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About Emily Jarvie
Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The Canberra Times, and... Read more

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Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

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Philadelphia, Pennsylvania--(Newsfile Corp. - December 19, 2025) - National plaintiffs' law firm Berger Montague PC announces a class action lawsuit against James Hardie Industries plc (NYSE: JHX) ("James Hardie" or the "Company") on behalf of investors who purchased James Hardie common stock and American Depositary Shares during the period of May 20, 2025 through August 18, 2025 (the "Class Period").

Investor Deadline: Investors who purchased James Hardie securities during the Class Period may, no later than December 23, 2025, seek to be appointed as a lead plaintiff representative of the class. To learn your rights, CLICK HERE.

James Hardie, based in Dublin, Ireland, is a multinational building materials company, producing fiber cement and related construction products.

According to the Complaint, during the Class Period, James Hardie made false and misleading statements regarding the Company's product demand and inventory levels. Although internal data showed that distributors were reducing inventory as early as April 2025, the Company continued to assure investors that demand remained strong and inventory levels were normal. However, on August 19, 2025, James Hardie disclosed a 12% decline in segment sales and cautioned of continued weakness. Following this news, the Company's stock fell over 34% in a single trading day.

If you are a James Hardie investor and would like to learn more about this action, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Caitlin Adorni at [email protected] or (267)764-4865.

About Berger Montague
Berger Montague is one of the nation's preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. With more than $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278658

Source: Berger Montague

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The leading crypto asset manager VanEck amends its Avalanche ETF with the U.S. Securities and Exchange Commission (SEC). The issuer reveals key details such as management fees as part of the final preparations ahead of launch.

VanEck Amends its Avalanche ETF with the US SEC
According to the latest US SEC filing, asset manager VanEck submitted a third amendment to its S-1 form for the proposed spot Avalanche ETF. The issuer seeks regulatory approval to launch the ETF tracking AVAX price.

In the latest filing, VanEck has mentioned a management fee of 0.30%, but has not yet announced any fee waiver. In contrast, Bitwise Avalanche ETF set 0.34% as fees and also waived the entire fee for one month or until reaching $500 million in assets under management.

Also, the issuer has finally revealed Coinbase Crypto Services as the staking provider. VanEck Avalanche ETF will generate rewards from staking a portion of the trust’s AVAX.

The staking services provider will regularly credit staking rewards on a recurring basis after deducting any applicable payments as compensation under the agreement, the custodian staking facilitation fee.

Coinbase Crypto Services plans to deduct 4% from staking rewards as part of the ‘staking provider consideration’ agreement. The custodian staking facilitation fee is currently zero.

In addition, Benqi Finance (sAVAX), Hypha (STAVAX), and Yield Yak (yyAVAX) will offer liquid staking solution.

VanEck Avalanche ETF Plans to List Under Ticker VAVX on Nasdaq
If approved, the proposed Avalanche ETF will list and trade on the Nasdaq stock exchange under the ticker symbol VAVX. VanEck awaits the SEC’s approval under the Generic listing guidelines.

Anchorage Digital Bank will serve as the primary custodian, with Coinbase Custody Trust Company as the second custodian for the trust.

State Street Bank and Trust Co. will serve as cash custodian, administrator, and transfer agent. Van Eck Securities Corporation is the marketing agent.

The investment objective is to reflect the performance AVAX price and rewards from staking a portion of the trust’s AVAX assets. The trust will use the MarketVector Avalanche Benchmark Rate index to track AVAX price.

AVAX Price Rebounds Over 5%
AVAX price surged by more than 5% over the past 24 hours, following a 12% decline in a week. At the time of writing, the price was trading at $11.97. The intraday low and high were $11.28 and $12.28, respectively. Furthermore, trading volume has increased by almost 36% in the last 24 hours.

CoinGlass data showed significant buying sentiment in the derivatives market in the last few hours. Total AVAX futures open interest climbed 1.30%, following a 1.70% jump in the past 4 hours.

Bitcoin, Ethereum and XRP traded carefully on Friday as global investors watched the expiry of about $7.1 trillion worth of U.S. stock and ETF options. This is the largest options expiry ever recorded, and its size has raised concerns about short-term market volatility. Still, analysts say such events do not automatically lead to a sharp fall in crypto prices.

Why Options Expiry MattersOptions expiry days usually bring higher trading activity. Investors either close their positions or move them into new contracts with later expiry dates.

Market Faces Record $7.1 Trillion Options Expiry

The US options market reaches a historic milestone today. Traders will see $7.1 trillion in open interest expire during the final "triple witching" event of the year.

Citi analyst notes that witching days volatility is usually… pic.twitter.com/vUT14W0KZx

— Jake Hanley, CMT (@MacroView_Jake) December 19, 2025 This process can cause sudden price swings in stock markets, especially toward the end of the trading session. Because cryptocurrencies often react to changes in overall market mood, it remains to be seen if stock market volatility affects digital assets.

Crypto Impact Likely to Be IndirectExperts point out that cryptocurrencies are not directly affected by U.S. equity options settlements. Any impact on crypto is more likely to come through indirect channels such as tighter liquidity, changes in the U.S. dollar, or shifts in investors’ willingness to take risks. In many past cases, large institutions prepared well in advance, meaning much of the price adjustment happened before the actual expiry date.

Bitcoin and Altcoins PrepareBitcoin was trading near a support zone between $85,000 and $86,000. If prices fall below this range, selling pressure could increase in the short term. On the other hand, staying above this level may help prices stabilize. Ethereum continued to move largely in line with Bitcoin, while XRP also dropped in the last 24 hours.

Analysts say the market’s focus will remain on how U.S. stock markets close and whether risk sentiment weakens heading into the weekend. 

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.

FAQsWhat is options expiry and why does it matter for markets?

Options expiry is when contracts reach their end date, often causing higher trading activity and short-term market swings.

Does U.S. stock options expiry directly affect Bitcoin and crypto?

No, crypto isn’t directly impacted. Effects are usually indirect, via liquidity changes, USD moves, or investor risk appetite.

How can options expiry influence cryptocurrency prices?

Expiry can create market volatility and risk-off sentiment, which may indirectly lead to short-term crypto price fluctuations.

How do Ethereum and XRP react during options expiry?

Ethereum often follows Bitcoin trends, while XRP can drop alongside market sentiment, reflecting broader crypto risk appetite.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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Pi Coin has extended its decline for a third straight week, falling sharply from its recent local top. The altcoin has struggled amid weak investor support and broader market hesitation. 

While selling pressure dominated earlier sessions, on-chain signals now suggest at least one key factor may be improving.

Pi Coin Holders Are CapitalizingThe Chaikin Money Flow has shown a gradual uptick over the past few days. This shift indicates capital is slowly returning to Pi Coin. Investors appear to be adjusting their stance, likely viewing current prices as attractive accumulation zones.

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Rising CMF readings often reflect improving conviction. Fresh inflows are critical for any recovery attempt, as sustained buying helps absorb sell pressure. If this trend continues, Pi Coin could gain the momentum needed to stabilize and attempt a short-term rebound.

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

Pi Coin CMF. Source: TradingViewDespite improving inflows, macro indicators remain mixed. The average directional index shows the recent downtrend is close to strengthening. A move above the 25.0 threshold would confirm dominant bearish momentum, reinforcing control by sellers.

However, failure to cross this level would signal weakening trend strength. In such a scenario, selling pressure could fade. This would give Pi Coin room to recover, especially if buying interest continues to increase alongside supportive market conditions.

Pi Coin ADX. Source: TradingViewPI Price Could End Up RangeboundPi Coin trades near $0.203 at the time of writing, holding above the $0.198 support and below the $0.208 resistance. The token remains down about 28% from its $0.284 local top. Price action suggests consolidation rather than a decisive move.

If the downtrend strengthens, Pi Coin may remain range-bound between $0.198 and $0.208. This structure would limit upside potential and delay recovery. Prolonged consolidation could further test investor patience during ongoing market uncertainty.

Pi Coin Price Analysis. Source: TradingViewA bullish scenario depends on sustained capital inflows. Continued accumulation could help Pi Coin reclaim $0.208 as support. A successful breakout may drive price toward $0.217, with further upside to $0.224. Such a move would invalidate the bearish thesis.

Quantum computers can’t decrypt Bitcoin but could forge signatures from exposed public keys, putting ~6.7m BTC at risk unless wallets migrate to post‑quantum paths before large fault‑tolerant machines arrive.

Summary

Bitcoin stores no encrypted secrets on‑chain; the critical quantum threat is Shor‑enabled key recovery from exposed public keys, allowing authorization forgery on vulnerable UTXOs.​
Project Eleven’s Bitcoin Risq List estimates about 6.7m BTC in addresses meeting its public‑key exposure criteria, with Taproot changing but not eliminating the risk if quantum machines scale.​
Current estimates suggest ~2,330 logical qubits and millions of physical qubits are needed to break 256‑bit ECC, giving time for BIP‑level post‑quantum outputs (e.g., P2QRH) and NIST‑standard schemes to be integrated despite larger, fee‑heavier signatures.

Quantum computers pose a threat to Bitcoin (BTC) through potential exploitation of digital signatures rather than decryption of encrypted data, according to cryptocurrency security researchers and developers.

Quantum and Bitcoin, technology proof?
Bitcoin stores no encrypted secrets on its blockchain, making the widespread narrative of “quantum computers cracking Bitcoin encryption” technically inaccurate, according to Adam Back, a longtime Bitcoin developer and inventor of Hashcash. The cryptocurrency’s security relies on digital signatures and hash-based commitments rather than ciphertext.

“Bitcoin does not use encryption,” Back stated on social media platform X, adding that the terminology error serves as an indicator of misunderstanding the technology’s fundamentals.

