Market Signal Briefing

4D Advisors give U.S. Physical Therapy stock a huge vote of confidence by grabbing 110,000 shares.

What happenedAccording to a filing with the Securities and Exchange Commission dated November 14, 2025, 4D Advisors, LLC disclosed a new position in U.S. Physical Therapy (USPH +0.41%), acquiring 110,000 shares. The holding was valued at $9.34 million as of September 30, 2025, and was not present in the previous quarterly filing.

What else to knowThis was a new position, accounting for 4.97% of 4D Advisors’ 13F reportable assets under management after the trade.

Top holdings after the filing: 

NASDAQ:APEI: $10.46 million (5.57% of AUM)NYSE:TPB: $9.89 million (5.26% of AUM)NYSE:USPH: $9.34 million (4.97% of AUM)NYSE:SGHC: $9.24 million (4.92% of AUM)NYSE:ONTO: $9.05 million (4.82% of AUM)As of November 14, 2025, shares of U.S. Physical Therapy were priced at $71.67, down 18.75% over the past year, underperforming the S&P 500 by 32.75 percentage points.

Revenue over the trailing twelve months was $758.71 million. Net income totaled $36.02 million. Dividend yield was 2.5%. Five-year revenue CAGR was 6.85%.

The position brings 4D Advisors’ total reported holdings to 33 as of the September quarter-end.

Company OverviewMetricValueRevenue (TTM)$758.71 millionNet Income (TTM)$36.02 millionDividend Yield2.50%Price (as of market close 2025-11-14)$71.67Company SnapshotU.S. Physical Therapy operates outpatient physical therapy clinics, and provides industrial injury prevention services, including pre- and post-operative care, rehabilitation, ergonomic assessments, and performance optimization.It generates revenue primarily through patient services at clinics and specialized injury prevention programs for corporate clients, leveraging a network of physical therapists and athletic trainers.The company serves individuals requiring orthopedic, neurological, and sports injury care, as well as Fortune 500 companies and insurers seeking workplace injury prevention and rehabilitation solutions.U.S. Physical Therapy, Inc. operated 591 clinics across 39 states as of December 31, 2021. The company combines a broad national footprint with specialized offerings for both individual patients and large corporate clients. Its dual-segment strategy enables diversification of revenue streams and positions the company as a key partner in both healthcare and occupational health markets.

Foolish take4D Advisors' purchase of U.S. Physical Therapy shares was noteworthy for two reasons:  the investment management firm initiated a position in the stock, and it was substantial right out of the gate, catapulting U.S. Physical Therapy to the third largest holding in the fund.

This action suggests 4D Advisors has a bullish outlook on U.S. Physical Therapy despite the share price being down in 2025. This could be because the company operates in a fragmented rehab market that's up for grabs. USPH is a leader in the space with clinics in 44 states at the end of the third quarter, and this number has grown over the past five years.

USPH's revenue is up in 2025. Through the first three quarters of the year, sales totaled $578.3 million, an increase over 2024's $490.9 million.

USPH looks like a compelling stock to buy, especially considering its price-to-earnings ratio has dropped over the past year from over 85 in Q3 of last year to about 32 in 2025.

Glossary13F reportable assets under management: The portion of a fund’s assets that must be disclosed in quarterly SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
New position: An investment in a security that was not held in the previous reporting period.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Dividend yield: Annual dividends paid by a company divided by its current share price, expressed as a percentage.
CAGR (Compound Annual Growth Rate): The average annual growth rate of a value over a specified period, assuming compounding.
Quarterly filing: A report submitted every three months to regulators, detailing a fund’s holdings and financial condition.
Industrial injury prevention services: Programs and services aimed at reducing workplace injuries, often provided to corporate clients.
Ergonomic assessments: Evaluations of workplace design and practices to minimize injury risk and improve worker comfort.
Dual-segment strategy: A business approach that operates in two distinct but related areas to diversify revenue.
Occupational health: The field focused on the physical and mental well-being of employees in the workplace.

Renault will jointly develop small, cheaper electric vehicles for Ford for the European market and will also team up to produce commercial vans to cut costs and fend off rising competition from Chinese rivals, the companies said on Tuesday.

Customers of chip equipment maker ASML include at least one firm with links to the Chinese military, Dutch television program Nieuwsuur reported on Tuesday.

Geopolitical Tensions Maintain Defensive Demand
Gold and silver continue to benefit from steady safe-haven flows as broader geopolitical tensions keep investors defensive. While no single event is driving volatility, unresolved conflicts across multiple regions have reinforced demand for assets perceived as more resilient during periods of uncertainty.

A commodities strategist at a London-based firm noted, “The geopolitical risk premium has stabilised, but it hasn’t disappeared. Investors are pricing uncertainty rather than escalation.”

US Data in Focus Before Fed Decision
Attention now turns to incoming US labour indicators, including the ADP private-sector employment report and JOLTS job-openings data. Any signs of cooling momentum could strengthen expectations for additional easing in 2026 and reinforce support for precious metals.

Still, with Powell set to address the press on Wednesday, trading volumes remain muted. Gold and silver are expected to stay range-bound until the Fed delivers clearer guidance on inflation, growth and the pace of future policy adjustments.

Short-Term Forecast
Gold near $4,180 and silver around $57.75 are likely to remain range-bound ahead of the Fed meeting, with traders waiting for clarity on rate cuts before taking new positions.

Gold Prices Forecast: Technical Analysis

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Bitcoin started the week attempting to reclaim the $92,000 level, a move that hints at early signs of recovery after weeks of volatility and uncertainty. This renewed strength arrives at a critical moment for global markets, as investors turn their attention to one event: the upcoming FOMC meeting. According to a new CryptoQuant report by XWIN Research Japan, the central question is whether the Federal Reserve will finally begin cutting interest rates—a decision that could reshape market expectations heading into 2026.

Historical data provides an important context. During the last two rate-cut announcements on September 17 and October 29, Bitcoin followed a strikingly similar pattern. Prices climbed in the days leading up to each meeting, reflecting optimism and speculation.

Immediately after the announcements, the market experienced a brief bounce, only to fall sharply soon after. This behavior highlights a common reaction in macro-driven markets: although rate cuts are usually seen as bullish, they often fuel a “buy the rumor, sell the news” dynamic in the short term as traders lock in profits.

With Bitcoin hovering below major resistance and macro uncertainty rising again, the coming days may determine whether this attempted recovery evolves into momentum—or fades into another corrective swing.

Market Positioning Meets Macro Reality
Rather than simply repeating past rate-cut reactions, the current setup requires placing Bitcoin’s behavior in the broader macroeconomic landscape—a landscape that looks very different from previous cycles. While XWIN Research highlights the historical “up first, down later” pattern around FOMC cuts, the real story lies in how today’s liquidity conditions interact with on-chain signals.

