Market Signal Briefing

Pi Coin has faced sustained selling pressure over recent weeks, pushing its price to a multi-week low. The altcoin has declined sharply alongside broader market weakness, with Bitcoin acting as a key drag. 

Waning investor support and rising withdrawals have intensified downside pressure, limiting any meaningful recovery attempts.

Pi Coin Follows BitcoinOn-chain indicators reflect deteriorating sentiment among Pi Coin holders. The Chaikin Money Flow shows heavy withdrawals, with the indicator dropping to an eight-month low. This reading signals strong capital outflows, suggesting investors are reducing exposure amid continued price weakness.

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The sustained selling reflects fading confidence following repeated failed recovery attempts. Many holders appear unwilling to wait for a rebound, choosing instead to exit positions. 

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

Pi Coin CMF. Source: TradingViewPi Coin’s macro momentum remains closely tied to Bitcoin’s performance. The correlation between PI and Bitcoin currently stands at 0.42. This relationship turned positive after steadily improving over nearly three weeks, mirroring the period of Pi Coin’s recent price decline.

This alignment has worked against PI. As Bitcoin corrected, Pi Coin followed lower, magnifying losses. A rising correlation during a downtrend often increases vulnerability, as independent recovery becomes less likely without broader market stabilization or asset-specific catalysts.

Pi Coin Correlation To Bitcoin. Source: TradingViewPI Price Falls To Its Critical SupportAt the time of writing, Pi Coin trades at $0.201, reflecting a 25% decline over the past 20 days. The drop followed a failed attempt to break above the $0.272 resistance. Rejection at that level marked a clear shift toward sustained bearish momentum.

Pi Coin is now testing the $0.198 support, an eight-week low that has previously acted as a floor. This level remains critical. However, bearish signals persist, and a breakdown could push PI toward $0.188 or even $0.180, extending the downtrend.

Pi Coin Price Analysis. Source: TradingViewA recovery scenario remains possible if historical patterns repeat. A successful bounce from $0.198 could restore short-term confidence. If Pi Coin reclaims $0.208 as support, the bearish thesis would weaken. Such a move may allow PI to rise toward $0.217, signaling temporary relief.

After failing to reclaim key resistance zones, Bitcoin continues to show weakness across multiple timeframes. The market remains under pressure as buyers struggle to step in with strength, while broader sentiment and derivatives data hint at further downside risk in the short term.

Technical Analysis
By Shayan

The Daily Chart
On the daily chart, BTC remains locked inside a well-defined descending channel. The recent rejection near the channel’s higher boundary, around the $90K mark, confirms continued bearish control. The asset is now hovering around $87K, with the 200-day and 100-day moving averages acting as dynamic resistance just above $100K.

As attempts to reclaim the $96K–97K supply zone failed, the structure remains bearish unless price can break and hold above that level. For now, the next key demand zone sits at the $80K area. Meanwhile, momentum remains weak, with RSI unable to push above 50, making more downside likely in the short term.

The 4-Hour Chart
The 4H chart shows a clear breakdown from the ascending wedge pattern that had formed over the past few weeks. After multiple rejections at the $95K resistance zone, BTC finally broke down from the wedge and is now trading below both the wedge support and short-term range.

The current structure is bearish, and any retest of $88K–$89K zone may act as a short-term resistance before further downside continuation. With the RSI also showing a bearish momentum reset and no signs of bullish divergence, a drop toward the $80K demand zone is the most probable scenario.

Sentiment Analysis
Bitcoin Open Interest
Open Interest continues to trend lower, falling from its peak. The chart shows a sharp decline in leverage as BTC price dropped below $90K, suggesting long liquidations and an ongoing reduction in speculative exposure.

This persistent decline in Open Interest while price grinds down reflects weak conviction from bulls and a lack of new leveraged longs entering the market. Historically, a large open interest flush followed by a clean reset is needed for the price to bottom. This has not been seen yet.

Until either a sharp liquidation event occurs or signs of new accumulation are seen, sentiment remains cautious, and the risk of another leg down remains elevated.

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Stablecoins

BNB Chain has confirmed plans to introduce a native stablecoin, marking a strategic shift toward deeper financial self-sufficiency.

This development suggests the network wants tighter control over liquidity flows as on-chain activity scales.

Rather than relying on external stablecoins bridged from other networks, BNB Chain appears to be building a base-layer monetary asset tailored for its own applications.

A Native Asset Designed For Scale, Not Speculation
The upcoming stablecoin is positioned as infrastructure, not a trading novelty. BNB Chain describes it as a low-volatility unit meant to function across decentralized exchanges, lending platforms, and everyday dApp payments. By keeping liquidity native, the network aims to reduce bridge risk and simplify user flows.

一個全新的穩定幣將基於BNB Chain正式上線。

目標是整合各應用場景的流動性——專為大規模應用打造。

敬請期待👀 pic.twitter.com/o6JfoUGBOK

— BNB Chain 華語 (@BNBCHAINZH) December 16, 2025

This design could make the stablecoin a default settlement layer for activity on platforms like PancakeSwap and other DeFi protocols. Large-scale usage, rather than niche adoption, seems to be the target.

Speculation Swirls, But Details Remain Limited
Community attention has turned toward a project informally referred to as “U”, following recent social media activity from Changpeng “CZ” Zhao. However, no official link has been confirmed. CZ has repeatedly cautioned that social media follows should not be interpreted as endorsements.

BNB Chain has also not disclosed how the stablecoin will be backed. Whether it uses fiat reserves, crypto collateral, or another model remains unknown. An exact launch timeline has yet to be published.

What Comes Next
For now, the announcement signals intent rather than execution. If delivered as described, the stablecoin could become a core utility asset within the BNB Chain economy. Final clarity will depend on upcoming documentation and official releases.

Until then, the market is left with a clear message: BNB Chain wants its own monetary anchor—and it wants it built at home.

Author

Alexander Zdravkov

Reporter at CoinsPress

Alexander Zdravkov interessiert sich leidenschaftlich für Bedeutungsfragen. Er ist seit mehr als drei Jahren im Kryptobereich tätig und hat ein Auge dafür, aufkommende Trends in der Welt der digitalen Währungen aufzuspüren. Ob er nun tiefgreifende Analysen liefert oder tagesaktuell über alle Themen berichtet, sein tiefes Verständnis und seine Begeisterung für das, was er tut, macht ihn zu einer wertvollen Ergänzung für das CoinsPress-Team.

Bitcoin (CRYPTO: BTC) hasn’t evolved in a straight line from experiment to asset class as a recap of its history shows.

What Happened:  In a detailed post on X dubbed “love letter to Bitcoin”, analytics firm Santiment traced Bitcoin's origins to 2009, when Satoshi Nakamoto mined the Genesis Block and launched an idea with no market value and no clear future.

Early moments, from the famous 10,000 BTC pizza purchase to free faucet giveaways, reflected curiosity and experimentation, not profit-seeking.

The 2014 Mt. Gox collapse became a turning point, exposing the risks of centralized platforms and reinforcing the importance of self-custody.

While exchanges failed, Bitcoin itself kept running, a critical proof of resilience.

As infrastructure matured, wallets improved, exchanges expanded globally, and smartphones made access frictionless.

Bitcoin proved it could function across borders, transitioning from a niche experiment into a global financial network.

Also Read: Is Bitcoin Headed For ‘Bear Market Blues’? Just ‘Trade The Market You Have’, Expert Says

Why It Matters: The 2017 bull market pushed crypto into the mainstream, reframing Bitcoin from “interesting tech” into a serious financial asset, before excess speculation triggered another brutal reset.

Since then, crypto has become deeply intertwined with traditional finance.

Institutions, ETFs, regulation, and macro forces like Federal Reserve policy now shape price action.

Yet despite the transformation, Bitcoin's core principles, openness, choice, and financial independence, remain intact.

From pizza money to portfolio allocation, Bitcoin's story is one of survival.

Its future will hinge on balancing freedom with responsibility, and innovation with real-world trust.

Read Next:

Bitcoin, Ethereum, XRP, Dogecoin Remain Weak On Fresh ETF Outflows
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BTC was rejected at $90,000 again.

The overall bearish sentiment in the cryptocurrency market came to a halt briefly, as BTC, joined by most altcoins, exploded by several grand in minutes.

However, it was another fake-out, and the largest digital asset plummeted to its starting point just as quickly.

