The US ETF market achieved a historic “triple crown” in 2025, setting records in inflows ($1.4 trillion), new launches (1,100+), and trading volume ($57.9 trillion). This is the first time all three metrics hit records simultaneously since 2021.
Three consecutive years of double-digit S&P 500 gains powered the rally. But Wall Street is starting to ask: what comes next?
The Ghost of 2022
That precedent carries a warning. The year following the 2021 triple crown saw the S&P 500 plunge 19% amid the Federal Reserve’s aggressive rate hikes. The tech-driven rally that fueled ETF inflows reversed sharply, with both inflows and launches slowing in 2022.
The parallels are hard to ignore. In 2021, exuberance around tech stocks drove record demand. In 2025, AI spending has dominated while skepticism is mounting. Since October, the S&P 500 has traded sideways as Wall Street questions the returns on Big Tech’s AI capex.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, warned: “Because of how perfect this year seemed to be for ETFs, you kind of want to brace for it.” He suggested a “reality check” could come in 2026 through market volatility or leveraged ETF blowups—risks already demonstrated by GraniteShares’ 3x Short AMD ETP, which lost 88.9% in a single day and was liquidated in October.
The Crypto ETF Rotation
Within the broader ETF boom, a striking divergence is playing out in cryptocurrency funds.
BlackRock’s IBIT attracted $25.4 billion despite a -9.6% return—the only negative performer among the top 10 flow leaders. Balchunas called it “Boomers putting on a HODL clinic.” But the tide turned after Bitcoin’s 30% drop from its October high. IBIT recorded five consecutive weeks of outflows totaling $2.7 billion. Ethereum ETFs followed with seven straight days of outflows in December, totaling $685 million.
The opposite emerged in newly launched altcoin ETFs. US spot XRP ETFs, debuting November 13, recorded 28 consecutive trading days of net inflows—unmatched by any crypto ETF at launch. Cumulative inflows reached $1.14 billion with zero outflow days. Still, the daily pace—mostly $10-50 million—pales compared to Bitcoin ETFs, which regularly drew $500 million or more in their early days.
Solana ETFs attracted $750 million despite SOL’s 53% price decline—though unlike XRP, they experienced several outflow days in late November and early December.
BTC
ETH
XRP
SOL
YTD Inflows
$25.4B
$10.3B
$1.14B
$750M
Dec 1-24
-$629M
-$512M
+$470M
+$132M
Notable
5-week outflows
7-day outflows
28-day inflow streak
Inflows despite -53%
Source: BeInCrypto
December crystallized this rotation. Through December 24, Bitcoin ETFs shed $629 million, while Ethereum lost $512 million; XRP added $470 million, and Solana gained $132 million.
Structural Shift or Temporary Adjustment?
Those arguing for structural change point to regulatory clarity—XRP’s SEC lawsuit concluded in August with a $125 million settlement, classifying it as a non-security. Utility narratives are also gaining traction: XRP’s cross-border payments and Solana’s DeFi ecosystem offer applications beyond “digital gold.”
Skeptics caution that XRP and SOL’s consistent inflows may reflect a “honeymoon effect” typical of new ETF launches. Despite record ETF inflows, XRP remains 50% below its July peak, and SOL has dropped 53% since October—a disconnect some attribute to year-end profit-taking and to whales distributing holdings offsetting institutional demand.
2026 Outlook
With dozens of crypto ETF applications still awaiting SEC review, more altcoin products are expected in 2026.
The ETF market’s “perfect year” will be remembered alongside correction warnings. But the rotation within crypto ETFs suggests institutional investors are becoming selective—moving beyond Bitcoin and Ethereum toward assets with regulatory clarity and real-world utility. Whether this trend continues will be a key indicator for the broader market’s direction.
NVIDIA has agreed to pay approximately $20 billion to acquire assets from artificial intelligence chip startup Groq, marking the company’s largest transaction on record and continuing its strategy of absorbing potential competitors before they can challenge its market dominance.
The chipmaker’s latest licensing deal mirrors a similar transaction just three months ago, reinforcing the narrative that decentralized AI infrastructure may offer the only alternative to Nvidia’s growing dominance.
Threefold Premium in Three Months with Trump Jr. Connection
The deal closed just three months after Groq raised $750 million at a $6.9 billion valuation—a round that included BlackRock, Samsung, Cisco, and 1789 Capital, where Donald Trump Jr. serves as a partner. Nvidia is acquiring all of the company’s assets substantially, except its cloud computing business, though Groq framed the transaction as a “non-exclusive licensing agreement.”
Groq CEO Jonathan Ross, a former Google engineer who helped create the search giant’s Tensor Processing Unit, will join Nvidia along with president Sunny Madra and other senior executives. The startup will continue operating independently under CFO Simon Edwards as its new chief executive.
A Repeating Playbook
The Groq transaction follows a pattern Nvidia established just three months earlier. In September, the company paid over $900 million to hire Enfabrica’s CEO and employees while licensing the startup’s technology. Both deals use licensing structures rather than outright acquisitions, potentially avoiding the antitrust scrutiny that blocked Nvidia’s $40 billion bid for Arm Holdings in 2022.
The Kobeissi Letter summarized Nvidia’s approach bluntly: “We will buy you before you can compete with us.”
Groq’s Language Processing Unit uses on-chip SRAM rather than external DRAM, enabling what the company claims is up to 10x better energy efficiency. This architecture excels at real-time inference but limits model size—a tradeoff Nvidia can now explore within its broader ecosystem.
The timing is notable. Google recently unveiled its seventh-generation TPU, codenamed Ironwood, and released Gemini 3, trained entirely on TPUs, to top benchmark rankings. Nvidia responded on X: “We’re delighted by Google’s success… NVIDIA is a generation ahead of the industry—it’s the only platform that runs every AI model.” When incumbents start issuing such reassurance statements, competitive pressure is clearly mounting.
Implications for Decentralized AI
While the deal has no direct impact on cryptocurrency markets, it reinforces the narrative driving decentralized AI computing projects. Platforms like io.net position themselves as alternatives to centralized AI infrastructure.
“People can put their own supply onto a network, whether that’s data centers or yourself with your laptop, contributing your available GPU power, and getting fairly compensated for it using tokenomics,” Jack Collier, io.net’s Chief Growth Officer, told BeInCrypto. The platform claims enterprise clients, including Leonardo.ai and UC Berkeley, have achieved significant cost savings.
However, the gap between narrative and reality remains wide. Nvidia’s acquisition of Groq’s low-latency technology further extends its technical lead, making it harder for any alternative to offer competitive performance.
The transaction also raises questions about independent AI chip development. Cerebras Systems, another Nvidia competitor preparing an IPO, may eventually face similar pressure. Whether it can remain independent or succumb to Nvidia’s financial gravity remains to be seen.
Canton’s CC token emerged as the top gainer in the crypto market on Christmas Eve, rising more than 25% in 24 hours despite thin holiday liquidity and broadly bearish sentiment. The rally pushed CC ahead of major assets and privacy coins.
The move was not driven by retail hype or seasonal speculation. Instead, it reflected a growing institutional narrative around real-world asset (RWA) tokenization and regulatory clarity—two themes that have gained traction into year-end.
Top Gainers in the Crypto Market on Christmas Eve 2025. Source: CoinGecko
Institutional Tokenization Fuels Canton Token Rally
At the center of the rally is Canton Network, a privacy-enabled Layer-1 blockchain designed specifically for regulated financial institutions.
Unlike public DeFi chains, Canton allows institutions to transact on-chain while keeping sensitive data private. This is a key requirement for banks, clearing houses, and asset managers.
Canton’s utility token, CC, is used for transaction fees, network security, and validator incentives. Its value is tied less to retail activity and more to institutional usage.
That’s why price moves are highly sensitive to infrastructure-level developments.
Momentum accelerated after DTCC (Depository Trust & Clearing Corporation)confirmed progress on tokenizing DTC-custodied US Treasury securities on the Canton Network.
Minting and using U.S. Treasuries on Canton is coming in 2026, enabling tokenized USTs to be exchanged in near-real-time with stablecoins and other digital assets – all with the privacy and controls regulated markets demand.
The initiative follows a regulatory green light from the US SEC, which issued a non-action letter allowing DTCC to proceed with live tokenization infrastructure.
That development marked one of the clearest regulatory endorsements yet for on-chain Treasuries.
As a result, markets began repricing Canton as core infrastructure rather than a speculative blockchain project.
Earlier in December, Canton also deepened its RWA stack through a partnership with RedStone, which became its primary oracle provider.
The integration enables real-time, compliant price feeds for tokenized assets, bridging institutional markets with DeFi without compromising privacy.
Together, these developments position Canton as a settlement layer for trillions of dollars in traditional financial assets.
Industry estimates place more than $300 billion in daily transaction volume already flowing through applications built on the network.
