Peter Schiff engaged in a debate with CZ at Binance Blockchain Week after challenging Bitcoin’s legitimacy as a generator of real economic value. 

Speaking on stage opposite Changpeng Zhao (CZ), Schiff argued that Bitcoin is a zero-sum wealth transfer rather than a productive asset.

Here is Schiff’s full statement as delivered during the debate:

“All Bitcoin does is enable a transfer of wealth from people who buy BTC to the people who sell it. When Bitcoin is created, there’s no real wealth. We have about 20 million Bitcoin now that we didn’t have 15 years ago. But we’re no better off because that BTC exists. They don’t actually do anything. But what has happened is that some people have been enriched at the expense of other people. Now, the people who have lost a lot of money in Bitcoin don’t even realize they lost it yet, because they still have the BTC, and the token still has a $90-$92,000 price, or whatever the price point is in the current market. So, they don’t realize they have lost the money. But if they try to get out, that’s when they’re gonna realize it’s lost.”

“Bitcoin Enables Transfer of Wealth From Buyers to Sellers”

This is true to the extent that any freely traded asset, such as equities, gold, land, fine art, also transfers wealth between participants depending on entry price, exit price, and market conditions.

But Schiff implies that this transfer is zero-sum. That’s inaccurate. Bitcoin’s network itself generates utility, which is distinct from price. 

Bitcoin today powers cross-border settlement, functions as a censorship-resistant store of value, and serves as collateral across financial platforms.

BINANCE FOUNDER CZ JUST DESTROYED GOLD BUG PETER SCHIFF IN 30 SECONDS

THIS IS A MUST WATCH!! pic.twitter.com/SWbTITjbXw

— Vivek Sen (@Vivek4real_) December 4, 2025

Value is generated through capability, not just material form. A global network that moves capital instantly without banks or intermediaries is a new economic function. That is wealth creation by definition.

If Bitcoin merely redistributed value, it would not underpin payment channels, custody platforms, or multi-billion-dollar remittance rails. 

A zero-sum asset does not attract corporate treasuries, institutional ETFs, or nation-state adoption.

“No Real Wealth Was Created by the Addition of 20 Million Bitcoin”

Wealth does not rely on physical substance. It relies on demand, utility, consensus, and the ability to preserve or transfer value.

Schiff’s logic could be applied historically to:

• Government-issued fiat (created by declaration, yet accepted globally).
  
• Internet domain names (non-physical, yet multi-million-dollar assets).
  
• Software and cloud infrastructure (intangible, yet critical to global GDP).

By that standard, software, internet DNS space, AI models, and even fiat money would also fail to qualify as wealth. Yet these intangible systems power most of today’s economy.

Bitcoin created something that did not exist in monetary history: a bearer asset that moves like data, settles without intermediaries, and is mathematically verifiable. 

That feature is comparable to gold digitization but without storage, transport, or assay friction.

Wealth was created because new capabilities emerged.

“People Only Don’t Know They Lost Money Because Price is Still High”

This rests on the assumption that Bitcoin will collapse. It could — but it is not a fact, it is a projection.

If Bitcoin remains in demand globally, scarcity and network growth sustain value. 

If adoption grows further — as has occurred across ETFs, corporate treasuries, and sovereign custody — then Schiff’s prediction weakens.

His view equates unrealized gains with illusions. But:

• If someone holds Bitcoin for 10 years and later sells at a higher price, wealth is realized.
  
• If Bitcoin becomes widely transacted and integrated into the monetary infrastructure, the asset functions beyond speculation.

His thesis only holds if Bitcoin fails as a monetary network. And more than a decade of growth suggests the opposite direction.

Conclusion

Peter Schiff’s comments captured headlines and sparked discussion, but his reasoning overlooks key economic realities. 

Bitcoin is not merely a wealth transfer. It is a functioning global monetary network with attributes that no traditional asset class replicates. 

The argument that it “creates no wealth” relies on outdated assumptions about where value originates.

The post Peter Schiff’s Bitcoin Comment at CZ Debate Is Logically Flawed appeared first on BeInCrypto.

Ethereum just completed the Fusaka upgrade, a hard fork designed to prepare the network for larger scale and cheaper use. While technical on paper, the change touches the core functions of Ethereum — how data is stored, how transactions fit into blocks, and how Rollups like Arbitrum, Base, and Optimism interact with the main chain. 

For anyone holding ETH, this upgrade forms the groundwork for lower fees, better network efficiency, and a more resilient long-term ecosystem.

A Larger Network With More Room to Breathe

The biggest change arrived in how Ethereum handles data. 

Every transaction, NFT mint, DeFi swap, or Layer-2 batch needs block space, and until now, that space was limited. Fusaka increases Ethereum’s capacity so blocks can carry more information at once. 

Missed the Fusaka network upgrade?
13 Ethereum Improvement Proposals (EIPs) are now live on Mainnet.

Here’s Fusaka in 35 seconds. pic.twitter.com/DlUh1ATA55

— Ethereum (@ethereum) December 4, 2025

This does not make the chain instantly faster, but it removes pressure when demand spikes, such as during market volatility or popular token launches. 

In simple terms, Ethereum can absorb more activity without struggling.

Cheaper Rollups Through Expanded Blob Capacity

A large portion of today’s Ethereum traffic comes from Rollups. These networks batch thousands of user transactions and settle them on Ethereum as compressed data called “blobs.” 

Before Fusaka, blob space was constrained. When demand surged, fees climbed. Fusaka expands the room available for blob submissions and introduces a flexible system for raising or lowering capacity without a full upgrade. 

As rollups scale into this new space, users should experience lower transaction costs and smoother application activity. 

The end goal is simple: more transactions, less friction.

PeerDAS: A Simpler Way to Verify Data

Another major improvement is how Ethereum nodes verify data. Previously, nodes had to download large sections of block data to confirm that nothing was missing or hidden. 

Fusaka introduces PeerDAS, a system that checks small, random pieces of data rather than the entire load. 

It works like inspecting a warehouse by opening a few random boxes instead of checking every single one. 

PeerDAS in Fusaka is significant because it literally is sharding.

Ethereum is coming to consensus on blocks without requiring any single node to see more than a tiny fraction of the data. And this is robust to 51% attacks – it's client-side probabilistic verification, not… pic.twitter.com/OK81xBteER

— vitalik.eth (@VitalikButerin) December 3, 2025

This reduces bandwidth and storage requirements for validators and node operators, making it easier — and cheaper — for more people to run infrastructure. 

A wider validator base strengthens decentralization, which ultimately strengthens Ethereum’s security and resilience.

Higher Block Capacity Means More Throughput

Alongside scaling capacity, Fusaka also raises the block gas limit. A higher limit means more work can fit inside each block, allowing more transactions and smart-contract calls to settle without delay. 

It doesn’t increase block speed, but it increases throughput. DeFi activity, NFT auctions, and high-frequency trading will have more room to breathe in peak hours.

Better Wallet Support and Future UX Improvements

Fusaka also includes improvements to Ethereum’s cryptography and virtual machine. The upgrade adds support for P-256 signatures, which are used in modern authentication systems, including those behind password-less login on smartphones and biometric devices. 

This opens a path for future wallets that act more like Apple Pay or Google Passkeys rather than seed-phrase-based apps. Over time, this could make Ethereum access simpler for mainstream users.

Ethereum is about to 10x the wallet UX.

The Fusaka upgrade includes EIP-7951 – support for the signature scheme that the iPhones use to power things like Face ID.

Meaning you'll soon be able to sign transactions with your face.

Huge win for bringing normal people on-chain. pic.twitter.com/7Ad38m4Oxz

— Jarrod Watts (@jarrodwatts) November 27, 2025

What Fusaka Means for ETH Holders

The impact for ETH holders is gradual but meaningful. Fees on Layer-2 networks should ease as data capacity expands. Network congestion should become less common. More validators can participate due to lower hardware demands. 

Most importantly, Ethereum now has room to grow without sacrificing security or decentralization. If adoption increases, settlement volume grows with it — and so does ETH’s role as the asset that powers, secures, and settles everything on top.

$ETH is still consolidating around the $3,000 level.

Not much price action due to weekends, but next week could be interesting.

QT is ending on December 1st, Powell's speech is on December 1st, and the Fusaka upgrade is coming on December 3rd.

If Ethereum holds above the… pic.twitter.com/pxgmrOHyah

— Ted (@TedPillows) November 30, 2025

A Foundational Upgrade, Not a Flashy One

Fusaka does not rewrite Ethereum’s economics or make ETH suddenly deflationary, but it strengthens the foundation that future demand depends on. Cheaper rollup fees invite usage. 

A more scalable base layer invites developers. A more accessible node environment invites participation. These are structural upgrades, the kind that do little in a day but transform the network over time.

Ethereum widened the highway, improved the toll system, and made it easier for new drivers to join. That is the real meaning of Fusaka — a quiet shift with long-term weight. 

As Layer-2 networks expand and applications multiply, the effects should move from technical discussion into user experience, transaction cost, and ultimately, ETH value itself.

The post What Actually Changed with the Ethereum Fusaka Upgrade appeared first on BeInCrypto.

