The US Senate has delayed the long-awaited Crypto Market Structure Bill, pushing final consideration into early 2026. Lawmakers ran out of legislative time as internal disputes stalled consensus on key provisions.
The delay prolongs regulatory uncertainty for crypto exchanges, issuers, and institutional investors operating in the US.
Why the Crypto Market Structure Bill Was Delayed
The bill, built on the House-passed Digital Asset Market Clarity (CLARITY) Act, aims to define how digital assets are regulated. It would formally split oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
However, unresolved disagreements over jurisdiction, DeFi oversight, and consumer protections slowed progress.
🚨NEW: In a statement, a Senate Banking Committee spokesperson confirmed my reporting from this AM that @BankingGOP will not hold a market structure markup this year:
“Chairman Scott and the Senate Banking Committee have made strong progress with Democratic counterparts on… pic.twitter.com/op5rIyMn3d
Senate negotiators struggled to reconcile differences between the Banking and Agriculture committees. These committees oversee the SEC and CFTC respectively, and both claim authority over crypto spot markets.
As a result, lawmakers could not finalize language that both sides supported before the session ended.
DeFi regulation also emerged as a major sticking point. Some senators pushed for exemptions for decentralized protocols with no controlling intermediary.
Others warned that broad exemptions could weaken enforcement and create regulatory gaps.
Consumer advocacy groups added pressure by opposing parts of the bill. They argue the framework shifts power away from the SEC and risks weakening investor protections after several high-profile crypto failures.
This opposition prompted further revisions and slowed negotiations.
Despite the delay, the bill differs sharply from other crypto legislation already passed. Unlike the GENIUS Act, which focuses narrowly on stablecoins, the market structure bill targets the entire crypto trading ecosystem.
It sets rules for exchanges, brokers, custody providers, and token issuers under a unified federal framework.
The bill also goes further than enforcement-led regulation. It introduces formal asset classification standards and limits reliance on court rulings to define whether tokens are securities or commodities.
Lawmakers say this approach would replace regulatory uncertainty with statutory clarity.
Diplomatic efforts to end the Russia–Ukraine war gained visible momentum on Monday, as US, Ukrainian, and European officials outlined the foundations of a possible ceasefire and post-war security framework.
The developments mark one of the most substantive diplomatic advances since the conflict began. The positive signs are already prompting investors to reassess geopolitical risk across global markets, including cryptocurrencies.
For crypto, which has recently suffered sharp declines tied to global risk-off dynamics, a ceasefire could alter sentiment, but not without important caveats.
Diplomatic Momentum Builds For Russian-Ukraine Ceasefire
Negotiators from Ukraine, the US, and key European allies met in Berlin this week for an intensive round of talks focused on ending hostilities and preventing renewed conflict.
Officials involved in the discussions described progress as significant, with alignment reached on most elements of a proposed framework.
US officials confirmed that Washington has agreed to support meaningful security guarantees for Ukraine as part of a peace arrangement, addressing Kyiv’s long-standing demand for protection against future aggression.
Flood of positive-sounding headlines as US official briefs media on Ukraine talks, says 90% of issues solved, Polymarket pricing just 3% odds of ceasefire this year pic.twitter.com/IMVlegXJGW
According to officials familiar with the talks, negotiators are now aligned on roughly 90% of the framework.
However, remaining disagreements centered on territorial questions in eastern Ukraine, particularly in the Donetsk region.
European leaders reinforced the diplomatic push by endorsing plans for a European-led multinational force that would assist in stabilizing Ukraine if a ceasefire holds. The proposal also includes a US-backed monitoring and verification mechanism designed to oversee ceasefire compliance and respond to violations.
Most recent polls suggest that only 38% of Ukraine's population are in favor of giving up any territory, even if it means the war must drag on. pic.twitter.com/kSsAPc6ZsS
Public opinion inside Ukraine continues to act as a constraint on negotiations. Polling cited by Reuters shows that most Ukrainians oppose major territorial concessions or limits on the country’s military capabilities unless backed by firm and enforceable security commitments.
Fighting Continues Despite Negotiations
Even as diplomacy advances, military operations have not paused. On Monday, Ukrainian forces carried out additional long-range drone strikes against Russian oil infrastructure in the Caspian Sea, disrupting production at key platforms for the third time in recent days.
The attacks highlight Kyiv’s strategy of applying economic pressure on Russia’s energy revenues while negotiations remain unresolved.
Ukraine has opened another front against Russia. Ukraine has begun striking Russian oil platforms and ships in the Caspian Sea. Russia is helpless to stop these Ukrainian drone and missile attacks. pic.twitter.com/bD3YW5Yg4P
Ukraine also claimed it struck a Russian Kilo-class submarine in the port of Novorossiysk using underwater drones.
If confirmed, would underscore the growing sophistication of Ukraine’s asymmetric naval capabilities. Independent verification of the claim remains limited, and Russian officials have denied damage.
A credible ceasefire would remove one of the largest sources of global tail risk. In markets where risk sentiment is a major driver, such a de-escalation can:
Support assets like Bitcoin and major altcoins as investors rotate back toward higher-beta investments.
Lower implied volatility across equity and digital asset markets.
The mechanics are straightforward: with reduced geopolitical risk, funds that fled to safety may redeploy into risk assets, potentially lifting Bitcoin and Ethereum prices. A stronger risk appetite could also benefit altcoins, which tend to outperform in relief rallies.
Polymarket Odds On Russia-Ukraine Ceasefire By Early 2026 Have Increased. Source: Polymarket
2. Energy and Inflation Narrative
A sustained ceasefire could also affect commodity markets, especially if it lessens pressure on energy prices. Lower or stabilized global energy prices could:
Dampen inflation expectations in Europe and elsewhere.
Reduce pressure on central banks to maintain restrictive policy settings.
Allow liquidity conditions to ease further, which historically has supported higher valuations in risk assets such as cryptocurrencies.
However, this transmission is neither direct nor immediate. It depends on how quickly markets perceive structural changes in energy markets and central bank policy trajectories.
What Might Limit the Crypto Recovery
While a ceasefire can reduce geopolitical risk, it cannot fully offset macro headwinds that influenced crypto markets over the past months:
Derivative market positioning: Leverage has been a significant catalyst of past crypto declines. Relief rallies can trigger fresh positioning and high funding rates, only to be reversed if macro forces reassert.