The actual quantum risk involves authorization forgery, where a sufficiently powerful quantum computer running Shor’s algorithm could derive a private key from an on-chain public key and produce a valid signature for a competing transaction spend, according to technical documentation.

Bitcoin’s signature systems, ECDSA and Schnorr, prove control over a keypair. Public-key exposure represents the primary security concern, with vulnerability depending on what information appears on-chain. Many address formats commit to a hash of a public key, keeping the raw public key hidden until a transaction is spent.

Project Eleven, a cryptocurrency security research organization, maintains an open-source “Bitcoin Risq List” that tracks public key exposure at the script and address reuse level. The organization’s public tracker shows approximately 6.7 million BTC meeting its exposure criteria, according to its published methodology.

Taproot outputs, known as P2TR, include a 32-byte tweaked public key in the output program rather than a pubkey hash, as outlined in Bitcoin Improvement Proposal 341. This changes the exposure pattern in ways that would only matter if large fault-tolerant quantum machines become operational, according to Project Eleven’s documentation.

Research published in “Quantum resource estimates for computing elliptic curve discrete logarithms” by Roetteler and co-authors establishes an upper bound of at most 9n + 2⌈log2(n)⌉ + 10 logical qubits needed to compute an elliptic-curve discrete logarithm over an n-bit prime field. For n = 256, this equates to approximately 2,330 logical qubits.

A 2023 estimate by Litinski places a 256-bit elliptic-curve private-key computation at approximately 50 million Toffoli gates. Under those assumptions, a modular approach could compute one key in roughly 10 minutes using about 6.9 million physical qubits. A summary on Schneier on Security cited estimates clustering around 13 million physical qubits to break encryption within one day, with approximately 317 million physical qubits needed to target a one-hour window.

Grover’s algorithm, which provides a square-root speedup for brute-force search, represents the quantum threat to hashing functions. NIST research indicates that for SHA-256 preimages, the target remains on the order of 2^128 work after applying Grover’s algorithm, which does not compare to an elliptic-curve cryptography discrete-log break.

Post-quantum signatures typically measure in kilobytes rather than tens of bytes, affecting transaction weight economics and wallet user experience, according to technical specifications.

NIST has standardized post-quantum primitives including ML-KEM (FIPS 203) as part of broader migration planning. Within the Bitcoin ecosystem, BIP 360 proposes a “Pay to Quantum Resistant Hash” output type, while qbip.org advocates for a legacy-signature sunset to force migration incentives.

IBM discussed progress on error-correction components in a recent statement to Reuters, reiterating a development path toward a fault-tolerant quantum system around 2029. The company also reported that a key quantum error-correction algorithm can run on conventional AMD chips, according to a separate Reuters report.

The measurable factors include the proportion of the UTXO set with exposed public keys, changes in wallet behavior responding to that exposure, and the network’s adoption speed for quantum-resistant spending paths while maintaining validation and fee-market constraints, according to Project Eleven’s analysis.

As Bitcoin price absorbs the selling pressure, attention is quietly shifting to how large-cap altcoins are behaving during this pause. XRP, in particular, is drawing interest not because it is rallying aggressively, but because it isn’t breaking down. In a market where hesitation often exposes weakness, XRP’s ability to hold structure is becoming a signal in itself.

Rather than chasing momentum, traders are assessing whether this resilience hints at rotation or simply disciplined positioning.

XRP Is Holding Key Demand as Price CompressesOn the 4-hour chart, the XRP price has pulled back steadily into the $1.85–$1.90 demand zone, an area that previously acted as a base before the last impulsive move higher. Importantly, this decline has been orderly, with no sharp liquidation wicks or expansion in sell volume, suggesting the move lower is driven more by consolidation than panic.

As price compresses near support, volatility continues to fade. This behaviour typically reflects absorption, where sell orders are satisfying the demand rather than triggering follow-through. While XRP has yet to reclaim overhead resistance, the ability to hold this zone keeps the broader range structure intact and reduces the risk of an accelerated breakdown.

XRP/BTC Is Basing After a Drawdown, Not Breaking DownThe XRP/BTC daily chart adds further context. After a prolonged relative drawdown, the pair is now stabilising above a clearly defined demand area, where previous sell-offs have stalled. Although price remains capped below the prior supply zone, downside momentum has slowed materially, and recent candles show reduced extension to the downside.

This shift in behaviour matters. In periods where Bitcoin consolidates, assets that continue to make lower lows against BTC tend to be deprioritised by traders. XRP/BTC, however, is holding its base, suggesting relative performance is no longer deteriorating. This doesn’t confirm outperformance yet, but it does indicate that selling pressure is losing control.

The Bottom LineXRP is not showing breakout behaviour yet, but it is also not exhibiting signs of structural failure. As long as price continues to hold the $1.85–$1.90 demand zone, the market is signalling stability rather than distribution. In that context, a near-term recovery toward the $2.05–$2.15 resistance area remains a reasonable upside objective, as this zone aligns with prior supply and the midpoint of the recent range.

However, this could be a reactionary target, not a trend call. A sustained move beyond that level would require broader market strength and confirmation from the XRP/BTC pair. Until then, XRP remains in a basing phase—constructive, but still awaiting confirmation before any larger directional move can be justified.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Bitcoin gains as yen surprises after Japan raises rates: Crypto Daybook AmericasYour day-ahead look for Dec. 19, 2025 Dec 19, 2025, 12:21 p.m.

By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin BTC$87,993.98 rose above $88,000 even after the Bank of Japan increased interest rates to the highest in nearly 30 years, a move that would have been expected to strengthen the yen and make the carry trade less attractive.

STORY CONTINUES BELOW

Instead, the currency weakened on concerns the higher rates would endanger the spending plans of Prime Minister Sanae Takaichi, who took office in October. The yield on the 10-year Japanese government bond touched 2% for the first time since 2006.

Other cryptocurrencies also advanced. Ether ETH$2,962.21 added 3.4% in the last 24 hours, though major altcoins including BNB and SOL rose less than 1%. The broader CoinDesk 20 (CD20) index advanced 1.3%.

In the background is the cooler-than-expected U.S. inflation data, published yesterday. That report strengthened the chance of the Federal Reserve cutting interest rates in the future, a potential boon for risk assets, though prediction markets overwhelmingly still point to no rate cut next month.

Beyond that, risk assets still face the potential unwind of the AI trade.

“Capital is still flowing aggressively into AI infrastructure, but monetization questions are becoming harder to ignore,” analysts at QCP Capital wrote. “Major players such as Oracle and Iren are ramping up capital expenditure, while AI-related revenues remain comparatively flat.”

Risk-asset valuations could plunge if revenues fail to materialize, the analysts said. Several crypto firms are benefiting from the AI trade, especially bitcoin miners who have started pivoting into AI infrastructure in multibillion dollar deals.

Regulatory developments are also supporting market development.

“The United States is poised to solidify the GENIUS Act’s regulatory architecture in 2026,” Ira Auerbach, head of Tandem at Offchain Labs and former head of digital assets at Nasdaq, told CoinDesk. “Stablecoin issuers that once relied on offshore regimes will find meaningful advantages in bringing reserves and operations back to US soil.”

Auerbach also said that some retirement-plan providers are preparing to test target-date and balanced funds with 0.5% to 1% crypto exposure, potentially creating steady demand that is less tied to market cycles.

“It treats digital assets less as a swing factor and more as another risk component in long-horizon portfolio construction, which is how structural demand begins to take shape,” Auerbach added. Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today

What to WatchFor a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

CryptoDec. 19: Metaplanet Inc. sponsored ADRs start trading over the counter in the U.S. under ticker MPJPY. They will replace existing, unsponsored OTC trading under the MTPLF ticker.MacroDec. 19, 10 a.m.: U.S. Dec. (Final) University of Michigan Survey. Consumer Sentiment Index Est. 53.4; Inflation Expectations Est. 4.1%.Earnings (Estimates based on FactSet data)Nothing scheduled.Token EventsFor a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

Governance votes & callsLido DAO is voting on a transformative package to pivot from a pure staking protocol into a diversified DeFi product suite over the next three years. Voting ends Dec. 19.CoW DAO is voting to dissolve the Sprinter solver bonding pool and return the deposited 500,000 USDC and 1.5M COW to the original funders. Voting ends Dec. 19.Arbitrum DAO is voting to activate the ArbOS 51 upgrade, introducing a 32M transaction gas limit, dynamic gas targets, and a doubled minimum base fee to enhance network scalability. Voting ends Dec. 19.Dec. 19: Avantis to host a League of Leverage discussion.UnlocksDec. 20: ZRO$1.3127 to unlock 6.79% of its circulating supply worth $37.28 million.Token LaunchesDec. 19: ZkPass (ZKP) to be listed on Binance, MEXC, Bybit, BingX, and others.ConferencesFor a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

