Singapore-based HashKey Capital has successfully completed the first closing of its fourth investment fund, raising $250 million in commitments and surpassing its initial fundraising expectations. The firm announced that HashKey Fintech Multi-Strategy Fund IV attracted significant interest from a diverse array of global institutional investors, prominent family offices, and high-net-worth individuals, marking a notable vote of confidence in the crypto asset management space. The investment vehicle is now targeting a final asset base of $500 million and will pursue opportunities across the digital asset ecosystem with an emphasis on infrastructure development and scalable applications. HashKey Capital's track record has been a significant factor in attracting investor interest, with the firm's first fund achieving "a DPI of over 10x," demonstrating robust returns for early backers. Since its establishment in 2018, HashKey Capital has positioned itself as a cornerstone player in the global blockchain ecosystem, managing over $1 billion in assets under management and maintaining a portfolio encompassing more than 400 projects worldwide. The firm gained early recognition as an institutional backer of Ethereum, establishing its reputation for identifying transformative blockchain technologies before they achieved mainstream adoption. HashKey Multi-Strategy Approach  Fund IV will implement a comprehensive multi-strategy investment approach combining public market strategies with liquidity-generating crossover opportunities, aiming to capture structural inefficiencies within the digital assets industry. This will be complemented by selective private market investments in innovative projects that offer potential for enhanced alpha generation. Based in Singapore with presence in Hong Kong and Japan, HashKey Capital has distinguished itself as a pioneer in regulated cryptocurrency investment. The firm holds Type 1, Type 4, and Type 9 licenses in Hong Kong and played an instrumental role in launching the region's first spot Bitcoin and Ethereum exchange-traded funds. CEO Deng Chao articulated the fund's strategic vision "With US $250 million in new capital, we are uniquely positioned to capture the massive growth occurring in emerging markets. These regions are the true testing grounds for blockchain's real world applications, and Fund IV will provide the essential fuel to scale those innovations globally." The successful fundraising demonstrates continued appetite among sophisticated investors for professionally managed exposure to digital assets, particularly from firms with established track records and comprehensive regulatory compliance frameworks. Fund IV's investment strategy will target infrastructure components, development tools, and applications that demonstrate potential for mass market adoption across global markets.

What Drove USD1’s Sudden Market Cap Increase? USD1, the dollar-pegged stablecoin linked to World Liberty Financial and the family of US President Donald Trump, added roughly $150 million in market capitalization on Wednesday following a new yield initiative from Binance. The token’s market value rose from about $2.74 billion to $2.89 billion within a single day after the exchange announced a promotional rewards program tied directly to USD1 holdings. Binance said the “booster program” offers up to 20% annual percentage rate on flexible USD1 deposits exceeding $50,000. The promotion runs until Jan. 23, 2026, with bonus-tier rewards credited daily to users’ earn accounts. The exchange said the program is designed to allow USD1 holders to “maximize their rewards,” placing the stablecoin at the center of its latest yield-driven offerings. The rapid inflow highlights how exchange-backed incentives continue to play an outsized role in stablecoin growth, particularly when paired with high headline yields and broad platform distribution. Investor Takeaway Stablecoin market share can shift quickly when large exchanges attach yield and trading incentives. USD1’s jump shows how distribution often matters as much as underlying demand. Why Is Binance Expanding Support for USD1? The yield program is part of a broader effort by Binance to integrate USD1 deeper into its ecosystem. In December, the exchange added fee-free trading pairs for USD1 against major cryptocurrencies. It also said it would convert all collateral assets backing its Binance USD stablecoin into USD1 on a 1:1 basis, effectively replacing BUSD exposure with the newer token. Earlier this year, USD1 was used to settle a $2 billion investment by Abu Dhabi-based MGX into Binance Exchange, a deal publicly referenced by Eric Trump during a panel at Token2049 in Dubai. That transaction placed USD1 at the center of one of the largest crypto-related capital moves of 2025, lending the stablecoin additional visibility beyond retail trading. These integrations have helped USD1 climb into the ranks of the largest stablecoins globally. The token is now the seventh-largest by market capitalization, trailing PayPal’s PYUSD but ahead of several longer-established rivals. How Big Is the Trump Crypto Footprint? USD1 is part of a wider set of crypto ventures linked to the Trump family under the World Liberty Financial banner. Those ventures reportedly generated about $802 million in income during the first half of 2025, underscoring how quickly politically connected crypto projects have scaled amid renewed market momentum. The combination of branding, high-profile partnerships, and exchange-level support has drawn attention from both investors and regulators. While supporters frame USD1 as a fast-growing dollar alternative with deep liquidity access, critics have questioned how closely its rise is tied to preferential treatment from major industry players. Investor Takeaway USD1’s growth is tightly linked to exchange adoption and political visibility. That mix can accelerate scale, but it also brings scrutiny that most stablecoins do not face. What Questions Remain Around Binance and USD1? Despite USD1’s rapid ascent, unanswered questions remain about the relationship between Binance and World Liberty Financial. A Bloomberg report in July suggested Binance had played a role in developing some of the code behind USD1, citing unnamed sources familiar with the matter. Binance founder Changpeng Zhao disputed the report, saying it contained factual errors and hinting at potential legal action. Lawmakers have also raised concerns. In October, Connecticut Senator Chris Murphy said Binance.US, a separate legal entity from the global exchange, was “promoting Trump crypto.” His remarks came shortly after Donald Trump granted a pardon to Binance’s owner, adding a political dimension to what might otherwise be a technical debate over stablecoin sponsorship and promotion. Neither Binance nor World Liberty Financial has provided detailed disclosures clarifying the extent of their technical or commercial ties. As USD1 continues to grow, those questions are likely to intensify, particularly as regulators focus more closely on stablecoin governance, issuance, and exchange relationships. Can USD1 Sustain Its Momentum? USD1’s rise shows how stablecoin rankings can change when large exchanges align incentives, liquidity, and marketing around a single token. Whether that growth holds once promotional yields expire will be closely watched. High APR programs have historically driven short-term inflows that can reverse when returns normalize. For now, USD1 has secured a prominent place in Binance’s ecosystem and a top-tier position in global stablecoin rankings. The next phase will depend on how much organic usage develops beyond yield farming and exchange-driven activity—and how regulators respond to a stablecoin sitting at the intersection of crypto markets, politics, and concentrated platform support.

Trend Research made a significant move this week by purchasing over 46,000 Ethereum tokens for approximately $135 million. This transaction brought the investment firm's total Ethereum holdings to around 580,000 ETH, making it the third-largest corporate holder of the cryptocurrency. The company is connected to Jack Yi, who founded LD Capital. The firm now ranks behind only two other entities in terms of Ethereum treasury size, SharpLink Gaming and BitMine Immersion Technologies hold larger positions. Since Trend Research operates as a private company, it typically doesn't show up in standard institutional rankings, which makes its rapid accumulation strategy particularly noteworthy. The company has been funding these purchases through borrowed capital via the Aave lending platform, with outstanding loans totaling nearly $900 million. Despite currently sitting on unrealized losses exceeding $140 million due to market fluctuations since their initial purchases, the firm maintains its bullish position with leverage approximately double its equity. Ambitious Plans Signal Long-Term Conviction After completing this latest acquisition, Jack Yi made a bold declaration about the firm's intentions "I announce that Trend Research is preparing another $1 billion, and on this basis, we will continue to increase holdings and buy ETH." He added that the firm's words and actions remain consistent, strongly advising against shorting and calling this a historic opportunity. This represents a notable strategic reversal for Trend Research, which had previously profited from bearish positions on Ethereum. The shift toward sustained accumulation reflects a broader pattern among institutional investors who increasingly view Ethereum as foundational infrastructure rather than speculative assets, focusing on staking rewards and network participation as long-term value drivers. Corporate Buying Wave Counters Market Downturn While Ethereum prices have declined in recent weeks, corporate institutions have paradoxically increased their digital asset holdings. The aggregate USD value of ETH held by public companies has surged dramatically, with CoinGecko data showing a 43.5% increase during this period. This broader accumulation trend extends beyond Trend Research, with four major public entities driving significant activity. BitMine Immersion has acquired over 436,000 ETH, while Quantum Solutions, Canaan, and Exodus collectively purchased approximately 1,500 ETH. Notably, EthZilla stands as the sole seller during this timeframe, offloading 24,291 ETH. However, weakened market sentiment across the cryptocurrency sector remains a substantial barrier to any potential Ethereum rally. The overall crypto market capitalization has declined by approximately $1.37 trillion since the broader market downturn that began on October 10, creating headwinds that even aggressive institutional buying has struggled to overcome.

