Minseung Kang

Stablecoin issuer Tether said on the 8th that the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) has recognized USDT issued on multiple blockchains as tokens that can be used within its regulatory framework. Under this measure, ADGM-licensed firms can officially handle USDT based on various networks. Approved networks include Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, TRON, and, together with previously allowed Ethereum, Solana, and Avalanche, USDT issued on a total of more than 12 blockchains fall under the regulatory scope. Tether said it confirmed operational stability, transparency, and compliance through consultations with the regulator. Paolo Ardoino, Tether CEO, said, "The UAE is setting global standards in digital asset policy, and this approval will further expand USDT's role as a stable payment asset." Tether said, "With this recognition, financial institutions and companies within ADGM will be able to support USDT-based payment and settlement services on more networks, which will further expand on-chain finance usage in the Middle East."

The U.S. Securities and Exchange Commission (SEC) has reportedly closed a multiyear investigation into real-asset tokenization firm Ondo Finance without taking any further action. On the 8th (local time), crypto-focused media The Block reported that Ondo Finance said on its blog, "The SEC has officially concluded the multiyear investigation that had been conducted privately and did not bring any charges." The investigation is said to have begun in 2024 during the Biden administration. At that time, the U.S. regulatory environment experienced significantly strengthened oversight due to crypto market turmoil, some exchange bankruptcies, and the spread of speculative tokens. The SEC reportedly examined whether Ondo Finance's real-asset tokenization model complied with securities law and also reviewed the nature of the ONDO token. Ondo Finance said it fully cooperated with the SEC during the investigation and has consistently maintained that its structure complies with investor-protection norms. Ondo Finance stressed, "This notice is a meaningful milestone not only for Ondo but for the tokenization industry as a whole." According to the media, following the announcement that day, the ONDO token's price rose by about 5%. Meanwhile, Ondo Finance said adoption of on-chain real-world asset (RWA) products, such as U.S. Treasury-backed tokens, is rapidly expanding. The company plans to announce its next roadmap at the 'Ondo Summit' in New York on February 3 next year.

Bitmain, the world's largest holder of Ethereum (ETH), said it bought an additional 138,452 Ethereum last week. On the 8th, Bitmain disclosed its asset composition and weekly purchase status as of that day via its official X (formerly Twitter). The company currently manages a cryptocurrency and high-risk investment portfolio totaling $13.2 billion, and its Ethereum holdings were tallied at 3,864,951. It holds 192 Bitcoin (BTC), and its assets also include a $36 million stake in Nasdaq-listed Eitco Holdings (ORBS) and $1 billion in cash. Bitmain has been steadily acquiring 60,000–110,000 ETH in recent weeks, and this week the scale of purchases appears to have expanded further. Tom Lee (Thomas Lee), Bitmain's chairman, said, "We bought 138,452 Ethereum just last week," adding, "The increased pace of buying reflects confidence in the market outlook." In his December chairman's message released the same day, he said, "The crypto supercycle is still in effect," and "Bitmain is serving as a bridge connecting Wall Street with the Ethereum and decentralized finance (DeFi) ecosystem."

Global financial trading platform Robinhood has reportedly begun offering staking services for Ethereum (ETH) and Solana (SOL) in New York. On the 8th (local time), crypto asset (cryptocurrency) specialist media The Block reported, "Robinhood has newly begun supporting staking functionality for New York customers. Core services that had been limited are being opened in regulated markets as well." New York operates the BitLicense system, known for strict regulation, so the fact that staking services were permitted is interpreted as an important turning point in business strategy. In addition, Robinhood expanded its fee structure for high-frequency customers in the U.S. from three tiers to seven tiers, and in the European Union (EU) region added support for up to 7x leverage on perpetual futures trading based on XRP, SOL, DOGE, and SUI. Yohan Kebra, Robinhood's senior vice president and head of crypto assets, said, "Since last year, we have seen an increase in sophisticated investors," adding, "With this service expansion, Robinhood will be more competitive in a more stable regulatory environment."

Strategy (formerly MicroStrategy) recently purchased an additional 10,624 Bitcoin (BTC). On the 8th, according to crypto asset (cryptocurrency) specialized media, Michael Saylor, chairman of Strategy, wrote on X(X·formerly Twitter) that "Strategy invested approximately $962.7 million to purchase Bitcoin at about $90,615 per coin." He also mentioned that this year's Bitcoin investment return (YTD) was 24.7%. Saylor added, "We hold a total of 660,624 Bitcoin, and the acquisition cost is approximately $49.35 billion with an average purchase price per coin of about $74,696."

