x
Options flow in the Bitcoin market shows traders expecting a controlled rally rather than an explosive rebound. A large call condor position worth about 2 billion dollars is targeting a settlement zone between 100000 and 118000 by December 2025, suggesting confidence in upside but belief that gains will be capped. Analysts say bottoming conditions are not yet present, pointing to elevated implied volatility, ongoing backwardation in the term structure, and persistently negative skew. These indicators reflect continued demand for protection and expectations of choppy trading rather than a decisive reversal.
Market specialists highlight three signals that would confirm a genuine low: implied volatility dropping, a return to contango, and a shift toward neutral skew. For now, volatility curves remain stressed, the skew has stayed deeply negative since the October flash crash, and traders continue to price in uncertainty. The outlook implies Bitcoin is likely to remain range-bound through 2025, with major upside moves delayed until well into next year. Bitcoin currently trades near 87400 as sentiment remains cautious. Source
The SEC has introduced new post-shutdown procedures that give crypto ETF issuers clearer routes to move their registration statements forward, reducing delays created by the 43-day government shutdown. Generic listing standards approved in September 2025 removed the need for individual 19(b) rule changes for many crypto products, but the shutdown created a backlog of more than 900 filings and forced some issuers to rely on Section 8(a)’s automatic 20-day effectiveness rule. The SEC’s new guidance clarifies how these filings progress and confirms that statements submitted without a delay clause can still become effective after twenty days without enforcement concerns, helping stalled applications advance.
Issuers now have two main pathways: allowing filings to go effective automatically under Section 8(a) or restoring a delayed status and requesting accelerated effectiveness under Rule 461. This flexibility, combined with generic listing standards, gives crypto ETP sponsors a more predictable and streamlined process, helping them target launch windows more precisely. However, faster timing does not lessen legal obligations. The SEC emphasized that antifraud and liability provisions under Sections 11 and 12(a)(2) remain fully in force, meaning issuers must maintain rigorous accuracy and due diligence even when timelines accelerate. Source
Polymarket has received approval from the CFTC to operate in the United States, enabling the crypto-backed prediction market to directly onboard American customers after nearly four years offshore. The approval follows the company’s acquisition of a regulated U.S. derivatives exchange and comes as the agency, under the second Trump administration, adopts a more permissive stance toward prediction markets. Investigations by the CFTC and the Department of Justice were dropped earlier this year, clearing a major hurdle for Polymarket’s reintegration into the U.S. market.
The platform’s growing mainstream presence has also accelerated its return. After paying a fine in 2022 and exiting the U.S., Polymarket has since attracted influential investors and secured partnerships with major brands including X, Google, the NHL, and the UFC. These collaborations have boosted visibility and helped drive record-breaking trading activity, with volumes recently surpassing 1 billion dollars in a single week. The company says it can now work directly with brokerages, intermediary merchants, and other futures market participants as it resumes full U.S. operations. Source
Zcash surged more than tenfold in November, briefly reclaiming a valuation above 10 billion dollars and becoming the most-searched asset on Coinbase with about 52000 queries. The rally followed years of quiet rebuilding that included the 2024 halving, a steep rise in shielded balances, and the activation of NU6.1, which introduced a holder-controlled funding model. With over a quarter of the circulating supply now stored in shielded addresses and issuance cut in half, the asset began to attract renewed interest just as privacy concerns returned to the spotlight. A Monero exploit, tighter global AML rules, and a desire for a more compliant form of privacy helped shift attention toward Zcash’s optional-privacy design and active governance.
This renewed narrative met a surge of retail curiosity, pushing ZEC back into large-cap territory and dominating social and exchange search trends. Analysts remain divided on whether the move represents a blow-off top fuelled by heavy speculative positioning or a broader repricing supported by real changes in supply dynamics, on-chain usage, and governance. Even with a sharp pullback from the highs, some see the recent correction as a reset within a higher range if fundamentals hold. Zcash’s sudden resurgence underscores how quickly crypto narratives can rotate and how overlooked assets can reemerge when structural improvements align with shifting market themes. Source
Kraken has introduced the Krak Card, a Mastercard-powered debit card that offers 1% cash back in Bitcoin or local fiat and is initially available to users in the UK and European Union. The card links directly to the Krak peer-to-peer payments app, letting customers spend from their everyday balance across more than 400 supported assets, with the app automatically combining holdings when needed to complete a purchase. Kraken says the product is designed to make digital assets usable for ordinary spending, and users can set their preferred order of currencies for transactions. The card has no monthly or annual fees, though a spread applies when assets are sold at checkout.
