Pi Coin has struggled since late November. After peaking near the end of the month, the price has dropped roughly 28%, erasing most of its earlier gains. Over the past seven days alone, Pi Coin is down about 8.6%, and over the past three months, losses now exceed 40%.
Despite that weakness, the latest chart data shows something new forming beneath the surface. Momentum pressure is starting to shift, raising the question of whether the correction may be nearing a pause. Will the pause lead to a rebound or a complete reversal? Time to find out!
Momentum Pressure Is Easing, But Buyers Are Still Hesitant
On the daily chart, Pi Coin has formed a hidden bullish divergence between November 4 and December 11. During this period, price made a higher low while the Relative Strength Index made a lower low. RSI measures momentum by tracking the speed of buying and selling. When price holds higher levels while momentum weakens, it often signals that selling pressure is starting to fade.
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This type of divergence usually appears near the end of sharp dips. It does not confirm a reversal by itself, but it often precedes rebound attempts when sellers begin to lose control.
However, momentum alone is not enough. The Chaikin Money Flow, which tracks whether large buyers or sellers are dominating volume, is still flashing caution. CMF remains close to testing its descending trend line (connecting lower lows) and is also trading below the zero line. This shows that big money flows have not turned supportive towards Pi Coin, yet.
In simple terms, selling pressure looks weaker, but the big buyers are not fully committed. That keeps the rebound setup fragile. Until money flow improves, upside attempts are likely to face resistance. And if the CMF breaks below the trendline, the rebound (not reversal) setup for the Pi Network coin might get invalidated, completely.
Pi Coin Price Levels That Decide What’s Next
The PI price chart now sits at a decision point. For the rebound structure to gain traction, Pi Coin needs to reclaim the $0.222 area. A sustained move above this level would mark roughly a 7% advance and signal that buyers are willing to defend higher prices again. If that happens, the price could extend toward $0.244 and possibly $0.253, provided broader market conditions stabilize.
Only a price move above $0.284 (late November high) could signal a reversal attempt. That point seems to be far off now.
Support remains just below current levels. The $0.203 zone is critical. A daily close below $0.203 would weaken the rebound case significantly and expose the downside again. If that level fails, Pi Coin could retest lower areas and push the correction into a new leg.
The rebound setup only strengthens if the price moves higher while the CMF begins to rise toward zero. Without that confirmation, upside attempts risk stalling quickly.
The Zcash price has seen a sharp run this cycle, up over 700% in three months, followed by a healthy pause. After rallying strongly through the last week, the price is now pulling back, raising questions about whether momentum is fading or simply resetting.
While short-term price action looks undecided, on-chain and volume data suggest buyers may still be quietly in control. The next move depends on whether Zcash can turn consolidation into continuation.
Buyers Still Control Structure Despite Cooling Volume
Zcash price is currently trading inside a tightening triangle pattern, which reflects short-term buyer and seller indecision rather than outright weakness. Importantly, the price continues to respect the rising trend line that has guided the uptrend this cycle. As long as that structure holds, the broader setup remains constructive.
Volume behavior adds key context. Using Wyckoff-style volume color analysis, blue bars indicate buyer-led activity, while yellow and red bars reflect increasing seller control.
Although buyer volume has cooled recently, blue bars are still dominant. A similar slowdown occurred after October 17, when buying pressure briefly weakened, before Zcash went on to rally by more than 300%.
Cooling volume alone did not end that trend. As long as the blue bars dominate, the rally is likely to remain strong, despite any pullbacks.
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Spot flow data reinforces this picture. Spot flows track whether coins are moving onto or off exchanges.
Inflows suggest potential selling, while outflows signal accumulation. On December 12, Zcash recorded roughly $14.26 million in spot inflows, meaning coins moved onto exchanges.
By December 13, that flipped sharply to around $17.34 million in net outflows, showing coins being pulled off exchanges instead.
That shift matters. Exchange outflows reduce immediate sell pressure and often reflect spot buyers stepping in during pullbacks rather than distributing into strength.
Despite a mild pullback of about 2.5% over the past 24 hours, Zcash remains up roughly 20% over the past week and more than 700% over the past three months. The trend has not broken. It is consolidating.
Zcash Price Levels That Define the Next Move
For the bullish structure to continue, the Zcash price needs to break out of the triangle. The key level to watch is $511, a 24% move from current levels. A clean daily close above this level would confirm a bullish resolution and signal renewed buyer control.
If that breakout occurs, the first upside target sits near $549, followed by $733, which capped rallies earlier in the cycle. Higher resistance zones exist near $850 and $1,190, though reaching those would require sustained momentum and supportive broader market conditions.
Downside risk remains clearly defined. If the Zcash price loses $430, the triangle structure weakens. Strong support sits near $391, and a deeper breakdown could open the door to $301 if risk-off pressure spreads across the market.
Itaú Unibanco Holding SA, Latin America’s largest private bank, has advised clients to allocate up to 3% of their portfolios to Bitcoin for 2026.
The bank framed the cryptocurrency not as a speculative asset, but as a hedge against the erosion of the Brazilian real.
Why Itau Wants Clients’ Funds in Bitcoin
In a strategy note, analysts at the Sao Paulo-based lender said investors face a dual challenge from global price uncertainty and domestic currency fluctuations. They argued that these conditions necessitate a new approach to portfolio construction.
The bank recommends a Bitcoin weight of 1% to 3% to capture returns uncorrelated with domestic cycles.
“Bitcoin [is] an asset distinct from fixed income, traditional stocks, or domestic markets, with its own dynamics, return potential, and — due to its global and decentralized nature — a currency hedging function,” the bank wrote.
Itau emphasized that Bitcoin should not become a core holding. Instead, the bank framed the asset as a complementary allocation calibrated to an investor’s risk profile.
The objective is to capture returns that are not closely tied to domestic economic cycles and to provide partial protection against currency depreciation. It also aims to preserve exposure to long-term appreciation.
The bank pointed to the relatively low correlation between Bitcoin and traditional asset classes. It argued that an allocation of 1% to 3% can enhance diversification without overwhelming overall portfolio risk.
Bitcoin Performance vs Traditional Assets. Source: Itau
The approach, the note said, requires moderation, discipline, and a long-term horizon, rather than reactions to short-term price swings.
“Attempting ‘perfect timing’ in assets like Bitcoin or other international markets is risky — and often counterproductive,” the bank warned.
Itaú’s 3% ceiling places it squarely in line with the most forward-looking global guidance, narrowing the gap with US counterparts.
Itaú said that in a world of shortening economic cycles and more frequent external shocks, Bitcoin’s “hybrid character” sets it apart from traditional assets.
The bank described the flagship cryptocurrency as part high-risk asset and part global store of value. It argued that this combination offers a form of resilience that fixed income can no longer guarantee.
The Commodity Futures Trading Commission (CFTC) is quietly laying the plumbing for a market structure where US Treasuries and cryptocurrencies could eventually live side-by-side.
On December 12, the CFTC approved an expansion of cross-margining for US Treasuries.
How CFTC’s New Order Impacts Crypto
This change allows certain customers, not just clearing members, to offset margin requirements between Treasury futures cleared at CME Group. CME Group is one of the largest crypto derivatives trading platform in the US.
“Expanding cross-margining to customers will provide capital efficiencies that can increase liquidity and resiliency in US Treasuries, the most important market in the world,” Caroline Pham, CFTC’s Acting Chair, said.
Cross-margining allows firms to reduce total collateral by netting correlated positions within a portfolio. Extending that mechanism from dealer balance sheets to end customers in Treasuries represents a significant structural shift.
Market participants view it as a practical test of risk models. Those frameworks could eventually support portfolios holding Treasuries, tokenized funds and crypto assets within a single clearing ecosystem.
For crypto derivatives traded on CME, the orders could have significant market implications.
If Treasuries and Treasury futures can be cross-margined at scale, similar frameworks could eventually support more complex portfolios. Those portfolios could include tokenized Treasury bills and spot Bitcoin backing positions in CME Bitcoin and ETH futures, all governed by unified margin and risk controls.
Meanwhile, this order’s timing places it squarely within a broader crypto regulatory effort that spans both the CFTC and the Securities and Exchange Commission (SEC).
It also echoes the SEC’s parallel work on market structure and clearing reform, as regulators assess how tokenized securities and digital collateral might fit within established settlement and custody frameworks.
These moves reflect a regulatory focus on capital efficiency and risk management across asset classes that increasingly blur the line between traditional and digital markets.