Nothing scheduled.Market MovementsBTC is up 2.91% from 4 p.m. ET Wednesday at $88,092.82 (24hrs: +0.73%)ETH is up 6.82% at $2,969 (24hrs: -3.87%)CoinDesk 20 is up 3.33% at 2,707.79 (24hrs: +1.22%)Ether CESR Composite Staking Rate is down 1 bp at 2.86%BTC funding rate is at 0.01% (10.95% annualized) on BinanceDXY is up 0.23% at 98.65Gold futures are unchanged at $4,360.50Silver futures are up 1.73% at $66.35Nikkei 225 closed up 1.03% at 49,507.21Hang Seng closed up 0.75% at 25,690.53FTSE is down 0.10% at 9,828.28Euro Stoxx 50 is unchanged at 5,745.04DJIA closed on up 0.14% at 47,951.85S&P 500 closed up 0.79% at 6,774.76Nasdaq Composite closed up 1.38% at 23,006.36S&P/TSX Composite closed up 0.61% at 31,440.85S&P 40 Latin America closed up 1.15% at 3,093.49U.S. 10-Year Treasury rate is up 2.9 bps at 4.145%E-mini S&P 500 futures are up 0.27% at 6,849.00E-mini Nasdaq-100 futures are up 0.4% at 25,363.25E-mini Dow Jones Industrial Average Index futures are unchanged at 48,356.00Bitcoin StatsBTC Dominance: 59.94% (+0.13%)Ether-bitcoin ratio: 0.03347 (1.19%)Hashrate (seven-day moving average): 1,031 EH/sHashprice (spot): $37.57Total fees: 2.74 BTC / $237,800CME Futures Open Interest: 120,865 BTCBTC priced in gold: 20.3 oz.BTC vs gold market cap: 5.9%Technical AnalysisBTC/USD is currently wedged between the $84,200 support and $90,500 weekly resistance. While the 0.382 Fibonacci level sits lower at $84,200, the current price action is holding above it, supported by a clear bullish RSI divergence where momentum is rising despite the price consolidation. A decisive weekly close above $90,500 would validate this divergence, likely triggering a trend continuation toward the 0.236 Fibonacci target at $100,400.Crypto EquitiesCoinbase Global (COIN): closed on Thursday at $239.20(-2.04%), +3.24% at $246.94 in pre-marketCircle (CRCL): closed at $80.99 (+2.26%), +3.04% at $83.45Galaxy Digital (GLXY): closed at $22.51 (-1.32%), +3.07% at $23.20Bullish (BLSH): closed at $42.88 (+1.73%), +1.28% at $43.43MARA Holdings (MARA): closed at $9.69 (-2.42%), +2.68% at $9.95Riot Platforms (RIOT): closed at $13.38 (+3.24%), +3.21% at $13.81Core Scientific (CORZ): closed at $14.56 (+7.3%), +3.71% at $15.10CleanSpark (CLSK): closed at $11.20 (-2.44%), +3.66% at $11.61CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $37.49 (+2.68%)Exodus Movement (EXOD): closed at $15.21 (+4.61%)Crypto Treasury Companies

Strategy (MSTR): closed at $158.24 (-1.33%), +3.71% at $164.11Semler Scientific (SMLR): closed at $17.11 (+1.06%)SharpLink Gaming (SBET): closed at $9.02 (-2.7%), +5.1% at $9.48Upexi (UPXI): closed at $1.88 (+0.53%)Lite Strategy (LITS): closed at $1.35 (-1.46%)ETF FlowsSpot BTC ETFs

Daily net flows: -$161.3 millionCumulative net flows: $57.55 billionTotal BTC holdings ~1.31 millionSpot ETH ETFs

Daily net flows: -$96.6 millionCumulative net flows: $12.54 billionTotal ETH holdings ~6.15 millionSource: Farside Investors

While You Were SleepingCoinbase files lawsuits in 3 states over attempts to regulate prediction markets (CoinDesk): The crypto exchange is taking legal action against Connecticut, Michigan and Illinois, Chief Legal Officer Paul Grewal said on X.Japan Raises Interest Rates to Highest Level in 30 Years (The New York Times): The 25 basis-point increase reflects concern over inflation and a weak yen, while raising doubts about how higher borrowing costs will affect Prime Minister Sanae Takaichi’s large government spending plans.Jump Accused of Contributing to Collapse of Terraform, Do Kwon’s Crypto Empire (The Wall Street Journal): A bankruptcy court appointee is seeking $4 billion from the trading firm and two senior figures, arguing their actions enriched insiders while amplifying losses tied to the failed project.More For You

Protocol Research: GoPlus Security

Nov 14, 2025

What to know:

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 ETF rebound needs to be sustained for BTC to benefit: Crypto Daybook Americas

Dec 18, 2025

Your day-ahead look for Dec. 18, 2025

What to know:

You are viewing Crypto Daybook Americas, your morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Crypto Daybook Americas will kickstart your morning with comprehensive insights. If you're not already subscribed to the email, click here. You won't want to start your day without it.

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Cardano (CRYPTO: ADA) founder Charles Hoskinson accused U.S. policymakers of lacking objective, data-driven standards when favoring select cryptocurrencies such as ADA, XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL).

Hoskinson Questions Government Crypto Selection LogicCardano founder argued in an appearance on Decrypt Media that governments should not be making discretionary decisions about which cryptocurrencies belong in official systems without transparent, data-driven standards.

"Where is the government agency that scores and certifies these things?" Hoskinson said, questioning why assets such as ADA, XRP, and Solana appear favored while others are excluded. 

He said decentralization, long-term network viability, and investability require rigorous measurement, not subjective judgment.

Hoskinson pointed to academic work conducted at the University of Edinburgh, where Cardano contributors helped develop frameworks to measure decentralization across multiple dimensions. 

He said such metrics are essential if public funds or endorsements are involved.

Calls For Index-Based Approach Over DiscretionHoskinson said if the U.S. government wants exposure to digital assets, it should rely on index-style products rather than handpicking networks. 

He suggested using a broad crypto index, with inclusion and weighting determined by transparent scoring thresholds.

"If the government is going to get involved, what they should do is buy an index and make a deal with Coinbase or something, like the Coinbase 50, so there's at least objectivity behind how the weighting and scoring works," he said.

"Why is ADA in the system but not Algorand (CRYPTO: ALGO)? Why is XRP in the system but not BNB (CRYPTO: BNB)?" Hoskinson said, arguing that without objective criteria, political and reputational risks increase for policymakers.

He warned that selective endorsements carry political risk, saying he would advise against the approach if asked directly. 

"If I was at that dinner and they were pitching it to the president, I'd say, ‘Mr. President, don't do this. It's a bad idea. 

You're going to get egg all over your face,'" Hoskinson said, adding that such decisions invite political attacks and scrutiny.

ADA Chart Remains Structurally Weak

ADA Price Analysis on TradingView

Despite the day's bounce, Cardano's broader technical structure remains bearish. 

ADA continues to trade within a well-defined descending channel that has controlled price action since early October, with lower highs and lower lows still intact.

The recent rebound from the $0.34 area stalled quickly, reinforcing that upside moves remain corrective rather than transitional. 

Supertrend remains overhead near $0.44, while Parabolic SAR dots continue to print above price, signaling that downside momentum has not reset.

The $0.34 to $0.35 zone is the immediate support area to watch. 

A daily close below this level would open downside toward $0.30, where the next untested demand zone sits from early 2023. 

On the upside, ADA would need to reclaim $0.44 to invalidate the current bearish structure.

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When Circle's shares opened at $69 on the New York Stock Exchange in June, more than double the $31 pricing, it looked like validation. Investors paid up for a regulated stablecoin issuer with real revenues, treating USDC rails as financial infrastructure rather than speculative crypto exposure.

Six months later, Circle trades at $82.58, up nearly 20% from that opening print. The thesis held.

However, the rest of the 2025 IPO class told a different story. eToro, which debuted at $69.69, now sits at $35.85, down 48.6%. Bullish collapsed from $90 to $43.20, a 52% wipeout. Gemini, the Winklevoss-backed exchange that went public at $37.01, lost 70% of its value, trading at $11.07 by mid-December.

Even Figment, the staking provider that gained 11.2% to $40.04, barely cleared its $36 launch price.
Against Bitcoin's 8.5% year-to-date decline to $85,620, the cohort's performance reads less like a triumph of crypto equities than a live stress test of how much risk investors will tolerate on top of the asset itself.

That dispersion matters because 2025 was supposed to be the crypto equities coming-out party. Circle's billion-dollar listing, HashKey's 400x-oversubscribed Hong Kong debut, and a pipeline stocked with Kraken, Consensys, and others framed the year as proof that crypto infrastructure could command Wall Street multiples.

Instead, the scorecard reveals something more selective: public markets will underwrite crypto businesses, but only when the cash flows are defensible, the regulatory posture is clear, and the multiple doesn't assume perpetual bull-market conditions.

What looked like an open window in June narrowed sharply by December, and the question for 2026 is whether that window stays open at all, or whether it closes to everyone except the handful of names that survived 2025 with their valuations intact.

The strategic split: infrastructure vs. betaCircle's outperformance against the rest of the cohort isn't an accident of timing.

The company generates revenue from USDC reserves, essentially arbitrage the spread between Treasury yields and the zero interest it pays stablecoin holders.

That model works regardless of whether Bitcoin trades at $100,000 or $50,000, which insulates Circle from the pure directional bet that defines exchanges like Gemini or trading platforms like eToro.

When crypto spot volumes crater, those businesses lose fees immediately. Circle keeps earning.

Figment's modest 11% gain reflects a similar logic. Staking infrastructure depends on proof-of-stake network adoption, not speculative trading activity. As long as Ethereum, Solana, and other PoS chains keep validating blocks, Figment collects its cut.

eToro, Bullish, and Gemini, by contrast, are fee machines tethered directly to retail enthusiasm. When Bitcoin dipped 8.5% in 2025, and altcoin volumes followed, those platforms saw trading activity evaporate.

Investors who bought the IPOs expecting sustained crypto mania got caught holding leveraged downside instead. The 50%-plus losses don't reflect broken businesses, they reflect the market repricing what “crypto equity” actually means when the underlying asset wobbles.

Public investors demanded compensation for that volatility, and the stock prices adjusted accordingly.

The lesson for 2026 is that crypto equities are bifurcating. On one side sit companies with durable, counter-cyclical, or quasi-infrastructure business models that can justify premium valuations even when Bitcoin chops sideways.

