Evernorth, the largest institutional holder of XRP, is sitting on more than $200 million in unrealized losses.

This position highlights the volatility and risks associated with institutional cryptocurrency holdings during a market downturn.

XRP Treasury Firm Evernorth Sees Value of Holdings Drop by Over $200 Million

Evernorth has emerged as a prominent player in the institutional adoption of XRP. In late October, the Nevada-based firm announced plans to raise $1 billion to establish what it described as the “largest public XRP treasury company.”

On November 4, 2025, Evernorth acquired 84.36 million XRP at an average price of $2.54 per token. The transaction pushed the company’s total XRP holdings to more than 473.27 million tokens.

“This continued accumulation reflects Evernorth’s conviction in XRP as the most important asset of the internet, and its mission to build a long-term, institutional-grade XRP treasury with compounding yield,” the firm stated.

However, these purchases have come at a cost. According to data from CryptoQuant, Evernorth’s XRP position is now showing unrealized losses exceeding $200 million.

This mirrors broader weakness across the XRP market. Nearly half of the token’s circulating supply is currently held at a loss. The drawdown stems from XRP’s recent price weakness.

The altcoin has fallen by roughly 25% since Evernorth’s initial treasury announcement. It is now trading below price levels seen at the start of the year, highlighting the challenges facing XRP as momentum continues to fade.

At the time of writing, XRP’s trading price stood at $1.87. The price rose 1.5% over the past day as part of the broader market rally.

Still, BeInCrypto reported that the current market cycle threatens to end XRP’s two-year streak of positive annual returns, with the token likely to close the year down approximately 11%.

Meanwhile, XRP is not the only major crypto asset facing pressure in the fourth quarter of 2025. Other leading cryptocurrencies have also declined, weighing on institutional investors with large on-chain positions.

According to analyst Maartunn, BitMine is currently sitting on an unrealized loss of approximately $3.5 billion on its Ethereum holdings. Despite the drawdown, the firm has continued to accumulate ETH.

Bitmine is currently sitting on an unrealized loss of -$3.5B — a massive drawdown. 🤯 pic.twitter.com/dp2lQMaPWl

— Maartunn (@JA_Maartun) December 24, 2025

Bitcoin-focused treasuries are facing similar challenges. Metaplanet’s Bitcoin holdings are down roughly 18.8%, while several other institutional holders are showing comparable declines as broader market weakness persists.

The post XRP Price Slump Leaves Evernorth Facing Over $200 Million in Unrealized Losses appeared first on BeInCrypto.

Multicoin Capital has reportedly purchased 60 million Worldcoin (WLD) in an over-the-counter transaction with the project’s team, betting on the biometric identity protocol.

The acquisition comes amid a period of declining investor engagement, with WLD’s price slipping 21% over the past month.

Multicoin Capital Doubles Down on Worldcoin Despite Price Slide

Founded in 2017, Multicoin Capital is a thesis-driven firm specializing in crypto and blockchain projects. Blockchain analytics firm Lookonchain identified a large transaction involving a wallet reportedly associated with Multicoin Capital (0xf0007b56607BB268efFe4126655f077F8cf42696).

According to on-chain data, the address transferred 30 million USDC to the Worldcoin team one day ago. Then, Multicoin received 60 million WLD tokens, suggesting an OTC deal directly with the project rather than an open-market purchase.

The timing of the transaction is notable, as on-chain and search data point to declining interest in Worldcoin. Dune Analytics showed that the number of new active wallet addresses has fallen sharply since September.

The slowdown in new participants suggests weakening retail demand, even as institutional investors continue to accumulate. Search interest has followed a similar trajectory.

Google Trends data revealed that searches for “Worldcoin” dropped significantly after peaking at a score of 100 in September. That surge was largely driven by Upbit’s listing of WLD, which also pushed the token’s price up at the time. Since then, however, Worldcoin has erased those gains, with search interest falling to a score of 6 at press time.

Price action reflects this cooling momentum. According to BeInCrypto Markets data, WLD has lost more than 21% of its value over the past month.

At the time of writing, the token was trading at $0.49614, representing a 2.57% increase over the past 24 hours. The short-term rebound comes amid a broader market recovery, with the total crypto market capitalization rising by nearly 0.5%.

Beyond its price performance, the project is also under growing regulatory pressure. In late November, Thai authorities ordered World to suspend its iris-based enrollment activities in the country and erase biometric data gathered from more than 1 million individuals.

The order followed an October enforcement action, during which officials raided one of the project’s iris-scanning sites in Thailand.