The entire category featuring Made in USA coins has traded almost flat over the past week, even as broader crypto volatility picked up. That lack of movement stands out heading into Christmas, when thin liquidity often exposes which projects are quietly building pressure.
Several US-based tokens are now sitting at clear technical decision points, where small moves could shift the short-term trend. This piece lists three such Made in USA coins to watch before Christmas 2025, led by improving price structures, rising breakdown risks, and setups that could move sharply in either direction.
Cardano (ADA)
Cardano is one of the Made in USA coins that traders could be watching ahead of Christmas 2025. It is down around 3.5% over the past 24 hours, extending its monthly losses to over 27%.
The recent Midnight upgrade failed to shift sentiment, and downside pressure has returned as the broader market weakens.
On the daily chart, Cardano has broken down from a bearish continuation structure — the bearish pole-and-flag. The prior consolidation resolved lower, confirming sellers remain in control.
This keeps the broader downside projection active, which still points to a potential drop of nearly 39% from the earlier breakdown zone.
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The first level that matters now is $0.370. This area has acted as strong support in recent weeks, but the price is already drifting toward it. A daily close below $0.370 would increase downside risk and bring $0.259 into focus, which aligns with the full bearish projection.
For the Cardano price to stabilize, selling pressure must ease near $0.370. To invalidate the bearish setup and regain momentum, Cardano needs to reclaim $0.489, followed by $0.517. Those levels mark key Fibonacci resistances and would signal buyers stepping back in.
Until then, Cardano remains vulnerable into Christmas, especially if weakness across the Made in USA category continues.
Stellar (XLM)
Stellar sits at an important decision point among Made in USA coins ahead of Christmas, as price action begins to test whether long-term adoption can still support value in the short term.
XLM is down around 2.5% over the past 24 hours, extending its monthly decline to nearly 18%. That caution becomes clearer when looking at adoption data.
While the number of RWA holders on Stellar has increased sharply over the past month, the total value of assets on the network has declined.
The price chart reinforces that message. Between December 3 and December 9, Stellar formed a hidden bearish divergence. Price made a lower high while the RSI made a higher high. RSI, or Relative Strength Index, tracks momentum. Since that divergence appeared, XLM has continued drifting lower, confirming that the broader downtrend remains intact.
The key level now is $0.231. This zone has acted as short-term support during recent pullbacks. Holding above it would suggest sellers are slowing, especially into the thin Christmas trading period. A daily close below $0.231 would expose $0.216 next, opening the door to further downside if market weakness persists.
For the bearish structure to break, Stellar needs to reclaim $0.262. That level has capped every rally attempt since mid-November.
A move above it would require roughly a 10% push and would signal that buyers are finally willing to defend higher prices again. Some hope of reclaiming that level remains as analysts on X highlight XLM flashing a buy signal.
The last time the TD Sequential flashed a buy signal around these levels, Stellar $XLM jumped 95%. pic.twitter.com/KZYIAbOQME
Until then, Stellar remains a Made in USA coin where the trend still favors caution, making this support test especially important heading into Christmas.
Litecoin (LTC)
Litecoin is one of the few Made in USA coins showing relative stability heading into Christmas.
LTC is up around 1.5% on the week, making it an outlier among Made in USA coins. At the same time, it has remained down roughly 19% over the past month. This mixed performance lines up with recent fundamentals. Reports show institutions and funds have quietly accumulated around 3.7 million LTC, even as retail interest stayed muted.
That accumulation has not translated into immediate upside, but it helps explain why Litecoin has avoided deeper breakdowns compared to peers. For Made in USA projects, that kind of steady demand matters more than short-lived hype, especially into year-end.
On the price chart, Litecoin is forming an inverse head-and-shoulders pattern, which is typically bullish. This structure reflects the fading of selling pressure over time, followed by buyers slowly regaining control. The pattern attempted a breakout on December 9 but failed to hold, pushing the price back into consolidation rather than triggering a reversal.
The structure remains valid as long as Litecoin holds above $79.63. A drop below this level would weaken the setup and delay any upside attempt. A deeper move below $74.72 would invalidate the pattern entirely and shift the outlook back to bearish continuation.
For confirmation, Litecoin needs a clean daily close above the neckline near $87.08. That break would signal the pattern is active again and open a path toward $97.95 first, with $101.69 as the full measured target.
Until that happens, Litecoin remains a US-based project (token) at a decision point, where steady institutional interest contrasts with still-cautious price action ahead of Christmas 2025.
The US banking industry has mounted a coordinated challenge to the Office of the Comptroller of the Currency’s (OCC) approach. The pushback targets the regulator’s efforts to integrate cryptocurrency firms into the federal banking system.
On December 12, OCC issued conditional approval of national trust charters for five digital asset firms, including Ripple, Fidelity, Paxos, First National Digital Currency Bank, and BitGo. The bank regulator stressed that the crypto applicants underwent the same “rigorous review” as any national bank charter applicant.
US Banking Industry Challenges OCC’s Move
However, the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA) argue that the OCC’s actions create a two-tier banking system.
Their central claim is that fintech and crypto firms are being granted prestigious national charters without carrying Federal Deposit Insurance Corp. (FDIC) coverage or meeting traditional capital and liquidity standards required of full-service banks.
The groups contend that this structure encourages what they describe as regulatory arbitrage at the federal level.
By securing a national charter, the crypto firms can benefit from federal preemption of state money transmitter laws. At the same time, they avoid many of the compliance obligations that apply to insured depository institutions.
ABA President Rob Nichols said the approvals “blur the lines” of what constitutes a bank. He further argues that this erosion of definitions risks weakening the integrity of the charter itself.
In his view, expanding trust powers to firms that do not perform traditional fiduciary duties creates a class of institutions that resemble banks in name and scope but lack comparable oversight.
Meanwhile, their concern extends beyond competition.
Banking groups warn that consumers may struggle to distinguish between insured banks and national trust institutions holding large volumes of uninsured crypto assets.
They argue that the OCC has not adequately explained how it would manage the failure of such an entity, particularly if it were holding billions of dollars in digital assets outside the traditional safety net.
ICBA Wants the Charters Halted
The ICBA also directly challenged the OCC’s statutory authority to issue the charters.
We oppose the OCC’s conditional approval of five national trust bank charter applications from nonbank fintechs. We have repeatedly said the OCC lacks statutory authority to expand trust powers and that the sudden influx of applications threatens consumers and the financial…
— Independent Community Bankers of America (@ICBA) December 12, 2025
The group focused its criticism on Interpretive Letter No. 1176. This guidance enabled trust banks to engage in non-fiduciary activities such as custody of stablecoin reserves.
ICBA President Rebeca Romero Rainey described the move as a “dramatic policy change” that stretches the national trust charter beyond its historical purpose.
“The OCC’s dramatic policy change under Interpretive Letter #1176 is a departure from the role of conventional trust companies and allows for an inconsistent regulatory framework that threatens financial instability — requiring the agency to change course,” Rainey added.
The group argues that the OCC is allowing non-bank fintech firms to effectively borrow the credibility of the US banking system while avoiding the “full scope” of regulations imposed on insured institutions.
Considering this, both trade groups have called for an immediate pause and rescission of the approvals.
They warn that the current framework could produce institutions that the OCC is “not equipped to resolve in an orderly way.” According to them, such a failure could leave traditional banks and the broader financial system exposed.
XRP price has rebounded from recent lows, rising nearly 4% from yesterday’s bottom and stabilizing after a modest pullback. While the broader trend remains cautious, a new metric suggests downside momentum may be fading.
With the XRP issuer recently moving closer to regulated-banking status, the focus now shifts to whether large holders continue to step in to confirm a real trend change.
Bullish Divergence Forms as Largest Whales Begin Adding
On the daily chart, the XRP price has flashed a bullish divergence between December 1 and December 12. During this period, price made a lower low, while the Relative Strength Index (RSI) formed a higher low. RSI measures momentum, and this pattern often appears when selling pressure weakens before a rebound.
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This setup has already triggered a bounce, but what makes it more compelling is whale behavior. The two largest XRP holder groups have already started responding.
Wallets holding more than 1 billion XRP increased their holdings from 25.36 billion on December 9 to 25.42 billion. At the same time, wallets holding between 100 million and 1 billion XRP reversed their selling trend, rising from 8.08 billion on December 11 to 8.15 billion at press time.