Canton CC Token Weekly Price Chart. Source: CoinGecko
Importantly, the rally came during a low-liquidity holiday session. That context amplified the move but also highlighted where capital is concentrating ahead of 2026: compliant tokenization infrastructure.
While broader crypto markets remain cautious, CC’s performance underscored a growing divergence.
I’ve come to realize $CC is useless. Also it seems to be inflationary with never ending supply.
Is what I’m hearing often in comments. Let’s clarify.@CantonNetwork has implemented something called BME (Burn-Mint-Equilibrium).
There’s always something to be worried about in the crypto space. Whether a failing exchange or changes in a regulatory environment, crypto has largely sailed strongly over the past year, despite the latest bearish sentiment.
However, some still see a challenge on the horizon: quantum computing.
Is Quantum Computing the Doomsday for Crypto?
Quantum computing technology can be thousands of times faster than conventional computing. Some early quantum tests have solved equations that would have taken a traditional computer thousands years.
On paper, that sounds bad for cryptocurrencies. In theory, a quantum computer would be able to crack SHA256, the protocol protecting Bitcoin’s ledger.
Bitcoin & Quantum Risk
Debating the potential risks quantum computers could pose to Bitcoin and how Bitcoin could mitigate that risk is nothing new
In 2008, several leading cryptographers, including Daniel Bernstein, published "Post-Quantum Cryptography"
While headlines often frame quantum computing and Bitcoin as adversaries locked in an inevitable showdown, a more nuanced perspective reveals these technologies as potential partners in advancing digital security and computational efficiency.
In fact, as early crypto investor and enthusiast Charlie Shrem commented in early December at Moneyshow:
“Quantum computing and crypto are complementary technologies.”
In short, rather than spelling doom for cryptocurrency, quantum computing could catalyze Bitcoin’s evolution into a more robust, secure, and scalable system.
The Opportunity For Crypto as Quantum Develops
Bitcoin’s open-source nature fosters collaboration among cryptographers, developers, and academics, ensuring that solutions can be rigorously tested and deployed.
The challenge offered by quantum computing, rather than being purely destructive, serves as an impetus for strengthening Bitcoin’s cryptographic foundations.
The Bitcoin Quantum Leap: Quantum computing won’t break Bitcoin—it will harden it. The network upgrades, active coins migrate, lost coins stay frozen. Security goes up. Supply comes down. Bitcoin grows stronger.
The crypto community is actively developing quantum-resistant signature schemes. That includes Lamport signatures, which would be implemented through backward-compatible soft forks similar to the successful 2021 Taproot upgrade.
This evolutionary approach demonstrates how quantum computing’s emergence drives innovation rather than obsolescence. And as technologies continue to innovate, they continue to thrive – good news for Bitcoin.
The transition to post-quantum cryptography represents more than defensive positioning.
“Quantum computing utiizes fundamental principles of nature, which in turn make it likely to support, rather than work against bitcoin,” states Shrem.
That’s because algorithms like CRYSTALS-Kyber provide new security frameworks that benefit the entire digital ecosystem.
Cryptocurrencies from Bitcoin on down can adopt these advances, transforming from merely quantum-vulnerable to fundamentally quantum-proof, setting new standards for digital asset security.
Meanwhile, researchers have built and tested a blockchain that can only be mined using quantum computers. This marks the first real-world application of quantum supremacy in blockchain technology.
This prototype, tested across four geographically distributed quantum processors, introduces “proof of quantum work” as an alternative to traditional proof-of-work systems.
Discussions around the quantum threat in Bitcoin peaked December 2024.
Unlike Bitcoin’s energy-intensive mining, which consumed 176 terawatt-hours of electricity in 2024, quantum blockchain systems achieve higher mining efficiency through quantum mechanics.
Quantum computing offers potential solutions to blockchain challenges by providing significant speedup in transaction processing.
For instance, while Bitcoin’s consensus mechanisms are secure, they can be slow and resource-intensive. Quantum computers could optimize consensus algorithms, validate transactions more efficiently, and address scalability issues that have long plagued blockchain networks.
This computational power could enable Bitcoin to process thousands more transactions per second without compromising decentralization.
Quantum-enhanced blockchain systems leverage quantum key distribution and quantum random number generation to achieve superior security, preventing data breaches and unauthorized access.
In other words, rather than replacing Bitcoin’s security, quantum technologies can augment it.
Quantum key distribution offers theoretically unbreakable encryption for securing Bitcoin wallets and transactions, while quantum random number generators ensure the creation of truly unpredictable private keys.
The Quantum Computing Threat
Every few weeks the same tired narrative resurfaces: “Quantum computing is going to break Bitcoin.”
Every time it spreads, it’s the same routine – loud voices, shallow understanding, and zero connection to the actual science.
The convergence of these technologies creates opportunities for hybrid systems. That could include quantum tokens to provide an additional privacy layer within a specialized blockchain application.
This complementary approach allows Bitcoin to incorporate quantum advantages while maintaining its proven decentralized structure.
The quantum challenge has united the cryptocurrency community in unprecedented ways.
Blockchain analytics providers are preparing to support quantum-resistant address formats and transaction types to ensure continuity of compliance and quantum security monitoring capabilities.
This coordination extends beyond cryptocurrencies themselves. It includes exchanges, wallet providers, research institutions, and regulatory bodies working together to ensure the entire ecosystem transitions smoothly.
The blockchain industry is proactively addressing quantum threats with quantum-resistant tokens and post-quantum cryptography, with projects leading the charge in lattice-based cryptography and hash-based methods.
This competitive innovation benefits crypto as a whole. That’s because successful quantum-resistant implementations in other projects help successful crypto projects evolve. The shared challenge creates a rising tide that lifts all boats.
“We haven’t even scratched the surface yet of what’s possible,” notes Shrem. “Quancum computing is turning into a new kind of computer, and we need to think about what that fully means.”
Quantum’s Path Forward for Crypto
The relationship between quantum computing and cryptocurrency need not be antagonistic.
Quantum blockchains could open the doors for applications in fields requiring high-level security and computational power. That includes secure voting systems, supply chain management, and healthcare data sharing.
Bitcoin’s decentralized governance and adaptive nature position it well to incorporate quantum advantages.
As quantum computing matures, all cryptocurrencies can integrate quantum-resistant cryptography, leverage quantum-enhanced mining efficiency, and adopt quantum security protocols.
The result would be a cryptocurrency ecosystem that’s more secure, efficient, and scalable than ever before—not despite quantum computing, but because of it.
This symbiotic relationship represents not the end of Bitcoin, but rather the beginning of its quantum-powered future.
Americans are feeling the pressure of higher living costs, but they are not stepping away from crypto.
A new holiday spending survey from Visa Inc. shows a growing appetite for digital assets as gifts, even as inflation continues to limit disposable income and keep consumers cautious. The contrast highlights a deeper shift in how households adapt when money feels tight.
Inflation Is Cooling, but Budgets Still Feel Tight
Inflation has eased from its post-pandemic peak, but prices remain elevated across essentials such as housing, food, insurance, and utilities.
Wages have broadly kept pace with inflation, preventing a sharp drop in purchasing power. Still, the margin is thin.
After covering necessities, many households have less flexibility for investing or discretionary spending than they did before 2022.
US energy inflation is accelerating:
CPI energy prices jumped +4.2% YoY in November, the fastest pace since February 2023.
This marks the 2nd-consecutive acceleration, following a +2.8% YoY increase in September.
This environment has not stopped spending outright. Instead, it has changed behavior. Consumers shop earlier, compare prices more aggressively, and rely on technology to stretch each dollar further.
Financial confidence remains fragile, but economic participation continues. That caution shows up clearly in how people spend—and what they choose to buy.
Visa’s December survey reveals that 28% of Americans would be excited to receive crypto as a holiday or Christmas gift, a figure that jumps to 45% among Gen Z.
The appeal is not about luxury. It reflects a preference for assets that feel flexible, digital-first, and potentially long-term in value.
At the same time, 47% of US shoppers reported using AI tools to assist with holiday purchases, primarily to find gift ideas and compare prices. This signals a consumer mindset focused on optimization rather than excess.
Could crypto replace holiday cash? More than one-in-four US adults, and nearly half of Gen-Z adults, say they would be excited to receive cryptocurrency as a gift, according to a survey from Visa and Morning Consult https://t.co/xhU2SfJpchpic.twitter.com/RUtS7aKSMP
Younger shoppers lead the shift. Gen Z respondents show higher adoption of crypto payments, digital wallets, biometric authentication, and cross-border shopping than any other age group.
For them, crypto fits naturally into a broader digital financial identity.
The data suggests crypto gifting is not crowding out essentials. Instead, it replaces traditional discretionary items at a time when consumers remain selective.
What This Says About the US Economy
The combination of easing inflation and persistent budget pressure points to a cautious but stable economy.
Americans are not retreating, but they are adapting. Spending continues, yet it leans toward tools and assets that promise efficiency, optionality, or future upside.