KEY TAKEAWAYS Validator economics incentivize honest participation through rewards while deterring malice via slashing, ensuring PoS network security. Rewards from fees and inflation must be balanced to avoid excessive token dilution and maintain long-term sustainability. Delegation allows broader involvement, enhancing decentralization without requiring technical expertise from all stakers. High staking requirements and penalties make 51% attacks economically impractical, bolstering network resilience. Evolving economics in 2025, including liquid staking, will likely increase accessibility and adoption of PoS systems.   Proof-of-Stake (PoS) has become the most popular approach to reach consensus in blockchain technology. It moves away from the energy-hungry Proof-of-Work (PoW) paradigm and toward a more efficient system based on economic obligations. Validators are at the centre of PoS. Their financial incentives and disincentives directly affect the network's performance and integrity.  It's essential to understand validator economics since they affect not only how much money participants can make, but also how strong the blockchain is against attacks and centralization. This article explains why these economics are essential, using well-known networks such as Ethereum, Solana, and Cosmos to demonstrate how they affect the long-term health of the networks. What is Proof of Stake? Proof-of-Stake is a consensus mechanism that gives participants the job of creating blocks and validating transactions depending on how much cryptocurrency they stake as collateral, not how powerful their computers are. PoS was first used in Peercoin in 2012. Since then, it has changed to address PoW's environmental issues by becoming more energy-efficient while remaining secure through economic incentives. In PoS, validators are chosen at random based on how much they have staked to propose and check blocks. Delegated Proof-of-Stake (DPoS) and Nominated Proof-of-Stake (NPoS) are two examples of how this process might be improved. They let users delegate their stakes to skilled validators without running their own nodes. This system ensures that the network's security is directly linked to the economic value locked in, making attacks too expensive to carry out. What Validators Do in PoS Networks Validators are the people who run PoS blockchains. They check transactions, propose new blocks, and ensure everyone follows the consensus rules. Validators have to lock up a certain quantity of tokens, say 32 ETH in Ethereum, to take part. This is collateral that ensures their interests align with the network's health.  They keep full nodes running continuously and use digital signatures to verify that blocks are legitimate. In networks like Solana, validators work on a rotating schedule. In Cosmos, reputation is just as crucial as the stake amount. Their activities together help prevent the blockchain from being changed and stop problems like double-spending, which is why they are so vital to keeping things running smoothly. Validator Economics: Rewards and Incentives The economics of validators are designed to encourage people to join and act honestly through a fair system of rewards. Validators earn money through block rewards, transaction fees, and, sometimes, maximal extractable value (MEV). The amount of money they make each year depends on the network; for Ethereum, it's usually 4-7%, and for Solana, it's usually 7-10%.  These incentives come from network inflation and user fees set to attract enough stakers without making the tokens too thin. Delegation makes this even more potent because delegators give validators a stake and then share the rewards after a 5–20% commission fee. A Crypto Analyst at Token Metrics said, "Validator rewards must be carefully calibrated to avoid inflation while incentivizing security." This economic model makes the network safer by increasing the total staked value, making it more expensive for bad actors to take over. But you can't always count on making money; you have to optimize performance to get the most rewards and the least costs. Validators that work well and have a lot of uptime can get better returns, but the system rewards people who help with decentralization more than those who just accumulate stakes. Risks and Penalties for Validators PoS has penalties like slicing, which means that if you do something wrong, like going down, double-signing, or trying to verify conflicting blocks, you lose some of the staked tokens. For example, with Ethereum, slashing might result in losses of up to the entire stake in extreme circumstances. This is a significant reason not to attack, and Hardware breakdowns or network problems are also operational hazards.  These can cause missing incentives without necessarily causing slashing. These measures ensure that validators have a stake in the game, meaning their financial interests align with the integrity of the network. If the economy isn't well-designed, people might not want to participate because they have to weigh the risks against the benefits, which could compromise security. Why Validator Economics Push Security of the Network Validator economics are essential for security since they make it impossible for anyone to act against you. To do a 51% attack with PoS, you would need to control most of the staked tokens. This would be very expensive and would cut the stakes, making the attack pointless. PoS networks are as secure as PoW networks, but they use much less energy because they tie security to economic commitments.  Also, well-tuned economics encourage a lot of people to get involved, which spreads power and makes concentrated authority less risky. The Token Metrics Research Team says, "Proof-of-Stake is not just an option; it's the future of blockchain consensus, balancing security with sustainability." This balance is essential for keeping the network stable and making sure it lasts for a long time. The Effect on Decentralization and Long-Term Viability Validator economics that work well encourage decentralization by giving a wide range of people, from individual operators to staking pools, a reason to participate. Ethereum and other networks like it want many different clients and limit the number of stakers to keep a few big validators from taking over.  This distribution makes it harder to censor and more open, which is very important to the blockchain's philosophy. Sustainability in economics is maintaining token value while keeping the network safe by controlling inflation rates and reward systems. If the economics aren't good enough, PoS could become centralized, with only well-funded groups taking part. This would go against the idea of decentralization. What Will Validator Economics Look Like in 2025? Validator economics are likely to change in the future as Ethereum improves at sharding and rollups, which make it easier to scale. Analysts say that more than 70% of new blockchains will use PoS variants due to ESG (environmental, social, and governance) pressures on PoW. As networks get older, yields may go down, but new ideas like delegation pools will make it easier for more people to join. This change shows how important it is to have flexible economic models that can keep growth going even as more people use them. FAQs What are the main incentives for validators in PoS networks? Validators are incentivized through block rewards, transaction fees, and sometimes MEV, with yields varying by network, such as 4-7% annually for Ethereum. How does slashing work in validator economics? Slashing penalizes validators for misconduct like downtime or double-signing by deducting a portion of their staked tokens, aligning their actions with network health. Why is decentralization necessary in validator economics? Decentralization prevents control by a few entities, enhancing network resilience and transparency through diverse validator participation encouraged by economic incentives. What risks do validators face economically? Validators risk stake loss from slashing, missed rewards due to downtime, and operational costs such as hardware maintenance, which must be weighed against potential profits. How will validator economics change by 2025? By 2025, innovations like liquid staking and scalability improvements are expected to lower barriers, increase participation, and moderate yields as PoS adoption grows. References Crypto Validators Explained: The Core of Proof-of-Stake Networks - Everstake What Is Proof of Stake? A Complete Guide to PoS in 2025 - Token Metrics What is Proof-of-Stake (PoS) in Cryptocurrency? - Everstake Validator Uptime in Crypto Staking: Why 99.99% Matters - Everstake

BC Card, South Korea's largest payment processor, has completed a 2-month pilot program that allows overseas visitors to pay for goods at local stores using stablecoins. The project, launched late on Tuesday, shows that it is possible to use cryptocurrencies for routine transactions without disrupting current merchant systems. The experiment, conducted with the help of blockchain company Wavebridge, international digital wallet provider Aaron Group, and cross-border remittance operator Global Money Express, allowed users from other countries to convert stablecoins in linked wallets into digital prepaid cards. These cards could then be used at local cafes, grocery stores, and other places that accept QR code payments, much like regular card purchases. BC Card made it clear that the program was not just a technological test but also a planned step toward a future stablecoin payment system. The company has also applied for a patent for real-time stablecoin payment technology, the first of its kind in South Korea. This system accurately calculates how much to withdraw from digital wallets to account for price changes during transactions. Vision for Leadership in Stablecoin Integration Choi Won-seok, the president of BC Card, talked about how the technology could change things. He said at a news conference after the patent was filed, "Stablecoins are 'a powerful paradigm that can transform existing payment processes.'" He also said that the corporation is dedicated to developing new ideas: "As the operator of Korea's largest payment network, BC Card will lead efforts to make it easy for people to use stablecoin payments anywhere." Choi said that the plan is still based on the current infrastructure: "BC Card is based on a card payment infrastructure and is in conformity with the legal and institutional context in the country. We will work on a stablecoin payment model in steps. The pilot adds stablecoin flows to BC Card's existing card approval and settlement infrastructure. This ensures that merchants and customers have the same experience with stablecoin payments as with regular card payments. This seamless bridge is useful for cross-border payments. It builds on BC Card's earlier agreement with Bangkok Bank in July for real-time QR payments between Thailand and South Korea. The Rules and Future Outlook The pilot is happening at the same time as talks in South Korea over the planned Digital Asset Basic Act, which would outline rules for issuing and regulating stablecoins. The main point of contention is who owns what. The Bank of Korea wants commercial banks to own at least 51% of issuers, while the Financial Services Commission and some MPs wish to allow fintech and blockchain companies to own a broader share. Ahn Do-geol, a member of the ruling Democratic Party of Korea, spoke out against measures that would limit options: "It is also hard to find examples in global law where institutions from a specific sector are required to hold a 51 per cent stake." He went on to say, "Issuers should be chosen based on their ability to promote innovation, not on the type of institution they are." BC Card has set up an internal team to monitor stablecoin trends in both the US and around the world, even though they are late in submitting draft filings to regulators. The corporation wants to work more closely with crypto-related groups to build a "Korean-style stablecoin payment infrastructure" that adapts to evolving rules. As South Korea becomes a leader in digital payments, this successful experiment shows that traditional players are increasingly willing to use stablecoins, especially to make it easier for international tourists. At the same time, regulators work to clarify the rules. The project shows that BC Card is taking the lead in a field where new ideas often move faster than official rules.

