JOON HYOUNG LEE

UK-based fintech company Revolut is launching a cryptocurrency purchase service in collaboration with Trust Wallet. According to CoinDesk on the 11th (local time), Revolut announced that it had formed a partnership with Trust Wallet and is launching a cryptocurrency purchase service. Trust Wallet is a cryptocurrency wallet service company founded by Changpeng Zhao (CZ), the founder of the world's largest cryptocurrency exchange, Binance. Revolut plans to launch a service that allows Trust Wallet users to purchase cryptocurrencies using debit cards, credit cards, Revolut Pay, and others. Revolut users in the European Union (EU) can instantly top up funds to their Trust Wallet wallet, and some transactions are exempt from fees. CoinDesk reported, "(Currently) Trust Wallet users number 220 million." The cryptocurrencies supported for purchase by Revolut are Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tether (USDT), and Circle (USDC). CoinDesk said, "(More assets will be added to the list of supported purchases in the future)." Revolut has been aggressively expanding its cryptocurrency business recently. It recently obtained a MiCA license in Cyprus. Last month, it also launched a service in collaboration with Polygon Labs, the developer of Polygon (POL), to support transfers of certain cryptocurrencies such as Tether and Circle.

Bitcoin (BTC)'s '90-day spot taker CVD (cumulative volume delta)' indicator has returned to 'buy-side dominance' after 3 months. Sunny Mom, a CryptoQuant contributor, said on the 11th (local time) via CryptoQuant, "Bitcoin's 90-day spot taker CVD has shifted to 'buy-side dominance' for the first time after recording 'sell-side dominance' for the past three months." Sunny Mom said, "The selling flow that continued from $120,000 to $90,000 has been absorbed, meaning that a substantial spot demand base is forming in the $88,000~$90,000 range." She analyzed that retail investor demand has recently supported Bitcoin's price rise. Sunny Mom said, "Currently whales (large investors) have stopped accumulating and are on the sidelines," and analyzed, "retail demand is pushing up prices." She added, "The $85,000~$90,000 range overlaps with whales' average purchase range," and "they tend to defend that range." Sunny Mom noted, "Recent on-chain spot indicators show that market sentiment is gradually shifting." She said, "some signals of a Bitcoin rebound have been detected," and analyzed, "if whales' accumulation increases again, there is a high possibility that a rebound pattern similar to March–April of this year will be reproduced."

The United Arab Emirates (UAE) telecom operator e& is pursuing the introduction of stablecoins. On the 11th (local time), Cointelegraph reported that e& signed a memorandum of understanding (MOU) with Al Maryah Community Bank (M Bank) to introduce stablecoins. Hatem Dowidar, e& chief executive officer (CEO), said, "(Stablecoins) enable instant payments, full transparency, and seamless accessibility." Through this partnership, e& plans to determine whether it can integrate the stablecoin 'AE Coin' into its payment infrastructure. 'AE Coin' is a dirham-backed stablecoin approved by the UAE Central Bank (CBUAE). Cointelegraph reported, "As a pilot project, e& customers will be able to pay for mobile phone and household service bills, top up prepaid lines, and so on, using stablecoins." e& is also considering integrating stablecoins into its e-commerce system. Cointelegraph said, "This move shows growing interest in blockchain within the financial system," adding, "(However) it is still an early-stage pilot, and several steps are needed before large-scale adoption." The United Arab Emirates (UAE) telecom operator e& is pursuing the introduction of stablecoins. On the 11th (local time), Cointelegraph reported that e& signed a memorandum of understanding (MOU) with Al Maryah Community Bank (M Bank) to introduce stablecoins. Hatem Dowidar, e& chief executive officer (CEO), said, "(Stablecoins) enable instant payments, full transparency, and seamless accessibility." Through this partnership, e& plans to determine whether it can integrate the stablecoin 'AE Coin' into its payment infrastructure. 'AE Coin' is a dirham-backed stablecoin approved by the UAE Central Bank (CBUAE). Cointelegraph reported, "As a pilot project, e& customers will be able to pay for mobile phone and household service bills, top up prepaid lines, and so on, using stablecoins."

