Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | December 7 - December 13, 2025

Crypto Weekly Market Update

Table of Contents

Market Movements and Trends

• Crypto Weekly Recap

Market-Moving Regulatory, Institutional, and Legal Developments

• OCC Grants Conditional Trust Charters to Major Crypto Firms, Boosting Regulatory Oversight
• Coinbase Unleashes Tokenized Stocks, $7B CCIP Bridge, and Solana DEX in Major December Push
• BlackRock Files for Staked Ethereum ETF Amid False ASTER ETF Rumors, Highlighting Market Volatility
• Do Kwon Sentenced to 15 Years in Prison for $40 Billion TerraUSD Fraud

Payments, Stablecoins, and Consumer Platforms

• YouTube Launches PYUSD Stablecoin Payouts for U.S. Creators via PayPal
• Tether Targets $500B Valuation with $20B Raise as €1.1B Juventus Bid Rejected

Banking, Derivatives, and Regulatory Licensing

• Gemini Wins CFTC License for U.S. Binary Event Contracts After Five-Year Review

Global Exchanges, Market Access, and Jurisdictional Expansion

• Binance Secures Historic ADGM Global License; Coinbase Re-Enters India After Two-Year Hiatus

Country-Specific Digital Asset Initiatives

• Bhutan Set to Launch Gold-Backed TER Token on Solana, Advancing Digital Strategy

Capital Markets, IPOs, and Institutional Adoption

• HashKey Targets $215M in Hong Kong’s First Crypto IPO Amid Institutional Interest

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Crypto Weekly Recap

Total crypto market cap: $3.05T

Crypto Fear & Greed Index: 23 (Extreme Fear)

BTC.D: 59.24%

Bitcoin:

• Weekly performance: +1.01%
• US Spot BTC ETFs: +$286.60M
• BTC closed flat on the week from ~$90.4K -> $90.5K (Dec 7–13) but traded $88K low -> $94.5K high, showing choppy macro range behavior rather than sustained trend.
• The only real breakout attempt was Dec 9, but that move was mostly short-squeeze driven (~$235M shorts liquidated) and failed to attract new structural demand, so price retraced quickly.
• US spot BTC ETFs saw net inflows, which looked powerful on paper, but flows spiked around the Fed event and then reversed into outflows, signaling headline trading rather than conviction accumulation.
• The Fed cut rates by 25bps on Dec 10 to the 3.50-3.75% range and delivered a neutral/“wait-and-see” message, which pushed markets away from a bullish liquidity narrative and kept BTC pinned in a range.
• Traditional markets were weak: the Nasdaq slid ~1.8%, S&P was slightly negative, and gold rallied ~2.4% as DXY softened ~0.6%, all pointing to risk-off hedging rather than risk-on flows into crypto.
• On-chain data confirmed weak conviction: spot volume ticked up but Spot CVD went negative, showing that lifts weren’t backed by underlying buy pressure.
• Derivatives positioning was defensive, with futures open interest declining and only mild positive funding, indicating traders were reloading cautiously after the Dec 9 squeeze.
• Strategy Inc. (MSTR) has been back to the buying mode as the firm executed its largest BTC purchase since July, acquiring ~10,624 BTC (~$963M) between Dec 1–7 at an average ~$90.6K. 

Ethereum:

• Weekly performance: +3.08%
• US Spot ETH ETFs: +$208.94M
• ETH ended the week in medium stable mode ($3,060 -> ~$3,121), but that net gain masks a violent macro-driven round trip rather than organic trend continuation.
• Weekly range was wide: ~$2,970 low (Dec 7) to ~$3,400 high (Dec 10), signaling leverage-led expansion followed by policy-induced compression.
• Early-week price action was constructive, with ETH reclaiming $3.2K and accelerating into +$6% daily upside on Dec 9, as traders positioned risk-on ahead of the Fed.
• The breakout climaxed at ~$3,445 on Dec 10, aligning with peak pre-FOMC optimism and aggressive short covering.
• ETH sold off immediately post-Fed, sliding from the $3.4K highs to ~$3,047 by Dec 12, a ~11% drawdown peak-to-trough, confirming the move was macro-positioning, not fundamentals-led.
• Vitalik Buterin’s Trustless Gas Futures proposal surfaced mid-week, highlighting Ethereum’s longer-term push toward onchain fee risk hedging.
• Late-week stabilization near $3.1K reflected balance, not strength, as buyers defended psychological support but failed to reclaim the $3.3K-$3.4K breakout zone.
• Prediction markets kept recession odds in the low-30% range, reinforcing why rallies were sold into rather than chased—liquidity improved, but confidence didn’t reset.