Liquidity conditions: A ceasefire is good news, but sustained asset price rallies require ample liquidity. Without clearer signals of easing financial conditions, crypto assets may see only transient relief moves.
Bitcoin Dip When Russia Invaded Ukraine in 2022. Source: Reuters
A Ceasefire Would Be Positive, But Not Sufficient
An agreed ceasefire between Russia and Ukraine would mark a monumental shift in geopolitics and initially bolster risk assets, including cryptocurrencies.
However, the broader impact on crypto markets will depend heavily on how the ceasefire intersects with liquidity conditions, central bank policy expectations, and global risk appetite.
In the short term, crypto could see a meaningful relief rally, driven by sentiment and risk reallocation.
Over the medium term, the trend will likely hinge on whether ceasefire outcomes tangibly ease inflation and liquidity pressures — the primary macro drivers that have influenced digital assets in recent months.
Bitcoin slid to the $85,000 level on December 15, extending its recent decline as global macro risks, leverage unwinding, and thin liquidity collided. The drop erased more than $100 billion from the total crypto market cap in just days, raising questions about whether the sell-off has finished.
While no single catalyst caused the move, five overlapping forces pushed Bitcoin lower and could keep pressure on prices in the near term.
Bank of Japan Rate Hike Fears Triggered Global De-Risking
The biggest macro driver came from Japan. Markets moved ahead of a widely expected Bank of Japan rate hike later this week, which would take Japanese policy rates to levels unseen in decades.
Even a modest hike matters because Japan has long fueled global risk markets through the yen carry trade.
🚨 JAPAN WILL CRASH BITCOIN IN 5 DAYS!!!
People are seriously underestimating what Japan is about to do to Bitcoin.
The Bank of Japan is expected to raise rates again on Dec 19.
That might not sound like a big deal… until you remember one thing:
For years, investors borrowed cheap yen to buy higher-risk assets such as equities and crypto. As Japanese rates rise, that trade unwinds. Investors sell risk assets to repay yen liabilities.
Bitcoin has reacted sharply to previous BOJ hikes. In the last three instances, BTC fell between 20% and 30% in the weeks that followed. Traders began pricing in that historical pattern before the decision, pushing Bitcoin lower in advance.
Bank of Japan is about to hike rates with 0.25% on December 19
Bitcoin dumped the last 3 times the BoJ hiked interest rates:
At the same time, traders pulled back risk ahead of a dense slate of US macro data, including inflation and labor market figures.
The Federal Reserve recently cut rates, but officials signaled caution about the pace of future easing. That uncertainty matters for Bitcoin, which has increasingly traded as a liquidity-sensitive macro asset rather than a standalone hedge.
With inflation still above target and jobs data expected to weaken, markets struggled to price the Fed’s next move. That hesitation reduced speculative demand and encouraged short-term traders to step aside.
As a result, Bitcoin lost momentum just as it approached key technical levels.
More than $200 million in leveraged long positions were liquidated within hours, according to derivatives data. Long traders had crowded into bullish bets after the Fed’s rate cut earlier this month.
When prices slipped, liquidation engines sold Bitcoin automatically to cover losses. That selling pushed prices lower, triggering further liquidations in a feedback loop.
This mechanical effect explains why the move was fast and sharp rather than gradual.
Crypto Liquidations On December 15. Source: Coinglass
Thin Weekend Liquidity Magnified Price Swings
The timing of the sell-off made it worse.
Bitcoin broke down during thin weekend trading, when liquidity is typically lower and order books are shallow. In those conditions, relatively small sell orders can move prices aggressively.
Large holders and derivatives desks reduced exposure into low liquidity, amplifying volatility. That dynamic helped pull Bitcoin from the low-$90,000 range toward $85,000 in a short window.
Weekend breakdowns often look dramatic even when broader fundamentals remain unchanged.
During the sell-off, on-chain and market data showed Wintermute offloading a large amount of Bitcoin — estimated at over $1.5 billion worth — across centralized exchanges. The firm reportedly sold BTC to rebalance risk and cover exposure following recent volatility and losses in derivatives markets.
Because Wintermute provides liquidity across both spot and derivatives venues, its selling carried outsized impact.
Wintermute Sending Bitcoin to Centralized Exchanges. Source: Arkham
The timing of the sales also mattered. Wintermute’s activity occurred during low-liquidity conditions, amplifying downside moves and accelerating Bitcoin’s slide toward $85,000.
What Happens Next?
Whether Bitcoin drops further now depends on macro follow-through, not crypto-specific news.
If the Bank of Japan confirms a rate hike and global yields rise, Bitcoin could remain under pressure as carry trades unwind further. A strong yen would add to that stress.
However, if markets fully price in the move and US data softens enough to revive rate-cut expectations, Bitcoin could stabilize after the liquidation phase ends.
For now, the December 15 sell-off reflects a macro-driven reset, not a structural failure of the crypto market — but volatility is unlikely to fade quickly.
The 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.
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.
Bitcoin approaches Christmas 2025 in a fragile but interesting position. Price trades around the $93,000 area after weeks of pressure. Four key charts show a market late in its correction, yet still lacking a clear bullish trigger.
The data highlights three big forces at work. Recent buyers sit in heavy losses, while new whales are capitulating. Macro conditions still drive price, even as spot buying strength quietly returns.
Bitcoin Short-Term Holders Realized Profits and Losses. Source: CryptoQuant
Earlier in 2025, STHs sat on strong gains. Their average position was 15–20% in profit as Bitcoin pushed higher. That phase encouraged profit-taking and added sell pressure near the highs.
Today, the picture has flipped. Bitcoin trades below the STH realized price, and the cohort shows about -10% losses. The histogram on the chart is red, marking one of the deepest loss regimes of 2025.
This has two consequences.
Near term, these underwater holders can sell into every bounce. Many simply want out at break-even, which caps rallies toward their entry zone.
However, deep and persistent loss pockets usually appear later in corrections. They signal that weak hands already took heavy damage.
At some point, the selling power of this group runs low.
75% of Short-Term Holder's coins are sitting in loss (over 4.36 million BTC).
Interestingly enough, this is a comparable trend to the prior two local bottoms of this Bitcoin cycle. pic.twitter.com/2w1J4rXzi9
Historically, the key turning signal comes when price reclaims the STH realized price from below. That move tells you forced selling is mostly done and new demand absorbs supply.