BTCUSD Dec 17. Source: TradingView
The chart above demonstrates a clear picture. BTC was previously rejected at $90,000 on Monday and plunged below $85,500 in the following hours. It stood below $88,000 for the following 48 hours but went on the run earlier today.

In a matter of minutes, it jumped by over three grand to just over $90,000. However, the subsequent retracement was just as quick, and BTC is back at its starting point.

Many altcoins followed suit, with immediate price increases and instant rejections. Naturally, this has caused roughly $300 million worth of wrecked positions, according to CoinGlass data, with almost an equilibrium between longs and shorts ($140 million vs $152 million).

The number of liquidated traders stands at over 100,000, while the single largest wiped out position was on Binance and was worth almost $4 million.

Popular crypto analyst CryptoJelleNL commented on BTC’s major move, claiming that this rejection could spell further trouble for the cryptocurrency and outlined a potential drop to and below $83,000.

You may also like:

Is Bitcoin Entering a Supercycle? Here’s Why This One Looks Different

Bitcoin (BTC) Collapses to $85K, Aster (ASTER) Crashes by 12%: Market Watch

Veteran Analyst Explains Why Bitcoin Is Not Pumping

Another exact tag of the Monthly open – getting rejected harshly.

Lows at $83,000 ain’t looking too safe.

Main idea remains short-term downside for $BTC to lock in the HTF divs, then up for a while. ⌛️ pic.twitter.com/MqFAIZa9dX

— Jelle (@CryptoJelleNL) December 17, 2025

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About the author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.

Polygon Labs, the group developing the eponymous blockchain, is making a strategic investment in web3 media project Boys Club.

Boys Club will work closely with the R&D lab to help "advance Polygon's mission of making crypto more practical, accessible, and valuable for everyday people through products, payments, and meaningful storytelling."

"Boys Club brings a cultural intelligence and creative voice that perfectly complements our vision for the future of crypto," Head of Marketing at Polygon Labs Leon Stern said in a statement, noting Boys Club will contribute across events, social strategy, editorial development, and narrative design.

The investment comes amid a reevaluation of marketing across tech, especially in web3, which has seen rising prices without corresponding adoption. Last week, the Wall Street Journal published an article that found even big tech firms like Google and Microsoft are hiring "storytellers" as large language models drive the marginal cost of copy to practically zero.

Noting that "storytelling" has become a "buzzword," Polygon said it is looking for assistance in gaining cultural capital, particularly as blockchain-based use cases like stablecoin payments and neobanking find a wider audience.

Strategic investment or partnership?
It is unclear why the relationship is being called a "strategic investment," rather than an undisclosed payment for services rendered. Terms of the deal were not disclosed, though Boys Club stressed it will continue to operate as an "independent and neutral media organization."

The Block reached out to Boys Club for a comment and asked a Polygon representative if Polygon Labs will receive equity in Boys Club.

“Central to this partnership is Boys Club’s continued editorial independence and neutrality. Boys Club will retain full control over its creative direction, voice, and business operations,” and maintain its client roster, including potential competitors, including protocols like Aptos, Base, Solana, Stellar, and others, the statement reads.

Launched in 2021, Boys Club has published newsletters, podcasts, and other forms of media, and has produced events, including through partnerships with leading crypto firms like a16z crypto, Coinbase, Kraken, and Polymarket. At publication time, Boys Club has not posted about the investment on its main X account.

Many sides of Polygon
Notably, Polygon has had an evolving brand image over the years. Launched in 2017 as a Plasma-based sidechain called Matic Network, the team shifted strategy to align as an Ethereum Layer 2 in 2021 while rebranding to Polygon. The project converted MATIC tokens to POL, and launched an SDK and the Agglayer to become a hub for interoperable chains.

Even today, debate persists as to whether Polygon is a true Layer 2. In October, Polygon co-founder Sandeep Nailwal commented on the phenomenon of the "Ethereum community" embracing Polygon-based apps like Polymarket and Polygon SDK chains like Katana and XLayer, while discounting Polygon's allegiance to Ethereum.

Earlier this year, Nailwal took "unilateral control" as the CEO of the Polygon Foundation and is the last remaining Polygon co-founder. Polygon's multi-chain framework has made notable contributions to zero-knowledge tech and proof-of-stake operations, including research supporting open-source Plonky2 and Plonky3 proof systems.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 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.

In brief
DTCC plans to tokenize U.S. Treasuries on Canton.
It marks the first step in a yearslong roadmap for DTCC.
DTCC is expected to provide a list of other approved networks.
The Depository Trust & Clearing Corporation unveiled plans on Wednesday to issue tokenized securities on Canton Network, the privacy-enabled blockchain built for financial institutions.

The infrastructure company, which processed $3.7 quadrillion in transactions last year, said the process will initially involve the creation of tokens representing U.S. Treasuries. The move marks DTCC’s first step in a years-long roadmap, according to a press release.

The securities will be held by DTCC for safekeeping, underscoring efforts on Wall Street to tap blockchains for financial efficiencies, while accommodating existing rules. Still, DTCC’s announcement showcased its deepening ties to the digital realm.

DTCC said that it will assume a leadership position within Canton’s decentralized governance structure. Moving forward, DTCC will be co-chair of Canton Foundation alongside Euroclear, the Belgium-based infrastructure provider servicing overseas markets.

In a statement, DTCC CEO Frank La Salla said the endeavor creates a framework to bring “high-value tokenization use cases to market,” which will expand to other networks and assets.

The U.S. Securities and Exchange Commission approved a three-year pilot for DTCC last week, allowing the company to issue tokens on public or private blockchains. Although Canton was named first, a list of supported networks is expected at a later date.

Canton’s ecosystem boasts $6 trillion assets, with over 600 participating institutions, Digital Asset, the company behind the blockchain, said in a press release earlier this month. The network is designed to have configurable privacy and “institutional-grade compliance.”

Canton’s native cryptocurrency CC, which began trading last month, rose 2.6% to $0.075 on Wednesday, according to CoinGecko. Its price has fallen 56% since its debut.

Earlier this month, Digital Asset disclosed strategic investments from BNY, among the U.S.’s oldest banks, fintech iCapital, Nasdaq, and S&P Global. Earlier this year, the company reported $135 million in funding from names including Goldman Sachs.

Canton supports privacy by default through sub-transaction privacy. On most blockchains, transactions are public for all to see. But Canton’s users can only see aspects of transactions that directly apply to them, on a need-to-know basis.

On X, Don Wilson, CEO of trading firm DRW, described Wednesday’s announcement as a harbinger for Wall Street’s incremental embrace of digital assets that reflects “a fundamental shift in how markets will operate going forward.”

“The transformation is accelerating, and this is just the start,” he added.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

According to data from Glassnode, whale activity has neared record levels in the past month, with a total of 269,822 BTC tokens bought.

This is the largest spike in whale buying in 13 years. The last time this happened was in 2012 when BTC traded at just $10. Just a year later, the token’s price had spiked to nearly $300 – a 2,900% return in just a year.

Whale Activity Indicates Strong Confidence in Long-Term Growth
Bitcoin was merely an experiment back in 2012, and it took less than $3 million to buy that many tokens at those prices. However, this historic spike shows an even stronger commitment from whales as the stakes are much higher now with that much money on the line.

We all know what has happened with Bitcoin since then. That said, this might not be a short-term signal to buy and cash out a month later. Instead, it might mark a pivotal moment in terms of adoption.

Back in 2012, the world was starting to wake up to the benefits of blockchain technology, and tech-savvy investors and pioneers were starting to realize its true potential.

BTC/USD Daily Chart (Coinbase) – Source: TradingView

The first target in this scenario is the $78,000 level, meaning that BTC can still drop by another 10.3% in the next few weeks.

The Relative Strength Index (RSI) is still on a free fall in this higher time frame, indicating that negative momentum continues to be strong as bears are in control of the price action.

Meanwhile, if BTC breaks below this short-term support area, the price could continue to move lower to $58,000. Now, this bearish outlook seems to point to the fact that whales are wrong. Aren’t they looking at the charts?

Most probably, deep-pocketed investors are focused on the big picture. They think BTC is cheap at $80,000. It can drop to much lower levels, sure, but they might keep buying if they believe that the fundamentals remain strong.

Now, that does not mean they will not suffer a strong setback in their positions if our bearish scenario unfolds to its full potential. The last time that BTC moved below its 50-week EMA, it lost 62% of its value in just a few months.