In 2025, several gruesome cases showed that crypto crime has crossed from screens to streets. Private keys, wallet access, and large OTC deals triggered violence that left bodies, burnt metal, and empty balances behind.

These stories shook the digital assets space, and each revealed a terrifying reality that crypto crime now comes with guns, warehouses, and fire.

The Vienna Crypto Killing: Tortured for Wallet Passwords

Earlier in November, Vienna woke to a burning Mercedes under a rail bridge. Inside was 21-year-old Danylo K., charred beyond recognition, slumped on the back seat.

Police traced the killing back to a hotel garage in Leopoldstadt. There, Danylo was ambushed by a fellow Ukrainian student, only 19 years old, and a 45-year-old accomplice.

He was beaten, teeth knocked out, then driven across the city. His captors demanded access to his crypto wallets. They forced him to give up passwords after hours of torture.

The attackers drained his wallets and carried bundles of US dollars when caught. Investigators later found a melted can of fuel on the back seat where Danylo died.

According to reports, the victim, Danylo, had suffocated on blood and fire. His wealth lived on-chain long enough for thieves to steal it.

The suspects fled to Ukraine that night. However, they were arrested but will be tried there, not in Austria.

Montreal Abduction: A Crypto Influencer Vanishes

Last year, in Old Montreal, 25-year-old crypto influencer Kevin Mirshahi was pulled into a waiting car. Three others were kidnapped with him, then freed the next day.

Mirshahi never returned, and his body surfaced in a riverside park four months later.

The Digital Gold Rush Has A Dark Side

Kevin Mirshahi, known across Montreal’s crypto scene, was found dead at Île-de-la-Visitation park on Oct. 30, months after his June abduction.

The 25-year-old’s story isn’t an isolated case – it’s the latest in a wave of crypto-targeted… pic.twitter.com/T5inBMhSJo

— 0xMarioNawfal (@RoundtableSpace) November 15, 2024

Police charged three people, including Darius Perry and Nackael Hickey, with confinement and accessory to murder. A woman, Joanie Lepage, faces first-degree murder.

Investigators have not confirmed the motive as crypto-related. But Mirshahi ran a private token investment group and held public exposure in the space.

He built an online audience around trading and wealth, and someone used a trunk and duct tape to silence it.

$85,000 Seized in a Parking-Lot Ambush During Cash-for-Crypto Deal

In Trinidad, another crime unfolded with speed, organisation, and no chance of escape.

On November 29, a man arrived at the SuperPharm car park on Trincity Central Road. He planned to buy cryptocurrency with US$85,800 in cash, bundled inside a black bag.

A 52-year old man in Trinidad was robbed of $86,000 when he went to buy cryptocurrency from a man in a pharmacy parking lot.

Pro tip: don't bring bags of cash to randos in a parking lot.https://t.co/aLePjXX1dB

— Jameson Lopp (@lopp) December 2, 2025

Police reports confirm he met a long-time trade contact to complete the transaction. Moments after handing over the bag, two armed men approached the vehicle.

They smashed the windows and pointed guns at the occupants. The criminals then took the cash and both mobile phones and fled in a waiting car.

No crypto was ever exchanged. Authorities described it as a targeted robbery linked to OTC crypto trading.

A New Violent Era

These cases mark a shift. Crypto violence is no longer a digital heist carried out by hackers behind screens.

It is physical, and involves basements, cars, flames, hammers, and real screams. Crypto holders now live with an uncomfortable truth that keys protect tokens, but tokens do not protect lives.

The post Kidnapped, Killed, and Burned for Tokens: 3 Shocking Crypto Horror Stories appeared first on BeInCrypto.

XRP spot ETFs have logged 13 consecutive days of inflows, adding another $50.27 million on December 3 and bringing cumulative inflows to $874.28 million, according to SoSoValue. 

Total net assets now stand at $906.46 million, placing the category within reach of the $1 billion milestone as early as this week.

New Capital Continues to Flow Across All Issuers

Since launch, the ETFs have only recorded green days, marking one of the strongest adoption curves among newly listed digital-asset funds. 

All four funds posted gains again this session. Franklin’s XRPZ recorded $4.76 million in fresh inflows. 

Despite inflows, XRP ETF prices closed lower on the day as broader crypto markets softened. Each fund declined between 3.09% and 3.76%, showing a divergence between price performance and asset accumulation.

Still, capital movement remains firmly positive. The market has now added more than $380 million in new inflows since November 20, including major surges on November 14, November 24, and December 1.

$1 Billion in Assets Is Now a Likely Near-Term Breakpoint

XRP ETFs require less than $94 million in additional capital to reach $ 1 billion. At the current pace, that threshold could be reached in two to three sessions, assuming buying continues.

Crossing the $1 billion asset level would place XRP ETF adoption in the same league as early Ethereum ETF inflows. 

It also strengthens the argument that regulated exposure to non-Bitcoin assets is gaining institutional traction.

$XRP ETF DEMAND GOING PARABOLIC‼️

Every issuer flashing GREEN: Canary, Grayscale, Bitwise, Franklin.

Millions flowing in DAILY.
Smart money is positioning BEFORE the breakout💥 pic.twitter.com/JTj0UM25Fr

— XRP Update (@XrpUdate) December 4, 2025

Persistent inflows through both rallies and pullbacks indicate growing conviction rather than speculative rotation. The data suggests investors may be using ETFs as their primary route for XRP exposure rather than switching in and out of spot markets.

A sustained uptrend could tighten supply over time, especially if ETF custodians continue accumulating XRP faster than it circulates back into exchanges.

For now, the streak remains active. With 13 days of uninterrupted inflows and less than 10% remaining before the billion mark, all eyes will be on whether XRP ETFs can finish the week above that mark.

The post XRP ETFs Extend Streak to 13 Days, $1 Billion Target Now in Sight appeared first on BeInCrypto.

Charles Schwab’s plan to launch spot crypto trading in 2026 is shaping up as one of the most consequential moves from a major US brokerage. 

The firm, which oversees more than $12 trillion in client assets, intends to offer Bitcoin and Ethereum trading across its platforms after internal testing and a limited pilot phase.

Charles Schwab Will Bring Mainstream Investors To Crypto

Schwab’s entry marks a shift in how traditional brokers approach digital assets. The company already offers indirect exposure through crypto-thematic ETFs, but spot trading brings cryptocurrencies into the same environment as stocks, bonds, and retirement accounts. 

This could change how mainstream investors access crypto.

Charles Schwab CEO on crypto…

“It’s a topic that’s of high engagement.”

Schwab clients own *20%* of all crypto exchange traded products.

Visits to Schwab crypto site ↑ 90% in last year.

Schwab operates one of largest brokerages in US.

Hope you’re paying attention. pic.twitter.com/XR10TRR6NK

— Nate Geraci (@NateGeraci) October 18, 2025

The announcement also highlights a strategic push to consolidate investor activity. Millions of Schwab customers currently hold traditional assets and use external exchanges for crypto. 

Bringing those functions under one account reduces friction and strengthens Schwab’s footprint across asset classes.

Meanwhile, another US financial giant, Vanguard also announced its expansion into crypto last week.

Just when they finish dumping the crypto market…

Charles Schwab, Vanguard & Bank of America all magically launch crypto trading for their clients in the same week.

What an absolutely wild, totally random coincidence 😂📉🚀 pic.twitter.com/iLk30R3j6a

— Austin Hilton (@austinahilton) December 3, 2025

A New Competitive Threat

Schwab’s move introduces a structural challenge for US crypto exchanges. The brokerage is known for zero-commission stock and ETF trading. 

If it extends the same low-fee approach to crypto, it undercuts the core revenue model of companies like Coinbase and Kraken.

The new Grayscale spot Chainlink ETF did really solid volume on Day one of $13m and looks like it could see same again today (way more than it ever traded as a trust). Also $41m in first day flows. Another insta-hit from the crypto world, only dud so far was Doge but it's still… pic.twitter.com/wlCemHxkQP

— Eric Balchunas (@EricBalchunas) December 3, 2025

Crypto exchanges rely heavily on trading fees. Coinbase’s retail fees often exceed 1%, and even advanced platforms charge up to 0.60%. 

Schwab can afford to price well below that because it generates revenue from multiple channels, including interest income, advisory services, and order execution. Crypto exchanges do not have the same diversification.

Moreover, Schwab offers a regulatory environment that exchanges cannot match. Client assets sit within long-standing SEC and FDIC oversight frameworks. 

This level of institutional trust appeals to many retail and older investors who remain wary of specialized crypto platforms.

ETFs Make Pricing Pressure Harder

The fee pressure intensifies because investors can already trade Bitcoin ETFs for free on Schwab and other brokerages. 

These ETFs also have extremely tight spreads, often around 1–2 basis points. For Schwab to justify direct crypto trading, it must offer low fees that compete with near-free ETF execution.

Direct ownership still has an advantage because it avoids ETF expense ratios. However, that benefit matters only if trading costs remain low. This dynamic pushes Schwab toward aggressive pricing and, by extension, forces exchanges to respond.

A New Phase for US Crypto Markets

Schwab’s entry reflects how traditional finance is encroaching on digital asset territory. It places price, trust, and product-access pressure on crypto-native firms at a time when markets are already shifting toward regulated structures.