Stablecoin exchange reserves now reflect not just crypto sentiment but the macro backdrop. With the US nearing the end of quantitative tightening and global liquidity subtly improving, rising stablecoin reserves would confirm that investors are preparing to deploy capital into risk assets.

If reserves remain flat or decline, it may indicate hesitation tied to uncertainty over inflation persistence or concerns about policy missteps.

Funding rates, meanwhile, must be interpreted through the lens of a market recalibrating after a 36% correction while still operating in a high-rate environment. Excessive long leverage during a macro turning point—especially if the Fed cuts earlier than expected—creates the perfect setup for volatility spikes.

Neutral or mildly positive funding, however, would suggest traders are not overextended, allowing Bitcoin to absorb macro news more smoothly.

Bitcoin Funding Rates | Source: CryptoQuant
Ultimately, Bitcoin’s reaction to the FOMC will depend on the interplay between improving macro liquidity conditions and the internal positioning of the market. This cycle’s environment is more complex—and potentially more supportive—than prior rate-cut events, making risk-managed positioning more crucial than prediction.

Weekly Chart Shows Stabilization But Trend Still Vulnerable
Bitcoin’s weekly chart shows the market attempting to stabilize after a sharp multi-week correction, with price hovering around $91,800. The current candle is printing a modest rebound, signaling that buyers are stepping in near the green 100-week moving average, a level that has acted as a cyclical support zone in past downturns. This reaction suggests that long-term participants are defending the structure, even as momentum remains weak.

BTC consolidates above $90K level | Source: BTCUSDT chart on TradingView
Despite the bounce, BTC continues to trade well below the 50-week moving average, which has curled downward—evidence that medium-term trend pressure still leans bearish. The breakdown from the $110K–$100K region triggered a decisive shift in sentiment, and the latest consolidation under $95K reflects a market still searching for direction rather than forming a clear recovery trend.

Volume also tells an important story: selling spikes in recent weeks have been met with noticeably softer buy-side volume, indicating that bulls are present but not yet aggressive. Until a sustained surge in demand appears, rallies near the 50-week MA are likely to face resistance.

If Bitcoin holds the 100-week MA and forms higher weekly lows, a recovery phase could build. Failure to maintain this zone, however, would expose deeper downside levels and confirm a broader trend reversal.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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The U.S. Commodity Futures Trading Commission has approved using tokenized assets as collateral in the country’s derivatives markets. This approval shows that the commission is becoming more open to activities related to crypto.

CFTC Launches Pilot Allowing Tokenized Assets in Derivatives Markets
In a press release, the commission announced a new pilot program that will allow certain digital assets to be used as collateral in U.S. derivatives markets. Assets involved include Bitcoin, Ethereum, and USDC.

Acting Chair Caroline D. Pham announced the plan on Monday. She said it was the agency’s first formal move to promote crypto activity while retaining market protections.

“Today, I am launching a U.S. digital assets pilot program for tokenized collateral, including bitcoin and ether, in our derivatives markets that establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting,” she said.

The pilot requires participating companies to carefully monitor their activities. These companies must also report their customer asset holdings and any operational issues every week.

The guidance has been updated to clarify that the rules do not favor any specific technologies. This means that tokenized Treasuries and other real-world assets can be used as collateral, as long as they meet the agency’s custody and valuation standards.

Pham said the framework will be designed to support innovation, while maintaining key protections that have served U.S. derivatives markets well for decades.

This follows a September policy change by the CFTC, which has chosen to permit the use of stablecoins and other digital assets as collateral in derivatives markets. The move was based on recommendations by the President’s Working Group on Digital Asset Markets.

Coinbase Chief Legal Officer Paul Grewal also said the regulator’s action is a recognition that blockchain assets can be a benefit to financial systems.

“The CFTC’s decision confirms what the crypto industry has long known: That Stablecoins and digital assets have the potential to make payments faster, cheaper, and reduce risk,” he said.

CFTC Pulls Back Key Rule for Tokenized Collateral
The commission has removed Staff Advisory 20-34. This rule limited how firms could hold or manage digital assets as collateral. This change follows the passing of the GENIUS Act and rapid advancements in tokenization technology.

Many institutions can now use tokenized assets that were previously restricted. This creates a regulated way for using different blockchain instruments in the derivatives market.

Last week, the CFTC approved the first-ever spot crypto products on registered exchanges. Pham stated that this decision helps the U.S. move closer to becoming the crypto capital of the world.

Dogecoin started a recovery wave above the $0.140 zone against the US Dollar. DOGE is now facing hurdles near $0.1450 and might struggle to continue higher.

DOGE price started a decent upward move above $0.140 and $0.1410.
The price is trading above the $0.140 level and the 100-hourly simple moving average.
There is a bullish trend line forming with support at $0.1405 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it stays below $0.140 and $0.1380.

Dogecoin Price Faces Resistance
Dogecoin price started a recovery wave from the $0.1350 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1380 and $0.140 resistance levels.

There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1532 swing high to the $0.1351 low. However, the bears seem to be active near the $0.1440 and $0.1450 levels. Dogecoin price is now trading above the $0.1410 level and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $0.1405 on the hourly chart of the DOGE/USD pair.

If there is a recovery wave, immediate resistance on the upside is near the $0.1450 level and the 50% Fib retracement level of the downward move from the $0.1532 swing high to the $0.1351 low. The first major resistance for the bulls could be near the $0.1490 level.

Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1530 level. A close above the $0.1530 resistance might send the price toward the $0.1620 resistance. Any more gains might send the price toward the $0.170 level. The next major stop for the bulls might be $0.1720.

Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1450 level, it could continue to move down. Initial support on the downside is near the $0.140 level and the trend line. The next major support is near the $0.1380 level.

The main support sits at $0.1350. If there is a downside break below the $0.1350 support, the price could decline further. In the stated case, the price might slide toward the $0.1265 level or even $0.1250 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1400 and $0.1350.

Major Resistance Levels – $0.1450 and $0.1530.

The XRP price continued its strong downward spiral this month, moving to a low of $2 as investors waited for the upcoming Federal Reserve interest rate decision, which will come out on Wednesday. Ripple token was trading at $2.05, down by over 40% from its highest point this year.

In brief
Bitcoin has dropped 28% from its October peak, drawing closer to a key cost basis level as weekly ETF flows turn negative.
U.S. spot Bitcoin ETFs now hold $117.67 billion in the asset, equal to roughly 6.55% of supply, providing a key support zone.
Traders are watching whether renewed ETF demand and Wednesday’s Fed rate cut can help form a market floor.
U.S. Bitcoin exchange-traded funds continue to buy up the world's largest crypto, even as prices remain fixed just above $90,000.