Let me ask you something simple: why are crypto presales suddenly back on everyone’s radar? After years of meme-driven launches, investors are starting to look for projects tied to something real. One major reason is tokenization. According to Roland Berger, real-world assets moving onto blockchains could become a $10 trillion market by 2030. (Source) In simple words, this means early access matters again. Presales come with a higher risk, but they also offer lower entry prices. That’s why more people are carefully searching for the top crypto presale instead of chasing whatever trends on social media. In this narrative, IPO Genie ($IPO) appears again and again with a real use case. Let’s explore how it differs from other crypto presales and why it could be the 10x crypto of 2025!  What Does “10x Potential” Really Mean? Let’s clear this up without any complex side. A 10x simply means turning $1 into $10. That’s it. It’s not guaranteed, and it never has been. Presale tokens are cheaper because they’re sold before exchanges and before platforms are fully live. That lower price reflects uncertainty, not success. Here’s the reality most people don’t say out loud: many presales fail. The ones that survive usually have real users, real demand, and a reason to exist after launch. That’s why when people talk about the top crypto presale, they’re really talking about utility, not hype. The Top 4 Crypto Presales to Watch Before 2025 Ends 1. IPO Genie ($IPO): The Current Front-Runner IPO Genie is building a platform that gives everyday people access to private and pre-IPO investments, leveraging blockchain and AI. Instead of chasing trends, it focuses on real-world investing. The idea is simple: use technology to open doors that were previously reserved for institutions. That’s why many investors currently view it as the top crypto presale in this cycle. 2. Bitcoin Hyper ($HYPER) Bitcoin Hyper is a Layer-2 project aiming to make Bitcoin faster and cheaper to use. Bitcoin’s slow speeds and high fees are well-known issues. Layer-2 solutions try to fix that. If adoption grows, attention usually follows. If it doesn’t, interest fades just as quickly. 3. Nexchain ($NEX) Nexchain positions itself as an AI-focused Layer-1 blockchain. Infrastructure projects like this succeed only if developers actually build on them. The AI plus blockchain narrative is strong heading into 2025, but real usage will decide its future. 4. BlockchainFX ($BFX) BlockchainFX is trying to combine crypto trading with traditional markets. Its appeal is practical. It targets users who want real trading tools rather than speculation alone. Projects with clear use cases often hold attention longer than hype-driven launches. Why IPO Genie Is Leading the 10x Race? Here’s something most people learn the hard way: real 10x outcomes usually don’t come from hype alone. Hype can move prices briefly, but it fades fast. What tends to last and compound is real usage.  When people actually need a token to do something useful, demand becomes more stable. That’s where IPO Genie separates itself. Its potential isn’t built on noise or trends, but on whether people actively use the platform for investing, access, and decision-making. 1. It Solves a Real Problem Most people never get a chance to invest in startups before they go public. Minimum investments are high. Access is restricted. Connections matter more than knowledge. IPO Genie aims to change that by tokenizing access to private markets and making it available to a wider audience.  That means you don’t need insider connections or six-figure checks to participate; you can access opportunities that were previously reserved for institutions, using a single platform built for everyday investors. 2. AI Is Used for Decisions, Not Hype IPO Genie uses AI called Sentient Signal Agents. These systems analyze startup data, performance metrics, and market signals to surface potential opportunities. The goal isn’t promotion. It’s filtering. That’s a key reason why some analysts separate it from other AI-themed tokens. That’s like a sieve in a gold rush; it doesn’t create gold, but it helps separate what’s worth keeping from what isn’t. 3. The Token Has Clear Use The $IPO token isn’t something you buy and simply wait on. Holding it gives you practical access: higher deal tiers, voting rights on platform decisions, staking participation, and lower fees when using the platform. In simple terms, the token works like a key, not a lottery ticket. People need it to unlock features and participate, which is a major difference when evaluating a top crypto presale. 4. Linked to Real-World Assets IPO Genie isn’t built on vibes or hype cycles. It’s connected to real companies that actually operate and grow. That matters because real growth is what usually drives big returns, not short-term excitement.  When more people use the platform to access private deals, demand for the token can rise naturally. That kind of steady, real usage is how some projects manage to scale far beyond their starting point, and where 10x outcomes can start to make sense. 5. Trust & Transparency Focus The platform references CertiK audits, Fireblocks custody, and Chainlink-verified data. These are credibility markers. They show the project is built with structure, security, and verification in mind. When users feel confident about how a platform is set up, they’re more likely to use it long term. That steady trust is what helps adoption grow, and adoption is what creates room for meaningful upside over time. Quick Comparison: Why Some Presales 10x; And Most Don’t Typical Crypto Presale IPO Genie ($IPO) Relies heavily on attention and social media noise Built around real usage and platform participation Often launches without a working product Designed for access to private and pre-IPO investments Token demand comes mostly from short-term traders Token demand comes from users who need access, voting, and staking Price moves mainly on speculation Growth is linked to adoption and platform activity Early buyers often sell at launch Encourages longer-term participation A 10x usually depends on perfect timing and hype A 10x becomes possible if usage and adoption grow Simple Way to Think About It Hype-only presales depend on attention. Utility-driven presales depend on usage. When more people actually need a token to do things, upside potential becomes more realistic and less dependent on luck. Wrap Up! Projects with real momentum rarely wait for perfect conditions. IPO Genie combines AI-driven analysis with private-market access and assigns its token a clear, functional role. At its current presale price of around $0.00010880 in stage 25, some investors see this early positioning as where 10x outcomes can start to form through adoption, not noise. As Christmas approaches, markets often go quiet, and that’s when positioning quietly happens. By the time attention returns, early opportunities are usually already priced differently. If you’re researching the top crypto presale, this is the type of person who often revisits it later and asks why they didn’t look more closely sooner. Join the IPO Genie presale today:   Official website Telegram Twitter (X)  Disclaimer: This content is for informational purposes only and does not constitute financial advice. Cryptocurrency investments involve risk, and readers should conduct their own research before making decisions.

Pi Network (PI) is bracing for potential selling pressure as the largest token unlock of December approaches on Christmas Day. This is happening at a time when technical signals are pointing to a bearish trend and market enthusiasm is waning. The price of the Pi Network has already dropped 31% from its November high of $0.279 to an annual low of $0.192 last week. This shows that it is weak. Recent market data shows the token rose above $0.214 over the weekend but has since dropped back to about $0.203624. Investors are more cautious now that the release of about 8.7 million PI tokens is set for December 25, 2025. At present rates, these tokens are worth about $1.76 million. PiScan data shows this is the largest single unlock of the month. In total, roughly 54.7 million tokens will be distributed in December, worth around $11.07 million. When many tokens are unlocked at once, they become less rare and add more supply to the market. This might create selling pressure if there isn't enough buying demand to offset it. The article says that "investor demand also fell because of the 8.7 million PI token unlock," leaving many in a wait-and-see mentality. A Bearish Technical Setup Appears Since late October, PI has made a traditional double top pattern on the daily chart. The tops are around $0.285, and the neckline support zone is between $0.192 and $0.196. If the support fails, this bearish reversal formation signals that prices could decline further. The Supertrend has turned red, indicating bearish control, and the MACD lines have struggled to cross above the zero line, suggesting consolidation is ongoing, or the market is still down. Analysts say that if the neckline support fails, PI could drop to $0.153, a decrease of around 24% from current levels. But if the defence holds and the price bounces back from this zone, it might invalidate the bearish setup and allow for a recovery. Mixed Outlook Despite Ecosystem Efforts The unlock comes alongside recent updates from the Pi core development team aimed at improving DeFi infrastructure and making it more useful in the real world. These efforts could get people more involved and help ease some of the selling pressure if they lead to real growth in the ecosystem. However, the market is still cautious. Token unlocks have been a common topic in Pi Network in 2025, making the project more volatile as it moves toward greater liquidity and adoption. Traders are keeping a close eye on whether demand can handle the fresh tokens or if the bearish trends will take over, as the Christmas Day event added to monthly supply pressures. As the holidays get closer, the crypto community will be keeping a close eye on PI's price movements. The unlock could be a turning point for short-term sentiment in this well-known mobile mining project. Right now, the downward bias remains very strong due to a combination of technical weakness and heightened supply concerns.

