The Federal Open Market Committee (FOMC) opens its December 2025 session today, with the decision set for release tomorrow, December 10, at 2:00 p.m. ET.
Investors and traders are watching closely to see whether the central bank will continue its easing cycle or surprise markets by holding rates steady. As the final policy announcement of the year, the outcome carries considerable weight for crypto markets.
The Rate Cut Scenario: What Happens if the Fed Delivers a 25 bps Cut in December
As the announcement nears, market expectations are leaning heavily toward a rate cut, with a 25-basis-point move seen as the most likely outcome. Data from CME FedWatch shows traders assigning an 89.4% chance to a quarter-point cut at the December 10 meeting.
In contrast, only about 10.6% of market participants believe the Fed will keep rates at the current 3.75%-4.00% range.
Fed Rate Cut Odds in December. Source: CME FedWatch
If the Fed proceeds with a cut, it would be the third in a row this year, following the adjustments in September and October. This would bring the interest rate down to 3.50%–3.75%.
September’s cut triggered a brief lift in the crypto market, with Bitcoin and Ethereum posting gains. At the same time, the US dollar dropped to its weakest level since early 2022.
Nonetheless, the broader market downturn muted the impact of the October cut. In December, volatility remains elevated, with sharp swings in both directions.
Still, many analysts argue that another cut at this stage would likely be viewed as “bullish” for crypto.
“If you think this is not bullish for Bitcoin and risk assets, you are not paying attention. Prepare for volatility. Prepare for green candles,” an analyst said.
For cryptocurrencies, such a standard adjustment is viewed as mildly bullish, as it enhances liquidity and encourages investment in risk assets like Bitcoin and Ethereum. Nonetheless, Crypto Rover explained that markets have already adjusted to that outcome, so the actual announcement is unlikely to cause a big reaction.
According to the analyst, the real catalyst for market movement will be Powell’s press conference, not the rate cut itself.
“Bank of America expects Powell to hint at ‘reserve management purchases,’ meaning fresh liquidity injections to stabilize small-bank funding stress. This would help normalize SOFR and support liquidity across markets. If Powell sounds dovish and says that inflation is calming, tariffs haven’t changed the trend, and labor is softening, it’ll give markets the green light to expect more cuts. But if he sounds hawkish, similar to the last FOMC meeting, Bitcoin and alts will dump,” he remarked.
Meanwhile, some investors are even expecting a more aggressive 50-basis-point cut.
This would be a strong policy signal, leading to rapidly expanding liquidity and further weakening of the dollar. While the probability of this scenario is low, it would likely have a stronger positive impact on crypto markets.
The No-Rate-Cut Scenario: Why a Fed Hold Could Hit Crypto Sentiment
Although few analysts predict it, the possibility that the Fed will hold rates cannot be ruled out. The rate decision arrives against a backdrop of disrupted economic indicators. The government shutdown halted key data releases from the Bureau of Labor Statistics. This scarcity has left Fed officials working with limited visibility.
“What do you do if you’re driving in the fog? You slow down,” Fed chair, Jerome Powell, said in October.
The Fed itself remains split. Powell has noted that policymakers are seeing pressure from both sides of the central bank’s mandate. After the last rate cut, the Chairman dampened hopes for further easing in December.
“There were strongly different views about how to proceed in December. A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it,” he said.
If this happens, crypto markets could likely react bearishly in the short term. A hold would temporarily weigh on sentiment and delay any bullish momentum that a cut might have triggered.
Despite the risks, long-term trends may still benefit crypto markets. Reports say the Fed intends to buy $45 billion in Treasury bills a month beginning January 2026. This policy could boost financial system liquidity can drive investment into risk assets.
“This would inject massive liquidity into the markets. This only means one thing: QE is coming back. But this time they won’t call it QE,” Lark Davis stated.
Whether the Fed announces the widely expected 25-basis-point cut, surprises with a bigger reduction, or holds rates, its decision is likely to cause significant volatility in crypto markets. The subsequent press conference and forward guidance from Chair Powell will also play a key role, as traders focus on the outlook for future policy.
Changpeng Zhao (CZ), the former CEO of Binance, has debunked viral claims that BlackRock, the world’s largest asset manager, filed for a staked Aster (ASTER) exchange-traded fund (ETF).
The link between Aster and CZ stems from CZ’s significant personal investment and public endorsement of the decentralized derivatives exchange, which has sparked massive price rallies and speculation in the past.
Did BlackRock File For An Aster ETF?
A social media post alleging BlackRock had filed for a staked ASTER ETF with the Securities and Exchange Commission went viral on X (formerly Twitter) today. The post included what appeared to be an official S-1 registration document dated December 5, 2024, citing an “iShares Staked Aster Trust ETF” and listing BlackRock’s contact information.
The image spread quickly, leading to speculation about institutional moves regarding ASTER. However, it’s important to note that there is no evidence of such a registration in official SEC filings. The fabricated document closely imitated real SEC filings, making the forgery difficult to detect at first glance.