Others:

• US Spot XRP ETFs: +$77.15M
• US Spot SOL ETFs: +$36.2M
• US Spot DOGE ETFs: +$171.92K
• US Spot LINK ETFs: +$4.42M
• The SEC closed its multi-year investigation into Ondo Finance’s tokenization products with no charges filed.
• PNC Bank launched direct Bitcoin trading for private clients via a Coinbase integration.
• Singapore overtook global rivals to become the leading crypto adoption hub in 2025.
• Strive announced a $500 million funding plan to expand its Bitcoin treasury despite steep quarterly losses.
• SpaceX moved another $95 million worth of Bitcoin as reports pointed to a potential 2026 IPO.
• Circle and Bybit partnered to strengthen USDC liquidity across global crypto markets.
• Cboe approved the 21Shares XRP ETF for immediate listing and trading.
• A solo Bitcoin miner beat 1-in-82-year odds to win a $285,000 block reward.
• Moody’s proposed a stablecoin ratings framework centered on reserve quality and transparency.
• Robinhood planned its entry into Indonesia through the acquisition of a local crypto trading firm.
• State Street and Galaxy Digital announced plans to launch a tokenized fund on Solana in 2026.
• Keel launched a $500 million initiative to expand Solana’s on-chain real-world asset market.
• DTCC received authorization to launch a tokenization service for U.S. securities.
• JPMorgan created a Solana-based USCP token to support a “landmark” Galaxy Digital debt offering.
• Grayscale’s Bittensor Trust entered public markets days ahead of the network’s first halving event.
• Bitcoin exchange Paxful agreed to plead guilty and pay $7.5 million in penalties.

OCC Grants Conditional Trust Charters to Major Crypto Firms, Boosting Regulatory Oversight

The U.S. OCC granted conditional national trust bank approvals to Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets, marking a significant regulatory endorsement for major stablecoin firms. Combined, they represent nearly $313 billion in stablecoin supply. While these approvals do not permit deposit-taking or lending, they ensure federal oversight, enhancing regulatory clarity amid a growing demand for digital asset integration. The approval process underscores a shift towards supervised inclusion of crypto firms, with Ripple's CEO emphasizing the need for equal treatment with traditional banks. This pivotal move could reshape U.S. cryptocurrency regulation and banking.

Coinbase Unleashes Tokenized Stocks, $7B CCIP Bridge, and Solana DEX in Major December Push

Coinbase is reportedly launching tokenized equities and prediction markets on Dec. 17, aiming to bridge traditional finance and crypto. It's partnering with Standard Chartered to boost institutional services. Simultaneously, Coinbase chose Chainlink’s CCIP to bridge $7B in wrapped assets like cbETH and cbBTC, enhancing cross-chain security. A Base–Solana bridge and native Solana DEX trading also went live, expanding liquidity and decentralized functionality. The Solana rollout includes projects like Zora and Relay, while Coinbase maintains custody and compliance, blending CEX convenience with DeFi execution.

BlackRock Files for Staked Ethereum ETF Amid False ASTER ETF Rumors, Highlighting Market Volatility

BlackRock has filed for the iShares Staked Ethereum Trust ETF (ETHB), intending to stake 70–90% of its ETH holdings, primarily with Coinbase Custody. This marks BlackRock's fourth digital-asset ETF filing, indicating a strong institutional demand for crypto exposure. Meanwhile, a false “Staked ASTER ETF” rumor circulated, causing a 3.94% price drop for ASTER, highlighting the volatility fueled by misinformation. The market remains cautious, with Ethereum stabilizing around $2,700–$2,800. Analysts expect potential upward movement if Bitcoin breaks above $93,000, with ETH/BTC pairings suggesting Ethereum may soon outperform Bitcoin in market strength.