According to the analytics company Glassnode, Bitcoin and Ether exchange-traded funds (ETFs) have seen long-term outflows, which suggests that institutional investors are leaving the crypto industry. Glassnode said on Tuesday that the 30-day simple moving average of net flows into U.S. spot Bitcoin (BTC) and Ether (ETH) ETFs has been negative since early November. This trend shows that institutional investors are less involved right now, which is a big reason why crypto has been moving this year. In its analysis, Glassnode said, "This persistence suggests a phase of muted participation and partial disengagement from institutional allocators, reinforcing the broader liquidity contraction across the crypto market." ETF flows usually follow moves in the underlying spot markets, which have been going down since mid-October. These funds' performance is a sign of how institutions feel about the market as a whole, and it shows that people are becoming more cautious as the market shrinks. Crypto ETF Selling Pressure Returns Pressure on crypto ETFs has grown lately, with total Bitcoin ETF flows staying negative for the last four trading days in a row. Last week alone, crypto funds lost $952 million, which is the sixth week in a row that they have lost money. Analysts are paying attention to this change. The Kobeissi Letter said, "Crypto ETF selling pressure is back," pointing out that a new wave of money is leaving these products. This disengagement comes after a year when institutional inflows made people in the sector feel good. But the long-term negative flows indicate that big investors are moving their money out of digital assets, perhaps because of broader economic concerns or regulatory issues. Glassnode's data shows that these outflows are not one-time events but part of a broader trend of liquidity drying up across the ecosystem. Institutional investors who were formerly eager to get into crypto through regulated vehicles like ETFs now seem less interested, which is driving trading volumes down and prices up. BlackRock's IBIT Outperforms Despite Headwinds BlackRock's iShares Bitcoin Trust (IBIT) is a bright spot amid all the bad news. IBIT has raised $62.5 billion since it launched, more than even traditional gold ETFs during a tough time for bitcoin. Eric Balchunas, an analyst with Bloomberg ETFs, thinks this strength is a good sign for the long term. "I think that's a really good sign for the long run. Balchunas said, "If you can do $25 billion in a bad year, think about how much more you could do in a good year." He was talking about how well the fund did in a tough market. IBIT has even had small inflows over the past week, which is the opposite of what has been happening with most other assets. This shows that even if institutions may not be as interested in investing as they used to be, some high-profile items are still attracting attention, possibly from individuals betting on a future resurgence. There are big effects on the crypto market as a whole. With fewer institutions involved, volatility fueled by ordinary investors could take over in the short term, worsening liquidity problems. Glassnode's insights remind us that the sector needs big-money investors to grow, but right now it looks like those investors are pulling back. As the year comes to a conclusion, many who observe the market will be keeping a close eye on whether these withdrawals continue or whether better circumstances in the spot market could bring institutions back in. For now, the evidence shows that the big players in finance are being careful.

In mid-December, we highlighted silver’s move above $60. Less than a fortnight later, the metal has powered through the next major psychological barrier at $70. Today, XAG/USD touched $72, extending the powerful rally that has been unfolding since autumn. Gold has also been posting strong gains, reinforcing the broader strength across precious metals. Several factors continue to underpin this advance: → sustained inflows into silver ETFs from retail investors; → escalating geopolitical risks, with media reports indicating an increased US military presence near Venezuela; → thinning market liquidity during the holiday season, which often amplifies price movements. XAG/USD technical outlook Two weeks ago, our analysis of XAG/USD: → identified an upward price channel (highlighted in blue); → considered the likelihood of a pullback from the channel’s upper edge. Subsequent price action unfolded as follows: → the price retreated from the upper boundary on 12 and 16 December; → on 17 December, silver broke decisively above the channel; → by 19 December, the former resistance had turned into support, enabling buyers to hold prices above the ascending structure. The current rally is now following a much steeper upward path (marked in orange), and the break above the $70 level appears well established. With prices now trading close to the top of the orange channel and the RSI signalling overbought conditions, the risk of a short-term correction is rising. After climbing almost 30% since the start of the month, some long positions may begin to take profits. Nevertheless, the low-liquidity holiday environment could still favour another impulsive leg higher, leaving room for a potential test of the $80 area. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot (additional fees may apply). Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! The FXOpen App is a dedicated mobile application designed to give traders full control of their accounts anytime, anywhere. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.  

DTCC and BNY have launched a new Collateral-in-Lieu (CIL) service designed to improve margin efficiency and accelerate the market’s transition toward centrally cleared U.S. Treasury repo transactions. The service, delivered through DTCC’s Fixed Income Clearing Corporation (FICC) and BNY’s Global Collateral Platform, has already moved into production, with BNY Securities Finance and Federated Hermes successfully executing the first repo trade using the new framework. The launch comes as market participants prepare for the Securities and Exchange Commission’s U.S. Treasury clearing mandate, which will require broader central clearing of repo and cash Treasury transactions beginning in late 2026 and mid-2027. By reducing duplicative margin requirements and simplifying collateral mechanics, the Collateral-in-Lieu service is intended to lower barriers to adoption while preserving the protections of central counterparty (CCP) clearing. Takeaway: Collateral-in-Lieu is designed to ease the industry’s transition to mandatory Treasury clearing by improving margin efficiency without sacrificing risk protections. How Collateral-in-Lieu Changes the Clearing Model Under traditional sponsored repo clearing arrangements, dealers and their sponsored clients may face overlapping margin and guaranty requirements when trades move between triparty settlement and CCP clearing. The Collateral-in-Lieu service introduces a structural change: instead of posting margin to the CCP and relying on a sponsor guaranty, the service applies a CCP lien directly to collateral held in triparty. The haircut typically required by dealers for money market funds and other cash investors remains in place, preserving familiar risk practices. However, the CCP lien is applied “in lieu” of both sponsor guarantees and CCP margin in most circumstances. This design eliminates double-margining for certain sponsored participants, delivering capital and liquidity benefits while maintaining robust risk management. The service builds on FICC’s existing Sponsored Service legal and operational framework, minimizing the need for firms to re-engineer processes. It also supports both “done-with” and “done-away” repo execution styles, giving market participants flexibility in how trades are executed and settled. Leveraging BNY’s Global Collateral Platform Collateral-in-Lieu operates through BNY’s Global Collateral Platform, the largest single liquidity pool for U.S. Treasury securities financing. By leveraging BNY’s triparty infrastructure for collateral allocation, valuation, and settlement, the service integrates clearing with established market workflows. BNY executives described the launch as a key step in scaling cleared repo activity ahead of regulatory deadlines. Nate Wuerffel, Head of Market Structure and Product Leader for the Global Collateral Platform, said the service introduces a more capital-efficient path to central clearing while expanding access to cleared repo for a wider range of participants. From an operational perspective, the solution reflects BNY’s broader strategy of integrating custody, collateral management, securities finance, and market structure capabilities into a single platform. By doing so, BNY aims to support increased volumes and participation as clearing requirements expand. Takeaway: By embedding CCP clearing into BNY’s triparty ecosystem, the service aligns regulatory compliance with existing market infrastructure. First Trade Signals Buy-Side Engagement The first repo transaction executed on the Collateral-in-Lieu service involved BNY Securities Finance as sponsor and Federated Hermes as cash provider. The participation of a large asset manager underscores the relevance of the service for buy-side firms, particularly money market funds navigating new clearing obligations. Susan Hill, Senior Portfolio Manager and Head of the Government Liquidity Group at Federated Hermes, said the service expands access to cleared repo while supporting evolving regulatory requirements. For cash investors, the ability to participate in cleared repo without added operational or margin complexity is a key consideration as clearing becomes mandatory. For sponsors, the elimination of duplicative margin posting reduces balance sheet strain and increases capacity to support client activity. Nehal Udeshi, Head of Securities Finance at BNY, described Collateral-in-Lieu as an enabler of broader market participation and a more resilient cleared repo ecosystem. Supporting the SEC’s Treasury Clearing Mandate The SEC’s Treasury clearing mandate is expected to fundamentally reshape the structure of the U.S. government securities market. While central clearing is intended to reduce systemic risk and improve transparency, the transition has raised concerns around balance sheet usage, margin costs, and operational readiness. DTCC views the Collateral-in-Lieu service as a targeted response to those concerns. Laura Klimpel, Managing Director and Head of DTCC’s Fixed Income and Financing Solutions, said the launch reflects DTCC’s commitment to delivering solutions that enhance margin and capital efficiency while supporting regulatory compliance. By addressing one of the key friction points in sponsored clearing — double-margining — the service aims to encourage earlier adoption and smoother scaling ahead of the 2026 and 2027 implementation milestones. Takeaway: Solutions that reduce balance sheet and margin friction are likely to be critical to successful implementation of mandatory Treasury clearing. Looking Ahead DTCC expects adoption of the Collateral-in-Lieu service to increase over the coming months as dealers, asset managers, and other market participants prepare for mandatory clearing. As volumes migrate toward CCPs, services that preserve liquidity while improving efficiency will play a central role in shaping the next phase of the Treasury repo market. The successful execution of the first trade signals early operational readiness and buy-side engagement. More broadly, it highlights how incremental structural changes — rather than wholesale redesigns — may prove most effective in guiding the market through one of its most significant regulatory transitions in decades.  