That demand has helped limit deeper pullbacks near the ETFs’ aggregate cost basis, or breakeven price, since February last year, according to Glassnode data. 

Since 2024, two corrections of more than 30%—from March to August 2024 and January to April 2025—have bottomed and reversed around that cost basis. During both episodes, weekly ETF net inflows were negative, SoSoValue data shows.

A similar setup is now taking shape.

Bitcoin has fallen 28% from its October peak of $126,000, bringing it closer to the ETF cohort’s cost basis near $83,000, while weekly net inflows since the beginning of December are also in the red.

The asset is down 1.5% on the day to $89,900, having clawed back losses from a December 2 trough near $84,600.

U.S. ETF products now hold $117.67 billion in Bitcoin, roughly 6.55% of the asset's total supply, creating a structural bid that could act as a key demand zone.

Still, tensions now center on whether ETF demand will be strong enough to establish a floor at $83,000 and turn the market higher.

“Bitcoin is sitting on a strong on-chain and ETF support cluster where risk–reward historically favours the upside,” Shivam Thakral, CEO of BuyUCoin, told Decrypt. “A sustained bounce hinges on renewed ETF inflows and macro stability over the next one to two weeks.”

All eyes are now on Wednesday’s FOMC meeting, with a quarter-point rate cut all but certain, according to the CME’s FedWatch tool.

The critical question is whether this cut represents a confident step toward easing or a policy error—where the Fed begins to loosen policy while inflation, particularly in services, remains stubbornly above the central bank’s preferred 2% target, as Decrypt previously reported.

"If we look at Fed funds futures today, the market is pricing in a rate cut on Wednesday, but not another one until June," Mark Pilipczuk, chief marketing officer at CF Benchmarks, a Kraken company, told Decrypt. 

"We believe there's some room for upside here should the Fed signal that there is potential for another cut before the June meeting. That becomes more likely if the labor market continues to soften and inflation expectations stay in the 2–3% range."

Thakral echoed a similar bullish outlook, indicating that a “growth-supportive cut” would reinforce the historical pattern of Bitcoin bottoming at ETF cost basis and effectively “increase the probability of a rebound.”

He warned, however, that the rebound thesis would lose momentum if the Fed’s forward guidance were to take on a hawkish tone.

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At Bitcoin MENA, Saylor argued that current bank yields are so poor that investors are pushed into riskier corporate bonds, while properly structured Bitcoin-collateralized products could offer superior returns with reduced volatility. At the same time, Saylor’s company Strategy continued to expand its Bitcoin treasury after buying another $962.7 million worth of BTC even as its stock price fell more than 50% on the year. Despite market skepticism and concerns over liquidity risks in Bitcoin-based financial instruments, Strategy still maintains that its balance sheet is secure after raising $1.44 billion to reassure investors.

Bitcoin Banking Could Attract Massive CapitalMichael Saylor, CEO of the world’s largest Bitcoin-holding corporation, is urging nation-states to rethink their financial systems by building Bitcoin-backed digital banking products capable of drawing trillions in global capital. At the Bitcoin MENA conference in Abu Dhabi, Saylor argued that countries are missing a historic opportunity to offer high-yield, low-volatility digital accounts by leveraging overcollateralized Bitcoin reserves and tokenized credit instruments. 

These products, he said, could dramatically outperform the near-zero yields offered by traditional bank deposits in regions like Japan, Switzerland, and much of Europe. Even euro money-market funds deliver only around 150 basis points, while US money-market products hover near 400 basis points. Saylor believes that this yield stagnation forces investors into corporate bonds “that wouldn’t exist if people weren’t so disgusted with their bank account.”

He described a digital banking structure in which roughly 80% of a fund consists of digital credit instruments, supported by 20% fiat currency and an additional 10% buffer to smooth volatility. With Bitcoin reserves overcollateralized at a 5:1 ratio and held by a treasury entity, such products could theoretically offer attractive returns while staying stable enough to operate in regulated banking systems. Saylor claimed that any country adopting this model could attract between $20 trillion and $50 trillion in deposits, and could turn into  “the digital banking capital of the world.”

His proposed banking model  is similar to the structure of Strategy’s own STRC instrument, which was introduced in July as a money-market-style preferred share with a variable dividend around 10% and a design intended to keep its price near par. STRC has grown to roughly $2.9 billion in market cap, but critics are still wary of Bitcoin’s inherent volatility. 

BTC’s price action over the past year (Source: CoinMarketCap)

At around $90,010, Bitcoin is trading almost 30% below its October all-time high, and despite long-term gains of more than 1,100% over five years, its short-term swings still fuel skepticism. Former Salomon Brothers trader Josh Man argued that Bitcoin-backed high-yield products could face severe liquidity stress, and warned that raising rates to defend a peg may fail “when depositors want to get their money back out.”

Strategy Keeps Buying BitcoinMeanwhile, Michael Saylor’s Strategy expanded its already massive Bitcoin treasury by accumulating close to $1 billion worth of BTC even as inflows into digital asset treasuries slow and the company’s own stock faces steep declines. Saylor announced that Strategy bought 10,624 BTC for roughly $962.7 million at an average price of $90,615 per coin, bringing the firm’s total holdings to 660,624 BTC. 

Despite the downturn in Strategy’s share price, which fell 51% over the past year, the company is still in a strong unrealized profit position. Data from BitcoinTreasuries.NET estimates the value of Strategy’s holdings close to $60 billion, placing the firm more than 22% above its aggregate cost basis.

Saylor continues to pitch Bitcoin as a transformative form of “digital capital,” a message he has been placing a lot of emphasis on during meetings with sovereign wealth funds, banks, family offices, and large-scale investors. He argues that Bitcoin now functions as digital gold and that a new category of “digital credit” can draw yield from this capital while reducing volatility. 

Despite concerns around the company’s ability to maintain obligations during major equity declines, Strategy repeatedly signaled confidence in its financial strength. CEO Phong Le recently pointed out that the firm raised $1.44 billion to counter market fear and ensure it could service debts and dividend commitments, pushing back against what he described as circulating FUD that encouraged short positions against Bitcoin.

The company’s aggressive accumulation strategy contrasts with market trends. Digital asset treasuries saw their slowest month of inflows in November, and DefiLlama data showed that only $1.32 billion entered DAT products. This was a 34% decline from October. Despite this, Bitcoin-focused treasuries stayed dominant, bolstered by Strategy’s $835 million purchase on Nov. 17, while Ethereum-focused treasuries recorded $37 million in outflows. 

Tue, 9/12/2025 - 5:35

Shiba Inu (SHIB) could be on track to experience more volatility following an uptick in whale activity .

Cover image via U.Today

Shiba Inu (SHIB), one of the leading meme cryptocurrencies, has experienced a lot of activity from "whales." Specifically, there have been more large transfers than on any day since June 6, according to the data provided by analytics platform Santiment. 