The full impact depends on Schwab’s final fee model and custody design. 

Yet early signs point to significant competitive pressure ahead, especially for exchanges depending on retail trading spreads.

The post Why $12 Trillion Charles Schwab Crypto Entry Could Threaten US Crypto Exchanges appeared first on BeInCrypto.

Bitcoin continues to trade near $92,000 after this week’s rebound, yet a growing cluster of on-chain indicators now suggests the market has already slipped into a bearish cycle. 

This stands in sharp contrast to recent predictions from market leaders like Tom Lee and Arthur Hayes, who argue Bitcoin could still close the year significantly higher.

Bullish Predictions Clash With Data

Lee recently softened his earlier $250,000 target and now expects Bitcoin to remain above $100,000 into year-end. 

Meanwhile, Arthur Hayes maintains a much more aggressive view, calling the recent dip to the low $80,000s a cycle bottom and forecasting a potential move toward $200,000–$250,000. 

However, the current market structure does not align with either scenario.

CryptoQuant’s Bull Score Signals composite shows why. During previous bull phases, including late 2023 and early 2025, the model displayed broad green conditions across valuation, demand growth, network activity, and stablecoin liquidity. 

Since mid-2025, these components have turned consistently red. MVRV Z-score has flipped into overheated territory, network activity has weakened, and stablecoin buying power has declined. 

The pattern resembles the early stages of the 2022 downturn rather than a continuation of the 2025 rally.

Also, the Bull Score Index, offers a more granular view. Bitcoin spent the first half of 2025 in bullish territory with readings above 60. 

By late August, the score began falling sharply, dropping below 40 in October and remaining flat through November despite short-term price volatility. 

The latest reading sits in the 20–30 range, deep within bearish conditions. The bounce from last week’s lows has done little to shift the underlying cycle signals. 

Another, the Bull Score mapped to price, reinforces this view. The model has transitioned from green “extra bullish” signals earlier this year to persistent red “bearish” and “extra bearish” readings across September, October, and November. 

Even the recent recovery toward $92,000 is categorized as a bearish-zone rally, mirroring distribution phases seen in previous cycle tops.

Momentum Metrics Strengthen the Bitcoin Bearish Case

Market momentum indicators now echo the same cycle shift. RSI remains neutral around 50, signalling a lack of conviction behind this week’s advance. 

Chaikin Money Flow has stayed negative for most of the month, reflecting continued capital outflows even as price recovers. 

While MACD recently flipped positive, the histogram already shows weakening amplitude. This indicates the move lacks sustained momentum.

Additional signals deepen the caution. Short-term RSI spikes above 70 in recent days failed to hold, showing sellers remain active during every attempt at a breakout. CMF’s inability to return to positive territory highlights ongoing distribution rather than accumulation. 

Meanwhile, MACD’s fragile crossover mirrors conditions seen during past bear market rallies, where momentum improves briefly before rolling over.

Taken together, on-chain, liquidity, and momentum indicators point to a structural shift into a bearish cycle. 

If Strategy holds its 650K BTC this cycle (or sells only a little), we would not see another -65% drawdown like in 2022.

We are about -25% from ATH now, and even if a bear cycle comes, the downside would likely be smaller and look more like a broad sideways range.

Long-term… pic.twitter.com/71HBg0UDs7

— Ki Young Ju (@ki_young_ju) December 3, 2025

While Tom Lee and Arthur Hayes argue that Bitcoin could regain its earlier strength, current market data suggests the opposite. 

Unless stablecoin liquidity, network activity, and demand growth rebound decisively, Bitcoin’s recent recovery is more likely a temporary bounce than the beginning of a new upside phase.

The post Most Bitcoin On-Chain Indicators Signal a New Bear Market Cycle appeared first on BeInCrypto.

Vanguard, the $8 trillion US asset manager, will allow crypto-focused ETFs and mutual funds to trade on its platform from December 2, ending its long-standing refusal to support digital asset products. 

The decision marks a major shift for the world’s second-largest asset manager and opens regulated crypto access to more than 50 million brokerage customers.

Vanguard Abandons Its Anti-Crypto Policy

The firm confirmed it will support products that hold Bitcoin, Ether, XRP, Solana, and other regulated cryptocurrencies. 

However, it will continue to block funds tied to meme coins and will not launch its own digital asset products.

Starting tmrw vanguard will allow ETFs and MFs tracking bitcoin and select other cryptos to begin trading on their platform. They cite how the ETfs have been tested performed as designed through multiple periods of volatility. Story via @emily_graffeo pic.twitter.com/AKhMdR7pab

— Eric Balchunas (@EricBalchunas) December 1, 2025

Vanguard spent years resisting crypto exposure and repeatedly framed Bitcoin and other digital assets as speculative. 

The company rejected spot Bitcoin ETFs after their January 2024 debut and even restricted customer purchases of competing funds. 

For years, Vanguard executives argued that crypto lacked intrinsic value, produced no cash flows, and did not fit long-term retirement strategies.

However, persistent demand pressured the firm to rethink its stance. Bitcoin ETFs became one of the fastest-growing product categories in US fund history, with BlackRock’s IBIT alone gathering tens of billions in assets. 

This scale, combined with a steady shift in investor preferences, weakened the rationale for exclusion.

Vanguard 2024: “#Bitcoin isn’t a store of value. We’ll never offer ETFs.”

Vanguard 2025: “Bitcoin trading starts tomorrow.” pic.twitter.com/dBysvngja7

— TFTC (@TFTC21) December 1, 2025

Leadership Changes Helped Clear the Path

The policy shift follows more than a year of internal debate. Vanguard’s former CEO, Tim Buckley, was widely seen as the main opponent of crypto adoption. 

His departure and the appointment of Salim Ramji — a former BlackRock executive with experience in blockchain initiatives — signaled a potential pivot.

Ramji did not push the firm toward issuing its own crypto funds but supported granting customers access to regulated products. 

That move aligns crypto with Vanguard’s treatment of other non-core assets, such as gold ETFs.

Market Conditions Did Not Stop the Move

The reversal comes during a deep crypto drawdown and heavy ETF outflows since early October. Bitcoin’s market value has fallen sharply, and leveraged positions have suffered heavy losses. 

Yet Vanguard said digital asset ETFs have continued to operate smoothly and maintain liquidity through volatile periods.

The firm noted that operational processes for servicing crypto products have matured since 2024. It added that its clients increasingly expect access to a wide range of asset classes through a single brokerage platform.

Vanguard *finally* caves…

Will now allow spot crypto ETF trading on brokerage platform.

Includes btc, eth, xrp, & sol ETFs.

However, Vanguard reiterates that they have *no* plans to launch own spot crypto ETFs.

via @emily_graffeo pic.twitter.com/QFvF8BZTWt

— Nate Geraci (@NateGeraci) December 1, 2025

What the Decision Means for Investors

Starting Tuesday, Vanguard customers can buy and sell most regulated crypto ETFs and crypto-focused mutual funds. The company will still screen products for compliance and will exclude any vehicle tied to SEC-defined memecoins.

Vanguard stressed that it has no plans to build proprietary crypto offerings.

Instead, it aims to accommodate diverse risk profiles while maintaining its conservative product philosophy.

The move is likely to strengthen digital asset legitimacy across traditional finance. It also marks a symbolic turning point for a firm long considered crypto’s most persistent holdout.

The post Vanguard Reverses Years-Long Crypto Ban With New Trading Features From Tomorrow appeared first on BeInCrypto.

Washington state regulators have ordered CoinMe to halt all money-transfer activity after accusing the crypto ATM operator of treating more than $8 million in customer funds as its own revenue. 

The Department of Financial Institutions (DFI) issued an emergency cease-and-desist order on December 1, citing “unsafe and unsound practices.”

Regulator Flags Misuse of Customer Money

DFI said CoinMe failed to safeguard money that consumers paid for crypto vouchers. Instead, the company allegedly counted unclaimed or expired voucher balances as income.

According to the filing, customers bought vouchers at CoinMe kiosks but never redeemed them. Washington law requires companies to hold those funds as consumer property or turn them over as unclaimed assets.

However, DFI says CoinMe treated the balances as corporate revenue. The regulator argues this harmed consumers and distorted the company’s financial condition.

Because of these findings, DFI ordered CoinMe to stop all money-transfer and kiosk-related operations in the state. The company cannot accept new funds from Washington consumers under the order.

Officials also said they will seek restitution for affected customers. The agency signaled plans to revoke CoinMe’s state money-transmitter license.

The cease-and-desist order lists several other violations. These include failing to maintain required net worth, keeping inaccurate records, and submitting incorrect filings.

DFI also noted that some CoinMe vouchers displayed a support phone number that no longer worked. The regulator said this contributed to poor consumer protection.

A Significant Blow to a Major Cash-to-Crypto ATM Network

This action marks one of the most serious state enforcement moves against a US crypto ATM operator. CoinMe operates one of the largest cash-to-crypto networks in the country.

The case highlights growing scrutiny of crypto on-ramps that handle physical cash. Regulators expect these companies to follow the same standards as traditional money-transmitters.

CoinMe can contest the order, but Washington regulators appear prepared to escalate the case. If the state revokes the company’s license, CoinMe will lose the ability to operate any money-transfer service in Washington.