What Is the SEC Alleging? The US Securities and Exchange Commission has charged three purported crypto trading platforms and four investment clubs for allegedly running a coordinated fraud that took at least $14 million from retail investors. According to the regulator, the operation relied on social media advertising, private messaging apps, and fake trading interfaces to convince victims they were investing through legitimate crypto venues. The defendants named in the complaint include Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., and Cirkor Inc., alongside investment clubs AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., and Zenith Asset Tech Foundation. The SEC says the scheme ran from at least January 2024 through January 2025 and targeted US-based retail investors. The case highlights a form of fraud that blends traditional confidence tactics with digital tools, using familiar social platforms and polished interfaces to create the appearance of professional investment operations. Investor Takeaway The SEC’s case shows how quickly fake crypto platforms can mimic real markets. Retail investors remain the primary targets when scams combine social media outreach with fabricated trading dashboards. How Did the Scheme Work? According to the complaint, the investment clubs used targeted advertisements on major social media platforms to attract potential investors. Those who responded were invited into WhatsApp group chats where individuals posing as seasoned financial professionals shared what they described as artificial-intelligence-driven trading strategies. “These groups were designed to build trust quickly,” the SEC said, alleging that fraudsters cultivated an atmosphere of expertise and collective success before directing members toward the defendants’ trading platforms. Once inside the system, investors were instructed to open accounts on Morocoin, Berge, or Cirkor. The platforms, the SEC claims, were not real trading venues. Instead, they displayed fabricated account balances and simulated trading activity, giving users the impression that their funds were being actively invested and generating profits. The complaint also describes how the defendants promoted so-called “Security Token Offerings,” claiming they represented digital securities issued by established companies. The SEC says neither the token offerings nor the issuing businesses existed. “No trading occurred on these platforms,” the complaint alleges. “Investor funds were instead misappropriated and routed through a network of bank accounts and crypto asset wallets, including accounts located overseas.” Why Were Withdrawals a Key Part of the Fraud? The SEC says the fraud intensified when investors attempted to withdraw their funds. At that stage, victims were told they needed to pay additional charges before withdrawals could be processed. These fees were described as taxes, processing costs, or verification expenses, depending on the situation. According to the regulator, these demands were designed to extract more money rather than unlock access to funds. Once investors questioned the process or stopped sending payments, communication reportedly ceased altogether. In total, the SEC alleges that at least $14 million was taken from retail investors, many of whom were drawn in by promises of steady returns linked to automated or AI-based trading methods. Investor Takeaway Requests for extra fees to unlock withdrawals are a recurring red flag. Legitimate platforms do not require separate payments for taxes or account verification before releasing funds. What Does This Case Say About AI and Messaging-App Scams? The enforcement action reflects a broader pattern in retail investment fraud. Messaging apps such as WhatsApp allow fraudsters to create persistent group settings where dissent is discouraged and perceived success stories reinforce trust. Adding references to artificial intelligence or proprietary algorithms can make schemes appear more advanced and credible. “Fraud is fraud,” said Laura D’Allaird, chief of the SEC’s Cyber and Emerging Technologies Unit, in a statement accompanying the filing. “We will vigorously pursue securities fraud that harms retail investors, regardless of the technology or terminology used to disguise it.” The SEC filed the case in the US District Court for the District of Colorado, alleging violations of the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The agency is seeking permanent injunctions, civil penalties, and the return of funds, along with interest. Alongside the lawsuit, the SEC’s Office of Investor Education and Assistance issued an alert warning investors not to rely on information shared in social media group chats and to independently check the background of anyone promoting investment opportunities. The case adds to a growing list of enforcement actions targeting crypto-related scams that imitate regulated financial products while operating entirely outside legitimate markets. The message from regulators is consistent: new technology does not provide cover for old-style fraud.

Everyone has seen a story of someone turning a small amount of crypto into a fortune almost overnight. Social media makes these cases look normal, which is why Crypto trading myths continue to give beginners unrealistic expectations. Trading crypto requires skill, combining market psychology, careful risk management, and informed decision making. When myths dominate, beginners often make mistakes that are completely avoidable and end up costing both money and self confidence. This article clears up the most common misunderstandings and replaces them with accurate insights so new traders can enter the market with realistic expectations and a solid foundation for success. Key takeaways • Crypto trading can be profitable, but losses are also part of the learning process. • Trading frequently does not guarantee bigger gains, and waiting for the right opportunities usually brings better results. • Technical tools can help guide your decisions but they do not guarantee what will happen next in the market. • Building your own experience and maintaining discipline outweigh blindly following social media traders. • Effective risk management separates long-term success from short-term setbacks. Common Crypto Trading Myths Debunked 1. You Can Get Rich Overnight This is one of the most common crypto trading myths. A lot of people hear about great results others achieve, but few pay attention to the hard work behind them. The late nights, deep research, and disciplined decision-making are what actually produce profits. Successful traders build skills over time and many experience losses before making consistent gains. Long‑term success comes from strategy, commitment and patience. 2. Just Start Trading Many beginners believe the best way to learn crypto trading is to jump in immediately and figure things out along the way. While experience is very important, trading without a plan, market understanding, or risk limits often leads to avoidable losses. A clear trading plan with entry and exit rules helps manage risk and reduce decisions influenced by emotions. 3. More Trading Means More Profit Another common Crypto trading myth is the idea that trading more frequently leads to higher earnings. Many beginners assume that staying active in the market at all times increases their chances of making profit. In practice, overtrading often results in higher transaction fees, rushed decisions, and emotionally driven mistakes. Experienced traders understand that market conditions are not always favourable, which is why they wait for high-quality setups and focus on well-planned trades. 4. Indicators and Tools Guarantee Accurate Predictions Many beginners believe technical tools can predict exactly where prices are headed, but this is a myth. Indicators are based on past price behaviour and are designed to help assess probabilities, not guarantee outcomes. The market is always uncertain, so trading decisions should be supported by proper risk management. 5. Copying Influencers Will Make You Profitable Following other traders can seem like an easy way to learn, but doing so blindly ignores important differences such as risk tolerance, capital size, timing, and strategy. Market conditions can fluctuate within seconds between seeing a signal and placing a trade. Learning from experienced traders is useful, but developing your own judgement and understanding the reasoning behind each trade is far more valuable in the long run. 6. Risk Management is Optional This myth often causes beginners to risk too much on a single trade or overlook basic tools like stop losses. The crypto market is highly volatile, and effective risk management helps protect capital and supports long-term survival during market downturns. Ignoring it frequently leads to unnecessary losses and emotional burnout. Conclusion Success in crypto trading comes from preparation, patience, and discipline. The market does not guarantee profits, and no shortcut can replace proper learning. Crypto trading myths flourish when understanding is limited, but they lose ground when traders focus on how markets behave. With proper understanding of this, beginners can enter the market with realistic expectations and more effective strategies.

