Market Signal Briefing

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017,
aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy,
our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a
rigorous Review Methodology when evaluating exchanges and tools. From emerging
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all facets of the digital asset space with unwavering commitment to timely, relevant information.

Veteran trader Peter Brandt has again provided a bearish outlook for the Bitcoin price following its crash below $90,000. He suggested that the rebound to the upside may be over, with a reversal to the downside likely on the horizon.

Peter Brandt Hints At Further Bitcoin Crash
In an X post, the veteran trader hinted at a further Bitcoin crash. This came as he stated that this week’s rally may be all the retesting of the broadening top that the market will see for the flagship crypto.

This week’s rally may be all the retesting of the broadening top we will see $BTC

Of course, we will see pic.twitter.com/OmabcfgZVK

— Peter Brandt (@PeterLBrandt) December 5, 2025

The broadening top is a bearish pattern that indicates a potential trend reversal from an uptrend to a downtrend. As the veteran trader highlighted, BTC had earlier this week rallied to as high as $94,000, providing optimism that a rally to the psychological $100,000 level was on the cards. However, the flagship crypto crashed below $90,000 yesterday, which again put the $80,000 level in focus.

Brandt’s accompanying chart highlighted $80,207 and $58,840 as two downside price targets to watch for Bitcoin. As CoinGape reported, he recently warned that the BTC price could crash further below $58,000, potentially dropping into the mid $40,000 range.

What Price Will BTC Hit Before The Year Runs Out
Crypto traders are currently betting on what price Bitcoin will hit before 2025 ends. Polymarket data shows that there is currently a 34% chance that BTC will reach $80,000 before the year ends. There is a 61% chance it will hit $95,000 and a 30% chance it will reach the psychological $100,000 level.

Source: Polymarket
As CoinGape reported, crypto analyst Van de Poppe indicated that the BTC price is likely to range between $92,000 and $85,000 until after the FOMC decision next week. The Fed is expected to make a 25-basis-point rate cut, which marks a positive for the flagship crypto.

Another positive for Bitcoin is the return of institutional inflows through the ETFs. According to SoSo Value data, these funds have recorded daily net inflows in eight out of the last ten trading days. This marks a reversal from their November performance, when they mostly recorded net outflows.

Meanwhile, it is worth mentioning that crypto analyst Titan of Crypto has warned of the possibility of BTC dropping to as low as $83,900 in the short term. He stated that failing to hold above the Tenkan at $89,000 could lead to a drop to the $83,900 support level.

#Bitcoin $89,000 next?#BTC took the previous weekly high and failed to break above the 🔵 Kijun.

A pullback toward the 🔴 Tenkan from here makes sense. That’s the key level to watch.

If it cracks, next support sits around $83.9k. pic.twitter.com/TUNqMmHubw

— Titan of Crypto (@Washigorira) December 5, 2025

Ethereum’s recent rally has stalled at the $3.2K resistance zone, where heavy selling pressure triggered a clear rejection.

The asset is now trading within a narrow consolidation range, and the next decisive breakout is likely to dictate the following major move.

Ethereum Technical Analysis
By Shayan

The Daily Chart
Ethereum’s rebound from the $2.6K support zone extended into a key supply area, where a daily FVG converges with a long-standing downward trendline near $3.2K.

This confluence attracted significant selling interest, halting the advance and producing a sharp rejection. The pullback has also resulted in the formation of a daily lower low, keeping the broader structure tilted bearish.

With this shift, the possibility of a deeper retracement has increased, making the $2.6K support zone the primary downside target.

For now, Ethereum remains range-bound, and a breakout from this tight structure will likely determine the next dominant trend.

The 4-Hour Chart
On the 4-hour chart, Ethereum initially broke above the short-term descending trendline and pushed higher.

However, strong supply at the $3.2K region prompted a reversal, sending the price back toward a critical support area composed of a bullish order block overlapping a prior breaker block.

This layered confluence increases the likelihood of a reaction in this zone, making it a decisive level in the short term.

As a result, the market continues to fluctuate within the broader $3K–$3.6K range, suggesting that more consolidation is likely before a clear direction emerges.

Sentiment Analysis
By Shayan

The weekly liquidation heatmap shows that the recent rejection was accompanied by a sweep of the liquidity pool, which sits just below the $3032 market low, capturing buy-side liquidity.

Such liquidity grabs often precede a fresh upward leg as the market seeks higher pockets of liquidity.

At present, the next major cluster rests around the $3.3K region, acting as a natural price magnet following the recent sweep. From a supply-demand standpoint, this positions Ethereum for a short-term upward move toward that zone before any broader correction resumes.

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Input Output, the engineering firm best known for building Cardano, has begun a sweeping restructuring that includes a name change and a move into technology sectors far beyond its blockchain origins.

The company said on December 5 that it will drop “Global” from its name and operate as Input Output Group. It plans to expand into quantum computing, digital identity, fintech, and healthcare.

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Why is Cardano’s Engineering Firm Expanding Operations?Charles Hoskinson, the company’s founder, said the redesign reflects how far the organization has evolved from its initial focus on blockchain protocol engineering.

He described the new phase as an effort to build a global technology group capable of addressing complex problems across fintech, privacy, artificial intelligence, and healthcare.

Hoskinson added that the firm will continue to support Cardano’s core development.

“As Input Output Group, we are entering a new chapter of expansion, investment, and innovation across the United States, Latin America, Europe, the Middle East, and emerging markets,” he noted.

The shift mirrors a broader trend in the crypto industry as firms diversify into areas that blend distributed systems, data infrastructure, and machine intelligence.

A recent UN analysis estimates that rapid innovation could push the AI sector toward $5 trillion within a decade. That scale, the report said, will shape adjacent fields such as digital identity and quantum computing.

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By adding these sectors to its portfolio, Input Output aims to expand its commercial pipeline and attract enterprise clients.

Notably, the company has already advanced its privacy technology work through Midnight. The blockchain is designed to support data protection and compliance for institutional users.

Meanwhile, the restructuring arrives at a difficult time for Cardano, which has struggled to keep pace with competitors such as Solana and Ethereum.

For context, Cardano hosts less than $50 million in stablecoin supply. On the other hand, rival ecosystems like Ethereum support hundreds of billions of these assets.

Considering this, Hoskinson argued that Cardano’s slower uptake stems from narrative challenges, not technical limits.

“It’s not a technology problem. It’s not a node problem. It’s not a problem of imagination and creativity. It’s not a problem of execution. We can pretty much do anything. It’s a problem of governance and coordination and ultimately accountability and responsibility,” Hoskinson said.

Input Output is trying to counter that gap through a new coalition with Cardano’s founding organizations. The effort aims to accelerate integrations for tier-one stablecoins and custody providers.

The firm hopes these additions will improve liquidity, deepen infrastructure, and strengthen Cardano’s appeal to developers and financial institutions.

36 minutes ago

Bitcoin long-term holders lost interest in selling at $90,000, new research showed, as profitability of their BTC supply dried up.

Bitcoin (BTC) has seen a “complete reset” of sell pressure after dropping below $90,000, says new research.

Key points:

Bitcoin long-term holders have reset their selling habits as BTC price action returns below $90,000.

A derivative of the popular SOPR metric is now tapping its lowest levels since early 2024.

Recent price moves have resulted in some classic knee-jerk trading decisions by short-term holders.

Bitcoin SOPR “Ratio” hits key 1.35 levelIn one of its “Quicktake” blog posts Saturday, onchain analytics platform CryptoQuant eyed two-year lows in a key Bitcoin hodl metric.

Bitcoin long-term holders (STHs) have effectively abandoned their BTC sales after BTC/USD fell to its lowest levels since April.

CryptoQuant reveals a major shift in the profitability of unspent transaction outputs (UTXOs) created by the LTH cohort versus their speculative counterparts, short-term holders (STHs).

The labels “LTH” and “STH” refer to wallets hodling a given amount of BTC for more than or less than 155 days, respectively. 