BlackRock has officially submitted to the U.S. Securities and Exchange Commission (SEC) an application for a new exchange-traded fund (ETF) based on Ethereum staking yields. On the 8th (local time), Eric Balchunas, a Bloomberg ETF analyst, said on X (formerly Twitter), "BlackRock has filed the official prospectus for an Ethereum staking ETF," adding, "This product is BlackRock's fourth crypto asset ETF." He said the new product follows the previously launched Bitcoin spot ETF, Ethereum spot ETF, and Bitcoin Income ETF. According to an image Balchunas released, BlackRock submitted S-1 registration documents to the SEC on the 5th under the name 'iShares Ethereum Staking Trust.' Balchunas also said, "It is intended to broaden investor choice," and, "Some investors do not prefer products that include staking yields, so this product was structured separately." BlackRock did not officially comment on the filing.

Bitcoin (BTC) rebounded to the $90,000 level after a correction in the $80,000 range, and an analysis said that long-term holders' (LTH) holdings reached a cyclical low last month, indicating easing spot selling pressure. On the 8th (local time), CoinDesk, citing on-chain analytics firm Glassnode, reported, "Long-term holders' supply fell to 14,330,000 BTC on the 21st of last month, the lowest level since March this year," and "this coincides with the day Bitcoin formed a bottom around $80,000." Bitcoin has since rebounded about 15% and is trading around $90,000. The decline in LTH holdings is interpreted as a sign that spot selling flows have partly been cleaned up. Bitcoin remained range-bound since the start of the year, and the distribution by long-term holders at that time is analyzed to have affected price movements. Since summer, LTH holdings have steadily declined, from 14,769,512 BTC in July to 14,330,128 BTC in November. Glassnode explained that this trend has coincided with market turning points in past cycles. Last April's low coincided with a period when distribution increased immediately after Bitcoin reached an all-time high of $73,000, and this March's low appeared during a correction triggered by concerns over President Trump's tariff policy. Bitcoin then found a bottom around $76,000 in April. In the past, when retail demand peaked, long-term holders often executed large-scale sales, leading to a sharp increase in supply; this cycle, however, is characterized by a clear pattern of selling and accumulation repeating gradually without an overheating phase. The outlet said, "It appears that the traditional four-year cycle pattern has also weakened due to changes in long-term holders' behavior."

Ripple, in the course of raising $500 million in equity last month, reportedly offered some institutional investors the right to sell back their shares after a certain period and a guaranteed fixed return at the level of 10% per year. On the 8th (local time), Bloomberg, citing sources, reported, "The investment agreement in last November included a clause allowing investors to sell their holdings back to Ripple if they wish 3~4 years later, in which case Ripple must pay an additional 10% annual return." The source also said, "If Ripple chooses to purchase the investors' shares first at the same time, a 25% annual return applies." This contract structure is interpreted as reflecting institutional investors' concerns about XRP price volatility. Some institutions reportedly viewed a substantial part of Ripple's corporate value as stemming from the valuation of its held XRP and demanded risk-mitigation measures to prepare for possible price adjustments. The investment agreement reportedly also included a 'liquidation preference' that allows new investors to recover their invested funds before existing shareholders in the event of major events such as a company sale or bankruptcy. It is assessed as a level of protective provisions rare even in traditional venture investing. Ripple did not issue a separate statement on the terms. Bloomberg said, "This is an example of traditional financial institutions beginning to actively apply private equity-style risk management methods to investments in virtual-asset companies."

Singapore-based crypto trading firm QCP Capital analyzed that the Bitcoin (BTC) and Ethereum (ETH) markets are experiencing a sharp decline in liquidity ahead of year-end. On the 8th, QCP Capital said in its report, "Bitcoin showed a whipsaw between 88,000~92,000 dollars last Sunday, and Ethereum also surged from 2,910 dollars to 3,150 dollars," adding, "with liquidity thinning the market is reacting sensitively even to small orders." It explained, however, that "despite sharp price movements, liquidation sizes were limited." Perpetual futures open interest for Bitcoin and Ethereum was reported to have decreased by 40~50% from the October peak. Although it appears quiet on the surface, analysis also suggested that exchange Bitcoin outflows are reducing supply. About 25,000 BTC were withdrawn from exchanges over the past two weeks, causing ETF and corporate holdings to surpass exchange holdings for the first time. ETH exchange reserves have also fallen to their lowest level in 10 years, meaning cumulative buying flows have continued even as retail investor interest has waned. QCP Capital predicted that the U.S. Federal Open Market Committee (FOMC) meeting scheduled for this week will be a key variable for market direction. The report said, "A 0.25%-point rate cut is expected at this FOMC, but future balance sheet operation guidelines will determine risky asset prices," adding, "With Bitcoin remaining in an 84,000~100,000 dollar range and liquidity thinning, a clear breakout in either direction could decide the year-end trend."