Meanwhile, DFI urged affected customers to prepare claims for potential refunds. The agency’s priority, it said, is protecting consumers who rely on licensed firms to securely handle their money.

The post Washington Shuts Down Crypto ATM that Claimed $8 Million in User Funds as Income appeared first on BeInCrypto.

MicroStrategy suffered a catastrophic start to December as its market cap briefly fell below the net value of its Bitcoin holdings, exposing the company to renewed concerns about leverage, liquidity, and investor confidence.

Shares collapsed early Monday, dropping to $156, which pushed MicroStrategy’s valuation to $45 billion. 

Wall Street Nightmare For MicroStrategy?

The company currently holds 650,000 BTC worth roughly $55.2 billion, making this drop a rare moment where Wall Street valued the business at less than its underlying assets.

However, MicroStrategy also carries $8.2 billion in debt. After subtracting that debt and adding the firm’s $1.4 billion cash reserve, the company still holds about $48.4 billion in net Bitcoin value. 

This means the stock fell $3.4 billion below its Bitcoin-adjusted worth at the session low.

MicroStrategy's Current Situation:

1. Bitcoin holdings: $55.2 billion
2. Debt holdings: $8.2 billion
3. Cash reserve (announced today): $1.4 billion
4. Bitcoin holdings – Debt + Cash: $48.4 billion
5. Market cap of $MSTR: $45 billion

MicroStrategy's NET Bitcoin holdings are… https://t.co/Ii4T6dEFo8

— The Kobeissi Letter (@KobeissiLetter) December 1, 2025

The disconnect shocked traders. MicroStrategy normally trades at a premium because markets price in Michael Saylor’s aggressive Bitcoin strategy, future BTC purchases, and the stock’s role as a regulated Bitcoin proxy. 

Yet Monday’s sell-off forced the premium into one of its tightest ranges of the year.

Such a bad take.

A) Bitcoin price would crash if Saylor sold. And there’s not enough liquidity to exit the position. He is the liquidity. Institutions have been net sellers.

B) Debt isn’t free. There’s regular interest payments. Therefore he must sell more shares in perpetuity. pic.twitter.com/fsChvN4DHW

— Beanie (@beaniemaxi) December 1, 2025

By midday, the company’s mNAV ratio—which measures how far the stock trades above or below Bitcoin net asset value—recovered to 1.16, far below the levels seen earlier in 2025. 

The reading shows the market now values MicroStrategy only 16% above its Bitcoin holdings, compared with premiums exceeding 50% during the year’s rally.

A Critical Risk Period for MicroStrategy and Bitcoin

The sharp repricing reflects rising investor fears. Bitcoin has dropped from $125,000 to $85,500 since October, erasing tens of billions in paper value from MicroStrategy’s balance sheet. 

The decline coincided with tightening liquidity, falling ETF inflows, and an industry-wide reset in risk appetite.

Concerns about Saylor’s long-term strategy also resurfaced. Critics argue the company’s debt must be serviced regardless of Bitcoin’s performance, increasing pressure to raise new capital or sell more shares. 

Others warn that MicroStrategy’s position is now so large that Saylor cannot reduce risk without destabilizing the market.

Still, the company remains the largest corporate Bitcoin holder in the world, and its holdings continue to exceed its market cap. 

The rebound later in the day shows investors are not abandoning the stock, but they are reassessing the risks more aggressively than at any point this year.

MicroStrategy begins December with its tightest valuation gap in years, signaling a turning point in how markets view the company’s leveraged Bitcoin strategy. 

Whether this marks a temporary panic or the start of a deeper correction will depend on Bitcoin’s stability and the company’s next moves.

The post MicroStrategy’s Market Cap Falls Billions Below Its Bitcoin Holdings appeared first on BeInCrypto.

The XRP Ledger recorded an abnormal surge in AccountSet and AMM Bid transactions this week, triggering widespread discussion across crypto Twitter. The ledger processed more than 40,000 AccountSet transactions in late November, marking its highest configuration activity in years.

The activity continued even after BitGo ended its batch updates. This indicates new actors are preparing or reconfiguring large numbers of accounts, rather than routine custodial adjustments.

What the AccountSet Surge Indicates

AccountSet transactions update settings, including security flags, AMM (Automated Market Maker) permissions, and multi-sig configurations. They are typically used when institutions prepare accounts for new services or liquidity operations.

Someone is doing a lot of AccountSet TXs on the XRP Ledger recently. Even after BitGo stopped. pic.twitter.com/rhdYGqFzLr

— Vet (@Vet_X0) November 29, 2025

Therefore, a spike of this magnitude suggests structured onboarding. Analysts believe this may involve custodians, market makers, or automated systems configuring XRPL accounts at scale.

The pattern resembles network preparation rather than retail behavior. 

Previous spikes linked to custodial maintenance did not reach current levels, reinforcing the view that new participants are entering the network.

🚨 Something’s happening on the XRP Ledger.

According to XRPL Metrics, activity just exploded:
📈 Over 40,000 “AccountSet” transactions, the highest in years.
💧 A sharp spike in AMM bids right after November 23.
Imo, it’s network preparation.

With RLUSD approvals, AMM rollout,… pic.twitter.com/g1a5fUKYT9

— Arthur (@XrpArthur) December 1, 2025

AMM Bid Activity Signals Liquidity Positioning in XRP

AMM Bid transactions also surged after November 23. These transactions help liquidity providers bid for AMM auction slots and position themselves within XRPL’s automated market-maker pools.

The sharp rise suggests liquidity actors are preparing to secure early positions. Early bids often capture the most profitable rewards, making the timing significant.

The AMM spike coincides with broader XRPL developments. RLUSD approvals, AMM rollout progress, and institutional onboarding have all accelerated in recent weeks. This offers a possible explanation for the sudden liquidity movement.

PODCAST: Tokenization is just step one, now what do we do with the assets?@RippleXDev's Jasmine Cooper explains why the next wave for the XRP Ledger is on-chain collateral management, repos and credit origination turning RWAs into real value for institutions. pic.twitter.com/S2MTJ0j7pm

— BeInCrypto (@beincrypto) December 1, 2025

XRP ETF Inflows Add Another Layer of Context

The surge also follows the debut of spot XRP ETFs in the United States. The products accumulated $643.92 million in net inflows and reached $676.49 million in total ETF assets. 

Inflows increased on nine of the last ten sessions, showing strong institutional demand.

While ETF inflows do not directly interact with the XRP Ledger, they influence how custodians manage XRP storage and security. 

Large ETF demand can trigger new institutional custody accounts, reconfigured storage systems, expanded wallet infrastructure, and preparation for higher settlement activity. These processes often involve AccountSet transactions. 

Therefore, the ETF wave may be indirectly contributing to the configuration spike.

Implications for the Market

The combined surge in configuration and AMM activity signals structural preparation beneath the XRP ecosystem. This type of activity often precedes network upgrades, liquidity expansion, or new institutional pipelines.

Although XRP price remains volatile, the ledger’s data suggests increasing backend activity. Market watchers view the patterns as early indicators of broader engagement, rather than isolated anomalies.

some fun tinkering this weekend!

a cool visualisation of live transactions on the xrp ledger.

the blockchain never stops.

even on weekends! pic.twitter.com/UvcekHq4n1

— Phil Kwok | EasyA (@kwok_phil) November 30, 2025

For now, developers have not commented publicly. 

However, the coordinated rise in AccountSet and AMM Bid transactions points to meaningful infrastructure changes underway on the XRP Ledger.

The post XRP Ledger Activity Suddenly Exploded This Week, What Is It Signalling appeared first on BeInCrypto.

Yearn Finance confirmed an active exploit affecting its yETH product on Sunday, after an attacker minted an effectively unlimited amount of yETH and drained liquidity from Balancer pools. 

The incident triggered heavy on-chain movement, including multiple 100 ETH transfers routed through Tornado Cash. 

Infinite-Mint Attack Drains Liquidity From Balancer Pools

According to blockchain data, the exploit occurred around 21:11 UTC on November 30, when a malicious wallet executed an infinite-mint attack that created roughly 235 trillion yETH in a single transaction. 

some other balancer related stuff looking like an exploit considering heavy interactions with tornado

yearn, rocket pool, origin, dinero and other LST going around pic.twitter.com/wUuexeQJyg

— Togbe (@Togbe0x) November 30, 2025

Nansen’s alert system later confirmed the attack and identified the event as an infinite-mint vulnerability in the yETH token contract, not in Yearn’s Vault infrastructure.

The attacker used the newly minted yETH to drain real assets—primarily ETH and Liquid Staking Tokens (LSTs)—from Balancer liquidity pools. Early estimates suggest roughly $2.8 million in assets were removed. 

Around 1,000 ETH was laundered through Tornado Cash shortly after the attack. Several helper contracts used in the exploit were deployed minutes before the incident and self-destructed afterward to obscure the trail.

some other balancer related stuff looking like an exploit considering heavy interactions with tornado

yearn, rocket pool, origin, dinero and other LST going around pic.twitter.com/wUuexeQJyg

— Togbe (@Togbe0x) November 30, 2025

Yearn stated that V2 and V3 Vaults were not affected, and the vulnerability appears limited to the legacy yETH implementation. 