In total, these two cohorts added roughly 130 million XRP. At the current price, that equals about $265 million in net accumulation. This confirms that the biggest holders are not just watching the divergence, they are acting on it.
XRP Price Levels That Decide If the Reversal Holds
For the bullish divergence to stay valid, the XRP price needs follow-through. The first level that matters is $2.11. A daily close above it would mark a 3.72% move from current levels and confirm that buyers are regaining short-term control. XRP has not held above $2.11 since early December.
If that level breaks, the next resistance sits at $2.21. Only a sustained move above $2.21 would shift the structure bullish and reopen the path toward $2.58 or higher.
On the downside, risk remains clearly defined. If the XRP price falls below $1.96 while RSI weakens, the bullish divergence would be invalidated. That scenario would expose $1.88 first, followed by $1.81 if selling accelerates.
Right now, the setup is constructive but unfinished. Momentum indicators show improvement, and whales have already responded once. For this reversal to fully play out, those large holders need to keep adding support, not just react briefly.
A dispute over revenue sharing has erupted between the community governing DeFi lender Aave and its primary development firm, Aave Labs.
The conflict centers on Aave Labs’ recent decision to integrate CoW Swap as the underlying infrastructure for trading on the protocol’s primary website. The switch replaced ParaSwap, a previous integration that generated referral fees for the Aave DAO treasury.
DAO Members Question Economic Fallout From Interface Update
Governance delegates say the change has cut off a revenue stream of about $200,000 per week. On an annualized basis, they estimate the impact at roughly $10 million, shifting value away from token holders.
The stealth privatization of approximately 10% of Aave DAO's potential revenue, leveraging brand and IPs paid for by the DAO, represents a clear attack on the best interests of the $AAVE Token holders.
Zeller argued that Aave Labs unilaterally altered the economic arrangement without seeking approval from the DAO, which governs the underlying smart contracts.
“Aave Labs, in the pursuit of their own monetization, redirected Aave user volume towards competition. This is unacceptable. By doing this integration, the Aave protocol lost two revenue streams that cannot be easily replaced,” he wrote.
Zeller warned that the lack of communication raises concerns about how future upgrades will be handled.
“It is important to consider the picture as a whole to define if Aave Labs breached its expected fiduciary duty towards the Aave DAO and the AAVE token holders, and what we should expect from V4 in general,” Zeller concluded
Kulechov said Aave Labs bears the costs of engineering and security for the website. He added that the DAO does not subsidize ongoing product development expenses.
Consequently, the firm asserts the right to monetize the interface to ensure its sustainability.
“It’s also perfectly fine for Aave Labs to monetize its products, especially as they don’t touch the protocol itself,” he said.
The development firm also restated Kulechov’s position, acknowledging a failure to communicate the change effectively.
The firm said it switched to CoW Swap to deliver better execution prices and stronger protection against MEV (maximum extractable value), rather than to generate additional revenue.
BTCC, the world’s longest-serving cryptocurrency exchange, has been named Best Centralized Exchange in the Community Choice category at The BeInCrypto 100 Awards 2025. The award was announced during a live virtual ceremony on December 10, 2025.
The BeInCrypto 100 Awards is an annual event celebrating the leaders, products and initiatives shaping the future of Web3, organized by BeInCrypto, a reputable independent news and media platform, in partnership with Binance Square. In the “Best Centralized Exchanges” category, BTCC received the highest number of votes from global cryptocurrency users.
“Winning the community vote for ‘Best Centralized Exchange’ is incredibly meaningful,” said Aaryn Ling, Head of Branding at BTCC. “This award reflects the trust that our 10 million users place in BTCC every day. It validates our 14-year commitment to transparency, security, and putting our community first.”
A Track Record That Speaks for Itself
BTCC’s recognition is supported by strong operational metrics throughout 2025. The platform now offers over 400 futures trading pairs and more than 460 spot trading pairs, providing comprehensive access to the latest and most popular markets for over 10 million global users. In Q3 2025 alone, BTCC achieved a record of $1.15 trillion in both futures and spot trading volume, marking 20% quarter-over-quarter growth.
Underpinning these achievements is BTCC’s 14-year security record. Since its founding in 2011, the exchange has maintained a zero-incident track record with no security breaches, a rare distinction in an industry where trust and security are paramount.
The BeInCrypto award caps a year of industry recognition for BTCC. The exchange earned triple honors from FXEmpire in 2025 as the Lowest Fee Crypto Exchange, Best Fiat-to-Crypto Trading Platform, and Best Crypto Exchange in the USA. BTCC’s growing mainstream presence is further reflected in its partnership with NBA All-Star Jaren Jackson Jr., the 2023 Defensive Player of the Year, as global brand ambassador, connecting the mass public audience with crypto accessibility.
Community Celebration: 10M USDT Flagship Campaign and Giveaway
To celebrate this milestone, BTCC is launching a flagship trading competition with a 10 million USDT prize pool, one of the largest reward pools offered by any exchange in recent industry history. The competition invites traders worldwide to compete for significant rewards. Stay tuned to BTCC’s official X account for complete campaign details.
Additionally, BTCC is thanking the community with a special giveaway for their continued support, offering 1,000 USDT to 10 winners. Full details are now available on BTCC’s X account (@BTCCexchange).
Looking ahead to 2026, BTCC plans to expand its spot and futures offerings, introduce new platform features, and deepen its engagement with communities worldwide, building on this year’s momentum to deliver even greater value to its growing global user base.
About BTCC
Founded in 2011, BTCC is a leading global cryptocurrency exchange serving over 10 million users across 100+ countries. Partnered with 2023 Defensive Player of the Year and 2x NBA All-Star Jaren Jackson Jr. as global brand ambassador, BTCC delivers secure, accessible crypto trading services with an unmatched user experience.
Bitcoin (BTC) continues to trade within the recent consolidation phase, hovering around $90,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.
BTC price action approaches a key descending trendline that could determine its next directional move. Meanwhile, institutional flows into Spot Bitcoin ETFs showed mild inflows, and Strategy added more BTC to its treasury reserve.
Fed’s Policy Tone Triggers Consolidation in Bitcoin
Bitcoin price started the week on a positive note, extending its weekend recovery during the first half of the week and holding above $92,600 on Tuesday.
However, momentum softened on Wednesday, with BTC closing at $92,015 after the Federal Open Market Committee (FOMC) meeting.
Adding to the cautious tone, policymakers projected only a one-quarter-percentage-point cut for the overall 2026 outlook. This was the same outlook as in September, which tempered market expectations of two rate cuts and contributed to short-term pressure on risk assets.
The Fed’s cautious tone, combined with disappointing Oracle earnings, contributed to a brief risk-off move.
All these factors weighed on riskier assets, with the largest cryptocurrency by market capitalization sliding to a low of $89,260 before rebounding and finishing above $92,500 on Thursday.
With no major US data releases ahead, crypto markets will now look to FOMC member speeches and broader risk sentiment for direction
at the end of the week.
BTC is likely to consolidate in the near term unless a significant catalyst emerges.
Earlier, Ukrainian President Volodymyr Zelenskyy said that the US was pushing the country to cede land to Russia as part of an agreement to end a nearly four-year war.
These lingering geopolitical tensions and stalled peace talks continue to weigh on global risk sentiment, limiting risk-on appetite and contributing to Bitcoin’s consolidation so far this week.
Institutional Demand Sees Mild Signs of Improvement
Institutional demand for Bitcoin shows mild signs of improvement.
According to SoSoValue data, US-listed spot Bitcoin ETFs recorded a total inflow of $237.44 million through Thursday, following a mild outflow of $87.77 million a week earlier, signaling that institutional investor interest improved somewhat.
However, these weekly inflows remain small relative to those observed in mid-September. For BTC to continue its recovery, the ETF inflows should intensify.
Total Bitcoin Spot ETF Net Inflow Chart. Source: SoSoValue
On the corporate front, Strategy Inc. (MSTR) announced on Monday that it purchased 10,624 Bitcoin for $962.7 million between December 1 and 7 at an average price of $90,615.
The firm currently holds 660,624 BTC, valued at $49.35 billion. Strategy still retains substantial capacity to raise additional capital, potentially allowing for further large-scale Bitcoin accumulation.
The report notes that exchange deposits eased as large players reduced their transfers to exchanges.
The graph below shows that the share of total deposits from large players has declined from a 24-hour average high of 47% in mid-November to 21% as of Wednesday.
At the same time, the average deposit has declined by 36%, from 1.1 BTC in November 22 to 0.7 BTC.