Inflows into digital asset exchange-traded products (ETPs) increased for a second consecutive week. According to CoinShares, a digital asset (cryptocurrency) asset manager, a total of US$716 million flowed into digital asset ETPs last week. As a result, assets under management (AuM) rose to US$180 billion, but remain short of the all-time high of US$264 billion. The report said inflows continued in major markets, including US$483 million in the United States, US$96.9 million in Germany, and US$80.7 million in Canada. Bitcoin investment products recorded the largest demand, with US$352 million in inflows. Year-to-date cumulative inflows total US$27.1 billion. By contrast, short Bitcoin products saw outflows of US$18.7 million, the largest since March this year. Among altcoins, XRP (XRP) recorded net inflows of US$245 million. Year-to-date cumulative inflows amount to US$3.1 billion, far exceeding the 2024 annual inflows of US$608 million. Chainlink (LINK) products also saw US$52.8 million in inflows, marking the largest weekly inflow on record. This corresponds to 54% of the product's assets under management. The report said, "There were small outflows late in the week in response to some U.S. macro indicators, but overall investor sentiment continued to improve."

Eric Balchunas, Bloomberg senior ETF analyst, rebutted views that compare Bitcoin (BTC) to the tulip boom. According to crypto-focused media Coindoo on the 8th, Balchunas wrote on X (formerly Twitter), "The tulip bubble collapsed within a few years and never recovered," and "By contrast, Bitcoin has experienced 6-7 major declines over the past 17 years yet has continued to set new all-time highs." He emphasized, "This repeated recovery alone makes the tulip analogy meaningless." He also said it is difficult to directly link the recent corrective trend to bubble narratives. Regarding claims that Bitcoin is a non-productive asset, he countered, "Gold, artworks, rare collectibles, etc. are recognized as global stores of value even if they do not generate returns," asking, "So are gold or Picasso tulips too?" He added, "The tulip bubble collapsed once and disappeared, but Bitcoin has gone through multiple price cycles and risen again," adding, "Putting the two on the same level is not appropriate in either a historical or economic context."

Bitcoin (BTC) briefly recovered the $92,000 level. As of 18:07 on the 8th, Bitcoin is trading at $92,097 on the Binance USDT market (₩137,030,000 on Upbit). It is 3.15% higher than the previous day. Meanwhile, according to crypto asset data platform Cryprice, Bitcoin's kimchi premium was calculated at 1.31% that day.

Bitcoin (BTC) has continued a vulnerable trend this week ahead of the Federal Open Market Committee (FOMC). Observers say volatility could widen as global liquidity slows, detailed U.S. economic data are released, and miners' profitability declines. On the 8th, crypto-focused media AMB Crypto reported that the market is pricing in about an 87% chance of a 0.25 percentage point cut to a target rate of 3.50–3.75%. However, as seen in the September and October meetings, there have been cases where Bitcoin briefly rebounded before turning weak again around FOMC announcements, so caution remains. Major economic data releases are concentrated through the 12th, leading some to predict that volatility could increase before the Fed's official announcement. Matt Mena, research strategist at 21Shares, said, "Looking at recent indicators, inflation has remained at a stable level without signs of re-acceleration, which is the environment needed for markets to maintain confidence in Fed easing." Global liquidity flows are also cited as a factor constraining Bitcoin's price. Liquidity from major central banks has remained in the range of about $28 trillion–$30 trillion since 2022, which analysts say is similar to periods when Bitcoin was trading in a range. Mena said, "With more than $10 trillion sitting in money market funds (MMFs) and bond ETFs, if falling interest rates reduce the attractiveness of these funds, there is a greater chance that capital will re-enter risk assets." On-chain indicators are also showing a weakening trend. The Hash Ribbon recently switched to a bearish signal, and the short-term holder profitability indicator (STH-NUPL) fell from about +0.05 in September to around –0.15 in November. This is described as a typical pattern seen in phases where short-term buyers increase stop-losses and price volatility expands. The outlet said, "Bitcoin is exposed to several variables ahead of the FOMC, including declines in miners' revenue and weak liquidity," adding, "How the market digests easing expectations and whether dormant capital moves into risk assets will determine the near-term trend."