😼🐳 Shiba Inu has seen the highest amount of whale transfers since June 6th today, happening in tandem with a +1.06T net change to the amount of $SHIB on exchanges. The #24 market cap in crypto is likely to see high volatility in the coming days. pic.twitter.com/64slL6tGVw

— Santiment (@santimentfeed) December 9, 2025 At the same time, the total amount of Shiba Inu held on exchanges increased by 1.06 trillion SHIB. This essentially means that a lot of coins are now available on exchanges (possibly for selling). 

HOT Stories

Due to these factors, the token is likely to experience more volatility in the next few days, Santiment warns. 

Will SHIB regain its momentum?According to CoinGecko data, SHIB is up by nearly 6% over the past 24 hours. The token's market cap is currently sitting just below the $5 billion mark. 

As reported by U.Today, a moderate relief rally could be in the cards for the popular meme coin, but traders should not anticipate a sharp price spike. 

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Zcash Floats Dynamic Fee Plan to Ensure Users Won’t Be Priced OutZEC zoomed 12% amid the fee discussion, beating gains across all major tokens.Updated Dec 9, 2025, 5:41 a.m. Published Dec 9, 2025, 5:41 a.m.

A key Zcash developer has published the first detailed blueprint for a dynamic fee market, opening a community discussion about how the decade-old network should price transactions as ZEC’s price, user activity and institutional interest climb.

The Monday proposal, released by Shielded Labs, lays out a shift away from Zcash’s historically static fee model — originally 10,000 ‘zatoshi,’ later cut to 1,000 — which worked during low demand but eventually contributed to “sandblasting” spam episodes that clogged wallets and congested the chain.

STORY CONTINUES BELOW

An earlier ZIP-317 proposal’s move to action-based accounting fixed the abuse vector, but retained predictable, low fees that don’t adjust to usage.

Action-based accounting treated every Zcash transaction component — such as spends, outputs, JoinSplits, Orchard actions — as a single uniform “action,” letting fees scale with activity rather than byte size.

Developers say that with ZEC’s recent resurgence, new retail onboarding and the emergence of Zcash digital-asset treasuries, the status quo is becoming less tenable.

It said some users have started to report rising transaction costs in ZEC terms, and edge-case scenarios — like large sets of tiny user transactions costing double-digit ZEC to shield — show how fee rigidity breaks down when token prices climb.

The proposed mechanism introduces a simple, stateless dynamic fee design built around “comparables,” or the median fee per action observed over the prior 50 blocks, padded with synthetic transactions to simulate always-on congestion.

The median becomes the standard fee, bucketed into powers of ten to reduce linkability and avoid leaking user information. Under stress, a temporary priority lane opens at 10× the standard fee, giving users a way to compete for block space without redesigning the protocol.

The system is designed to roll out in phases. First is off-chain for monitoring, then as wallet policy, and only later — if approved — as a simple consensus change with expiry-height limits and power-of-ten fee rules.

That avoids the complexity and fork risk of EIP-1559-style mechanisms while keeping Zcash’s privacy constraints intact.

Other ideas floated include using mining difficulty as a long-term heuristic for USD-denominated fees to tune prices based on mempool pressure.

ZEC traded around $395 on Tuesday, up more than 12% in 24 hours as traders digested the first concrete roadmap for fee reform since ZIP-317.

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The broader market held its recent rebound, though liquidity remained thin ahead of Wednesday’s Federal Reserve decision.

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Bitcoin is attempting to reclaim the $92,000 level as bullish momentum gradually returns after weeks of uncertainty. The market has spent nearly two months in a corrective phase, shedding roughly 36% from its highs, yet signs of stabilization are beginning to emerge. A new CryptoQuant report from analyst Darkfost highlights a striking deviation from typical mid-cycle correction behavior—one that may explain why sentiment is starting to shift.

According to the report, inflows of cryptocurrencies onto Binance remain unusually low, even as Bitcoin has experienced one of its deepest pullbacks of the cycle. Historically, during significant corrections, investors tend to send large amounts of BTC and other assets to exchanges, signaling growing willingness to sell and escalating market fear. This pattern appeared repeatedly in past downturns, often marking periods of capitulation.

But this time, the data suggests something different: investors are not rushing to offload their holdings. Instead, they appear more comfortable holding through volatility, showing patience rather than panic. Such low inflows contrast sharply with prior mid-cycle resets and hint at a more resilient market structure beneath the surface—one where holders may be preparing for the next phase rather than abandoning ship.

A Shift in Inflows Reveals Unusual Investor Behavior
Darkfost notes that today’s data shows a markedly different behavior from what Bitcoin typically displays during major corrections. Instead of focusing on BTC alone, the analysis aggregates total inflows of all cryptocurrencies sent to Binance, offering a broader view of market intent. The logic behind this metric is straightforward: rising inflows signal growing selling pressure, while shrinking inflows indicate that investors prefer to hold rather than exit their positions.

Binance Total Coins Inflows | Source: CryptoQuant
During previous downturns, inflows surged. In April 2024, right after Bitcoin hit a new all-time high at $73,800, total inflows exceeded 200 million coins, reflecting intense selling pressure. A similar spike appeared in December 2024, as BTC broke above $100,000, signaling that investors were preparing to lock in profits.

Today’s environment looks nothing like those periods. Despite experiencing a much deeper correction, inflows are five times lower—and notably stable. Investors are not sending coins to exchanges, which means they’re not eager to sell. Instead, they are sitting through the decline, showing patience rather than panic.

This unusual calm suggests a more confident market structure. If selling pressure continues to fade, this investor restraint could become one of the most constructive signals supporting a future bullish recovery once the correction runs its course.

Bitcoin Price Action Shows Early Signs of Stabilization
Bitcoin’s latest 3-day chart shows the market attempting to stabilize after a sharp two-month correction that pushed the price from above $120,000 to the recent lows near $84,000. The current rebound toward $91,960 reflects improving short-term sentiment, but the broader structure still leans bearish until key levels break.

Bitcoin testing critical level | Source: BTCUSDT chart on TradingView
One of the most important developments is BTC’s interaction with the 200-day moving average (red line). The price dipped below it during the flush-out but has now reclaimed it slightly, a signal that sellers may be losing momentum. Historically, regaining the 200MA on high timeframes marks the first stage of recovery after major corrections. However, confirmation requires follow-through and stronger volume—something that remains limited for now.

The 50MA and 100MA sit well above price, reflecting the depth of the recent decline and acting as overhead resistance. The clustering of these moving averages between $100,000 and $110,000 forms a heavy supply zone. Bulls would need several consecutive strong candles to break back into that region.