What Is Architect Building With Its New Funding? Brett Harrison, the former president of FTX US, has raised $35 million for his startup Architect Financial Technologies as it builds a regulated exchange offering perpetual futures tied to traditional financial assets. The funding round was first reported by The Information and led by Miami International Holdings and Tioga Capital, valuing Architect at roughly $187 million, according to a person familiar with the matter. Architect operates AX, a global perpetual futures exchange aimed at institutional traders outside the United States. The platform allows trading in non-expiring derivatives linked to assets such as equities and foreign exchange, applying design features popularized in crypto markets to more conventional asset classes. Unlike crypto-native venues, AX does not list perpetual contracts tied to digital assets. Instead, it focuses entirely on traditional markets, while operating under Bermuda regulation as U.S. approval for perpetual futures linked to real-world assets remains unavailable. Investor Takeaway Architect’s bet is that the mechanics of crypto-style perpetuals can be applied to equities and FX, even while U.S. regulators continue to block similar products at home. Why Are Perpetual Futures Drawing Attention Beyond Crypto? Perpetual futures, often called “perps,” became a core trading instrument in crypto because they remove expiry dates, simplify margin management, and concentrate liquidity into a single contract. Those features have long appealed to active traders, but until now have largely been limited to digital-asset markets. Interest is now spreading into macro and traditional assets, where traders want flexible ways to express views without rolling contracts or holding the underlying instruments. AX is attempting to meet that demand by offering perpetual exposure to assets such as stocks and currencies, while keeping the structure inside a regulated, institution-focused framework. The regulatory gap remains the main obstacle. In the United States, perpetual futures tied to traditional assets are not approved, leaving firms like Architect to operate offshore while targeting global institutional clients. That limitation has not stopped interest from growing, particularly among funds that already trade derivatives across multiple jurisdictions. How Does AX Fit Into the Broader Market Trend? Architect’s raise comes as investors and trading firms increasingly ask whether crypto market structures can be repurposed for real-world assets. In a recent 2026 investment outlook, Coinbase Ventures highlighted real-world-asset perpetuals as a key area of focus, pointing to demand for synthetic exposure to macroeconomic indicators, commodities, and other offchain markets. Such products allow traders to hedge or take directional views without taking custody of the underlying assets, a feature that appeals to institutions managing balance-sheet constraints or operational complexity. So far, regulatory barriers have kept most of that activity offshore or experimental. Architect’s approach differs from crypto exchanges that expanded outward into equities. AX launched without any digital-asset contracts, positioning itself from the start as a derivatives venue for traditional markets built on crypto-style infrastructure rather than crypto itself. Investor Takeaway If regulators outside the U.S. allow broader use of perpetuals on real-world assets, early platforms like AX could capture institutional flow before similar products reach American markets. What Role Does Brett Harrison Play in the Strategy? Harrison spent roughly 17 months as president of FTX US before stepping down in 2022, shortly before the broader collapse of FTX. Since launching Architect, he has framed AX as an effort to separate efficient market design from the failures of crypto exchange governance. The pitch centers on borrowing what worked in crypto—continuous markets, capital efficiency, and streamlined execution—while avoiding the asset classes and structures that have drawn the most regulatory scrutiny. By focusing on non-U.S. institutions and traditional assets, Architect is aiming for a narrower but potentially more stable client base. Whether that model scales will depend on regulatory tolerance outside the U.S. and on whether institutions adopt perpetuals as a standard tool for macro and equity trading. For now, Architect’s latest funding round shows that investors are still willing to back experiments that adapt crypto trading mechanics to global finance, even as regulators move slowly.

What Did the Bank of Russia Propose? The Bank of Russia has released a policy proposal that would allow non-qualified investors to buy certain cryptocurrencies for the first time under a regulated framework. The plan, published Tuesday, would open most of the crypto market to both qualified and non-qualified investors, while imposing strict caps and testing requirements. Under the proposal, non-qualified investors would be allowed to purchase a defined list of liquid cryptocurrencies after passing a knowledge test. Annual purchases would be capped at 300,000 rubles, or roughly $3,834. The central bank has not yet specified which assets would qualify, but the framework suggests a narrow initial scope. Qualified investors would gain broader access to crypto markets, with the exception of privacy-focused coins. They would also be required to pass a knowledge assessment. The proposal outlines a tiered system that expands access without fully opening crypto markets to the public. Investor Takeaway Russia is testing controlled retail access to crypto rather than banning it outright. The limits suggest authorities want participation without allowing large-scale capital shifts. Why Is This Change Broader Than Expected? The proposal follows earlier comments from Vladimir Chistyukhin, the central bank’s first deputy governor, who said Russia was reviewing its restrictive crypto rules. At the time, he suggested that the “super-qualified investor” requirement for crypto trading with physical delivery could be relaxed. That category was introduced in late April, when Russia’s finance ministry and central bank jointly launched a domestic crypto exchange. To qualify, investors had to meet wealth thresholds above 100 million rubles, or earn at least 50 million rubles annually. The new proposal moves beyond that structure by opening limited access to non-qualified investors, a step that was not widely expected. While the proposal still preserves strict controls, it marks a shift from a system designed almost exclusively for high-net-worth participants to one that acknowledges retail demand. How Would Cross-Border Crypto Activity Work? The proposal also addresses crypto activity outside Russia’s domestic platforms. Russian residents would be allowed to buy crypto on foreign exchanges, pay through foreign accounts, and transfer those assets via Russian intermediaries. In such cases, investors would be required to notify the tax authorities of the transactions. This approach reflects an effort to bring existing behavior into view rather than pushing it further underground. Cross-border crypto use has remained active despite domestic restrictions, especially as Russians seek access to global markets amid capital controls and financial isolation. By formalizing reporting obligations instead of banning foreign activity outright, the central bank appears focused on oversight and tax compliance rather than full enforcement bans. Investor Takeaway Allowing foreign-platform access with reporting requirements suggests regulators are prioritizing visibility and control over strict prohibition. Does Russia Still View Crypto as a Risk? Despite the proposed easing, the Bank of Russia made clear that its stance on crypto risk has not changed. The central bank said it “continues to consider cryptocurrencies a high-risk instrument.” The proposal also restates that cryptocurrencies and stablecoins, while recognized as monetary assets that can be bought and sold, remain barred from domestic payments. This restriction stems from a 2020 law passed by the State Duma that bans the use of crypto as a payment method inside Russia. That distinction underscores the central bank’s approach: crypto may exist as an investment asset under supervision, but not as a parallel payment system. What Would the Market Structure Look Like? If adopted, crypto transactions would take place through exchanges, brokers, and trustees operating under existing financial licenses. Specialized crypto exchanges and depositories would face separate regulatory requirements, signaling tighter oversight for firms handling digital assets directly. The proposal stops short of providing a timeline for implementation or detailing which cryptocurrencies would be deemed suitable for non-qualified investors. Those decisions are likely to shape how meaningful the change becomes in practice.

What Did Strategy Do With Its Balance Sheet? Bitcoin treasury firm Strategy said it has increased its U.S. dollar reserve to $2.19 billion after raising roughly $748 million through the sale of common shares. The move gives the company enough liquidity to cover interest and dividend obligations for about 32 months, according to TD Cowen’s TD Securities unit. The cash raise follows a period of pressure on Strategy’s stock, which was trading near $165 at the time of writing, down more than 43% year-to-date. By building a larger cash buffer, the company is reducing near-term financing risk at a time when bitcoin prices and crypto-linked equities remain volatile. TD Securities said the expanded reserve improves Strategy’s ability to continue operating even if market conditions remain weak for an extended period. “The move underscores the company’s balance sheet strength and should alleviate concerns about its ongoing viability, even in a prolonged ‘crypto winter’ scenario,” analysts led by Lance Vitanza wrote. “Shoring up liquidity during times of stress is always prudent, in our view, and we believe all Strategy stakeholders are materially better off.” Investor Takeaway A larger cash reserve reduces near-term balance-sheet risk and gives Strategy more time to absorb bitcoin price swings without raising capital under pressure. How Was the Capital Raised Without Disrupting the Market? Strategy first outlined its plan to build a liquid cash buffer on Dec. 1, when it disclosed it had raised $1.44 billion to support preferred-stock dividends and interest on outstanding debt. Over the following four weeks, the company sold more than 22 million shares, a pace TD Securities said was broadly in line with average daily trading volume. That execution mattered. Selling large amounts of stock too quickly can weigh on share prices or signal distress. TD Securities noted that Strategy managed to add liquidity without disrupting market trading, easing concerns around access to capital. “In moving so aggressively to shore up its balance sheet, Strategy has gone a long way toward putting to bed any lingering questions around its ongoing access to the capital markets,” the analysts wrote. “Concerns around the viability of Strategy's balance sheet are overblown, in our opinion.” The firm reiterated its buy rating on Strategy and kept a $500 price target over the next 12 months, despite the sharp decline in the stock this year. Why Does Liquidity Matter So Much for a Bitcoin Treasury Company? Strategy’s business model centers on holding large amounts of bitcoin on its balance sheet. The company currently owns 671,268 bitcoin, valued at more than $59 billion based on recent prices. That concentration gives shareholders leveraged exposure to bitcoin, but it also leaves the firm sensitive to drawdowns in the crypto market. Cash reserves play a critical role in that structure. Interest payments, preferred dividends, and operating expenses must be met regardless of bitcoin’s price. By securing more than two and a half years of coverage, Strategy reduces the risk of forced asset sales or emergency fundraising during market stress. TD Cowen expects Strategy to continue adding to its bitcoin holdings over time, forecasting that the company could own around 835,000 bitcoin by the end of fiscal year 2027. The analysts estimate intrinsic bitcoin value of about $380 per share in one year and $515 in two years, based on their assumptions. “With potential upside to our target nearly 200%, we recognize that our price target may seem ‘out of context,’” the analysts wrote, pointing to the volatility embedded in both bitcoin prices and Strategy’s trading premium. Investor Takeaway Strategy’s cash cushion lowers the chance of forced selling during downturns, but the stock remains closely tied to bitcoin price swings and investor risk appetite. What Could Change the Outlook Going Forward? Beyond balance-sheet mechanics, TD Cowen highlighted a regulatory development that could influence sentiment toward crypto-linked firms. The U.S. Federal Reserve has requested public feedback on a proposed “payment account,” sometimes described as a “skinny master account,” that could give certain eligible institutions limited access to Fed payment rails. Such access, if extended to crypto-related firms, would mark a notable step toward deeper integration with the traditional financial system. TD Cowen said this backdrop makes a rebound in the sector plausible. The analysts wrote that “a ‘crypto spring’ looks at least as likely to us,” citing both improved liquidity at Strategy and signs of regulatory openness. Still, they acknowledged that volatility remains high and outcomes will hinge on bitcoin prices, capital markets conditions, and policy decisions. For now, Strategy’s larger cash reserve gives it breathing room. Whether that proves enough to justify bullish price targets will depend on how bitcoin and broader crypto markets perform over the coming quarters.