On the other side, platforms whose earnings move in lockstep with speculative fervor. The former can tap public markets whenever the IPO window opens. The latter needs Bitcoin at all-time highs to make the underwriting math work.

2025 was a test run, not a victory lapCircle and Figment proved that real businesses can go public and hold value. Gemini, eToro, and Bullish proved that investors won't blindly chase crypto beta in equity form anymore.

That repricing happened fast. By late November, Bloomberg Law noted that new US IPOs posted slightly negative returns in the fourth quarter, even as the S&P eked out gains, with crypto IPOs “among the biggest casualties” of the quarter's drawdown.

The message was clear: public investors will still buy crypto risk, but only at the right price and with earnings visibility. The “anything with a blockchain” phase ended somewhere between Circle's June debut and Gemini's December collapse.

Consensys joining the queue signals confidence that 2026 remains viable, but also that founders know the opportunity won't last forever. If rates rise, if Bitcoin corrects hard, or if capital rotates back to native token speculation, the equity route closes.

The cohort that went public in 2025 will have gotten out just in time. The stragglers might wait years for another shot.

What the scorecard signals for 2026 risk appetiteThe 2025 IPO cohort's underperformance relative to Bitcoin suggests that equity investors are treating these businesses as leveraged, fee-driven proxies on the cycle rather than secular growth stories.

That sets the bar higher for 2026. Companies hoping to go public will need to demonstrate cash generation that survives a flat or down market, not just hockey-stick projections that assume sustained retail euphoria.

But Circle's retention of gains points to durable demand for regulated crypto infrastructure.
Investors still want exposure to stablecoin rails, tokenization platforms, and custody providers, businesses where regulation and earnings are transparent.

That appetite didn't vanish when Bitcoin dipped, it just became more selective.

Nasdaq expects billion-dollar-plus listings to jump in 2026, with U.S. IPO proceeds up roughly 80% in 2025 versus 2024. Falling rates, high valuations, and broad market sentiment support that view.

But the winners' list remains narrow. A tech-capital-markets analysis of 2025 IPO gainers showed that AI and crypto names like CoreWeave and Circle dominated, with very few breakouts outside those themes. The risk budget for 2026 is concentrated rather than broad.

Any new crypto listing will need to fit into a clear structural narrative, such as stablecoin infrastructure, tokenized assets, on-chain AI integration, or institutional custody, to compete for that capital.

A16z's “State of Crypto 2025” frames the year as one of institutional adoption, with Circle's IPO marking the moment stablecoin issuers became mainstream financial institutions.

The report notes that exchange-traded products now hold about $175 billion in crypto assets, up 169% year-over-year, and that public “digital asset treasury” companies control roughly 4% of the combined Bitcoin and Ethereum supply.

Together, ETPs and treasury plays account for around 10% of outstanding BTC and ETH. That's a deepening pipeline between capital markets and tokens, and the IPO cohort represents another node in that infrastructure.

But institutional participation remains shallow. Reuters reported mid-year that less than 5% of spot Bitcoin ETF assets are held by pensions and endowments, with another 10-15% held by hedge funds and wealth managers.

Most flows still come from retail. As genuinely long-horizon institutions enter, they're more likely to start with regulated wrappers, ETFs, listed exchanges, stablecoin issuers, than with direct altcoin bets.

The 2025 IPO scorecard previews the kind of risk those institutions will tolerate on their books: steady, cash-generative businesses with clear compliance frameworks, not speculative trading platforms levered to meme-coin volume.

The real question for 2026The 2025 cohort's performance doesn't settle the question of whether crypto IPOs are a durable asset class. It clarifies the terms on which public markets will engage. Investors will underwrite crypto businesses, but they're done paying growth-stock multiples for cyclical fee streams.

Circle's resilience shows there's an appetite for infrastructure plays that generate revenue independent of token-price euphoria. Gemini's 70% collapse shows there's no appetite for platforms whose earnings disappear the moment retail loses interest.

That creates a narrow path for 2026. The regulatory environment is clearer and more stable, stablecoins are mainstream, and the general IPO window is open.

But crypto risk is increasingly expressed through public market structures, such as ETFs, corporate treasuries, and now a scrutinized IPO cohort, rather than through token speculation.

The companies that thread that needle next year will be those that convince investors they're building financial plumbing, not riding a wave. The ones that can't will wait for the next cycle, whenever that arrives.

Mentioned in this article

Ripple is sharpening its focus on traditional finance by deepening its collaboration with TJM Investments, a broker-dealer operating under US regulatory oversight. By acquiring a minority interest in the firm, Ripple is taking a calculated step toward the core systems that institutional investors already rely on, rather than pursuing visibility through new retail-facing products or speculative narratives.

This move brings Ripple closer to the operational backbone of financial markets, where execution quality, compliance, and settlement certainty are critical. For large investors, these fundamentals often outweigh the appeal of rapid returns, especially in a post-volatility crypto environment.

Meeting Institutions on Familiar GroundInstead of attempting to reinvent the trading landscape, Ripple is choosing to integrate with it. Partnering with an established brokerage allows Ripple to support trading and clearing functions within an existing regulatory framework. TJM, in turn, plans to roll out digital asset access to its professional client base, easing crypto exposure into workflows institutions already understand.

This approach reflects a growing preference among hedge funds, asset managers, and family offices. Their interest in crypto is increasingly measured, focused on structured access, dependable counterparties, and well-defined risk management, rather than open-ended exposure through offshore platforms.

Ripple Prime as the Institutional ConnectorAt the center of this strategy is Ripple Prime, the company’s institutional-grade platform designed to mirror the capabilities of traditional prime brokerage. It brings together execution, financing, and collateral management tools in a way that aligns digital assets with established financial practices.

Ripple has spent the past year quietly expanding this platform, prioritizing depth and reliability over rapid expansion. The closer alignment with TJM reinforces this direction, enabling Ripple Prime to operate within institutional trading pipelines rather than competing for volume on public exchanges.

Industry Voices Highlight the Strategic ShiftRipple executives have framed the partnership as a long-term infrastructure play. Reece Merrick noted that Ripple is supplying the backbone that will support TJM’s execution and clearing as it expands into digital assets, emphasizing improved market access and capital efficiency for professional investors.

Market observers echo this view. Analysts point out that the collaboration effectively opens Ripple Prime to a broader institutional audience, reinforcing Ripple’s steady pivot toward professional market participation.

Others highlight the implications for XRP itself, suggesting that deeper integration with regulated trading and financing channels could reduce friction in real liquidity flows. Rather than speculative spikes, this model aims to embed XRP within practical, repeatable trading activity.

A Quiet Bet on the Next Phase of CryptoRipple’s expanded role alongside TJM reflects a broader shift in how crypto is being absorbed into global finance. As institutions grow more cautious, the path forward appears less about disruption and more about integration. Ripple is positioning itself not as a headline-grabber, but as the plumbing behind the scenes, betting that the future of crypto adoption will be built quietly, inside the systems institutions already trust.

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 is Ripple partnering with TJM Investments?

Ripple is collaborating with TJM to integrate digital assets into regulated institutional trading, enhancing compliance and operational reliability.

How does this partnership affect XRP adoption?

By integrating with regulated trading and clearing channels, XRP can see smoother liquidity flows and practical, repeatable usage by institutions.

What does this move signal for the future of crypto adoption?

Ripple’s approach highlights a shift toward integration with existing financial systems, emphasizing stability and long-term institutional participation.

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Ripple and TJM Forge Strategic Partnership to Elevate Institutional Crypto ServicesRipple, a leading fintech firm offering crypto solutions for businesses, has partnered with TJM Investments and TJM Institutional Services to enhance institutional access to secure, scalable, and efficient crypto trading and clearing services.

Through its direct investment in TJM, Ripple will enhance the firm’s execution and clearing services with its industry-leading infrastructure, reinforcing their long-standing commitment to delivering top-tier trade execution, financing, and clearing solutions for institutional clients.

At the heart of the partnership is Ripple Prime, Ripple’s multi-asset prime brokerage platform. Delivering institutional-grade tools, Ripple Prime streamlines operations, boosts capital and collateral efficiency, and strengthens clearing stability. 

Through this integration, TJM can now offer hedge funds, family offices, asset managers, and global investors enhanced balance-sheet support and reliable, high-performance execution.

Noel Kimmel, President of Ripple Prime, welcomed the partnership, stating,

“TJM’s strong execution experience across asset classes, combined with the scale and reach of Ripple Prime, is a powerful value proposition for institutions globally. We look forward to supporting the continued growth of TJM’s business, including through its expansion into digital assets, and to participating in that growth as a strategic investor.”

The expanded partnership empowers TJM to capitalize on the fast-growing digital asset market. Leveraging Ripple Prime’s institutional-grade infrastructure, TJM will offer clients broader access to digital assets, meeting the rising demand from traditional investors seeking diversification and innovative financial solutions.

By uniting Ripple’s cutting-edge technology with TJM’s extensive institutional network, this partnership is poised to redefine prime brokerage across traditional and digital markets. Analysts highlight that such collaborations underscore the accelerating convergence of conventional finance and fintech-driven digital asset solutions.

As institutions expand into crypto markets, seamless execution, clearing, and custody become essential, needs that Ripple and TJM’s collaboration directly addresses, empowering clients to navigate evolving markets with confidence and efficiency.

Therefore, the Ripple-TJM alliance is set to redefine institutional crypto services, combining cutting-edge technology, deep market expertise, and broader asset access to meet the needs of today’s sophisticated investors.