Crypto’s growing acceptance as a gift—despite tighter disposable income—signals cultural normalization rather than speculative exuberance.
It also helps explain why digital assets continue to attract interest even during periods of economic restraint.
For markets, the message is clear. Inflation may be cooling, but confidence has not fully returned.
In that gap, technology and alternative assets are filling a role that traditional consumption no longer does.
Americans may feel stretched, but they are still betting—carefully—on the future.
India’s Enforcement Directorate (ED) has carried out coordinated raids at 21 locations across Karnataka, Maharashtra, and Delhi as part of a widening probe into a large-scale crypto scam that allegedly operated for nearly a decade.
The searches were conducted on December 18 under the Prevention of Money Laundering Act (PMLA). It targeted residential and office premises linked to 4th Bloc Consultants and its associates.
India’s Largest Crypto Bust Yet?
Authorities say the group ran fake crypto investment platforms that duped both Indian and foreign investors by promising unusually high returns.
According to the ED, the case originated from a police FIR and intelligence inputs from the Karnataka State Police.
Investigators allege the accused created professional-looking websites that closely mimicked legitimate global crypto trading platforms, complete with dashboards, account balances, and transaction histories.
BREAKING: 🇮🇳 ED raids 21 locations across Karnataka, Maharashtra and Delhi in a major crypto investment fraud case.
• Movable and immovable properties in India and abroad identified
Early investors were paid small returns to gain trust. Later, they were encouraged to invest larger sums and recruit new participants through referral bonuses.
As the scheme expanded, promoters relied heavily on social media platforms. This included Facebook, Instagram, WhatsApp, and Telegram to attract victims.
Investigators say the proceeds of crime were laundered through a complex web of crypto wallets, undisclosed foreign bank accounts, shell companies, and hawala channels.
Scammers also moved the funds via peer-to-peer crypto transfers before being converted into cash or parked in bank accounts.
During the raids, the ED identified several crypto wallet addresses allegedly controlled by the accused, along with movable and immovable assets acquired in India and abroad using illicit funds.
Authorities also flagged multiple foreign entities used to conceal the money trail.
Notably, officials believe the operation dates back to at least 2015. The scammers evolved over time to evade detection as scrutiny of crypto markets increased.
Dogecoin price has remained under pressure. The token is down around 2% over the past 24 hours and more than 12% over the past month. Price action has weakened, but the decline is slowing.
While the chart structure still leans bearish, on-chain behavior suggests the breakdown may not be a done deal yet. The next few sessions will decide whether DOGE slips into a deeper decline or stabilizes near current levels.
Dogecoin Price Pressure Builds as Short-Term Supply Exits
Dogecoin is trading near the lower boundary of a declining price structure, with a bear flag forming. That keeps downside risk active, especially if support near $0.124-$0.120 fails. However, what stands out is how speculative supply has behaved as price drifted lower.
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The 1-week-to-1-month-hold cohort, typically the most aggressive swing-trading group, has sharply reduced exposure, per the HODL Waves metric. This metric classifies hodlers by time.
On November 29, this cohort controlled roughly 7.73% of Dogecoin’s supply. As of December 23, that share has dropped to about 2.76%. That is a steep reduction in speculative positioning over a short period.
This matters because these holders tend to amplify downside when they panic sell. Their exit often reduces forced selling pressure near support.
Long-Term Holders Quietly Add as Coin Activity Drops
At the same time speculative supply is shrinking, longer-term holders are showing early signs of accumulation. The 1-year to 2-year holder cohort has increased its share of Dogecoin supply from around 21.84% to 22.34%. The increase is small, but the signal matters.
These holders typically add only when they believe downside risk is starting to fade.
Coin activity across the network, measured via the spent coins metric, supports that view. Spent coins activity has fallen sharply. The spent coins age band metric dropped from roughly 251.97 million DOGE to about 94.34 million DOGE. That represents a decline of more than 60% in coin movement.
Lower coin activity possibly means fewer holders are rushing to move or sell tokens. Historically, similar drops in activity have preceded short-term relief rallies in Dogecoin. Earlier in December, a similar slowdown preceded a rally from near $0.132 to $0.151, a near 15% move, within three days.
This does not guarantee a rally, but it shows selling aggression is cooling rather than accelerating.
Key Dogecoin Price Levels That Decide Breakdown or Recovery
The technical picture now hinges on a narrow price range. The $0.120 level remains the most important near-term support. A decisive daily close below it would expose the Dogecoin price to deeper downside toward the $0.112 zone and potentially lower if momentum builds.
On the upside, the recovery case depends on reclaiming nearby resistance. A move back above $0.133 would signal that selling pressure is easing. A stronger reclaim of $0.138 would confirm that buyers are regaining control and that the recent decline was corrective rather than the start of a larger breakdown.
In simple terms, Dogecoin is at a crossroads. Price structure still carries risk, but on-chain data shows speculative supply leaving, long-term holders slowly stepping in, and overall coin activity drying up. If support holds, those factors can help stabilize the price. If it fails, the breakdown remains valid.
Jim Cramer’s latest Bitcoin stance has flipped to 100% bearish, according to sentiment-tracking data from Unbias.
The shift immediately caught the attention of crypto traders, not because Cramer commands Bitcoin’s direction, but because his calls have become an informal sentiment indicator inside the market.
Inverse Cramer Narrative In Full Flow?
Data shows that Cramer’s last three Bitcoin predictions were all bearish, pushing his near-term outlook into what Unbias categorizes as “perma-bear” territory.
Jim Cramer Bitcoin Prediction. Source: Unbias
Historically, such moments tend to spark discussion across crypto social channels, where Cramer’s commentary often triggers the well-known “Inverse Cramer” narrative.
Since the October 10 crash, price action has remained choppy and defensive.
Analysts broadly describe the market as range-bound, with resistance near $90,000–$93,000 and structural support closer to $81,000–$85,000.
The failure to reclaim higher levels before year-end has weighed on short-term sentiment.
All Signs Point to a Bitcoin Bear Market?
Market indicators reinforce that cautious tone. The Crypto Fear & Greed Index recently slipped into “Extreme Fear”, reflecting risk aversion rather than panic buying.
At the same time, spot Bitcoin ETFs recorded consecutive daily outflows into the Christmas week, signaling reduced institutional appetite as investors lock in profits and rebalance portfolios ahead of year-end.
US Bitcoin ETFs Continue to Bleed. Source: SoSoValue
Against that backdrop, Cramer’s bearish shift fits the prevailing mood — but it also explains why his views remain so visible in Bitcoin circles.
As the long-time host of Mad Money, Jim Cramer has become a cultural reference point for crypto traders.
His emphatic, short-term calls often clash with Bitcoin’s cycle-driven nature, turning his commentary into a meme-driven contrarian signal rather than conventional analysis.
That dynamic has persisted through multiple market cycles. When Cramer grows confident in one direction, crypto traders often treat it as a sentiment extreme rather than a forecast.
Looking ahead to the New Year’s week, analysts expect thin liquidity and heightened volatility. Bitcoin’s direction may hinge on whether ETF flows stabilize and whether price can reclaim the $90,000 level after options-related positioning clears.
Until then, Cramer’s 100% bearish read may say less about Bitcoin’s fundamentals — and more about how cautious the market feels heading into 2026.
The Christmas week is known for joy, celebration, and all things festive, and in recent history, an Xmas-themed crypto token. While these tokens are often expected to rally around the holiday, such moves occur far less frequently than anticipated, leaving many investors vulnerable to short-lived hype and potential losses.
In line with the same, BeInCrypto has analysed three such Christmas crypto tokens that the investors should stay away from in 2025.
SANTA HAT (SANTAHAT)
SANTA HAT previously demonstrated the risks tied to seasonal crypto tokens. After launch, the token surged 739% before collapsing 98.85% within three weeks, well before Christmas. The sharp reversal erased gains and highlighted how holiday-themed hype often fails to sustain long-term price appreciation.
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Momentum briefly returned during August and September, but selling pressure resumed in early October. Since then, SANTA HAT has plunged 88.7%, hitting a five-month low. Current price action suggests further downside, with a likely move toward the $0.00002502 support. A breakdown there risks a near-total loss.
Despite more than 21,100 holders and locked liquidity, fundamentals have not translated into price stability. Historical performance remains the dominant signal. Past cycles show repeated failures to recover, reinforcing a bearish outlook for SANTA HAT despite its structurally sound on-chain mechanics.
Rizzmas (RIZZMAS)
RIZZMAS illustrates the risks tied to Christmas-themed crypto tokens. Last year, the token surged 2,384% ahead of December before collapsing 93.6% by Christmas. The pattern reflects speculative hype rather than sustainable demand, leaving late investors exposed to sharp losses during seasonal reversals.