The launch follows rapid adoption of the Krak app, which has been downloaded over 450000 times since June, and comes on the heels of Kraken’s confidential S-1 filing and an 800 million dollar fundraise valuing the company at 20 billion dollars ahead of a planned IPO. Kraken plans to expand the card to new regions, including the United States, and add additional rewards and credit features. The debut also aligns Kraken with competitors such as Coinbase and Gemini, both of which have leaned into Bitcoin rewards products this year as exchanges push deeper into consumer finance. Source
Paxos has acquired Fordefi to combine its regulated custody framework with Fordefi’s multi-party computation wallet technology, creating a unified platform for institutions to issue stablecoins, tokenize assets, and manage onchain operations. Fordefi, founded in 2021, built one of the earliest institutional MPC wallets designed for DeFi, offering advanced governance controls for authorizing transactions. The acquisition, valued at more than 100 million dollars according to a Paxos spokesperson, will see Fordefi continue operating independently while its technology is gradually integrated into Paxos’ global infrastructure. Paxos already provides regulated custody and tokenization services for major enterprises across the US, Europe and Singapore and issues stablecoins including PYUSD, USDP, PAXG and USDG.
The acquisition comes as major crypto platforms increase their integration of decentralized finance tools. Throughout the year, exchanges such as Kraken, Coinbase and Crypto.com have embedded DeFi protocols directly into their platforms, enabling access to tokenized assets, simplified onchain lending and stablecoin yield opportunities. These integrations have included bringing tokenized equities onchain, offering direct USDC lending through Morpho, and enabling stablecoin yields on wrapped crypto assets. Despite market volatility, DeFi protocols collectively hold over 116 billion dollars in total value locked, reflecting continued institutional and retail engagement in onchain financial products. Source
MoonPay has secured a New York Trust Charter, allowing it to safeguard customer digital assets and facilitate direct over-the-counter trades. The approval strengthens its compliance standing and positions the company to deepen relationships with major financial institutions while expanding its regulated service offerings. Leadership said the new charter provides the regulatory foundation for custody and OTC trading products, which are currently in development, and could later be offered in additional states once local requirements are met. Only a small group of crypto firms hold both a BitLicense and a New York Trust Charter, placing MoonPay alongside companies such as Coinbase, PayPal, Ripple and NYDIG.
The approval comes amid broader industry moves to secure bank-grade regulatory status, with firms like Coinbase, Circle and Crypto.com seeking national trust bank charters. MoonPay may also pursue stablecoin issuance under the Genius Act, which analysts believe could draw competition from major financial players. The company recently launched an enterprise stablecoin business using M0 infrastructure to manage fully reserved digital dollars across multiple blockchains and continues to build payments integrations, including a stablecoin-powered card partnership with Mastercard that converts crypto to fiat at the point of sale. Source
Coinbase Ventures plans to focus its 2026 investments on real-world asset trading, next-generation DeFi and AI-driven development tools. The firm is targeting teams building asset tokenization systems, specialized exchanges, prop-AMMs that protect liquidity providers, synthetic exposure products such as RWA perpetuals, and prediction market aggregators that could unify hundreds of millions of dollars in fragmented liquidity. Investors expect new DeFi composability models to take shape, such as integrating perpetual futures with lending to boost capital efficiency, alongside growth in privacy-preserving tools and reputation-based protocols that blend onchain identity with offchain data to unlock unsecured borrowing at scale.
The venture division also highlighted several AI areas poised for advancement. These include decentralized physical infrastructure networks to generate training data for robotics, proof-of-humanity systems that authenticate human-generated content, and AI agent tooling designed to help non-technical founders build onchain businesses quickly by automating tasks like coding, audits and monitoring. With more than 600 investments since 2018, Coinbase Ventures sees 2026 as a breakout year for startups operating at the intersection of tokenization, DeFi efficiency and agentic AI, laying groundwork for the next wave of crypto innovation. Source
Markethive builds on the pioneering work of Veretekk, a groundbreaking digital marketing platform from the 1990s that revolutionized online lead generation through tools like the Hammer, Drill, Blogfather, and Webcatch. These tools empowered entrepreneurs to generate large volumes of legitimate leads with ease, laying the foundation for the modern digital marketing landscape. Today, Markethive aims to honor and expand that legacy by creating a more advanced, all-in-one ecosystem that adapts to current technological and market demands. The platform focuses not just on lead generation but on converting leads into actual customers, providing sustainable revenue streams through initiatives like Supergroups, Promo and Vanity Codes, and the upcoming Hive Press system for wide-reaching press distribution.