Using an iteration of the Spent Output Profit Ratio (SOPR) metric, which measures the proportion of UTXOs in profit and loss, CryptoQuant confirms that it is now STHs responsible for the majority of in-profit transactions.

“The Bitcoin SOPR Ratio (LTH-SOPR / STH-SOPR) has dropped to 1.35, marking its lowest level since the beginning of 2024. This decline coincides with Bitcoin’s price correction to the $89.7K level,” contributor CryptoOnchain summarized.

Bitcoin LTH-SOPR/STH-SOPR (14-period simple moving average). Source: CryptoQuant
CryptoOnchain drew two key conclusions from the SOPR data: the “end of heavy distribution” by LTHs and a “market cool-down” taking effect instead.

“The drop suggests a massive ‘reset’ in the market,” the post continued. 

“The speculative froth that drove the ratio to highs earlier in the cycle has been flushed out.”Speculators confused by BTC price movesBitcoin speculators have reacted erratically to recent BTC price action, as seen through the lens of their overall exposure.

The net position change of the STH cohort on a rolling 30-day basis saw a large upward spike on Nov. 24, CryptoQuant shows.

The 30-day rolling tally then flipped negative on Dec. 1, as BTC/USD saw another drawdown around the December monthly open.

Bitcoin STH 30-day rolling net position change. Source: CryptoQuantThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

The rivalry between Base and Solana has taken on a new dimension with the introduction of the Base-Solana bridge. The latest episode goes back to September 2025, when Aerodrome’s co-founder Alex Cutler boasted at Basecamp that Base would “flip Solana,” attracting the attention of Solana’s famous defender, Mert Mumtaz, the CEO of Helius Labs. 

The tension has since escalated after Base launched the bridge to Solana on December 4, with Solana’s most vocal builders accusing Jesse Pollak of disguising a vampire attack as interoperability.

The rivalry of ‘healthy competition’
The bridge, which uses Chainlink CCIP and Coinbase infrastructure to let users move assets between Base and Solana, was launched with early integrations in Zora, Aerodrome, Virtuals, Flaunch, and Relay. 

They are all applications native to Base, and while Pollak framed the move as bidirectional pragmatism, Vibhu Norby, founder of Solana creator platform DRiP, called it out for being anything but. 

He took to X with footage of Aerodrome’s Alexander Cutler at Basecamp, claiming that Base would “flip Solana” and become the largest chain in the world. Norby’s response was pointed: “These are not partners; if they had it their way, Solana would not exist.”

The post apparently rubbed Jesse Pollak the wrong way. His response post started the discourse on what the bridge really means for both chains. In his reply, Pollak claimed that Base built a bridge to Solana because “Solana assets deserve to have access to the Base economy and Base assets should have access to Solana.”

However, Norby replied with allegations that Base deliberately passed on Solana-based applications for launch, nor did they liaise with the Solana Foundation marketing or operations team.

Akshay BD, a popular voice linked to Solana’s Superteam, chimed in, “Calling it bidirectional doesn’t make it so. It’s a bridge between two economies that has net import/export result based on how you roll it out. I don’t mind that you’re competitive… I mind that you’re being dishonest.”

In response to that, Pollak acknowledged that the team could have “improved the way we communicated to the Solana Foundation, but the idea that there’s some conspiracy here is just ungrounded in reality.” 

Solana’s Toly was also skeptical of the Base bridge
By then, the thread had already garnered an audience and caught the attention of Anatoly Yakovenko, Solana’s co-founder. 

“Migrate Base apps to Solana so they execute on Solana and the transactions are linearized by Solana staked block producers,” he wrote. “That would be good for Solana developers. Otherwise, it’s alignment bullshit.”

Throughout the debate, Pollak repeatedly pointed out that Base announced the bridge in September and began discussing it with Yakovenko and others in May, and that it is bidirectional, which means Base and Solana developers will benefit from access to both economies.

However, reputable voices on Solana argue that the method Base used to launch the bridge is proof that its main function is to siphon Solana capital into Base’s ecosystem while marketing it as reciprocal infrastructure.

However, if the bridge only lets Base apps import Solana assets while keeping all execution and fee revenue on Base, it ultimately extracts value from the SOL ecosystem without giving anything back, which is the vampire attack thesis people like Toly are going with. 

Pollak is convinced this is not the case and argues in the thread that both chains can compete and collaborate simultaneously, and that the bridge was a response to developers on both sides wanting access to each other’s economies.

He also claimed that Base attempted to engage Solana ecosystem participants during the nine months it took to build the bridge, but apparently, “folks weren’t really interested” with the exception of some meme projects like Trencher and Chillhouse, who chose to collaborate.

Norby and Akshay countered that talk by arguing that dropping a repo without coordinating launch partners or working with the Solana Foundation reeks of tactical extraction dressed up as open-source infrastructure.

What doesSolana gain from the Base bridge?
Reputable voices on Solana claim that with the bridge, Base gains immediate access to Solana’s cultural and financial momentum, which is a lot considering how Solana has been the center of meme coin trading, NFT speculation, and retail onboarding for the past year.

By integrating SOL and SPL tokens into Base apps, Base gets access to all that energy and also benefits from being the “neutral” interoperability layer that connects all ecosystems. 

Solana advocates insist that the network only gains optionality, not guaranteed value capture. For the relationship to be truly reciprocal, the bridge will need to push Base developers to experiment with Solana execution or encourage Solana apps to start using Base liquidity pools for bridged assets. 

In the event that the bridge only serves as a one-way funnel that pulls Solana assets into Base’s economy, Solana risks becoming a feeder chain for Base DeFi rather than a destination, which makes it the losing party. 

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In a not-so-surprising turn of events, the bearish orientation of the Bitcoin price has continued into the month of December, suggesting that the premier cryptocurrency could end the year in the red. Interestingly, recent on-chain data has offered insights into the likely direction of Bitcoin based on the integrity of an important price level.

Active Market Participants’ Cost Basis At $82,000
In a December 5 post on the X platform, market analyst Burak Kesmeci shared an interesting outlook on the direction of the Bitcoin price. 

The analyst disclosed that whatever happens around the $82,000 mark could make or mar Bitcoin’s trajectory in the near term. To demonstrate why this price region is so important, Kesmeci pointed out that it appears to be the convergence point of two highly influential cost bases in Bitcoin’s history. 

Kesmeci revealed that the Bitcoin spot exchange-traded funds have an average purchase cost of approximately $82,000. Because ETFs are one of Bitcoin’s strongest demand sources, tracking the values of their average cost-basis could serve as a good means to tell where the market stands institutionally.

Source: @burak_kesmeci on X
The crypto pundit also referenced the Bitcoin True Market Mean metric, which monitors the cost at which active investors procured their holdings—except for mined or rarely-moved BTC. Notably, in the current market cycle, Bitcoin’s active participants mostly purchased their coins around a valuation of $82,000. 

What Happens If $82,000 Fails? 
Usually, when price slips beneath any major price support, there is, in turn, an increase in overall selling pressure, as buy-side liquidity is converted to bearish momentum via losses incurred by investors. Hence, in the scenario where $82,000 fails to hold, a wave of bearish pressure is expected to ensue, as Bitcoin’s active investors try to cut their losses. 

However, Kesmeci expects something even more specific to follow. According to historical data, whenever Bitcoin falls beneath its active market participant cost basis, it often falls further downwards, as though it is targeting its Realized Price.

At the moment, the Bitcoin Realized Price sits near $56,000 — a price level significantly beneath its investors’ average cost basis. Kesmeci therefore warned that a slip beneath $82,000 could precede Bitcoin’s sharp downturn towards $56,000.

This would represent an almost 40% decline from the current price point. As of this writing, the price of BTC stands at around $89,310, reflecting an over 3% dip in the past 24 hours. 