Tom Lee, chairman of BitMine, the world's largest Ethereum (ETH) reserve company, said on the 11th (local time), "If the price of Ethereum reaches $3,000, I will buy all day." Tom Lee said this on the 11th (local time) on a Web3 podcast. He said, "If the price of Ethereum falls to $3,000, everyone will be happy," and added, "(At $3,000) I will happily buy Ethereum." Tom Lee recently predicted that the price of Ethereum could surge up to $62,000 next year. At the 'Binance Blockchain Week (BBW) 2025' held recently in Dubai, United Arab Emirates (UAE), he said, "Bitcoin (BTC) could rise to $250,000 within a few months," and said, "In that case, even if Ethereum's price rises only to the historical 8-year average ratio to Bitcoin, it would be $12,000." Tom Lee added, "Ethereum currently in the $3,000 range is extremely undervalued," and "If market capitalization were to reach 25% of Bitcoin's level, Ethereum's price could be $62,000."

U.S. cryptocurrency exchange Gemini is pursuing a prediction market platform business. Gemini's subsidiary Gemini Titan announced on the 10th (local time) that it had obtained a designated contract market (DCM) license from the U.S. Commodity Futures Trading Commission (CFTC). Earlier, Gemini applied for a DCM license to CFTF in March 2020. Gemini said, "(By obtaining the license) we are now able to offer prediction market services to U.S. customers." Gemini plans to offer prediction market contracts composed of only two questions such as 'yes' or 'no.' Gemini explained, 'For example, there could be event contracts on questions such as 'Will the price of Bitcoin exceed $200,000 by the end of this year', 'Will Elon Musk's X (X) pay the European Commission (EU) a fine of $140,000,000 in full next year', and so on.' Gemini believes prediction markets have the potential for explosive growth. Gemini chairman Cameron Winklevoss said, "Prediction markets have the potential to grow as large as, or larger than, traditional capital markets." Gemini chief executive officer (CEO) Tyler Winklevoss said, "(This approval) is the fruit of a five-year licensing process and the beginning of a new chapter for Gemini."

A statue of Bitcoin (BTC) founder Satoshi Nakamoto has been installed at the New York Stock Exchange (NYSE) in the United States. On the 11th (local time), the New York Stock Exchange said via its official X account, "Twenty One Capital installed a statue of Bitcoin founder Satoshi Nakamoto at the New York Stock Exchange," and said "(the statue) symbolizes the intersection between emerging systems and the established institutional sector." Twenty One Capital is a Bitcoin reserve company listed on the U.S. Nasdaq. This is the sixth time a statue of Satoshi Nakamoto has been installed, following Japan, Switzerland, Vietnam, El Salvador, and Miami, U.S. Meanwhile, Satoshi Nakamoto is known to have mined the first 50 bitcoins in 2009 through the genesis block.

Solana (SOL)-based meme coin issuance platform PumpDotPump (PUMP) has exceeded $200 million in buybacks (repurchases of its own token). On the 11th (local time), according to SolanaFloor, PumpDotPump's buyback amount was calculated at $205.42 million as of that day. SolanaFloor said, "(PumpDotPump) bought 13.8% of the circulating supply in just five months after the token launch," and "the cumulative buyback amount ranks first among Solana protocols, surpassing Raydium (RAY)." PumpDotPump's native token PUMP was launched in July. PumpDotPump is regarded as a project that helped drive the growth of the Solana network last year thanks to the meme coin craze. Meanwhile, as of 4:03 PM (Korean time) on that day, PumpDotPump was trading on CoinMarketCap at $0.002775, down 8.6% from the previous day. Compared with one week earlier, it is down 15.28%.

Ethereum (ETH) appears to be experiencing weakening selling pressure. There is speculation that Ethereum's price could show an upward rally toward a new all-time high (ATH) about one month from now. A CoinCare contributor to CryptoQuant said on the 11th (local time) via CryptoQuant, "The lows created by Ethereum's 'Net Taker Volume' are showing a clear upward trend." Net Taker Volume is an on-chain indicator that shows market buying and selling pressure. Generally, if Net Taker Volume is positive, buying pressure is considered greater than selling pressure. CoinCare said, "Selling pressure still exists, but the intensity of aggressive selling is gradually weakening." It is analyzed that Ethereum's selling pressure peaked last September. CoinCare explained, "(Ethereum) selling pressure peaked last September, and the market steadily absorbed selling pressure for about three months," adding, "If the current trend continues, it appears there is about one month left until Net Taker Volume turns positive." They also mentioned last April–May when Ethereum's price rose significantly this year. CoinCare said, "A similar movement occurred earlier this year," adding, "Net Taker Volume formed a low in January this year and then gradually rose, successfully turning positive around April." They added, "At that point, Ethereum's price surged more than threefold and set a new all-time high." CoinCare emphasized, "Historically, the (Net Taker Volume) switching point has coincided with the start of Ethereum's strongest bullish phases." They said, "If Net Taker Volume turns positive, it could become a very likely catalyst for leading Ethereum's all-time high rally."