Markethive is developing a decentralized, blockchain-powered ecosystem that integrates a robust marketplace, broadcasting tools, and secure communication channels, underpinned by its native cryptocurrency, Hivecoin. The platform emphasizes user privacy, independence, and global reach, offering entrepreneurs, marketers, and creatives a secure and autonomous environment to grow their businesses. CEO Thomas Prendergast highlights the innovations in email delivery, broadcasting, and content publishing, alongside features like Hivepress and Franchives that empower independent media and decentralized operations. By combining these tools with ongoing platform enhancements and member-supported initiatives, Markethive aims to create a thriving, interconnected entrepreneurial community, offering advanced technology, monetization opportunities, and a clear path to sustainable growth. Source
The South African Reserve Bank has identified crypto assets and stablecoins as emerging risks to financial stability, citing rapid growth in user adoption and trading volume. As of July, the three largest crypto exchanges in South Africa had 7.8 million combined users, holding about 1.5 billion dollars in custody by the end of 2024. The central bank noted that the borderless and digital nature of these assets allows users to circumvent exchange control regulations, and highlighted a shift toward USD-pegged stablecoins as preferred trading pairs due to their lower price volatility compared with other cryptocurrencies like Bitcoin, Ether, XRP, and Solana.
The report also emphasized gaps in South Africa’s regulatory framework, warning that risks from crypto could accumulate undetected without comprehensive oversight. While the Financial Stability Board has flagged the absence of global stablecoin regulation and only partial rules for cryptocurrencies, the country’s government has taken a more proactive approach, designating crypto as a financial product in 2022 and licensing companies to operate in the sector. The central bank’s caution signals that despite growing adoption, robust regulation is needed to safeguard financial stability in the face of rapidly expanding digital asset use. Source
US Bancorp is conducting a stablecoin pilot on the Stellar blockchain in collaboration with PwC and the Stellar Development Foundation, marking its entry into institutional experimentation with blockchain technology. The pilot aims to showcase blockchain’s potential in a regulated, bank-grade environment, focusing on programmable money and its benefits for both institutions and customers. Stellar was selected for its ability to freeze assets and unwind transactions at the base protocol level, a feature that enhances customer protection and allows for more flexible transaction management compared with embedding these functions in business logic alone.
The initiative reflects a broader institutional interest in digital assets, with US Bancorp exploring tokenized assets and their efficiency advantages, such as 24/7 settlement and rapid movement of value across asset classes. The pilot represents a practical step in integrating blockchain into mainstream banking operations, demonstrating how programmable money can be applied in a trusted financial context while ensuring compliance and operational security. Source
U.S. Bank is piloting its own stablecoin on the Stellar blockchain in collaboration with PwC and the Stellar Development Foundation, joining other major banks exploring digital asset initiatives. The pilot aims to evaluate blockchain as an alternative payment rail and demonstrate its utility in a trusted, regulated banking environment. Stellar was chosen for its unique capability to freeze assets and unwind transactions at the base protocol level, providing enhanced customer protection and operational flexibility. The initiative reflects growing institutional interest in stablecoins, especially following regulatory developments like the GENIUS Act, which governs issuance and trading of these tokens.
The pilot also aligns with U.S. Bank’s broader research into tokenized assets and blockchain-based financial infrastructure, exploring efficiency gains from 24/7 settlement and rapid value transfer across different asset classes. Stellar, a payments-focused blockchain live since 2014, currently hosts about 212 million dollars in stablecoins, mostly USDC, though it has seen recent outflows. By leveraging the platform’s capabilities, U.S. Bank seeks to better understand potential use cases, customer demand, and practical applications of programmable money within mainstream banking operations. Source
Since launching prediction markets in March in partnership with Kalshi, Robinhood has seen nine billion contracts traded by over one million users, making the product one of its fastest-growing revenue streams. The platform plans to expand this business with a futures and derivatives exchange and clearinghouse, positioning Robinhood as the controlling partner and market maker, with Susquehanna International Group providing day-one liquidity. The expansion includes acquiring MIAXdx, a CFTC-licensed derivatives clearing organization, with operations for the new exchange expected to begin in 2026. Robinhood aims to enhance infrastructure and deliver more innovative products to capitalize on growing customer demand for prediction markets.