Bitcoin Exchange Flows. Source: CryptoQuant
CryptoQuant concludes that, if selling pressure remains low, a relief rally could push Bitcoin back to $99,000. This level is the lower band of the Trader On-chain Realized Price bands, which is a price resistance during bear markets.
After this level, the key price resistances are $102,000 (one-year moving average) and $112,000 (the Trader On-chain Realized price).
Bitcoin Trader’s Realized Price Bands
The Copper Research report also signaled optimism about Bitcoin. The report suggests that BTC’s four-year cycle hasn’t died; it has been replaced.
Since the launch of spot ETFs, Bitcoin has exhibited repeatable Cost-Basis Return Cycles, as shown in the graph below.
Bitcoin USD Price Vs ETF Cost Basis
Fadi Aboualfa, Head of Research at Copper, told FXStreet that “Since spot ETFs launched, Bitcoin has moved in repeatable mini-cycles where it pulls back to its cost basis and then rebounds by around 70%.
With BTC now trading near its $84,000 cost basis, this pattern suggests a move north of $140,000 in the next 180 days.
If the cost basis rises 10-15%, as in prior cycles, the resulting premium seen at past peaks produces a target range of $138,000 to $148,000.
Bitcoin Santa Rally Ahead?
Bitcoin posted a 17.67% loss in November, disappointing traders who had anticipated a rally based on its strong historical returns for the month (see CoinGlass data below).
December has historically been a positive month for the king crypto, delivering an average return of 4.55%.
Looking at quarterly data, the fourth quarter (Q4) has been the best quarter for BTC in general, with an average return of 77.38%.
Still, the performance in the last three months of 2025 has been underwhelming so far, posting for now a 19% loss.
Is BTC Setting a Bottom?
Bitcoin’s weekly chart shows the price finding support around the 100-week Exponential Moving Average (EMA) at $85,809, posting two consecutive green candles following a four-week correction that began in late October.
As of this week, BTC is trading slightly higher, holding above $92,400.
If BTC continues its recovery, it could extend the rally toward the 50-week EMA at $99,182.
The Relative Strength Index (RSI) on the weekly chart reads 40, pointing upward and indicating fading bearish momentum. For the recovery rally to be sustained, the RSI should move above the neutral level of 50.
BTC/USDT weekly chart
On the daily chart, Bitcoin’s price was rejected at the 61.8% Fibonacci retracement level at $94,253 (drawn from the April low of $74,508 to the all-time high of $126,199 set in October) on Wednesday.
However, on Thursday, BTC rebounded after retesting its $90,000 psychological level.
If BTC breaks above the descending trendline (drawn by connecting multiple highs since early October) and closes above the $94,253
resistance level, it could extend the rally toward the $100,000 psychological level.
The Relative Strength Index (RSI) on the daily chart is stable near the neutral 50 level, suggesting the lack of near-term momentum in either side.
For the bullish momentum to be sustained, the RSI should move above the neutral level.
Meanwhile, the Moving Average Convergence Divergence (MACD) showed a bullish crossover at the end of November, which remains intact, supporting the bullish thesis.
BTC/USDT Daily Chart
If BTC were to resume its downward correction, the first key support is at $85,569, which aligns with the 78.6% Fibonacci retracement level.
Bitcoin has broken from its long-standing correlation with equities, marking its first full-year divergence from stocks in over a decade.
The shift highlights a growing disconnect between crypto and traditional markets, raising questions about Bitcoin’s role in the current cycle.
A Historic Market Decoupling
Bitcoin and stocks have historically moved in tandem. However, that relationship appears to have fractured.
According to Bloomberg data, the S&P 500 has climbed more than 16% this year while Bitcoin is down 3%, marking the first such split since 2014.
BREAKING: Bitcoin is headed for its first full-year split from stocks in over a decade, marking the first time since 2014 equities rallied while crypto fell. pic.twitter.com/Ns25xJ2KV2
Such a clean break is unusual even by crypto standards, prompting renewed scrutiny of Bitcoin’s role within global markets. The divergence challenges expectations that regulatory optimism and institutional participation would automatically translate into sustained performance.
It is especially striking given the broader environment, where artificial intelligence stocks are soaring, capital spending is accelerating, and investors are pouring back into equities. At the same time, traditional defensive assets are attracting attention, suggesting investors are reallocating rather than broadly embracing risk.
Crypto-specific pressures, including forced liquidations and a sharp decline in retail participation, have materially exacerbated Bitcoin’s underperformance. Billions of unwound positions have amplified downside moves, turning what began as a correction into an industry retreat.
As these signals accumulate, market sentiment has weakened, sparking debate over whether this represents a routine correction or a more significant structural change.
Normal Pullback Or Something More?
Bitcoin has long behaved as a momentum-driven asset, but the breakdown in sustained upside suggests that leadership within risk markets has shifted elsewhere.
Inflows into Bitcoin ETFs have slowed, prominent endorsements have grown quieter, and key technical indicators are flashing renewed weakness.
Price action reflects that cooling confidence. Bitcoin has struggled to regain momentum since its October peak near $126,000 and is now hovering closer to $90,000, reinforcing the sense that this divergence is being driven by fading conviction rather than short-term volatility alone.
Despite the current divergence, longer time horizons complicate the narrative.
On a multi-year basis, Bitcoin continues to outperform equities, suggesting the recent split may reflect earlier excess gains unwinding rather than a decisive break in trend.
From that perspective, underperformance could still align with a normal pullback within a broader bull-market cycle, despite calendar-year contrasts.
The Russia-Ukraine war has waged on for nearly 4 years now. Western sanctions were meant to isolate Russia financially. Instead, they forced adaptation.
In 2025, BeInCrypto began documenting how Russia and Russia-linked actors rebuilt payment routes using crypto. What emerged was not a single exchange or token, but a resilient system designed to survive freezes, seizures, and enforcement delays.
This investigation reconstructs that system in chronological order, based on on-chain forensic analysis and interviews with investigators tracking the flows.
The First Warning Signs Were not Criminal
Early signals did not point to ransomware or darknet markets. They pointed to trade.
Authorities began asking new questions on how money crossed borders for imports, how dual-use goods were paid for, and how settlements occurred without banks.
At the same time, on-chain data showed Russian OTC desks surging in activity. Exchanges hosting Russian OTC liquidity also saw volumes spike, especially in Asia.
Meanwhile, Telegram groups and darknet forums discussed sanctions evasion openly. These were not hidden conversations. They described practical methods for moving value across borders without banks.
The method was simple. OTC desks accepted rubles domestically, sometimes as cash. They issued stablecoins or crypto. That crypto then settled abroad, where it could be converted into local currency.
Garantex Operated Russia’s Crypto Laundering Hub
Garantex played a critical role in this ecosystem. It functioned as a liquidity hub for OTC desks, migrants, and trade-linked payments.
Russia Using a UAE Proxy for Sanction Evasion
Even after early sanctions, it continued interacting with regulated exchanges abroad. That activity persisted for months.
When enforcement finally escalated, the expectation was disruption. What followed instead was preparation.
“Even people who were leaving Russia were still using Garantex to move their money out. If you were trying to relocate to places like Dubai, this became one of the main ways to transfer funds once traditional banking routes were cut off. For many Russians trying to leave the country, Garantex became a practical exit route. It was one of the few ways to move money abroad after banks and SWIFT were no longer an option,” said Lex Fisun, CEO of Global Ledger
The Seizure Triggered a Reserve Scramble
On the day Garantex’s infrastructure was seized in March 2025, a linked Ethereum wallet rapidly consolidated more than 3,200 ETH. Within hours, nearly the entire balance moved into Tornado Cash.
That move mattered. Tornado Cash does not facilitate payouts. It breaks transaction history.
ETH Reserve Consolidation and Tornado Cash Transfer Graphic. Source: Global Ledger
Days later, dormant Bitcoin reserves began moving. Wallets untouched since 2022 consolidated BTC. This was not panic selling. It was treasury management under pressure.
BTC Reserve Reactivation Chart
So, it was clear that assets outside stablecoin control remained accessible.
Grinex launched quietly and began supporting USDT. Traced flows passed through TRON and connected to Grinex-linked infrastructure. Users reported balances reappearing under the new name.
“It was probably the most obvious rebrand we’ve seen. The name was nearly the same, the website was nearly the same, and users who lost access to Garantex saw their balances reappear on Grinex,” Fisun told BeInCrypto.