ConclusionRipple and TJM’s strategic partnership marks a new era in institutional crypto services, merging advanced technology with deep market expertise. By enhancing execution, clearing, and digital asset access, the alliance boosts operational efficiency and sets a benchmark for reliability and innovation. 

As traditional finance and crypto converge, this collaboration equips institutional investors with the infrastructure and tools to confidently navigate the future of financial markets.

TLDR: 

Core contributor unlocks release nearly 10M HYPE monthly, creating sustained selling pressure through 2027.
Hyperliquid buybacks absorb only a fraction of new supply, leaving the token structurally net inflationary.
Governance approval to mark 37M HYPE as burned improves optics but does not change unlock dynamics.
Falling market share and spot volumes add stress as supply expansion continues despite strong revenues.

HYPE token faces renewed scrutiny as market participants assess sustained price weakness despite Hyperliquid’s strong operating performance. 

The token remains down nearly 60% from its September peak, even as the platform posts record volumes and fee generation. 

Recent commentary from market analysts attributes the disconnect to structural supply dynamics rather than deteriorating business fundamentals. 

Unlock schedules, buyback mechanics, and governance actions have become central to the current valuation debate surrounding HYPE.

Unlock Schedule and Persistent Supply Pressure
Market discussion intensified after a detailed thread by DeFi commentator Hanzo outlined the scale of upcoming HYPE token unlocks. 

According to the post, core contributor allocations representing 23.8% of total supply began unlocking on November 29. This schedule introduces roughly 9.9 million tokens monthly for the next twenty-four months.

🚨 $HYPE WILL BE WORTH $1, AND HERE'S WHY:

Everyone keeps asking why HYPE is down ~60% from its ATH in September, when Hyperliquid is legitimately dominating.

They generated $874M in fees this year. $3T+ in volume. Surpassed Ethereum and Solana in 30-day fee generation.

Real… pic.twitter.com/xfDvHHjfsI

— Hanzo ㊗️ (@DeFi_Hanzo) December 18, 2025

At prevailing prices, these unlocks translate to approximately $270 million in new supply each month. 

Hyperliquid’s aggressive buyback program, funded by 97% of protocol fees, absorbs an estimated $90 million monthly. The resulting gap leaves sustained net selling pressure that market demand has not matched.

Early activity following the initial unlock reinforced investor caution. On-chain data referenced in the tweet showed more than 600,000 tokens sold through over-the-counter transactions shortly after release. 

Additional wallet movements reflected rapid profit-taking by large holders, coinciding with an immediate double-digit price decline.

Buybacks, Governance, and Market Share Shifts
Hyperliquid governance has sought to address sentiment through formal recognition of 37 million HYPE tokens held in the Assistance Fund as burned. 

Validators are signaling approval for the vote concluding later in December. These tokens are already inaccessible, but official classification reduces reported circulating supply by roughly 13%.

The same analysis argues this governance action remains largely cosmetic. While it improves headline metrics, it does not alter the remaining 238 million tokens scheduled for release through October 2027.

 Monthly unlocks continue unaffected, maintaining structural pressure on the market.

Operational data adds further context. Daily buybacks acquire about 21,700 HYPE, while staking emissions add approximately 26,700 tokens. 

Even with record revenues, the protocol remains net inflationary. Meanwhile, perpetual DEX market share reportedly declined as competitors launched incentive programs, and spot volumes contracted sharply.

Together, these factors frame the current reassessment of the HYPE token. Commentary emphasizes that Hyperliquid’s revenue strength and active community persist. 

However, the arithmetic of supply expansion, combined with softer trading activity, continues to dominate price behavior during the ongoing unlock period.

Bitcoin may have ended its historical four-year cycle, signaling an incoming year of downside, despite widespread analyst expectations for an extended cycle driven by regulatory tailwinds.

Bitcoin’s (BTC) $125,000 all-time high on Oct. 6 may have signaled the top of the current four-year Bitcoin halving cycle, both in terms of “price and time,” according to Jurrien Timmer, the director of global macroeconomic research at asset management firm Fidelity.

“While I remain a secular bull on Bitcoin, my concern is that Bitcoin may well have ended another 4-year cycle halving phase,” wrote Timmer in a Thursday X post. “Bitcoin winters have lasted about a year, so my sense is that 2026 could be a “year off” (or “off year”) for Bitcoin. Support is at $65-75k.”

Source: Jurrien TimmerCrypto market may see more upside on fundamental, regulatory tailwindsTimmer’s analysis contradicts other crypto analysts, who expect the growing number of regulated crypto investment products to lead to an extended bull market cycle in 2026.

Notably, Tom Shaughnessy, the co-founder of crypto research firm Delphi Digital, expects new all-time highs for Bitcoin in 2026, after investor sentiment recovers from the record $19 billion crypto market crash that occurred at the beginning of October.

“We are working through a one-time disastrous 10/10 liquidation event that broke the market,” wrote Shaughnessy in a Friday X post, adding:

“Once that’s worked through, we hit $BTC ATHs in 2026 as prices rubber band to reflect the progress outside 10/10.”Shaughnessy said crypto market valuations will be driven by the industry’s “fundamental progress,” including growing Wall Street implementations and regulatory developments.

Policy experts are also predicting a significant year of progress on US cryptocurrency legislation, a development that may bring more institutional investment to the crypto space.

“I do expect 2026 to be another meaningful year for crypto regulation, but it will look different from the last one,” Cathy Yoon, general counsel at crypto research firm Temporal and Solana block-building system Harmonic, told Cointelegraph.

“With stablecoin legislation now passed, the real impact will come from implementation - examinations, disclosures, and how these assets integrate into payments and financial infrastructure,” she said.

Source: SantimentHowever, investors’ social sentiment took a significant hit earlier this week as Bitcoin dipped below $85,000. Bearish commentary has since dominated social media platforms, including X, Reddit and Telegram, according to market intelligence platform Santiment.

Meanwhile, the crypto industry’s best-performing traders by returns, who are tracked as “smart money” traders on Nansen’s blockchain intelligence platform, are also betting on a short-term decline for most leading cryptocurrencies.

Smart money traders top perpetual futures positions on Hyperliquid. Source: NansenWhile smart money traders were net short on Bitcoin for $123 million, the same cohort was betting on Ether’s (ETH) price increase, with $475 million worth of cumulative net long positions, Nansen data shows.

Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling — Joseph Chalom

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Tanzeel Akhtar

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Tanzeel Akhtar

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Tanzeel Akhtar has been reporting on cryptocurrency and blockchain technology since 2015. Her work has appeared in leading publications including The Wall Street Journal, Bloomberg, CoinDesk, Bitcoin...

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December 19, 2025

Bitcoin’s latest market cycle has entered a new phase, with onchain and derivatives data pointing to demand exhaustion and a transition into bear market territory, according to CryptoQuant’s latest Crypto Weekly Report.

After multiple demand-driven rallies since 2023, the firm says the structural pillars that supported higher prices are now weakening.

Bitcoin’s demand boom is fading.

This cycle ran on three spot demand waves, and the latest one looks like it’s rolling over.

Since early October, demand is below trend, which can stay bearish for price. pic.twitter.com/7IWnRscD8H

— CryptoQuant.com (@cryptoquant_com) December 19, 2025
Demand Growth Falls Below TrendCryptoQuant’s analysis shows that Bitcoin demand growth has decisively slowed since early October 2025, falling below its long-term trend.

The current cycle featured three major spot demand waves: the launch of U.S. spot Bitcoin ETFs, optimism surrounding the U.S. presidential election outcome, and a surge of interest from Bitcoin Treasury Companies.

With these catalysts largely priced in, incremental demand has diminished, removing a key source of price support that previously sustained upward momentum.

The firm notes that when demand growth rolls over in this manner, it has historically marked the end of bullish phases, regardless of broader narratives around supply shocks or halving events.

Institutional and Large-Holder Demand ReversesInstitutional behavior is now reinforcing the bearish signal. U.S. spot Bitcoin ETFs have shifted from accumulation to distribution in the fourth quarter of 2025, with net holdings declining by approximately 24,000 BTC. This stands in stark contrast to Q4 2024, when ETFs were strong net buyers and a central driver of market strength.

At the same time, onchain data shows that addresses holding between 100 and 1,000 BTC—often associated with ETFs, funds, and corporate treasuries—are growing below historical trend.

CryptoQuant compares this pattern to late 2021, when similar demand deterioration preceded the 2022 bear market.

Derivatives Markets Signal Weakening Risk AppetiteDerivatives data adds further confirmation. Funding rates in perpetual futures, measured using a 365-day moving average, have declined to their lowest level since December 2023. Falling funding rates typically indicate reduced willingness among traders to maintain leveraged long positions.

Historically, such conditions have been more consistent with bear market regimes than bull phases, reflecting declining risk appetite and lower conviction among market participants.

Price Structure and Downside ScenariosFrom a technical perspective, Bitcoin has broken below its 365-day moving average, a key long-term indicator that has historically separated bull and bear market conditions.

CryptoQuant stresses that Bitcoin’s four-year cycle is driven primarily by demand expansions and contractions rather than the halving itself.

Despite the bearish shift, downside projections suggest a relatively shallow cycle. Past bear market bottoms have aligned with Bitcoin’s realized price, currently near $56,000.

This would imply a drawdown of roughly 55% from the recent all-time high—potentially the smallest bear market decline on record. Interim support is expected around the $70,000 level, offering a key zone to watch as the cycle continues to reset.

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Enterprises using Amazon Web Services (AWS) can now access streamlined BNB payments for cloud bills through an on-chain integration with BNB Chain and the Better Payment Network.