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017,
aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy,
our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a
rigorous Review Methodology when evaluating exchanges and tools. From emerging
blockchain projects and coin launches to industry events and technical developments, we cover
all facets of the digital asset space with unwavering commitment to timely, relevant information.

Raphael Bloch, cofounder and editor-in-chief of TheBigWhale, reported that starting Monday, customers of France’s Groupe BPCE can buy crypto assets through their bank. The first supported assets include Bitcoin, Ethereum, Solana, and USDC.

Bitcoin Rollout Starts With 2 Million BPCE Customers
In a recent X post, Bloch revelaed that the BPCE is rolling out the service in a first phase to clients of four regional entities. That group represents about 2 million customers out of more than 12 million across the bank’s network. The initial entities include Banque Populaire Île-de-France and Caisse d’Épargne Provence-Alpes-Côte d’Azur.

The bank plans to extend the service to other entities through 2026. The goal is to monitor how the service performs at launch. The phased approach allows BPCE to track usage and operational impact.

Customers will buy and sell through the Caisse d’Épargne and Banque Populaire apps. Trading will run through a dedicated digital-asset account built into the app experience. The account carries a monthly fee of €2.99.

Each transaction includes a 1.5% commission. A minimum fee of €1 applies per transcation. The pricing model puts recurring and per-trade charges into a single retail offering.

Hexarq Authorization Supports BPCE Launch
The rollout comes after an earlier regulatory milestone involving BPCE’s digital-asset structure. Hexarq secured authorization to offer digital-asset services and will take over leadership of BPCE’s efforts. The subsidiary paints the group as being well-positioned to scale a consumer product after years of relatively little public activity in crypto.

European banks are increasing digital-asset services as fintech rivals attract large user bases. Apps such as Revolut, DeblockApp, Bitstack, and Trade Republic have expanded crypto access for retail clients. Banks are responding to protect customer relationships inside their own platforms.

Some banking groups prioritize corporate and high-net-worth offerings. Others focus on retail products to limit churn and add new users. A banker active in the sector said both retention and acquisition are key drivers.

Spanish banks have moved earlier in retail crypto access. BBVA allows Spanish clients to buy, sell, and hold Bitcoin and Ethereum through its app, with in-house custody and 24/7 trading. Santander has opened access to Bitcoin, Ethereum, Litecoin, Polygon and Cardano for retail clients in Europe. All services will be provided by the bank’s recently-launched digital arm Openbank. It is offering custody as well as transparent fees for trading.

Zcash price has faced renewed selling pressure after a sharp 16% decline in the last 24 hours, pulling the altcoin down from its attempted move above $400. 

The rejection has delayed ZEC’s attempt to reclaim higher levels, and the extended wait could introduce further challenges for traders if market sentiment weakens again.

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Zcash Pulls Away From BitcoinThe correlation between Zcash and Bitcoin has been slipping in recent days, dipping back below the zero line. A negative correlation means ZEC is no longer moving in tandem with BTC’s price direction. 

While this may initially seem neutral, it introduces an unusual risk dynamic. If Bitcoin rallies, Zcash may fail to benefit from broader market optimism.

Conversely, if Bitcoin falls sharply, ZEC could unexpectedly move higher, but with no guarantee of sustained strength.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

ZEC Correlation To Bitcoin. Source: TradingViewThe liquidation map adds another layer of caution for ZEC holders at the moment. Long traders are facing elevated liquidation risk, with nearly $17.49 million in long contracts exposed if ZEC drops to $300 or below.

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These potential liquidations represent a major pressure point for bullish sentiment.

If prices approach this threshold, cascading liquidations could accelerate downward movement. Such events often prompt traders to exit long positions and discourage new long exposure, contributing to a feedback loop that reinforces bearish momentum.

Zcash Liquidation Map. Source: CoinglassZEC Price Faces ResistanceZEC is trading at $339 and is hovering around the $344 support level after its steep decline from intra-day highs. The sharp sell-off and weakening market structure suggest that further downside is possible in the near term.

If bearish momentum continues, ZEC could fall toward the critical $300 support. Losing this level would likely trigger the $17.49 million liquidation cluster. This could potentially push the price down to $260 as forced selling intensifies.

ZEC Price Analysis. Source: TradingViewHowever, if momentum shifts and buyers return, ZEC could stabilize at $344 and attempt a recovery toward $403. A successful breakout above this level would invalidate the bearish thesis and restore confidence among long traders.

Earlier this week, cryptocurrency investment firm BitMine made a significant move by acquiring nearly $200 million worth of Ethereum, solidifying its status as the largest single holder of the cryptocurrency. This strategic purchase comes as Ethereum’s price hovers near a one-month low, reflecting a broader trend of cautious market behavior.

BitMine’s recent acquisitions occurred over two days, with the company purchasing a total of 64,622 ETH. On December 6, BitMine bought 22,676 ETH from BitGo, amounting to approximately $68.7 million at an average rate of around $3,028 per token. A day before, the firm acquired 41,946 ETH from FalconX and BitGo for about $130.8 million. These purchases augment BitMine’s already substantial Ethereum holdings, which stood at 3.73 million ETH as of November 30, valued at over $11 billion at current prices.

The timing of BitMine’s aggressive buying spree is particularly noteworthy, given the backdrop of widespread selling by medium-sized Ethereum holders. According to on-chain data provided by Lookonchain, there has been significant selling pressure from wallets holding between 1 to 10,000 ETH, a trend corroborated by Alphractal’s Ethereum Accumulation Heatmap. This offloading of assets by smaller holders has added downward pressure on the ETH market, which has seen a more than 10% decline in the past month, with prices currently around $3,027.

Despite the current market challenges, larger Ethereum holders, or “whales,” have not significantly increased their buying activity, although their selling has also been restrained. This period of market softness presents both risks and opportunities, with BitMine seemingly betting on a favorable long-term outcome for Ethereum.

Tom Lee, the CEO of Fundstrat and Chairman of BitMine, remains optimistic about Ethereum’s future, projecting that the cryptocurrency could reach $12,000 if Bitcoin hits $250,000. His forecast is based on the historical correlation between Ethereum and Bitcoin prices, as well as the anticipated increase in demand for tokenized real-world assets. Lee even suggests that Ethereum could potentially soar to $62,000 if its valuation ratio relative to Bitcoin expands over time, emphasizing the growth potential within the digital asset sector.

BitMine’s assertive investment strategy has positioned it as the second-largest corporate holder of cryptocurrency by value, following only Strategy, a firm under the leadership of Michael Saylor, which is predominantly invested in Bitcoin. BitMine’s portfolio also includes 192 BTC, an investment valued at $36 million in Eightco Holdings, and $882 million in cash reserves, underscoring its diversified approach to cryptocurrency investment.

While BitMine’s recent moves highlight a bullish outlook on Ethereum, the market is not without risks. The ongoing volatility in cryptocurrency prices poses a potential challenge to investors, with regulatory uncertainties and technological challenges continuing to shadow the sector globally. Furthermore, the recent liquidation trends among medium-sized ETH holders could signal broader market sentiments that may not support immediate price recovery.

Historically, the cryptocurrency market has been prone to significant fluctuations, often driven by regulatory changes, technological advancements, and shifts in investor sentiment. Ethereum, in particular, has undergone various transitions, such as its recent shift from a proof-of-work to a proof-of-stake consensus mechanism with Ethereum 2.0, which aims to improve scalability and energy efficiency. Such developments present both a promise of increased adoption and potential hurdles related to security and network stability.

On the policy front, global regulatory environments remain a critical factor influencing cryptocurrency markets. Countries worldwide are grappling with how to regulate digital currencies, balancing innovation with consumer protection. In the United States, for instance, recent regulatory actions have focused on issues of transparency and market manipulation in the crypto space, which could influence market dynamics if similar policies are adopted globally.

Despite these challenges, the broader trend of digital asset adoption continues to grow, with institutional investors increasingly participating in cryptocurrency markets. This trend has been mirrored by major corporations integrating blockchain technology into their business models, further validating the long-term viability of the sector.