Still, a closer look at the image reveals it is photoshopped. The description in the document actually refers to the iShares Staked Ethereum Trust ETF, a real filing BlackRock submitted on December 5. Furthermore, the asset manager has made it clear in the past that its current focus on crypto ETFs is limited to Bitcoin and Ethereum.
CZ also responded promptly to debunk the misinformation. He cautioned his followers that even established crypto opinion leaders can be deceived.
“Fake. Even big KOLs gets fooled once in a while. Aster doesn’t need these fake photoshopped pics to grow,” he wrote.
In November, CZ revealed that he had personally purchased about $2 million worth of Aster tokens as a long-term investment. This triggered a 30% surge in ASTER token’s price.
ASTER Price Slips Despite Buyback Program
Meanwhile, the ASTER token is facing market headwinds despite the project’s latest buyback effort. On December 8, the team announced that it would initiate an accelerated Stage 4 buyback program, increasing its daily purchases to approximately $4 million worth of tokens, up from the previous pace of around $3 million.
“This acceleration allows us to bring the accumulated Stage 4 fees since Nov 10 on-chain more quickly, providing more support during volatile conditions. Based on current fee levels, we estimate reaching steady-state execution in 8–10 days, after which daily Stage 4 buybacks will continue at 60–90% of the previous day’s revenue till the end of Stage 4,” Aster posted.
So far, the move has not translated into upward price momentum. ASTER fell nearly 4% over the past 24 hours, extending recent losses.
BitMine Immersion Technologies, the largest corporate holder of Ethereum (ETH), has doubled down on its acquisition of ETH in December, highlighting confidence in the asset.
The renewed buying comes despite a tough environment for Ethereum. Rising exchange inflows and ongoing exchange-traded fund (ETF) outflows point to short-term pressure across the market.
BitMine Scoops Up 138,452 ETH in a Week, Now Controls 3.2% of Supply
This accounts for over 3.2% of Ethereum’s circulating supply. Furthermore, it puts BitMine two-thirds of the way toward its goal to control 5% of ETH’s supply.
Since adopting ETH as a reserve asset, BitMine has continued to make large-scale purchases. Between June 30 and October 5, BitMine accumulated 2.83 million ETH. Since October 5, it has added another 1.03 million ETH to its holdings.
Ethereum’s weakness throughout the fourth quarter makes BitMine’s steady accumulation even more notable. Since early October, ETH has shed about 24.8% of its value, reflecting persistent downward pressure.
December has offered a small break from that trend. The price has climbed more than 4% since the start of the month, and with it have climbed BitMine’s ETH purchases.
According to BitMine Chairman Tom Lee, the company’s accelerated purchasing activity reflects its confidence that ETH will likely see gains in the coming months, supported by several key catalysts.
These include the Fusaka upgrade, which was activated last week and delivers meaningful improvements to Ethereum’s scalability, security, and overall network efficiency. BitMine also points to the broader macro backdrop, with the Federal Reserve ending quantitative tightening and potentially introducing another interest rate cut tomorrow.
Together, these developments form the basis for the company’s view that market conditions could turn more supportive for ETH after weeks of volatility.
“We are now more than 8 weeks past the October 10th liquidation shock event, a sufficient length of time to allow crypto to again trade on forward fundamentals,” Lee added.
Market Conditions Point to Near-Term Volatility
Despite this, on-chain data signals caution. CryptoOnchain noted that Ethereum exchange netflow to Binance has surged. The exchange received 162,084 ETH on December 5, 2025. This was the largest single-day inflow of ETH to the exchange since May 2023.
Large deposits on exchanges often suggest impending sell pressure, since investors typically transfer tokens to platforms before liquidating.
“Given the magnitude of this inflow, market participants should remain cautious. A supply shock of this size, if executed as market orders, could lead to heightened volatility or a short-term price correction,” the analyst stated.
Furthermore, Ethereum exchange-traded funds are also signaling weakened demand. The ETFs experienced a record $1.4 billion in net outflows in November 2025, marking the largest monthly withdrawal on record.
The trend has continued into December. According to SoSoValue, an additional $65.59 million exited ETH-focused ETFs in the first week of the month.
“Historically, ETF flow reversals tell you more about liquidity pressure than about long term fundamentals. When redemptions spike, it’s usually a sign that broader risk sentiment is cracking, not that the asset itself broke. If ETF outflows continue, near term price action stays choppy as liquidity gets drained at the edges,” Milk Road posted.
The ongoing divergence between direct accumulation and ETF redemptions highlights a market split, with retail and institutional players following diverging strategies regarding Ethereum’s outlook.
Privacy coins have taken center stage in the crypto sector throughout late 2025. Leading assets like Zcash (ZEC) have managed to outperform the market, resisting major drawdowns even as most cryptocurrencies continue to bleed.
BeInCrypto spoke to several experts to understand why privacy coins are surging now and whether it is possible to identify the next major crypto opportunity before it becomes mainstream.
Privacy Coins Maintain Lead as the Market’s Best-Performing Sector
BeInCrypto reported a month ago that privacy-centric cryptocurrencies had emerged as the best-performing sector in the market. Notably, this still holds true today, even as the broader market extends its two-month slump.