The world's largest Bitcoin (BTC) treasury company Strategy has directly rebutted Morgan Stanley Capital International (MSCI)'s review of removing it from indices. Strategy said on the 10th (local time) that it submitted a response to MSCI regarding index exclusion. Strategy is reported to have been discussing potential index removal with MSCI recently. Strategy is currently included in the MSCI USA and MSCI World indices. Strategy emphasized that MSCI misunderstands the business model of digital asset treasury (DAT) companies. Strategy said, "Strategy is not an investment fund but a company that actively leverages its held Bitcoin to generate returns for shareholders," and added, "Unlike investment funds, Strategy maintains operational flexibility to adjust value-creation strategies as innovative Bitcoin-based technologies develop." It continued, "This flexibility is a core value evaluated by Strategy's investors and distinguishes Strategy from digital asset investment funds," and added, "Strategy, which invests in a single asset class (Bitcoin), should be treated the same as REITs or oil companies." It also criticized MSCI's '50% rule'. Earlier, MSCI announced in October that companies holding digital assets such as Bitcoin amounting to 50% or more of total assets could be excluded from index inclusion. Strategy said, "The '50% rule' that applies only to digital assets is discriminatory, arbitrary, and impracticable," and stated, "The '50% rule' is designed to leave companies in other industries with single-asset-concentrated holdings untouched while arbitrarily singling out digital asset businesses for unprecedentedly unfavorable treatment." It added, "If DAT companies are included and then excluded from MSCI indices due to asset price volatility, changes in accounting standards application, etc., a 'rollercoaster' effect will occur and index instability will increase," and said, "To manage this, MSCI should develop new metrics and methodologies to measure asset concentration on financial statements and monitor attempts to circumvent it." Strategy also argued that MSCI's policy conflicts with the policy direction of the Donald Trump administration. Strategy said, "(If removed from indices) there is a risk that investment across the rapidly growing digital asset industry could be restrained," and explained, "This directly contradicts the current administration's pro-innovation policy stance." Strategy said, "Digital assets such as Bitcoin are a technological innovation with the potential to become the foundation of the global financial system and an engine of economic growth," and added, "Now is more inappropriate than ever to take measures that weaken such innovative technologies." Meanwhile, MSCI plans to decide on Strategy's index exclusion on the 15th of next month. U.S. digital asset manager Bitwise recently analyzed the probability of Strategy's MSCI index removal as over 75%.

He Yi (He Yi), Binance co-CEO, is pursuing compensation for damages from the WeChat account hacking. On the 10th (local time), He Yi said via X, "Early this morning, a WeChat account that I hardly used was hacked," and "In the process, some users bought a certain meme coin without much consideration and suffered losses." He also mentioned a compensation plan. He Yi said, "I will personally prepare some Binance Coin (BNB) and conduct an airdrop to users who traded meme coins during the time the WeChat account was hacked and incurred realized losses," adding, "The airdrop will be fully distributed within 24 hours." He Yi emphasized, "Neither I nor Binance employees recommend any meme coins." He Yi said, "Such content (meme coins) has no long-term viability and the tokens also lack a foundation to support their price," and added, "In the future, even if similar incidents occur, there will be no compensation payments."