If this happens again, we may see BTC trading at as low as $36,000. This means that whales who bought at $80K will experience a 45% loss.

In this scenario, Saylor’s Strategy treasury may tumble, and the market might be shocked to its core. This reduces the likelihood that such a sharp correction occurs. In addition, whales will probably hedge their positions by buying long-dated puts with extreme strike prices to protect their trades.

In the short term, BTC seems ready to drop by another 10%. Nonetheless, in the long term, the “smart money” seems to be preparing for another historic climb.

Journalist

Posted: December 17, 2025

Ethereum is entering one of its tightest supply eras ever, with new data showing that exchange balances have dropped to their lowest point since 2016, just as corporate and institutional entities increase their ETH holdings at the fastest pace in years.

Ethereum’s exchange supply ratio has fallen to 0.137, according to CryptoQuant — a level last seen in the network’s earliest days. 

Source: CryptoQuant

In previous cycles, similar supply squeezes have preceded major price expansions, as less ETH available on exchanges reduces immediate sell-side pressure and signals growing conviction among long-term holders.

Supply leaves exchanges as institutions accumulate Ethereum
New data reveals a clear counter-trend: while ETH on exchanges continues to contract, entities holding ETH in treasury are steadily rising.

Figures from Coingecko show:

27 public companies and government-linked entities now hold ETH
Combined holdings total 5,961,187 ETH
Treasury ETH is valued at $17.7bn, up nearly 50% from the previous reporting period
Treasury ownership accounts for 4.94% of all ETH

The list includes U.S.-listed firms such as Tom Lee’s BitMine Immersion, SharpLink, Coinbase Global, and others. 

Notably, BitMine Immersion added 407,331 ETH in the last 30 days alone — one of the most aggressive accumulation streaks by a public entity in ETH’s history.

This expansion of corporate ETH reserves adds a layer of structural demand that did not meaningfully exist in previous cycles.

Why Ethereum’s supply is tightening
Multiple forces are contributing to the decline in exchange balances:

Staking: Nearly 37 million ETH remains locked in validators
L2 ecosystems: Base, Arbitrum, Optimism, and others continue absorbing ETH liquidity
Treasury adoption: Corporates increasingly view ETH as an operational and strategic asset
Long-term holding behavior: Investors are withdrawing to self-custody rather than actively trading

With sell-side supply dwindling and institutional absorption rising, Ethereum appears to be entering a low-liquid, high-demand environment — one that historically precedes strong upward volatility.

What this could mean for ETH’s price
Ethereum recently traded around $2,900, stabilizing after a choppy few weeks. While short-term price action remains tied to broader market sentiment, the supply structure is shifting beneath the surface.

If exchange balances continue to fall and treasury accumulation remains steady, Ethereum could face a classic “supply shock” scenario — where even moderate demand triggers outsized upside.

Final Thoughts

Ethereum is experiencing its tightest exchange-supply conditions since 2016, setting the stage for a potential supply squeeze.
Institutional accumulation of nearly 6 million ETH adds strong long-term support and introduces a new demand engine not present in earlier cycles.

Crypto investors are closely watching Japan this week, as the Bank of Japan prepares for a major policy decision that could impact Bitcoin, XRP and the broader digital asset market.

Japan is expected to raise interest rates again, a move that has historically triggered volatility across risk assets, including cryptocurrencies.

Why Japan’s Decision Matters for CryptoJapan plays an important role in global liquidity through the yen carry trade. For years, investors borrowed cheap money from Japan and invested it in higher-risk assets such as stocks, Bitcoin and altcoins.

When Japan raises interest rates, borrowing becomes more expensive. This often forces investors to unwind positions and move money out of riskier markets, putting pressure on crypto prices.

What Happened to Bitcoin After Past Japan Rate HikesHistory shows a clear pattern. In March 2024, the Bank of Japan ended its negative interest rate policy for the first time in 17 years. Bitcoin held steady initially but dropped sharply in the following month, losing nearly $20,000 from its peak.

Similar moves were seen after rate hikes in July 2024 and January 2025. In each case, Bitcoin fell between 10% and 30% in the weeks after the policy decision before finding a bottom.

XRP Also in Focus as Volatility LoomsXRP is drawing attention as traders look for assets that could hold up better during periods of tightening liquidity. Supporters point to XRP’s role in cross-border payments and its relatively stable supply structure as potential strengths during macro-driven sell-offs.

While XRP is not immune to broader market pressure, some analysts say it could recover faster if liquidity conditions improve.

Could This Time Be Different?Market indicators say the setup is not as overheated as in previous cycles. Bitcoin is not showing extreme overbought signals, which may limit the size of any sell-off following Japan’s decision.

Past rate hikes were followed by recoveries within 30 to 60 days, even after sharp declines.

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BitMine Immersion Technologies, the NYSE-listed treasury firm co-founded by Fundstrat’s Tom Lee, has added approximately 48,049 ETH (approximately $140 million) to its corporate holdings as prices weaken across the crypto market.

This news was initially reported by Onchain analysts EmberCN and Lookonchain, who alerted users that BitMine had made the purchase from a hot wallet on FalconX, citing data from Arkham. 

BitMine demonstrates a strong commitment to increasing its  ETH holdings
In an official statement, BitMine revealed that the firm, listed on the NYSE American stock exchange under the ticker symbol BMNR, currently holds approximately 3,967,210 Ethereum at an average price of around $3,074 per Ether. This figure boosts the total value of their treasury to approximately $11.6 billion, based on current prices. 

As a key corporate Ethereum holder globally, reports from reliable sources indicate that BitMine has strictly adhered to its aggressive acquisition strategy, frequently purchasing ETH throughout the year. 

Its recent purchases have drawn the attention of many individuals, as the firm is making significant purchases at a time when the market is experiencing significant declines, sparking heated debates in the ecosystem. 

In an attempt to address this controversy, BitMine asserted that the company remains devoted to Ethereum’s increasing importance in global finance. According to them, their primary goal is to acquire 5% of the total amount in circulation over the long term.

To demonstrate this commitment, sources close to the situation highlighted that BitMine recently bought more Ethereum, acquiring approximately 240,711 ETH in just the first half of December.

Lee, the Chairman of BitMine, weighed in on the topic of discussion. He urged crypto investors to stay positive as the best days for crypto are yet to come. The Chairman further outlined some examples of positive trends that have been experienced this year. This included legislative advancements in Washington and heightened support from Wall Street.

He made these remarks intentionally to explain further the company’s decision to purchase more Ethereum, as it had dropped drastically below the $3,000 level.

Interestingly, the cryptocurrency is still facing a decline in its price. Data from CoinMarketCap indicate that Ethereum is currently trading at $2,928.11, reflecting a decline of about 0.96% in the past 24 hours.

BitMine solidifies its position as a leading firm with significant ETH holdings globally 
On Tuesday, December 16, BitMine’s stock increased by 1.42%, reaching an all-time high of approximately $31.39. Notably, the stock has surged by 551.24% over the previous six months.

Meanwhile, apart from BitMine’s recent purchase, reports noted that several other publicly traded firms hold substantial amounts of Ethereum, illustrating a growing trend among institutions to acquire more of the cryptocurrency.

Even with this stiff competition in place, BitMine has managed to solidify its position as a leader in Ethereum holding. This claim was confirmed by CoinGecko’s Ethereum Treasury Tracker, which showed that BitMine Immersion is the largest corporate holder, holding nearly 3.97 million ETH, equivalent to approximately 3.29% of the cryptocurrency’s total supply. 

The second-ranked in terms of ETH holding is SharpLink Gaming. The publicly traded company holds approximately 859,853 ETH, which is equivalent to 0.71% of the total cryptocurrency supply. The next in the ranking list after SharpLink Gaming is The Ether Machine, an institutional-focused company with approximately 496,712 ETH, which is equivalent to 0.41%.

Other leading holders include Bit Digital, with approximately 153,546 ETH; Coinbase Global, with roughly 148,715 ETH; ETHZilla, holding approximately 94,030 ETH; and BTCS, with about 70,140 ETH. 

Crypto investors exercise a cautious approach to trading ETH due to its recent price declines 
Reports indicate that before Ethereum’s price recently began trading below $3,000, the cryptocurrency had earlier encountered a brief rebound in price; however, this situation did not last. Following this observation, the market has implemented cautious measures as ETH trades within a narrow range.