Privacy coins have surged 276.4% year-to-date, making them the strongest and one of only two sectors showing positive returns this year.
By contrast, Bitcoin (BTC) and Ethereum (ETH) have both turned negative due to their recent drawdowns. Notably, since early October, the value of ZEC has appreciated by over 700%. DASH (DASH) has also experienced a nearly 200% uptick, indicating strong momentum.
What’s Driving The Privacy Coin Rally in 2025?
According to Nic Puckrin, crypto analyst and co-founder of The Coin Bureau, the rally is closely tied to a sharp rise in global surveillance and capital controls.
He pointed to examples such as Turkey granting its financial watchdog broader powers to freeze crypto accounts. Furthermore, regulators worldwide are tightening oversight of digital assets.
Puckrin explains that Bitcoin and Ethereum no longer embody the original “cypherpunk” ideals of privacy and censorship resistance. Instead, they have become highly traceable.
They are even easier to monitor than cash, driving renewed interest in cryptocurrencies that offer stronger privacy protections.
“There’s an ideological element coming from the early adopters, who are losing faith in the Bitcoin narrative due to the overwhelming involvement of institutions. Privacy advocates who no longer see Bitcoin as a solution. And then there’s investors looking to surf the momentum wave – for example, Zcash is up over 1,500% over the past year. It’s natural that people want a piece of that,” he said.
Jamie Elkaleh, CMO of Bitget Wallet, shares a similar view. He suggested that as regulatory clarity improves and institutional adoption accelerates, users are becoming increasingly uneasy about AI-driven surveillance and the pervasive transparency of on-chain activity.
Elkaleh stressed that this tension is reshaping expectations across the industry. Clearer rules are attracting more mainstream participants to the market, but these users are arriving with a different set of demands.
“What we’re seeing is the industry maturing: clearer rules bring more mainstream users in, and those users increasingly expect financial privacy, sovereignty, and secure tooling as baseline features, not fringe options,” he conveyed.
Meanwhile, Ray Youssef, founder and CEO of NoOnes, attributes the breakout in privacy coins to a combination of narrative rotation and macroeconomic tailwinds.
He observed that, after years marked by the institutionalization of Bitcoin and Ethereum, as well as meme-driven altcoin cycles, capital is now flowing into assets perceived as “crypto by design,” with decentralization and user-controlled privacy at their core.
Youssef added that institutional participation in crypto continues to increase. Thus, many retail traders and crypto-native users are seeking projects that restore a sense of autonomy and privacy.
Still, he stressed that this shift is not an outright rejection of institutional capital. Rather, both forces can coexist and reinforce each other when a compelling narrative gains momentum.
“The ideological thread of privacy and sovereignty supplies a strong narrative and helps committed users. The economic thread of short-, mid-, and long-term returns attracts both traders and allocators. For a cycle to sustain, the market needs to overlap, ensuring a narrative that attracts believers and metrics/flows that attract capital. What’s happening now is ideology igniting the flame and economics fueling the fire,” the executive commented.
Rob Viglione, Founder of zkVerify and CEO of Horizen Labs, emphasized that the renewed interest reflects a broader market shift. He noted that users are increasingly recognizing privacy as a core requirement for real-world usage rather than a niche feature.
He explained that the current momentum goes beyond isolated token rallies. It signals a deeper reevaluation of how privacy should function across the entire crypto stack.
“Early privacy coins were groundbreaking, but they were also isolated. They proved powerful cryptography was possible, but they lived outside the environments where most economic activity actually happens,” Viglione mentioned.
What differentiates the setup today is that privacy is now being integrated directly into Ethereum-based environments. Developers are no longer pursuing standalone privacy chains.
Instead, they are seeking privacy solutions that plug into existing ecosystems where liquidity, users, and applications already operate.
“That’s why this moment matters. The price action is just the surface-level signal of a much deeper shift: privacy is becoming an expectation, not an exception,” the CEO remarked.
Is Utility Becoming Crypto’s Next Meme-Level Trend?
The surge in privacy-focused assets has also revived another question: is this just another short-term pump cycle, akin to past meme coin rallies, or does it reflect a genuine shift toward utility-driven narratives? Analysts suggest the answer may lie somewhere in between.
Youssef stated that meme coin rallies tend to be rapid, highly speculative, and short-lived, often burning out quickly. Once that momentum fades, the market typically rotates toward narratives with more durable value.
This includes areas such as payments, privacy, real-world transaction layers, DeFi infrastructure, and more. In this context, privacy tokens are attracting renewed interest because they offer clear autonomy, protection from censorship, and the ability to transact without exposure or the risk of unilateral freezes. He shared that,
“If users and allocators conclude that these features represent lasting utility rather than short-term hype, capital flows into the sector can persist well beyond a temporary narrative rotation,”
Puckrin detailed that meme coins generally thrive during periods of market euphoria. Meanwhile, utility-driven tokens tend to perform better when investors are more cautious or looking to reposition profits.
“But the caveat here is that we aren’t seeing a broad rotation into utility tokens. There are pockets of outperformance, but most altcoins are still underperforming Bitcoin. We still haven’t seen anything like the traditional altseason, and until we do, utility tokens rallying is more of an exception than a rule,” he disclosed to BeInCrypto.