In late July 2025, Garantex publicly announced payouts to former users in Bitcoin and Ethereum. On-chain data confirmed the system was already live.
At least $25 million in crypto had been distributed. Much more remained untouched.
The payout structure followed a clear pattern where reserves were layered through mixers, aggregation wallets, and cross-chain bridges before reaching users.
High-Level Payout Flow Diagram
Ethereum Payouts Relied on Complexity
Ethereum payouts used deliberate obfuscation. Funds moved through Tornado Cash, then into a DeFi protocol, then across multiple chains. Transfers bounced between Ethereum, Optimism, and Arbitrum before landing in payout wallets.
Despite the complexity, only a fraction of the ETH reserves reached users. More than 88% remained untouched, indicating payouts were still in early stages.
Bitcoin Payouts Exposed a Different Weakness
Bitcoin payouts were simpler and more centralized.
Investigators identified multiple payout wallets linked to a single aggregation hub that received nearly 200 BTC. That hub remained active months after the seizure.
More revealing was where the funds touched next.
Source wallets repeatedly interacted with deposit addresses tied to one of the world’s largest centralized exchanges. The transaction “change” consistently routed back there.
Why Western Sanctions Struggled to Keep Up
Western sanctions were not absent. They were late, uneven, and slow to execute.
By the time Garantex was fully disrupted, investigators had already documented billions of dollars moving through its wallets.
Even after sanctions were applied, the exchange continued interacting with regulated platforms abroad, exploiting delays between designation, enforcement, and compliance updates.
“Sanctions work on paper. The problem is execution. Billions can still move because enforcement is slow, fragmented, and often lags behind how fast crypto systems adapt. The issue isn’t that sanctions don’t exist. It’s that they’re enforced too slowly for a system that moves at crypto speed,” said the Global Ledger CEO.
That gap allowed Garantex to adapt. Wallets rotated frequently. Hot wallets changed unpredictably. Remaining balances were moved in ways that mimicked normal exchange activity, making automated compliance systems less effective.
The private sector struggled to keep up. Banks and exchanges balance compliance obligations against transaction speed, customer friction, and operational cost.
In that environment, sanctioned exposure can slip through when activity does not trigger obvious red flags.
By October 2025, the payout infrastructure was still active. Reserves remained. Routes stayed open.
This was not the collapse of an exchange, rather he evolution of a system.
Russia’s crypto strategy in 2025 showed how a sanctioned economy adapts by building parallel rails, preserving liquidity, and rerouting when blocked.
The OCC today conditionally approved five digital asset-oriented companies for national trust bank charters, signaling a measured but tangible expansion of crypto firms into the federal banking system.
The decision challenges claims from parts of the banking industry that crypto cannot comply with regulatory standards. However, it also complicates the sector’s own narrative of a coordinated effort to cut it off from financial services.
The Five Firms Behind Approval
Alongside Ripple National Trust Bank, the Office of the Comptroller of the Currency (OCC) conditionally approved four additional digital asset-focused institutions, signaling a broader regulatory move rather than an isolated exception.
In addition to Ripple, the OCC approved a de novo trust bank application for First National Digital Currency Bank and authorized Circle, BitGo, Fidelity Digital Assets, and Paxos to convert from state charters.
🚨 JUST IN: The OCC just approved conditional national trust bank charters: Ripple. Paxos. BitGo. Fidelity Digital Assets. Circle.
A national trust charter means federal supervision, 50-state reach, and the credibility to custody assets for ETFs, treasuries, and institutions… pic.twitter.com/DWQyX6jKsm
All five approvals remain conditional, requiring each institution to meet specific operational, governance, and compliance standards before final authorization.
“New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” said OCC Comptroller Jonathan Gould in a press release. “They provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system.”
The unifying factor across these firms is their business model and regulatory positioning within the financial system.
None of them intends to operate as a full-service commercial bank offering deposits or traditional lending products. Instead, they focus on custody, settlement, and digital asset infrastructure designed primarily for institutional clients.
For established players like Fidelity and Paxos, a national charter provides a single federal supervisor and nationwide authority. That shift replaces fragmented state-level oversight, simplifying regulatory engagement for institutional-scale operations.
For newer entrants such as Ripple National Trust Bank and First National Digital Currency Bank, the approvals open federal access without consumer banking exposure.
Taken together, the approvals suggest the OCC is not blocking crypto firms, but refining which models gain entry.
Crypto industry leaders have repeatedly argued that banks, encouraged by regulators, systematically restricted access to basic financial services. This narrative gained traction under the label “Operation Choke Point 2.0,” drawing comparisons to past regulatory crackdowns closely attributed to former SEC Chair Gary Gensler.
Banks and regulators pushed back, arguing they made decisions based on risk management, compliance, and reputational concerns rather than ideology.
Those tensions resurfaced on Wednesday, when the OCC released preliminary findings from its review of alleged debanking by the largest US banks.
Debanking Was Real, But Limited
In its December 10 review, the OCC concluded that between 2020 and 2023, the nation’s largest banks engaged in debanking practices.
The agency said banks made inappropriate distinctions among lawful businesses, restricting access or imposing heightened reviews driven by reputational concerns.
The OCC is committed to ending efforts that weaponize finance. Read the OCC’s preliminary findings from its supervisory review of debanking activities at the nine largest national banks. https://t.co/pFMi7Rt8khpic.twitter.com/XWfbCheo91
Digital asset activities were explicitly listed among the affected sectors, alongside firearms, energy, adult entertainment, and payday lending.
However, the OCC’s framing is narrower than the industry’s “Operation Choke Point 2.0” rhetoric. The report focuses on bank-created policies and escalation processes, not a centralized directive ordering banks to cut off crypto firms.
That distinction matters for how this newly unfolding debate is interpreted.
Much of the period under review overlaps with the 2022–2023 crypto downturn and its spillover into banking.
The review was released under Gould, who was appointed earlier this year by President Donald Trump. Gould framed the findings as part of an effort to limit “weaponized” finance and reputational-risk-driven exclusions.
Against that backdrop, the OCC’s conditional approvals for five crypto-oriented trust banks complicate claims of ongoing systemic exclusion.
Even as banks and trade groups warn of regulatory asymmetry, the approvals indicate that federal access is expanding for compliance-focused trust bank models.
Tether has submitted a binding all-cash proposal to acquire Exor’s entire 65.4% stake in Juventus Football Club, the most successful club in Italian football history and a 36-time Serie A champion.
If approved by regulators and accepted by Exor, Tether said it would launch a public tender offer for the remaining shares at the same price, fully funded with its own capital. The company also committed to invest up to €1 billion to support and develop the club following completion.
What the Juventus Deal Means for Tether
The proposal, announced on December 12, marks one of the most ambitious moves yet by a crypto company into elite global sport. It signals a strategic shift for Tether from a pure stablecoin issuer to a long-term capital allocator in traditional institutions.
In the announcement, Tether CEO Paolo Ardoino described Juventus as a symbol of discipline, resilience, and continuity—values he said mirror how Tether has been built.
JUST IN: Tether wants to acquire Italian football club Juventus.
Juventus is a 36-time domestic league champion, making it the most successful club in Italian football history. pic.twitter.com/l1yncxgW9L
Unlike short-term sponsorships or fan token partnerships, ownership places Tether at the centre of governance and long-term strategy.
Tether Will Invest €1 Billion in Juvestus if the Deal Goes Through.
The move also reinforces Tether’s claim that it is operating from a position of strong balance-sheet health, able to deploy billions in capital without external financing.
Part of a Broader Expansion Strategy
The Juventus proposal follows a series of high-profile moves by Tether and USDT in recent weeks.
Tether recently secured regulatory recognition for USDT as an Accepted Fiat-Referenced Token in Abu Dhabi’s ADGM, expanding regulated use of the stablecoin across multiple blockchains.
At the same time, the company has explored tokenising its own equity, signalling openness to new corporate structures built on blockchain rails.
Together, these developments point to a strategy of diversifying well beyond stablecoin issuance while
Juventus and Crypto: Not a First Connection
Juventus is no stranger to crypto involvement.
The club previously launched the $JUV fan token on the Chiliz and Socios platform, allowing fans to participate in polls and engagement initiatives. Juventus has also partnered with crypto companies as sponsors, including exchange-led branding deals in recent seasons.
JUV Fan Token Surges After Tether Announcement. Source: CoinGecko
However, Tether’s proposal goes far beyond past crypto partnerships. If completed, it would represent full operational control by a digital asset firm—an unprecedented step for a club of Juventus’ stature.