Do Kwon Sentenced to 15 Years in Prison for $40 Billion TerraUSD Fraud

Do Kwon, co-founder of Terraform Labs, was sentenced to 15 years in U.S. federal prison for wire fraud related to the $40 billion collapse of TerraUSD. The court emphasized large-scale investor deception, citing significant financial losses affecting many individuals, including wiped-out retirement accounts. Kwon's cooperation and guilty plea led to a lesser sentence compared to other crypto executives. He also faces civil penalties and possible additional criminal charges in South Korea. This case highlights the increasing trend of substantial prison terms for crypto executives, marking a shift toward treating misleading practices as criminal fraud rather than mere regulatory infractions.

YouTube Launches PYUSD Stablecoin Payouts for U.S. Creators via PayPal

YouTube has introduced PYUSD stablecoin payouts for eligible U.S. creators via PayPal, enhancing payment options without requiring direct interaction with cryptocurrency. This feature, available since December 2025, allows creators to convert earnings from the YouTube Partner Program into PYUSD after initial fiat transfers to PayPal. With PYUSD, creators benefit from faster settlements while avoiding crypto custody complexities. The stablecoin, launched by PayPal in 2023, has seen its circulating supply grow from $500 million to $3.9 billion by late 2025, signaling increasing institutional adoption amidst a clearer regulatory landscape. The option is voluntary, maintaining existing payout structures.

Tether Targets $500B Valuation with $20B Raise as €1.1B Juventus Bid Rejected

Tether is pursuing a $20B equity raise at a near-$500B valuation while blocking secondary share sales priced at ~$280B. USDT supply has reached $186B with projected $15B in annual profits. The company is exploring tokenized equity and share buybacks, aligning with its broader push into blockchain-based financial infrastructure. Meanwhile, Tether’s €1.1B all-cash bid to buy Juventus FC’s 65.4% stake from Exor was rejected by the Agnelli family. Tether already holds 11.5% of Juventus and sought a strategic overhaul with €1B in investment, signaling aggressive expansion beyond finance into global sports.

Gemini Wins CFTC License for U.S. Binary Event Contracts After Five-Year Review

Gemini Titan, LLC received a CFTC Designated Contract Market license after a five-year review, enabling U.S. trading of binary event contracts tied to measurable outcomes. The approval marks a significant regulatory milestone, allowing users to trade through Gemini’s web platform with existing USD balances. Initial markets will include yes-or-no questions on financial and cultural events. Following the announcement, Gemini’s stock surged over 30%, though it remains below its IPO price. The CFTC's pro-innovation stance reflects a shifting U.S. policy on digital assets, positioning Gemini to compete with existing platforms like Kalshi and Polymarket in a newly regulated landscape.

Binance Secures Historic ADGM Global License; Coinbase Re-Enters India After Two-Year Hiatus

Binance has secured a historic global license from Abu Dhabi's ADGM, becoming the first crypto exchange to achieve such a status, bolstering its operational framework with three regulated entities. This milestone enhances its credibility and compliance for cross-border services. Meanwhile, Coinbase has resumed user onboarding in India after a two-year hiatus, focusing initially on crypto-to-crypto trading and planning a full INR fiat on-ramp for 2026. Both developments signify a shift toward regulatory alignment and long-term growth strategies, as these exchanges adapt to evolving compliance standards in major emerging markets.

Bhutan Set to Launch Gold-Backed TER Token on Solana, Advancing Digital Strategy

Bhutan is launching the TER token, a gold-collateralized digital asset based on the Solana blockchain, on December 17, 2025. Issued through Gelephu Mindfulness City and distributed by DK Bank, each TER token is backed 1:1 by physical gold reserves, emphasizing a blend of tradition and innovation. This initiative is part of Bhutan's broader digital strategy, which includes a central bank digital currency pilot with Ripple and a migration to Ethereum-based identity systems. The project's aim is to modernize Bhutan's economy while ensuring transparency in asset management and creating potential cross-border investment opportunities.

HashKey Targets $215M in Hong Kong’s First Crypto IPO Amid Institutional Interest

HashKey launched subscriptions for Hong Kong's first crypto-native IPO on December 9, aiming to raise up to $215 million at a valuation of approximately $2.46 billion. The exchange reports impressive metrics, including $167 billion in cumulative spot volume and $1 billion in assets under management, despite significant losses—a net deficit of HK$506 million in H1 2025. Cornerstone investors have committed around $75 million, reflecting broader institutional interest. The IPO is pivotal for validating Hong Kong's digital-asset regulatory framework, while funds will support technology upgrades and ecosystem expansion as HashKey transitions to a publicly accountable firm.