Saldo yang tersisa dipindahkan dengan pola yang meniru aktivitas normal pada exchange sehingga sistem kepatuhan otomatis jadi kurang efektif.

Sektor swasta pun kesusahan mengejar. Bank dan exchange harus menyeimbangkan kewajiban kepatuhan dengan kecepatan transaksi, kenyamanan pelanggan, serta biaya operasional. 

Dalam situasi seperti itu, terekspos sanksi bisa lolos jika aktivitasnya tidak menimbulkan sinyal bahaya yang jelas.

Hingga Oktober 2025, infrastruktur pembayaran ini masih beroperasi. Cadangan dana masih tersedia. Jalur keluar tetap terbuka.

Ini bukanlah kehancuran sebuah exchange, melainkan evolusi dari suatu sistem.

Strategi kripto Rusia di 2025 menunjukkan bagaimana ekonomi yang terkena sanksi bisa tetap bertahan dengan membangun jalur paralel, menjaga likuiditas, dan mengubah rute ketika terblokir.

Tether telah mengajukan proposal pasti dengan pembayaran tunai penuh untuk membeli seluruh 65,4% saham Exor di Juventus Football Club, klub paling sukses dalam sejarah sepak bola Italia dan juara Serie A sebanyak 36 kali.

Jika disetujui oleh regulator serta diterima oleh Exor, Tether menyatakan bahwa mereka akan melakukan penawaran tender publik untuk sisa saham dengan harga yang sama, seluruhnya didanai dari modal mereka sendiri. Perusahaan juga berkomitmen untuk menginvestasikan hingga €1 miliar guna mendukung dan mengembangkan klub setelah proses akuisisi selesai.

Apa Arti Kerja Sama Juventus bagi Tether

Proposal ini, yang diumumkan pada 12 Desember, menjadi salah satu langkah paling ambisius yang diambil perusahaan aset kripto di dunia olahraga elit. Hal ini menandakan pergeseran strategi Tether dari penerbit stablecoin murni menjadi investor modal jangka panjang di institusi tradisional.

Dalam pengumumannya, CEO Tether Paolo Ardoino mendeskripsikan Juventus sebagai simbol kedisiplinan, ketangguhan, serta kesinambungan—nilai-nilai yang ia sebut mencerminkan bagaimana Tether dibangun, ujar Ardoino.

JUST IN: Tether wants to acquire Italian football club Juventus.

Juventus is a 36-time domestic league champion, making it the most successful club in Italian football history. pic.twitter.com/l1yncxgW9L

— BeInCrypto (@beincrypto) December 12, 2025

Dari sisi bisnis, akuisisi ini akan memberi Tether kendali atas merek olahraga yang diakui secara global, memperluas jejak mereka di luar infrastruktur keuangan ke bidang media, hiburan, dan ekonomi penggemar di seluruh dunia.

Berbeda dengan sponsor jangka pendek atau kemitraan fan token, kepemilikan menempatkan Tether di pusat tata kelola serta strategi jangka panjang klub.

Langkah ini juga menguatkan klaim Tether bahwa mereka beroperasi dari posisi kesehatan neraca keuangan yang kuat, karena mampu menggelontorkan miliaran modal tanpa pendanaan eksternal.

Bagian dari Strategi Ekspansi yang Lebih Luas

Proposal Juventus ini mengikuti rangkaian aksi profil tinggi dari Tether dan USDT dalam beberapa pekan terakhir.

Baru-baru ini, Tether telah memperoleh pengakuan regulasi untuk USDT sebagai Token Acuan Fiat di ADGM Abu Dhabi, memperluas penggunaan stablecoin berlisensi ini di berbagai blockchain.

Pada saat yang sama, perusahaan juga tengah mengeksplorasi tokenisasi sahamnya sendiri, menandakan keterbukaan pada struktur perusahaan baru yang dibangun di atas teknologi blockchain.

Lebih dari sekadar keuangan, Tether juga terjun ke bidang AI, robotika, dan teknologi konsumen berfokus privasi, mendukung perusahaan robotik dan meluncurkan produk kesehatan serta AI yang berorientasi privasi.

Semua perkembangan ini menunjukkan bahwa Tether tengah menjalankan strategi diversifikasi jauh melampaui penerbitan stablecoin, sementara

Juventus dan Aset Kripto: Bukan Pertama Kali Terhubung

Juventus sendiri bukan pendatang baru di dunia aset kripto.

