Core Viewpoint - UBS has declared that "crypto is not an asset," indicating a bearish stance on digital assets as Bitcoin whales and ETF investors withdraw capital from the market [1][2]. Group 1: UBS's Position on Crypto - UBS's statement that crypto is held by a "tiny portion of society" reflects a significant shift in sentiment, especially after previously opening crypto access for private clients [2]. - The mixed messaging from UBS is concerning as institutional approval typically stabilizes the market, but the current trend suggests instability [2]. Group 2: Market Sentiment and Activity - Jefferies analyst Andrew Moss has noted a resurgence of "crypto winter" discussions, with Bitcoin's price dropping from a peak of $125K to current levels, indicating that large investors are selling rather than buying [2][4]. - Bitcoin whales, who hold substantial amounts of BTC, have become net sellers, actively offloading their assets during this downturn, which suggests a lack of bullish indicators for a market recovery [4]. - Traditional finance investors are also exiting the market, with significant outflows from spot Bitcoin ETFs, indicating that the influx of "tourism" money is rapidly diminishing [5]. Group 3: Market Conditions - The market is currently experiencing "peak fear," with significant declines in the value of companies associated with Bitcoin, such as Michael Saylor's firm, which has seen a 75% drop in stock value from its peak [6].

Core Insights - The cryptocurrency market has experienced significant volatility, with Bitcoin (BTC) dropping to 16-month lows, falling nearly 20% in a single week and erasing over $1 trillion in total market value [1][2][9] Market Dynamics - Bitcoin's price decline is attributed to a combination of political, monetary, and market sentiment factors, creating a "perfect storm" for the cryptocurrency [3] - The nomination of Kevin Warsh as the new Federal Reserve chair has led to expectations of a hawkish monetary policy, which typically reduces investor interest in speculative assets like cryptocurrencies [4] - The unwinding of the "Trump Premium," which had previously fueled Bitcoin's rise, has introduced new regulatory risks and uncertainty, particularly with ongoing political scrutiny [5] - Broader market pessimism and profit-taking have contributed to Bitcoin's correction, with a nearly 50% drop from its recent high of $126,000 in October [6] Future Outlook - Analysts are divided on Bitcoin's future, with some predicting a potential drop to $38,000, while others expect a rebound barring extreme geopolitical events [7] Shift to Alternative Assets - Amid Bitcoin's decline, investors are increasingly looking towards alternative digital assets like Solana (SOL) and XRP, as well as related ETFs, to navigate market volatility [8][10] - The anticipated approval of more Spot Solana ETFs in late 2026 may provide a valuation floor for Solana [8] Investment Opportunities - Notable ETFs to consider for diversification away from Bitcoin include: - **Bitwise XRP ETF (XRP)**: Market price of $17.18, AUM of $208 million, fees of 34 bps [12] - **Solana ETF (SOLZ)**: Market price of $8.01, AUM of $80.6 million, fees of 95 bps [13] - **Bitwise Solana Staking ETF (BSOL)**: Market price of $12.38, AUM of $447 million, fees of 20 bps [14] - **Grayscale Digital Large Cap Fund (GDLC)**: Market price of $29.02, AUM of $353 million, fees of 59 bps [15]

Core Insights - The cryptocurrency market has started 2026 on a negative note, with Bitcoin experiencing a significant decline, dropping below $73,000, which is its steepest drop since November 2024 [1] - MicroStrategy, now known as Strategy, faces challenges as its average Bitcoin purchase price is $76,052, meaning its corporate treasury is currently underwater ahead of its earnings report [2] - Analysts are adjusting their expectations for Strategy, with Joseph Vafi of Canaccord Genuity reducing his price target for the stock by over 60% from $474 to $185, while still maintaining a "buy" rating [3] Company Performance - Strategy's shares have decreased by 19% year-to-date, 64% year-over-year, and 72% from their peak in November 2024 [4] - The current market phase for Bitcoin is described as an "identity crisis," where it is seen as both a long-term store of value and a speculative asset, highlighting its connection to market liquidity [4] - Despite the challenges, Vafi notes that Strategy is "built to weather volatility," indicating that the company can manage preferred dividends even as its stock price declines relative to its Bitcoin holdings [5] Market Context - Bitcoin has not followed gold's upward trend in 2025, indicating its reliance on risk appetite rather than being viewed as a safe-haven asset [5] - The fourth-quarter results for Strategy may serve as a symbolic reminder of the market's volatility and the cautious stance of even bullish analysts during challenging market conditions [6]

Core Viewpoint - BitMine Immersion Technologies (BMNR) continues to purchase Ethereum (ETH) despite a significant sell-off in the crypto market, resulting in unrealized losses and a decline in stock price to a 7-month low [1][3]. Group 1: Company Holdings and Financials - BMNR purchased 41,788 ETH last week, the largest weekly acquisition this year, valued at approximately $96 million, increasing total ETH holdings to 4,285,125 tokens, representing about 3.55% of Ethereum's circulating supply [2]. - The firm also holds 193 bitcoin (BTC), $586 million in cash, a $200 million stake in Beast Industries, and a $20 million stake in Eightco Holdings [2]. - The total value of BMNR's crypto, cash, and equity holdings has decreased to $10.7 billion due to falling crypto prices, with an estimated $6 billion in unrealized losses [3]. Group 2: Market Activity and Trends - Despite the price weakness of ether, there has been a rise in activity on the Ethereum blockchain, with daily transactions and active addresses reaching record highs [4]. - The chairman noted that the current situation contrasts with previous crypto winters, where transaction activity and active wallets declined [4]. - The market has been affected by the lingering effects of October's crypto crash and a surge in precious metals prices, which have drained liquidity from the crypto economy [5]. Group 3: Staking and Revenue - BMNR has increased its staking activities, raising total staked ETH to nearly 2.9 million tokens, which is about two-thirds of its holdings, generating an estimated annualized staking revenue of $188 million [5].