The second chart shows realized profit and loss by whale cohorts. It splits flows between “new whales” and “old whales”. New whales are large holders that accumulated recently.
Realized Profits by Bitcoin Whales Since November 2025. Source: CryptoQuant
Yesterday, new whales realized $386 million in losses in one day. Their bar on the chart is a large negative spike. Several other big negative bars cluster around recent lows.
Old whales tell a different story. Their realized losses and profits are smaller and more balanced. They are not exiting at the same pace as the newcomers.
This pattern is typical at late stages of a correction. New whales often buy late, sometimes with leverage or strong narrative bias. When price moves against them, they are first to capitulate.
That capitulation has a structural benefit. Coins move from weak large hands to stronger hands or smaller buyers. Future sell-side overhang from this group decreases after such events.
Short term, these flushes can still drag price lower. Yet medium term, they improve the quality of Bitcoin’s holder base.
The market becomes more resilient once panicked large sellers finish exiting.
Real Interest Rates Still Steer Bitcoin
The third chart overlays Bitcoin with two-year US real yields, inverted. Real yields measure interest rates after inflation. The series moves almost tick-for-tick with BTC across 2025.
When real yields fall, the inverted line rises. Bitcoin tends to rise alongside it as liquidity improves. Lower real yields make risk assets more appealing relative to safe bonds.
2-Year Real Interest Rates Inverted With BTC Overlaid
Since late summer, real yields have moved higher again. The inverted line trended lower, and Bitcoin followed it down. This shows macro conditions still dominate the larger trend.
Federal Reserve rate cuts alone may not fix this. What matters is how markets expect real borrowing costs to evolve. If inflation expectations fall faster than nominal rates, real yields can even rise.
For Bitcoin, a durable new bull leg likely needs easier real conditions. Until bond markets price that shift, BTC rallies face a macro headwind.
What is driving the drawdown in Bitcoin?
When you stop listening to Bitcoin pundits and start listening to what Bitcoin is saying about itself, then you will see the real truth
I am going to lay out the 3 major things you need to watch for Bitcoin right now 🧵 pic.twitter.com/FC60PPt2gG
The fourth chart tracks 90-day Spot Taker CVD across major exchanges. CVD measures the net volume of market orders that cross the spread.
It shows whether aggressive buyers or sellers dominate.
For weeks during the drawdown, the regime was Taker Sell Dominant. Red bars filled the chart as sellers hit bids across spot markets. This aligned with the grinding drift lower in price.
Now the signal has flipped. The metric just turned Taker Buy Dominant, with green bars returning. Aggressive buyers now outnumber aggressive sellers on spot venues.
Taker Buy momentum is back 🔄
Bitcoin's 90-day Spot Taker CVD just flipped to **Taker Buy Dominant** — marking a shift in market behavior after weeks of sell-side pressure.
This is an early but important change. Trend reversals often start with microstructure shifts like this. First buyers step in, then price stabilizes, then larger flows follow.
One day of data is never enough. However, a sustained green regime would confirm that real demand is back. It would show spot markets absorbing supply from STHs and capitulating whales.
What It All Means For Bitcoin Price Heading Into Christmas
Taken together, the four charts show a late-stage correction, not a fresh bull market.
Short-term holders and new whales carry heavy losses and still sell into strength. Macro real yields keep a lid on risk appetite at the index level.
At the same time, some building blocks for a recovery are visible. Capitulation by new whales cleans up the holder base.
Spot taker buyers are returning, which reduces downside velocity.
Downside spikes into the mid or high-$80,000s remain possible if real yields stay high. A clear bullish shift likely needs three signals together:
First, price must reclaim the short-term holders’ realized price and hold above it. Second, two-year real yields should roll lower, easing financial conditions.
Third, Taker Buy dominance should persist, confirming strong spot demand.
Until that alignment appears, traders face a choppy market shaped by macro data and trapped holders. Long-term investors may see this as a planning zone rather than a time for aggressive bets.
A US court has sentenced Terra founder Do Kwon to 15 years in prison, concluding one of the most consequential fraud cases in crypto history.
The decision, delivered on December 11, 2025, follows Kwon’s guilty plea earlier this year.
End of the 2022 Crypto Winter Saga?
The sentencing ends a three-year and seven-month legal saga that began after the collapse of Terra’s algorithmic stablecoin ecosystem in May 2022, which erased tens of billions in market value and triggered a cascade of failures across the crypto sector.
Prosecutors argued that Kwon knowingly misled investors about the stability of TerraUSD and the backing of its broader ecosystem.
Kwon’s sentence is shorter than the 25 years received by FTX founder Sam Bankman-Fried, though both cases have reshaped global regulatory attitudes toward digital assets.
Judge’s Verdict During Do Kwon’s Trial. Source: Inner City Press
Prosecutors highlighted the scale of damage caused by Terra’s implosion, citing widespread retail losses and systemic fallout across lending platforms and hedge funds.
Kwon had faced charges in both the United States and South Korea before being extradited. His guilty plea consolidated proceedings under US jurisdiction, enabling today’s sentencing.
The court emphasised investor protection and accountability as central factors in determining the term.
The decision marks a turning point for the Terra community, which continues to trade legacy tokens LUNC and LUNA despite the network’s collapse. Market reaction remains volatile as traders digest the implications of Kwon’s conviction.
Terra Luna Classic (LUNC) Price Over the Past Week. Source: CoinGecko
With the case now closed, regulators are expected to use the verdict as a reference point for future enforcement actions involving algorithmic stablecoins and high-risk financial engineering in crypto.
Venture firm a16z has released its annual crypto predictions, outlining a sweeping shift in how blockchains, AI agents, and global payments will operate by 2026.
The research highlights three core forces — autonomous agents, disappearing payment rails, and a new era of privacy-first blockchains. All of these developments together signal a structural redesign of the internet’s financial layer.
AI Agents Will Force a Massive Shift
The most consequential shift, according to a16z, is the rise of AI agents as economic participants. For every human in financial services, agents now outnumber workers nearly 100 to 1.
However, these autonomous systems still lack identity, permissions, or compliance structures. The firm argues that 2026 will introduce the first version of KYA: Know Your Agent, a cryptographic identity layer linking agents to their owners, constraints, and liabilities.
Top Crypto Narratives From 2025. Source: CoinGecko
Without this, agents will remain “unbanked ghosts,” unable to transact safely or access real markets. With it, they become programmable market actors capable of spending, trading, and settling value in real time.