“This collaboration will enhance the effectiveness of law enforcement in prosecuting and suppressing unlicensed digital asset businesses, while protecting users from lack of legal protection and mitigating risks of scams and money laundering,” Ms. Jomkwan Kongsakul, SEC Deputy Secretary-General, noted.

These developments add to earlier challenges. In May, the project encountered regulatory setbacks in both Indonesia and Kenya.

The post Multicoin Capital Buys 60 Million Worldcoin (WLD) as Retail Engagement and Price Slide appeared first on BeInCrypto.

Retail participation in the cryptocurrency market has continued to decline throughout this cycle, with interest weakening further as the year draws to a close.

While some analysts still interpret fading retail engagement as a classic bottom signal, others argue the current downturn reflects a deeper cultural and social shift, where investor attention has moved away from crypto altogether.

Does Retail Apathy Mark a Bottom or a New Phase?

The crypto market’s downturn has prompted many analysts to call for a potential bottom, citing a range of factors from on-chain data and technical patterns to shifts in investor behavior. Among these indicators, retail disengagement has often been viewed as a key bottom signal.

Analysts argue that periods of extreme pessimism and low participation have coincided with market bottoms, leading them to interpret today’s widespread indifference as a similar turning point.

“Retail comes in at the TOP, not at the bottom, and the absence of retail at this moment implies this is not a market top, but rather a market bottom in the making,” an analyst stated.

However, new data suggests things may have changed. In a recent post, analyst Luc highlighted a deeper shift in retail. According to him,

“It’s cultural. A social shift. Attention has relocated.”

One clear sign is plunging interest in crypto content platforms. For example, a crypto YouTuber with 139,000 subscribers reported that their views have dropped more than at any other point in the past five years.

Well-known crypto influencers are also shifting focus to traditional equities. Together, these trends suggest a fading of attention rather than a temporary retracement.

Among younger investors, perceptions have changed. Crypto now competes with accessible alternatives such as prediction markets and crypto stocks, which have a lower risk of “rug pulls.”

“Every vehicle is becoming more accessible. From COIN adding stock trading, to HOOD adding 0DTE options, to prediction markets as a whole…Everything’s right there…without the perceived risk of a rug-pull via the “lawless” crypto landscape that defined crypto’s appeal in the first place,” Luc said.

Recently, BeInCrypto reported that many new investors are favoring gold and silver over crypto amid persistent inflation and broader macroeconomic uncertainty. This shift points to a wider generational turn.

Crypto’s image struggles further due to the rising number of hacks and scams. According to Chainalysis, the crypto industry lost more than $3.4 billion between January and early December.

Security incidents have increased during this period, with attackers employing increasingly sophisticated tactics to steal funds and exploit users.

“It’s now considered cringe to be in crypto. There’s too many scams for the average degen to handle. Kids would rather work in AI or something. general population doesnt really wanna do anything with crypto we didnt redeem ourselves after luna + ftx + illiquid jpegs debacles of 2022,” Kate, another market watcher, said.

Institutional Entry Is Changing Market Dynamics

While retail interest wanes, established financial firms are expanding their presence in crypto. Polygon Labs’ Aishwary Gupta told BeInCrypto that institutions account for an estimated 95% of crypto inflows, while retail participation has dropped to around 5–6%.

From the rise of digital asset treasuries (DATs) to legacy financial institutions increasingly entering the space, the market is becoming more institutionally driven. Yet, increased institutional involvement is a double-edged sword.

This adds legitimacy and easier access, but the sector’s original appeal drew people keen to escape traditional finance. Growing institutional dominance may undermine that core.

“But with legacy brokerages like Schwab/JPMorgan getting involved + gov’t interest, is crypto losing the demographic that made it popular in the first place?” Luc remarked.

Luc acknowledged that many of these dynamics have appeared in previous crypto bear markets. However, he emphasized that new variables now “change the game.”

“Crypto seems to be in a transition phase…from a momentum asset to an infrastructure asset,” he added.

If retail participation has indeed structurally declined, the key question becomes whether real-world crypto utility can offset fading speculative demand. Blockchain adoption in payments, supply chains, and decentralized finance is growing.

Still, it remains unclear whether these developments can generate the level of enthusiasm that fueled previous market cycles. As 2026 approaches, the dynamics of the crypto sector may offer clearer insight into whether this shift represents a temporary phase or a lasting transformation.

The post Why Retail’s Lack of Interest May No Longer Signal a Market Bottom appeared first on BeInCrypto.