Over the past month, RIZZMAS has shed 72% of its earlier gains, despite reaching a yearly high of $0.00002258. Current price action signals continued weakness. Market structure suggests further downside, with the token at risk of losing nearly all remaining value in the coming sessions.
A prudent approach favors caution. Seasonal tokens may appear attractive or fundamentally sound, yet often lack real utility or long-term growth drivers. Historical performance shows repeated boom-and-bust cycles, making capital preservation more important than chasing short-lived thematic rallies.
GigaMas (GIGAMAS)
GIGAMAS represents a newer example of seasonal crypto tokens failing to sustain value. Launched less than two months ago, the Christmas-themed crypto token surged 325% during its initial rally before collapsing 75%. It now trades near $0.00001831, reflecting a rapid loss of speculative momentum.
Recovery prospects appear extremely limited. The technical structure shows weak demand and persistent selling pressure. GIGAMAS is likely to break below the $0.00001524 support, with further downside toward $0.00001000. A move through these levels could erase nearly all remaining value.
This trend is critical for GIGAMAS’ roughly 2,000 holders to recognize. Holiday-themed tokens lack durable utility and long-term adoption. Historical performance suggests these assets behave like speculative traps, with sharp collapses typically accelerating as Christmas approaches.
Bitcoin has largely ignored what should have been supportive macro signals. US CPI cooled to 2.7% in December, strengthening rate-cut expectations, yet Bitcoin failed to respond. Instead of attracting fresh capital, the price stalled while money rotated elsewhere.
That disconnect is why the Bitcoin bear market discussion is resurfacing.
Fidelity’s Director of Global Macro, Jurrien Timmer, recently warned that Bitcoin may have already ended its latest four-year cycle in October, both in price and time. The on-chain and market data since then increasingly support that view.
Data Signals Suggest Bitcoin May Already Be in a Bear Market
Multiple independent indicators now point to the same conclusion: capital is retreating, conviction holders are selling, and Bitcoin is absorbing risk without real demand.
Stablecoin Inflows Have Collapsed Since the Cycle Peak
Stablecoin inflows often act as dry powder for crypto rallies. That fuel has vanished.
Total exchange inflows for ERC-20 stablecoins peaked at around 10.2 billion on August 14. By December 24, inflows had fallen to roughly 1.06 billion, a drop of nearly 90%.
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That August inflow peak closely preceded Bitcoin’s October high above $125,000, the same period Timmer identified as the likely cycle top.
While I remain a secular bull on Bitcoin, my concern is that Bitcoin may well have ended another 4-year cycle halving phase, both in price and time. If we visually line up all the bull markets (green) we can see that the October high of $125k after 145 months of rallying fits… pic.twitter.com/Uxg9DTccnt
Since then, fresh capital has failed to return, reinforcing the idea that distribution replaced accumulation after the peak.
Long-Term Holders Have Turned Aggressive Sellers
Conviction holders are behaving differently after October.
Bitcoin long-term holder net position change flipped negative shortly after the cycle high. Selling accelerated from roughly 16,500 BTC per day in late October to around 279,000 BTC recently. That is an increase of more than 1,500% in daily distribution pressure.
This aligns directly with Timmer’s thesis that the four-year halving cycle phase likely ended in October. Long-term holders appear to agree, reducing exposure rather than defending price.
Bitcoin Dominance Is Rising, But Not for Bullish Reasons
Bitcoin dominance has climbed back toward 57–59%, but this is not a risk-on signal.
After the softer CPI print, capital did not rotate into Bitcoin. Instead, it flowed into traditional hedges. Over the past year, silver has rallied by over 120%, while gold is up roughly 65%. At the same time, broader crypto markets have lagged badly.
If you invested $10,000 in each asset at the start of 2025, you’d have:
This shift reinforces the idea that Bitcoin’s rising dominance is not being driven by fresh risk appetite, but by capital retreating into relative safety within crypto.
That view is echoed by an exclusive market comment shared with BeInCrypto by Ray Youssef, founder and CEO of NoOnes, who highlighted why gold has led the 2025 debasement trade while Bitcoin remains range-bound.
“While gold may clearly be winning the 2025 debasement trade on price performance, the comparison masks a more nuanced market reality. Gold’s recent run to new all-time highs and 67% YTD gains reflect classical defensive investor positioning as capital seeks certainty in a market environment defined by fiscal excess, geopolitical strain, and macro policy uncertainty. Increased central bank accumulation, a softer dollar, and persistent inflation risks have reinforced gold’s role as the market’s preferred defensive asset,” he said.
Youssef added that Bitcoin’s behavior this year has diverged sharply from the digital-gold narrative.
“Bitcoin, by contrast, has recently failed to deliver on the hedge narrative. The asset has not traded like digital gold in 2025, owing to its heightened sensitivity to macroeconomic factors. BTC’s upside is now tied to liquidity expansion, sovereign policy clarity, and risk sentiment, rather than to monetary debasement alone,” he highlighted.
Mega-Whale Addresses Are Quietly Declining
Large holders are also stepping back.
The number of Bitcoin addresses holding more than 10,000 BTC has fallen from 92 in early December to 88. That decline came alongside falling prices, not accumulation.
These addresses often represent institutional-scale players. Their reduction adds another layer of confirmation that smart money is not positioning aggressively for upside here.
Bitcoin Remains Below a Critical Long-Term Moving Average
This moving average acts as both technical and psychological support. Failure to reclaim it suggests the market has shifted from trend continuation to regime risk. If price remains below this level, historical precedent points toward deeper downside zones near the traders’ realized price band around $72,000.
Bitcoin is below its 365-day moving average ($102K), a key technical and psychological support level last broken at the start of the 2022 bear market.
If price fails to reclaim it, data suggest the next support lies near $72K, the Traders’ minimum realized price band. pic.twitter.com/VySVce5NY9
Taken together, these signals support Timmer’s warning that Bitcoin may already be in a bear-market phase or closing in on that, even if the price has not fully reflected it yet. Capital has dried up, conviction holders are selling, dominance is rising defensively, and macro relief is being ignored.
That said, not all long-term cycle supports have broken yet. Those counter-signals, and the exact levels that decide whether this becomes a full bear market or a prolonged transition, come next.
Why the Bitcoin Bear Market Case Is Not Fully Settled Yet
Despite the growing evidence pointing toward a Bitcoin bear market, two long-term cycle indicators still argue against a confirmed structural breakdown.
Also, one reason the Bitcoin bear market case remains unresolved is how markets are interpreting the CPI slowdown. While cooling inflation typically benefits risk assets, the current response suggests investors are prioritizing safety and liquidity over growth.
That does not mean the CPI signal is wrong. It may simply be early, with Bitcoin historically reacting later than traditional hedges once liquidity expectations fully translate into capital flows.
These and the indicators we would discuss next do not negate the bearish signals discussed above. But they explain why this phase may still resolve as a prolonged transition rather than a full bear cycle.
Pi Cycle Top Has Not Triggered
One of Bitcoin’s most reliable cycle indicators, the Pi Cycle Top, has not flashed a peak signal. The indicator compares the 111-day moving average with the 350-day moving average multiplied by two.
Historically, when these two lines cross, Bitcoin has been near or at major cycle tops.
As of now, the two lines remain widely separated. That suggests Bitcoin is not in an overheated or euphoric phase, even after the October high.
This contradicts the idea raised by Fidelity’s Director of Global Macro, Jurrien Timmer, who noted that the October peak near $125,000 fit prior cycle timing.
In past cycles, true bear markets began after clear Pi Cycle confirmations. That signal is still absent.
The 2-Year SMA Remains the Line That Matters Most
The second and more immediate counter-argument is structural. Bitcoin is still trading near its 2-year simple moving average, which sits around $82,800.
This level has repeatedly acted as Bitcoin’s long-term trend divider. Monthly closes above the 2-year SMA have historically marked cycle survival.
Sustained closes below it have marked deep bear phases.
So far, Bitcoin has not confirmed a monthly close beneath this line.
That makes December’s monthly close critical. If Bitcoin holds above $82,800 into year-end, the market likely remains in a late-cycle transition rather than a confirmed Bitcoin bear market.
🚨 Bitcoin in a critical zone on the 2Y SMA Multiplier
The 2Y SMA Multiplier is one of Bitcoin’s most respected cycle charts — and the current moment demands attention.
📍 Today, BTC is trading very close to the 2Y SMA, currently at $82,800.
The bearish framework also has clear invalidation levels. A reclaim of the 365-day moving average near $102,000 would materially weaken the bear market thesis. That would align with Tom Lee’s year-end Bitcoin price prediction.
That level marked the start of the 2022 bear market when it broke, and would signal renewed trend strength if recovered.
In simple terms:
Above $82,800 into December close: transition phase remains intact
Below $82,800 on a monthly basis: bear market risk escalates
Back above $102,000: bullish structure begins rebuilding
For now, Bitcoin sits between conviction selling and long-term cycle support. The market is not confirming strength, but it is not fully breaking either.