The protocol’s Total Value Locked (TVL) remains above $600 million, according to CoinGecko, suggesting core systems were not compromised. 

YFI Price Spikes as Market Reverses Initial Panic

However, the market reaction created an unexpected dynamic. Shortly after the exploit was flagged on social media and by blockchain analysts, YFI’s price spiked sharply, climbing from near $4,080 to over $4,160 within an hour. 

The move came despite the negative headlines surrounding the broader Yearn ecosystem.

The price reaction appears tied to market misinterpretation in the early minutes of the incident. Initial claims of a “Yearn exploit” prompted high-leverage short positions on YFI, given the token’s thin liquidity and historically aggressive downside moves during hack events. 

The attack was isolated to yETH and not Yearn’s Vaults, and short-sellers began covering their positions. This triggered a brief short squeeze and a volatility-driven price spike.

YFI’s circulating supply is only 33,984 tokens, making it one of the most illiquid major DeFi governance assets. This structure amplifies price movements, particularly during periods of uncertainty or rapid liquidation flow. Derivatives data also showed elevated funding volatility immediately after the exploit alert.

For now, losses appear contained to the yETH and Balancer pools touched by the exploit. Investigations remain ongoing, and it is unclear whether any recovery options exist for the stolen assets. 

Markets will likely watch for a formal Yearn disclosure detailing root cause, patching efforts, and potential governance actions.

The post Yearn Finance Hit by Major yETH Exploit as Attacker Drains Funds appeared first on BeInCrypto.

Arthur Hayes is standing by his prediction that Bitcoin could reach $200,000–$250,000 by the end of 2025, despite the October–November crash and lingering market fear. 

Speaking on the Milk Road Show on November 26, he said the recent drop to $80,000 marked the cycle bottom and argued that global dollar liquidity has turned a corner.

“I’m going to stick with it,” Hayes said when asked if his $200,000–$250,000 target still holds with only weeks left in the year. “If I’m wrong it doesn’t matter… I’m long, I’m still happy either way.”

Hayes Calls $80,000 the Bottom After Liquidity Shock

Hayes framed the entire move from Bitcoin’s $125,000 high down to $80,000 as a liquidity-driven reset, not the start of a new bear market.

He said his Bloomberg-based US dollar liquidity index showed about $1 trillion drained from dollar money markets between July and now. 

This came from the US Treasury refilling its account and the Federal Reserve continuing quantitative tightening.

People think Bitcoin runs on halving cycles.

Wrong.

It runs on liquidity, politics and the US business cycle. Which hasn’t even started yet.

2026 is where the fireworks starts:
– QT ending
– The US Midterm election
– Booming economy and stock market for reelection purposes
-… pic.twitter.com/aiyOOlODm1

— Quinten | 048.eth (@QuintenFrancois) November 28, 2025

According to Hayes, Bitcoin ignored that liquidity drain for months because ETF inflows and Digital Asset Treasury (DAT) issuances masked the damage. 

Once those flows flipped, he said, Bitcoin “fell down to where it should have been based on the dollar liquidity situation.”

ETF “Institutional Bid” Was Just a Basis Trade

Hayes argued that the widely celebrated ETF bid was badly misunderstood by retail traders.

The largest holders of BlackRock’s IBIT ETF are firms like Brevan Howard, Goldman Sachs, Millennium, Jane Street and Avenue. 

These are not long-only Bitcoin believers, he stressed, but basis traders exploiting a spread.

“They’re taking the IBIT ETF, they buy it, they pledge it with their broker, then they sell a futures contract… they were making let’s call it 7 to 10% per annum on that trade,” he said. 

As funding rates fell in September and October, those players unwound the trade by selling ETFs and buying back futures, turning ETF flows negative.

Retail investors then misread the outflows as “institutions dumping Bitcoin,” Hayes said, without understanding that institutions were only unwinding a funding strategy.

JP MORGAN IS MOVING BITCOIN INTO THE $318 TRILLION BOND MARKET.

JP Morgan has launched a new structured note that gives investors exposure to Bitcoin through BlackRock’s spot ETF (IBIT).

This matters because it pulls Bitcoin directly into the traditional bond and fixed-income… pic.twitter.com/HZQLM9YgGG

— Bull Theory (@BullTheoryio) November 28, 2025

Hayes also highlighted the role of Digital Asset Treasury companies, which issue stock and debt to buy Bitcoin when their market NAV trades at a premium.

When those stocks fell to par or discount, he said, this model broke. DATs could no longer issue new securities in an accretive way. 

Some even had an incentive to sell Bitcoin and buy back their own shares.

“All we know is that we have essentially bottomed on the liquidity chart and the direction in the future is higher,” he said. “That’s why I believe that the $80,000 dip on Bitcoin recently is the bottom.”

He expects the next leg of liquidity to come less from the Fed and more from the commercial banking system, pointing to early signs of renewed bank lending and political plans for a credit-fuelled industrial build-out.

Why Bitcoin Is “Stuck” Around $90,000 For Now

Asked why Bitcoin still trades near $90,000 if the liquidity outlook is improving, Hayes pointed to uncertainty over how aggressively the new US administration will actually create credit.

Markets, he said, still question how and when another “$10 trillion” of liquidity will materialise. 

Promises about bank lending, industrial policy, and a new Fed chair remain political talk until they turn into concrete programs and flows.

“Once we actually start to see things happen, markets will price a bigger forward on where this dollar liquidity situation is and risk assets like Bitcoin will accelerate their rise in price,” Hayes said.

The post Arthur Hayes Sticks To His Extreme Bitcoin Price Prediction for Year-End appeared first on BeInCrypto.

XRP spot ETFs recorded $643.92 million in cumulative net inflows during their first month of trading, according to SoSoValue data. The products also reached $676.49 million in total net assets, capturing 0.50% of XRP’s market capitalization.

Daily inflows remained positive for most of the month. The strongest sessions included $243.05 million on November 14 and $164.04 million on November 24.

Trading Volume Resilient Despite XRP Price Volatility

The leading issuers—Grayscale, Franklin Templeton, Bitwise, and Canary—collectively drove steady inflows across US exchanges. 

Together, the four funds brought ETF-held XRP above 0.5% of total circulating supply, indicating early institutional interest.

The ETFs generated a total value of $38.12 million in trading on November 26 alone. Trading volumes earlier in the month were higher, coinciding with large inflow spikes.

However, XRP’s market price remained volatile. The token traded around $2.23 as ETF demand offset wider crypto-market weakness.

Meanwhile, other major asset managers are looking to enter the XRP ETF race. 21Shares is expected to launch its spot ETF on Monday as WisdomTree’s application remains under review.

Early Signs Point to Sustained Institutional Demand

ETF inflows increased on nine of the past ten sessions. The most recent daily total showed $21.81 million entering XRP ETFs on November 26.

This inflow streak suggests institutions are still building exposure. It also reduces liquid supply on exchanges, as ETF custodians move XRP into regulated storage.

Franklin Templeton disclosed 32.04 million XRP held in its ETF by November 25, signalling continued accumulation. 

This steady inflow pattern in the first month is positive for new crypto ETFs and reflects improved regulatory clarity for XRP products.

Meanwhile, XRP wasn’t the only altcoin to receive an ETF greenlight over the past week. Dogecoin, HBAR, and Litecoin spot ETFs also started trading earlier this month.

However, these funds did not receive any notable interest from institutional investors. Bitwise and Grayscale’s DogeCoin ETF only attracted around $2 million in inflows in their first 48 hours of trading.  

The post XRP ETFs Record $643 Million in Net Inflows in First Month as Demand Surges appeared first on BeInCrypto.

Bitcoin may be showing its first signs of demand recovery after a bruising month. The Coinbase Bitcoin Premium Index (CBPI) — a measure tracking whether US investors pay more or less for BTC on Coinbase vs. global exchanges — turned positive today for the first time in weeks. 

The shift comes just as silver surged to a new all-time high above $55/oz, signalling renewed appetite for hard-asset exposure across markets.

What the Coinbase Premium Turning Green Actually Means

The premium had spent almost the entire month of November in negative territory, reflecting softer US demand, ETF outflows, and weakened liquidity.

Now, the green print suggests that US spot buyers are finally paying a slight premium again, a sign that domestic demand is stabilising.

In simple terms, the Coinbase Premium Index compares BTC price on Coinbase (USD market) with its price on major global exchanges (USDT markets like Binance).

• Positive premium → US investors buying aggressively
  
• Negative premium → Lower US demand or stronger international flow
  
• Neutral → Balanced global demand
  

Today’s shift into positive territory indicates that US spot demand has improved for the first time all month, even while broader sentiment still sits in extreme fear.

This matters because the US market has historically led BTC price inflection points — particularly during liquidity transitions or macro pivots.

https://x.com/KobeissiLetter/status/1994450463731675417 

The Silver and Bitcoin Correlation

Silver hitting an all-time high is notable on its own. But its timing alongside a newly positive Coinbase Premium adds an interesting behavioural layer.

Historically, BTC–Silver correlation is low and unstable. Long-term correlation usually sits near 0 to +0.3. It spikes only during major macro fear episodes, and collapses when crypto-specific factors dominate.