BitMine’s recent Ethereum acquisition exemplifies the company’s aggressive yet strategic approach to navigating the complexities of the cryptocurrency landscape. By capitalizing on the current market dip, BitMine is poised to potentially reap significant rewards if the positive forecasts for Ethereum materialize. However, the firm must remain vigilant of the inherent risks associated with digital currencies, maintaining a balance between ambition and caution in its investment strategies.

As the crypto market continues to evolve, the actions of key players like BitMine are likely to influence broader market trends, setting precedents for future corporate investment strategies in the realm of digital assets. The next few months will be critical in determining whether BitMine’s confidence in Ethereum is well-placed or if market dynamics will call for reassessment of their investment approach. Regardless, their commitment to substantial Ethereum holdings underscores a strong belief in the cryptocurrency’s potential to shape the future of finance.

Post Views: 10

XRP is currently trading at approximately $2.07 after experiencing a nearly 8% drop over the past week. Despite this decline, emerging technical patterns suggest a potential substantial increase in its price. Market analysts are closely observing key support and resistance levels, alongside chart formations that might indicate a future trend reversal.

A crucial chart pattern identified by cryptocurrency analyst EGRAG CRYPTO is the Descending Broadening Wedge, visible on a 2-week chart of XRP. This pattern, characterized by a series of lower highs and lower lows, is typically associated with periods of impending volatility. Should XRP manage to break through the upper trendline of this wedge, it could potentially reach a price target of $9.50, representing a staggering 360% surge from its current value. Conversely, if the pattern breaks down, the price might plummet to a support target near $0.50.

Meanwhile, analyst Rose Premium Signals has highlighted another formation on a 2-day chart, where XRP is seen rebounding off the lower trendline of an ascending channel. This lower boundary has effectively served as a support level on numerous occasions in recent months, and XRP has shown resilience once more. If this bounce proves sustainable, XRP could aim for intermediate upward targets of $2.3, $2.6, $3.0, $3.57, and $4.1. A short-term downturn to the $1.5–$1.6 range is also conceivable before a potential rally escalates, with some projections suggesting a peak of $4.87 in the coming months, contingent on market conditions and price steadiness.

On a shorter time frame, CryptoWZRD has provided insights pointing out that XRP is currently trading below the $2.27 resistance level, hovering around $2.07, which serves as a critical short-term support. A reversal in this vicinity could spur an upward move towards this resistance barrier. However, both XRP and its Bitcoin pair, XRPBTC, closed their recent sessions with bearish candlestick formations, indicating potential continuing volatility. With Bitcoin dominance starting to wane, market participants are bracing for unpredictable moves ahead of the traditional market’s upcoming weekly closure.

Complicating the immediate outlook, short-term XRP holders are opting to exit their positions. Analyst Steph Is Crypto highlighted a noticeable reduction in the 6–12 month holding bracket, from 26.18% to 21.65%. This sell-off trend was underscored by the movement of approximately 140 million XRP from large wallet addresses, an activity tracked by researcher Ali Martinez. Such movements often precede significant market shifts, either strengthening or weakening the asset’s price.

Adding to the bearish sentiment, data from Santiment indicates a rise in negative social media commentary regarding XRP, reaching its highest level of apprehension since October. This pervasive market fear can lead to increased volatility as traders react to sentiment rather than fundamentals.

Historically, the cryptocurrency market is highly volatile, subject to rapid changes driven by technical signals, market rumors, and macroeconomic factors. Such volatility isn’t unique to XRP; the entire crypto sector frequently experiences abrupt price swings, often triggered by speculative trading behavior and news-driven narratives. For XRP, which has experienced legal hurdles in past years, particularly concerning its classification by regulatory bodies like the Securities and Exchange Commission (SEC), these technical and sentiment-driven fluctuations add layers of complexity to its price dynamics.

While the potential for a significant price increase is enticing, investors must also consider potential risks. Technical patterns, though useful, do not guarantee future performance. External factors, such as regulatory changes, market manipulation, and broader economic events, can rapidly alter the cryptocurrency landscape. Furthermore, the general volatility of the crypto market can lead to substantial losses if price predictions do not materialize.

In summary, while XRP’s technical outlook shows the potential for a dramatic upswing, the market remains fraught with uncertainties. Investors should remain vigilant, balancing the allure of high returns with the inherent risks of cryptocurrency investments. As the market evolves, continuous monitoring of both technical indicators and broader market signals will be crucial for navigating XRP’s price trajectory.

Post Views: 7

Original U.Today article

Sat, 6/12/2025 - 16:05

Can the rate of Bitcoin (BTC) return above $90,000 by the end of the week?.

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The cryptocurrency market is mainly red at the beginning of the weekend, according to CoinStats.

Top coins by CoinStats BTC/USDThe price of Bitcoin (BTC) has declined by 0.35% over the last day.

Image by TradingViewOn the hourly chart, the rate of BTC has broken the local resistance of $89,800. If bulls can hold the gained initiative and the daily bar closes far from that mark, the upward move may continue to $91,000.

Image by TradingViewOn the bigger time frame, the situation is more bearish than bullish. As the price of the main crypto is far from the key levels, one should pay attention to the candle closure in terms of yesterday’s bar low.

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If it happens near $88,000, there is a high chance to see an ongoing correction to the $86,000 range.

Image by TradingViewFrom the midterm point of view, neither side has seized the initiative. The volume remains low, confirming the absence of buyers' and sellers' energy. All in all, traders are unlikely to witness sharp moves soon.

Bitcoin is trading at $89,927 at press time.

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Analysts say a break above 1.0 in the buy/sell ratio could launch Ethereum toward the $3,500 to $4,000 level.

Ethereum (ETH) traders snapped back into action this week as buyer aggression climbed to its strongest reading since early August, according to the latest Binance futures data.

The move follows the Fusaka network upgrade, activated on December 3, which appears to have shifted mood across derivatives and on-chain metrics almost immediately.

Market Sentiment Flips Following Upgrade
According to pseudonymous analyst CryptoOnchain, the Taker Buy/Sell Ratio for ETH futures on Binance jumped to 0.998, marking the metric’s highest level since early August and representing a sharp reversal from recent lows around 0.945.

“This rebound from the lows (0.945) shows that futures traders view the Fusaka update as a bullish catalyst and are actively accumulating long positions,” stated the analyst. “Although the price is still hovering around $3,130, the acceleration of this ratio has outpaced the price itself, acting as a leading indicator.”

They also noted that a break above the 1.0 level would strongly suggest the recent corrective period has ended, and kickstart a run “toward the $3,500 to $4,000 targets.”

Spot market data also seems to support the shift. As noted by Arab Chain, the Cumulative Volume Delta (CVD), which tracks net buying and selling pressure, has shown positive movements with Ethereum trying to stabilize above $3,100. This, according to the firm, points to new liquidity entering the market.

Furthermore, so-called shark wallets, holding between 1,000 and 10,000 ETH, have been key drivers, with their accumulation helping push the price to a three-week peak of $3,230 yesterday.

The upgrade was preceded by a record-setting spike in network activity on November 26, when total gas used hit 215 billion, indicating heavy pre-upgrade positioning by users and developers.

You may also like:

Tom Lee Forecasts Ethereum Rally to $20K on 2026 Tokenization Boom

Neither Panic Nor Greed: Ethereum (ETH) Enters the ‘Healthy Zone’

‘Shark’ Wallets Drive Ethereum to 3-Week High After Fusaka Deployment

Institutional Divergence and Future Price Trajectory
While futures traders and large holders are showing renewed interest, there still exists a significant divergence in institutional demand. Data from Bitwise revealed a steep drop in purchases by public Digital Asset Treasuries (DATs).

Their monthly accumulation fell 81% from August to November 2025, dropping to 370,000 ETH last month. Observers have linked this dip to challenging market conditions that have reduced the buying power of these corporate entities.