Payments Vanish into the Internet’s Plumbing
This shift drives the second major prediction: payments will vanish into the network itself. As AI agents trigger transactions automatically — buying data, paying for GPU time, or settling API calls — money must move with the same speed and granularity as information.
Emerging primitives like x402 enable value transfer to occur instantly, permissionlessly, and without intermediaries.
In this model, payments stop being an application layer and become a native network behavior. Banks, stablecoins, and settlement systems become invisible infrastructure running under agent-to-agent commerce.
More specifically, once transactions become private, users face real friction when switching chains because moving secrets leaks metadata. This creates “privacy lock-in,” a winner-take-most effect for the chains that get privacy right.
Privacy will be the most important moat in crypto.
Why? Because secrets are hard to migrate.
Everyone is launching a new "high performance" blockchain lately. But these chains are hardly different from one another. Blockspace is functionally the same everywhere. And with…
“These large institutions don’t want their information public or at risk of going public,” he said, noting that Layer-2 privacy solutions may emerge first while Ethereum remains the underlying security substrate.
Other a16z crypto predictions highlight rising stablecoin infrastructure, the shift from tokenization to on-chain origination, verifiable cloud computing through faster SNARKs, and the emergence of “staked media,” where commentators prove credibility through on-chain commitments.
Ethereum’s long-term trajectory has become a focal point again after Arthur Hayes laid out a sweeping forecast for the asset’s institutional future, price potential, and competitive space.
His comments arrived as Ethereum trades near $3,200, fluctuating between $3,060 and $3,440 over the past week. Major players such as Tom Lee’s BitMine also increased their Ethereum holdings at an unprecedented pace.
Ethereum Becomes the Institutional Default
Hayes believes the market still misunderstands how deeply traditional institutions intend to integrate Ethereum. He argues that after years of failed experiments with private blockchains, banks now recognize the need for a public settlement layer.
“These organizations finally understand that you cannot have a private blockchain; you must use a public blockchain for security and real usage,” he said.
He links this shift to the stablecoin boom, which has forced banks to accept the value of on-chain settlement.
According to Hayes, Ethereum is positioned as the only platform with the security, liquidity, and developer depth institutions need.
He expects this shift to drive a significant price resurgence for Ethereum in the coming cycle, complementing aggressive treasury accumulation by firms such as BitMine.
BitMine bought 33,504 ETH ($112 million) this week and 138,452 ETH (~$435 million) earlier in December, bringing its total to roughly 3.86 million ETH. That scale of accumulation has strengthened the narrative that institutions are positioning for Ethereum’s next major cycle.
Ethereum Treasuries Hold Nearly 5% of ETH Supply. Source: CoinGecko
Privacy Remains Ethereum’s Biggest Weakness, But L2s Will Cover It
Hayes acknowledges Ethereum still lacks the privacy guarantees large institutions require. He notes that this is “the biggest thing Ethereum doesn’t have yet,” though he says Vitalik Buterin’s roadmap is actively addressing it.
Despite this gap, he argues institutional adoption will not be delayed. Instead, enterprises will deploy privacy-enabled Layer-2 networks while relying on Ethereum for settlement.
He believes Ethereum L1 remains the “security substrate” regardless of whether activity occurs on L2s like Arbitrum or Optimism.
“There may need to be a debate about how fees are distributed between L2s and Ethereum L1,” he said, but he stressed that this does not change the underlying reality: institutions will still secure their operations using Ethereum.
Institutional architecture continues to form around the Ethereum base layer, even as fees fall amid L2 migration.
A Narrow Field of Winners: Ethereum First, Solana Second
Hayes sees the future of public blockchains consolidating around a very small group. He places Ethereum as the clear long-term winner, with Solana in a distant but durable second place.
While he expects Solana to remain relevant, he does not expect it to match Ethereum’s institutional role or long-term price strength.
Hayes views nearly all other L1s as structurally weak. He dismissed high-FDV chains such as Monad as over-inflated projects likely to collapse after an initial pump.
“Monad won’t be able to compete with Ethereum
I have no belief that this is a legitimate blockchain.
It’ll never have any real usage.”
— Arthur Hayes
if you understand network effects, you know Ethereum’s here to stay at the top.
Hayes offered his most explicit numerical prediction when asked how much ETH one would need to become a millionaire in the next cycle.
He stated that Ethereum could reach $20,000, implying that 50 ETH would be enough to reach a seven-figure portfolio.
The BitMex founder expects this price target to materialize by the next US presidential election. His outlook aligns with the current supply environment: exchange reserves are shrinking, institutions are accumulating, and treasury buyers like BitMine continue to deploy hundreds of millions into ETH.
Arthur Hayes was just asked about Tom Lee saying $ETH could flip $BTC.
He says Ethereum is the best L1, with the most developers, the best DeFi, and the strongest talent. pic.twitter.com/EsQ74JpNRV
However, he argues that current market structure favors Ethereum’s long-term dominance—especially as banks prepare to execute Web3 strategies on public infrastructure.
Bitcoin Community Divided as MicroStrategy’s Latest 10,000 BTC Buy Fails to Move Price — OTC Liquidity and Market Structure Under Scrutiny
Andrew Tate’s post questioning why MicroStrategy’s ~10,000 BTC purchase did not move Bitcoin’s price has triggered widespread debate across the crypto community. The exchange highlights a persistent point of confusion among retail traders: how can a buy of this scale take place without producing a visible market reaction?
Community Debate Exposes Misunderstanding of Bitcoin OTC Market Depth
Despite the size of the acquisition, Bitcoin barely moved at the time, remaining locked between 88,000 and 92,000 dollars before breaking out only today.
I’m huge on BTC but micro strat buy 10k btc ina single day and the price doesn’t move.
Multiple industry participants responded by pointing out that large institutional purchases rarely execute through spot order books. Instead, they are routed via Over-The-Counter (OTC) desks, which match buyers and sellers off-exchange.
Because these trades do not pass through public liquidity pools, they avoid slippage and leave no immediate footprint on candles, charts, or price indices.
This means a billion-dollar purchase can settle quietly across miners, early wallets, market makers, and distressed sellers without triggering upward movement.
Only when OTC inventory cannot meet demand do buyers spill into spot exchanges — and that is when prices react. MicroStrategy’s ability to absorb coins privately reflects Bitcoin’s liquidity depth at current supply levels.