How To Spot the Next Big Crypto Narrative
As new narratives emerge faster than ever, identifying an early breakout trend has become one of the biggest challenges and opportunities for crypto investors. Puckrin explained that,
“It’s as much about luck as it is about diligence. You can look at inefficiencies in the market, or developer migration to new chains or projects. You can look at where the demand is. But ultimately, crypto narratives are often as much about speculation as they are about fundamentals, and that can be hard to call. It’s often simply about being in the right place at the right time.”
Nonetheless, the analyst outlined institutional investment trends as a good starting point for evaluating any sector.
“If I had to pick one narrative for this cycle, it would be RWAs. Institutional capital is flowing into RWA tokenization – don’t forget this sector also includes stablecoins – and we’re seeing collaborations between RWA projects and institutions. Institutional capital flows are a key indicator to watch this cycle, because it’s based on a long-term need rather than hype,” Puckrin suggested.
Youssef took a more structured view, framing the process as “pattern recognition with signal triangulation.” He outlined key signals, including real user demand, on-chain activity, protocol feature usage, and expanding market access.
“For privacy, look for a shielded tx adoption, exchange accessibility, wallet integrations, and regulatory headlines. For DePIN, watch the device deployment rates, partnerships with infra players, real-world data feeds, and revenue per device. As for AI and on-chain models, the developer integrations, API demand, and token capture of value play a significant role. For DeFi / RWA, its TVL, yield sustainability, quality of counterparties, and custody structures have the potential to drive the next cycle. Bottom line is, across all sectors, investors should watch tokenomics durability, security history, and check for real usage,” he elaborated.
The executive also revealed that regulatory sentiment plays a crucial role. New narratives gain traction far more easily when the environment is favorable. Finally, capital flows, whether from retail traders, whales, or institutional allocators, could also be a signal.
“If these traits are moving together, we’re probably looking at a nascent meta,” he stressed.
Lastly, Elkaleh believes that identifying emerging metas starts with tracking early indicators, such as developer activity, new exchange listings, and social momentum on platforms like X. Low-cap tokens with solid fundamentals often provide the earliest signs of narrative formation.
He asserted that investors who blend behavioral signals with fundamental analysis gain the clearest view of where traction is building before it becomes visible to the broader market. Elkaleh specified that,
“The strongest signals today are institutional inflows, sector-level market cap expansion, and the early convergence of categories like RWA, DePIN, AI, and DeFi. These verticals are delivering tangible utility — from real-world infrastructure to AI-enabled financial automation — which positions them as credible candidates for leading the next cycle. For privacy coins specifically, the breakthrough will come from integrating zero-knowledge and privacy tooling directly into everyday wallets and DeFi products, making privacy effortless rather than optional.”
While these indicators don’t guarantee success, they offer a useful framework for spotting early momentum. When user demand, developer activity, regulation, and capital flows begin to align, a new narrative may be forming, long before it becomes mainstream.
A recent report by Kerberus, a Web3 security firm, suggests that human behavior is now the primary risk in Web3.
BeInCrypto spoke with the firm’s CEO, Alex Katz, and CTO, Danor Cohen, to understand why users continue to fall victim to attacks and what they can do to better protect themselves.
Human Error Drives Major Web3 Losses, Kerberus Report Finds
In its latest report titled “The Human Factor – Real-Time Protection Is the Unsung Layer of Web3 Cybersecurity (2025),” Kerberus revealed that human-focused attacks were the most structurally dangerous vector in Web3.
The report cites data showing that a significant share of industry losses stems from user mistakes. Roughly 44% of crypto thefts in 2024 resulted from the mismanagement of private keys. Another research indicates that human error is involved in approximately 60% of security breaches.
With 820 million active wallets in 2025, the threat landscape is expanding quickly, and everyone remains at risk. Katz told BeInCrypto that bad actors are targeting both newcomers and experienced users, but for very different reasons.
“New users are attractive because they don’t yet understand what ‘normal’ Web3 behavior looks like,” he said
Interestingly, the executive noted that long-time users are becoming increasingly higher-value targets compared to newcomers. According to him,
“Veteran users interact with far more dApps, sign more transactions, and move larger amounts. That means a single moment of complacency can do far more damage. So the group most at risk today is anyone who assumes they’re not at risk.”
Cohen added that one of the biggest misconceptions in Web3 is the belief that security failures stem from users not understanding the technology. His analysis points in the opposite direction. People are getting hacked because the system places an unrealistic burden on them.
“Users think, ‘I’m too smart to get drained, I know how wallets work – I’m safe.’ But the threat landscape changes faster than users do. Attackers aren’t trying to outsmart your wallet; they’re trying to outsmart you. And they’re extremely good at it. What people misunderstand is that Web3 puts an enormous cognitive burden on the individual. Users shouldn’t have to decipher technical signals to stay safe – security must work for them automatically,” he mentioned.