Summary

BNB Chain and BPN bring crypto payments to AWS customersExpanding BNB utility for real-world financeCore features of the BPN integrationBNB Chain ecosystem componentsInside the Better Payment NetworkAccess and further information
BNB Chain and BPN bring crypto payments to AWS customers
BNB Chain, one of the world’s largest blockchain ecosystems, has enabled Amazon Web Services (AWS) customers to settle payments in BNB via the Better Payment Network (BPN), a payment infrastructure built natively on BNB Chain.

Through this connection, businesses can pay for AWS services using BNB, gaining real-time settlement, lower transaction costs, and a simplified global payment experience.

BPN delivers enterprise-grade payment infrastructure that connects digital assets, such as BNB and various stablecoins, to traditional financial workflows.

Moreover, its network links regulated stablecoin issuers, progressive financial institutions, DeFi platforms, and institutional market makers to create more efficient global payment rails for both large corporations and smaller firms.

According to the announcement on December 17th, 2025 in Dubai, UAE, AWS users can now plug into BPN to access fast, low-cost, and secure payments with global reach. That said, the integration also strengthens BNB’s role as a practical payment asset in both crypto-native and mainstream enterprise environments, encouraging more companies to incorporate on-chain payment flows into daily operations.

Expanding BNB utility for real-world finance
Over recent years, BNB Chain’s ecosystem has reported rapid growth in real-world financial applications, including payments, tokenized assets, and enterprise-level integrations. The ability for AWS customers to pay through BPN therefore expands BNB’s utility beyond exchange trading, positioning the token as a functional settlement asset for high-frequency, cross-border payment flows.

The partners highlight that BPN’s architecture is built to support secure and scalable transaction processing for both institutional and retail businesses. Moreover, by tying into AWS billing workflows, BPN is showing how digital assets can streamline enterprise payment operations at scale, offering a concrete demonstration that crypto can deliver operational efficiencies for global businesses.

With this move, the collaboration between BNB Chain and BPN offers a concrete example of how bnb payments can bridge traditional enterprise billing systems with on-chain settlement, without forcing companies to overhaul their existing financial infrastructure.

Core features of the BPN integration
The integration introduces several key capabilities for AWS customers and enterprise users. First, it enables real-time programmable settlement, allowing organizations to automate payment logic directly on-chain. Additionally, it supports cost-efficient global transfers in BNB, along with institutional-grade security and compliance standards designed for regulated environments.

Furthermore, BPN offers smooth integration into AWS customers’ billing systems and broader enterprise workflows. This includes support for both enterprise and developer billing accounts across global markets, helping organizations introduce crypto-based payments into established finance and accounting processes with minimal friction.

BNB Chain ecosystem components
BNB Chain describes itself as a community-driven blockchain ecosystem focused on removing barriers to Web3 adoption. It comprises several core components that together support decentralized applications, payments, and data use cases, each targeting specific performance and infrastructure needs.

The first is BNB Smart Chain (BSC), a secure DeFi hub with what it claims are the lowest gas fees of any EVM-compatible Layer 1 blockchain. Moreover, BSC serves as the ecosystem’s governance chain, underpinning protocol decisions and coordinating upgrades across the broader network.

The second pillar is opBNB, a scalability-focused Layer 2 network designed to deliver some of the lowest gas fees among L2 solutions while also offering rapid processing speeds. That said, opBNB aims primarily to support high-throughput applications that require fast confirmation times and predictable transaction costs.

The third component is BNB Greenfield, which addresses decentralized storage requirements across the ecosystem. It enables users and developers to meet storage needs on-chain while also letting them establish their own data marketplaces, potentially opening new monetization models around digital content and information.

Inside the Better Payment Network
BPN is described as a multi-stablecoin payment and foreign exchange network built on BNB Chain, with a design centered on low-cost, instant, and transparent settlement for enterprises and payment institutions. Incubated by YZi Labs, BPN works in partnership with BNB Chain and regional stablecoin issuers across emerging markets.

The network supports a range of stablecoins and aims to simplify enterprise crypto payments and global transfers by providing unified rails for digital assets and fiat on- and off-ramps. Moreover, by acting as a bridge between regulated stablecoin issuers and institutional users, it intends to improve liquidity and predictability for large-volume flows.

As part of its go-to-market strategy, BPN offers tools and integrations tailored to cloud providers, payment processors, and financial institutions. This approach is intended to reduce technical overhead for enterprises that want to experiment with digital asset settlement without building custom infrastructure from scratch.

Access and further information
The new BNB payment option is already available to AWS customers through BPN’s integration, covering multiple regions and billing account types. However, adoption will depend on how quickly enterprises become comfortable with crypto-based settlement and internal accounting for digital assets.

Businesses and developers interested in the BPN payment network and its AWS integration can learn more, including technical documentation and onboarding details, at the official site www.bpn.finance. In summary, the collaboration between BNB Chain and BPN marks another step toward mainstream use of blockchain-based payment rails in global enterprise environments.

Alessia Pannone

Graduated in communication sciences, currently student of the master's degree course in publishing and writing.
Writer of articles from an SEO perspective, with care for indexing in search engines.

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Posted: December 19, 2025

Solana’s platform, Pump.fun [PUMP] enabled creators to create, deploy, and launch memecoins.

The number of daily memecoin creations jumped to 71k, with 14 million tokens launched, while the number of created addresses surged to 48k, at press time. 

Although the platform created a suitable environment for token creation, it faced criticism as most of these tokens crashed. 

Source: Dune

Now, these long-term criticisms and concerns have found their way into a courtroom, as retailers filed a lawsuit against Pump.fun. 

Judge approves an expanded lawsuit against Pump.fun
According to Justia, a federal court approved an expanded class-action lawsuit against PUMP, Solana Labs, and related projects. 

The lawsuit cited liquidity and crypto market imbalances. The case accused the network of enabling insider advantages in memecoin trading.

As such, insiders bought tokens at low prices before public trading, driving prices up through the bonding curve. The approach left retail buyers to absorb losses as insiders dumped these tokens. 

The team is accused of creating a system that drove 98.6% of more than 14 million memecoins to collapse to zero, resulting in trader losses estimated between $4 and $5.5 billion.

Internal chats revealed coordination with Solana Labs on early token purchases, leading to RICO allegations. Even more troubling, the token PUMP was launched and later shut down, with the top 10 holders controlling 70% of its supply.

PUMP plummeted 80% amid legal woes
The ongoing legal battle heavily impacted PUMP. At press time, PUMP plummeted 14% to a low of $0.0018 on daily charts and 80% from its all-time high of $0.009. 

Over the same period, its market cap dropped to a low of $644 million, reflecting steady capital outflows. In fact, investors, and traders across the spot and futures markets panicked and pulled out capital, fearing more losses. 

According to CoinGlass data, Exchange inflows surged to $24 million compared to $22.9 million in outflows. As a result, Spot Netflow jumped 144.88% to $1.09 million, a clear sign of aggressive spot selling. 

Source: CoinGlass

On the futures side, sellers too dominated, as PUMP recorded $142.91 million in Outflows compared to $139.7 million in Inflows. 

For that reason, Futures Netflow dropped to -$3.21 million, indicating higher contract sales than buyers. 

Source: CoinGlass

These capital flows showed that investors exited the market, leading to the recent price crash.

More losses ahead?
PUMP faced massive downward pressure as investors across spot and futures panicked and dumped over Pump.fun’s legal woes.

As a result, the altcoin’s Relative Strength Index (RSI) plunged into the oversold zone and settled at 28 at press time. Likewise, its Directional Movement Index (DMI) dipped to 11, indicating strong downward momentum.

Source: TradingView

When these indicators fall to such low levels, they signal potential for trend continuation. Thus, if sellers continue to offload, PUMP could drop to a new all-time low.

For a meaningful trend reversal, PUMP must first reclaim $0.0025 to rebuild buyers’ confidence.

Final Thoughts 

A judge approved an expanded lawsuit against Pump.fun over allegations of insider trading.
PUMP dropped 80% from $0.009 to a record low of $0.0018.

Through a new integration with the Better Payment Network (BPN), Amazon Web Services customers gain a new payment option. They can now use BNB to pay for AWS services.
Instead of paying AWS bills only through banks or card networks, companies can now settle those payments using BNB. The message is broader. BNB is being positioned not just as a trading asset, but as real payment infrastructure.

How BNB Payments Work for AWS Customers
BPN is a payment network built natively on BNB Chain that links digital assets like BNB and stablecoins with traditional finance systems. Through this setup, businesses can pay AWS invoices in BNB with real time settlement. This means the system completes transactions almost instantly rather than in days. Fees are also lower compared to many cross border bank transfers. It often involve intermediaries and foreign exchange costs.

A real world example helps bring this to life. Imagine a startup in Southeast Asia that runs its app on AWS but serves customers worldwide. Instead of juggling multiple bank accounts and currencies to pay monthly cloud bills, the company can use BNB through BPN to settle payments quickly and transparently. This reduces delays, cuts costs, and simplifies accounting.

$BNB payments are now live for @awscloud customers via @bpn_network, a payment infrastructure built natively on BNB Chain

Faster, cheaper, global. This is a real upgrade to how businesses will handle cloud billing.

Read the full story in our blog: https://t.co/LuxiJbo0gD

Full… pic.twitter.com/OwaryOvbEF

— BNB Chain (@BNBCHAIN) December 18, 2025

Rica Fu, Founder of BPN, highlighted that the network is built for secure and scalable transaction processing. By fitting directly into AWS billing workflows, BPN shows how digital assets can streamline enterprise payments without forcing companies to rebuild their systems from scratch.

More About BNB Chain
BNB Smart Chain is improving EVM performance with the Block Access List, or BAL. This is a new feature that boosts efficiency as transaction volume grows. BAL precomputes the storage slots and addresses a transaction will read or write. This allows nodes to fetch required state data in advance instead of discovering it during execution. This reduces latency, improves parallel transaction processing, enables smarter state pre fetching. It makes block reorganizations faster and easier to handle.