Bitcoin Price Movement Depends Less on Size, More on Execution Route
Several analysts highlight that MicroStrategy’s buys may look huge but represent a small fraction of active supply.
Buying 10,000 BTC is still only ~0.05% of circulating supply, and when sourced through negotiated block trades rather than public spot books, the effect becomes nearly invisible.
This illustrates how corporate accumulation can continue even during sideways markets, without retail noticing until after settlement.
Binance Founder CZ Commenting on Andrew Tate’s Post
Critics, however, argue that MicroStrategy’s strategy relies on perception more than impact. Some suggest the company’s promotional announcements are designed to create bullish sentiment rather than directly shift price.
The lack of immediate reaction fuels speculation that headline buys are less influential than investors assume.
This discussion lands at a moment of heightened sensitivity. The market only broke out today after a week of stagnation — a move driven not by MicroStrategy but by a mix of whale accumulation, short liquidations, and regulatory developments.
The contrast reinforces a key takeaway: visible price movement often reflects late-stage order flow, not the originating buy itself.
Bitcoin has surged sharply above $94,000, ending a multi-day stretch of flat trading between $88,000 and $92,000. The breakout arrived suddenly on December 9, accelerating within minutes and breaking the range that capped the market for nearly a week.
Whale Accumulation and Short-Side Liquidations Drive the Breakout
Trading data shows heavy inflows into major institutional and exchange-linked wallets in the hour leading into the rally.
Several high-volume custodial addresses accumulated thousands of BTC in a short window, indicating deep liquidity buyers moved first before the squeeze took hold.
The velocity of the breakout suggests order books thinned quickly once demand breached range resistance. A rapid shift in market structure followed, with momentum building as shorts began closing under pressure.
Liquidation data confirms that futures markets absorbed the move aggressively. More than $300 million in total crypto liquidations occurred over the past 12 hours, with Bitcoin accounting for over $46 million and Ethereum above $49 million.
Most liquidations were short positions, signalling that the move was a classic squeeze rather than a gradual trend build.
As cascading stops triggered, price expansion accelerated vertically with little counter-supply present.
Regulatory Support and FOMC Anticipation Fuel Sentiment
The rally followed a notable policy update from the US Office of the Comptroller of the Currency, which confirmed banks may engage in riskless principal crypto transactions. The decision allows regulated institutions to intermediate crypto flow without holding assets directly.
This shift expands potential institutional access, and its timing, just hours before the breakout, may have encouraged positioning.
OCC Interpretive Letter 1188 confirms that a national bank may engage in riskless principal crypto-asset transactions as part of the business of banking. https://t.co/gXirMExhCipic.twitter.com/uPRFGqb2NZ
With the Federal Reserve rate decision approaching, traders now expect easier liquidity conditions if rate cuts are confirmed.
Bitcoin remains near intraday highs with volatility elevated and funding resetting across derivatives. Markets will watch whether follow-through demand holds into the FOMC announcement or if profit-taking cools momentum at the top.
Terra Luna Classic (LUNC) jumped nearly 100% today, after CoinDesk journalist Ian Allison appeared at Binance Blockchain Week Dubai wearing a vintage Terra Luna logo t-shirt while moderating interviews with executives from Mastercard, Ripple, and TON.
The image circulated across X and Telegram within hours, triggering discussion that the moment felt like a nostalgic revival of one of crypto’s most notorious altcoins.
Journalist Ian Allison Wearing a Terra Luna T-shirt at the Binance Blockchain Week in Dubai
Terra Luna Is Back? Not Quite
Traders had already been rotating into LUNC ahead of a scheduled network upgrade supported by Binance.
The exchange confirmed it would pause deposits and withdrawals during the upgrade, signalling strong operational backing from the world’s biggest trading venue.
Terra Luna Classic (LUNC) Price Chart on December 5. Source: CoinGecko
That announcement pushed volume sharply higher, setting the stage for fast speculative flows.
Token burn trackers reported aggressive supply reduction recently, including hundreds of millions of LUNC removed from circulation in the past week. Community messaging amplified the theme, reviving the idea of a shrinking float.
04 December 2025:
Terra Classic $LUNC Max Supply: 6,480,742,753,204 Tokens Burned Previous Day: 83,945,886 (🔴-0.0013%)
This narrative resurfaced at the same moment as Allison’s shirt went viral, reinforcing the perception of a coordinated cultural comeback.
The Do Kwon Effect
The rally also coincides with renewed attention on Do Kwon’s ongoing sentencing proceedings in the United States. Traders view developments toward legal conclusion as a potential reset point, allowing LUNC to trade like a legacy meme asset rather than a distressed one.
As volume spiked and spot markets tightened, the narrative gained traction quickly.
As expected, the DOJ wants a 12-year prison sentence for Do Kwon. Their sentencing submission suggests they don't buy Kwon's apologies, and they attack his attempts to evade blame and cast himself as a victim of Montenegrin officials. pic.twitter.com/Ub8MKk8iiP
Terra’s collapse remains one of crypto’s most dramatic episodes, erasing billions in market value in 2022 and triggering regulatory crackdowns worldwide. Many in the industry still associate the logo with that moment — a symbol of excess, leverage, and systemic failure.
Seeing the design reappear on a main stage alongside established institutions added an unexpected emotional layer to the rally. It represented a strange throwback and also an emotional provocation.
$LUNC just went x2 and added 150 million to its market cap.
Not because of some innovation, not because of fundamentals, but simply because a @IanAllison123 from CoinDesk wore a $LUNC t-shirt on camera.
Terra’s algorithmic stablecoin unraveled three years ago, triggering contagion that spread into lending platforms, hedge funds, and later exchanges. Millions of investors were left underwater, and it drove the biggest crypto winter to date.
Today’s rally simply shows that memory, speculation, and narrative still carry weight in crypto — sometimes more than fundamentals.
As LUNC surged, the sight of that shirt reminded markets how quickly sentiment can swing, even for a project once written off as irrecoverable.
Is Elon Musk’s SpaceX Really Selling Its Bitcoin, Or Is It Just FUD?
SpaceX’s recent Bitcoin transfers have sparked fresh debate across crypto markets, with Twitter speculation claiming the company may be preparing to sell.
However, on-chain data suggests a more nuanced picture, and there is no confirmed evidence of liquidation.