Even with this anxiety in the market, crypto investors remain optimistic, aiming to push Ethereum above $3,050, signalling a positive outlook in the market.

Nonetheless, this goal might not be achieved if key players in the market begin to sell their holdings. This is because their decision might significantly impact the price of ETH, causing it to decrease to about $2,800.

Another reason is that the market’s overall sentiment has increasingly relied on these large investors, and whether buyers can assume control above the $3,000 mark. 

Considering the intense nature of the situation, sources suggest that the activity of Ethereum whales indicates firm backing at the cryptocurrency’s current price levels. This finding followed data from on-chain analysis, which demonstrated that these significant holders have been consistently accumulating since June of this year, despite Ethereum experiencing price fluctuations.

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TL;DR

BNB Chain will launch a new stablecoin designed for large-scale applications, with the goal of unifying liquidity and avoiding fragmentation across payments, trading, and dApps.
The new token will function as core infrastructure for on-chain financial services, enabling deep and continuous liquidity flows for platforms, users, and developers.
The U project will debut on December 18, with a reserve model focused on security and liquidity.

BNB Chain announced the upcoming launch of a new stablecoin designed for large-scale, high-volume applications. The central objective is to integrate and unify liquidity across different use cases, avoiding the fragmentation that currently exists among payments, trading, dApps, and on-chain financial services.

Unlike traditional stablecoins, which are primarily focused on payments and secondary markets, the new token is intended to operate as foundational infrastructure for financial platforms, decentralized applications, and blockchain-connected systems that require constant, deep liquidity flows.

BNB Chain stated that the stablecoin will allow users and developers to interact with multiple financial services without friction between applications. This strategy aims to strengthen the network’s competitiveness amid growing demand for scalability and interoperability.

The announcement triggered a strong reaction across the crypto community, especially after Changpeng Zhao (CZ), Binance’s founder, began following a project called “U” on X. That gesture fueled speculation about a potential future integration within the Binance ecosystem, although no official confirmation has been provided.

The U stablecoin positions itself as an asset specifically designed for the next stage of on-chain finance. It is built around three core principles: Unified, Inclusive, and Fluid, which aim to unify liquidity, enable large-scale adoption, and ensure seamless integration across platforms.

The U Stablecoin Will Launch on December 18
According to its official communications, U will feature a comprehensive reserve management framework focused on security and liquidity, with the goal of providing stability for individual users, institutions, and developers alike. Its launch is scheduled for December 18.

Throughout 2025, stablecoins evolved toward models with greater transparency, a stronger institutional focus, and yield generation. Synthetic stablecoins gained traction and outperformed USDT and USDC on metrics such as weekly trading volume.

Grayscale projects strong growth for the sector following the 2025 inflection point. This year, total supply reached $300 billion, while average monthly transaction volume climbed to $1.1 trillion. By 2026, Grayscale expects stablecoins to be integrated into cross-border payments, derivatives exchanges, corporate balance sheets, and online consumer payments

Ethereum’s weekly active addresses have climbed back near historic highs, signaling renewed onchain engagement across the network. At the same time, multiple analysts point to long-term and monthly chart levels that are now in focus as December progresses.

Ethereum Weekly Active Addresses Near Record LevelsEthereum’s weekly active user count has climbed back near prior peaks, according to a Token Terminal chart shared on X by analyst Joseph Young. The chart showed about 2.4 million weekly active addresses for Ethereum, which puts activity close to the highest levels seen on the long-term series.

Ethereum Weekly Active Users Chart. Source: Token Terminal, X

Token Terminal defines weekly active users as the number of unique addresses that send at least one transaction during any rolling seven day period. The chart’s line also showed steady growth over time, with recent readings holding above the mid range that followed earlier cycle spikes.

Young linked the rise in active addresses to expanding use cases on Ethereum, including tokenization, stablecoins, and privacy-focused infrastructure. He added that the combination of these categories is driving renewed network engagement, based on the activity trend shown in the chart.

Ethereum Tests Long-Term Trendline, Analyst Notes Repeating StructureEthereum is again testing a long-term rising trendline that has guided price action since 2016, according to a weekly chart shared by market analyst Merlijn The Trader. The chart highlights a recurring structure marked by a market bottom, followed by a retest of trend support, and then a broader expansion phase.

Ethereum U.S. Dollar Weekly Price Chart. Source: Kraken / X

The visual history shows several instances where Ethereum pulled back to this rising support band before resuming a larger upward move. Similar retests appeared in earlier cycles, including the period leading into the 2020 market recovery, when price held the trendline before moving higher.

On the current weekly setup, Ethereum is once again hovering near the same support zone, with prior retests labeled along the trend. The analyst said the structure remains consistent with past cycles, noting that previous retests preceded extended bullish phases, while adding that the current move mirrors earlier historical behavior rather than a short-term fluctuation.

Analyst Flags Key Monthly Close Level for EthereumMeanwhile, Crypto analyst Ali Charts said Ethereum could face deeper downside if it ends December below a key level, according to an X post published about 16 hours ago alongside a monthly candlestick chart.

Ethereum Monthly Price Chart. Source: Ali Charts, X

Ali Charts pointed to $2,930 as the level to watch on the monthly close. He wrote that a December close below that mark could push Ethereum toward $2,000, and then potentially $1,100, framing the levels as the next major areas on the chart.

The image also marked $4,770 as a higher reference level on the monthly structure, while the candles showed Ethereum pulling back after a sharp run-up and rejection from the upper zone. The post did not cite a catalyst and focused on the chart-based close level and the mapped supports.

A pet wellness penny stock, SRXH, has entered into an agreement to buy out EMJX, making it go public as a digital assets treasury (DAT) company.

Yearn Finance, one of the leading decentralised finance (DeFi) protocols, has suffered a significant setback as its legacy TUSD vault fell victim to a sophisticated exploit.

According to security firm PeckShield, attackers managed to extract approximately $300,000, converting the stolen assets into 103 Ether now held at the address 0x0F21…4066.

#PeckShieldAlert YearnFinanceV1 @yearnfi has suffered an exploit, resulting in a total loss of ~$300K.
The exploiter has swapped the stolen funds for 103 $ETH, which now sit in the address: 0x0F21…4066.

Notably, the incident has reignited concerns about the vulnerabilities of outdated and immutable smart contracts that remain active on Ethereum years after their deployment.

Misconfigured TUSD vault
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According to analysis by William Li, the breach targeted a legacy Yearn TUSD vault, known as the “iearn TUSD vault,” which had long been superseded by newer iterations.

Researchers identified a misconfiguration in the vault’s strategy setup, which used a Fulcrum sUSD vault for calculations while considering only sUSD balances deposited into the vault.

This flawed design created a pathway for a so-called “donation attack,” allowing the perpetrators to artificially manipulate the vault’s share price.

The attackers leveraged this weakness with a series of flash loans, borrowing significant amounts of TUSD and sUSD without any upfront collateral.

They deposited sUSD to mint Fulcrum sUSD tokens before placing TUSD into the vault.

Because the vault’s share price ignored sUSD assets, the subsequent rebalance function, which withdrew all underlying sUSD, caused the vault’s accounting metrics to collapse.

This artificial “price shock” allowed the attackers to mint vast quantities of Yearn TUSD tokens at minimal cost and ultimately sell them on Curve pools, extracting value from liquidity providers before repaying the flash loans.

A pattern of legacy vulnerabilities
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Security analysts have noted that this exploit mirrors a similar attack in 2023, when a misconfigured yUSDT contract resulted in losses exceeding $10 million.

That incident stemmed from a copy-and-paste error referencing the wrong Fulcrum contract, allowing hackers to mint unprecedented amounts of yUSDT from small initial deposits.

Despite warnings from pessimistic observers on social media, the immutable nature of smart contracts rendered such vulnerabilities unavoidable once deployed.

The Yearn TUSD vault exploit adds to a growing list of attacks targeting old, unmaintained DeFi contracts.

A comparable incident recently hit Ribbon Finance, formerly known as Aevo, where an outdated deployment allowed attackers to manipulate proxy admin contracts and drain $2.7 million.

Both events highlight the ongoing risks associated with legacy protocols that continue to hold significant funds on-chain long after they have been deprecated.

Yearn Finance’s response
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In response to the incident, a Yearn team member under the handle storming0x confirmed that the current contracts remain secure.