Japan is pursuing a plan to change cryptocurrency regulation from the existing Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA). The Financial System Council under the Financial Services Agency (FSA) released a comprehensive report on the country's cryptocurrency regulatory status on the 10th (local time). The report includes a plan to change the legal basis for cryptocurrency regulation from the existing Payment Services Act to the Financial Instruments and Exchange Act. The Financial Instruments and Exchange Act is a law that regulates securities markets, issuance, trading, and disclosure. The reason the FSA wants to change the legal basis is that it judges cryptocurrencies should be treated as 'financial instruments.' The FSA said in the report, "Cryptocurrencies are increasingly being used as investment targets domestically and internationally," and "cryptocurrency trading is similar to securities trading." The report also includes measures to strengthen initial exchange offering (IEO) requirements. Specifically, the report would require exchanges to mandate prior disclosure that includes detailed information about the key issuing entities of tokens for which the exchange leads the offering. It also recommends code audits by independent third-party experts and soliciting opinions from self-regulatory organizations. It also included a prohibition on insider trading. Cointelegraph said, "(the provision) reflects the EU's MiCA legislation and Korea's regulations," and "this report will provide Japanese regulators with a powerful means to crack down on platforms operated overseas or associated with decentralized exchanges (DEXs)."

American Bitcoin, a Bitcoin (BTC) mining company founded by Eric Trump, the second son of U.S. President Donald Trump, purchased an additional 416 bitcoins. American Bitcoin said on the 10th (local time) that it bought about 416 bitcoins from the 2nd of this month until recently. With this purchase, American Bitcoin's bitcoin holdings increased to 4,783. American Bitcoin said, "This is the quantity obtained through bitcoin mining and strategic purchases," and added, "It also includes quantities provided as custody or as collateral for miner purchases under a contract with Bitmain." Bitmain is a China-based bitcoin mining machine manufacturer. 'SPS (Satoshis Per Share·satoshis per share)' was calculated at 507. Compared with one month ago (427), it increased by about 18.7%. American Bitcoin explained, "Investors can check the amount of bitcoin they indirectly hold through company shares by SPS." Eric Trump, Chief Strategy Officer (CSO) of American Bitcoin, said, "(American Bitcoin's) bitcoin holdings continue to expand at an astonishing pace," and added, "Just three months after listing on Nasdaq, American Bitcoin has established itself as one of the largest and fastest-growing bitcoin reserve companies." He added, "Thanks to a competitive cost and margin structure, a foundation has been laid to enable long-term value creation," and "We will focus on executing strategy to further strengthen current momentum."

'Japan's version of 'Strategy' MetaPlanet's stock surged recently thanks to the rise in Bitcoin (BTC) prices. On the 10th (local time), according to CoinDesk, MetaPlanet's stock closed at 471 yen, up 12% on the day. CoinDesk reported, "Bitcoin's price fell to around $80,000 on the 21st of last month and then rose nearly 15%," and "during the same period MetaPlanet's stock rose about 30%." MetaPlanet's 'stock premium' is also on the rise. MetaPlanet's mNAV (company value relative to bitcoin holdings) was 1.17 as of that day, marking the highest since October 10, when a large-scale liquidation occurred in the crypto derivatives market. MetaPlanet's mNAV fell below 1 on October 15 and dropped to as low as 0.84 last month. MetaPlanet started as a hotel company in 2010 but transformed into a bitcoin holding company in April last year. MetaPlanet's bitcoin holdings are about 30,820, the largest among Asian companies. CoinDesk said, "MetaPlanet's bitcoin holdings are the fourth among listed companies (worldwide)," and "after buying bitcoin in bulk twice in September, it did not increase its holdings."

An analysis showed that Ethereum (ETH)'s funding rates (Funding Rates) have remained stable despite the recent price rebound. ShayanMarkets, a CryptoQuant contributor, said on the 10th (local time), "Although Ethereum's price strongly rebounded from lows in the $28,000 range, funding rates still remain at low levels." ShayanMarkets said, "This shows that leveraged demand in the derivatives market has not yet fully materialized, and that this rebound was driven by spot buying rather than overheating in the futures market." ShayanMarkets said demand for long (buy) positions is still lacking. ShayanMarkets analyzed, "The recent funding rate trend also means there is a lack of aggressive long demand for Ethereum to continue a trend-extension rally," adding, "For an upswing to unfold like past strong breakout periods, investors would need to engage in chase buying and funding rates would need to rise noticeably." It also mentioned additional upside potential. ShayanMarkets said, "The current low funding rates indicate the market is in a recovery phase rather than overheated," adding, "If demand strengthens, there is ample upside potential, but it also means momentum could become vulnerable if downward pressure is applied at major resistance levels." Meanwhile, as of 8:34 p.m. that day, Ethereum was trading at 3317.46 dollars on CoinMarketCap, up 6.81% from the previous day. Compared with a week earlier, it is about 8% higher.