Right now, BTC and Silver are clearly decoupled. However, this decoupling highlights something important

When silver rallies strongly while Bitcoin stops falling, it often marks the end of fear-driven selling.

Binance whales are buying $BTC

Coinbase institutions are bidding too.

Finally some spot demand for Bitcoin. pic.twitter.com/oBzJiQrZSI

— Ted (@TedPillows) November 28, 2025

The Coinbase Premium turning green aligns with this pattern. Silver’s strength is signalling a broader hard-asset appetite. 

As the US premium flips positive, Bitcoin demand could be returning where it had vanished.

Overall, this does not mean the assets are correlated today — they’re not. 

But it does mean macro conditions (rates, liquidity, dollar weakness) are starting to support “alternative asset” flows again.

The post Coinbase Bitcoin Premium Turns Positive as Silver Hits Record High appeared first on BeInCrypto.

The weakening US labour market is emerging as a major risk variable for crypto heading into December and early 2026. Rising layoffs, slowing hiring, and deteriorating consumer confidence have intensified expectations of a Federal Reserve rate cut. 

The shift could influence Bitcoin and Ethereum more sharply than equities due to fragile liquidity conditions across digital assets.

Labour-Market Stress Increases Pressure on the Fed

Layoff announcements surged in October to their highest level since 2003. Several large employers cut jobs or froze hiring, reflecting tariff costs, AI restructuring, and post-shutdown uncertainty. 

Consumer confidence also fell in November as job insecurity increased.

Alternative data shows US layoffs are surging:

Job cuts tracked by MacroEdge jumped +70,609 MoM in October, to 154,559, the highest in at least 2 years.

Monthly job cuts have now exceeded 100,000 for the 5th time this year.

At the same time, layoff announcements compiled by… pic.twitter.com/zLRiMebfi5

— The Kobeissi Letter (@KobeissiLetter) November 28, 2025

Despite these pressures, weekly jobless claims remain low. Markets interpret this mixed picture as a sign that the economy is softening but not collapsing. 

As a result, traders now expect a 25-basis-point rate cut at the December meeting. Futures markets price a significant easing for 2026.

A December cut would mark a sharp pivot from the Fed’s earlier “higher for longer” stance. It would also signal that the central bank is responding to labour-market weakness before broader damage spreads.

Crypto Markets Are Highly Sensitive to Liquidity Signals

Bitcoin and Ethereum still operate in thin liquidity after the October 10 liquidation shock. Market makers reduced risk inventories, leaving order books with less depth. 

Tom Lee described the market as “limping” for six weeks due to damaged liquidity capacity.

These conditions increase the impact of macro shifts. When liquidity is thin, changes in interest-rate expectations typically move crypto faster than equities. 

This dynamic was clear during November, when ETF outflows and selling pressure pushed Bitcoin down nearly 30% from its October peak.

On-chain metrics now show signs of stabilisation. The 90-day Taker CVD has moved from persistent selling to neutral, indicating seller exhaustion. 

At the same time, users are borrowing against Bitcoin rather than selling it, which reduces immediate supply pressure but increases latent liquidation risk.

December Rally Is Possible, but Not Guaranteed

A December rate cut would reduce real yields and inject liquidity into risk assets. Bitcoin historically rallies during such conditions, especially after deep drawdowns. 

Several metrics already point to improving momentum. Fear and Greed Index readings lifted from 11 to 22. Average crypto RSI rose toward 60 after touching oversold levels earlier in the month. MACD also turned positive.

🔴Record layoffs in the US

US companies cut 153,000 jobs in October, 175% more than a year ago. That makes October the worst in 20 years and the rate the highest for the fourth quarter since 2008🗓

For the crypto market, this creates a double effect: on the one hand, a… pic.twitter.com/LcAcbjwhFk

— Vlados0707 (@Vladislav77001) November 9, 2025

However, ETF flow data remains uncertain. November saw heavy outflows, though recent days show tentative inflows. 

If ETF demand returns, thin liquidity could amplify upside moves. If outflows resume, the market could revisit recent lows.

Macro signals will therefore dominate crypto into year-end. A dovish Fed stance may trigger a rally similar to 2023. 

A hawkish tone could undermine the current recovery and reinforce the bearish trend seen in November.

Binance Bitcoin & Ethereum Exchange Inflow Value Is Structurally Elevated

“This often aligns with phases of rotation rather than pure accumulation. Large players move size onto the exchange, giving the market more room for distribution.” – By @TeddyVision pic.twitter.com/wnpOWkyhPL

— CryptoQuant.com (@cryptoquant_com) November 28, 2025

January 2026 Carries Added Volatility Risk

Even if crypto rallies in December, January remains uncertain. The combined October–November employment report arrives on December 16. The release may confirm deeper labour stress not yet captured in weekly data.

If layoffs accelerate into January, risk assets may weaken. Markets could interpret labour deterioration as a sign of recession. 

In that scenario, rate cuts may not offset broad risk aversion. Bitcoin often reacts first in such conditions due to its liquidity profile.

Alternatively, if the report shows moderate softness with stable wage growth, markets may price a controlled slowdown. 

This would support a continuation of any December rally into early 2026. In both cases, liquidity conditions will govern the scale of price swings.

With momentum improving and liquidity still thin, the market remains primed for a significant move. The direction will be set by how the Federal Reserve responds to growing labour-market pressure and how investors interpret the broader economic signal in the weeks ahead.

The post US Job Market Crisis Raises Stakes for Crypto Prices in December and January appeared first on BeInCrypto.

Conor McGregor and Khabib Nurmagomedov’s rivalry has returned to the spotlight, this time dominating Crypto Twitter after McGregor accused Khabib’s new Telegram-based NFT collection of scamming fans.

The claim triggered a swift response from Khabib and a sharp intervention from on-chain investigator ZachXBT, who redirected attention toward McGregor’s own controversial token launch.

Crypto Feud Ignites After Khabib’s NFT Launch

Khabib promoted a new digital collectibles drop on Telegram this week, themed around the Dagestani papakha hat he wore during UFC walkouts.

The collection sold out quickly, generating about $4.4 million in a single day.

The former UFC champion framed the NFTs as cultural digital gifts rather than speculative assets. He highlighted their link to Dagestani tradition and presented them as shareable items within Telegram’s ecosystem.

However, McGregor publicly rejected that narrative. He accused Khabib of running a “multi-million-dollar scam,” alleging that promotional posts were deleted after the sale. 

His comments triggered immediate backlash from both MMA and crypto communities.

Can anybody find me a single person who bought the Khabib NFT who is claiming they have been scammed?

Can anyone show me a single shred of evidence of Khabib misrepresenting what he was selling?

The answer to both those questions are no. We get it you guys hate Muslims

— MMA Joey (@MMAJOEYC) November 26, 2025

McGregor Escalates Long-Running Rivalry

McGregor’s post revived the bitter rivalry born from UFC 229, where Khabib defeated him in 2018. The pair have exchanged barbs for years, often referencing family, legacy, and national pride.

This time, McGregor suggested Khabib used his father’s legacy and Dagestani cultural symbols to mislead fans. His message framed the drop as a “cash grab” disguised as heritage. 

The accusation spread quickly, drawing strong reactions across social media.

Khabib responded within hours. He called McGregor an “absolute liar” and accused him of trying to “darken my name” since the UFC 229 loss. 

He reiterated that the NFTs are cultural gifts and denied any wrongdoing.

ZachXBT’s Intervention Shifts the Narrative

The feud escalated further when on-chain investigator ZachXBT entered the conversation. He reposted McGregor’s comments but flipped the accusation back onto him.

There is just no way good guy McGregor used his reputation, as well as Irish culture, to scam his fans and fire sell a bunch of digital tokens’s online and then delete all of the posts after they were sold, leaving his fans robbed of their money?

There is just no way good guy… pic.twitter.com/CuUzvPGiKS

— ZachXBT (@zachxbt) November 26, 2025

ZachXBT pointed to McGregor’s failed REAL token earlier this year. The coin raised far less than its public target, fell sharply in price, and lost community support within weeks.

McGregor then deleted most promotional posts, leaving the project abandoned and investors frustrated.

Crypto Twitter quickly framed this as hypocrisy. Many noted that McGregor’s own token showed more red flags than Khabib’s Telegram collectibles.

After the backlash intensified, McGregor deleted his “scam” posts about Khabib.

Despite the allegations, no reports indicate that buyers lost access to their NFTs. The items still function as digital gifts inside Telegram, with no broken utilities or frozen assets.

Khabib has not marketed the drop as a financial investment. 

The post Conor McGregor and Khabib’s UFC Rivalry Erupts Again After NFT ‘Scam’ Accusation appeared first on BeInCrypto.

The crypto market is showing its first meaningful recovery after a harsh November sell-off, and several metrics now resemble the same conditions seen around Thanksgiving in both 2022 and 2023. 

Bitcoin has reclaimed the $91,000 level, ETH is back above $3,000, and the wider market has returned to a cautious green. This bounce comes as traders enter a long US holiday weekend that has historically set the tone for December.