To say it’s been a bad few days for Bitcoin and other cryptocurrencies would be an understatement. Most Read from Fast Company As of the time of this writing, Bitcoin is trading in the range of $77,000 per coin—a price point not seen since last March, when the world was thrown into economic uncertainty by President Donald Trump’s tariffs. And Bitcoin isn’t the only crypto facing a bloodbath. Other major tokens, including Ethereum and BNB (Binance) are also in free-fall. XRP, the closely watched native ...

Will the CLARITY Act have a big impact on Bitcoin's price? | Source: Gemini Key Takeaways The CLARITY Act passing could drive a market surge for Bitcoin and crypto, according to Bitwise’s Matt Hougan. Hougan argues that Bitcoin’s cyclical patterns are less relevant in 2026. The CLARITY Act aims to define which digital assets fall under the SEC or CFTC. Industry leaders are increasingly focusing on the potential market impact of the upcoming CLARITY Act. Some suggest it could end the long-running ...

Core Insights - The cryptocurrency market is facing a lack of major catalysts for the upcoming year, particularly affecting Bitcoin, which holds a significant market share [1][7] - Historical patterns indicate that significant downturns in the crypto market occur approximately every four years, with Bitcoin currently over 30% below its 52-week high [2][8] - Predictions for 2026 suggest a potential return of a "crypto winter," characterized by declining prices and poor investor sentiment [3][8] Market Performance - The cumulative value of all digital currencies has decreased by 9% to $2.97 trillion as of late December, contrasting with gains in major stock indices [5] - In 2025, cryptocurrencies underperformed compared to traditional stocks after previously outperforming them in 2024 [6][7] Bitcoin Treasury Strategy - The Bitcoin treasury strategy, popularized by companies like Michael Saylor's Strategy, may lose its appeal in 2026 as many companies pursuing this strategy are unproven and financially struggling [9][11] - Companies adopting this strategy have been trading at high multiples to their net asset value, which may not be sustainable given the rise of spot Bitcoin ETFs [12] XRP Outlook - Predictions indicate that XRP may fall back to $1 in 2026 due to a lack of strong catalysts and its limited adoption compared to traditional payment systems [14][16] - The utility of XRP is questioned, as it is not required for all transactions on Ripple's payment network, potentially diminishing its value [18] Spot Crypto ETFs - A significant number of cryptocurrency ETFs are awaiting regulatory approval, which could enhance investor access and interest in digital currencies [19] - Spot crypto ETFs are expected to facilitate easier investment in cryptocurrencies and may lead to increased cash inflows for altcoins, potentially allowing them to outperform Bitcoin [20][21]

Core Insights - Bitcoin (BTC) is likely entering a prolonged downturn, which may lead to a more stable, institutionally driven phase in the crypto industry [1] - The market is in the early phase of a crypto winter, with Bitcoin approximately 85 days past its peak, and prices may remain under pressure for months, potentially testing an average breakeven price near $75,000 [2] - Unlike previous downturns, this phase may not be characterized by mass liquidations or structural failures, as institutional participants are now shaping the market [3] Tokenization and Market Trends - The value of tokenized real-world assets (RWAs) has tripled to $18.5 billion over the year, with projections suggesting it could exceed $50 billion by 2026 as more financial institutions engage in onchain settlement [4] - Decentralized exchanges (DEXs) are gaining market share from centralized venues, and while trading volumes may decline in 2026, DEXs, particularly those trading perpetual futures, are expected to continue growing [5] Regulatory Developments - The passage of the Digital Asset Market Clarity Act (CLARITY) in the U.S. marks a significant turning point, defining digital assets as securities or commodities and assigning oversight of spot crypto markets to the Commodity Futures Trading Commission (CFTC) [6] - This legal framework could reduce headline risk and facilitate greater engagement from banks and asset managers in crypto markets, while also enhancing the legitimacy of decentralized protocols by providing compliance pathways [7] Emerging Trends - Onchain prediction markets, particularly in sports betting, have seen volumes exceed $5.9 billion, representing over 50% of DraftKings' handle in Q3, with companies like Robinhood, Coinbase, and Gemini entering the space [8]

Michael Saylor’s Strategy Inc. bolstered its cash reserve to $2.19 billion and paused purchases of Bitcoin over the past week as the largest digital asset treasury company appears to be settling in for a long crypto winter. The Tysons Corner, Virginia-based firm raised $748 million through the sale of common shares in the seven days ended Dec. 21, according to a filing Monday with the US Securities and Exchange Commission. It had purchased about $2 billion in Bitcoin over the previous two weeks, bringing ...

Welcome to Morning Brief presented by Robin Hood, the home [music] to commission free trading. I'm Julie Hyman. Let's get to the three things you need to know today.First up, US stock futures edging higher to kick off the holiday shortened trading week. Investors still hoping for [music] a Santa Claus rally to close out the last five trading days of the year. Plus, gold and silver [music] are climbing to new highs.rate cut bets fueling the surge, capping off a banner year with gold and [music] silver on tra ...