The transaction remains subject to Exor’s acceptance, definitive legal agreements, and regulatory approvals. If those conditions are met, Tether plans to proceed with a public tender offer for remaining shares.
Claims that Wall Street trading firm Jane Street triggers a daily 10 a.m. Bitcoin “dump” resurfaced on December 12, after BTC saw a sharp intraday drop.
Social media speculation once again pointed to institutional traders and ETF market makers. A closer look at the data, however, tells a more nuanced story.
The allegation claims these firms push prices lower to trigger liquidations, then buy back cheaper. However, no regulator, exchange, or data source has ever confirmed such coordinated activity.
BREAKING: The 10am manipulation is back.
Bitcoin dropped $2,000 in 35 minutes and wiped out $40 billion from its market cap.
$132 million worth of longs have been liquidated in the past 60 minutes.
Bitcoin Futures Data Doesn’t Show Aggressive Dumping
Bitcoin traded sideways today through the US market open, holding a tight range near $92,000–$93,000. There was no sudden or abnormal sell-off exactly at 10:00 a.m. ET.
The sharp drop came later in the session, closer to mid-day US hours. BTC briefly fell below $90,000 before stabilizing, suggesting delayed pressure rather than an open-driven move.
Bitcoin futures open interest across major exchanges remained broadly stable. Total open interest was nearly flat on the day, indicating no large buildup of new short positions.
On CME, the most relevant venue for institutional trading, open interest declined modestly. That pattern typically reflects risk reduction or hedging, not aggressive directional selling.
Total BTC Futures Open Interest. Source: CoinGlass
If a major proprietary firm were driving a coordinated dump, a sharp spike or collapse in open interest would normally appear. It did not.
Liquidations Explain the Move
Liquidation data provides a clearer explanation. Over the past 24 hours, total crypto liquidations exceeded $430 million, with long positions accounting for the majority.
Bitcoin alone saw more than $68 million in liquidations, while Ethereum liquidations were even higher. This indicates a leverage flush across the market, not a Bitcoin-specific event.
Crypto Liquidations on December 12. Source: CoinGlass
When prices slip below key levels, forced liquidations can accelerate declines. This often creates sharp drops without requiring a single dominant seller.
Most notably, US spot Bitcoin ETFs recorded $77 million outflow on December 11, after two days of steady inflow. Today’s brief price shock was largely reflected in this move.
The move was distributed across exchanges, including Binance, CME, OKX, and Bybit. There was no evidence of selling pressure concentrated on one venue or one instrument.
That matters because coordinated manipulation typically leaves a footprint. This event showed broad, cross-market participation consistent with automated risk unwinds.
Why the Jane Street Narrative Keeps Returning
Bitcoin volatility often clusters around US market hours due to ETF trading, macro data releases, and institutional portfolio adjustments. These structural factors can make price moves appear patterned.
Jane Street Bots already entered Polymarket xD
While most traders chase narratives, one Polymarket account turned 15-minute crypto prediction windows into a mechanical profit engine.
Trader didn't build a sophisticated arbitrage bot.
Jane Street’s visibility in ETF market making makes it an easy target for speculation. But market making involves hedging and inventory management, not directional price attacks.
Today’s move fits a familiar pattern in crypto markets. Leverage builds, price slips, liquidations cascade, and narratives follow.
Ripple has received conditional approval for a federal banking license, which could potentially enable its operation under US banking regulations. If granted, the license would allow Ripple to operate as a federally regulated financial institution under US banking law.
The approval strengthens Ripple’s position in cross-border payments and digital asset settlement infrastructure across regulated financial markets. However, the development may not result in an immediate or substantial impact on XRP’s market price.
OCC Opens Federal Charter Path
The Office of the Comptroller of the Currency (OCC) has opened a pathway for Ripple to charter Ripple National Trust Bank.
To receive full approval, Ripple must still meet specific OCC regulatory and operational requirements before licensing is finalized.
HUGE news! @Ripple just received conditional approval from the @USOCC to charter Ripple National Trust Bank. This is a massive step forward – first for $RLUSD, setting the highest standard for stablecoin compliance with both federal (OCC) & state (NYDFS) oversight.
Even if approved, Ripple would not operate like traditional banks such as Bank of America or JPMorgan Chase. Trust banks are legally restricted from accepting public deposits or offering conventional lending products, such as consumer loans.
Instead, a Ripple National Trust Bank would focus primarily on custody, settlement, and digital asset management services. That distinction matters.
A national trust bank:
Can provide custody, fiduciary, and settlement services
Can hold assets on behalf of clients
Is federally supervised by the OCC
Cannot take retail deposits or issue loans
Does not get FDIC insurance
So Ripple is becoming a regulated financial infrastructure provider.
Despite limitations, the approval represents a meaningful regulatory milestone for the company’s long-term operational strategy. Unlike state money transmitter licenses, which limit operations geographically, a federal charter enables nationwide regulatory coverage.
Such approval may influence broader market sentiment, but its primary significance lies in infrastructure development and long-term institutional adoption, rather than short-term speculative demand for XRP.
CEO Brad Garlinghouse acknowledged the decision publicly, framing it as a response to long-standing resistance from traditional banking industry lobbyists toward crypto-native firms entering federally regulated financial markets.
The crypto market has picked up over the past 24 hours, and traders are now looking for altcoins to watch as weekend flows usually bring sharper moves. Some projects are showing fresh demand after new updates, others are building momentum on the charts, and a few are nearing levels that could decide their next trend.
This BeInCrypto curated list highlights three setups that stand out heading into the weekend — each for a different reason.
Keeta (KTA)
KTA is up about 36% in the past 24 hours. The jump follows Keeta’s new fiat anchor launch, which lets users move money between bank accounts and stablecoins with fewer delays. That upgrade increases real-world use, so traders could watch Keeta closely this weekend.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
(1/3) We’re excited to announce that Bridge @Stablecoin is now live as the first Fiat Anchor on Keeta Network!
Bridge enables seamless movement between fiat and stablecoins, allowing users to deposit or withdraw directly to and from their bank accounts with speed and… pic.twitter.com/TlMKn1Ikod
On the 12-hour chart, Keeta has broken above $0.32. The next important level is $0.36, which rejected the last push. A clean close above it can open a move toward $0.43.
The breakout attempt comes with rare support from the Wyckoff volume-color indicator, which is based on simple buying and selling strength.
A green bar shows buyers in full control, a red bar shows sellers controlling the move, a blue bar shows buyers gaining control, and a yellow bar shows sellers gaining control. Keeta has printed two strong green bars for the first time since late November. That shift hints that real demand is backing the breakout rather than a short-term spike.
If buying continues and Keeta closes above $0.36, the path to $0.43 opens. If the bars turn blue or yellow again, profit-taking may start. In that case, $0.27 becomes the key support. A break below it exposes $0.21, which flips the short-term trend back to weak.
Keeta remains one of the top altcoins to watch this weekend because its fundamental upgrade and rising buyer strength now line up with a breakout setup above $0.36.
Solana (SOL)
Solana is up about 6% in the past 24 hours, helped by steady news coming out of the ongoing Breakpoint event. The most notable update is JPMorgan using Solana to arrange a tokenized commercial paper issuance. That kind of institutional use case keeps interest high even while the broader chart still faces hurdles. And that makes SOL one of the top altcoins to watch over the next two days.
Day 1 of Breakpoint 2025 is in the books.
Today, the global Solana community gathered in Abu Dhabi to witness an institutional convergence of Wall Street giants, sovereign wealth, DeFi, and internet capital markets.
Between December 7 and December 11, Solana formed a higher low while the RSI formed a lower low. The RSI tracks the speed of buying and selling. When price climbs but RSI slips, it creates a hidden bullish divergence. This usually signals fading selling pressure even before momentum shows up on the chart.
The rebound has pushed Solana back toward $146, a level that has blocked every move since November 14. A clean daily close above it this weekend would confirm strength and set up a path toward $171. Solana needs roughly a 5% push to test that breakout, which is well within its normal range when buyers step in.
If $146 rejects again, the pullback zone remains near $127. That level has held since December 2 and continues to act as a strong floor. A break below it weakens the setup, but as long as the hidden bullish divergence stays active, Solana still has a chance to retest higher levels.
For now, Solana is on the weekend watchlist because both the chart and the Breakpoint news flow point to a possible attempt at $146.