Market Indicators Turn Positive After Weeks of Fear

Fear and Greed Index data shows sentiment improving from 11 last week to 22 today, although it remains in “Extreme Fear.” 

This shift aligns with a steady rise in average crypto RSI, which climbed from 38.5 seven days ago to 58.3 today. The reading signals growing strength after deep oversold conditions earlier in the month.

Momentum also flipped. The normalized MACD across major assets has turned positive for the first time since early November. 

About 82% of tracked cryptocurrencies now show positive trend momentum. Bitcoin, Ethereum, and Solana appear in the bullish zone of CoinMarketCap’s MACD heatmap.

Price action supports this shift. Bitcoin is up 6% on the week. Ethereum has gained nearly 8%. Solana climbed almost 8% in the same period. 

The market cap has grown to $3.21 trillion, rising 1.1% over the last 24 hours.

A Familiar Post-Thanksgiving Setup Has Emerged

The current recovery mirrors a structure seen twice before. In both 2022 and 2023, the market entered Thanksgiving after a sharp drawdown and then stabilized into December.

In 2022, Bitcoin fell to near $16,000 following the FTX collapse. By Thanksgiving, selling pressure had exhausted, and the market traded sideways into Christmas. 

It was a deep bear consolidation phase rather than a rally.

In 2023, Bitcoin entered Thanksgiving at $37,000 after a steep September-October correction. Strong ETF expectations and improving liquidity conditions pushed BTC to $43,600 by Christmas. It was a classic early-bull December rally.

This year, the pattern again repeats one familiar element: the November crash came early, and by Thanksgiving, selling momentum had eased. 

Bitcoin’s 90-day Taker CVD has shifted from persistent sell dominance to neutral, signalling that aggressive sellers have stepped back. Funding rates and leverage data support the same interpretation.

BREAKING: The S&P 500 closes the day +0.7% higher, adding +$2.5 trillion of market cap since last week’s low.

Happy Thanksgiving to all! pic.twitter.com/tsjKylr5UV

— The Kobeissi Letter (@KobeissiLetter) November 26, 2025

Liquidity Damage Still Shapes the Current Cycle

BitMine chairman Tom Lee described the market as “limping” after the October 10 liquidation shock. 

He said market makers were forced to shrink their balance sheets, weakening market depth across exchanges. That fragility persisted through November.

However, Lee also argued that Bitcoin tends to make its biggest moves in short bursts when liquidity recovers. He expects a strong December rally if the Federal Reserve signals a softer stance.

On-chain data aligns with this view. Nexo collateral figures show users still prefer borrowing against Bitcoin rather than selling it. 

BTC makes up more than 53% of all collateral on the platform. This behavior suppresses immediate sell pressure, helping stabilize spot markets. But it also adds hidden leverage that could amplify future volatility.

'@Nexo users aren’t selling their Bitcoin, they’re borrowing against it.

BTC now accounts for 54.3% of all collateral on the platform, holding a steady 53–57% range for months.

It confirms Bitcoin is the dominant asset users leverage when they need liquidity. pic.twitter.com/bhmL9UdUvO

— CryptoQuant.com (@cryptoquant_com) November 27, 2025

We May Be Entering a Two-Year Holiday Pattern

Three factors now look similar to the post-Thanksgiving conditions of 2022 and 2023:

• Seller exhaustion: Taker CVD shifting to neutral signals the end of forced selling for now.
  
• Momentum recovery: MACD and RSI metrics have reversed sharply after bottoming earlier in November.
  
• Liquidity stabilization: Market makers are still wounded, but volatility has cooled, and ETF outflows have slowed.
  

If this pattern continues, December could produce one of two outcomes based on the last two years:

• A sideways consolidation like 2022 if liquidity remains thin.
  
• A short, sharp rally like 2023 if macro conditions turn supportive.
  

The deciding factor will likely be the Federal Reserve’s tone in early December and the behavior of Bitcoin ETF flows. Thin liquidity means even moderate inflows could move prices quickly.

#Bitcoin Testing 90k 
if it holds its the first step to a Santa Rally pic.twitter.com/QhHQNfDQPk

— RudoViljoen (@TheChartArtist) November 19, 2025

December May Deliver a Large Move in Either Direction

The market has entered a transition phase rather than a clear trend. Sentiment is still extremely fearful, but price and momentum indicators show recovery. 

Bitcoin’s position above $91,000 suggests buyers are willing to defend key levels, yet order-book depth remains weak.

With selling pressure fading and technical momentum rising, the environment now resembles the same post-Thanksgiving setups that marked the last two end-of-year cycles. 

Bitcoin dominance looks weak here.

ETH/BTC is holding above the 0.03-0.032 support zone.

It seems like we could see ETH outperformance in December. pic.twitter.com/IRQS05mETi

— Ted (@TedPillows) November 27, 2025

If the pattern holds, December will not be flat. It will likely bring a decisive move as liquidity conditions shift.

The direction, however, will depend less on crypto narratives and more on macro signals and ETF demand in the coming weeks.

The post Crypto Market Hints at a Two-Year Post-Thanksgiving Pattern Returning appeared first on BeInCrypto.

Bitcoin may be approaching a decisive December as liquidity conditions tighten and on-chain metrics shift. BitMine Chairman Tom Lee says the market has been “limping” since the October 10 liquidation shock, but argues the setup now supports a major move before year-end. 

Recent on-chain trends and exchange-collateral data point to similar pressure building beneath the surface.

Liquidity Damage Still Defines the Market

Lee told CNBC that the October event severely damaged market-maker balance sheets. 

He described these firms as the “central banks” of crypto, responsible for depth, spreads, and inventory. When their balance sheets shrink, liquidity contracts for weeks.

WATCH: Tom Lee says “Bitcoin could hit a new all-time high before year-end” pic.twitter.com/13czeJdJeL

— BeInCrypto (@beincrypto) November 27, 2025

This matches market performance since early October. Bitcoin has dropped almost 30% from its $126,000 peak. 

Meanwhile, November has delivered one of the worst monthly performances for both price and ETF flows in years.

Market makers withdrew risk capital after the liquidation wave erased roughly $19 billion of leveraged positions. 

Order-book depth fell sharply across major exchanges, creating air pockets that amplified downside moves. Under such conditions, Bitcoin and Ethereum tend to react earlier to macro stress than equities.

Despite this damage, Lee expects a strong December rally, citing a potential dovish shift from the Federal Reserve.

“Bitcoin makes its best moves in 10 days every year, I think some of those days are still gonna happen before year end,” said Tom Lee.

On-Chain Metrics Show Sellers Losing Control

Bitcoin’s 90-day Spot Taker CVD has shifted from persistent sell dominance to a neutral stance. The indicator tracks aggressive market orders on spot exchanges. 

Red bars dominated from early September through mid-November, showing sustained taker-sell pressure.

The recent move to neutral marks a break in that pattern. It suggests the aggressive selling phase has exhausted. 

However, it does not show strong buyer dominance. Instead, the market has entered a balanced phase typical of late-cycle bear markets.

Price remains well below October levels, but the absence of persistent taker-sell pressure signals improved stability. 

The shift aligns with the broader leverage reset seen in futures markets, where funding rates have moved near zero.

Borrowing Trends Point to Strong Hands, but Fragile Leverage

CryptoQuant data shows Nexo users prefer borrowing against Bitcoin rather than selling it. BTC accounts for 53% to 57% of all collateral on the platform. That range has held for months despite the drawdown.

'@Nexo users aren’t selling their Bitcoin, they’re borrowing against it.

BTC now accounts for 54.3% of all collateral on the platform, holding a steady 53–57% range for months.

It confirms Bitcoin is the dominant asset users leverage when they need liquidity. pic.twitter.com/bhmL9UdUvO

— CryptoQuant.com (@cryptoquant_com) November 27, 2025

This behavior reduces immediate selling pressure. It also confirms that long-term holders continue to treat Bitcoin as their primary liquidity source. 

Yet it adds another layer of vulnerability. If Bitcoin drops further, collateralized positions face liquidation risk.

Combined with thin order books, any forced selling could produce outsized volatility. This dynamic reflects late-bear fragility rather than early-bull strength.

A Market Caught Between Exhaustion and Low Liquidity

Current market structure reflects a transition rather than a clean reversal. ETF outflows, damaged liquidity, and macro uncertainty keep pressure on prices. 

However, on-chain selling has cooled, and structural holders continue to defend positions.

The result is an environment where small catalysts can produce large moves. 

🚨TOM LEE: YEAR-END RALLY IS COMING

Despite a brutal six weeks, Tom Lee says a STRONG December rally is on deck, backed by by a dovish incoming Fed pivot. pic.twitter.com/G9afNmV0RR

— Coin Bureau (@coinbureau) November 27, 2025

A dovish Fed pivot would likely hit thin order books and accelerate a rebound. Another macro shock could trigger renewed deleveraging.

Lee’s view aligns with this setup. The market has stopped bleeding, but it remains fragile. Bitcoin has a history of delivering double-digit moves in compressed periods, especially after aggressive liquidations.

As December approaches, both liquidity conditions and on-chain data suggest the next large move is near. 

The direction will depend on macro signals and ETF flows rather than sentiment alone.