SpaceX Bitcoin Sell Fears
Arkham data shows SpaceX moved around 2,246 BTC in the past 12 hours and one week prior.
The transfers include two large outflows totaling over $200 million, alongside several small inbound transactions from Coinbase Prime.
The Transfer that Sparked SpaceX Bitcoin Sell Rumors. Source: Arkham
The company still holds over 5,012 BTC, valued at roughly $448 million. That means less than half of SpaceX’s tracked Bitcoin has moved, despite viral claims that the company transferred “all” of its holdings.
Crypto Twitter rushed to interpret the outflows as imminent selling. Social media posts argued that fund movement from treasury wallets to new addresses signals a liquidation event, a behaviour often seen before corporate selloffs.
SpaceX is about to SELL all their Bitcoin. They’ve moved it all to an exchange, a move done only when selling. pic.twitter.com/uQ8AAsNCWe
However, the receiving wallets are not labelled as exchanges, and no direct link to Binance, Coinbase or OTC liquidation desks has been confirmed.
This weakens the assumption that the transfers represent a planned dump.
There are also neutral explanations. SpaceX could be rotating wallets for security, consolidating funds, or shifting custody structure. Corporate treasuries regularly rebalance or upgrade storage without selling.
Also, this move could even be interpreted as potentially bullish. Funds may be headed toward OTC desks or multi-sig vaults instead of sell-side liquidity pools, which would apply no immediate market pressure.
SpaceX Bitcoin Holdings. Source: Arkham
Today, Bitcoin has dropped below $90,000 again, but it was mostly driven by US ETF outflows and macro fears from the Bank of Japan increasing interest rates.
For now, SpaceX’s activity is notable, but not conclusive. Until the destination wallets link to a known exchange or distribution pattern appears, the claim that Elon Musk’s space giant is selling Bitcoin remains unproven.
The line between fear and fact is thin, and today, the noise is louder than the data.
Bitcoin slipped under $90,000 this week as liquidation pressure, weak ETF demand, and macro uncertainty converged.
The fall erased gains from earlier attempts to reclaim the $94,000–$95,000 zone, marking the second major breakdown this month.
Forced Liquidations Across the Market
The catalyst was a cascade of forced long liquidations. Nearly $500 million was wiped out across exchanges, including around $420 million in long positions, and over 140,000 traders were liquidated in a 24-hour window.
US ETF inflows fell to just $59 million on December 3, signalling fading appetite from institutions.
US Bitcoin ETFs Saw Nearly $195 Million Outflow on December 4, 2025. Source: SoSoValue
Macro Pressure Added Fuel to the Drop
The macro backdrop turned hostile. The Bank of Japan signaled a possible rate hike, threatening the carry-trade liquidity that helped sustain global risk assets.
Traders also derisked ahead of the US PCE inflation release, forcing Bitcoin into a cautious $91,000–$95,000 holding pattern.
BREAKING: Bitcoin pumped $1500 on the lower than expected PCE data. But then it crashed -$3500 in 60 minutes.
This wiped out $155 million worth of long positions in last 1 hour.
There is no negative news or sudden FUD which could cause this type of sudden dump.
Miner stress increased as energy costs rose, hashrate fell, and high-cost operators began liquidating BTC to remain solvent.
On-chain flows reflected split sentiment. Matrixport moved more than 3,800 BTC off Binance into cold storage, suggesting accumulation among long-term holders.
However, analysts estimate that a quarter of all circulating supply remains underwater at current prices.
Community Sentiment Shows Fear — With Pockets of Optimism
Traders on social platforms debated whether the move was natural or manipulated. Market analysts largely blamed excess leverage, thin liquidity, and macro-hedging rather than coordinated price intervention.
Bitcoin now trades near a critical pivot. Liquidation clusters between $90K and $86K leave the market vulnerable without renewed ETF inflows or easing macro pressure.
A move back above $96,000–$106,000 is needed to confirm recovery momentum.
For now, volatility rules the tape. Bitcoin has fallen, rebounded, and broken again — and traders are watching for the next decisive move.
Peter Schiff engaged in a debate with CZ at Binance Blockchain Week after challenging Bitcoin’s legitimacy as a generator of real economic value.
Speaking on stage opposite Changpeng Zhao (CZ), Schiff argued that Bitcoin is a zero-sum wealth transfer rather than a productive asset.
Here is Schiff’s full statement as delivered during the debate:
“All Bitcoin does is enable a transfer of wealth from people who buy BTC to the people who sell it. When Bitcoin is created, there’s no real wealth. We have about 20 million Bitcoin now that we didn’t have 15 years ago. But we’re no better off because that BTC exists. They don’t actually do anything. But what has happened is that some people have been enriched at the expense of other people. Now, the people who have lost a lot of money in Bitcoin don’t even realize they lost it yet, because they still have the BTC, and the token still has a $90-$92,000 price, or whatever the price point is in the current market. So, they don’t realize they have lost the money. But if they try to get out, that’s when they’re gonna realize it’s lost.”
“Bitcoin Enables Transfer of Wealth From Buyers to Sellers”
This is true to the extent that any freely traded asset, such as equities, gold, land, fine art, also transfers wealth between participants depending on entry price, exit price, and market conditions.
Value is generated through capability, not just material form. A global network that moves capital instantly without banks or intermediaries is a new economic function. That is wealth creation by definition.
If Bitcoin merely redistributed value, it would not underpin payment channels, custody platforms, or multi-billion-dollar remittance rails.
A zero-sum asset does not attract corporate treasuries, institutional ETFs, or nation-state adoption.
“No Real Wealth Was Created by the Addition of 20 Million Bitcoin”
Wealth does not rely on physical substance. It relies on demand, utility, consensus, and the ability to preserve or transfer value.
Schiff’s logic could be applied historically to:
Government-issued fiat (created by declaration, yet accepted globally).
Internet domain names (non-physical, yet multi-million-dollar assets).
Software and cloud infrastructure (intangible, yet critical to global GDP).
By that standard, software, internet DNS space, AI models, and even fiat money would also fail to qualify as wealth. Yet these intangible systems power most of today’s economy.
Bitcoin created something that did not exist in monetary history: a bearer asset that moves like data, settles without intermediaries, and is mathematically verifiable.
That feature is comparable to gold digitization but without storage, transport, or assay friction.
Wealth was created because new capabilities emerged.