High transaction volume demands a better EVM.

Block Access List (BAL) gives BSC upfront visibility into state access, enabling parallel execution and faster block processing.

This is real performance work, not just in theory.

Full breakdown in the blog 👇… pic.twitter.com/xrr7Vqmyh0

— BNB Chain Developers (@BNBChainDevs) December 19, 2025

BAL is already live on BSC through BEP 592. It is a non consensus change that delivers immediate speed and validation gains for node operators. In parallel, BSC has tested the EIP 7928 version of BAL. It aims to standardize this feature across the wider EVM ecosystem by eventually making it part of the block header.

Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.

Bitcoin may be approaching one of its most pivotal turning points in years. A leading valuation metric, the BTC Yardstick, currently reads -1.6 standard deviations below its long-term mean, signaling the pioneer crypto’s deepest undervaluation since the 2022 bear market low.

Historically, this level has coincided with major cycle bottoms, including 2011, 2017, 2020, and 2022.

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BTC Yardstick Shows Strongest Undervaluation in YearsThe Yardstick measures Bitcoin’s market price against the cost and power required to secure its network. This includes mining infrastructure and operational expenditures.

“BTC Yardstick at –1.6σ = Bitcoin is insanely undervalued. Other occurrences: 2022 bear market low, 2020 COVID crash bottom, 2017 pre-blow-off base, 2011 bear market bottom…All occurrences coincided with strong accumulation…Bottom was in as well!” wrote analyst Gert van Lagen in a post.

BTC Yardstick indicator at major market bottoms, attributed to Gert van LagenWhale Accumulation Hits Highest Levels in Over a DecadeMeanwhile, the undervaluation signal coincides with unprecedented accumulation activity. Over the past 30 days, BTC whales and large holders purchased 269,822 BTC, worth approximately $23.3 billion. According to Glassnode data, this is the largest monthly accumulation since 2011.

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BITCOIN'S BIGGEST MONTHLY ACCUMULATION IN 13 YEARS

Whales purchased 269,822 BTC, worth approximately $23.3 billion, in just 30 days.

– Glassnode Data pic.twitter.com/6FPfhFhfh4

— Kashif Raza (@simplykashif) December 18, 2025

“Largest accumulation in 13 years. The 4-year cycle is dead; the Supercycle is here,” wrote crypto analyst Kyle Chasse.  

The bulk of this buying occurred in wallets holding between 100 and 1,000 BTC. This suggests that both high-net-worth individuals and smaller institutions are positioning for a potential market rebound.

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Market Sentiment After Bitcoin’s Minor Correction As Frustration Breeds OpportunityDespite the record accumulation and undervaluation, Bitcoin’s price has faced downward pressure this year. According to Bloomberg ETF analyst Eric Balchunas, recent losses are modest relative to prior gains.

I get that this year is a drag but consider Bitcoin was up 468%(!!) in the two years prior to this year. That's 138% ann, 8x US stocks. That is sooo much excess return beyond normalcy (even for btc, thank you ETFs!). All that happened this year is you gave back a tiny bit of the… https://t.co/oQ4EuUt64A

— Eric Balchunas (@EricBalchunas) December 18, 2025
The launch of spot Bitcoin ETFs in early 2024 contributed to previous surges, driving the asset to its then-record highs near $69,000 in March 2024.

Overall, Bitcoin returned 155.42% in 2023 and 121.05% in 2024 before experiencing an 7% decline year-to-date. This suggests the current dip may be a natural correction after exceptional gains.

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Bitcoin (BTC) Price Performance. Source: TradingViewAnalysts note that market rallies often begin not when hope is high, but when investors are weary.

“We are not scared anymore, we are tired. Tired of waiting. Tired of believing. But listen, market rallies don’t start when hope is high; it’s when people are tired, frustrated, and ready to give up,” wrote analyst Ash Crypto.

The convergence of historically low valuation, record whale accumulation, and declining leverage suggests that Bitcoin may be nearing another cyclical inflection point.

While timing remains uncertain, these indicators highlight a unique window of potential opportunity for long-term investors.

A solo miner on NiceHash mined Bitcoin block #928,351 for less than $100 in rental hashpower. The miner earned a reward of 3.152 BTC, equivalent to approximately $271,000. 

Mempool statistics confirmed on Thursday that the block had a near-perfect health score of 99.96% and total transaction fees of 0.027 BTC (~$2,363). On-chain data reveal that the block had a median cost of about 2 sat/vB and a fee range of 1–313 sat/vB.

Solo Bitcoin miners beat odds to win  blocks
The Mempool data revealed that the actual Bitcoin block had 2,806 transactions (-16.56%). The block had a total fee of 0.027 BTC (-6.18%). According to on-chain data, the block weighted 3.5 MWU (-12.37%).

The block was mined with Version 0x20400000, bits 0x1701e63a, nonce 0xcc01ab16, and a Merkle root of 45c4235f79f7c8642b4eca86ce7e7c28452374b4fc8f1b64b907e4912c3b626 at a network difficulty of 148,195,306,640,204.7.

On December 12, a different solo Bitcoin miner using the alias 1Ng9~VoQz successfully mined a legitimate block #927,474. The miner claimed the 3.13 BTC block reward, which is worth roughly $288,383.50. The Bitcoin block had 1,117 transactions (-62.99%), a block weight of 1.45 MWU (-63.65%), and total fees of 0.008 BTC (-8.83%).

Against mathematical odds, the Bitcoin miner utilized a hashrate (computing power) of 270 TH/s, equivalent to approximately 0.00002% of the total processing power of the Bitcoin network. As per the current Bitcoin mining data, a setup of this scale has a 1 in 30,000 chance of solving a block on any given day.

Ckpooldev, the developer of the CKPool software, the miner used to mine the block, commented that the incident represents the 310th instance of a solo miner obtaining a block reward under these particular tracking conditions.

Similar to previous miners that mined a single block, 1Ng9~VoQz  did not distribute the mining rewards among other participants as they would have in a traditional mining pool model. Instead, the miner earned the entire amount (minus a 2% charge to CKPool) immediately.

In November, a platform user computed a block #924,569 using hardware with a hash rate of just 6 TH/s. CKPool administrator Con Kolivas referred to the miner as “incredibly lucky.” The odds of producing a block with such processing power are about 1 in 1.2 million every day.

Another solo Bitcoin miner mined block #920,440 in October using the Public Pool platform. The miner earned a reward of  3.141 BTC.

Bitcoin mining profitability declines despite rising hash rate
According to research released by JPMorgan (JPM), the profitability of Bitcoin (BTC) mining declined for the fourth consecutive month in November. Analysts Reginald Smith and Charles Pearce noted that the daily block reward gross profit also decreased by 26% from the prior month.

According to Glassnode, the global Bitcoin hash rate (30-day moving average) is roughly 1.1 ZH/s. The present trend shows a surge toward mid-October record values of 1.15 ZH/s.

Global Bitcoin hash rate nears record levels set in mid-October. Source: Glassnode
On November 21, the hash price reached its lowest point of the year, at approximately $34 per PH/s per day, coinciding with Bitcoin’s decline to $83,000. The mining profitability indicator was limited to $40 per PH/s every day, even after the price of digital gold recovered to above $90,000.

In November, Fred Thiel, CEO of MARA, stated that miners are facing a challenging time due to growing competition and declining profitability in the mining industry.

The combined market capitalization of the 14 U.S.-led miners that JPM follows dropped 16% month over month to $59 billion.

JPM revealed that Cypher Mining (CIFR) beat the group thanks to its recent Fluidstack acquisition, with a 9% rise. Additionally, the JPM report noted that Bitdeer (BTDR) saw a 40% drop in performance.

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Bitcoin prices swung sharply around the opening of U.S. markets this week, triggering large liquidations and renewing debate over the role of derivatives, liquidity and timing in the world’s largest cryptocurrency.

Bitcoin saw fast moves higher and lower within short time frames, leading to the forced closure of both bullish and bearish leveraged positions, according to liquidation data tracked by market analytics firms.

Heavy Liquidations Follow Sharp Price SwingsData shows that roughly $74 million in long positions were liquidated during one session, alongside significant short liquidations earlier in the move. The price action appeared to accelerate as leverage was flushed from the system.

During brief rallies, short sellers were forced out, only for prices to reverse soon after, hitting long positions as Bitcoin moved lower. Such patterns are common in highly leveraged markets, analysts said.

Crypto exchanges earn fees during periods of heavy liquidation, but there is no public evidence that exchanges directly control price movements.

Focus Turns to Options ExpiryAttention is now shifting to quarterly options expiry, often referred to by traders as “quadruple witching,” when several types of derivatives contracts expire simultaneously.

This event occurs four times a year and is known for increasing volatility across traditional financial markets. Bitcoin traders say the overlap of crypto and equity market positioning can amplify short-term price swings.

Historical price data shows Bitcoin has often weakened in the days following previous quarterly expiries, though the pattern has not been consistent every time.

Liquidity Levels in FocusAnalysts are keeping an eye on areas where large numbers of leveraged positions are clustered. Market data shows a concentration of liquidation risk near the $85,000–$85,500 range, where both older and newly opened positions could be vulnerable if prices move sharply.

If Bitcoin approaches these levels, forced liquidations could add momentum to price moves in either direction, analysts said.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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The case blames the trading behemoth entered secret agreements with Do Kwon to artificially prop up TerraUSD's peg.

Ethereum core developers have officially named the network’s next upgrade after Glamsterdam as "Hegota," further defining the network’s 2026 development cycle as it continues its twice-a-year release cadence.