The post BitMine’s Tom Lee and On-Chain Data Signal a Big December Move for Bitcoin appeared first on BeInCrypto.

The UK’s latest Budget leaves headline crypto tax rules unchanged but tightens the wider environment for traders.

Meanwhile, HMRC signals a major rethink on how it taxes DeFi lending and liquidity provision.

No New “Crypto Tax,” But Pressure Still Rises

Chancellor Rachel Reeves did not introduce any crypto-specific tax in the 2025 Budget. There is no new levy on trading, holding, or spending digital assets.

However, the Budget extends income-tax threshold freezes for three more years. As wages rise, more taxpayers drift into higher bands, including active crypto traders.

Summary of the key highlights from the UK budget 👇

-The UK is fck’d and has no money

-Labour have zero idea how to fix this and instead have focused on killing productivity and raising unemployment

-As the deficit widens, it will just be monetised

-GBP will be the escape…

— LondonCryptoClub (@LDNCryptoClub) November 26, 2025

The capital gains tax (CGT) allowance remains very low compared to historic levels. That means more crypto disposals trigger reportable gains, even for modest retail portfolios.

At the same time, the UK is pushing ahead with global data-sharing under new reporting standards. 

Exchanges and platforms will supply more detailed customer information to HMRC from 2026.

No tax changes for crypto earnings announced in the UK budget. Seems like regulation there is likely to get stricter, but for now 🇬🇧 looks like a slightly more favorable jurisdiction for crypto than some other European countries (eg Spain & France)

— Butian | Bless (@blessbutian) November 26, 2025

HMRC Backs Away From Its Hard Line on DeFi

Alongside the Budget, HMRC published a consultation outcome on DeFi lending and staking. It responds to strong criticism of its 2022 guidance on loans and liquidity pools.

Stakeholders told HMRC that current rules create disproportionate administrative burdens. They warned that treating every DeFi move as a disposal bears little relation to economic reality.

In response, HMRC has dropped its earlier idea of copying repo and stock lending rules. It now prefers a framework based on “no gain, no loss” (NGNL) for many DeFi flows.

HMRC has published its consultation outcome in the UK regarding the taxation of DeFi activities related to lending and staking.

A particularly interesting conclusion is that when users deposit assets into Aave, the deposit itself is not treated as a disposal for capital gains…

— Stani.eth (@StaniKulechov) November 27, 2025

Crucially, the department accepts that automated market makers represent a major share of activity. It signals that any new rules should explicitly cover Uniswap-style multi-token liquidity pools.

Proposed NGNL Rules for DeFi Loans and Liquidity Pools

HMRC now outlines a potential NGNL approach for three areas. These are single-token arrangements, crypto borrowing, and automated market makers.

For single-token lending, entering and exiting a platform could be NGNL for CGT. The real gain or loss would arise only when the user finally sells the token.

For borrowing, posting collateral and taking out tokens would be ignored for CGT. Selling borrowed tokens and later buying them back to repay would crystallise the gain or loss.

For AMMs, HMRC proposes NGNL treatment when users deposit tokens for LP positions. Tax would then focus on differences in the number of tokens received when they exit.

If users receive more of a token than they originally deposited, the extra counts as a gain. But if they receive fewer, the shortfall is treated as a loss against their tax base.

HMRC stresses that this is still a “potential approach,” not enacted law. It will continue consultations before deciding whether to legislate.

How is the UK approaching crypto regulation to become a global leader? 🇬🇧

In one minute, Matt Osborne, Policy Director for the UK & Europe at Ripple, explains the plan: adopt proportionate, growth-friendly rules and allow overseas stablecoins, such as $RLUSD, to be used locally.… pic.twitter.com/lsFC1SgsRA

— Ripple (@Ripple) November 26, 2025

DeFi Rewards: No New “All Income” Rule – For Now

One of the most controversial ideas was to treat all DeFi rewards as income. Respondents warned that this would ignore capital versus revenue distinctions and create dry tax charges.

HMRC now says it is not actively pursuing an “all revenue” deeming rule. Rewards will continue to follow existing principles for now.

What This Means for UK Crypto Traders

For spot traders on centralised exchanges, the Budget brings no direct structural change. CGT still applies on each disposal, and income tax applies where trading amounts to a trade.

However, the combination of frozen thresholds and low CGT allowances increases effective tax pressure.

More active traders will breach reporting thresholds and face higher marginal rates on gains. HMRC expects more users to use portfolio tracking software to support their filings.

The post What The Latest UK Budget Means For Crypto Tax and DeFi Access appeared first on BeInCrypto.

MicroStrategy’s market premium over its Bitcoin holdings has narrowed to near parity, raising questions about the future of Michael Saylor’s levered Bitcoin model. 

The latest disclosures show the company holding 649,870 BTC at a cost of roughly $48.4 billion, yet its equity no longer trades at the high multiples that powered earlier expansion.

A Collapsing Premium and Rising Capital Pressures

The company’s mNAV fell below 1x in November. mNAV, or market-to-net-asset value, measures how much investors are willing to pay above (or below) the value of Strategy’s underlying Bitcoin. 

It matters because Strategy’s entire accumulation strategy depends on issuing equity at a premium—allowing each new share sold to increase Bitcoin per share for existing holders.

This sharp mNAV reversal follows a broader market downturn. Bitcoin fell more than 30% from its October peak, dropping below $90,000. 

Meanwhile, Strategy shares fell faster, reflecting concerns about the company’s reliance on capital markets and rising preferred stock costs.

Strategy’s capital structure has become a central issue. The firm holds only $54 million in cash and owes more than $640 million in annual preferred dividends. 

The company’s software business remains cash-flow negative for 2025, widening the gap between obligations and internal liquidity.

As a result, Strategy has leaned on capital markets. It raised about $20 billion in the first nine months of 2025 across convertibles, preferred stock, and at-the-market equity. 

That funding kept its Bitcoin accumulation going while servicing older instruments with high and rising coupons.

However, the mechanics that once made this model accretive have weakened. When Strategy traded at large premiums to net asset value, issuing shares increased Bitcoin per share for holders. 

That effect disappears when the premium collapses. Issuing stock near NAV risks dilution rather than accretion.

Pressure increased as the cost of capital climbed. The company’s STRC preferred shares raised their dividend from 9% in July to 10.5% in November to maintain par value. 

New preferred offerings carry coupons above 10%, with penalty rates up to 18% if unpaid. These terms increase the annual burden and reinforce investor concerns about sustainability.

Market Liquidity, MSCI Risks, and the Future of the Premium

Market confidence further deteriorated after the October 10 crash. Bitcoin dropped about 17% as leveraged liquidations exceeded $19 billion. Order-book depth collapsed across exchanges, highlighting the fragility of liquidity during stress. 

For a holder of more than 3% of Bitcoin’s supply, this episode amplified fears about potential forced selling.

The index-inclusion threat compounds the problem. MSCI is consulting on excluding companies with more than 50% of assets in digital currencies from its indices. 

THE $48 BILLION MATH ERROR

Strategy Inc. just disclosed something extraordinary. They own 649,870 Bitcoin. That is 3.26 percent of every Bitcoin that will ever exist. Total cost: $48.37 billion.

They also disclosed the numbers that prove this cannot survive the next 90 days.… pic.twitter.com/SIEI6njNyB

— Shanaka Anslem Perera ⚡ (@shanaka86) November 23, 2025

Strategy sits near 77% Bitcoin by asset share. JPMorgan estimates such an exclusion could trigger around $2.8 billion in passive outflows, with up to $8.8 billion possible if other index providers follow.

If indices proceed with exclusion in February 2026, MicroStrategy’s mNAV could compress further. Lower premiums reduce the viability of equity issuance, which Strategy has used to manage its obligations and continue accumulation. 

A persistent discount would complicate refinancing and weaken the company’s ability to defend its capital structure.

very important week coming up for $MSTR (and markets overall). @MicroStrategy is currently trading below NAV (ie its market cap is lower than the value of its $BTC holdings).

no treasury company has ever traded below its NAV for an extended period of time.

the model only…

— Dom Kwok | EasyA (@dom_kwok) November 16, 2025

Strategy maintains that its balance sheet offers long-term strength. It recently claimed “71 years” of dividend coverage based on the current market value of its Bitcoin. 

However, that calculation assumes frictionless sales, no price impact, and no tax obligations. The October crash demonstrated how quickly liquidity can evaporate under stress.

Will MicroStrategy’s Bitcoin Premium Return?

The narrowing mNAV reflects a market reassessment of leverage, liquidity, and risk. Investors appear less willing to pay a premium for exposure they can now access through spot Bitcoin ETFs without corporate debt and preferred stock layers.

The premium may return if Bitcoin rallies sharply or if index providers soften their stance. Yet the structural pressures remain. 

Rising dividend obligations, negative operating cash flow, and a weakening equity premium leave Strategy more exposed than before. 

Until those pressures ease, the market’s message is clear. Investors are no longer paying extra for the Strategy model, and the days of easy accretive issuance appear to be over. 

Whether the premium returns now depends on Bitcoin strength, index decisions, and Strategy’s ability to navigate its most difficult period yet.

The post Is MicroStrategy’s mNAV Premium Gone for Good? appeared first on BeInCrypto.