Why Even Smart Web3 Users Keep Getting Drained in 2025
That number includes the historic Bybit breach. Excluding this, human-targeted attacks such as phishing and social engineering still accounted for $600 million. This represented 37% of the remaining $1.64 billion in losses.
The report noted that these attacks scale with growing adoption and bypass technical defenses entirely. This makes it difficult for traditional security models to prevent them.
“Humans are vulnerable because every scam is designed to exploit natural psychological shortcuts — urgency, authority, familiarity, fear of missing out, or comfort with routine. These are not flaws; they’re the same instincts that allow us to function in everyday life. Technology alone can’t change human psychology, but it can catch the moment when psychology is being weaponized,” Cohen detailed.
He emphasized that the strongest form of protection isn’t relying on users to avoid mistakes through education alone, but rather stopping harmful actions in real-time before damage occurs.
“That’s why real-time detection matters so much. If you can warn a user at the exact moment their trust is being manipulated, you can stop most losses before they occur,” Cohen added.
The executive noted that it’s unrealistic to expect an everyday user to distinguish between a malicious dApp, an airdrop, or a mint page. Modern fraudulent platforms often closely mirror legitimate ones. This makes them nearly indistinguishable.
He added that users can click phishing links repeatedly. They don’t do so out of carelessness, but because the attacks are intentionally crafted to deceive.
Even real-time warnings can sometimes appear to be false positives, highlighting the advanced nature of these scams.
“Users shouldn’t be expected to perform forensic checks. The burden has to shift to tools that analyze intent and behavior in real time,” Cohen suggested.
The report also states that these attacks exploit moments when users are least able to assess threats. It may happen when someone checks their wallet while distracted at work, reacts to an urgent message claiming their account will be frozen, or approves a transaction at the end of a long day when they’re exhausted.
According to the findings, the industry’s response has largely been to add more warnings and verification steps. But this approach often backfires due to “security fatigue.” As users become accustomed to constant alerts—many of which are false alarms that simply slow them down—their ability to make careful decisions diminishes under the continuous cognitive pressure.
3 Actions Users Can Take to Stay Safer in Web3
To reduce real-world losses, Katz disclosed three practices users can adopt. He advised users to:
Pause before signing: Most compromises occur in under ten seconds. Taking even a brief moment to read the prompt or confirm whether the request aligns with the intended action can prevent a large share of successful attacks.
Separate high-value assets from everyday activity: Using multiple wallets remains one of the most effective safeguards. He suggested that users should keep their long-term holdings in a cold or low-touch wallet and use a separate wallet for exploration, mints, and dApps. This compartmentalization limits potential damage.
Rely on real-time transaction protection: Because many threats involve social engineering rather than technical exploits, users benefit from tools that interpret on-chain actions before they’re finalized. This single layer of defense blocks many of the more advanced scams.
The intention, he stressed, is not to turn users into security experts, but to build guardrails that prevent mistakes from turning into financial losses.
This year, the crypto market has seen a revival of older tokens as utility-based narratives gained renewed traction. Despite this momentum, DePIN has struggled to keep pace, slipping out of the spotlight.
BeInCrypto spoke with several experts to understand why one of crypto’s most fundamentally useful sectors still can’t capture sustained market attention, and what might come next for it.
Understanding DePIN
DePIN, short for Decentralized Physical Infrastructure Networks, refers to blockchain-based systems that coordinate, fund, and operate real-world infrastructure through decentralized incentives.
Instead of relying on traditional companies to build networks like wireless coverage, storage, sensors, or energy grids, DePIN distributes the work across individuals and small operators who contribute hardware and earn tokens in return.
This model reduces upfront costs, expands global access, and unlocks previously difficult-to-scale infrastructure. By aligning incentives with actual demand, DePIN aims to build more resilient and efficient systems.
Why is DePIN Still Struggling in 2025?
Nonetheless, the space has continued to face challenges. According to Artemis data, it ranks among the top 10 worst-performing sectors this year. The DePIN market has declined by over 74% in 2025.
But why is this happening? Sami Kassab, Managing Partner at Unsupervised Capital, told BeInCrypto that the weakness across the altcoin market has naturally affected DePIN as well.
According to him, macro conditions explain part of the sector’s slowdown, but not all of it. The deeper issue, he said, is that there has not been a “breakout DePIN yet.”
“The other side of the coin is that DePINs are building real infrastructure and real businesses. That takes a long time, which the crypto market isn’t wired for. Investors are used to fast-moving narratives and overnight successes,” Kassab added.
Leo Fan, Co-Founder of Cysic, revealed that DePIN’s main obstacle is the mismatch between infrastructure build cycles and the crypto market’s short attention span. While non-fungible tokens (NFTs), meme coins, and major altcoins thrive on culture, identity, and hype, DePIN functions as an infrastructure layer that most users struggle to connect with emotionally.
Its value grows quietly through hardware deployments and real compute capacity — progress that isn’t immediately visible or profitable. Fan noted that,
“Most investors still view token value as the only metric for success, which does not apply to infrastructure systems. DePIN networks create tangible value through services like compute power and data delivery. Their performance is measured by usage, speed and reliability, rather than short-term volatility. Because this model does not mirror traditional crypto dynamics, it remains outside the comfort zone of most market participants.”