The December close will decide which narrative carries into 2026.
PIPPIN has surged sharply in recent sessions, reigniting interest across the market. The altcoin’s latest rally has pushed its price within reach of its all-time high, raising expectations of another record.
However, as momentum builds, concerns around profit-taking and near-term selling pressure are also increasing.
PIPPIN Whales Could Shift The Outcome
On-chain flow data signals growing caution among retail participants. The Chaikin Money Flow has slipped below the zero line, entering negative territory. This shift indicates that PIPPIN outflows are beginning to outweigh inflows, reflecting early stages of distribution rather than accumulation.
The rise in outflows appears linked to investors locking in profits after the recent rally. When prices approach record levels, traders often reduce exposure to manage risk. This behavior can slow momentum, even during otherwise bullish market phases.
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Despite signs of retail caution, whale activity remains supportive. Wallets holding more than $1 million worth of PIPPIN increased their holdings by 3.57% over the past 24 hours. Total whale-controlled supply now stands at approximately 425.34 million PIPPIN.
Large holders often influence short-term price trends due to their capital scale. Continued accumulation by whales suggests confidence in further upside. Their behavior can counterbalance retail selling, helping maintain price structure during volatile periods.
PIPPIN trades near $0.497 at the time of writing, marking a 38% gain over the past 24 hours. The token now sits less than 7% below its all-time high of $0.530. Momentum remains strong, supported by sustained buying interest from large holders.
A successful breakout above $0.530 would likely attract additional speculative demand. Clearing the all-time high could open the path toward $0.600. Sustained volume above resistance would support further price discovery and the formation of new highs.
Downside risk remains if selling pressure accelerates. A failure to hold current levels could push PIPPIN below the $0.434 support. A deeper pullback toward $0.366 would invalidate the bullish thesis, shifting focus back to consolidation rather than expansion.
Zcash has shown mixed price action in recent sessions, alternating between short pullbacks and brief recoveries. Volatility remains elevated, yet the broader technical structure continues to lean bullish.
Despite hesitation in the spot market, ZEC’s macro trend suggests the potential for a sustained rally if key conditions align.
Zcash Holders To The Rescue
On-chain data indicates growing confidence among Zcash’s largest holders. Wallets ranked within the top 100 addresses increased their combined ZEC holdings by 2.7% over the past 24 hours. This accumulation occurred while the price declined nearly 6%, signaling strategic buying rather than reactive selling.
Such behavior reflects long-term optimism. Large holders often accumulate during drawdowns when they anticipate higher future prices. Their actions suggest expectations of recovery remain intact, providing a supportive demand base that could stabilize ZEC during periods of broader market uncertainty.
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Technical indicators support this constructive outlook. The Squeeze Momentum Indicator is currently signaling the formation of a squeeze. This setup often precedes sharp price movement when volatility expands after a period of compression.
Importantly, the histogram shows bullish momentum remains active. If the squeeze releases while momentum stays positive, the resulting volatility could favor an upside move for ZEC. Broader market stability will play a crucial role in determining whether this breakout materializes.
ZEC is forming an ascending triangle, a bullish continuation pattern that often resolves higher. The structure suggests growing buying pressure against a horizontal resistance. Based on the pattern’s measured move, a breakout could deliver a 50% rally, targeting the $670 level.
A rebound from the $403 support would strengthen this setup. Holding this level could allow Zcash to breach the $442 resistance. A successful move above $442 would likely trigger a breakout from the triangle, opening the path toward the $500 resistance. Clearing that level would confirm a broader bullish rally.
Downside risks remain if momentum fails. A breakdown below the $403 support would invalidate the ascending triangle. In that scenario, ZEC could fall toward the $340 level, erasing much of this month’s gains and negating the bullish thesis.
The US federal government’s interest payments on national debt surpassed $1 trillion for the first time in fiscal year 2025. Interest expenditure now exceeds both defense spending and Medicare—a first in American history.
Wall Street analysts and social media users alike are invoking “Weimar” as warnings of fiscal crisis mount. Meanwhile, the US Treasury is positioning stablecoins as a strategic tool to absorb the growing flood of government debt.
The Numbers: A Crisis in Plain Sight
In fiscal year 2020, net interest payments totaled $345 billion. By 2025, that figure nearly tripled to $970 billion—outpacing defense spending by approximately $100 billion. When accounting for all interest on publicly held debt, the figure crossed $1 trillion for the first time.
Source: US Congressional Budget Office via KobeissiLetter
The Congressional Budget Office projects cumulative interest payments over the next decade will total $13.8 trillion—nearly double the inflation-adjusted amount spent over the past two decades.
The Committee for a Responsible Federal Budget warns that under an alternative scenario where tariffs are ruled illegal and temporary provisions of recent legislation are made permanent, interest costs could reach $2.2 trillion by 2035—a 127% increase from current levels.
Why This Is Unprecedented
The debt-to-GDP ratio has reached 100%, a threshold not seen since World War II. By 2029, it will surpass the 1946 peak of 106% and continue climbing to 118% by 2035.
Most concerning is the crisis’s self-reinforcing nature. The federal government borrows approximately $2 trillion annually, with roughly half going solely toward servicing existing debt. CRFB analyst Chris Towner warned of a potential “debt spiral”: “If the people who loan us money get worried we’re not going to pay it all back, we could see higher interest rates—which means we have to borrow more to pay interest.”
Historic First
Year
Significance
Interest exceeds Defense spending
2024
First time since World War II
Interest exceeds Medicare
2024
Debt servicing now largest healthcare expense
Debt reaches 100% of GDP
2025
First time since WWII aftermath
Debt to surpass 1946 peak (106%)
2029
Will exceed all-time historical record
Source: BeInCrypto
Market Reaction: “Weimar” and “Buy Gold”
Social media erupted at these projections. “The trajectory is unsustainable if unchanged,” wrote one user. Another posted “weimar”—a reference to 1920s German hyperinflation. “The debt service era,” declared another, capturing the sentiment that America has entered a new phase.
The overwhelming majority called for flight to hard assets—gold, silver, and real estate. Notably absent was little mention of Bitcoin, suggesting traditional “gold bug” thinking still dominates retail sentiment.
Market Implications
Near-term, surging Treasury issuance absorbs market liquidity. With risk-free yields near 5%, equities and cryptocurrencies face structural headwinds. In the medium term, fiscal pressure may accelerate regulatory tightening and cryptocurrency taxation.
Long-term, however, presents a paradox for crypto investors. As fiscal instability deepens, Bitcoin’s “digital gold” narrative strengthens. The worse traditional finance performs, the stronger the case for assets outside the system becomes.
Stablecoins: Crisis Meets Solution
Washington has found an unexpected ally in its fiscal troubles. The GENIUS Act, signed in July 2025, requires stablecoin issuers to maintain 100% reserves in US dollars or short-term Treasury bills. This effectively transforms stablecoin companies into structural buyers of government debt.
Treasury Secretary Scott Bessent declared stablecoins “a revolution in digital finance” that will “lead to a surge in demand for US Treasuries.”
Standard Chartered estimates stablecoin issuers will purchase $1.6 trillion in T-bills over four years—enough to absorb all new issuance during Trump’s second term. This would exceed China’s current Treasury holdings of $784 billion, positioning stablecoins as a replacement buyer as foreign central banks reduce US debt exposure.
The Debt Service Era Begins
America’s fiscal crisis is paradoxically opening doors for cryptocurrency. While conventional investors rush toward gold, stablecoins are quietly becoming critical infrastructure for US debt markets. Washington’s embrace of stablecoin regulation is not merely about innovation—it is about survival. The debt service era has begun, and crypto may be its unlikely beneficiary.
The Bank of Korea’s latest Financial Stability Report reveals a significant behavioral shift among Korean crypto investors—from aggressive accumulation to strategic profit-taking, raising questions about the impact on global market dynamics.
This means that, even as Bitcoin surged past $100,000 this year, Korean investors have been cashing out rather than doubling down.
Korea’s Outsized Trading Activity Shows Signs of Cooling
South Korea has long punched above its weight in global cryptocurrency markets. Despite representing a fraction of the world’s population, Korean won (KRW) trading pairs have consistently ranked among the top two fiat currencies globally by volume, often rivaling or exceeding the U.S. dollar during peak periods.
But the BOK’s report suggests a notable change in investor behavior. While Korea’s crypto turnover rate remains elevated at 156.8%—significantly higher than the global average of 111.6%—the nature of that activity has shifted. Rather than chasing rallies, Korean retail investors are now taking profits during the 2025 bull market.
“The domestic crypto market shows high turnover rates as most participants are individual investors who tend to realize gains through short-term trading,” the central bank noted.
Concentration Risks and Market Structure Concerns
The report highlights a striking level of market concentration: the top 10% of investors accounted for 91.2% of total trading volume between 2024 and June 2025, according to Financial Supervisory Service data. This concentration raises concerns about potential price manipulation by a small number of players.