“People Only Don’t Know They Lost Money Because Price is Still High”
This rests on the assumption that Bitcoin will collapse. It could — but it is not a fact, it is a projection.
Ethereum just completed the Fusaka upgrade, a hard fork designed to prepare the network for larger scale and cheaper use. While technical on paper, the change touches the core functions of Ethereum — how data is stored, how transactions fit into blocks, and how Rollups like Arbitrum, Base, and Optimism interact with the main chain.
For anyone holding ETH, this upgrade forms the groundwork for lower fees, better network efficiency, and a more resilient long-term ecosystem.
A Larger Network With More Room to Breathe
The biggest change arrived in how Ethereum handles data.
Every transaction, NFT mint, DeFi swap, or Layer-2 batch needs block space, and until now, that space was limited. Fusaka increases Ethereum’s capacity so blocks can carry more information at once.
Missed the Fusaka network upgrade? 13 Ethereum Improvement Proposals (EIPs) are now live on Mainnet.
This does not make the chain instantly faster, but it removes pressure when demand spikes, such as during market volatility or popular token launches.
In simple terms, Ethereum can absorb more activity without struggling.
Cheaper Rollups Through Expanded Blob Capacity
A large portion of today’s Ethereum traffic comes from Rollups. These networks batch thousands of user transactions and settle them on Ethereum as compressed data called “blobs.”
Before Fusaka, blob space was constrained. When demand surged, fees climbed. Fusaka expands the room available for blob submissions and introduces a flexible system for raising or lowering capacity without a full upgrade.
As rollups scale into this new space, users should experience lower transaction costs and smoother application activity.
The end goal is simple: more transactions, less friction.
Ethereum Fusaka Upgrade Explained. Source: X/Bull Theory
PeerDAS: A Simpler Way to Verify Data
Another major improvement is how Ethereum nodes verify data. Previously, nodes had to download large sections of block data to confirm that nothing was missing or hidden.
Fusaka introduces PeerDAS, a system that checks small, random pieces of data rather than the entire load.
It works like inspecting a warehouse by opening a few random boxes instead of checking every single one.
PeerDAS in Fusaka is significant because it literally is sharding.
Ethereum is coming to consensus on blocks without requiring any single node to see more than a tiny fraction of the data. And this is robust to 51% attacks – it's client-side probabilistic verification, not… pic.twitter.com/OK81xBteER
This reduces bandwidth and storage requirements for validators and node operators, making it easier — and cheaper — for more people to run infrastructure.
A wider validator base strengthens decentralization, which ultimately strengthens Ethereum’s security and resilience.
Higher Block Capacity Means More Throughput
Alongside scaling capacity, Fusaka also raises the block gas limit. A higher limit means more work can fit inside each block, allowing more transactions and smart-contract calls to settle without delay.
It doesn’t increase block speed, but it increases throughput. DeFi activity, NFT auctions, and high-frequency trading will have more room to breathe in peak hours.
Better Wallet Support and Future UX Improvements
Fusaka also includes improvements to Ethereum’s cryptography and virtual machine. The upgrade adds support for P-256 signatures, which are used in modern authentication systems, including those behind password-less login on smartphones and biometric devices.
This opens a path for future wallets that act more like Apple Pay or Google Passkeys rather than seed-phrase-based apps. Over time, this could make Ethereum access simpler for mainstream users.
Ethereum is about to 10x the wallet UX.
The Fusaka upgrade includes EIP-7951 – support for the signature scheme that the iPhones use to power things like Face ID.
Meaning you'll soon be able to sign transactions with your face.
The impact for ETH holders is gradual but meaningful. Fees on Layer-2 networks should ease as data capacity expands. Network congestion should become less common. More validators can participate due to lower hardware demands.
Most importantly, Ethereum now has room to grow without sacrificing security or decentralization. If adoption increases, settlement volume grows with it — and so does ETH’s role as the asset that powers, secures, and settles everything on top.
$ETH is still consolidating around the $3,000 level.
Not much price action due to weekends, but next week could be interesting.
QT is ending on December 1st, Powell's speech is on December 1st, and the Fusaka upgrade is coming on December 3rd.
Fusaka does not rewrite Ethereum’s economics or make ETH suddenly deflationary, but it strengthens the foundation that future demand depends on. Cheaper rollup fees invite usage.
A more scalable base layer invites developers. A more accessible node environment invites participation. These are structural upgrades, the kind that do little in a day but transform the network over time.
Ethereum widened the highway, improved the toll system, and made it easier for new drivers to join. That is the real meaning of Fusaka — a quiet shift with long-term weight.
As Layer-2 networks expand and applications multiply, the effects should move from technical discussion into user experience, transaction cost, and ultimately, ETH value itself.
In 2025, several gruesome cases showed that crypto crime has crossed from screens to streets. Private keys, wallet access, and large OTC deals triggered violence that left bodies, burnt metal, and empty balances behind.
These stories shook the digital assets space, and each revealed a terrifying reality that crypto crime now comes with guns, warehouses, and fire.
The Vienna Crypto Killing: Tortured for Wallet Passwords
Earlier in November, Vienna woke to a burning Mercedes under a rail bridge. Inside was 21-year-old Danylo K., charred beyond recognition, slumped on the back seat.
Vienna Site Where Danylo Was Burnt Alive in His Car. Source: OE24
Police traced the killing back to a hotel garage in Leopoldstadt. There, Danylo was ambushed by a fellow Ukrainian student, only 19 years old, and a 45-year-old accomplice.
He was beaten, teeth knocked out, then driven across the city. His captors demanded access to his crypto wallets. They forced him to give up passwords after hours of torture.
The attackers drained his wallets and carried bundles of US dollars when caught. Investigators later found a melted can of fuel on the back seat where Danylo died.
According to reports, the victim, Danylo, had suffocated on blood and fire. His wealth lived on-chain long enough for thieves to steal it.
The suspects fled to Ukraine that night. However, they were arrested but will be tried there, not in Austria.
Montreal Abduction: A Crypto Influencer Vanishes
Last year, in Old Montreal, 25-year-old crypto influencer Kevin Mirshahi was pulled into a waiting car. Three others were kidnapped with him, then freed the next day.
Mirshahi never returned, and his body surfaced in a riverside park four months later.
The Digital Gold Rush Has A Dark Side
Kevin Mirshahi, known across Montreal’s crypto scene, was found dead at Île-de-la-Visitation park on Oct. 30, months after his June abduction.