Companies that have incorporated Bitcoin (BTC) as a core asset have seen their stock prices plunge this year. Analysts say many companies that followed the Michael Saylor-led Strategy (formerly MicroStrategy) style strategy are facing structural risks amid debt burdens and market adjustments. On the 8th, according to crypto asset (cryptocurrency) specialized media The Sive Daily, more than 100 publicly traded companies in the U.S. and Canada shifted to crypto-centric financial structures during the first half of this year and reportedly borrowed tens of billions of dollars to buy tokens. However, according to Bloomberg's tally, these companies' stock prices fell 43% on a median basis compared to the start of the year. Over the same period Bitcoin fell 7%, while the S&P500 and Nasdaq100 rose 6% and 10% respectively. In particular, Strategy is cited as the first case of converting corporate cash into Bitcoin. That approach was strong through midyear, and thereafter many companies followed suit to buy tokens. One company saw its stock surge 2600% in a short period after announcing a business model shift and a large Ethereum purchase, but it then plunged 86% from its peak and fell to about 0.9 times, with its market capitalization lower than the value of its held assets. Additionally, many companies including Strategy reportedly raised more than 45 billion dollars in total by issuing convertible bonds and preferred shares to fund digital asset purchases. However, critics point out that digital assets such as Bitcoin do not generate cash flow, so obligations to pay interest and dividends and imbalances in asset structure are accumulating. The media said, "If the current structure persists, some companies may face liquidity pressure," and added, "Stricter risk management and regulatory oversight will be needed."

Andrey Grachev, co-founder of virtual asset (cryptocurrency) venture capital (VC) DWF Labs, said that the medium- to long-term growth potential of Bitcoin (BTC) and the industry as a whole is being underestimated. According to a crypto-focused media outlet on the 8th, Grachev said on X (formerly Twitter), "We believe that, considering bullish signals such as regulation, institutional adoption, reserves, and tokenization, the future growth of Bitcoin and the industry is being underestimated," adding, "Speculative trading has become more complex, but medium- to long-term investing is actually becoming easier." The market says that regulatory adjustments, expanded institutional participation, improvements in reserve structures, and the spread of tokenization are acting as long-term upward factors.

An analysis found that the market capitalization of RLUSD, a stablecoin issued by Ripple, is approaching $1.3 billion and showing growth. On the 8th, according to crypto-focused media Cryptopolitan, RLUSD's market capitalization recently increased to about $1.3 billion. Analyst Wendy Oh said, "The strategy of launching RLUSD simultaneously on two chains was very appropriate," evaluating that the multi-chain approach improved user accessibility and liquidity. The analysis said that RLUSD began trading on multiple networks such as the XRP Ledger and Ethereum (ETH), which drove the growth. Token Terminal also analyzed that RLUSD's market capitalization has already exceeded $1.2 billion and that further increases are possible. The expansion of RLUSD is said to have been influenced by cooperation between Ripple and Gemini. After that cooperation, RLUSD-based payment functions expanded, and the XRP Ledger's characteristic fast processing speed and low-cost structure were also cited as growth factors. RLUSD recently received approval for use in international financial regulatory environments such as Abu Dhabi, raising its recognition within the institutional sector. Cryptopolitan said regarding RLUSD's growth that "the new standard introduced to the XRP Ledger, being used to issue real-world assets in digital form, could have a positive impact on the RLUSD ecosystem." It explained that this is a specification that makes the process of putting existing assets onto the blockchain (RWA tokenization) easier and thus expands network utility.

Bitcoin (BTC) is expected to see approximately $721,000,000 (about 1 trillion won) of short positions enter liquidation zones on major exchanges if it breaks above $93,000. On the 8th, according to crypto-focused media BlockBeats, Coinglass estimated that if Bitcoin breaks above $93,000, the cumulative short liquidation intensity on major centralized exchanges (CEX) would reach about $721,000,000. Conversely, if Bitcoin falls below $90,000, long positions would enter liquidation zones, with cumulative liquidation intensity estimated at about $340,000,000. The outlet said, "The liquidation chart does not show the exact pending liquidation volume but visualizes the relative impact, i.e., the intensity, that each price level would have on the market," adding, "High liquidation intensity may mean liquidity waves could be larger when that price is reached."