Chainlink (LINK)
Chainlink is up about 4% in the past 24 hours. Coinbase naming LINK’s CCIP the default bridge matters because it can raise real usage. If more wrapped assets move across networks with CCIP, demand for LINK could rise over time.
COINBASE $COIN SELECTS CHAINLINK $LINK CCIP AS EXCLUSIVE INTEROPERABILITY PROVIDER FOR ALL COINBASE WRAPPED ASSETS
An EMA crossover is forming on the 12-hour chart. EMA means exponential moving average. It is a moving average that gives more weight to recent prices. A bullish crossover happens when a smaller (20-period) EMA, in this case, rises above the longer (50-period) EMA. Traders use that crossover as a simple momentum signal. It suggests short-term buyers are gaining control.
LINK is trading above both EMAs already. That shows buyers are in control going into the weekend. If the 20/50 EMA crossover completes, LINK could try a quick push. The first level to clear is $14.23. LINK needs roughly 1.2% for a 12-hour close above it. A clean move above that opens $14.99, then $16.78.
If the crossover fails, risk returns to the downside. The key support is $13.37. A break below it would expose $12.44 and then $11.75. Right now, the chart and the Coinbase CCIP news line up. That combo is why LINK is a top token to watch this weekend.
The Fed’s resumption of balance sheet expansion objectively benefits the stock market, while simultaneously weakening the US dollar and driving a sustained long-term rise in gold and silver prices, with the euro also benefiting. However, apart from a few cryptocurrencies like Bitcoin, the crypto market, as a dollar-denominated offshore equity-like market, struggles to compete with precious metals and stock indices due to investors’ limited risk appetite. Therefore, further reducing its allocation may be a better option.
A Not-So-Dovish Decision
Yesterday, the Federal Reserve announced the outcome of its final FOMC meeting of the year. Although officials delivered a rate cut for the third consecutive meeting, there is unusual discord within the ranks regarding whether inflation or the labour market poses the greater concern. Consequently, officials have signalled little appetite for further easing.
Public comments from Fed officials in recent weeks reveal a committee so deeply divided that the final decision may well hinge on how Chair Powell chooses to steer the ship. With Powell’s tenure set to expire next May, he will preside over only three more FOMC meetings. Sticky price pressures coupled with a cooling labour market present the Fed with an invidious trade-off—a dilemma not encountered in decades. During the “stagflation” era of the 1970s, when faced with a similar predicament, the Fed’s “stop-start” response allowed high inflation to become entrenched.
Against this backdrop, several Fed actions warrant close attention: firstly, the removal of the aggregate cap on the Standing Repo Facility (SRF); and secondly, the purchase of Treasury bills (T-bills) — and, if necessary, other US Treasuries with a remaining maturity of up to three years — to maintain ample reserves.
The Fed’s objective is crystal clear: it is not to provide premium liquidity for equity and crypto markets, but to stabilise short-term liquidity levels within the banking system and alleviate market shortages. T
he projected purchase of $40 billion in T-bills this month, combined with the relaxation of the SRF, objectively helps to steady equity markets, yet is unlikely to fuel a broad-market rally comparable to that of 2021.
Powell also emphasised that current T-bill purchases are solely for “reserve management”, implying the primary aim of the Fed’s balance sheet expansion is to maintain stability, not to unleash further liquidity to stimulate the economy and asset prices.
What is the Smart Money Thinking?
In the rates market, traders are pricing in more conservative expectations than they were before the FOMC meeting. Markets now anticipate only two cuts in 2026, of 25bps each, with no further easing expected until January 2028, leaving the terminal rate hovering around 3.4%. Bond market pricing is even more explicit: since late October, only yields on Treasuries with maturities under three years have fallen, whilst the 10-year yield remains stubbornly above 4.1%, and T-bond yields have actually risen significantly. This implies that long-term financing costs remain elevated, and riskier markets and assets will continue to face a liquidity drought for the foreseeable future.
Source: CME Group
Source: ustreasuryyieldcurve.com
In the crypto options market, traders’ long-term bearish stance on BTC and ETH has not shifted; if anything, it has entrenched. Bullish sentiment is confined to short-term speculation in 0DTE options. Notably, the previously persistent far-month bullishness for ETH has evaporated, with sentiment shifting into “neutral-to-bearish” territory. This suggests that traders view ETH’s short-term rebounds not as a reflection of improving fundamentals, but rather as a product of speculative flows. Given that ETH’s implied forward yield sits at just 3.51%—compared to roughly 4.85% for BTC—current valuations do not represent a “reasonable investment proposition” for institutions, whilst BTC is viewed, at best, as a “hold”.
Source: Amberdata Derivatives
So, What’s the Trade?
For the crypto market, the Fed’s stance is hardly welcome news. In the current environment, sustained, large-scale rallies rely more on a deluge of long-term liquidity than on short-term relief measures. Meanwhile, elevated long-term rates will keep long-term investors cautious and on the sidelines, leaving price action to be dictated primarily by short-term speculators.
Short-term rebounds and long-term bearish expectations will coexist. For assets where traditional institutional pricing power is dominant (BTC, XRP, SOL), long-term bearish expectations will continue to weigh on prices. However, for assets where institutional influence is weaker (such as ETH and altcoins), leverage-induced short-term rallies will drive price movements.
Therefore, incorporating far-month put protection for crypto assets remains a prudent strategy. However, the cost of hedging warrants reconsideration. Yields from the crypto carry trade can no longer cover the cash flow requirements for put protection.
Consequently, holding assets that are still in a robust uptrend (e.g., the “Mag 7”) and using their gains to fund “insurance premiums” appears to be a sound approach. The beta of the Mag 7 is typically lower than that of BTC and ETH, meaning that when equities rise, their gains can offset option premiums.
Conversely, if markets fall, the higher sensitivity of crypto assets means that far-month puts will generate superior returns.
Of course, reducing exposure to crypto risk is also essential. With BTC’s implied forward yield now virtually indistinguishable from T-bond yields, holding crypto assets per se offers little comparative advantage. If one must maintain long exposure, consider the following structures:
Risk Reversal: Use a portion of previous profits to enter a risk reversal structure expiring in 30-60 days (i.e., sell a put and buy a call with the closest absolute delta), whilst retaining ample cash.
Roll Over: Once the price rises significantly and appropriate gains are secured (at the investor’s discretion), roll the position over.
Capture the Skew: If price movement is muted, investors can still profit from the spread between the two options near expiry due to the significant negative skew, before rolling over.
Buy the Dip: If prices fall significantly, use the cash collateral to accumulate the underlying asset at lower levels.
The implied forward yield of ETH has not been as good as that of T-bills. Source: Amberdata Derivatives
Furthermore, considering the risk of USD depreciation, holding Euros as a cash reserve is a proper alternative. With the Fed still in a cutting cycle, the Euro’s long-term outlook remains constructive.
Simultaneously, as European inflation shows signs of a slight rebound, the ECB is likely to lean towards holding rates steady, whilst the Bank of Japan may intervene to sell USD to combat a weak Yen and inflation. This significantly increases the probability of the Euro appreciating in the near term.
In summary, the rate cut has not fundamentally altered the crypto landscape. Any sharp rally lacking fundamental support should be viewed as a risk rather than an opportunity.
Closely monitoring leverage indicators, such as open interest, and tightening risk parameters may be the optimal strategy for navigating this uncertain festive season. Adopting a defensive posture is also advisable. After all, in this market, “survival” takes precedence over betting on a “Santa rally”.
Disclaimer: The information provided herein does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and should not be treated as such. All content set out below is for informational purposes only.
As broader markets remain under pressure, real-world assets (RWAs) have emerged as one of the few sectors continuing to attract sustained interest. The market has grown by more than 150% this year. Furthermore, Chris Yin, co-founder and CEO of Plume, projects it could expand by 10x to 20x in both value and user adoption over the next year, even under conservative assumptions.
In an interview with BeInCrypto, Yin explained why RWAs are gaining traction at this stage of the market. He also outlined why they could remain a core focus throughout the next market cycle.
Why Investors Are Choosing RWAs in 2025
In Q4, the broader crypto market has faced considerable pressure, forcing many to exit. Despite this, the RWA sector has managed to attract both retail and institutional interest.
Data from RWA.xyz showed that the total number of asset holders has increased by 103.7% over the past month. This suggests growing engagement even as market sentiment weakens.