The International Monetary Fund (IMF) said that stablecoins "could pose significant risks to some countries." On the 10th (local time), industry sources reported that the IMF recently published the report 'Understanding Stablecoins'. In the report, the IMF said, "In the absence of appropriate regulation and safeguards, stablecoins could pose significant risks, especially to countries with weak macroeconomic fundamentals (underlying strength) and institutions," adding, "These risks are related to macrofinancial stability, operational efficiency, financial soundness, and legal certainty." What the IMF pointed out was the possibility of a 'coin run (Coin Run·large-scale redemptions)'. The IMF noted, "Value changes in stablecoins can arise from market and liquidity risks of the collateral assets," and "If users lose confidence in stablecoins, especially when redemption rights are limited, sharp value declines can occur." It added, "If stablecoins are widely adopted, large-scale redemptions could trigger fire sales of collateral assets and impair the functioning of financial markets." The IMF also said, "Currency substitution, increased volatility in capital flows, and fragmentation of payment systems could also occur," adding, "These risks are likely to be more severe in high-inflation countries, countries with weak institutions, and countries with diminished confidence in their currency." It also mentioned the regulatory situation in major countries. The IMF said, "Although several countries have introduced (stablecoin) regulatory standards, the situation remains fragmented," noting, "A comparative analysis of regulations in the United States, Japan, and the European Union (EU) shows differences in approaches on important areas such as potential issuers and how overseas stablecoins are treated." It added, "This can create regulatory arbitrage and weaken the overall effectiveness of regulation," and "Holding stablecoins in unregulated wallets will also limit regulatory effectiveness." The IMF also emphasized the need for cooperation among national regulators. The IMF explained, "The cross-border nature of stablecoins creates additional complexity for regulators and statistical agencies," and said, "Strengthened domestic and international cooperation is essential." The IMF said, "Additional measures and cooperation are required to manage macrofinancial risks such as currency substitution and volatile capital flows," and "It will continue to closely monitor the impact and developments of stablecoins on the international monetary system."

Despite expectations for a U.S. interest rate cut, there is analysis that Bitcoin (BTC) prices could be trapped in a trading range again. Crypto analytics firm Matrixport said on the 10th (local time) via its official X account, "(Bitcoin's) implied volatility has been continuously shrinking," adding, "This also lowers the likelihood of a meaningful upside breakout by the end of this year." Matrixport said, "Today's scheduled Federal Open Market Committee (FOMC) meeting is the last key catalyst (this year), but after this, volatility is likely to be lower during the holiday period." If inflows through exchange-traded funds (ETFs) do not strengthen, Bitcoin prices are likely to remain rangebound this month. Matrixport analyzed, "If new inflows into Bitcoin ETFs do not become a driving force for directionality, the market could return to a range-bound flow," adding, "This is generally associated with further declines in volatility." It continued, "In fact, such an adjustment is already underway," adding, "As implied volatility falls, the market is gradually lowering its assessment of the possibility of a surprise rebound at the end of this month." Meanwhile, as of 5:18 p.m. (Korea Standard Time) that day, Bitcoin was trading at 92,695.97 dollars on CoinMarketCap, up 2.39% from the previous day. Compared with a week ago, it is down 0.26%.

Hunter Horsley, Bitwise CEO, said that a cryptocurrency bull market will come next year. On the 10th (local time), CEO Horsley said via X, "The (Bitcoin) 4-year cycle is over," adding, "The (crypto) market has changed and matured." He meant that the '4-year cycle'—the idea that Bitcoin prices rise and fall repeatedly due to the halving that occurs every four years—is no longer valid. CEO Horsley emphasized, "All the elements are aligning for a large-scale rise next year." He pointed out, "Looking back at this year, you'll realize that it has been a bear market since February, but the bear market was merely obscured by the relentless buying from digital asset treasury (DAT) strategies and companies holding Bitcoin." Horsley is not the only one who has said the Bitcoin 4-year cycle is no longer valid. Changpeng Zhao (CZ), Binance's founder, recently attended an event in Abu Dhabi, United Arab Emirates (UAE), and said, "The Bitcoin 4-year cycle is over or has weakened," adding, "The current cycle is different from previous cycles." Global investment bank (IB) Standard Chartered (SC) also said on the previous day (the 9th) that it "does not agree with the view that the halving cycle remains valid."