Korea’s unique regulatory environment—which effectively bars corporate participation and prohibits foreign investors from trading on domestic exchanges—has created a market dominated almost entirely by retail traders. The absence of professional market makers has also led to liquidity constraints, as evidenced by Tether’s 5x spike on Bithumb during the October market downturn.
The Global Ripple Effect
When Korean traders pull back, global markets notice. Historical data shows that during the 2017 and 2021 bull runs, Korean exchanges like Upbit and Bithumb frequently ranked among the top in global volume. The so-called “Kimchi Premium“—where Korean crypto prices traded above international benchmarks—served as a reliable indicator of retail euphoria.
The current shift to profit-taking behavior may have contributed to the more measured pace of the 2025 rally compared to previous cycles. With Korean retail investors no longer providing the same level of aggressive bid support, global order books have lost a significant source of buying pressure during key accumulation phases.
The shift is not happening in a vacuum. The BOK’s previous report has attributed the domestic crypto slowdown to a booming local stock market. The KOSPI surged by more than 70% year to date to become the world’s top-performing major index, driven by AI-related stocks such as Samsung Electronics and SK Hynix.
Daily trading volumes on major Korean crypto platforms have collapsed by over 80% compared to 2024 peaks, as local investors redirect capital toward equities and US leveraged ETFs. “Where did all the Korean retail investors in the crypto circle go? Answer: To the stock market next door,” analyst AB Kuai Dong observed.
Diverging Paths: Korea vs. Global Institutional Adoption
The contrast with global market trends is stark. While Korea remains retail-dominated, international markets have undergone rapid institutionalization since the SEC approved spot Bitcoin ETFs in January 2024. These products have attracted over $54 billion in net inflows, with BlackRock’s IBIT alone amassing more than $50 billion in assets under management.
The BOK report acknowledges this divergence, noting that global crypto markets have become increasingly correlated with traditional equities—particularly during periods of macroeconomic stress or monetary policy shifts. Bitcoin’s correlation with the S&P 500 has risen notably since 2020, driven by institutional participation, corporate treasury adoption, and the proliferation of ETFs.
Korea’s market, by contrast, remains relatively insulated from these global dynamics. The central bank attributes this to high retail investor concentration, liquidity constraints, and capital controls that limit arbitrage opportunities.
What Comes Next: Institutionalization on the Horizon
The report suggests that Korea’s market peculiarities may diminish as regulatory reforms proceed. The government permitted non-profit corporations to sell crypto assets starting in June and has since allowed professional investors to trade on a trial basis. Discussions are also ongoing regarding the approval of a spot Bitcoin ETF.
The BOK projects that allowing financial institutions and foreign investors to participate could help establish proper market-making mechanisms and ease liquidity constraints. Increased institutional participation would likely reduce trading volume volatility and lower turnover rates over time.
However, the central bank also warns of potential risks. “When corporate and foreign investors with superior information and capital enter the market, domestic crypto prices may become more sensitive to supply-demand shifts,” the report cautioned, emphasizing the need for careful monitoring during the transition.
The Bottom Line
Korea’s crypto market is at an inflection point. The shift from aggressive buying to profit-taking signals a maturing investor base, but it also removes a key source of global market momentum. As institutional frameworks develop and regulatory barriers fall, Korea’s influence on global crypto dynamics may evolve from raw retail volume to more sophisticated capital flows.
For now, the days of Korean retail traders single-handedly driving global rallies appear to be fading—a transition that could reshape market sentiment patterns for cycles to come.
Silver emerged as one of the strongest-performing major assets in 2025, sharply outperforming both gold and Bitcoin.
The rally was not driven by speculation alone. Instead, it reflected a rare convergence of macroeconomic shifts, industrial demand, and geopolitical pressure that could extend into 2026.
Silver’s 2025 Performance in Context
By late December 2025, silver traded near $71 per ounce, up more than 120% year-to-date. Gold rose roughly 60% over the same period, while Bitcoin ended the year slightly lower after a volatile run that peaked in October.
Silver price entered 2025 near $29 per ounce and climbed steadily through the year. Gains accelerated in the second half as supply deficits widened and industrial demand surprised to the upside.
Several macroeconomic forces supported silver in 2025. Most importantly, global monetary policy shifted toward easing. The US Federal Reserve delivered multiple rate cuts by year-end, pushing real yields lower and weakening the dollar.
At the same time, inflation concerns remained unresolved. That combination historically favors tangible assets, particularly those with monetary and industrial value.
Unlike gold, silver benefits directly from economic expansion. In 2025, that dual role proved decisive.
This is a 50-Yr chart of Silver futures The red arrow marks my 1st trade in Silver The $50 level rejected Silver in 1981 and 2011 The price has now sliced above $50 Corrections should find support in the low $50s Upside targets exist at $87 and eventually $200-plus$SI_Fpic.twitter.com/sz076mdeP1
Silver’s rally was increasingly anchored in physical demand rather than investment flows. Industrial usage accounts for roughly half of total silver consumption, and that share continues to grow.
The energy transition played a central role. Solar power remained the single largest source of new demand, while electrification across transport and infrastructure added further pressure to already tight supply.
Global silver markets recorded a fifth consecutive annual deficit in 2025. Supply struggled to respond, as most silver production comes as a byproduct of base-metal mining rather than primary silver projects.
Most of silver demand is industrial and those users don't care if the price is 5x, because silver is only a small part of their products.
Industrial demand (mainly solar) continues to rise.
Also retail demand in Asia is now INCREASING along with rising prices.
Electric vehicles significantly increased silver consumption in 2025. Each EV uses 25 to 50 grams of silver, roughly 70% more than an internal-combustion vehicle.
With global EV sales rising at double-digit rates, automotive silver demand climbed into the tens of millions of ounces annually.
Charging infrastructure amplified the trend. High-power fast chargers use kilograms of silver in power electronics and connectors.
Unlike cyclical investment demand, EV-related silver consumption is structural. Production growth directly translates into sustained physical offtake.
Silver $71 today. Just the beginning. I completed a detailed analysis of Samsung's new battery technology. Production begins in 2027. (Confirmed by Samsung.) Approximately 1 kg of silver will be needed per EV. And Samsung's silver-carbon batteries will also be widely used across…
Military demand became a less visible but increasingly important factor. Modern weapons systems rely heavily on silver for guidance electronics, radar, secure communications, and drones.
A single cruise missile can contain hundreds of ounces of silver, all of which is destroyed upon use. That makes defense demand non-recyclable.
Europe, the United States, and Asia all expanded procurement of advanced munitions, quietly absorbing physical silver.
Geopolitical Shocks Reinforced the Trend
Geopolitical tensions further strengthened silver’s case. Prolonged conflicts increased defense stockpiling, while trade fragmentation raised concerns about supply security for critical materials.
Unlike gold, silver sits at the intersection of national security and industrial policy. Several governments moved to classify silver as a strategic material, reflecting its role in both civilian and military technologies.
This dynamic created a rare feedback loop: geopolitical risk boosted both safe-haven investment demand and real industrial consumption.
The rise in the price of gold and silver from 2001 through 2008 was a sign of a major Fed policy error and a harbinger of the 2008 financial crisis. The current rally that began in 2024 is signaling a bigger policy error that will have even more profound consequences for the U.S.
Looking ahead, most of the drivers that powered silver price in 2025 remain in place. EV adoption continues to accelerate. Grid expansion and renewable investment remain policy priorities. Defense budgets show no signs of retreat.
At the same time, silver supply remains constrained. New mining projects face long lead times, and recycling cannot offset growing industrial losses from military use.
Gold may continue to perform well if real yields stay low. Bitcoin may recover if risk appetite improves. But neither combines monetary protection with direct exposure to global electrification and defense spending.
That combination explains why many analysts see silver as uniquely positioned for 2026.
Looks like silver is going to be a shocker for most. While a significant group of investors is still in denial and do not realize that we are in a new realities constantly waiting for a pullback, silver keeps pushing higher and higher. My immediate target is $75 – 80. Let's wait… pic.twitter.com/ni35W0lIwd
Silver’s 2025 rally was not a one-off speculative spike. It reflected deep structural changes in how the global economy consumes the metal.
If current trends persist, silver’s dual role as a monetary hedge and industrial necessity could allow it to outperform both gold and Bitcoin again in 2026.
Crypto’s next phase of growth is unfolding quietly, with crypto narratives shifting toward everyday use. Adoption in 2026 is increasingly shaped by how people already use crypto in daily financial life.
In an interview with BeInCrypto, representatives from CakeWallet and SynFutures explained where crypto is realistically headed over the next year. According to them, payments, savings, and risk management are replacing speculation as the main drivers of sustained activity.
Crypto as Everyday Money
One of the clearest signs of real crypto adoption heading into 2026 is its growing role as everyday money, particularly in regions where traditional financial systems are unreliable or inaccessible.