Volume has decreased notably during the rebound, suggesting that buyers are still cautious. Until BTC reclaims the $96K–$98K area—where structural resistance and realized-price bands align—this move remains a relief bounce rather than a confirmed bullish reversal.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

QCP notes participation has collapsed while Polymarket sees a shallow easing path, putting the focus on guidance and cross central bank signals.
Dec 9, 2025, 2:14 a.m.

Good Morning, Asia. Here's what's making news in the markets:Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Bitcoin is hovering around 90k after a weekend of sharp but short-lived swings that exposed how thin year-end liquidity has become.

STORY CONTINUES BELOW

In a recent note, QCP writes that perp open interest in both BTC and ETH has dropped by nearly half since October, which means the market’s ability to absorb directional trades is much weaker.

Meanwhile, Polymarket odds show traders have already priced this week’s 25 bp cut and lean toward a January pause, signaling that investors expect a shallow easing path rather than a cycle.

The combination explains why BTC remains range-bound, because of a lack of market activity, and why outsized moves are more likely to come from guidance surprises than from the rate decision itself.

“The Fed’s rate cut may be the headline, but the more important shift is the widening gap in policy signals across major central banks. The BOE is divided, the ECB is holding firm, and the BOJ is preparing to tighten at yield levels last seen in 2007, all against a backdrop of rising friction across key Asian economies," Gracie Lin, CEO of OKX Singapore told CoinDesk in an interview.

Lin added that the recent clearing of leveraged positions has improved market structure by removing overcrowded trades, giving prices room to move without forced flows. With that reset, she said bitcoin was able to push back toward 91k as global capital adjusts to an uneven set of macro signals.

All of this sets the stage for a market where direction will hinge on how traders interpret the Fed’s guidance and the broader policy split rather than the rate move that everyone has already priced in.

Market Movement:BTC: Bitcoin slipped toward $90,000 on Monday after early U.S. trading erased a brief weekend bounce, leaving the market stuck in a narrow range as rising bond yields and softer equities pressured risk assets.

ETH: Ether edged slightly lower alongside the broader market, but continued to outperform on a relative basis and briefly touched its strongest level against bitcoin in more than a month.

Gold: Gold dipped slightly on Monday as traders stayed cautious ahead of the Fed’s policy meeting, with markets pricing a high likelihood of a rate cut and waiting for Powell’s guidance on future moves.

Nikkei 225: Asia-Pacific stocks slipped on Tuesday, tracking Wall Street’s decline as investors stayed cautious ahead of a widely expected 25 bp Fed rate cut and awaited guidance on the central bank’s next steps.

Elsewhere in Crypto:40% of Canadian Crypto Users Flagged for Tax Evasion Risk, Canadian Tax Authority Reveals (CoinDesk)Ondo Finance Says Biden-Era SEC Investigation Closed With No Charges (Decrypt)More For You

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As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

More For You

Dogecoin Holds $0.14 Floor as Network Activity Hits 3-Month High

25 minutes ago

Rising active addresses and tightening volatility indicate an impending directional move, with $0.16 as a critical breakout threshold.

What to know:

Dogecoin marked its 12th anniversary, but market reactions were muted, focusing instead on technical patterns and network activity.The token consolidated within a tight range, with active buying interest at the lower boundary and potential for a bullish breakout.Rising active addresses and tightening volatility indicate an impending directional move, with $0.16 as a critical breakout threshold.Read full story

TL;DR

The number of Bitcoin addresses holding more than 0.1 BTC has decreased by 2.3% since its peak in December 2023.
This is the first time in the history of the Bitcoin network that this metric has suffered a net two-year decline.
The stagnation may be due to the growing popularity of ETFs and the security practice of distributing BTC across multiple addresses.

Since 2009, the year the Bitcoin network launched, the number of unique addresses holding a balance greater than 0.1 BTC had consistently increased every year until 2023. However, over the past 24 months, this key cohort of retail and medium-sized investors has shrunk, marking a historic milestone of stagnation.

Market data indicates that the number of addresses holding more than 0.1 BTC (an amount that has historically represented an investment of several thousand dollars) dropped from a peak of 4,548,107 on December 8, 2023, to 4,443,541 on the same date this year. This 2.3% decline is unprecedented over a two-year period and is significantly worse than the mere 0.7% decrease observed in smaller wallets (holding 0.01 BTC).

The trend shows a plateau through a large part of 2024, followed by a decline that led this metric to its lowest point in two years. At first glance, the figure seems to indicate a decrease in the number of investors choosing to keep these balances in personal wallets such as Ledger or Trezor.

Key Factors: From Direct Adoption to Financial Vehicles
The apparent decrease in 0.1 BTC Bitcoin wallets raises the question of whether there are truly fewer people investing in Bitcoin. The answer is complex due to the evolution of the financial landscape. Unlike the early days of the network, exposure to the price of BTC is now obtained through thousands of financial proxies, including Exchange Traded Funds (ETFs), derivatives, and treasury companies.

These new vehicles, especially ETFs that meet retirement account requirements, allow investors to gain Bitcoin exposure without directly owning the asset in an on-chain address. This means that the Bitcoin traded through ETFs and other centralized products is commingled in a few large custodian wallets, making it impossible to disaggregate the holdings per person.

In addition to financial vehicles, security practices have also evolved. Experienced investors are adopting more sophisticated methods to protect their holdings, such as distributing their BTC across multiple addresses controlled by a single private key (using extended public keys) or using decoy wallets.

These practices make holding an individual balance greater than 0.1 BTC in a single address unnecessary, regardless of the investment size. Therefore, while the stagnation of the 0.1 BTC Bitcoin wallets provides a unique insight into user behavior, it does not necessarily indicate lower overall adoption, but rather a change in the way investors choose to store and access their Bitcoin.

Bitcoin changed hands at $90,271 amid choppy trading, with traders on edge ahead of the forthcoming FOMC meeting.

Key Takeaways

Galaxy Digital transferred 900 Bitcoin, worth about $82 million, to a newly created wallet.
The transaction is part of a pattern of significant Bitcoin movements among major players.

Galaxy Digital, a digital asset management firm, transferred 900 Bitcoin to a newly created wallet today, according to data tracked by Lookonchain. The transaction highlights continued large-scale Bitcoin movements by major players in the crypto market.

Galaxy Digital operates as a cryptocurrency-focused firm providing trading, investment, and blockchain technology advisory services to institutional clients. Earlier this year, the firm executed a historic 80,000 Bitcoin sale for a Satoshi-era crypto whale.

Bitcoin was trading at $90,271 at the time of reporting, with high volatility as investors brace for the upcoming FOMC meeting.

Disclaimer

TL;DR:

Federal Judge Paul Engelmayer has requested details on the charges and maximum sentences Do Kwon faces in South Korea and Montenegro.
Kwon pleaded guilty to two felonies (wire fraud and conspiracy to defraud) and is scheduled to be sentenced this Thursday.
The central concern is credit for time served and the possibility of early release in South Korea, where he could face up to 40 years in prison.