Bitcoin's computational power dropped 4% in the 30 days through mid-December, marking the network's sharpest contraction since April's halving event. While this might appear bearish, digital asset manager VanEck's latest research reveals a counterintuitive pattern—periods of mining industry distress have historically preceded substantial price gains. The current squeeze stems from Bitcoin's roughly 30% retreat from October's $126,000 peak, combined with tight mining margins. Mid-generation equipment now requires electricity costs below $0.077 per kilowatt-hour to remain profitable—a 36% reduction from late 2024 breakeven levels. This economic pressure is forcing less efficient operations to shut down, creating what analysts view as a potentially bullish cleansing of the network's weakest participants. The Capitulation Advantage VanEck's examination of network data stretching back to 2014 uncovers a striking pattern. During periods when hashrate declined over 30 days, Bitcoin delivered positive returns in the subsequent 90 days approximately 65% of the time. When hashrate was expanding, that success rate dropped to 54%. The correlation strengthens over longer horizons with negative 90-day hashrate growth preceded positive six-month returns 77% of the time, with average gains reaching 72%. This compares to 61% positive outcomes during hashrate expansion periods. As VanEck notes, "buying BTC when 90-day hash rate growth is negative, rather than at any time, has historically improved 180-day forward returns by 2400 bps." The mechanism behind this paradox lies in mining economics showing that when Bitcoin's price falls, higher-cost operators face mounting losses and eventual capitulation. This forced selling creates short-term pressure, but it cleanses the network of its weakest participants. As inefficient miners exit, network difficulty adjusts downward, improving profitability for survivors with access to cheap electricity or efficient equipment. These remaining miners face less pressure to liquidate holdings, reducing market supply and creating conditions for price appreciation. the present conditions carry unique characteristics as the chinese authorities recently shuttered approximately 1.3 gigawatts of mining capacity in Xinjiang, forcing roughly 400,000 machines offline. VanEck estimates that up to 10% of displaced computational resources may pivot toward artificial intelligence applications, where profitability currently exceeds cryptocurrency mining. Institutional Conviction Amid Retail Retreat Market behavior reveals a stark divide among Bitcoin holders. Digital asset treasuries accumulated 42,000 Bitcoin between mid-November and mid-December—the largest monthly acquisition since summer—pushing their combined holdings to approximately 1.09 million Bitcoin. Micheal Saylor's Strategy led with 29,400 Bitcoin purchased during price weakness. Conversely, exchange-traded product holdings declined by 120 basis points to 1.308 million Bitcoin. On-chain analysis shows investors who acquired positions 1-5 years ago reduced balances substantially, with the 2-3 year cohort decreasing holdings by 12.5%. Meanwhile, coins held over five years remained static, suggesting long-term holder conviction. Bitcoin currently trades around $87,900, down approximately 9% over the past month. The cryptocurrency reached a low of $80,700 on November 22, pushing the 30-day RSI to 32. Bitcoin perpetual futures basis rates collapsed to 5% annualized—compared to the year's average of 7.4%—reflecting diminished speculative appetite. VanEck's research suggests the current environment shares characteristics with previous cyclical bottoms in 2018 and 2022, when miner capitulation preceded significant recoveries. However, analysts acknowledge that identifying market bottoms remains uncertain, with macroeconomic conditions and regulatory developments capable of overriding historical patterns.

Ghana has taken a major regulatory leap by officially legalizing cryptocurrency trading and establishing a comprehensive legal framework for digital asset services following parliamentary approval of the Virtual Asset Service Providers (VASP) Bill, 2025. Under the new law, individuals can legally engage in crypto trading, and companies providing digital asset services such as exchanges, wallets, custody, and payment solutions must obtain licenses and comply with reporting and consumer protection standards. The legislation places the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) at the center of digital asset oversight, marking a shift from informal adoption to regulated practice. Officials say this move will promote financial inclusion, protect consumers, mitigate fraud and money laundering risks, and help integrate Ghana’s growing crypto market into the country’s formal financial system.  Ghana Crypto Laws Move From Ambiguity to Authority For years, Ghana’s crypto ecosystem operated in a regulatory gray area where digital assets were widely used by millions of people, but lacked legal status and formal oversight. Previous central bank guidance had warned that crypto activities were not covered under existing payments law, leaving exchanges and participants exposed to enforcement risk. That changed in late 2025 when Parliament passed the Virtual Asset Service Providers Bill into law, empowering the Bank of Ghana to license and supervise virtual asset service providers (VASPs), including exchanges, custody platforms, and wallet operators. Under the new regime, trading Bitcoin, Ethereum, and other digital assets is explicitly legal, and participants who comply with licensing requirements will no longer face arrest or legal uncertainty for engaging in such activities. The Bill also assigns supervisory authority to the SEC for certain activities, creating a dual oversight system that aligns with global best practices for virtual asset regulation. Together, these institutions will issue detailed guidelines to implement licensing, compliance, and reporting standards in the coming months, with a phased rollout expected throughout 2026. Crypto Legitimacy and Market Development in Africa Ghana’s regulatory overhaul answers a pressing need because the country is one of Africa’s most active crypto markets, with an estimated 3 million users and roughly $3 billion in annual transaction volume before legal clarity arrived.  Such a scale made it increasingly difficult for authorities to ignore activity that had been flourishing outside formal financial supervision. Removing legal uncertainty is expected to have several key effects, including boosting consumer confidence and inclusion with clear rules and oversight. This means retail traders and digital asset newbies can participate without fear of legal risk, potentially expanding financial inclusion and bridging gaps in access to financial services. Moreover, by adopting this framework, Ghana joins a growing list of African countries that favor regulation over prohibition, including Kenya, Nigeria, and South Africa. Ultimately, Ghana’s regulated approach could make it a regional leader in digital finance and a model for other emerging markets seeking to balance innovation with risk controls.