However, some prominent commentators are staying optimistic regarding the long-term path of the world’s second-largest cryptocurrency despite this institutional cooling.

One of them, Fundstrat’s Tom Lee, while at the Binance Blockchain Week in Dubai, forecasted a potential rise to $20,000 for ETH by 2026, tied to an expected boom in real-world asset tokenization. This outlook suggests that fundamental utility, rather than short-term treasury flows, may dictate the next major cycle.

Currently, the asset is trading around $3,130, reflecting a modest 3.3% gain over the past week but remaining down about 6% for the month.

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Sat, 6/12/2025 - 16:29

In December 2020, the SEC filed its lawsuit against Ripple, but this is now totally history, with the XRP community celebrating victory.

Cover image via U.Today

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The XRP community is doing a victory dance this December as the Ripple lawsuit filed by the SEC about five years ago totally becomes a thing of history.

On Dec. 22, 2020, the Securities and Exchange Commission (SEC) filed a high-profile enforcement action against Ripple, alleging that it broke securities laws by selling XRP without registering it as a security.

This December marks five years since the SEC lawsuit against @Ripple began. Back then, many in the crypto community laughed and didn’t expect it would lead to real legal clarity for #XRP. But here we are, half a decade later, witnessing how that challenge helped shape a more… pic.twitter.com/bIpXrBP0qU

— X-Art ☀️ (@Dogeh8er) December 5, 2025 The case evolved into one of the most-watched legal cases in crypto as it rallied the greater crypto industry around XRP. More than a dozen advocacy groups, including the Chamber of Digital Commerce and the Blockchain Association, wrote to U.S. District Judge Analisa Torres in support of Ripple’s position.

Ripple, XRP wonThe SEC had contended XRP was a security under the so-called Howey test, named after a 1946 Supreme Court ruling. Ripple contended that XRP did not meet that test because sales took place in the secondary market and there was no pooling of profits.

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In July 2023, Judge Torres ruled that XRP was not a security in and of itself but found certain institutional sales to have violated securities law; the decision was widely viewed by the industry as a victory and a check on the SEC’s authority.

The SEC asked Judge Torres to order Ripple to pay more than $876 million in disgorgement and more than $198 million in interest, along with an $876 million civil penalty.

In a win for Ripple, Judge Torres denied the SEC’s bid for Ripple to disgorge profits from its sales on the basis that the case "does not involve allegations of fraud, misappropriation or other more culpable conduct." Ripple was asked to pay $125 million in civil penalties.

Fast forward to October this year, in a move that put a final closure to the case, both parties dismissed their appeals in the U.S. Court of Appeals for the Second Circuit. The stipulation also resolved the civil enforcement actions against Ripple CEO Brad Garlinghouse and its chairman Chris Larsen. This effectively ended one of the cryptocurrency industry's highest-profile lawsuits.

At the time of writing, XRP was trading at $2.04, up 827% from the $0.22 low reached in December 2020 when the SEC lawsuit was filed.

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Two long-dormant Casascius coins, each loaded with 1,000 Bitcoin, were activated on Friday, unlocking more than $179 million that had sat untouched for over 13 years.

According to onchain data, one of the coins was minted in October 2012 when Bitcoin traded at $11.69. The other dates back to December 2011, when BTC was worth $3.88, giving that piece a theoretical gain near 2.3 million% since minting.

Historic Physical Coins Activated
Based on reports, Casascius coins (metal coins) were produced between 2011 and 2013 by Utah entrepreneur Mike Caldwell as physical representations of Bitcoin. Each coin or bar concealed a paper with a private key, and a tamper-resistant hologram covered that key.

🚨🚨🚨 Two Casascius coins, each containing 1,000 BTC, have just moved after being dormant for more than 13 years. pic.twitter.com/nlFUy39MkD

— Sani | TimechainIndex.com (@SaniExp) December 5, 2025

Records show only 16 of the 1,000 BTC bars and 6 of the 1,000 BTC coins were ever made, making these items both rare and historically important.

Caldwell shut down the operation after receiving a letter from FinCEN that raised questions about whether his business qualified as an unlicensed money transmitter.

How The Coins Worked
The mechanism was simple in practice but strict in outcome: whoever removed the hologram and revealed the private key could claim the full Bitcoin value stored beneath it.

Once that sticker was lifted and the private key used, the coin no longer carried any Bitcoin value. Based on reports, collectors treat that moment as irreversible. Some owners chose to move funds off the physical coins without cashing out.

BTCUSD currently trading at $89,579. Chart: TradingView
Rarity And Returns
Numbers here show why collectors and investors watch these events closely. Two coins at 1,000 BTC each represent a huge hoard when prices are high. Even leaving aside the cost of minting, the December 2011 coin’s rise from $3.88 to current market valuations yields a headline-grabbing multiple.

But experts warn that turning the private key into spendable Bitcoin is only the first step; what happens next depends on the holder’s choices. Some will hold. Others may move funds into cold storage. Selling is not guaranteed.

Derivatives Market Shock
Meanwhile, the spot and derivatives markets are experiencing high volatility. Based on CoinGlass data, today’s derivatives activity showed an 11,588% liquidation imbalance that overwhelmingly wiped out long positions.

Bitcoin, at the time of writing, was trading below $90,000, and more than $20 million in BTC long liquidations occurred in minutes while short positions barely budged. That kind of one-sided pressure happens when many traders are crowded in the same direction and conditions change quickly.

Featured image from Unsplash, chart from TradingView

Pi Network's native token has shown a unique trajectory, contrasting sharply with broader market trends. While major cryptocurrencies like Bitcoin and Ethereum suffered significant losses in November, Pi managed to post gains, surprising many observers.

Bitcoin’s value has fallen to $88,000, marking a five-day low and contributing to a surge in market liquidations that reached $500 million. This drop comes after a period of relative stability where Bitcoin hovered above $90,000. At one point, the cryptocurrency even flirted with the $94,000 mark but was unable to maintain upward momentum.

This downturn is not limited to Bitcoin. The broader cryptocurrency market has also taken a hit. Ethereum, which was trading above $3,200 just yesterday, is now on the verge of slipping below $3,000 following a 4.6% decline. Similarly, XRP has descended to $2.04, barely holding above its crucial support level. Other prominent cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have experienced even sharper declines, some plunging by as much as 7.3%.

The ripple effect of Bitcoin’s fall has been seen across the market, with cryptocurrencies like CC, APT, HYPE, PUMP, PEPE, and ENA suffering double-digit percentage losses. Meanwhile, WLD and Avalanche (AVAX) have witnessed declines of up to 9%. As a result, the total market capitalization of the cryptocurrency realm has shrunk by $80 billion, now standing at approximately $3.1 trillion.

The scale of recent liquidations is staggering, with $500 million wiped out within a single day. Of this, $420 million were long positions, indicating that many traders expected Bitcoin’s value to continue rising. Over 140,000 traders have been affected by these liquidations, with the largest single liquidation reportedly occurring on Hyperliquid, amounting to an $8.5 million order, according to data from CoinGlass.

Historically, Bitcoin has shown volatility, with significant price swings becoming a hallmark of its trading behavior. In December 2017, Bitcoin reached its then all-time high of nearly $20,000 before crashing to around $3,000 a year later. Recent years have seen the cryptocurrency achieve new highs and endure steep corrections, reflecting its highly speculative nature. Despite these fluctuations, Bitcoin’s adoption has grown, with institutions and governments increasingly acknowledging its potential, albeit cautiously.

Yet, the current situation raises questions about the factors driving this volatility. Market analysts suggest that Bitcoin’s recent price drop could be partially attributed to profit-taking by investors after its rapid appreciation past $90,000. Additionally, macroeconomic factors such as inflation concerns, regulatory uncertainties, and interest rate decisions by central banks might be influencing trader sentiment. The Federal Reserve’s monetary policy, for example, plays a significant role in shaping global financial markets, including cryptocurrencies.