The case of Terraform Labs co-founder Do Kwon is reaching its climax in the United States. After pleading guilty in August to two counts of wire fraud and conspiracy to defraud, his sentencing will be handed down this Thursday in the U.S. District Court for the Southern District of New York. However, Federal Judge Paul Engelmayer has introduced a legal complication: a formal request for clarification regarding Kwon’s pending legal issues abroad.

In a court filing on Monday, December 8th, Judge Engelmayer asked prosecutors and defense attorneys about the charges, as well as the “maximum and minimum sentences” Kwon could face in South Korea, his native country, and in Montenegro, where he served a four-month sentence for using falsified travel documents and fought extradition to the U.S.

The defense requested less than five years in the U.S., while prosecutors are pushing for a minimum of 12 years, arguing that Kwon caused “losses that eclipsed” those combined by figures such as Sam Bankman-Fried (FTX), Alex Mashinsky (Celsius), and Karl Sebastian Greenwood (OneCoin).

The Impact of Detention in Montenegro and the Impending Extradition
Judge Engelmayer’s questions reveal a significant concern regarding the administration of international justice. Specifically, he asked if there was an agreement that the time Kwon spent in custody in Montenegro would not be credited toward any potential U.S. sentence.

More importantly, the judge expressed concern that if the U.S. approves extradition to South Korea after Kwon serves a portion of his sentence in the U.S., South Korean authorities might release him prematurely. This is a critical point, as Kwon’s lawyers indicated that, even if the judge sentenced him to time served in the U.S., Kwon would “immediately reenter pretrial detention” in South Korea, where criminal accusations could lead to up to 40 years in prison.

In summary, Do Kwon’s sentencing and potential extradition in the U.S. could mark the beginning of the end of Kwon’s chapter in the 2022 collapse of the Terra ecosystem, an event that contributed to a market crisis leading to multiple bankruptcies. Although South Korea issued an arrest warrant for Kwon in 2022 and also sought his extradition from Montenegro, the upcoming U.S. ruling will set the precedent for the crypto ex-mogul’s legal future.

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Ethereum (ETH) is entering a phase that analysts say resembles the early stages of its strongest market cycles, driven by institutional accumulation, shrinking exchange supply, and new proposals aimed at stabilizing the network’s economics.

Related Reading: ‘Something Big’ Is Coming For XRP, Says Toroso Investments Portfolio Manager

As large investors deepen their presence and developers explore changes that could make transaction fees more predictable, sentiment on Wall Street has shifted sharply recently. For many, the combination of tightening supply and improving fundamentals has created conditions that could support a meaningful repricing.

ETH's price records some gains on the daily chart. Source: ETHUSD on Tradingview
Exchange Supply Tightens as Institutions Accelerate Accumulation
Ethereum held on centralized exchanges has fallen to its lowest level since the network launched in 2015. Glassnode data shows that balances dropped to 8.7% of the total supply last week, marking a 43% decline since July.

The reduction is tied to staking, layer-2 migration, institutional custody, and long-term treasury allocations, destinations that rarely send tokens back to exchanges.

BitMine Immersion Technologies, now the largest corporate holder of Ether, expanded its position by another $199 million over the weekend. The firm controls $11.3 billion in ETH, representing about 3.08% of supply, and continues buying toward its 5% target.

ETFs have also contributed to the drawdown, with cumulative inflows now above $12 billion. Analysts note that nearly 40% of all ETH is locked in staking or institutional products, creating one of the tightest supply environments the asset has experienced.

Technical analysts point to hidden signs of accumulation. Recent On-Balance Volume readings have broken above resistance, even as the price lingers near $3,050, a divergence that some interpret as indicating buying pressure.

Fee Reform Pushes Forward as Vitalik Buterin Proposes Gas Futures Market
Alongside market activity, a new economic proposal from Vitalik Buterin is drawing attention. The Ethereum co-founder outlined a system for onchain gas futures that would allow users to lock in transaction fees for future time periods.

The mechanism resembles traditional futures markets and is designed to help traders and developers hedge against sudden increases in network demand.

Buterin argues that clearer forward pricing could support businesses that rely on predictable costs, particularly as activity expands across staking, tokenization, and decentralized applications. Although still in its early stages, the idea is viewed as part of a broader effort to make Ethereum more stable as it scales.

Analysts See Conditions Forming for a Larger Cycle
Market commentators increasingly cite a combination of shrinking supply, rising institutional involvement, and improving network efficiency as reasons Ethereum may outperform in the next major cycle.

Some compare current dynamics to Bitcoin eight years ago, noting that Ethereum’s evolving economic model and expanding role in tokenized finance give it a broader set of drivers than in previous cycles.

Related Reading: Trump’s New Security Strategy Leaves Crypto And Blockchain Out

Whether these developments immediately translate into price gains remains uncertain. But with exchange balances at record lows and institutions steadily accumulating, analysts agree that Ethereum is entering a structurally different phase, one defined less by speculation and more by sustained demand.

Cover image from ChatGPT, ETHUSD chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, lauded on Monday Michael Saylor’s approach to bolstering Strategy Inc.’s (NASDAQ:MSTR) balance sheet through “smart” Bitcoin (CRYPTO: BTC) purchases and equity sales.

Saylor Is Doing Smart Stuff, Says ScaramucciIn an X post, Scaramucci expressed admiration for Saylor’s strategy, calling him “the man.” He commended Saylor’s move to build the $1.44 billion U.S. dollar reserve and then return to selling equity to purchase more Bitcoin.

“The equity sales are accretive [albeit barely] but [very] smart for his balance sheet — and overall BTC market. Really smart stuff,” said Scaramucci, a well-known Bitcoin advocate himself.

See Also: Anthony Scaramucci Says Nobody Saw The Rise Of Solana, Calls It The ‘Fastest-Growing App Ecosystem On Earth’

Biggest Bitcoin Grab in 5 Months But…Scaramucci’s praise comes in the wake of Strategy’s acquisition of 10,624 BTC, worth about $962.7 million, marking its biggest weekly purchase since July 2025. The company now holds 660,624 BTC acquired for about $49.35 billion, with an average purchase price of roughly $74,696. 

That said, the company’s stock has been on a multi-month downtrend, with its market value of $55.25 billion now lower than the value of its Bitcoin holdings, which amount to $59.62 billion. In simple terms, the stock is trading at a discount.

Economist Peter Schiff, a fierce Bitcoin critic, accused Saylor last week of running an unsustainable business model that looks increasingly like a “fraud.”

Price Action: At the time of writing, BTC was exchanging hands at $90,115, down 1.05% in the last 24 hours, according to data from Benzinga Pro.