What Did BC Card Test—and Why Now? South Korean payments processor BC Card has completed a pilot that allowed foreign users to pay local merchants using stablecoins, marking one of the clearest signs yet that the country’s card networks are preparing for onchain payments. The test, announced Tuesday, enabled overseas users to convert stablecoins held in foreign wallets into digital prepaid cards that could be used at South Korean merchants. The pilot was carried out with blockchain firm Wavebridge, wallet provider Aaron Group, and cross-border remittance company Global Money Express. According to BC Card, the project was not designed as a short-term experiment but as groundwork for a broader stablecoin payment structure. BC Card said the move reflects changes underway in South Korea’s regulatory approach to stablecoins. While the legal framework is still being debated, payment firms are preparing operationally for scenarios where stablecoins move closer to everyday commerce. Investor Takeaway A major card processor running stablecoin pilots suggests payment incumbents are preparing for onchain money to coexist with card networks, not just compete with them. Why Does This Matter in the South Korean Market? BC Card is not a fringe player. The company reportedly processes more than 20% of South Korea’s card transactions and serves around 3.4 million domestic merchants. Its majority owner is KT Corp, one of the country’s three largest telecom operators, giving BC Card deep reach across both payments and digital infrastructure. Allowing foreign users to spend stablecoins at Korean merchants addresses a long-standing friction point: cross-border payments. Tourists, overseas workers, and international shoppers often face high conversion fees and settlement delays when using cards issued abroad. Stablecoins, when converted locally into prepaid instruments, offer a faster route without forcing merchants to touch crypto directly. The pilot also highlights how payment firms are adapting to regulatory uncertainty. Rather than waiting for final rules, companies are testing controlled models that fit within existing card and prepaid frameworks, while keeping stablecoins at the settlement edge. How Are Regulators and Card Firms Responding to Stablecoins? South Korea’s credit card industry has been paying close attention to stablecoins throughout 2025. In late July, local media reported that card companies formed a joint task force to assess the potential impact of stablecoins, after regulators opened discussions around the introduction of won-denominated stablecoins. BC Card reportedly created an internal team focused on monitoring both domestic and international stablecoin developments. Even so, regulation has moved more slowly than expected. Earlier this month, the Financial Services Commission failed to submit a draft stablecoin proposal by a deadline requested by the ruling Democratic Party. Lawmakers said delays stemmed from disagreements between the FSC and the Bank of Korea. The central bank has pushed for banks to own at least 51% of any stablecoin issuer seeking approval, while other regulators appear more open to a mixed ecosystem that includes fintechs and non-bank players. That split reflects a broader tension: whether stablecoins should sit firmly inside the banking system or operate alongside it under lighter structures. Investor Takeaway Regulatory disagreement in South Korea has not stopped payment firms from preparing. Infrastructure is being built ahead of policy clarity, not after it. What Does This Say About Stablecoins as a Payment Tool? Stablecoins are increasingly discussed as a complement to existing payment methods rather than a replacement. Card networks, banks, and tech firms are exploring ways to integrate onchain settlement while preserving familiar user and merchant experiences. Recent developments underline this trend. YouTube has allowed U.S. creators to receive payouts in PayPal’s dollar-backed stablecoin, while Visa has rolled out USDC settlement services for select financial institutions. These moves place stablecoins behind the scenes, handling settlement rather than consumer-facing complexity. Shehram Khattak, general counsel at Trust Wallet, framed the shift as structural rather than cosmetic: “Ultimately, banks will have to deal with legacy operations but not only from an operations perspective but also processes; the entire department will have to change how they function.” BC Card’s pilot fits that pattern. Merchants continue accepting card payments as usual, while stablecoins handle value transfer behind the scenes. For users, especially foreigners, the experience looks like prepaid card spending rather than crypto usage. What Comes Next? BC Card has not set a timeline for a full rollout, but it has made clear that the pilot is part of longer-term preparation. Much will depend on how South Korea resolves questions around stablecoin issuance, ownership, and oversight. If regulations open the door to broader participation, card processors could become a key bridge between onchain money and offline commerce. South Korea’s dense merchant network and high digital payment adoption make it a natural testing ground. For now, the pilot shows that stablecoins are no longer just a theoretical threat to card networks. In South Korea, they are already being tested as part of the system.

Cryptocurrency exchange Bybit disclosed plans Monday to wind down operations for Japanese customers starting next year, choosing retreat over continued confrontation with one of Asia's most demanding financial regulators. The platform, which processes billioin of dollars daily trades globally, will roll out restrictions incrementally rather than severing access overnight. Japanese account holders face progressive limitations on their trading activities as the company steps back from a market it has served for years without securing proper authorization. Bybit's announcement follows an October decision to freeze new signups from Japan. That earlier move suggested the writing was already on the wall—discussions with authorities weren't producing a workable compromise. Monday's confirmation that restrictions will begin in 2026 essentially closes the door on the exchange's presence in the country. Users flagged as Japan-based have until January 22, 2026, to submit additional identity documentation if they believe the classification is incorrect. Those who don't will see their accounts treated as Japanese and subjected to the coming restrictions. Regulatory Standoff Reaches Breaking Point Japan's Financial Services Agency has pursued Bybit since 2021, repeatedly warning the platform about operating without required registration. The agency oversees one of the world's tightest cryptocurrency frameworks, shaped largely by damaging exchange collapses over the past decade that left customers burned and regulators determined to prevent repeat disasters. In the latest announcement, Bybit stated that: "If you're a resident of Japan, please note that starting from 2026 your account will be subject to gradual restrictions. You'll receive additional updates on the remediation process in subsequent communications." The FSA escalated pressure in February when it asked Apple and Google to pull apps for five unregistered exchanges—Bybit, MEXC Global, LBank, KuCoin, and Bitget—from their stores. Apple complied. That action made clear Japan's regulators weren't bluffing about enforcement. Upcoming legislation expected in 2026 would push requirements even further, mandating liability reserves similar to those securities firms must maintain. Draft reforms would also reclassify digital assets as financial products, triggering insider trading rules and stricter custody audits. Some domestic exchange operators have already flagged concerns that roughly 90 percent of local platforms are unprofitable, suggesting the compliance costs could drive more players out. Bybit In December So far in December, Bybit has reinforced its push toward regulated institutional crypto, pairing infrastructure-focused messaging with concrete market moves. The exchange has stressed that institutional adoption now depends less on speculation and more on custody design, risk management, and clear regulatory frameworks that allow professional capital to engage at scale. At the same time, Bybit has backed this narrative with action, returning to the UK with a tightly scoped spot and P2P offering and signaling a broader compliance-first strategy. CEO Ben Zhou has framed these steps as part of a new phase for institutional crypto, where regulation is not a constraint but a prerequisite for sustainable growth.

XTB has announced its participation as a Gold Sponsor of the 16th annual Globe Soccer Awards, reinforcing its strategy of aligning the brand with high-profile global sporting events. The ceremony will take place on 28 December 2025 at Atlantis The Royal in Dubai and will bring together leading figures from world football. As one of the event’s elite sponsors, XTB will play a visible role during the awards night, with the company’s Chief Growth Officer, Szymon Szymanski, set to present one of the key awards recognising excellence in the sport. A Global Football Showcase The Globe Soccer Awards are among football’s most internationally recognised ceremonies, with more than 30 million fan votes contributing to the final outcomes. The invitation-only gala attracts club executives, players, coaches, agents and decision-makers from across the global football ecosystem. This year’s shortlist reflects the elite end of the sport. Paris Saint-Germain, fresh from UEFA Champions League success, is nominated for Best Men’s Club alongside Barcelona, Chelsea, Flamengo and Liverpool. In the coaching category, PSG’s Luis Enrique will compete with Xabi Alonso, Mikel Arteta, Hansi Flick and Enzo Maresca. Individual honours will also be closely watched, with players including Ousmane Dembélé, Vitinha, Kylian Mbappé, Raphinha and Lamine Yamal shortlisted for Best Men’s Player. Brand Strategy Through Global Sport XTB said its involvement in the Globe Soccer Awards is a deliberate extension of its global brand strategy, using sport as a platform to reach broad, international audiences. “Being present at world-leading sporting events is a key element of our brand strategy,” said Szymon Szymanski, Chief Growth Officer at XTB. “It strengthens our global brand awareness and allows us to engage with audiences in moments that truly matter to the football community worldwide.” For financial services and trading firms, partnerships with major sporting events have increasingly become a way to build brand recognition beyond traditional finance audiences, particularly in regions such as the Middle East where sport, technology and investment communities frequently intersect. Alignment With Globe Soccer’s Global Vision Globe Soccer welcomed XTB’s participation, highlighting the alignment between the awards’ international reach and XTB’s global outlook. “XTB’s global outlook, digital innovation and strong connection with international audiences align perfectly with the spirit of our awards,” said Tommaso Bendoni, Founder and CEO of Globe Soccer. “We look forward to working closely with XTB to deliver a memorable celebration of excellence on and off the pitch.” The ceremony will also recognise a wide range of additional categories, including Best Emerging Player, Best Women’s Player, Best Agent, the Maradona Award and several career achievement honours, alongside awards linked to the LALIGA EA SPORTS season. Dubai as a Strategic Location The choice of Dubai as the host city continues a broader trend of major sporting and business events gravitating toward the Middle East. The region has become a key hub for international finance, technology and global sports partnerships, offering brands access to diverse and fast-growing audiences. For XTB, participation in an event staged at one of Dubai’s most iconic venues provides further visibility in a market that has become increasingly important for global investment platforms. About XTB Founded in 2004 in Poland, XTB has grown into a global investment platform serving more than two million customers worldwide. Through its investing app, users can invest in stocks and ETFs, trade CFDs across multiple asset classes, and access a wide range of educational resources. The company operates across 17 offices globally and is regulated by multiple authorities, including the Polish Financial Supervision Authority, the UK Financial Conduct Authority and the Cyprus Securities and Exchange Commission. XTB has been listed on the Warsaw Stock Exchange since 2016. By associating with globally recognised sporting events such as the Globe Soccer Awards, XTB continues to position itself as a consumer-facing investment brand with international reach, leveraging sport as a channel to build trust, recognition and engagement beyond traditional financial markets.