Maria Carola, CEO of StealthEx, shared a similar outlook. She stated that most investors remain drawn to assets they can quickly trade rather than sectors that require deeper understanding.
“Within crypto cycles, speculation will always dominate, and DePIN’s complex approach doesn’t help its position either. Most of the investors never fully grasp how token incentives drive data collection, storage, or connectivity, and how that translates into revenue. If we’re talking about traditional markets, the infrastructure side is always the least glamorous, yet it’s still the most essential. DePIN is the crypto’s version of that,” she mentioned to BeInCrypto.
However, Vinayak Kurup, Investment and Research Partner at Escape Velocity Crypto (EV3), pointed out that DePIN’s slowdown isn’t just about market perception — it’s the difficulty of building real-world networks that require hardware, manufacturing, and physical deployment.
“They are often compared directly to existing large-scale network providers; the challenge for DePIN operators is to provide a comparably reliable and simple user-experience for a fraction of the capital while operating within sectors where user stickiness is high. Combined, these factors dampen the DePIN mindshare,” Kurup highlighted.
Usage Surges, Prices Sink: Experts Explain DePIN’s Widening Fundamentals Gap
Despite the sector’s underperformance, usage metrics are painting a different picture. Fees surged to a record high in October even as the broader market continued to decline.
October set a record for DePIN fees at $2.5 million.
This suggests a growing disconnect between falling token prices and rising real-world usage. According to Kassab,
“Fees are trending upward, but they’re still small compared to the value of emissions spent since inception or the revenue of the incumbents these networks aim to disrupt.”
Carola said this disconnect is typical of emerging infrastructure sectors, where fundamentals can strengthen long before prices. She explained that sentiment often swings independently of utility: investors may rotate out of risk during uncertain markets, even while real activity continues to grow.
“Rising fees and network activity during a down market instead show that real users continue to find value in these services, whether for storage or computing. In the long term, these are the metrics that will matter more than short-term token performance, once revenues eventually pour in with usage, just like in the early days of the internet,” she remarked.
Fan also emphasized that speculation and actual usage have clearly decoupled. He said the price action largely reflects investor mood — what he called “Wall Street sentiment” — while fee growth captures genuine demand for the networks. When fees increase in a bearish environment, it signals that DePIN’s core services are gaining traction regardless of market cycles.
“Such divergence is common in early infrastructure cycles. The networks are being used more, but the market has not yet priced that in because investors still treat DePIN tokens as speculative assets,” the executive disclosed to BeInCrypto.
Could DePIN Be the Next Sector to Break Out After Privacy Coins?
It’s clear that DePIN is seeing real market demand, which raises an important question: could the sector finally experience a breakout similar to the one privacy coins saw this year?
Carola believes the answer leans toward yes. She noted that crypto cycles tend to shift from narrative-driven speculation to phases where utility and real adoption take center stage.
According to her, if privacy coins reflected a push toward digital sovereignty this year, DePIN may be positioned for a similar rise — one grounded in measurable output. She commented,
“DePIN could have tangible productivity by next year. Whether for physical infrastructure or decentralized data, network builders are laying the groundwork, expecting and preparing for when the market starts valuing cash flow and adoption over memes. When that shift happens, DePIN will be the sector that can show a measurable, real-world traction.”
Fan echoed this outlook. He suggested that once the market rotates back toward sectors with clear utility, DePIN stands out as a natural beneficiary. He pointed to concrete on-chain indicators that are already trending upward.
“Network fees are rising, node participation is expanding, and operational performance continues to strengthen. Should these data points become standard reference metrics, DePIN might be recognised as the quiet builder of trading infrastructure,” he forecasted.
Kurup offered a broader perspective. While acknowledging the uncertainty of broader market conditions, he said investor preferences are gradually shifting toward projects with recurring cash flows and strong fundamentals — an environment that plays directly to DePIN’s strengths.
“But it’s also likely a tailwind from other shifts in the market. 2026 will be the year of DePIN’s resurgence,” he declared.
Why Enterprises Could Unlock DePIN’s Next Phase
Experts also pointed to several catalysts that could spark a major shift for the sector, with both Carola and Fan agreeing that enterprise adoption may be the key driver.
“Enterprise adoption is the strongest driver. Regulation and investor sentiment will follow proof of adoption. Once enterprises begin integrating decentralised infrastructure into existing systems, confidence in the model will rise. DePIN’s credibility depends on measurable performance, and enterprise engagement provides exactly that,” the Cysic co-founder explained.
Kurup stressed that multiple factors will likely converge to drive a turnaround. Investor psychology remains critical, he said, but growing visibility and mainstream presence could accelerate that shift.
“Now, I see Helium advertising their free phone plan in the New York subways– compared to their Web2 counterparts, it’s only recently that DePINs have been well capitalized enough to enter the mainstream,” Kurup shared.
What Role Will DePIN Play in Crypto’s Future?
As optimism for the sector’s trajectory remains strong, it’s still worth wondering where DePIN truly fits in the broader crypto ecosystem. Will DePIN remain a niche bet, or is it poised to become crypto’s bridge to the real economy once markets catch up?