Strategy shares fell 0.59% in after-hours trading to $182.60. The stock closed 2.63% higher at $183.69 during the regular trading session

MSTR exhibited a very low growth score — a measure of the stock’s combined historical expansion in earnings and revenue across multiple periods. How does it compare with Coinbase Global Inc. (NASDAQ:COIN) and other cryptocurrency-linked stocks? Visit Benzinga Edge Stock Rankings to find out.

Read Next: 

Michael Saylor’s Theory On US Bitcoin Adoption Forcing Adversaries To Buy BTC At Higher Prices Endorsed By Changpeng Zhao
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo Courtesy: Al Teich via Shutterstock.com

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Alvin Lang
Dec 09, 2025 04:21

Chainlink is revolutionizing blockchain with its decentralized oracle networks, providing verifiable data and cross-chain messaging. Discover its impact on DeFi, tokenization, and more.

Chainlink, a prominent decentralized oracle network, is redefining the blockchain landscape by extending its capabilities beyond mere price feeds. It is addressing the 'oracle problem' by providing reliable, offchain data inputs to smart contracts, which cannot independently verify external events. This advancement is crucial for decentralized finance (DeFi) protocols that require accurate data inputs such as prices and interest rates, according to Galaxy.

Chainlink's Core Offerings Chainlink's offerings include decentralized Price Feeds, Cross-Chain Interoperability Protocol (CCIP) for cross-chain messaging, Proof of Reserve, and Verifiable Random Functions (VRF) for randomness. These services enable applications to leverage trust-minimized data delivery, automate execution, and facilitate cross-chain token transfers.

Furthermore, Chainlink's architecture is built around Decentralized Oracle Networks (DONs) that aggregate data from multiple providers, ensuring tamper-resistant data feeds. This network of independent nodes validates and delivers data across various blockchains, enhancing the reliability and security of smart contract operations.

Impact on DeFi and Tokenization In the DeFi space, Chainlink is instrumental in providing price data for lending platforms, stablecoins, and synthetic assets. Its decentralized feeds help mitigate risks associated with data manipulation and ensure the integrity of financial products. Chainlink's integration into tokenization and capital markets is also gaining traction, offering Proof of Reserve for asset-backed tokens and facilitating cross-chain transactions.

Chainlink's Security and Reliability Chainlink employs a robust security model with decentralized oracle networks and offchain reporting to ensure data accuracy and availability. The system is designed to handle common oracle failure modes, such as stale updates and network outages, by employing diverse data sources and operational overlays like circuit breakers and pause logic.

The Future of Chainlink As Chainlink continues to expand its suite of services, it remains a vital infrastructure for blockchain applications requiring external data. Its integration with traditional financial systems and ongoing partnerships with major financial institutions underscore its potential to become a cornerstone in the evolution of digital assets and decentralized finance.

Image source: Shutterstock

chainlink
blockchain
defi

Based on reports, France’s second-largest banking group has started letting customers trade crypto in its mobile apps. BPCE opened the service on Monday for selected users of Banque Populaire and Caisse d’Épargne.

Around 2 million people in four regional banks can now buy and sell Bitcoin, Ethereum, Solana and USDC through the apps.

Measured Limited Rollout
The launch covers the Provence-Alpes-Côte-d’Azur branch of Caisse d’Épargne and the Île-de-France division of Banque Populaire, among others.

BPCE has said it will watch early use closely. That controlled approach is meant to catch technical issues and fix the user flow before wider availability. If all goes to plan, the bank intends to extend the feature across its 25 remaining regional entities by 2026, reaching a retail base of roughly 12 million clients.

🔴 EXCLUSIVE @TheBigWhale_: BPCE now lets customers buy crypto assets.

Starting this Monday, the French bank’s customers will be able to purchase BTC, ETH, SOL, and USDC: https://t.co/J2C4UnWi68@GroupeBPCE, one of Europe’s leading banks, is rolling out this service in a first… pic.twitter.com/3olRgVoot4

— Raphaël Bloch 🐳 (@Raph_Bloch) December 6, 2025

BPCE has set up a separate unit, Hexarq, to handle customer crypto accounts. Each user will have a dedicated in-app digital-asset account that is managed by Hexarq rather than being routed to outside exchanges or third-party wallets.

The arrangement keeps custody within the bank’s ecosystem. It also comes with a monthly fee of €2.99 and a trading commission of 1.5% on transactions.

Banks Face Fintech Pressure
Reports have pointed to the rise of fintech rivals as a driving reason for the move. Companies such as Revolut, Deblock, Bitstack and Trade Republic built early crypto offerings and attracted many retail users.

Total crypto market cap currently at $3.05 trillion. Chart: TradingView
Traditional lenders now risk losing younger customers unless they match those services. Some banks in Europe already offer in-app trading: BBVA supports Bitcoin and Ethereum,

Openbank under Santander lists five cryptocurrencies, and Raiffeisen in Vienna provides similar features through a tie-up with Bitpanda. BPCE’s entry follows this trend and could push other big lenders to act.

The fees set by BPCE are higher than what many crypto-first platforms charge. Yet many consumers may accept that in exchange for having crypto tied directly to their bank accounts and day-to-day services. For many users, trust and convenience matter more than the lowest possible fee.

Featured image from Unsplash, chart from TradingView

XRP Spot ETFs have crossed $1 Billion in assets under management, making XRP the fastest crypto Spot ETF to reach the milestone in the United States since Ethereum. Canary, Grayscale, Bitwise, and Franklin are driving most of the activity, with steady demand coming from institutional desks.

ETF inflows show strong interest from long term buyers who are adding XRP to regulated portfolios. This new pool of capital is expanding even as spot market sentiment remains mixed.

Garlinghouse Says Demand Is Only Getting Started

Ripple CEO Brad Garlinghouse said the pace of growth points to a larger shift. He said that more than forty crypto ETFs have launched in the United States this year, showing how much pent up demand exists for regulated crypto exposure. 

He added that Vanguard’s decision to open its retirement and trading accounts to crypto ETFs means millions of Americans can now access digital assets without needing deep technical knowledge.

Garlinghouse said longevity, stability, and community are becoming key themes for this new wave of “offchain” crypto holders who prefer simple investment products instead of direct token management. XRP’s track record is helping it stand out among recent ETF launches.

“There’s pent up demand for regulated crypto products, and with Vanguard opening up access in traditional retirement / trading accounts for Americans..crypto is now accessible to millions more people who don’t need to be experts in the technology,” he wrote on social media.

Supply Tightens as Investors Accumulate

Institutional interest is also affecting supply. As ETF issuers continue to buy XRP to meet inflow demand, circulating supply on exchanges is slowly tightening. The token has held close to the $2 level for several sessions, which analysts say could set the stage for a supply shock if buying pressure continues.