Rather than being used for speculation, crypto is increasingly becoming a practical tool for saving, spending, and transferring value.
“The answer to this varies widely based on where in the world you are, but I see two massive cases for growth in 2026,” said Seth for Privacy, Vice President of CakeWallet. “The first is in the Global South, where demand for stablecoins has skyrocketed in the last few years.”
Crypto adoption shifts from wallet counts to weekday spending as new behavioral metrics and loyalty economics redefine what real usage means. pic.twitter.com/Hv014vx6Ej
In these regions, crypto often fills gaps left by inflation, capital controls, or weak banking infrastructure. Stablecoins, in particular, allow people to hold value in a currency that does not rapidly depreciate, while remaining easy to transfer.
“The possibility for an average person in Nicaragua, for instance, to use stablecoins like USDT in a privacy-preserving way to store wealth and pay for real needs will help to protect and shield them against malice and theft,” the executive explained.
As crypto becomes more visible, privacy also becomes more important. For users relying on crypto for daily expenses, protecting transaction data is less about ideology and more about personal safety.
In this context, adoption is driven by necessity rather than enthusiasm, and growth continues regardless of market cycles.
As these use cases mature, the tools supporting them—especially stablecoins—are becoming increasingly central to how crypto functions globally.
Stablecoin Yield and Payments
While stablecoins have long been associated with emerging markets, their role is expanding rapidly across more developed economies as well. In 2026, they are increasingly positioned as a core financial tool rather than a temporary bridge between crypto and fiat.
“By far the biggest market left untapped today is the West,” Seth said. “Many people have overlooked the usefulness of stablecoins due to easy access to banking and fiat on-ramps.”
Our 2026 Infra Year Ahead Report is out now!
Stablecoins have become the most important infrastructure story in crypto.
Every fintech wave promised to fix payments but just layered better UX on the same infrastructure. Revolut and Nubank delivered better experiences while… pic.twitter.com/zEhC6sndmv
However, that perception may shift as users begin to compare the speed and simplicity of stablecoin transfers with traditional financial rails. For many, the appeal lies in avoiding delays, fees, and unnecessary intermediaries.
“Once these users grasp how much easier it is to move back and forth between something like Bitcoin and USDT instead of fiat, the pace of adoption will escalate exponentially,” he added.
Stablecoins are increasingly shaping how on-chain financial activity functions. More users will likely be attracted to stablecoins for passive income in 2026, tapping into DeFi yield.
“Stablecoins are becoming the base layer of DeFi trading and derivatives markets,” said Wenny Cai, COO at SynFutures. She added that, rather than sitting idle, these assets are increasingly used as active balances. Users are beginning to treat stablecoins as “working capital—funds that are actively deployed, not just parked.”
This shift in how value is held and moved is also changing how users interact with crypto beyond simple payments.
When Usage Becomes Intentional
As crypto markets mature, user behavior is changing alongside them. Instead of chasing short-term price movements, many users are focusing on using crypto in more controlled and intentional ways.
“We’ll see them shift to using crypto as money, finally!” Seth told BeInCrypto. “When speculation dies down and prices stabilize, we will continue to see massive growth in usage of crypto to actually pay for goods and services.”
At the same time, some users are engaging with tools that allow them to better manage exposure and uncertainty. According to Cai, retail users in 2026 are gravitating toward active capital management, not passive speculation.
Rather than overdiversifying, users are narrowing their focus.
“Instead of buying and holding dozens of tokens, users increasingly prefer to trade major assets with leverage, hedge downside risk, or deploy structured strategies—all on-chain,” she explained.
While the underlying mechanics can be complex, the motivation is straightforward. Users want more control, clearer outcomes, and fewer surprises.
As user behavior evolves, adoption is also broadening across different groups and industries.
Instead, it spans individuals, businesses, and professional market participants, each driven by different needs.
“The biggest overall growth is still happening in the Global South, where real people have real needs today, not just a desire to speculate,” Seth explained. “Poor access to banking, rapidly depreciating fiat currencies, and harsh remittance controls make these countries especially ready to accelerate their usage of crypto in 2026.”
"But no one uses it as money!"
For years, skeptics dismissed Bitcoin with the same tired line: "No one actually uses it for payments."
That argument no longer stands up under scrutiny.
As of mid-December 2025, there are now 24,113 verified bitcoin-accepting merchants… pic.twitter.com/xpL00iY8cp
In parallel, professional users are increasingly integrating crypto tools into existing operations.
“Beyond fintech, trading firms, digital asset managers, and online brokerages are leading adopters of DeFi tools in 2026,” Cai said.
What has changed is readiness. Infrastructure has improved, platforms are more stable, and tools now support consistent, high-volume activity. As a result, adoption is no longer framed as experimentation but as a practical business decision.
Yet even as adoption broadens, one challenge continues to shape how far crypto can realistically expand.
Platforms that Make Crypto Easy to Use
Across both interviews, one common conclusion stands out: the main barrier to broader adoption is no longer technical capability, regulation, or liquidity.
“Absolutely user experience,” said Seth when asked what would most unlock crypto’s growth in 2026. “For too long, crypto tools have been built ‘by nerds and for nerds’.”
“The infrastructure works, liquidity exists, and demand is proven—but advanced trading tools still feel intimidating to many users,” she said.
As crypto enters its next phase, success will increasingly depend on clarity and simplicity. Platforms that make powerful tools feel intuitive and safe are likely to capture sustained usage.
In 2026, the crypto narratives that matter most may be the ones users barely notice—because they simply work.
Ethereum is once again attempting to reclaim the $3,000 level after several failed efforts this month. ETH briefly pushed higher during early trading but continues facing resistance amid fragile broader market conditions.
Despite muted momentum, on-chain data suggests investors may be positioning to support a potential recovery.
Ethereum Holders Continue To Grow
Ethereum’s network growth has surged to a four-year and seven-month high. This metric reflects the pace at which new addresses are joining the network. The increase signals renewed interest at current price levels, even as ETH struggles to break higher.
Rising network growth often introduces fresh capital. New participants expand liquidity and strengthen demand foundations. For Ethereum, this trend is particularly important as price recovery depends on sustained inflows rather than short-term speculative trading. Strong address growth suggests long-term confidence remains intact.
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A major contributor to this growth is Bitmine. The firm has quickly accumulated Ethereum through its treasury strategy. Bitmine now holds approximately 4.066 million ETH, representing 3.37% of the total supply within six months.
The company has publicly targeted ownership of 5% of all ETH, a move that could further tighten circulating supply and support price appreciation.
Macro indicators present a mixed backdrop. The MVRV Long/Short Difference remains at low negative levels, indicating neither long-term holders nor short-term traders are currently in profit. This lack of profitability often slows transaction activity, as participants hesitate to move assets at a loss.
Low profit conditions can suppress velocity across the network. However, such environments also reduce sales pressure. If broader macro conditions improve, long-term holders typically act as stabilizers. Their reluctance to sell at unfavorable prices can provide a base for recovery when demand returns.
Ethereum’s current setup reflects this balance. Weak profitability limits enthusiasm, yet it also prevents aggressive distribution. A positive external catalyst could shift sentiment quickly, allowing stronger hands to absorb supply and push ETH higher.
Ethereum trades near $2,968 at the time of writing, sitting just below the $3,000 resistance. The level has capped price action repeatedly in recent weeks. Continued failure to reclaim it keeps ETH vulnerable to volatility and short-term pullbacks.
To revisit December’s high of $3,447, ETH requires a recovery of roughly 16%. The first hurdle remains $3,131, a key resistance zone. Sustained network growth and continued accumulation by large entities like Bitmine could provide the buying pressure needed to reach this level.
Downside risks persist if Ethereum fails to secure $3,000 as support. A rejection could send the price back toward $2,798, a level previously tested. Given ETH’s tendency for sharp moves in this range, a breakdown could accelerate losses before stability returns.
This year, crypto looked less like an experiment and more like a maturing market, shaped by institutional consolidation, faster-moving regulation, and growing macroeconomic pressure.
As the industry moves toward 2026, its direction will depend on which assets can withstand institutional scrutiny and how recession risk, monetary policy shifts, and stablecoin adoption reshape crypto’s place within the dollar-based financial order.
Institutional Capital Forces Crypto Consolidation
Throughout 2025, BeInCrypto spoke with veteran investors and leading economists to assess where the crypto industry is headed and what lies ahead for a sector long defined by uncertainty.
Shark Tank investor Kevin O’Leary starts from a simple premise. As institutional capital moves in, crypto shifts away from endless token hunting and toward a narrow set of assets that can justify long-term allocation.
He pointed to his own experience as a case study. O’Leary began as a crypto skeptic, but as regulation started to take shape, he chose to gain exposure.