The amount of Bitcoin (BTC) held by cryptocurrency exchanges has hit an all-time low. Arab Chain, a CryptoQuant contributor, said on the 10th (local time) via CryptoQuant that "the 'Exchange Supply Ratio,' which shows the proportion of Bitcoin available for trading across all exchanges, has been on a sharp decline since early September." Arab Chain said, "The overall exchange supply ratio fell from about 0.149 in September to 0.138 in December, marking a record low," adding, "It means the amount of Bitcoin available for trading in the actual market is continuing to decrease." It also mentioned the Bitcoin holdings of Binance, the world's largest cryptocurrency exchange. Arab Chain analyzed, "In particular, Binance's (Bitcoin) supply ratio shows more pronounced volatility than other exchanges," and said, "The supply ratio surged in mid-last month due to a large inflow of Bitcoin, then quickly fell this month as holdings flowed out." The recent trend in exchanges' Bitcoin supply ratio can be interpreted as an accumulation phase. Arab Chain said, "The total Bitcoin reserves held by all exchanges decreased from 2,972,000 coins at the beginning of September to 2,763,000 coins in December, a decline of about 209,000 coins over the past three months," explaining, "Such large-scale withdrawals are a typical accumulation-phase pattern in which investors move Bitcoin to personal wallets for long-term holding." Binance's Bitcoin reserves are also declining. Arab Chain said, "Binance's Bitcoin reserves increased in November due to large inflows but turned to a clear decline in December," adding, "This means Binance is the platform that reacts most sensitively to market flows, and movements within Binance are closely linked to the decisions of institutions and large investors."

The amount of Bitcoin held on centralized exchanges (CEX) has fallen to its lowest level since 2017. On the 5th (local time), The Block reported that centralized exchanges' Bitcoin balance was approximately 1.8 million as of that day. It is the lowest figure in 8 years since 2017. Timothy Mishir, head of BRN Research, told The Block, "(Bitcoin's) realized market capitalization (Realized Cap) growth rate is still positive on a monthly basis," adding, "New funds are continuously flowing into Bitcoin." Experts say Bitcoin price volatility has significantly eased. Mishir said, "(Bitcoin) accumulation continues and exchange supply is decreasing," and that prices are stabilizing at levels above the 'True Market Mean.' He added, "What is currently lacking is a clear breakout into the $96,000 to $106,000 range." There is also analysis that Ethereum (ETH) still has room for further price gains. Mishir highlighted the buying power of investors holding between 1,000 and 10,000 ETH. Mishir said, "Those investors have begun buying Ethereum aggressively again," calling it "one of the strongest leading indicators historically when Ethereum outperforms Bitcoin." He also said, "The daily new address creation spiking to 190,000 after the Fusaka upgrade shows the network's substantive and organic expansion."

U.S. regulators have approved trading of a 2x leveraged exchange-traded fund (ETF) based on Sui. Sui said on the 4th (local time), "The U.S. Securities and Exchange Commission (SEC) has approved the 2x leveraged Sui ETF (TXXS)," and "(the ETF) has been listed on Nasdaq through 21Shares." This is the first time a 2x leveraged Sui-based ETF has been launched in the U.S. 21Shares said, "TXXS will make entering and exiting (Sui) positions easier," and "(Through TXXS) short-term leveraged exposure can be obtained without barriers commonly encountered in leveraged trading in traditional finance, such as complex margin calls or high account minimum requirements."