However, the volatile nature of cryptocurrencies remains a double-edged sword. While it offers opportunities for substantial profits, it also poses significant risks. The current market sentiment is likely exacerbated by the “fear of missing out” (FOMO) phenomenon, which drives both amateur and seasoned investors to make hasty trading decisions.

One risk facing the cryptocurrency market is regulatory intervention. Governments worldwide are increasingly scrutinizing digital currencies, with some nations seeking tighter regulations to curb illicit activities and protect consumers. China’s crackdown on crypto mining and trading in recent years is a prime example of how regulatory actions can drastically impact the market.

Moreover, the environmental concerns surrounding Bitcoin mining could lead to further regulatory pressures. The energy-intensive process of mining has sparked debates about its sustainability, prompting calls for greener alternatives. Transitioning to more sustainable practices could impact mining operations and influence market dynamics.

Despite these challenges, proponents of Bitcoin remain optimistic about its long-term prospects. They argue that Bitcoin, often referred to as “digital gold,” serves as a hedge against inflation and a store of value in times of economic uncertainty. This narrative has gained traction, particularly during periods of economic turmoil, where traditional assets may falter.

As Bitcoin investors navigate this volatile landscape, the need for prudent risk management and informed decision-making has never been more critical. While the allure of high returns draws many to the cryptocurrency market, it is essential to recognize the inherent risks and approach trading with caution.

In conclusion, Bitcoin’s recent price fluctuation underscores the unpredictable nature of the cryptocurrency market. With significant liquidations and market corrections, investors must remain vigilant and consider the broader economic and regulatory context. As the market continues to evolve, understanding these dynamics will be crucial for navigating potential challenges and capitalizing on opportunities in the world of digital assets.

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OSL, a publicly-listed digital asset platform and exchange in Hong Kong, has announced the listing of XRP, the fourth largest cryptocurrency by market capitalization.

In an official blog post, OSL Hong Kong announced that XRP is now available on the platform, with its deposits and withdrawals now open.

The recent XRP listing expands OSL HK’s token lineup, with the token available to professional investors via Flash Trade and OTC. Three XRP pairs are available for trading on the platform's Flash Trade, including XRP/HKD, XRP/USD and XRP/USDT.

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OSL transformed last year into a company fully dedicated to digital assets and completed $300 million of equity financing in July this year.

XRP long-term interest sustainsDespite XRP's recent slide, Santiment noted in a recent analysis that its large holders are still holding up in conviction.

According to Santiment, while XRP has erased about 32% of its market cap in the last two months alone, large investors and funds have continued adding XRP, which suggests that long-term interest has not disappeared.

XRP ETFs continue to attract inflows, sustaining their strong post-launch run. XRP funds, including those from Canary Capital, Grayscale, Bitwise and Franklin Templeton, accounted for a total net inflow of $897.35 million, according to SoSo data.

Santiment highlighted this development as bullish for XRP, noting that even with slower price action, this type of support can help keep XRP from dropping too sharply.

XRP sentiment flips from bearishAt the time of writing, XRP was down 1.83% in the last 24 hours to $2.03 and down 8.31% weekly.

Santiment added that if XRP sees more clarity in regulation and market conditions, it could find a stronger footing again. For now, the community seems patient, watching for signs of bullish momentum and wider financial use.

Analysts at Santiment noted a reversal in sentiment for XRP: while the crowd was extremely bearish on XRP before, this has now reversed to neutral, with Santiment stating it has returned to the middle ground for now.

The crypto market took a sharp breather today after weeks of strong momentum. Bitcoin slipped toward $89,605 after almost touching $100,000, while Ethereum cooled to around $3,034 and XRP dipped near $2.03. The weakness rippled across major altcoins as well, with BNB sliding to $884, Solana dropping to $132, and Dogecoin easing to $0.13. 

Despite the red screens, a major move from traditional finance quietly stole the spotlight. The National Bank of Canada, one of the country’s most established financial institutions, has made a significant entry into Bitcoin exposure, but not in the way many expected.

A Major Move Through MicroStrategyInstead of buying Bitcoin directly, the National Bank of Canada has taken a huge position in MicroStrategy, the publicly traded company famous for holding more Bitcoin than any other corporation. Fresh data from BitcoinTreasuries.NET reveals the bank now owns 1.47 million MicroStrategy shares, a stake valued at roughly $273 million.

This setup gives the bank indirect exposure to Bitcoin because MicroStrategy’s business strategy heavily revolves around acquiring and holding BTC. For a large regulated bank, this approach offers comfort. It avoids the challenges of handling digital wallets, navigating crypto-focused custody rules, or dealing with accounting complexities related to holding actual Bitcoin.

Why This Matters for Traditional FinanceWhat makes this move stand out is the size. A quarter-billion-dollar position is not a test run; it shows a rising level of confidence in Bitcoin from one of Canada’s biggest financial players.

This type of investment also signals something broader happening in the industry. By stepping into crypto through familiar equity channels, big banks are showing that digital assets are becoming harder to ignore. It also encourages other institutions to consider similar strategies, slowly merging traditional banking frameworks with the fast-changing digital asset economy.

While the move is widely seen as bullish, not everyone is convinced. Crypto analyst Sovereign Swap cautioned that MicroStrategy stock should not be mistaken for actual Bitcoin. The idea is simple: MSTR offers exposure, but it’s still a company, not the asset itself. The comment also hinted that some investors may be choosing this route because local rules or political restrictions limit their ability to buy Bitcoin directly.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQsWhy are banks buying MicroStrategy stock instead of Bitcoin?

It’s easier and safer for regulated banks. They avoid crypto custody rules, wallet risks, and complex accounting while still gaining Bitcoin upside through a familiar stock.

Is investing in MicroStrategy the same as buying Bitcoin?

No. MicroStrategy is a company holding Bitcoin, so shares track stock performance, not exact Bitcoin price movements.

What does this move mean for traditional finance and crypto adoption?

Large banks investing via stocks show growing institutional interest, signaling Bitcoin is increasingly accepted in mainstream finance.

Are there risks in gaining Bitcoin exposure through MicroStrategy shares?

Yes. Stock price can be affected by company performance or market trends, not just Bitcoin value, adding an extra layer of risk.

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Industry leader Tom Lee has shared how the Ethereum price could reach $12,000 within the next few months. He based his prediction on the Bitcoin price action and how ETH could match the flagship crypto on a potential run to the upside. 

Tom Lee Explains How The Ethereum Price Could Rally To $12,000
Speaking at the Binance Blockchain Week, Tom Lee predicted that the Ethereum price could reach $12,000 as Bitcoin rallies to $250,000 within the next few months. He explained that ETH can reach the $12,000 target if the ETH/BTC ratio returns to its eight-year average of 0.0479. Lee described this potential rally to $12,000 as a “huge move.”

Tom Lee further predicted that the Ethereum price could reach $22,000 if the ETH/BTC ratio gets to its 2021 high of 0.0873. He added that he believes Ethereum will become the future of finance and the payment rails. As such, Lee predicted that the ETH/BTC ratio could reach 0.2500, sparking an Ethereum rally to as high as $62,500. In line with this, the expert declared that ETH at $3,000 is “grossly undervalued.”

Source: Chart from Bitmine
Tom Lee also remarked that the bigger the base, the bigger the breakout for the Ethereum price. He noted that ETH spent years building a similar base to its current price action before the move from $90 to its previous all-time high (ATH) of $4,866. The expert added that if the pattern plays out again, the next leg could be larger than what people expect. 

It is worth noting that Tom Lee is the chairman of BitMine, which is the largest Ethereum treasury company. According to Strategic ETH Reserve data, the company currently holds 3.73 million ETH, which is just over 3% of the altcoin’s total supply. Lee remains bullish on the Ethereum price, despite his company holding an unrealized loss of $3.3 billion of their ETH investment. 