The StealthEx CEO argued that DePIN already functions as that bridge — the market just hasn’t fully recognized it yet. As blockchain shifts from abstract financial experimentation to practical, real-world use cases, she believes DePIN will anchor many of those transitions.
“Whether it’s powering smart cities, distributed AI compute, or IoT networks, these systems make crypto tangible. So while it might feel like a limited niche today, it’s already foundational. When people finally start interacting with decentralized infrastructures without realizing it’s crypto, it is when DePIN will have truly won,” Carola conveyed to BeInCrypto.
Fan pointed to developments in 2025, especially the rise of real-world asset (RWA) tokenization and increasing institutional adoption, as signs that the real economy already sees value in decentralized systems. In his view, DePIN is well-positioned to become the infrastructure layer connecting DeFi to enterprise use cases.
“I do believe that DePIN will be one of crypto’s bridges into TradFi as the sector matures, serving as the infrastructure layer that anchors DeFi in a real-world capacity. As institutions look for verifiable, cost-efficient infrastructure to support secure settlement, DePIN will move from a niche experiment to the fundamental layer of digital finance.”
Whether the market realizes it now or years from now, the experts agree on one point: DePIN’s long-term value lies not in speculation, but in becoming the invisible infrastructure powering crypto’s real-world impact.
Millions of tokens will enter the crypto market this week. Notably, three major ecosystems, LayerZero (ZRO), SOON (SOON), and YZY (YZY) will release previously locked supply.
These unlocks might lead to market volatility and influence price movements in the short term. Here is a breakdown of what to watch for in each project.
1. LayerZero (ZRO)
Unlock Date: November 20
Number of Tokens to be Unlocked: 25.71 million ZRO (2.57% of Total Supply)
Current Circulating Supply: 198.25 million ZRO
Total Supply: 1 billion ZRO
LayerZero is an interoperability protocol designed to connect different blockchains. Its main goal is to enable seamless cross-chain communication so that decentralized applications (dApps) can interact across multiple blockchains without relying on traditional bridging models.
The team will release 25.71 million tokens on November 20, valued at around $36.76 million. The stack accounts for 7.29% of the released supply.
ZRO Crypto Token Unlock in November. Source: Tokenomist
Number of Tokens to be Unlocked: 15.21 million SOON (1.54% of Total Supply)
Current Circulating Supply: 281.1 million SOON
Total Supply: 984.1 million SOON
SOON is a high-performance Solana Virtual Machine (SVM) Rollup, designed to implement the Super Adoption Stack. It includes three main components: SOON Mainnet, SOON Stack, and InterSOON.
The network will unlock 15.21 million SOON on November 23. The stack represents 4.33% of the released supply and is worth $28.29 million.
SOON Crypto Token Unlock in November. Source: Tokenomist
SOON will keep 8.3 million tokens for an airdrop to non-fungible token (NFT) holders. The team will also award 4.17 million coins to the ecosystem. Furthermore, it will allocate 2.22 million SOON for community incentives and 520,830 tokens for airdrop and liquidity.
3. YZY (YZY)
Unlock Date: November 19
Number of Tokens to be Unlocked: 37.5 million YZY (3.75% of Total Supply)
On November 19, YZY will unlock 37.5 million tokens worth around $14.35 million. The tokens represent 12.5% of the circulating supply.
YZY Crypto Token Unlock in November. Source: Tokenomist
Furthermore, it marks the project’s first unlock since its token generation (TGE) event in August. Yeezy Investments LLC will receive the entire supply of tokens.
In addition to these, other prominent unlocks that investors can look out for in the third week of November include ZKsync (ZK), KAITO (KAITO), ApeCoin (APE), and more, contributing to the overall market-wide releases.
Blockchain infrastructure has matured significantly over the past years, and its effects are now extending far beyond decentralized finance (DeFi).
According to Brian Rudick, Chief Strategy Officer at Upexi, the next wave of corporate finance will unfold on-chain as companies increasingly adopt the technology.
Corporate Finance Is Moving On-Chain
In an exclusive interview with BeInCrypto, Rudick highlighted the rapid rise of tokenized real-world assets (RWAs) as one of the clearest indicators that corporate finance is shifting into blockchain-based environments.
He pointed to one headline number: around $36 billion worth of RWAs are now tokenized on blockchains — a figure that has surged 160% in the past year alone. These include private credit, US Treasuries, commodities, alternative investment funds, and equities.
“We’re also seeing large finance and tech incumbents experimenting with blockchain technology more and more,” he said
Notably, this experimentation is quickly turning into a real deployment in 2025. As BeInCrypto recently reported, several major institutions have moved to active blockchain-based development.
SWIFT, for example, is building a shared real-time ledger connecting more than 30 global banks. Google Cloud has introduced the Universal Ledger (GCUL), a neutral Layer-1 blockchain designed specifically for banks and capital markets.
Meanwhile, companies like Citigroup, Mastercard, and Visa are already offering, or preparing to offer, blockchain-powered products to their customers.