Bitcoin (BTC) has been repeating short-term sharp drops and rebounds while searching for direction at key price levels. Market analysis suggests that if the decline continues, an adjustment down to the $76,000 level, the low in April, is possible. On the 8th, cryptoasset (cryptocurrency) specialized media Cointelegraph reported that crypto analyst Daan Crypto Trades said, "Bitcoin is currently showing a flow trying to maintain an important price level, and if this level is broken to the downside, there is a risk of being pushed down to around $76,000." He explained that leveraged position liquidations occurred in both directions during the recent weekend session, expanding price volatility. A Bull Theory analyst evaluated, "Recently, movements to clear leveraged positions during low-liquidity periods have been repeated. This caused abrupt volatility." Market attention is turning to this week's scheduled U.S. Federal Open Market Committee (FOMC) meeting. Marcus Thielen, head of 10x Research, said, "Since the rate cut in October, the U.S. central bank (Fed) has not presented a clear easing path, weakening market momentum." He analyzed, "If the 0.25% percentage point cut expected on the 10th is accompanied by a cautious tone, pressure could continue through the end of the year." He added, "With declining trading volume and continued outflows from exchange-traded funds (ETFs), the demand participating in breaking Bitcoin's upside has thinned," and "short-term downside risk is relatively highlighted." Henrik Andersen, Chief Investment Officer (CIO) of Apollo Capital, said that this rate cut has already been priced in, but that future direction depends on the policy statement. He forecast, "After the Fed chair replacement in May next year, there is a high possibility of additional rate cuts next year, which could create a favorable environment for risky assets, including cryptoassets." Nick Luck, LVRG research director, analyzed, "If employment and inflation indicators align with easing expectations, market liquidity could expand again."

Global virtual asset (cryptocurrency) exchange Bybit has entered a strategic cooperation with USDC issuer Circle to increase USDC usability across trading products and payment infrastructure. On the 8th, according to crypto-focused media UBlockchain, Bybit plans to expand the application of USDC to spot, derivatives, and payment functions through this partnership and improve related liquidity and fiat on/off-ramp efficiency. The two companies will also examine expanding cross-chain liquidity and the possibility of developing financial solutions for institutional investors. According to the outlet, Bybit is also participating in the public beta of Circle's stablecoin infrastructure development program 'Circle Arc'. Bybit is expected to use this to advance technologies linked to USDC-based infrastructure.

An analysis suggested that the future flow of Bitcoin (BTC) depends more on Strategy (formerly MicroStrategy)'s ability to maintain its balance sheet than on miners selling. On the 8th, according to crypto-focused media Catena, JPMorgan stated in a report that "the recent selling pressure is the result of a combination of a decline in network hashrate, rising operating costs, and market concerns about Strategy's ownership structure." JPMorgan explained that China recently tightened its ban on private mining activities and, with electricity costs rising, global mining profitability has fallen. This has led to observations that some miners sold Bitcoin to secure operating costs. Strategy holds more than 650,000 bitcoins. The ratio of the value of its bitcoin holdings to enterprise value remains above 1, indicating the company can meet debt and dividend obligations without selling Bitcoin. The report analyzed that "Strategy's cash holdings amount to about $1.4 billion (about KRW 2.05 trillion), which is enough to cover related expenditures for about two years." Meanwhile, attention is focused on the decision on whether it will remain in the MSCI index, scheduled for the 15th of next month. JPMorgan assessed that, since Strategy's stock has plunged since last October, the market has already priced in much of the possibility of index exclusion. JPMorgan added, "If trading conditions stabilize, the long-term model still points to an upward path for Bitcoin's price."

The first exchange-traded fund (ETF) for Hedera (HBAR) appears to have started trading on the investment manager Vanguard's platform. On the 2nd, the virtual asset (cryptocurrency) and overseas economy breaking news channel Solid Intel said via its X (formerly Twitter) account, "The first HBAR ETF has begun trading on Vanguard."

Bitcoin (BTC) temporarily reclaimed the $89,000 level. As of 23:49 on the 2nd, Bitcoin is trading on the Binance USDT market at $89,033 (Upbit: 133,220,000 won). It is up 3.62% from the previous day. Meanwhile, according to crypto asset data platform Cryprice, Bitcoin's Kimchi premium was 1.97% that day.