Interest in prediction markets has surged across both traditional and crypto platforms, with US-regulated platforms like Kalshi and Polymarket recording trading volumes of 4.47 billion dollars and 3.58 billion dollars over the last 30 days, respectively. Other major crypto exchanges, including Crypto.com, Gemini, and potentially Coinbase, are entering the space, highlighting the growing mainstream adoption of prediction markets as a financial and trading product. This trend underscores the increasing popularity of event-based trading and derivatives as investors seek new ways to participate in markets. Source
Bitcoin stalled below $88,000 as traders prepared for a $14 billion options expiry on Friday, with most call options set above $91,000, favoring neutral-to-bearish outcomes if the spot price remains near current levels. Recent declines in Bitcoin, including a 23% drop over the past 30 days, have left many bullish positions at risk of expiring worthless. Meanwhile, put options totaling 67,877 BTC appear better aligned with market conditions, offering some downside protection. Weak US economic data, including declines in private payrolls and consumer confidence, has added pressure, though it could also increase expectations for Federal Reserve stimulus, supporting medium-term optimism.
Despite recent losses, traders have added year-end call options near $100,000, signaling that some bullish sentiment persists. Analysts highlight key price levels for the options expiry, noting potential outcomes between $85,000 and $92,000, with different ranges favoring call or put instruments. Overall, while short-term sentiment appears cautious, investor outlook remains influenced by macroeconomic conditions and the possibility of central bank interventions, leaving room for continued volatility in Bitcoin’s price trajectory. Source
Saudi Aramco has installed the Kingdom’s first quantum computer, a 200-qubit system built by France-based Pasqal, marking Saudi Arabia’s entry into the global quantum computing race. The machine is intended for industrial applications such as energy modeling and materials research, but its deployment has renewed questions about the long-term security of cryptocurrencies like Bitcoin. Experts note that while the technology is advancing rapidly, current quantum computers, including Pasqal’s system, lack the scale, error correction, and coherence time needed to break Bitcoin’s cryptography or forge digital signatures, making any immediate threat theoretical rather than practical.
Researchers emphasize that a quantum computer capable of compromising Bitcoin would require thousands of error-corrected logical qubits, translating to millions of physical qubits, far beyond today’s systems. Despite this, nation-state investment in quantum computing continues to grow, reflecting its potential as a transformative technology and a long-term digital security concern. Analysts say the eventual moment when quantum machines could derive private keys from public ones—often referred to as Q-Day—remains a distant but plausible risk, highlighting the importance of ongoing research and potential future adaptations in blockchain and cryptographic protocols. Source
Neura, a layer-1 blockchain, is designing its infrastructure specifically around stablecoins to address the limitations of current public chains, including inconsistent performance, fragmented liquidity, and centralization risks. The platform provides a sovereign stack with dedicated hardware, private fiber, and integrated compliance, enabling sub-second finality, reliable throughput, and consistent liquidity aggregation. By building the rails with stablecoins as the foundation, Neura ensures predictable, high-value settlement suitable for institutional and global use, avoiding the pitfalls of generic chains or corporate-run stablecoin systems.
Neura also focuses on sustainable, usage-driven liquidity and yield through mechanisms that capture network-generated revenue from transactions and oracle updates, enabling gas-free stablecoin transfers without relying on inflationary token emissions. The platform incorporates gamified discovery through the Neuraverse to connect users with wallets, DEXs, money markets, and other DeFi tools, fostering coordinated ecosystem growth. Success for Neura is defined by stablecoins moving globally with the reliability of traditional payment networks, deep liquidity without subsidies, and widespread adoption by institutions and developers, establishing its sovereign stack as the preferred infrastructure for real-time digital finance. Source
Decentralized finance (DeFi) is approaching mainstream adoption, with Chainlink co-founder Sergey Nazarov estimating that the ecosystem is currently about 30% of the way there. Widespread adoption will depend heavily on regulatory clarity, particularly in the United States, which could influence other governments to align with established frameworks. Nazarov predicts that clearer legislation and regulation will enable DeFi to reach 50% adoption by demonstrating reliability, while addressing liquidity, transparency, technical security, and compliance with Know Your Customer and Anti-Money Laundering requirements will be critical for institutional participation.
As institutional capital flows into DeFi and grows to a size comparable to traditional finance, Nazarov expects adoption to reach 70%, eventually achieving full global adoption around 2030. By that point, DeFi’s share of client and institutional capital will be significant enough to be visually comparable to traditional financial markets, signaling mainstream acceptance. DeFi lending protocols have already shown strong growth, with total value locked rising from $53 billion at the start of 2025 to over $127 billion year-to-date, reflecting increased engagement from institutional investors and the broader financial ecosystem. Source
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image - Source: Pixabay