Klub ini sebelumnya telah meluncurkan fan token $JUV di platform Chiliz dan Socios, yang memungkinkan penggemar untuk ikut serta dalam polling dan inisiatif interaktif. Juventus juga telah bekerja sama dengan berbagai perusahaan aset kripto sebagai sponsor, termasuk perjanjian branding yang dipimpin exchange dalam beberapa musim terakhir.

namun, proposal Tether jauh melampaui sekadar kemitraan kripto sebelumnya. Jika terealisasi, langkah ini berarti perusahaan aset digital akan memegang kendali operasional penuh—suatu langkah yang belum pernah terjadi sebelumnya untuk klub sekelas Juventus.

Transaksi ini masih menunggu penerimaan dari Exor, perjanjian hukum yang pasti, serta persetujuan dari regulator. Jika seluruh syarat tersebut terpenuhi, Tether berencana untuk melanjutkan dengan penawaran tender publik untuk sisa saham.

Klaim bahwa perusahaan trading Wall Street, Jane Street, memicu “dump” Bitcoin setiap hari pukul 10 pagi kembali muncul pada 12 Desember, setelah BTC mengalami penurunan tajam di hari itu.

Spekulasi di media sosial kembali menyorot trader institusi dan market maker ETF. Tapi, jika melihat data lebih dalam, cerita ini sebenarnya lebih kompleks.

Apa Itu Narasi “Jane Street 10 a.m.”?

Teori tersebut menyatakan bahwa Bitcoin sering kali mengalami aksi jual sekitar pukul 9:30–10:00 pagi ET, saat pasar saham AS dibuka. Nama Jane Street sering disebut karena perusahaan ini merupakan market maker besar dan peserta resmi untuk exchange-traded fund (ETF) Bitcoin spot di AS.

Klaim tersebut menyebutkan bahwa perusahaan-perusahaan ini sengaja menurunkan harga untuk memicu likuidasi, lalu membeli kembali di harga lebih murah. Sejauh ini, tidak ada regulator, exchange, atau sumber data yang pernah mengonfirmasi adanya aktivitas terkoordinasi seperti itu.

BREAKING: The 10am manipulation is back.

Bitcoin dropped $2,000 in 35 minutes and wiped out $40 billion from its market cap.

$132 million worth of longs have been liquidated in the past 60 minutes.

This is getting ridiculous. https://t.co/0DRTFfL08r pic.twitter.com/RByT4CWF65

— Bull Theory (@BullTheoryio) December 12, 2025

Data Futures Bitcoin tidak menunjukkan adanya aksi dump agresif

Bitcoin bergerak sideways hari ini selama pembukaan pasar AS, dengan pergerakan sempit di kisaran US$92.000–US$93.000. Tidak ada aksi jual mendadak atau tidak wajar tepat pada pukul 10 pagi ET.

Penurunan tajam justru terjadi setelahnya, mendekati waktu tengah hari di AS. Harga BTC sempat turun di bawah US$90.000 sebelum stabil lagi, sehingga menunjukkan tekanan terjadi lebih lambat, bukan tepat saat pasar dibuka.

Open Interest Bitcoin futures di berbagai exchange mayor tetap relatif stabil. Total open interest hampir tidak berubah sepanjang hari, sehingga tidak tampak adanya kenaikan besar posisi short baru.

Di CME, yang menjadi pasar utama bagi trading institusi, open interest justru turun sedikit. Pola ini biasanya menandakan pengurangan risiko atau hedging, bukan penjualan agresif satu arah.

Jika memang ada perusahaan trading besar yang mengatur dump secara terkoordinasi, biasanya akan terlihat lonjakan tajam atau penurunan ekstrem pada open interest. Tapi, hal itu tidak tampak di data hari ini.

Likuidasi Menjelaskan Pergerakan

Data likuidasi justru memberikan penjelasan lebih jelas. Dalam 24 jam terakhir, total likuidasi aset kripto melampaui US$430 juta, dan mayoritas berasal dari posisi long.

Hanya untuk Bitcoin saja, lebih dari US$68 juta posisi terlikuidasi, sedangkan likuidasi Ethereum bahkan lebih tinggi lagi. Ini menunjukkan adanya pembersihan leverage di seluruh pasar, bukan hanya kejadian khusus Bitcoin.

Jika harga turun di bawah level penting, likuidasi paksa dapat mempercepat penurunan. Sering kali, kondisi ini menyebabkan harga anjlok tajam tanpa harus ada satu penjual utama yang mendominasi pasar.

Paling penting, exchange-traded fund (ETF) Bitcoin spot di AS mencatat arus keluar US$77 juta pada 11 Desember, setelah dua hari berturut-turut mengalami arus masuk stabil. Efek guncangan harga hari ini mayoritas tercermin dari peristiwa tersebut.

