Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | December 14 - December 20, 2025

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Crypto Weekly Recap

Total crypto market cap: $2.96T

Crypto Fear & Greed Index: 20 (Extreme Fear)

BTC.D: 59.52%

Bitcoin:

• Weekly performance: -2.37%
• US Spot BTC ETFs: -$497.05M
• Bitcoin ended the week essentially flat, opening near $88,155 (Dec 14) and closing around $88,205 (Dec 20).
• After reaching a weekly high of $90,470 on December 14, BTC quickly dropped, confirming seller activity above the $90K mark. A downside peak occurred on December 18, with BTC hitting a weekly low of around $84,490—a ~6.6% decline mainly due to leverage liquidations, not spot capitulation.
• The rebound on Dec 19 toward ~$89,350 intraday reflected liquidation exhaustion and mechanical short-covering, not a renewed risk-on regime.
• Macro messaging capped upside, as New York Fed President John Williams stated on Dec 19 that there was “no urgent need” for further rate cuts, cooling expectations for near-term liquidity expansion.
• Global liquidity conditions tightened further after the Bank of Japan’s 25 bp hike (Dec 19), reinforcing pressure on high-beta assets like BTC even in the absence of crypto-specific negatives.
• Derivatives data confirmed forced selling, with ~$480M+ in crypto liquidations concentrated around the Dec 18 low.
• Post-liquidation price action stalled, as BTC stabilized near $88K without follow-through volume or sustained ETF inflows, indicating stabilization rather than trend resumption.
• Stablecoin activity underscored where liquidity actually sits, as Glassnode reported that on a 90-day moving average, combined USDT + USDC transfer volume reached ~$192B per day, nearly 2x the ~$103B daily transfer volume of the top five crypto assets combined.

• This liquidity concentration strengthened during the week, as further stablecoin developments from major technology firms reinforced the role of stablecoins as the market’s primary settlement and payment layer rather than speculative assets.
• Relative value trends remained unfavorable for BTC, with the Bitcoin-to-gold ratio down ~50% in 2025, falling from ~40 ounces per BTC to ~20 ounces, highlighting persistent underperformance versus hard-asset hedges.
• Despite strong institutional interest, including BlackRock’s IBIT ranking among the top ETFs by 2025 inflows, gold, silver, and mining ETFs emerged as the strongest performers of the year, signaling a broader preference for traditional defensive exposure.
• Forward-looking expert views diverged sharply, as Citigroup maintained a base-case target of $143,000 for BTC over the next 12 months, anchored to ETF adoption and long-term demand growth.
• In contrast, CryptoQuant warned that on-chain indicators now signal a crypto bear market, citing a sharp slowdown in Bitcoin demand and projecting downside risk toward ~$70,000, with a bear-case extension as low as ~$56,000 if the downtrend persists.

Ethereum:

• Weekly performance: -4.38%
• US Spot ETH ETFs: -$643.97M
• ETH closed the week sliding from $3,062 to $2,977, masking heavy internal volatility with a ~14% peak-to-trough swing between the $3,176 high (Dec 15) and $2,779 low (Dec 18).
• ETH dropped 8% early week, hitting a low of $2,778 before rebounding 5.34% due to short-covering and dip-buying, not new institutional inflows.
• ETH broadly tracked risk sentiment early in the week, moving in sync with broader crypto and equity caution, but partially decoupled on Friday, outperforming as crypto-specific positioning reset.
• Ethereum exchange supply fell to its lowest level since 2016, signaling structurally reduced short-term sell pressure as more ETH moves into self-custody, reinforcing a long-term holder bias despite near-term volatility.
• The supply contraction contrasts sharply with ETF outflows, highlighting a split market: long-term holders accumulating off exchanges while TradFi-facing vehicles continue to de-risk.
• On the forward-looking narrative, Citigroup projects ETH at $4,304 over the next 12 months, anchoring longer-term bullish expectations even as short-term flows remain defensive.
• On the protocol side, Ethereum developers confirmed “Hegota” as the post-Glamsterdam upgrade, signaling that the 2026 roadmap is already being formalized, reinforcing confidence in Ethereum’s long-horizon execution path.