The team reassured users that only the outdated V1 TUSD vault was affected and emphasised that newer deployments incorporate lessons learned from past vulnerabilities.

Nevertheless, the attack underscores the importance of actively auditing and deprecating legacy contracts to prevent the exploitation of similar flaws in the future.

Backed by fresh capital and major validator support, ETHGas is redesigning how ethereum blockspace is priced and traded across the network.

Summary

ETHGas secures $12 million and $800 million in commitmentsValidator liquidity commitments and incentivesHow the ETHGas blockspace futures market worksTypes of blockspace commitments on ETHGasImpact on users, applications, and institutionsRevenue model and long-term positioningToward real-time Ethereum and MEV reductionDual models and real-time sequencing rolloutTeam, origins, and strategic context
ETHGas secures $12 million and $800 million in commitments
ETHGas has raised $12 million and lined up $800 million in validator commitments to launch Ethereum’s first blockspace futures market. The team wants to turn blockspace from a frantic fee auction into a predictable, tradable commodity for users, apps, and institutions.

The $12 million seed round was led by Polychain Capital, with participation from Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT, and Amber Group. According to founder Kevin Lepsoe, the round began in July and closed last month, adding to earlier backing.

Moreover, the funding was structured entirely as a token round using a Simple Agreement for Future Tokens. ETHGas had already raised an unannounced pre-seed of around $5 million in mid-2024 with the same structure. Lepsoe declined to reveal the project’s valuation and confirmed that no board or advisory seats were offered.

What makes this raise distinctive is not only the capital, but the scale of onchain commitments that accompany it. Validators, block builders, and relays have collectively pledged roughly $800 million in liquidity to the ETHGas marketplace, signalling deep supply-side alignment.

Validator liquidity commitments and incentives
The $800 million in support is not cash invested into the company. Instead, it represents blockspace supplied directly into the platform by Ethereum validators, builders, and relays. However, this structure is designed to give network participants new ways to monetize their role.

In exchange for supplying blockspace, participants seek higher and more predictable yields. By selling blockspace ahead of time instead of only at the instant of block production, validators gain more certainty over revenue and a larger share of MEV capture.

According to Lepsoe, this alignment of incentives is central to why validators are willing to participate at scale. Moreover, it may gradually shift the economics of staking, as operators reprice the value of predictable future blockspace versus volatile spot fees.

How the ETHGas blockspace futures market works
At its core, ETHGas allows future blocks on Ethereum to be bought and sold in advance. Blockspace is the capacity within each block that dictates which transactions are included, in what order, and at what price point they clear.

Traditionally, this capacity is auctioned every 12 seconds when a block is produced, forcing users to bid in real time. ETHGas shifts the process upstream. The protocol plugs into Ethereum’s existing proposer-builder separation model instead of replacing it, preserving current infrastructure while adding a new layer of pricing.

Validators can sell blockspace futures up to 64 blocks ahead of time, equivalent to roughly 12.8 minutes. That said, Lepsoe compares the model to energy or commodities markets, where producers sell capacity in advance and buyers lock in delivery to manage risk and volatility.

The same logic applies here: less uncertainty, more transparency, and fewer openings for manipulation in the fee market. Over time, a deep blockspace futures market could smooth gas price spikes that currently emerge without warning.

Types of blockspace commitments on ETHGas
ETHGas supports multiple forms of blockspace commitments, offering flexibility for both validators and buyers. Validators can sell entire blocks in advance, creating fully reserved capacity for sophisticated users who need priority execution.

Alternatively, they can sell inclusion guarantees that ensure a specific transaction lands in a chosen block. There are also execution guarantees that lock in both inclusion and price conditions, which can be crucial for complex trading or institutional workflows.

Moreover, the platform supports multi-block commitments, such as consecutive blocks or fixed windows of Ethereum time. According to Lepsoe, these structures help validators extract significantly more MEV than traditional spot auctions, which directly boosts staking yields.

That economic upside is a primary driver behind validator participation. By channeling future blockspace into structured contracts, the marketplace aims to turn a volatile revenue stream into something closer to a fixed-income profile for operators.

Impact on users, applications, and institutions
From the buyer side, ETHGas introduces tools Ethereum has never had at scale. Traders, decentralized applications, and institutions can hedge gas costs, prepay for execution, and avoid sudden fee spikes that previously forced last-second bidding wars.

Instead of reacting to congestion, market participants can plan around it. Moreover, this opens the door for more sophisticated strategies that rely on known execution timing and cost, such as arbitrage, liquidations, or large asset transfers.

Lepsoe says ETHGas has already drawn interest from traditional finance firms, sovereign funds, and real-world asset issuers exploring Ethereum. As trillions of dollars in assets move onchain, understanding and controlling access to ethereum blockspace becomes a strategic priority rather than a minor operational detail.

He also hinted at larger commitments from digital asset treasury companies, with more details expected in January. If that demand crystallizes, futures-style blockspace contracts could become standard tooling for institutional risk management.

Revenue model and long-term positioning
ETHGas currently earns revenue by taking a 5 percent fee on blockspace futures trades conducted on its marketplace. Over time, the team plans to introduce additional fees for applications that require real-time settlement and more complex execution guarantees.

This approach positions ETHGas not just as a trading venue, but as core infrastructure for execution certainty on Ethereum. Moreover, it aligns the company’s upside with network usage, since higher activity and more sophisticated demand translate directly into greater fee volume.

Toward real-time Ethereum and MEV reduction
Beyond futures, ETHGas is also advancing a more radical idea: making Ethereum effectively real time. The protocol introduces a system that breaks a single block into hundreds of sequential slices, each lasting 50 to 100 milliseconds.

This design could make Ethereum 100 to 200 times faster in terms of perceived responsiveness, while significantly reducing exploitable MEV opportunities. However, it also requires careful coordination between validators, builders, and applications.

Lepsoe argues that this real-time sequencing model redirects value away from pure MEV extractors and toward applications, liquidity providers, and end users. Automated market makers, for example, could earn billions more annually through near-instant arbitrage without consistently being front-run.

This vision closely aligns with public remarks from Ethereum researchers. Justin Drake has argued that pre-confirmations and real-time execution are essential to improving user experience, while Vitalik Buterin has previously called for a trustless onchain gas futures market as part of Ethereum’s evolution.

Dual models and real-time sequencing rollout
ETHGas now operates two parallel models. One allows traditional MEV players to continue operating, but at higher costs that ultimately benefit validators. The other aims to eliminate MEV altogether through real-time sequencing.

Moreover, this dual approach gives the ecosystem a migration path rather than a sudden break from existing infrastructure. Market makers and searchers can still function in the familiar framework while the real-time system gains adoption.

The real-time sequencing system has already run successfully on Ethereum mainnet. A broader rollout is targeted for the first quarter of next year, marking a key milestone in the project’s attempt to deliver real time sequencing at scale.

Team, origins, and strategic context
ETHGas has 18 contributors spread across Asia, Europe, and the United States, with roughly half of the team based in Hong Kong. There are currently no immediate plans to expand headcount, signaling a focus on shipping rather than rapid hiring.

The project is a spinout from Infinity Exchange, Lepsoe’s earlier fixed-income protocol that is currently paused. Work on ETHGas began as the team tried to address MEV and liquidation risks that have historically discouraged institutional investors from onchain markets.

What this implies is that ETHGas is not merely another Ethereum tooling startup. Instead, it is challenging how blockspace is priced, allocated, and controlled at a structural level across the network.

If it succeeds, Ethereum could shift from a reactive fee auction toward a predictable execution layer. Moreover, such a transition could redefine how serious capital, from sovereign funds to asset managers, chooses to use the network and manage validator liquidity commitments.

In summary, ETHGas combines ethgas seed funding, large validator commitments, and novel mev reduction strategies to reshape how blockspace is traded and executed, potentially ushering in a more transparent and institution-ready Ethereum.

16h05 ▪
4
min read ▪ by
Eddy S.

Summarize this article with:

While the crypto market is going through a phase of uncertainty, BitMine, one of the largest institutional holders of Ethereum, has just made a massive purchase of 48,049 ETH, approximately $140 million. This operation, confirmed by on-chain data, comes after a recent investment of $320 million in ETH and highlights a clear strategy: accumulate despite the falling prices.