The U.S. XRP spot exchange-traded fund (ETF) has continued a 13-day streak of net inflows since its launch. On the 4th (local time), on-chain analytics firm SosoValue reported that the XRP spot ETF recorded 13 consecutive days of net inflows from the 14th of last month through the 3rd of this month. As of that date, the cumulative net inflows into the XRP spot ETF were $874 million (about 1.3 trillion won). The net assets of the XRP spot ETF were $906 million (about 1.33 trillion won) as of that date. CoinDesk said, "(The XRP spot ETF) is close to the milestone of surpassing $1 billion in net assets less than a month after launch," adding, "this is a signal of high adoption of XRP assets by traditional finance and securing liquidity." New XRP ETFs are also expected to be launched one after another. According to the U.S. Depository Trust & Clearing Corporation (DTCC), major investment banks (IBs) such as Fidelity, Franklin Templeton, and Invesco have applied to list XRP spot ETFs. Meanwhile, XRP was trading at $2.13 on CoinMarketCap as of 11:20 p.m. that day, down 1.24% from the previous day. Compared with a week earlier, it was down 2.12%.

Larry Fink, BlackRock's Chief Executive Officer (CEO), said on the 4th (local time) that "sovereign wealth funds that requested anonymity are buying Bitcoin (BTC) during the recent downturn." Fink made the remarks while attending the '2025 DealBook Summit' hosted by The New York Times (NYT) in New York, U.S. He said, "Several sovereign wealth funds are waiting (to buy Bitcoin)," and "(They) are gradually buying as the price fell from the high of $126,000." Fink emphasized, "(Those sovereign wealth funds) were buying more when Bitcoin remained in the $80,000 range." Fink said, "They are building long positions, and this is not a short-term investment," adding, "They hold with a purpose and for the long term." He added, "But the market is skewed, and volatility will continue due to high leverage." U.S. Forbes reported, "(Fink's remarks) pointed to Bitcoin's price movements that swung sharply and plunged twice since October." He also made policy recommendations to the U.S. government. Fink said, "If the United States does not invest sufficiently and more quickly in tokenization and digitization, other countries will get ahead of the U.S." Forbes said, "This is consistent with U.S. President Donald Trump's warning last month that 'China is trying to become the global capital of cryptocurrencies.'" Fink also likened Bitcoin to an 'asset of fear.' He said, "People buy Bitcoin when physical safety or financial safety is uncertain," and "In the long term, they hold Bitcoin to guard against the devaluation of financial assets due to 'financial defects.'" Meanwhile, Fink recently wrote in a piece for the British weekly The Economist that, "Tokenization is where the Internet was in 1996," and "Tokenization can grow at the same pace as the Internet over the coming decades."

Last week, U.S. initial jobless claims came in well below market expectations. The U.S. Department of Labor said on the 4th (local time) that initial jobless claims last week totaled 191,000. This figure was 28,000 fewer than the experts' forecast (219,000). Compared with the previous week's revised figure (218,000), it was 27,000 fewer. Continuing jobless claims, filed by those claiming unemployment benefits for two consecutive weeks, were 1,939,000. That was 4,000 fewer than the previous week's revised figure (1,943,000). Compared with the market expectation (1,960,000), it was 21,000 fewer. Initial jobless claims are an indicator that can gauge overheating in the U.S. labor market. An increase in claims can be interpreted as the overheated labor market cooling. Experts are watching employment indicators such as jobless claims to gauge the impact of aggressive tariff policies by U.S. President Donald Trump on corporate decision-making.

U.S. cryptocurrency exchange Kraken is teaming up with the German stock exchange Deutsche Börse to expand business in the European Union (EU). Kraken said on the 4th (local time) that it had signed a strategic partnership with Deutsche Börse. First, Kraken plans to integrate services with the foreign-exchange trading platform 360T through the partnership. Previously, Deutsche Börse acquired 360T in 2015. Kraken said, "Through this integration, Kraken customers will have access to bank-level foreign exchange (FX) liquidity," adding, "the efficiency of fiat on- and off-ramps will also be greatly improved." Kraken's institutional platform 'Kraken Embed (Kraken Embed)' will also see its services expanded. Kraken said it will provide Kraken Embed's services to institutional investors who are clients of the Deutsche Börse Group. Kraken said, "(With Deutsche Börse) we will develop solutions that provide cryptocurrency trading and custody services to customers across Europe and the United States," and added, "we plan to provide U.S. capabilities to Deutsche Börse Group's institutional clients who wish to invest in cryptocurrencies and tokenized assets."