Others:

• US Spot XRP ETFs: +$82.04M
• US Spot SOL ETFs: +$66.55M
• US Spot LINK ETFs: +$3.62M
• PayPal moved toward a Utah-chartered bank to expand lending, deposit offerings, and direct financial control.
• Hyperliquid validators weighed a governance vote to classify $1 billion worth of HYPE as burned supply.
• HashKey made history with a Hong Kong Exchange listing, raising HKD 1.6 billion as the city’s first regulated crypto exchange to go public.
• Kraken-backed xStocks goes live on Telegram via TON, bringing tokenized U.S. stocks to nearly 100 million wallet users.
• Bybit re-entered the UK under an FCA-compliant framework, restoring spot trading access with over 100 crypto pairs.
• U.S. SEC finalized long-term bans on FTX insiders, closing the civil enforcement chapter following the exchange’s 2022 collapse.
• European Central Bank prepares blockchain-based central bank settlements as digital euro privacy debates intensified ahead of 2026 milestones.
• Solana tested quantum-resistant transactions through a new Project Eleven pilot.
• DTCC collaborated with Canton Network for U.S. Treasury tokenization.
• Commodity Futures Trading Commission Acting Chair Caroline Pham to join MoonPay as chief legal and administrative officer.
• Intuit planned to integrate Circle’s stablecoin across its financial platforms.
• SBI Holdings announced plans to launch a yen-pegged stablecoin in partnership with Startale.
• Bitwise filed amendments to its Hyperliquid ETF and submitted an S-1 registration for a Sui ETF.
• RedotPay raised nearly $110 million in a Series B round to expand global stablecoin payment services.
• A former Pump.fun developer was sentenced to six years in prison for orchestrating a $2 million Solana-based fraud.

Coinbase Launches Stock & Prediction Markets in Major Multi-Asset Pivot, Battles States

Coinbase announced commission-free U.S. stock trading, Solana DeFi access via Jupiter, and prediction markets through Kalshi in its main app, aiming to become an “everything exchange.” Stocks can trade 24/5 using USD or USDC. Coinbase sued Connecticut, Illinois, and Michigan for treating prediction markets as gambling, asserting CFTC oversight instead. Legal friction escalates as states issue cease orders amid soaring event market volumes. Analysts welcomed the expansion, raising price targets up to $505. AI-powered portfolio tools, branded stablecoins, and tokenized asset plans highlight Coinbase’s multi-asset pivot, while regulatory clarity remains critical.

Visa Expands USDC Settlement to U.S. Banks, Surpassing $3.5 Billion in Annualized Volume

Visa has expanded its USDC settlement capabilities to U.S. banks, transitioning from pilot programs to operational deployment. The stablecoin settlement volume on Visa's network has surpassed an annualized rate of $3.5 billion, indicating growing usage. The system, operating on the Solana blockchain, supports 24/7 settlement, enhancing efficiency over traditional multi-day processes. Key banking partners include Cross River Bank and Lead Bank, with broader access planned for 2026. Visa also launched a global stablecoins advisory practice to aid institutions in implementation, reflecting a strategic shift toward integrating stablecoins into mainstream financial infrastructure.

SoFi Bank Launches SoFiUSD, First U.S. Bank-Issued Stablecoin on Ethereum, Backed 1:1 by Fed Cash

SoFi Bank introduced SoFiUSD on December 18, 2025, as the first U.S. bank-issued stablecoin on a public blockchain, specifically Ethereum. SoFiUSD is fully backed 1:1 by cash at the Federal Reserve, allowing immediate redemption and eliminating credit and liquidity risks. The initiative reflects growing regulatory clarity and aims to transform legacy payment systems by offering faster settlements and integrations with fintech platforms. Positive market response saw SoFi shares rise by around 5% at launch, with a 70% gain over six months. The move signals banks' increasing adoption of stablecoins as essential financial infrastructure.

Bhutan Allocates Up to $1 Billion in Bitcoin to Develop Gelephu Mindfulness City Without Selling Reserves

Bhutan is committing up to 10,000 Bitcoin, valued at approximately $1 billion, to develop Gelephu Mindfulness City without selling its reserves. This initiative utilizes Bitcoin as a strategic treasury asset, supported by state-backed hydroelectric mining. Gelephu, covering 1,544 square miles, aims to foster sectors like finance, healthcare, and digital services over a 20-year period, addressing youth unemployment. Bhutan holds around 11,286 BTC and emphasizes governance and transparency in its deployment strategy. This approach positions Bitcoin as a foundational asset for sustainable national development, blending renewable energy and economic growth without compromising fiscal discipline.