In brief

BitMine strengthens its treasury with $140 million in ETH, despite a drastic price drop.
BlackRock also transfers $140 million in ETH, suggesting an institutional trend towards increased confidence in Ethereum.
ETH remains under pressure with key supports at $2,800 and $2,500, but moves by BitMine and BlackRock could indicate a future rebound.

BitMine Adds $140 Million of ETH to Its Treasury
BitMine does not hide its ambitions on Ethereum. After recently investing $320 million in ETH, Tom Lee’s company has just added 48,049 ETH to its crypto treasury, for an estimated amount of $140 million, thus bringing its treasury to $11.6 billion. This purchase, made through FalconX, has been confirmed by sources such as Arkham Intelligence and relayed by accounts on X (formerly Twitter).

This accumulation strategy is part of a long-term vision. Tom Lee, chairman of BitMine, has often stated that ETH is a strategic asset, particularly for its role in decentralized finance and emerging technologies like artificial intelligence. Despite the current crypto market downturn, BitMine seems more convinced than ever of Ethereum’s potential. A conviction that could inspire other institutional players to follow the movement.

BlackRock Transfers $140 Million of ETH: Coincidence or a Trend?
While BitMine accumulates an additional $140 million of ETH, another giant, BlackRock, recently transferred $140 million of Ethereum to Coinbase Prime, according to recent information. This move raises questions: is it simple portfolio management or anticipation of a crypto market rebound?

BlackRock, the global leader in asset management, is known for its strategic investments. This transfer could therefore be linked to preparing its crypto ETFs or anticipating the growing adoption of Ethereum by institutions. Like BitMine, BlackRock seems to see ETH as a promising asset despite current fluctuations. These simultaneous moves could indicate a broader trend: crypto whales betting on Ethereum, even in times of doubt.

Crypto: Ethereum Down 25% from Its Peak, How Far Can It Still Fall?
Ethereum is currently going through a difficult period. Indeed, with a 25% drop from its recent peak and a slight fall of 0.87% in the last 24 hours, crypto investors wonder: how far can ETH still go down? According to data, key supports are at $2,800, then $2,500. A break below these levels could lead to a drop toward $2,200.

Analysts are divided. Some predict a rebound to $7,500 in 2026, while others fear a tough year-end if institutional volumes do not follow. Macro-economic factors, such as the recent Fed rate cut, could play a key role. One thing is certain: Ethereum remains under watch, caught between hopes for a rebound and fears of another fall.

BitMine and BlackRock, despite their different profiles, send a clear message: Ethereum remains an attractive asset, even in a downturn. Their massive purchases raise one question: is this an opportunistic “buy the dip” or a deep conviction in the Ethereum crypto ecosystem? The answer likely lies in the coming days. But according to you, will ETH manage to rebound, or does this massive accumulation precede another drop? 

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Ethereum researchers are advancing an encrypted mempool eip proposal that would harden the protocol against MEV-related abuse while keeping block production efficient and permissionless.

Summary

Overview of the proposed encrypted mempoolMotivation and role in Ethereum’s roadmapKey provider registry contract and trust graphTransaction format and ordering rulesEnvelope execution and decryption workflowKey revelation process and the role of the PTCUser trust assumptions and security implicationsMitigating reorgs and decryption key front runningIncentives, collusion risks and future extensionsExecution payload encryption and backwards compatibilitySummary
Overview of the proposed encrypted mempool
The new Ethereum Improvement Proposal (EIP) introduces an enshrined encrypted mempool directly at the protocol level. It allows users to submit encrypted transactions that remain hidden until included in a block, mitigating front running and sandwich attacks while improving censorship resistance. However, the upgrade does not target long-term privacy, as every transaction is eventually decrypted and revealed on-chain.

The design is explicitly encryption-scheme agnostic. It supports arbitrary decryption key providers using threshold encryption, MPC committees, TEEs, delay encryption, or FHE-based systems. Moreover, traditional plaintext transactions remain fully supported, and the chain is guaranteed to keep progressing even if specific key providers fail to supply keys.

The proposal builds on prior initiatives such as the Shutterized Beacon Chain and a live, out-of-protocol encrypted mempool deployed on Gnosis Chain. That said, by moving this functionality in-protocol, the EIP aims to address long-standing MEV issues and to reduce harmful second-order effects such as builder centralization.

Motivation and role in Ethereum’s roadmap
The primary motivation is to defend users against malicious transaction reordering, including front running and sandwiching. By temporarily blinding builders and other market participants, the mechanism also seeks to increase the protocol’s real-time, or so-called “weak”, censorship resistance. Moreover, it aims to lower regulatory risks for block builders by limiting their visibility into user intent during block construction.

The EIP is not designed as a privacy upgrade in the classic sense. Instead, it acts as a MEV mitigation and fairness layer, ensuring that user transactions are not exploited during the critical pre-inclusion window. The design fits naturally with enshrined proposer-builder separation (ePBS), making it a logical extension of Ethereum’s long-term roadmap.

Key provider registry contract and trust graph
On the execution layer, the proposal deploys a key provider registry contract. Any account can register as a key provider and receives a unique ID. Registration requires specifying a contract with both a decryption function and a key validation function, each accepting a key ID and a key message as byte strings. Additionally, key providers may designate other providers as directly trusted, forming a directed trust graph.

Under this model, a key provider A is considered to trust a provider B if and only if there is a directed path from A to B in that graph. The beacon chain mirrors the state of the registry, using a mechanism analogous to how beacon chain deposits are handled today. This ensures that both the execution and consensus layers have a consistent view of registered key providers.

Registration is explicitly technology neutral, minimizing barriers to entry and enabling users to select preferred schemes. However, many advanced encryption systems are inefficient to express in the EVM, which would require dedicated precompiles. Strategy and implementers note that such precompiles are out of scope for this EIP.

Transaction format and ordering rules
The EIP introduces a new encrypted transaction type made of two components: an envelope and an encrypted payload. The envelope specifies an envelope nonce, gas amount, gas price parameters, key provider ID, key ID, and the envelope signature. The encrypted payload contains its own payload nonce, value, calldata, and payload signature, which collectively represent the actual transaction logic.

In a valid block, the protocol enforces strict ordering rules. Any transaction encrypted with a key from provider A may only be preceded by plaintext transactions, encrypted transactions using keys from provider A, or encrypted transactions using keys from providers that A trusts. This ordering binds encrypted inclusion to the trust graph and thereby reflects user preferences indirectly via their chosen providers.

This structure effectively splits every block into two sections: a plaintext segment followed by an encrypted segment. Builders can fully simulate the plaintext section and apply existing block building and MEV strategies. Moreover, they can then append encrypted transactions to the end of the block without significant opportunity cost, preserving competitiveness in PBS auctions.

Envelope execution and decryption workflow
During execution payload processing, once all plaintext transactions are handled, the envelopes of encrypted transactions are executed in a batch. This updates the nonces of the envelope signers and charges gas fees from the corresponding accounts. The fee is designed to cover block space used by the envelope, decrypted payload, and decryption key, as well as computation associated with decryption and key validation.

Subsequently, the protocol attempts to decrypt each payload using the decryption function specified by the relevant key provider. If decryption succeeds, the resulting payload transaction is executed, bounded by both the gas limit on the envelope and the overall block gas limit. However, if decryption or execution fails, or if the decryption key is attested as missing, the protocol simply skips the transaction without reverting the already executed envelope.

The inclusion of the signature inside the encrypted payload is chosen for simplicity. A less private but more efficient approach would be to treat the envelope signer as the ultimate sender of the payload. That said, the current design prioritizes flexibility and clear separation between envelope metadata and underlying transaction logic.

Key revelation process and the role of the PTC
In each slot, once a key provider sees the execution payload published by the builder, it collects all key IDs referenced in the envelopes addressed to it. For every such key ID, the provider must publish either the corresponding decryption key or a key withhold notice. The decryption key message references the relevant beacon block hash, preventing replays in future slots. Providers may publish immediately or delay release until later in the same slot.

Members of the Payload Timeliness Committee (PTC) are required to listen for all such decryption keys. They then validate each key using the validation function defined in the registry, subject to a small, hardcoded gas limit per key. Finally, the PTC attests to the presence or absence of a valid decryption key for each encrypted transaction through an extended payload attestation message with a dedicated bitfield.

This mechanism introduces an additional layer of cryptographic accountability for key providers. Moreover, it creates in-protocol data that can be consumed by off-chain monitoring or custom slashing schemes, enabling the market to reward reliable providers and penalize poor performance.