Decentralized exchange (DEX) Aster (ASTER) will launch a Layer 1 mainnet in the first quarter of next year. Aster on the 4th (local time) revealed its roadmap for the first half of next year via its official X account. Aster said, "This year was a year in which Aster proved it could build and provide real products through the mobile application (app) launch, token generation event (TGE), and major centralized exchange (CEX) listings," and added, "Now we will focus more on three core engines: infrastructure, token utility, and ecosystem and community." According to the roadmap, Aster will launch the Aster blockchain testnet at the end of this month. After operating the testnet, Aster plans to launch the Layer 1 mainnet in the first quarter of next year. The mainnet will also support fiat on- and off-ramps. On- and off-ramps refer to conversions between digital assets and fiat currencies. In the second quarter of next year, it will also support Aster staking. Aster said, "We are building a network that grows with users, not another trading platform."

An analysis said that MicroStrategy, the world's largest bitcoin (BTC) holding company, would not see large stock price volatility even if it were removed from the Morgan Stanley Capital International (MSCI) index. Matt Hogan, Bitwise Chief Investment Officer (CIO), said in his 'Weekly CIO Memo' on the 3rd (local time), "Considering that MSCI is currently inclined to remove digital asset treasury (DAT) companies, the probability that MicroStrategy will be excluded from the (MSCI) index is at least 75%." Hogan said, "MSCI believes many DAT companies only buy and hold cryptocurrency assets and therefore are not eligible to be included in the index," and "JPMorgan estimated that index funds would sell MicroStrategy shares worth 2.8 billion dollars if excluded from the benchmark index." However, Hogan said the MSCI index exclusion would not have a large impact on MicroStrategy's stock price. Hogan said, "(Index exclusion) will not have a large effect on MicroStrategy's stock price," adding, "2.8 billion dollars is a significant amount of selling, but its impact is smaller than expected and is largely already priced into the stock." He added, "The reason MicroStrategy's stock has been in decline since October 10 is that the market has already priced in the (index) exclusion," and "In the long term, MicroStrategy's value depends on how well it executes its (bitcoin) strategy, not on index funds tracking MicroStrategy." He also mentioned the possibility of MicroStrategy selling bitcoin. Hogan said, "There is no reason to sell (bitcoin) even if MicroStrategy's stock falls below net asset value (NAV)," and "Michael Saylor, MicroStrategy's chairman, directly holds 42% of the voting shares, and it would be hard to find someone more confident than Chairman Saylor in bitcoin's long-term value." He added, "Currently, the bitcoin price is 24% higher than MicroStrategy's average purchase price," and "There is no short-term factor that would force MicroStrategy to sell bitcoin."

Bitcoin (BTC) prices have recently rebounded, but analysis shows the market remains structurally vulnerable. It is pointed out that if Bitcoin does not break above $96,000 within the year, downside pressure could increase. On-chain analytics firm Glassnode said in its weekly report on the 4th (local time) that "Bitcoin continues to trade in a structurally vulnerable environment where on-chain weakness and demand slowdown coincide," and "while prices briefly stabilized above the 'True Market Mean', the overall market structure resembles the pattern seen in Q1 2022." Glassnode emphasized that "more than 25% of (Bitcoin) supply is in loss." Glassnode noted that "realized losses among (investors) are increasing, and sensitivity to macroeconomic shocks is also rising," adding, "Although significantly weaker compared to early this year, positive capital momentum remains one of the few positive signals preventing a deeper decline." Looking at off-chain indicators, Glassnode also analyzed that 'risk-off (avoidance of risky assets)' sentiment is spreading. Glassnode said, "ETF flows have turned to net outflows, spot CVD (cumulative volume delta) has 'rolled over'," and "futures open interest (OI) has been steadily shrinking." It added, "Funding rates are close to neutral, so there are neither strong bullish signals nor aggressive short pressures," and "options are priced cheaply relative to realized volatility, indicating investor caution rather than a recovery in risk asset appetite." Glassnode said it is important for Bitcoin to hold above $96,100 within the year. Glassnode stated, "Maintaining (above $96,100) is key to stabilizing market structure and mitigating year-end downside vulnerability," and "unless macroeconomic shocks disrupt market equilibrium, holding the core 'average purchase price (cost-basis)' range will be necessary to maintain stability."