Tidak Ada Satu Exchange yang Memimpin Sell-Off

Pergerakan ini tersebar di berbagai exchange seperti Binance, CME, OKX, dan Bybit. Tidak ada bukti tekanan jual terkonsentrasi pada satu exchange atau satu instrumen saja.

Hal ini penting karena manipulasi terkoordinasi biasanya meninggalkan jejak yang jelas. Namun, kejadian ini justru menunjukkan adanya partisipasi luas lintas pasar dan konsisten dengan aksi unwind risiko secara otomatis.

Mengapa Narasi Jane Street Terus Kembali

Volatilitas Bitcoin sering terkonsentrasi di jam perdagangan AS karena aktivitas ETF, rilis data ekonomi makro, dan penyesuaian portofolio institusi. Faktor struktural seperti ini bisa membuat pergerakan harga tampak berpola.

Jane Street Bots already entered Polymarket xD

While most traders chase narratives, one Polymarket account turned 15-minute crypto prediction windows into a mechanical profit engine.

Trader didn't build a sophisticated arbitrage bot.

He found something simpler, momentum lag on… pic.twitter.com/KHUJog4u6C

— gemchanger (@gemchange_ltd) December 12, 2025

Keterlibatan Jane Street sebagai market maker ETF memang membuatnya jadi sasaran spekulasi. Tapi, market maker sebenarnya hanya melakukan hedging dan manajemen inventori, bukan menyerang harga secara satu arah.

Peristiwa hari ini pun menunjukkan pola yang sudah umum di pasar kripto: leverage menumpuk, harga tergelincir, likuidasi terjadi berantai, dan narasi pun bermunculan.

The Russia-Ukraine war has waged on for nearly 4 years now. Western sanctions were meant to isolate Russia financially. Instead, they forced adaptation.

In 2025, BeInCrypto began documenting how Russia and Russia-linked actors rebuilt payment routes using crypto. What emerged was not a single exchange or token, but a resilient system designed to survive freezes, seizures, and enforcement delays.

This investigation reconstructs that system in chronological order, based on on-chain forensic analysis and interviews with investigators tracking the flows.

The First Warning Signs Were not Criminal

Early signals did not point to ransomware or darknet markets. They pointed to trade.

Authorities began asking new questions on how money crossed borders for imports, how dual-use goods were paid for, and how settlements occurred without banks. 

At the same time, on-chain data showed Russian OTC desks surging in activity. Exchanges hosting Russian OTC liquidity also saw volumes spike, especially in Asia.

Meanwhile, Telegram groups and darknet forums discussed sanctions evasion openly. These were not hidden conversations. They described practical methods for moving value across borders without banks.

The method was simple. OTC desks accepted rubles domestically, sometimes as cash. They issued stablecoins or crypto. That crypto then settled abroad, where it could be converted into local currency.

Garantex Operated Russia’s Crypto Laundering Hub

Garantex played a critical role in this ecosystem. It functioned as a liquidity hub for OTC desks, migrants, and trade-linked payments.

Even after early sanctions, it continued interacting with regulated exchanges abroad. That activity persisted for months.

When enforcement finally escalated, the expectation was disruption. What followed instead was preparation.

“Even people who were leaving Russia were still using Garantex to move their money out. If you were trying to relocate to places like Dubai, this became one of the main ways to transfer funds once traditional banking routes were cut off. For many Russians trying to leave the country, Garantex became a practical exit route. It was one of the few ways to move money abroad after banks and SWIFT were no longer an option,” said Lex Fisun, CEO of Global Ledger

The Seizure Triggered a Reserve Scramble

On the day Garantex’s infrastructure was seized in March 2025, a linked Ethereum wallet rapidly consolidated more than 3,200 ETH. Within hours, nearly the entire balance moved into Tornado Cash.

That move mattered. Tornado Cash does not facilitate payouts. It breaks transaction history.

Days later, dormant Bitcoin reserves began moving. Wallets untouched since 2022 consolidated BTC. This was not panic selling. It was treasury management under pressure.

So, it was clear that assets outside stablecoin control remained accessible.

A Successor Appeared Almost Immediately

As access to Garantex faded, a new service emerged.

Grinex launched quietly and began supporting USDT. Traced flows passed through TRON and connected to Grinex-linked infrastructure. Users reported balances reappearing under the new name.

“It was probably the most obvious rebrand we’ve seen. The name was nearly the same, the website was nearly the same, and users who lost access to Garantex saw their balances reappear on Grinex,” Fisun told BeInCrypto. 

In late July 2025, Garantex publicly announced payouts to former users in Bitcoin and Ethereum. On-chain data confirmed the system was already live.