User trust assumptions and security implications
Users must trust their chosen key providers not to release decryption keys prematurely, which would expose them to classic MEV tactics, or too late, which would cause their transactions to fail while still paying the envelope fee. Providers can build this trust through cryptographic guarantees such as threshold encryption, hardware-based protection, economic penalties like slashing, or governance-driven reputation.

To a lesser extent, users also have to trust all key providers used for encrypted transactions that appear before theirs in a block. These providers can decide to publish or withhold keys after observing keys for subsequent transactions, granting them one bit of influence over the pre-state of later transactions. Maliciously designed “decryption” schemes could abuse this to manipulate specific parts of the decrypted state and perform a more powerful front running sandwiching mitigation bypass.

Importantly, users do not have to trust any key provider used for encrypted transactions included after theirs, as later payloads do not affect the pre-state of their own transaction. Similarly, users who submit plaintext transactions do not need to trust key providers, although they continue to rely on honest behavior from builders.

Mitigating reorgs and decryption key front running
Because decryption keys are published before the underlying encrypted transactions are finalized, a chain reorg can lead to situations where a transaction becomes public even if it ultimately is not included. However, the decryption key messages reference the beacon block hash, enabling the validation function to invalidate keys when the underlying block is not part of the canonical chain. This prevents execution of the payload and limits front running opportunities.

A separate risk involves attackers exploiting shared key IDs. When a user encrypts with a specific key ID, an attacker could observe that transaction in-flight and craft another encrypted transaction using the same key provider and key ID. If the second transaction lands first, a naive provider might reveal the key, unintentionally exposing the original transaction. This is one form of decryption key withholding attack pressure.

Key providers can mitigate such scenarios by “namespacing” key IDs. For example, they may only release keys where the key ID is prefixed with the envelope signer’s address and withhold all others. Since the attacker typically lacks control over the victim’s signing account, they cannot generate a valid transaction with the correctly namespaced key ID, preserving the original user’s confidentiality window.

Incentives, collusion risks and future extensions
The current EIP deliberately avoids defining in-protocol rewards or penalties for key providers. Instead, it leaves room for diverse incentive models to develop off-chain. Key providers may charge users on a per-transaction basis, make bespoke agreements with builders, or even operate as public goods, possibly backed by external funding. Moreover, providers can voluntarily adopt slashing rules for unjustified key withholding to enhance their credibility.

A potential collusion vector involves key providers and builders. To build a new block, builders must know the full post-state of the previous block, including which keys were revealed or withheld. While this information becomes public once PTC attestations are broadcast, a malicious provider could privately inform a favored builder earlier, granting a small head start in block construction.

The impact of such collusion is considered limited. The interval between PTC attestations and slot end is typically long enough for competitive block building, and the critical moment remains near the end of the slot when the full transaction set is known. Additionally, delaying key publication to favor one builder risks missing PTC attestation, negating any advantage. If few encrypted transactions rely on the colluding provider, optimistic strategies that approximate state without full decryption may also mitigate the edge.

Execution payload encryption and backwards compatibility
The authors outline a possible future evolution in which builders use the same key providers to encrypt the entire execution payload. This would allow builders to publish payloads immediately after construction, instead of waiting until around the 50% slot mark. Such a change could improve peer-to-peer efficiency and reduce missed slots due to crashes, especially if combined with zero-knowledge proofs attesting to which keys are used in a block.

In that scenario, attaching a zero-knowledge proof would allow the decryption window to start earlier and last longer, providing more flexibility for key providers. However, this functionality is explicitly left for a future EIP to avoid overcomplicating the current design. The present proposal still introduces backwards-incompatible changes to both the execution layer and consensus layer, as it alters transaction types, block structure, and the rules for payload timeliness committee attestation.

Overall, the encrypted mempool eip proposal represents a substantial step toward protocol-level MEV mitigation, aligning closely with Ethereum’s long-term push toward robust proposer-builder separation epbs and fairer transaction ordering.

Summary
The encrypted mempool aims to embed encrypted transactions envelope execution, key provider coordination, and structured decryption into Ethereum’s core protocol. By doing so, it strengthens user protection against MEV, enhances censorship resistance, and opens the door to future upgrades such as full execution payload encryption, all while preserving optionality for users and builders.

Published
44 minutes ago on
December 17, 2025

Decentralized AMM protocol SMARDEX has unveiled Everything, a unified protocol that combines features of a DEX, lending market, and perpetual style trading system. According to founder Jean Rausis, the new protocol will “redefine how teams build financial infrastructure on-chain.”

A One-Stop Shop for DeFiSlated for a February release, the Everything protocol layers permissionless lending and borrowing atop the classic AMM xy = k model, with the goal of transforming fragmented DeFi interactions into a capital-efficient structure. With one smart contract and a single unified liquidity pool, it will offer support for AMM swaps, borrowing, and leveraged trading, utilizing an oracle-less leverage engine to execute trades atomically.

“We designed this protocol so new projects can launch markets, liquidity layers, and financial primitives without relying on fragile and fragmented integrations,” explained Rausis. “This shift from SMARDEX to Everything provides a foundation that supports real scale, long-term stability, and products the previous architecture could not support.”

Launched in December 2024 after two years of development, the AI-driven SMARTDEX quickly attracted $4.5m in TVL and is notable for its low fees, staking opportunities, and synthetic dollar token, $USDN. The pivot to Everything has been described as an “evolution of the SMARDEX infrastructure” and a means of advancing liquidity efficiency throughout the entire DeFi ecosystem. In short, a one-stop shop for DeFi power users.

Among other features, Everything’s tick-based borrowing model is said to limit bad debt via defined collateral requirements, support borrowing from any pair available on the platform, and offer LPs an additional source of returns through $USDNr, a decentralized synthetic stable asset with a sustainable yield of approximately 16% APR.

First Everything, Then GeneveEverything’s planned February launch will be followed in summer by a Geneve upgrade and its addition of yield-bearing collateral and native limit and take profit order liquidity, which will further integrate yield into the system’s core. According to Rausis, Geneve will also enable idle waiting orders to generate yield to further boost capital efficiency.

2025 has proven to be a banner year for DeFi, with Total Value Locked (TVL) hitting a record $237 billion in Q3 amid growth in RWAs, stablecoins, and perp DEXs. The builders of Everything will be hoping 2026 is even better, and that their shiny new protocol quickly finds favor among the industry’s traders and market makers.

Disclaimer: 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.

Bitcoin re-takes $90,000 as price spikes early in U.S. sessionSurging metals prices and dovish comments from leading Fed chair contender Chris Waller were among the news items possibly boosting crypto prices.Updated Dec 17, 2025, 3:29 p.m. Published Dec 17, 2025, 3:19 p.m.

Crypto prices experienced a rare spike higher just after U.S. stocks opened for trade on Wednesday, taking bitcoin BTC$87,018.43 back above the $90,000 level for the first time since last weekend.

Among possible bullish catalysts were continued big gains in metals prices, with silver ahead about 5% to a new record above $66 per ounce. Gold and copper were also each higher by more than 1%.

STORY CONTINUES BELOW

Now leading in prediction markets to be the next chairman of the Federal Reserve, current Fed Governor Chris Waller was on the tape with dovish remarks, suggesting the neutral fed funds rate was 50-100 basis points below the level. He added that the U.S. now is close to zero jobs growth and that he doesn't expect a rebound in inflation.

According to Coinglass data, open interest fell from 669k BTC to 665k BTC while the price moved higher. This suggests shorts are covering rather than new leverage entering the market. The move looks like a delveraging rally, driven by shorts closing positions instead of fresh longs piling in.

All told, bitcoin is now ahead about 3% over the past 24 hours. Bitcoin bulls could be forgiven for any excitement over what isn't that large of a move. Muscle memory over the past several weeks, however, has trained crypto fans to brace for sizable drawdowns during the U.S. market day, particularly around the open. Any sustainable change to that pattern would surely be notable.

The major U.S. stock market averages are little-changed early in their session and the 10-year U.S. Treasury yield is lower by two basis points to 4.15%.

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Bitcoin hovered between $87,477 to $90,317 on Dec. 17, 2025, as derivatives data shows futures traders holding their nerve while options markets quietly leaned defensive. Bitcoin Derivatives Data Signals Tactical Pullback Risk According to coinglass.com stats on Wednesday, bitcoin futures open interest (OI) remains elevated, with total OI sitting near $58.