“We expect this to accelerate if and when the US passes digital asset market structure legislation,” Rudick added.
Blockchain’s Real Impact Lies in Replacing Old Rails
When it comes to “on-chain corporate finance,” it could mean things like: a company putting its balance sheet on a blockchain, doing mergers and acquisitions using tokens, or raising money with tokenized assets.
But in Rudick’s opinion, this is not where blockchain will have the biggest impact right now. He believes the biggest opportunity is not forcing every corporate finance task, such as financial planning and analysis, onto blockchains.
Instead, it lies in replacing the outdated infrastructure that underpins modern finance. He said that,
“The opportunity for blockchain technology to revolutionize traditional finance is much more around reimagining our currently antiquated financial rails – items like ACH or the credit card issuer networks that were created 50+ years ago and are slow and expensive.”
Rudick argued that although on-chain fundraising can provide advantages such as broader investor access, the full digitization of corporate finance will still lag due to two key factors:
“1) the perhaps larger and more immediate benefits of new financial rails like near-instant and free payments with stablecoins, compared to the current corporate finance construct that works comparatively well, and 2) less burdensome and already-defined regulations within certain areas items like stablecoin payments compared to less defined rules for onchain capital raising.”
Despite this, Rudick noted that tokenized assets already mirror the behavior CFOs care about: cash flow, liquidity, and yield.
“There are some nuances, where, for example, it may take time for onchain liquidity to build, but where liquidity can also be offered outside of traditional market hours. As finance moves more fully onchain, the benefits will outweigh the early challenges,” he disclosed to BeInCrypto.
Why Solana Emerges as a Leading Ecosystem for On-Chain Finance
When asked which ecosystems are best positioned to support this emerging on-chain financial layer, the executive pointed decisively to Solana. Rudick, who oversees Upexi’s cryptocurrency strategy — one of the leading Solana-focused treasury companies — cited several factors behind his assessment.
“Solana is the natural home for onchain finance, given its leading speed, cost, reliability, and as it is purpose built exactly for this. In fact, Solana’s North Star is what it calls Internet Capital Markets, where all the world’s assets trade on the same liquidity venue, accessible 24/7 to anyone with an internet connection,” he commented.
Rudick emphasized that major financial institutions, including FiServ, Western Union, Société Générale, PayPal, Visa, Franklin Templeton, BlackRock, Apollo, and many others, are increasingly using Solana to bring finance on-chain and capture its benefits.
Recently, crypto token listings on major exchanges have failed to generate sustained price rallies, signaling a significant shift in market behavior.
This comes as the entire crypto market remains under pressure, with investor sentiment deteriorating sharply as losses deepen across the board.
Are Crypto Exchange Listings Losing Impact?
Historically, major exchange listings have been accompanied by sharp price surges. This happens because listings often increase visibility, expand liquidity, and attract new buyers. As a result, tokens typically experience a rapid influx of trading activity and interest immediately after going live.
However, in November 2025, the trend has slowed. For instance, today, OKX, one of the leading crypto exchanges, announced the listing of SEI (SEI) and DoubleZero (2Z).
“OKX is pleased to announce the listing of SEI (Sei), 2Z (DoubleZero) on our spot trading markets. SEI, 2Z deposits will open at 3:00 am UTC on November 14, 2025. SEI/USDT spot trading will open at 7:00 am UTC on Nov 14, 2025. 2Z/USDT spot trading will open at 9:00 am UTC on Nov 14, 2025,” the announcement read.
Nonetheless, neither token saw significant gains. BeInCrypto Markets data showed that SEI has dipped by over 8% in the past 24 hours. At the time of writing, it was trading at $0.16. At the same time, 2Z has fallen nearly 5% to $0.16.
However, the latest market data showed that both coins were down today. XPL traded at $0.23, down nearly 12% over the past day. TON dropped 6.4% in the same period to $1.94.
Lastly, BeInCrypto reported that Binance listed Lorenzo Protocol (BANK) and Meteora (MET) yesterday. These tokens saw brief, sharp pre-listing surges—60% for BANK and 8.6% for MET—but quickly lost traction. The altcoins closed in red on November 13.
According to the latest price data, BANK has lost nearly 46% of its value in the past day alone. Furthermore, MET has slipped nearly 1%. This highlights how cautious capital inflows are diminishing the impact of exchange listings on price performance.
Market Sentiment Reaches Extreme Fear
The shift could likely be tied to deteriorating sentiment, which continues to shape trader behavior across the market. The Crypto Fear and Greed Index, widely regarded as a gauge of market sentiment, has plummeted into “Extreme Fear.” Yesterday, the index dropped to 15, its lowest level since February.
A surge of liquidations has amplified the market’s difficulties. CoinGlass data shows that over $900 million in long positions were liquidated over the past 24 hours. Overall, the crypto liquidations affected 249,520 traders, resulting in widespread losses and weakening their market position.
With confidence collapsing and liquidity thinning, traders may be more focused on preserving capital than chasing exchange listings. The market is now driven primarily by fear and defensive positioning, overshadowing the speculative enthusiasm that once fueled sharp post-listing rallies.
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