A Rally To $62,000 Is “Ambitious”
Market commentator Milk Road described Tom Lee’s Ethereum price prediction of $62,000 in a few months as being ambitious. The platform stated that an ETH/BTC ratio of 0.25 has never happened. The highest it has ever gone is 0.15, and that was during the 2017 supercycle, which makes it less likely now, given that market conditions have changed. 

Tom Lee had based his Ethereum prediction on Bitcoin hitting $250,000, which Milk Road also described as an issue. The market commentator noted that BTC would need to surge 177% from current prices to reach this target. The last time this happened was in 2020 when it surged from $7,000 to $19,000 during the “peak mania.” Notably, BTC didn’t record a 100% gain even when the Bitcoin ETFs launched last year. 

At the time of writing, the Ethereum price is trading at around $3,000, down over 4% in the last 24 hours, according to data from CoinMarketCap.

ETH trading at $3,023 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Freepik, chart from Tradingview.com

In brief
Academic literature increasingly finds that crypto and equities are tightly intertwined, especially during periods of stress.
Studies find that crypto increasingly behaves like a high-beta tech sector.
An academic consensus is forming that crypto is now firmly embedded in the global risk ecosystem.
Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS).

This is the tenth installment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, I discuss how crypto’s relationship with equities has evolved.

Not so long ago, Bitcoin was marketed as the ultimate diversifier—an asset supposedly immune to whatever was happening in equity markets. Early academic work backed that up: Liu and Tsyvinski (2021) showed that major cryptocurrencies had minimal exposure to standard stock, bond and FX risk factors, and that their returns were mainly driven by crypto-specific forces like momentum and investor attention, not equity markets.

Fast-forward to the last couple of years, and that story looks very different. A growing literature now finds that crypto and equities are tightly intertwined, especially during stress. For a fintech audience, the key message is simple: you can’t treat crypto as “off-grid” risk anymore. It behaves more and more like a high-beta tech sector—with some nasty tail behaviour on top.

From “uncorrelated” to “just another risky asset”A recent survey by Adelopo et al (2025) and co-authors reviews the evidence on how cryptocurrencies interact with traditional financial markets. They document clear time-varying and non-linear linkages between crypto and stock markets, with particularly strong connections during major macro and geopolitical events like COVID-19 or the Russia–Ukraine war.

Studies looking specifically at technology and blockchain-linked stocks confirm this. Umar et al (2021) finds strong connectedness between cryptocurrency markets and the technology sector while Frankovic (2022) shows that Australian “cryptocurrency-linked stocks” experience significant return spillovers from crypto prices, especially for firms more deeply involved in blockchain activity. In other words, listed equity is now a transmission channel for crypto risk.

What the newest evidence saysSeveral recent papers make the “crypto ↔ equity” link very explicit:

Global spillovers: Vuković (2025) uses a Bayesian Global VAR to show that adverse shocks originating in the cryptocurrency market depress stock markets, bond indices, exchange rates and volatility indices across a wide set of countries—not just the U.S.
Equity–crypto co-movement: Ghorbel and co-authors (2024) study connectedness between major cryptocurrencies, G7 stock indices and gold. They find that cryptocurrencies have become important senders and receivers of shocks, with stronger ties to equities in recent years and particularly during turbulent periods.
U.S. and Chinese stock markets: Lamine et al (2024) examine spillovers between U.S./Chinese equities, cryptocurrencies and gold. They find significant dynamic risk spillovers from crypto to these stock markets, again concentrated in high-volatility episodes.
Exchange-level contagion: Sajeev et al (2022) document a contagion effect of Bitcoin on major stock exchanges (NSE India, Shanghai, London and Dow Jones), using volatility spillover and correlation analysis from 2017–2021.
International organisations tell a similar story. An IMF departmental paper on “Spillovers Between Crypto and Equity Markets” finds that Bitcoin shocks can explain a non-trivial share (roughly mid-teens percent) of variation in global equity volatility, and that this influence has strengthened over time as institutional and derivative markets matured.

The common conclusion: crypto is now firmly embedded in the global risk ecosystem.

Why tech and crypto now move togetherWhy does Bitcoin now look so much like a high-beta tech stock?

Duration and interest-rate sensitivity: Both crypto and growth equities are essentially claims on uncertain future cash flows or network value. When real rates rise, discount factors bite hard—and both sectors sell off together.
Investor base and leverage: Retail trading, momentum strategies and derivatives are heavily used in both arenas. Products like futures, options and leveraged ETFs allow shocks in one market to be magnified and replicated in the other.
Institutional portfolio construction: As crypto has been added to multi-asset and hedge-fund portfolios, its returns inevitably become entangled with traditional cross-asset positioning. When funds de-risk, everything in the “risky bucket” goes out together.
What this means for portfolios and risk managementFor portfolio construction, the message is uncomfortable but clear:

Crypto does diversify in quiet periods—correlations can still be modest in benign regimes.
But during stress, when diversification is most valuable, correlations and spillovers spike.
Bitcoin and major altcoins behave less like “digital gold” and more like levered proxies for global risk sentiment.
That doesn’t make crypto useless as an investment—but it does mean that treating a 5–10% crypto allocation as “uncorrelated upside” is no longer defensible based on the data.

Going forward, one open question for both academics and practitioners is whether spot ETFs and broader institutional adoption will further tighten these linkages, or whether a new use-case (such as genuine payment or settlement adoption) could create more idiosyncratic drivers again.

For now, the evidence points in one direction: when global markets catch a cold, crypto doesn’t sit it out anymore—it coughs along with everything else.

Selected academic references

Adelopo, I., et al. (2025). “Interconnectedness among cryptocurrencies and financial markets: A review.” Financial Innovation. SpringerLink
Frankovic, J. (2022). “On spillover effects between cryptocurrency-linked stocks and cryptocurrencies.” Global Finance Journal, 54, 100719. https://doi.org/10.1016/j.gfj.2021.100719 IDEAS/RePEc
Ghorbel, A., et al. (2024). “Connectedness between cryptocurrencies, gold and stock markets: A network approach.” European Journal of Management and Business Economics, 33(4), 466–489. Econstor
IMF (2022). Spillovers Between Crypto and Equity Markets. IMF Departmental Paper. IMF eLibrary IMF eLibrary+1
Lamine, A., et al. (2024). “Spillovers between cryptocurrencies, gold and stock markets.” Journal of Economics, Finance and Administrative Science, 29(57), 21–40. Emerald
Liu, Y., & Tsyvinski, A. (2021). “Risks and Returns of Cryptocurrency.” Review of Financial Studies, 34(6), 2689–2727. https://doi.org/10.1093/rfs/hhaa113 OUP Academic
Sajeev, K. C., et al. (2022). “Contagion effect of cryptocurrency on the securities market.” Journal of Economic Studies, 49(7), 1390–1410. PubMed Central
Umar, Z., Kenourgios, D., & Papathanasiou, S. (2021). “Connectedness between cryptocurrency and technology sectors: Evidence from implied volatility indices.” Finance Research Letters, 38, 101492. ScienceDirect
Vuković, D. B., et al. (2025). “Spillovers between cryptocurrencies and financial markets.” Journal of International Money and Finance, 150, 102963. IDEAS/RePEc
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On Thursday, the US Commodity Futures Trading Commission (CFTC) announced that spot Bitcoin (BTC) and Ether (ETH) products will begin trading for the first time on its registered futures exchanges.

Here are three reasons why this is a big deal for the top two cryptocurrencies heading into 2026.

Key takeaways:

CFTC oversight gives BTC and ETH gold-like legitimacy, opening the door to larger institutional flows.

Regulated US trading boosts liquidity, cuts volatility, and shifts crypto activity back onshore.

Bitcoin and Ethereum can scale like goldOne of the strongest historical parallels for the CFTC decision came from the gold market.

When gold was formally opened to trading on regulated US futures exchanges in the 1970s, the shift transformed it from a fragmented, over-the-counter commodity into a globally recognized investment asset.