Hut 8 and Coinbase outperform as Crypto stocks jump on bitcoin's sudden rallyMining stocks, trading platforms, and cryptocurrency infrastructure firms saw significant gains, including Hut 8, Riot Platforms, and Coinbase. Dec 17, 2025, 3:36 p.m.

Shares of crypto-linked companies are rallying after the price of bitcoin BTC$87,018.43 surged more than 2.8% in an hour to rise above $90,000, marking a fresh high and reigniting interest across the sector.

The price jump triggered gains across mining stocks, trading platforms and cryptocurrency infrastructure firms. Bitcoin miner Hut 8 (HUT) outperformed the wider sector, rising 14.4% to $42, while rival CleanSpark (CLSK) saw a 5.1% rise after the opening bell to top $12, and Riot Platform (RIOT) rose 3.5% to near $14.

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These mining firms depend heavily on bitcoin’s price for revenue, with rising BTC prices often meaning fatter mining margins and a more sustainable environment. However, HUT had surged 20% in early trading after announcing a 15-year, $7 billion lease agreement with AI infrastructure firm Fluidstack.

Potential catalysts for the broader rally include traders weighing the possibility of Fed Governor Chris Waller as the frontrunner to succeed Jerome Powell as the next Federal Reserve Chair. Waller has made dovish comments, saying the neutral fed funds rate may be 50 to 100 basis points below previous expectations.

Coinbase (COIN), the largest publicly traded crypto exchange in the U.S., also posted solid gains, up 2.27% to $258. The company earns a cut of trading volume, which typically spikes during volatile periods, as December has been proving to be.

The company is also set to unveil a series of upgrades later in the day, which are expected to include tokenized assets, onchain AI agents, and additional Base features.

Bitcoin treasury firm Strategy (MSTR), which holds 671,268 BTC worth $60.3 billion, rose 1.6% to $170. While bitcoin rose to surpass the $3,000 mark, several other cryptocurrencies saw similar performance, with ether increasing 2.3% in an hour to surpass $3,000 and XRP rising 2.5% to near $2.

The broader crypto market is showing signs of renewed momentum after weeks of consolidation.

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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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Bitcoin re-takes $90,000 as price spikes early in U.S. session

20 minutes ago

Surging metals prices and dovish comments from leading Fed chair contender Chris Waller were among the news items possibly boosting crypto prices.

What to know:

Crypto prices surged higher early in the U.S. trading day, sending bitcoin (BTC) back above $90,000.Silver was ahead by nearly 5%, moving to a new record above $66 per ounce; gold and copper were gaining as well.Now the leading contender to be the next Fed chairman, Fed Governor Chris Waller suggested rates are 50-100 basis points above the neutral level.Read full story

Key Takeaways EL is showing early recovery signs as Beauty Reimagined fuels innovation, efficiency and market-share gains.TPB blends stable cash flows from legacy brands with growth from modern oral nicotine products.MNST gains from global energy drink demand, strong brand loyalty and an asset-light, margin-focused model.
Talks of a possible recession in 2026 are increasing as the economy shows signs of slowing after a long expansion. While growth has not collapsed, momentum has clearly cooled. Consumers are becoming more cautious, borrowing costs remain elevated, and companies are showing greater curbs on spending and hiring. Together, these trends have pushed investors to reassess risk as the cycle matures.

The current state of the U.S. economy can best be described as stable but uneven. Household spending is still holding up, but it is increasingly focused on essentials rather than discretionary purchases. At the same time, businesses are facing margin pressure from higher costs and a more selective behavior from consumers. This backdrop does not signal an immediate recession, but it does increase the risk of slower growth heading into 2026.

Why 2026 Could Favor Consumer-Staple StocksIn periods of uncertainty or low growth, investors often rotate away from cyclical sectors and toward companies with steady demand and predictable cash flows. That is where consumer -staple stocks tend to stand out.

Staple companies sell everyday products such as food, beverages, cleaning supplies and personal-care items — categories consumers continue to buy regardless of economic conditions. These companies typically benefit from strong brands, large scale and the ability to manage pricing and costs more effectively than discretionary peers. As a result, earnings tend to be more resilient, making the sector a traditional defensive choice.

On that note, we have picked three standout names from the Zacks Consumer Staples sector that combine defensive strength with compelling growth potential. Each of these companies sports a Zacks Rank #1 (Strong Buy), reflecting favorable earnings trends and strong fundamentals. Supported by resilient business models and clear strategic drivers, all three stocks have gained more than 35% over the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Image Source: Zacks Investment Research

3 Consumer-Staple Stocks to ConsiderThe Estee Lauder Companies Inc. (EL - Free Report) , a global leader in prestige beauty across skincare, makeup, fragrance and hair care, offers a strong defensive investment case amid economic uncertainty. Its diversified brand portfolio and global reach provide stability, while management’s Beauty Reimagined strategy is helping reset the business for sustainable growth. The company is prioritizing innovation, digital expansion and sharper consumer targeting, alongside tighter cost discipline.

Early signs of recovery are visible in market-share gains and improving profitability. With solid pricing power, disciplined execution and a renewed focus on efficiency, Estee Lauder is positioned to deliver more resilient earnings through a slower economic cycle.

The Zacks Consensus Estimate for EL’s current and next fiscal-year earnings per share (EPS) suggests growth of 41.7% and nearly 36%, respectively. Estee Lauder has a trailing four-quarter earnings surprise of 82.6%, on average. Shares of this cosmetics giant have rallied 39.2% in the past year.

Turning Point Brands, Inc. (TPB - Free Report) has soared a whopping 87.3% over the past year. This U.S.-based consumer product company, with a mix of legacy tobacco-related brands and a fast-growing modern oral nicotine portfolio, offers a unique blend of stability and growth. The company generates strong cash flows from established businesses while reinvesting aggressively in higher-growth, reduced-risk nicotine products.

Turning Point Brands is focused on expanding distribution, strengthening manufacturing capabilities and building brand equity, all while maintaining cost discipline. This balanced strategy supports margin durability and long-term earnings visibility, positioning the company as a resilient investment choice in an increasingly dynamic economic landscape.

The Zacks Consensus Estimate for TPB’s current and next fiscal-year EPS suggests growth of 50.6% and 7.1%, respectively. Turning Point Brands has a trailing four-quarter earnings surprise of 17%, on average.

Monster Beverage Corporation (MNST - Free Report) , one of the world’s leading energy drink companies, continues to stand out for its ability to pair steady demand with strong profitability. The company, which has gained 46.2% in a year, benefits from a growing global energy drink category and deep brand loyalty, supported by consistent innovation and high-impact marketing.

International markets remain a key growth driver, helping diversify revenue streams. Monster Beverage’s asset-light operating model, localized production and disciplined pricing approach support margin strength, even amid cost pressures. With a robust product pipeline and expanding global footprint, MNST is well-positioned to sustain earnings growth while offering relative stability in a volatile macro environment.

The Zacks Consensus Estimate for MNST’s current and next fiscal-year EPS suggests growth of 22.2% and 13.2%, respectively. Monster Beverage has a trailing four-quarter earnings surprise of 5.5%, on average.

Bottom LineIf economic growth slows in 2026, consumer-staple stocks could provide relative stability. While no stock is immune to downturns, companies with essential products, strong brands and disciplined execution — such as EL, TPB and MNST — are often better positioned to navigate periods of economic stress. 

Toronto, Ontario--(Newsfile Corp. - December 17, 2025) - Banxa Holdings Inc. (TSXV: BNXA) (OTC Pink: BNXAF) (FSE: AC00) ("Banxa" or the "Company"), a leading infrastructure provider for enabling embedded crypto within payment platforms, is pleased to provide an update with respect to the required regulatory approvals and the other conditions precedent to the completion of the Company's previously announced plan of arrangement (the "Arrangement") involving OSL Group Limited and OSL BNXA Acquisition Inc. (collectively, the "OSL Group"). As of the date hereof, the Company has received: (a) change of control approvals for its money-transmitter licenses in 36 out of 37 designated U.S. states, with the last such approval expected to be received (or waived by the OSL Group) over the coming days; (b) a Declaration of No Objection from the De Nederlandsche Bank in the Netherlands in respect of the change of control; and (c) approval from the Financial Conduct Authority in the United Kingdom in respect of the change of control.

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