Strategy Acquires $980M in Bitcoin, While BitMine Adds $320M in Ethereum Amid Market Caution

Strategy (formerly MicroStrategy) acquired 10,645 BTC for approximately $980 million, raising its total holdings to 671,268 BTC, with an average cost basis of $74,972. Despite this purchase, its "Bitcoin Yield" turned negative for the first time since early 2023, driven by dilution from stock issuance. Concurrently, BitMine added 102,259 ETH, totaling around 3.97 million ETH, as part of a longer-term strategy to capture 5% of total supply. While BitMine aims to generate up to $400 million annually through staking, its shares remain under pressure, reflecting cautious market sentiment toward crypto-heavy equities.

JPMorgan Launches $100 Million Tokenized Money-Market Fund on Ethereum

JPMorgan launched a $100 million tokenized money-market fund, the My OnChain Net Yield Fund (MONY), on Ethereum, marking a significant step in integrating traditional finance with blockchain. Targeting qualified investors, it requires a minimum of $5 million in investable assets per individual and $25 million for institutions. MONY holds high-quality, short-term U.S. Treasury securities, settling capital using cash or USDC stablecoin. This move reflects institutional confidence in blockchain's maturity for financial products, aligning with growing client demand and regulatory clarity, and positions JPMorgan alongside rival asset managers in the evolving landscape of on-chain finance.

MetaMask Launches Native Bitcoin Support, Transforming into Multi-Chain Wallet

MetaMask launched native Bitcoin support, enhancing its capabilities beyond Ethereum to become a universal multi-chain wallet. This integration allows users to hold, send, and receive BTC directly, eliminating reliance on wrapped tokens. With over 30 million monthly active users, MetaMask aims to streamline asset management across various blockchains, including Ethereum and Solana. The wallet's new multi-chain account system simplifies custody, while advancements like in-app trading features signify its evolving role. This move positions MetaMask as a significant player in the crypto ecosystem, facilitating easier multi-chain interactions and innovative on-chain financial activities.

Aave Eyes 2026 Growth with SEC Investigation Closure, V4 Upgrade, and $1B Institutional Push

Aave is poised for significant growth in 2026 after the SEC closed a lengthy investigation without enforcement action. Their roadmap outlines a V4 protocol upgrade to unify liquidity across networks, targeting trillions in assets. Aave aims to enhance institutional involvement through its Horizon framework, which seeks to integrate real-world assets, setting a $1 billion deposit goal. Additionally, the new Aave App targets one million retail users, simplifying DeFi for mainstream adoption. In 2025, Aave generated approximately $885 million in fees, commanding 59% of the DeFi lending market, reflecting its pivotal role in decentralized finance.

Terraform Labs Sues Jump Trading for $4 Billion Over Alleged TerraUSD Manipulation

Terraform Labs liquidator has filed a $4 billion lawsuit against Jump Trading, alleging the firm secretly supported TerraUSD’s peg while profiting from discounted LUNA tokens. It claims undisclosed trading arrangements and Bitcoin transfers misled investors about the stability of the algorithmic stablecoin. Jump allegedly bought LUNA at $0.40 during peak prices over $110, later selling at a profit while retail investors were unaware of the risks. As Terraform’s estate recovers $300 million for creditors amid tight regulations on stablecoins, this case may redefine institutional responsibilities in maintaining stablecoin integrity, impacting future projects and market transparency.

US Crypto Regulation Shifts: Trump Eyes Pardons, SEC Drops Cases, and New CFTC Chair Appointed

This week marked a significant shift in U.S. crypto regulation, largely under President Donald Trump’s leadership. He expressed willingness to review the conviction of Keonne Rodriguez from Samourai Wallet. The Senate confirmed Mike Selig as CFTC Chair, streamlining regulatory processes. Notably, the SEC has dropped nearly 60% of its crypto enforcement cases since Trump’s return, including a four-year investigation into Aave. Additionally, the Federal Reserve lifted banking restrictions on crypto, enabling regulated banks to engage with digital assets. Meanwhile, lawmakers proposed the SAFE Crypto Act to combat rising scams, reflecting a focused consumer protection strategy.