At least $25 million in crypto had been distributed. Much more remained untouched.

The payout structure followed a clear pattern where reserves were layered through mixers, aggregation wallets, and cross-chain bridges before reaching users.

Ethereum Payouts Relied on Complexity

Ethereum payouts used deliberate obfuscation. Funds moved through Tornado Cash, then into a DeFi protocol, then across multiple chains. Transfers bounced between Ethereum, Optimism, and Arbitrum before landing in payout wallets.

Despite the complexity, only a fraction of the ETH reserves reached users. More than 88% remained untouched, indicating payouts were still in early stages.

Bitcoin Payouts Exposed a Different Weakness

Bitcoin payouts were simpler and more centralized.

Investigators identified multiple payout wallets linked to a single aggregation hub that received nearly 200 BTC. That hub remained active months after the seizure.

More revealing was where the funds touched next.

Source wallets repeatedly interacted with deposit addresses tied to one of the world’s largest centralized exchanges. The transaction “change” consistently routed back there.

Why Western Sanctions Struggled to Keep Up

Western sanctions were not absent. They were late, uneven, and slow to execute.

By the time Garantex was fully disrupted, investigators had already documented billions of dollars moving through its wallets. 

Even after sanctions were applied, the exchange continued interacting with regulated platforms abroad, exploiting delays between designation, enforcement, and compliance updates.

The core problem was not a lack of legal authority. It was the speed mismatch between sanctions enforcement and crypto infrastructure. While regulators operate on weeks or months, crypto systems reroute liquidity in hours.

“Sanctions work on paper. The problem is execution. Billions can still move because enforcement is slow, fragmented, and often lags behind how fast crypto systems adapt. The issue isn’t that sanctions don’t exist. It’s that they’re enforced too slowly for a system that moves at crypto speed,” said the Global Ledger CEO. 

That gap allowed Garantex to adapt. Wallets rotated frequently. Hot wallets changed unpredictably. Remaining balances were moved in ways that mimicked normal exchange activity, making automated compliance systems less effective.

The private sector struggled to keep up. Banks and exchanges balance compliance obligations against transaction speed, customer friction, and operational cost. 

In that environment, sanctioned exposure can slip through when activity does not trigger obvious red flags.

By October 2025, the payout infrastructure was still active. Reserves remained. Routes stayed open.

This was not the collapse of an exchange, rather he evolution of a system.

Russia’s crypto strategy in 2025 showed how a sanctioned economy adapts by building parallel rails, preserving liquidity, and rerouting when blocked.

The post Inside Putin’s Crypto Cold War: How Russia Evaded Western Sanctions In 2025 appeared first on BeInCrypto.

Tether has submitted a binding all-cash proposal to acquire Exor’s entire 65.4% stake in Juventus Football Club, the most successful club in Italian football history and a 36-time Serie A champion.

If approved by regulators and accepted by Exor, Tether said it would launch a public tender offer for the remaining shares at the same price, fully funded with its own capital. The company also committed to invest up to €1 billion to support and develop the club following completion.

What the Juventus Deal Means for Tether

The proposal, announced on December 12, marks one of the most ambitious moves yet by a crypto company into elite global sport. It signals a strategic shift for Tether from a pure stablecoin issuer to a long-term capital allocator in traditional institutions.

In the announcement, Tether CEO Paolo Ardoino described Juventus as a symbol of discipline, resilience, and continuity—values he said mirror how Tether has been built.

JUST IN: Tether wants to acquire Italian football club Juventus.

Juventus is a 36-time domestic league champion, making it the most successful club in Italian football history. pic.twitter.com/l1yncxgW9L

— BeInCrypto (@beincrypto) December 12, 2025

From a business perspective, the acquisition would give Tether control of a globally recognised sports brand, expanding its footprint beyond financial infrastructure into media, entertainment, and global fan economies. 

Unlike short-term sponsorships or fan token partnerships, ownership places Tether at the centre of governance and long-term strategy.

The move also reinforces Tether’s claim that it is operating from a position of strong balance-sheet health, able to deploy billions in capital without external financing.

Part of a Broader Expansion Strategy

The Juventus proposal follows a series of high-profile moves by Tether and USDT in recent weeks.

Tether recently secured regulatory recognition for USDT as an Accepted Fiat-Referenced Token in Abu Dhabi’s ADGM, expanding regulated use of the stablecoin across multiple blockchains.

At the same time, the company has explored tokenising its own equity, signalling openness to new corporate structures built on blockchain rails.

Beyond finance, Tether has also pushed into AI, robotics, and privacy-focused consumer technology, backing robotics firms and launching privacy-centric health and AI products.