Liquidity concentrated on COMEX, institutions entered for the first time, and transparent price discovery created a foundation for long-term capital flows.

Since its COMEX debut, spot gold prices gained 4,000%, illustrating how regulatory clarity can reshape an asset’s market trajectory.

XAU/USD yearly performance chart. Source: TradingViewThe CFTC placed Bitcoin and Ethereum under a similar commodity framework with its latest announcement, thus removing the US Securities and Exchange Commission’s (SEC) issuer-focused requirements.

It also filled a long-standing gap: US traders could access crypto on platforms like Coinbase and Kraken but lacked regulated spot leverage, deep liquidity tools, or exchange-level protections.

That absence forced liquidity offshore, with recent 2025 data showing Binance capturing roughly 41.1% of global spot activity, far ahead of US-based venues.

With regulated spot markets now approved domestically, Bitcoin and Ethereum gain the same structural foundation that helped gold evolve from a niche hedge into a mature, globally traded asset class.

Source: XCFTC improves institutional exposure for BTC, ETH Pension funds, banks, and hedge funds that previously sat on the sidelines can now treat Bitcoin and Ethereum like other CFTC-recognized commodities, with standardized rules, surveillance, and custody requirements.

86% of institutional investors already have or plan to gain crypto exposure, and most increased their allocations in 2024 as US regulation improved, according to a joint survey conducted by Coinbase and EY-Parthenon in January.

Source: XA majority also preferred accessing crypto through regulated investment rails, such as commodity exchanges or ETFs, rather than offshore venues.

Following the CFTC decision, institutions can now access Bitcoin and Ethereum through regulated exchanges, audited custody, and supervised pricing, setting the stage for stronger, more durable mainstream adoption.

Bitcoin, Ether may see better liquidity growthHistorical evidence suggested that commodities expanded rapidly after debuting on regulated trading venues.

A case in point is the launch of WTI oil futures in 1983, whose trading exploded from just 3,000 contracts in the first month to over 100,000 per month within a year, and then to over 2 million contracts per month by the late 1980s.

WTI two-week chart. Source: TradingViewToday, WTI often exceeds a million contracts in daily volume, a testament to how regulation can foster colossal market growth.

Bitcoin and Ethereum can witness a similar liquidity boost, with CFTC-approved spot trading likely to attract many more US traders and market makers, thus increasing order book depth and reducing spreads.

Deep liquidity and robust volume on US soil can also reduce volatility over time, as large buy or sell orders are more easily absorbed.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Almost all coins from the top 10 list are in the red zone today, according to CoinStats.

ETH chart by CoinStatsETH/USDThe price of Ethereum (ETH) has declined by 3% since yesterday.

Image by TradingViewOn the hourly chart, the rate of ETH is rising after setting a local support of $3,013. If the daily candle closes around the resistance, there is a high chance to see a level breakout, followed by a further upward move to the $3,050-$3,100 range.

Image by TradingViewOn the bigger time frame, one should focus on the interim level of $2,985. If a breakout happens, the accumulated energy might be enough for a continued correction to the $2,800-$2,900 area.

Image by TradingViewFrom the midterm point of view, neither side is dominating as the price of the main altcoin is far from the key levels. Such a statement is also confirmed by the falling volume.

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In this case, sideways trading in the range of $2,800-$3,200 is the more likely scenario.

Ethereum is trading at $3,034 at press time.

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Viatris to Receive $400 Million in Cash and $415 Million in Equity Shares of Biocon Limited

Transaction Accelerates the Expiration of Biosimilars Non-Compete Restrictions

, /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS) today announced that it has entered into definitive agreements with Biocon Limited ("Biocon") for the sale of Viatris' equity stake in Biocon Biologics Limited ("Biocon Biologics"). Under the definitive agreements, Biocon will acquire all of Viatris' convertible preferred equity in Biocon Biologics for total consideration of $815 million, consisting of $400 million in cash and $415 million in newly issued equity shares of Biocon.

"This agreement is another important step in Viatris' evolution," said Scott A. Smith, Chief Executive Officer, Viatris. "Monetizing the value of our equity stake in Biocon Biologics and regaining access to the biosimilars market globally provides significant additional optionality as we continue to build a portfolio of generics, established brands and innovative brands that can contribute to our future growth."

Key Terms of Transaction
Under the terms of the agreements, Viatris will sell its equity stake in Biocon Biologics to Biocon for $400 million in cash and $415 million in equity shares of Biocon Limited, which will be listed and traded on the National Stock Exchange of India. The shares are subject to a six-month lock up period. Transaction value will be subject to related taxes. In addition, the terms of the definitive agreements accelerate the expiration of biosimilars non-compete restrictions previously placed on Viatris in 2022 in connection with Viatris' sale of its biosimilars portfolio and related commercial and other capabilities to Biocon Biologics. These restrictions will expire immediately at the time of close for all ex-U.S. markets and in November 2026 for U.S. markets. The transaction is expected to close in Q1 2026, subject to satisfaction of closing conditions.

Citi is acting as financial advisor to Viatris. Cravath, Swaine & Moore LLP and Indian law firm Khaitan & Co. are acting as legal advisors to Viatris.

About Viatris
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company uniquely positioned to bridge the traditional divide between generics and brands, combining the best of both to more holistically address healthcare needs globally. With a mission to empower people worldwide to live healthier at every stage of life, we provide access at scale, currently supplying high-quality medicines to approximately 1 billion patients around the world annually and touching all of life's moments, from birth to the end of life, acute conditions to chronic diseases. With our exceptionally extensive and diverse portfolio of medicines, a one-of-a-kind global supply chain designed to reach more people when and where they need them, and the scientific expertise to address some of the world's most enduring health challenges, access takes on deep meaning at Viatris. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.

Forward-Looking Statements
This press release includes statements that constitute "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include statements that Viatris has entered into definitive agreements with Biocon for the sale of Viatris' equity stake in Biocon Biologics; under the definitive agreements, Biocon will acquire all of Viatris' convertible preferred equity in Biocon Biologics for total consideration of $815 million, consisting of $400 million in cash and $415 million in newly issued equity shares of Biocon; this agreement is another important step in Viatris' evolution; monetizing the value of our equity stake in Biocon Biologics and regaining access to the biosimilars market globally provides significant additional optionality as we continue to build a portfolio of generics, established brands and innovative brands that can contribute to our future growth; under the terms of the agreements, Viatris will sell its equity stake in Biocon Biologics to Biocon for $400 million in cash and $415 million in equity shares of Biocon Limited, which will be listed and traded on the National Stock Exchange of India; the shares are subject to a six-month lock up period; transaction value will be subject to related taxes; the terms of the definitive agreements accelerate the expiration of biosimilars non-compete restrictions previously placed on Viatris in 2022 in connection with Viatris' sale of its biosimilars portfolio and related commercial and other capabilities to Biocon Biologics; these restrictions will expire immediately at the time of close for all ex-U.S. markets and in November 2026 for U.S. markets; the transaction is expected to close in Q1 2026, subject to satisfaction of closing conditions. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: actions and decisions of healthcare and pharmaceutical regulators; our ability to comply with applicable laws and regulations; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; any regulatory, legal or other impediments to Viatris' ability to bring new products to market; products in development and/or that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; longer review, response and approval times as a result of evolving regulatory priorities and reductions in personnel at health agencies; Viatris' or its partners' ability to develop, manufacture, and commercialize products; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings on Viatris; Viatris' failure to achieve expected or targeted future financial and operating performance and results; goodwill or impairment charges or other losses; any changes in or difficulties with the Company's manufacturing facilities; risks associated with international operations; changes in third-party relationships; the effect of any changes in Viatris' or its partners' customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, potential adverse impacts from future tariffs and trade restrictions, inflation rates and global exchange rates; and the other risks described in Viatris' filings with the Securities and Exchange Commission ("SEC"). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this press release other than as required by law.

SOURCE Viatris Inc.