“The RWA market has been driven by an interest across sectors in on-chain assets linked to reality. A level of certainty, as we have faced a not-quite-bear, not-quite-bull environment.”
As the overall economic downturn persists, Yin stressed that investors are becoming increasingly cautious about the volatility and sustainability of yields across decentralized finance markets. In contrast, RWAs are increasingly positioned as a source of more stable returns.
With DeFi yields under pressure and economic uncertainty persisting, tokenized treasuries or private credit instruments are beginning to look more attractive on a risk-adjusted basis.
He also pointed to the rapid growth of stablecoins this year as evidence of the market’s broader shift toward stability. This is particularly true for institutional participants.
“With stablecoins forming the basis of RWA onboarding, the next logical step is the development of yield coins and yield opportunities for these RWAs. People want high quality assets that generate safe, consistent, and reliable yields. Stablecoins are bringing people in, yield opportunities are what is driving institutions and retail to these assets,” Yin told BeInCrypto.
As investors continue to gravitate toward stability, Yin also acknowledged that one of the major concerns surrounding RWAs is the perception that it introduces additional KYC and compliance risks.
Nonetheless, he argued that tokenization can actually strengthen regulatory controls. It does so by making identity verification, access permissions, and transfer restrictions programmable at the asset level.
Rather than relying on fragmented, off-chain compliance processes, issuers can enforce rules directly within the token through real-time eligibility checks, automated reporting, and immutable audit trails.
RWAs Expected to Remain a Core Market Theme in the Next Cycle
While RWAs have continued to gain traction this year, Yin said the sector is likely to remain a consistent focus for both traditional finance and decentralized finance in the next market cycle.
He noted that, at present, the majority of RWA value is concentrated in tokenized T-bills. However, as the market matures, Yin expects increased adoption of private credit alongside a broader range of alternative assets.
These could include tokenized exposure to mineral rights, such as oil. Additionally, it could involve GPUs, energy infrastructure, and other real-world resources.
“The winners will be those who identify these opportunities, rather than simply doubling down on what has worked up until this point,” the executive commented.
Meanwhile, last month, Coinbase Ventures highlighted RWA perpetuals as one of the categories they are actively seeking to fund in 2026, signaling strong confidence. Yin also revealed that the company has consistently been bullish on RWA perpetuals.
According to Yin, perpetuals often generate trading volumes that significantly exceed those of spot markets, largely due to their superior user experience. He explained that perps are easy to use, allowing participants to take directional positions with ease while also incorporating leverage.
“We’ve always said at Plume the way to make RWAs onchain work is to make RWAs work for the onchain audience by putting RWAs into a UX that crypto natives are familiar with. For spot, that is making them permissionless, composable, liquid, which is what we do with our RWA yield protocol Nest on Plume, and another way that crypto natives engage in assets is through perps and so we are very bullish and excited about that form factor and what it can do for RWAs,” he explained.
Yin also drew attention to increasing innovation around real-world yield. He claimed that it is reshaping how yield is accessed and traded on-chain.
As an example, Yin cited Pendle, noting that the protocol’s separation of principal and yield has introduced a new market structure for tokenized RWA cash flows.
Beyond individual protocols, Yin said RWAs are gaining momentum across multiple blockchain ecosystems.
“Solana’s RWA wave is showing what happens when yield becomes fast, programmable, and accessible to millions of users,” he mentioned.
Yin added that Solana’s speed and throughput make it one of the few networks capable of supporting high-frequency yield operations at scale. This capability becomes increasingly important as RWAs evolve from passive income instruments into a more active, tradable yield economy.
“The experimentation happening there feels like a preview of the next chapter of the RWA sector. Tools that bring RWAs onchain in a crypto native way are the areas that are exciting. And so RWA perps is certainly one category, but also a variety of other new asset classes like sports/pokemon cards with Tradible, but also new financial primitives like insurance with Cork, and many others,” he stated.
Alongside this expansion, Yin emphasized that regulatory and legislative alignment will remain a central priority. He outlined that projects taking compliance seriously are likely to emerge as long-term winners, particularly as governments and large institutions increasingly demand built-in regulatory safeguards and clearer standards for on-chain asset issuance.
What To Expect From The RWA Sector In 2026
Looking ahead, Yin identified three key growth drivers that he expects to propel the RWA sector to new heights over the next 12 months. First, he pointed to the continuation of bottom-up adoption and growth in RWAs.
Yin noted that the RWA value has more than tripled over the past year. Furthermore, the number of RWA holders has grown more than sevenfold.
“Plume’s mainnet coming into existence more than doubling the entire RWA holderbase, and I think that continues to accelerate just within the crypto native audience itself as RWAs are still a tiny part of the entire crypto native market cap,” he remarked.
Second, Yin highlighted increasing top-down alignment from institutions and regulators. According to him, governments, financial institutions, and technology companies are now actively focused on tokenization. While these initiatives typically take time to materialize, Yin believes their eventual rollout could bring billions of dollars’ worth of assets on-chain.
Finally, the Plume executive pointed to broader macroeconomic conditions as a structural tailwind.
“The macro conditions going the way they are means people both off and onchain are continually searching for stable yields, and alternative assets also continue to rise in prominence, both of which pave the way for more organic onchain RWA growth,” he disclosed to BeInCrypto.
Yin concluded that there is little reason to expect momentum to slow, given the number of catalysts in play. According to him,
“Seeing 10-20x growth in value and users next year as well is the low end of what we should expect.”
Thus, RWAs are increasingly positioned as a structural shift rather than a short-term trend in 2026. With growing adoption, expanding asset types, and stronger alignment, the sector appears well placed to play a central role in the next phase of on-chain growth.
GRID will host the annual web3 Year-End Gala: Seoul 2025 on December 18 in Cheongdam-dong, Gangnam, with strategic sponsorship from global digital asset trading platform Zoomex Lab and support from Tencent Cloud and media partner Coinness.
Themed “A Night of Innovation, Influence & Impact,” the Gala aims to connect Korea’s dynamic market with international trends, showcasing how web3 can seamlessly integrate into real-world payment systems and elevate user experience in 2026.
Key Highlights
Technology & Innovation: AI project Supernet will present infrastructure breakthroughs, demonstrating AI-driven web3 payments with efficiency and seamlessness.
Platform Strategy: Zoomex Lab’s Marketing Director will reveal the platform’s 2026 roadmap, emphasizing intuitive user interactions and the “user-first” philosophy.
Market Insights: DBN Media Korea will share the latest trends and insights within the Korean web3 ecosystem.
Industry leaders, including the founder of Coinness, CEO of Xangle, and Zoomex Lab representatives, will explore regulatory opportunities, data compliance, and platform strategies, emphasizing exceptional user experience as the key driver for mainstream web3 adoption.
Cross-Industry Excitement & International Stars
Sports Guest: A globally renowned athlete will appear as a mystery guest, highlighting Zoomex Lab’s strength in sports marketing.
K-Dance Opening Show: Korea’s popular girl group will energize the audience with a high-octane performance.
web3 Trend Night: Top DJs, including DJ Pluma, DJ SODA, and DJ Yena will deliver an international networking party with electrifying live music.
Multiple interactive raffles will award prizes, including the latest iPhone 17 Pro, Haas F1 merchandise, and Golden Bitcoin collectibles, rewarding attendees for their support.
web3 Year-End Gala: Seoul 2025 is by invitation only. Zoomex Lab invites guests to Cheongdam-dong, Seoul, on December 18 to experience innovation and celebrate the future of web3 payments.
About ZOOMEX
Founded in 2021, Zoomex is a global cryptocurrency trading platform with over 3 million users across 35+ countries and regions, offering 600+ trading pairs. With the core values of “Simple × User-Friendly × Fast,” the platform is committed to delivering high-performance, low-barrier trading experiences. By optimizing the matching engine and user interaction processes, Zoomex supports millisecond-level order execution and enhances usability through a minimalist interface.
As the official partner of the Haas F1 team, Zoomex demonstrates speed, precision, and cutting-edge technology both on the track and in trading. Zoomex is also proud to announce a global exclusive brand ambassador partnership with world-class goalkeeper Emiliano Martínez, further strengthening brand image and user trust through his professional spirit and global influence.
The platform also prioritizes security and compliance, holding regulatory licenses including Canada MSB, US MSB, US NFA, and Australia AUSTRAC, and has undergone audits by blockchain security firm Hacken. With flexible identity verification and a free trading system, Zoomex is building a faster, safer, and more accessible trading environment for users worldwide.
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