At first, that meant buying broadly. His portfolio grew to 27 tokens. He later concluded that the approach was excessive. Today, he holds just three cryptocurrencies, which he said are more than enough for his needs.
“If you statistically look at the volatility of just Bitcoin and Ethereum and a stablecoin for liquidity… That’s all I need to own,” O’Leary told BeInCrypto in a podcast episode.
For O’Leary, each asset serves a specific function. He described Bitcoin as an inflation hedge, often comparing it to digital gold defined by scarcity and decentralization.
Ethereum, by contrast, serves not as a currency but as core infrastructure for a new financial system, with long-term growth tied to its technology. Stablecoins, he noted, were held for flexibility rather than upside.
🦈 Kevin O’Leary says Ethereum is not just a trend but a market shift.
That framework informs his outlook for 2026. As regulation advances and institutional participation deepens, O’Leary expects capital to concentrate around Bitcoin and Ethereum as the market’s core holdings. Other tokens will struggle to justify sustained allocation and will compete largely on the margins.
In that environment, crypto investing shifts away from speculation and toward disciplined portfolio construction, closer to how traditional asset classes are managed.
But even as investors narrow their holdings, the issue of who ultimately controls crypto’s monetary rails is becoming more complicated.
Dollar Control Moves Onchain
While investors like O’Leary focus on narrowing exposure, Greek economist and former finance minister Yanis Varoufakis pointed to a different shift.
In a BeInCrypto podcast episode, he argued that control over crypto’s monetary infrastructure is tightening, particularly as stablecoins move under closer state and corporate oversight.
Varoufakis pointed to recent US policy as a turning point. By advancing legislation such as the GENIUS Act, Washington is embracing a stablecoin-based extension of the dollar system. Rather than challenging the existing financial order, stablecoins are being positioned to reinforce it.
He linked this approach to the logic of the so-called Mar-a-Lago Accord, which seeks to weaken the dollar’s exchange value while preserving its dominance in global payments. That contradiction sits at the center of his concern.
Varoufakis warned that this model outsources monetary power to private issuers, increasing financial concentration while reducing public accountability. The risks, he said, extend beyond the US, as dollar-backed stablecoins spread across foreign economies.
“As we speak, there are Malaysian companies, Indonesian companies, and companies here in Europe that increasingly use Tether… which is a huge problem. Suddenly, these countries… end up with central banks that do not control their money supply. So their capacity to effect monetary policy diminishes and that introduces instability,” Varoufakis said in a BeInCrypto podcast episode.
Looking ahead to 2026, he described stablecoins as a systemic fault line.
A major failure could trigger a cross-border financial shock, exposing crypto’s deepest vulnerability, not volatility, but its growing entanglement with legacy power structures.
These risks remain largely theoretical in calm conditions. The real test comes when growth slows, liquidity tightens, and markets begin to strain.
Former economic advisor to Ronald Reagan, Steve Hanke, warned that such a stress test is approaching.
Economic Slowdown Stress Tests Markets
In a BeInCrypto podcast episode, the Johns Hopkins professor of applied economics said the US economy is heading toward a recession, driven not by inflation but by policy uncertainty and weak monetary growth.
Hanke pointed to inconsistent tariff policy and expanding fiscal deficits as key drags on investment and confidence.
“When you have that, investors that are investing in, let’s say, a new factory or something, hunker down and say, ‘well, we’re going to wait and let the dust settle to see what’s going to happen.’ They stop investing,” Hanke said.
He did not address crypto directly. His macro outlook, however, defines the conditions under which crypto will be tested.
Tight liquidity followed by sudden easing has historically exposed weaknesses across financial markets, particularly in systems reliant on leverage or fragile confidence.
For crypto, the implication is structural rather than speculative.
In an environment shaped by recession risk and policy volatility, stress reveals what growth conceals. What endures is not what expands fastest, but what is built to withstand contraction.
The Central Bank of Russia unveiled a long-awaited conceptual framework to regulate crypto trading on December 23, marking a decisive shift from ad-hoc restrictions toward a structured, licensed market.
Under the proposal, cryptocurrencies and stablecoins will be legally recognized as currency values that can be bought and sold. However, they remain prohibited as a means of payment inside Russia.
What the New Framework Introduces
The central bank submitted its legislative proposals to the Government of Russia for review.
The announcement marks the largest effort yet to bring crypto activity under formal financial supervision, while maintaining strict controls on retail risk and capital flows.
The proposal establishes a two-tier investor model, separating retail and professional participants.
Non-qualified investors will be allowed to purchase only the most liquid cryptocurrencies, as defined in future legislation.
Access will require passing a mandatory risk-knowledge test, and purchases will be capped at 300,000 rubles per year.
Qualified investors will face fewer restrictions. They will be permitted to buy any cryptocurrency except anonymous tokens whose smart contracts conceal transaction data.
Volume limits will not apply, although risk-awareness testing remains mandatory.
The central bank emphasized that cryptocurrencies remain high-risk instruments, citing volatility, lack of sovereign backing, and sanctions exposure.
Russia is leading Europe in crypto use, over $376B moved in a year, says Chainalysis.
While others talk about regulation, Russians are actually using crypto for real needs; trading, saving, and moving money fast.
The new concept formalizes what was previously tolerated, while sharply narrowing how retail investors can participate.
It also confirms that Russia will regulate crypto activity through existing financial infrastructure, allowing exchanges, brokers, and trust managers to operate using their current licenses. Additional requirements will apply to crypto-specific depositaries and exchange services.
The framework also clarifies cross-border rules. Russian residents will be allowed to buy crypto abroad using foreign accounts and transfer crypto overseas through Russian intermediaries, provided they notify tax authorities.
Timeline and Enforcement
The central bank plans to finalize the legislative base by July 1, 2026. From July 1, 2027, illegal crypto intermediation will trigger liability comparable to penalties for illegal banking activity.
This phased approach gives market participants time to align with licensing, disclosure, and compliance requirements.
How Russia’s Approach Compares Globally
Area
Russia (BoR Concept)
EU (MiCA)
United States
Legal status
Investment asset (“currency value”), not payment
Regulated crypto market
Fragmented federal & state oversight
Retail access
Allowed with testing and strict caps
Allowed via disclosure regime
Broad, no federal caps
Intermediaries
Existing licenses + added crypto rules
Mandatory CASP licensing
Multi-agency framework
Stablecoins
Tradable, payment ban
Heavily regulated
Federal stablecoin law in place
Enforcement
Phased, starts 2027
Already active
Ongoing agency enforcement
Overall, Russia is not liberalizing crypto in the Western sense.
Instead, it is moving crypto out of the gray market, tightening supervision, limiting retail exposure, and positioning regulated crypto trading as an extension of its traditional financial system.
Solana slipped out of last week’s consolidation after failing to sustain upside momentum, delaying a recovery toward $150. SOL has since traded cautiously, awaiting stronger confirmation.
Recent on-chain and institutional activity suggests investors are positioning for a rebound, potentially setting the stage for renewed price strength into year-end or early January.
Solana Holders Have The ETF Leash
Solana’s ecosystem is introducing a novel catalyst through on-chain “Creator ETFs,” also known as Bands, launched via Bands.fun. These products differ from traditional exchange-traded products. They operate directly on the Solana blockchain as programmable portfolios curated by creators, analysts, or influencers.
Creator ETFs can bundle tokens or NFTs and rebalance automatically based on a predefined rule. Increased adoption could lift on-chain activity and transaction volume. Higher network usage often supports price recovery by strengthening demand for SOL as a utility asset.
Institutions See Potential
Exchange balance data adds another constructive signal. Solana balances on centralized exchanges have dropped sharply over the past 10 days. During this period, investors accumulated roughly 2.65 million SOL, valued at $345 million.
Declining exchange balances typically indicate accumulation rather than distribution. Holders appear willing to move assets into self-custody, reducing immediate sell pressure. This behavior suggests confidence in Solana’s longer-term outlook and supports the case for stabilization following recent weakness.
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Institutional sentiment toward Solana remains resilient despite broader market uncertainty. CoinShares’ weekly report shows SOL attracted $48.5 million in inflows for the week ending December 20. Month-to-date inflows now stand at $117.6 million.
These allocations indicate sustained institutional interest. Professional investors often accumulate during consolidation phases. Continued inflows can help offset retail selling and provide a foundation for recovery when market conditions improve.
Solana trades near $124 at the time of writing, sitting below the $126 resistance. The combination of on-chain innovation, exchange outflows, and institutional inflows could support a recovery attempt by late December or early January.
A break above $126 would be an initial confirmation. Reclaiming $130 would further strengthen sentiment. The key upside target sits near $136. Clearing this level would signal progress toward recouping losses recorded earlier this month.
Downside risks persist if selling resumes or broader markets weaken. Solana’s price dropping below $123 could expose the $118 support. Losing that level would invalidate the bullish thesis and delay any recovery driven by ecosystem or institutional catalysts.
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