The 25-year-old’s story isn’t an isolated case – it’s the latest in a wave of crypto-targeted… pic.twitter.com/T5inBMhSJo
Police charged three people, including Darius Perry and Nackael Hickey, with confinement and accessory to murder. A woman, Joanie Lepage, faces first-degree murder.
Investigators have not confirmed the motive as crypto-related. But Mirshahi ran a private token investment group and held public exposure in the space.
He built an online audience around trading and wealth, and someone used a trunk and duct tape to silence it.
$85,000 Seized in a Parking-Lot Ambush During Cash-for-Crypto Deal
In Trinidad, another crime unfolded with speed, organisation, and no chance of escape.
On November 29, a man arrived at the SuperPharm car park on Trincity Central Road. He planned to buy cryptocurrency with US$85,800 in cash, bundled inside a black bag.
A 52-year old man in Trinidad was robbed of $86,000 when he went to buy cryptocurrency from a man in a pharmacy parking lot.
Police reports confirm he met a long-time trade contact to complete the transaction. Moments after handing over the bag, two armed men approached the vehicle.
They smashed the windows and pointed guns at the occupants. The criminals then took the cash and both mobile phones and fled in a waiting car.
No crypto was ever exchanged. Authorities described it as a targeted robbery linked to OTC crypto trading.
A New Violent Era
These cases mark a shift. Crypto violence is no longer a digital heist carried out by hackers behind screens.
It is physical, and involves basements, cars, flames, hammers, and real screams. Crypto holders now live with an uncomfortable truth that keys protect tokens, but tokens do not protect lives.
XRP spot ETFs have logged 13 consecutive days of inflows, adding another $50.27 million on December 3 and bringing cumulative inflows to $874.28 million, according to SoSoValue.
Total net assets now stand at $906.46 million, placing the category within reach of the $1 billion milestone as early as this week.
New Capital Continues to Flow Across All Issuers
Since launch, the ETFs have only recorded green days, marking one of the strongest adoption curves among newly listed digital-asset funds.
All four funds posted gains again this session. Franklin’s XRPZ recorded $4.76 million in fresh inflows.
US Spot XRP ETFs Total Net Assets. Source: SoSoValue
Despite inflows, XRP ETF prices closed lower on the day as broader crypto markets softened. Each fund declined between 3.09% and 3.76%, showing a divergence between price performance and asset accumulation.
Still, capital movement remains firmly positive. The market has now added more than $380 million in new inflows since November 20, including major surges on November 14, November 24, and December 1.
$1 Billion in Assets Is Now a Likely Near-Term Breakpoint
XRP ETFs require less than $94 million in additional capital to reach $ 1 billion. At the current pace, that threshold could be reached in two to three sessions, assuming buying continues.
Crossing the $1 billion asset level would place XRP ETF adoption in the same league as early Ethereum ETF inflows.
It also strengthens the argument that regulated exposure to non-Bitcoin assets is gaining institutional traction.
Persistent inflows through both rallies and pullbacks indicate growing conviction rather than speculative rotation. The data suggests investors may be using ETFs as their primary route for XRP exposure rather than switching in and out of spot markets.
A sustained uptrend could tighten supply over time, especially if ETF custodians continue accumulating XRP faster than it circulates back into exchanges.
For now, the streak remains active. With 13 days of uninterrupted inflows and less than 10% remaining before the billion mark, all eyes will be on whether XRP ETFs can finish the week above that mark.
Charles Schwab’s plan to launch spot crypto trading in 2026 is shaping up as one of the most consequential moves from a major US brokerage.
The firm, which oversees more than $12 trillion in client assets, intends to offer Bitcoin and Ethereum trading across its platforms after internal testing and a limited pilot phase.
Charles Schwab Will Bring Mainstream Investors To Crypto
Schwab’s entry marks a shift in how traditional brokers approach digital assets. The company already offers indirect exposure through crypto-thematic ETFs, but spot trading brings cryptocurrencies into the same environment as stocks, bonds, and retirement accounts.
This could change how mainstream investors access crypto.
Charles Schwab CEO on crypto…
“It’s a topic that’s of high engagement.”
Schwab clients own *20%* of all crypto exchange traded products.
The announcement also highlights a strategic push to consolidate investor activity. Millions of Schwab customers currently hold traditional assets and use external exchanges for crypto.
Bringing those functions under one account reduces friction and strengthens Schwab’s footprint across asset classes.
Schwab’s move introduces a structural challenge for US crypto exchanges. The brokerage is known for zero-commission stock and ETF trading.
If it extends the same low-fee approach to crypto, it undercuts the core revenue model of companies like Coinbase and Kraken.
The new Grayscale spot Chainlink ETF did really solid volume on Day one of $13m and looks like it could see same again today (way more than it ever traded as a trust). Also $41m in first day flows. Another insta-hit from the crypto world, only dud so far was Doge but it's still… pic.twitter.com/wlCemHxkQP
Crypto exchanges rely heavily on trading fees. Coinbase’s retail fees often exceed 1%, and even advanced platforms charge up to 0.60%.
Schwab can afford to price well below that because it generates revenue from multiple channels, including interest income, advisory services, and order execution. Crypto exchanges do not have the same diversification.
Moreover, Schwab offers a regulatory environment that exchanges cannot match. Client assets sit within long-standing SEC and FDIC oversight frameworks.
This level of institutional trust appeals to many retail and older investors who remain wary of specialized crypto platforms.
ETFs Make Pricing Pressure Harder
The fee pressure intensifies because investors can already trade Bitcoin ETFs for free on Schwab and other brokerages.
These ETFs also have extremely tight spreads, often around 1–2 basis points. For Schwab to justify direct crypto trading, it must offer low fees that compete with near-free ETF execution.
Direct ownership still has an advantage because it avoids ETF expense ratios. However, that benefit matters only if trading costs remain low. This dynamic pushes Schwab toward aggressive pricing and, by extension, forces exchanges to respond.
A New Phase for US Crypto Markets
Schwab’s entry reflects how traditional finance is encroaching on digital asset territory. It places price, trust, and product-access pressure on crypto-native firms at a time when markets are already shifting toward regulated structures.
The full impact depends on Schwab’s final fee model and custody design.
Yet early signs point to significant competitive pressure ahead, especially for exchanges depending on retail trading spreads.
Login