Together, these developments point to a strategy of diversifying well beyond stablecoin issuance while

Juventus and Crypto: Not a First Connection

Juventus is no stranger to crypto involvement.

The club previously launched the $JUV fan token on the Chiliz and Socios platform, allowing fans to participate in polls and engagement initiatives. Juventus has also partnered with crypto companies as sponsors, including exchange-led branding deals in recent seasons.

However, Tether’s proposal goes far beyond past crypto partnerships. If completed, it would represent full operational control by a digital asset firm—an unprecedented step for a club of Juventus’ stature.

The transaction remains subject to Exor’s acceptance, definitive legal agreements, and regulatory approvals. If those conditions are met, Tether plans to proceed with a public tender offer for remaining shares.

The post Tether Moves to Buy Juventus in Landmark Crypto Sports Deal appeared first on BeInCrypto.

Claims that Wall Street trading firm Jane Street triggers a daily 10 a.m. Bitcoin “dump” resurfaced on December 12, after BTC saw a sharp intraday drop. 

Social media speculation once again pointed to institutional traders and ETF market makers. A closer look at the data, however, tells a more nuanced story.

What is the “Jane Street 10 a.m.” Narrative?

The theory suggests Bitcoin often sells off around 9:30–10:00 a.m. ET, when US equity markets open. Jane Street is frequently named because it is a major market maker and an authorized participant for US spot Bitcoin ETFs.

The allegation claims these firms push prices lower to trigger liquidations, then buy back cheaper. However, no regulator, exchange, or data source has ever confirmed such coordinated activity.

BREAKING: The 10am manipulation is back.

Bitcoin dropped $2,000 in 35 minutes and wiped out $40 billion from its market cap.

$132 million worth of longs have been liquidated in the past 60 minutes.

This is getting ridiculous. https://t.co/0DRTFfL08r pic.twitter.com/RByT4CWF65

— Bull Theory (@BullTheoryio) December 12, 2025

Bitcoin Futures Data Doesn’t Show Aggressive Dumping

Bitcoin traded sideways today through the US market open, holding a tight range near $92,000–$93,000. There was no sudden or abnormal sell-off exactly at 10:00 a.m. ET.

The sharp drop came later in the session, closer to mid-day US hours. BTC briefly fell below $90,000 before stabilizing, suggesting delayed pressure rather than an open-driven move.

Bitcoin futures open interest across major exchanges remained broadly stable. Total open interest was nearly flat on the day, indicating no large buildup of new short positions.

On CME, the most relevant venue for institutional trading, open interest declined modestly. That pattern typically reflects risk reduction or hedging, not aggressive directional selling.

If a major proprietary firm were driving a coordinated dump, a sharp spike or collapse in open interest would normally appear. It did not.

Liquidations Explain the Move

Liquidation data provides a clearer explanation. Over the past 24 hours, total crypto liquidations exceeded $430 million, with long positions accounting for the majority.

Bitcoin alone saw more than $68 million in liquidations, while Ethereum liquidations were even higher. This indicates a leverage flush across the market, not a Bitcoin-specific event.

When prices slip below key levels, forced liquidations can accelerate declines. This often creates sharp drops without requiring a single dominant seller.

Most notably, US spot Bitcoin ETFs recorded $77 million outflow on December 11, after two days of steady inflow. Today’s brief price shock was largely reflected in this move. 

No Single Venue Led the Sell-Off

The move was distributed across exchanges, including Binance, CME, OKX, and Bybit. There was no evidence of selling pressure concentrated on one venue or one instrument.

That matters because coordinated manipulation typically leaves a footprint. This event showed broad, cross-market participation consistent with automated risk unwinds.

Why the Jane Street Narrative Keeps Returning

Bitcoin volatility often clusters around US market hours due to ETF trading, macro data releases, and institutional portfolio adjustments. These structural factors can make price moves appear patterned.

Jane Street Bots already entered Polymarket xD

While most traders chase narratives, one Polymarket account turned 15-minute crypto prediction windows into a mechanical profit engine.

Trader didn't build a sophisticated arbitrage bot.

He found something simpler, momentum lag on… pic.twitter.com/KHUJog4u6C

— gemchanger (@gemchange_ltd) December 12, 2025

Jane Street’s visibility in ETF market making makes it an easy target for speculation. But market making involves hedging and inventory management, not directional price attacks.

Today’s move fits a familiar pattern in crypto markets. Leverage builds, price slips, liquidations cascade, and narratives follow.

The post Did Jane Street Cause Another 10 a.m. Bitcoin Dump Today? appeared first on BeInCrypto.