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These flows represent a bullish bet on volatility rather than a downside hedge or outright bearish position. Dec 9, 2025, 4:28 a.m.

Deep out-of-the-money (OTM) bitcoin BTC$89,980.94 put options are lighting up in longer-dated expiries, as traders pick up cheap lottery tickets for potential moonshot payoffs if BTC swings wild.

On leading crypto options exchange Deribit, the $20,000 strike put is the second most popular among the June 2026 expiry options, boasting a notional open interest of over $191 million.

STORY CONTINUES BELOW

Notional open interest is the dollar value of the number of active contracts. Put options at strikes below the going market rate of BTC are said to be OTM. These OTM puts tend to be cheaper than those near or above the spot price of BTC.

The June expiry also sees significant activity in other OTM puts at $30,000, $40,000, $60,000, and $75,000 strikes.

Activity in deep OTM puts is typically read as traders bracing for a price crash. But that's not necessarily the case here, as the exchange has also seen activity on higher-strike calls above $200,000.

Taken together, these flows represent a bullish view on long-dated volatility at low cost rather than a bet on price direction, according to Deribit's Global Head of Retail Sidrah Fariq. Think of it as cheap lottery tickets on a potential volatility explosion over the next six months.

"There is about 2,117 open interest on the $20K bitcoin put for the June expiry. We also saw some big trades in the $30,000 put and $230,000 call strikes. The combination of these far out of the money options does not suggest directional trading, but rather deep wing trades that professionals use to trade long-dated volatility cheaply and adjust tail risk in their books," Fariq told CoinDesk.

She explained that it's essentially volatility positioning, not price positioning, because the $20,000 put or the $230,000 call are simply too far from the spot price to be a purely protective hedge. As of writing, BTC changed hands near $90,500, according to CoinDesk data.

Those holding both OTM calls and puts could score asymmetric payoffs from extreme volatility or wild price swings in either direction. But if markets stay flat, these options quickly lose value.

Options are derivative contracts that give the purchaser the right to buy or sell the underlying asset at a predetermined price at a later date. A put option provides the right to sell and represents a bearish bet on the market. A call offers the right to buy.

The crypto options market, including the one tied to BlackRock's IBIT ETF, has evolved into a sophisticated arena where institutions and whales engage in three-dimensional chess, managing risk and profiting from price direction, time decay, and volatility swings.

Broadly speaking, the options market mood appears bearish, as BTC puts continue to trade at a premium to calls across all tenors, according to Amberdata's options risk reversals. This is at least partly due to persistent call overwriting, a strategy aimed at boosting yield on top of spot market holdings.

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As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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Dogecoin Holds $0.14 Floor as Network Activity Hits 3-Month High

25 minutes ago

Rising active addresses and tightening volatility indicate an impending directional move, with $0.16 as a critical breakout threshold.

What to know:

Dogecoin marked its 12th anniversary, but market reactions were muted, focusing instead on technical patterns and network activity.The token consolidated within a tight range, with active buying interest at the lower boundary and potential for a bullish breakout.Rising active addresses and tightening volatility indicate an impending directional move, with $0.16 as a critical breakout threshold.Read full story

Tether's USDT stablecoin has received regulatory recognition as an accepted fiat-referenced token across various major blockchains within Abu Dhabi Global Market (ADGM), advancing the company's push to expand its footprint in the region.

In a Monday statement, Tether said that authorities permit authorized persons licensed within the financial free zone to offer regulated activities involving USDT across networks, including Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON. 

The move is expected to widen USDT's reach within the UAE's international financial center and builds on earlier approvals for USDT on Ethereum, Solana and Avalanche.

"Introducing USDT within ADGM's regulated digital asset framework reinforces the role of stablecoins as essential components of today's financial landscape," said Paolo Ardoino, CEO of Tether, in the statement. "By extending recognition to USDT on several major blockchains, ADGM further strengthens Abu Dhabi's position as a global hub for compliant digital finance."

ADGM functions as a special economic zone and international financial center in the UAE capital, operating under its own legal and regulatory system. Its Financial Services Regulatory Authority acts as the primary regulator and licensing body for firms operating within the zone.

Specifically, Tether said the recognition allows ADGM-licensed institutions to support regulated activities involving USDT across nearly all blockchains where the token circulates, forming a multi-chain foundation that enhances liquidity and interoperability for trading, settlement and decentralized applications. 

Binance's ADGM license
Tether's announcement comes as Abu Dhabi deepens its push to become a global crypto — momentum highlighted by Binance's Monday disclosure that it has secured full authorization to operate its global platform, Binance.com, under the ADGM framework.

Binance, the world's largest crypto exchange, said it would operate through three separately licensed entities — an exchange, a clearing house and a broker-dealer — mirroring traditional financial-market architecture and enabling regulated trading, custody, settlement and off-exchange services. 

"ADGM is one of the most respected financial regulators globally, and holding an FSRA license under their gold standard framework shows that Binance meets the highest international standards for compliance, governance, risk management, and consumer protection," said Binance Co-CEO Richard Teng.

Pending final operational steps, Binance.com is set to begin regulated operations under the ADGM framework on Jan. 5, 2026.

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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Omnicell, Inc. (OMCL) Discusses Launch of Titan XT Enterprise Platform and Its Impact on Pharmacy Operations December 8, 2025 7:01 PM EST

Company Participants

Kathleen Nemeth - Senior Vice President of Investor Relations
Randall Lipps - Founder, Executive Chairman, President & CEO
Nnamdi Njoku - Executive VP & COO
H. Radford - Executive VP & CFO

Conference Call Participants

Eugene Mannheimer - Prime Executions, Inc., Research Division

Presentation

Kathleen Nemeth
Senior Vice President of Investor Relations

Good afternoon, everyone, and thank you for joining us today. I'm Kathleen Nemeth with Omnicell. It's my pleasure to be here today with our founder CEO and President; Randall Lipps, as well as our Chief Financial Officer; Baird Bradford; and our Chief Operating Officer, Nnamdi Njoku.

We're thrilled that you're able to join us, both here in the room as well as those of you joining us online. We can't wait to talk to you more about our announcement this -- that we made this morning, which is on our IR website at omnicell.com.

Before we start our Q&A, I do want to remind everyone that during the course of the discussion today, we may make forward-looking statements. There is always risks when you're talking about the future. So we encourage you to read our most recent filings with the SEC, which you can also find on our website.

With that, I'm going to turn it over to Randall for some opening comments, and we'll start with some Q&A.

Randall Lipps
Founder, Executive Chairman, President & CEO

Thank you, Kathleen. And what an exciting day it is for us here at the company to launch what I've termed our third wave of technology in our platform. We originally started with the G Series, original XT Series, and today we launched our third wave called Titan XT. And this is a new enterprise

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