Hegota blends the execution layer’s "Bogota" upgrade, following the tradition of naming updates after Devcon host cities, with the consensus layer’s "Heze", named after a star. Developers said the headliner EIP for Hegota will not be selected until February, while work on Glamsterdam — Ethereum’s first scheduled upgrade of 2026 — continues.

The naming decision was made during the All Core Developers Execution (ACDE) call on Thursday, the final meeting of the year. ACDE calls are set to resume on Jan. 5, when developers aim to finalize Glamsterdam’s scope.

2026 release cycle
The naming comes at a moment when Ethereum’s upgrade process is settling into its intended rhythm.

With Pectra and Fusaka shipped in 2025, the network has effectively begun its twice-annual upgrade schedule. The approach intends to make improvements more iterative, predictable, and narrowly scoped, reducing the need for rare, sweeping overhauls.

Based on the established cadence, Glamsterdam would likely land in the first half of 2026, with Hegota following later in the year.

While Hegota itself remains in early planning, its eventual upgrade is expected to draw from long-running roadmap goals and any overflow items deferred from Glamsterdam. Particularly, Verkle Trees — a prerequisite for fully stateless clients — have been frequently cited as a candidate for inclusion in one of the 2026 hard forks. However, no formal selection has been made.

Other areas under discussion include state and history expiry mechanisms and additional execution-layer optimizations. Notably, state expiry conversations may garner more attention following a recent batch of proposals from the Ethereum Foundation.

As The Block previously reported, the EF’s Stateless Consensus team warned that state bloat — the steady expansion of Ethereum’s stored data — is becoming a growing burden for node operators.

Glamsterdam focuses on Layer 1 efficiency and builder decentralization
Meanwhile, developers continue to refine Glamsterdam’s hard fork. Proposals still under consideration include enshrined proposer-builder separation, or ePBS, intended to curb centralization in block building; block-level access lists, which aim to reduce state access bottlenecks; and gas repricings to better align EVM costs with resource usage.

More complex changes, such as reducing slot times, have already been pushed to later cycles. Any items that prove too ambitious for the timeline may roll into Hegota, with final decisions expected once calls resume in the new year.

A roadmap that stretches beyond 2026
Hegota's reveal also situates Ethereum within its broader, multi-phase technical roadmap. Back in September 2022, developers executed the first part of this path, dubbed The Merge, which transitioned Ethereum from a proof-of-work blockchain to a proof-of-stake network.

The following components have been framed as The Surge, The Verge, The Purge, and The Splurge.

The Surge focuses on achieving massive rollup-driven scaling. Fusaka advanced this goal through PeerDAS and expanded blob capacity, while Glamsterdam aims to improve Layer 1 performance further to better support rising rollup activity without creating new centralization pressures.

Next, The Verge centers on statelessness and light-client verification. Potential Verkle integration in Hegota aligns directly with this phase by reducing node storage requirements and enabling broader network participation. Later phases — The Purge and The Splurge — address historical cleanup and long-term protocol simplification.

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.

EchoSync has launched a new copy trading dashboard for the decentralized perpetual exchange Aster’s Human vs. AI trading competition. The initiative pits human traders against algorithm-driven AI large language models to see which of the two can garner the most realized profits over a two-week period. 

According to the AI-data driven statistics platform’s official announcement on X, the Aster DEX copy trading went live on Friday, and investors can now copy trade all Human and AI traders on the so-called “Aster’s Human vs AI battle.”

EchoSync copy trading dashboard led by humans
Aster’s trading contest started on December 9 and runs through December 23, as seen on the DEX platform’s campaign document. The event, according to Aster, is meant to assess if human judgment is still superior to machine-calculated decisions, or if AI can more effectively turn market sentiment into more profits than real-life traders. 

This is the power of community 🫡@echosync_hq built copy trading for our Human vs AI Trading Campaign. Now you can follow the best traders (human or AI) with one click.

Pick a side. Copy the leaders. Alpha automated. https://t.co/mvbJGsNuG4

— Aster (@Aster_DEX) December 19, 2025

The platform has allocated 100 funded seats to carefully selected human participants, chosen based on their trading performance over the past two months. Each participant has received 10,000 USDT to trade perpetual contracts, with full freedom to keep profits, while any losses incurred are absorbed by Aster. 

As seen in the EchoSync-created competition’s dashboard, Team Human has recorded an overall ROI of –26.31%, with the top human account generating $42,760 in profit, though the team’s total losses amount to $184,200. 

On the other end of the rope, Team AI has a stronger capital preservation with smaller overall losses of $8,300 and a return of –2.76%. The top AI account generated a total profit of $9,310, achieving consistent gains per account, although it was ranked lower in the overall leaderboard.

Human traders currently occupy the top 5 positions, after making higher cumulative profits, albeit with significant volatility. Leading human trader Tippy has executed $8.56 million worth of trades across 5,621 positions, resulting in a total PnL of $42,760. However, the 24-hour PnL decreased by $1,974. 

Second-ranked ProMint has traded $1.21 million over 105 trades, generating a total PnL of $13,690 and 24-hour gains of $3,270. Other top human traders include Panke, Romanson, and 小伙, each counting total profits between $12,210 and $12,560.

AI traders consistent in capital preservation
The first AI trader, Claude Sonnet 4.5 (Aggressive), is currently at the sixth position overall, but it leads the AI accounts with $9,310 total PnL from $2.44 million in trading volume on 2,020 trades, though 24-hour losses were $6,518. 

In the top-5 among the AI accounts column, Claude Sonnet 4 (Aggressive) came second with $1,990 total PnL from $1.08 million volume, Claude Sonnet 4 (Conservative) followed with $1,890 total PnL, Kimi K2 (Aggressive) with $1,760 total PnL, and DeepSeek 3.1 (Balanced) closed the top spots with $494 total PnL. 

According to its campaign insight, Aster allocated a $200,000 prize pool with rules favoring human participants, to be paid before January 14, 2026. The individual top PnL prize of $100,000 is awarded only if a human trader finishes first, but if an AI takes the top spot, this individual prize is not paid. 

USD1 trading pair added on Aster DEX, native token sheds 28% weekly
In other news, Aster’s collaboration with World Liberty Finance reported by Cryptopolitan at the start of December, will see the exchange add more USD1 trading pairs, with Rocket Launch Round 5 featuring the RTX/USD1 spot pair. 

According to Aster’s announcement on X, during stages four and five, a 1.5X symbol boost has been activated as a trading incentive for participants. 

As promised, more is coming to Aster. 🦅

We’re pleased to share that, in continued collaboration with @worldlibertyfi, Aster continues to work with @worldlibertyfi on USD1-denominated trading pairs.

Rocket Launch Round 5: RTX/USD1 spot pair, featuring a 1.5× symbol boost… https://t.co/ppEhVEFMvl

— Aster (@Aster_DEX) December 18, 2025

The USD1 trading pair inclusion has not impacted the DEX’s token price, which went down by 28.5% in the past seven days. At the time of this reporting, ASTER was changing hands at $0.6855, 71% adrift from its all-time high level reached in September.

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Jump Trading sued for $4 billion in connection to Do Kwon’s Terra Labs collapse: WSJThe administrator winding down what remains of Terraform is suing Jump Trading, accusing it of contributing to its demise while profiting illegally. Dec 19, 2025, 11:45 a.m.

The bankruptcy court-appointed administrator of the Terraform Labs collapse is suing Jump Trading, accusing the high-speed trading company of illegally profiting from and contributing to the $40 billion crash, according to the Wall Street Journal.

Todd Snyder, tasked with winding down what remains of the crypto empire, is seeking $4 billion in damages from the trading company, its co-founder William DiSomma and Kanav Kareiya, who began as an intern and rose to become the platform’s president. Terra’s Post-Chapter 11 X account confirmed WSJ’s story in a post on X on Friday

STORY CONTINUES BELOW

“Jump Trading actively exploited the Terraform Labs ecosystem through manipulation, concealment, and self-dealing that enriched Jump while financially devastating thousands of unsuspecting investors,” Snyder said. “This action is a necessary step to hold Jump Trading accountable for illegal conduct that directly caused the largest crypto collapse in history.”

Terraform Labs collapsed in 2022 after its algorithmic stablecoin TerraUSD (UST) lost its dollar peg, sparking a dramatic market spiral. Within days, its sister token, Luna, plunged to near zero. The $40 billion implosion wiped out the savings of hundreds of thousands of investors globally and set off a domino effect of failures across the crypto industry, coming to a head with the collapse of Sam Bankman-Fried’s FTX exchange that November.

The Singapore-based company filed for bankruptcy in January 2024 and agreed just months later to pay roughly $4.5 billion to the U.S. Securities and Exchange Commission (SEC) to settle a civil securities fraud lawsuit. Terraform founder Do Kwon, who started the company in 2018, pleaded guilty in August to two criminal counts and was sentenced last week to 15 years in prison.

The court-appointed bankruptcy administrator alleged that Jump Trading had a secret agreement to prop up UST ahead of its collapse and ultimately walked away from Terraform’s failure with billions in gains, according to an Illinois district court filing.

Jump made about $1 billion from selling Luna, according to prior SEC filings cited by the WSJ.

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Protocol Research: GoPlus Security

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What to know:

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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Bybit returns to UK with 100 crypto trading pairs after 2-year break

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Bybit exited the U.K. in 2023 following a tightening of rules around the promotion and marketing of crypto services.

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Bybit reentered the U.K. under a framework designed to meet financial promotion standards and enhance transparency for local users.Bybit will operate and provide marketing of its services under the auspices of London-based crypto exchange Archax.Read full story