Core Viewpoint - Bitcoin is currently trading within a narrow range of $86,500 to $90,000, with recent attempts to break above $90,000 failing, indicating a lack of strong buying demand [1][6]. Market Activity - U.S. trading venues reported a 24-hour BTC spot volume of approximately $34 billion, significantly down from over $70 billion during the peak around October 6, when Bitcoin reached an all-time high of $126,279 [2]. - ETF flows have mirrored price movements, with digital asset products experiencing $446 million in outflows in the week ending December 29, primarily driven by Bitcoin products, which lost $443 million [3]. - On December 29, there was a net outflow of $19.3 million from U.S. spot Bitcoin ETFs, followed by a substantial net inflow of $355 million on December 31, breaking a seven-day outflow streak [4]. Market Sentiment and Positioning - The holiday season has led to reduced trading volumes, with ETF trading volumes dropping to $24 billion during the late-November Thanksgiving week compared to $56 billion the week prior [5]. - The current market positioning suggests a potential reset for January, as Bitcoin remains within the $86,500 to $90,000 range with low realized volatility and mixed ETF flows [6][7]. - Traders are advised to monitor the $86,500 to $90,000 range closely, as a decisive break in this band could set the tone for Q1 risk across crypto markets [8].

Group 1 - Global crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs) experienced net outflows of $2.95 billion in November, marking the first month of net withdrawals in 2025 [1] - Despite the November outflows, total assets in global crypto ETFs increased to $179.16 billion, reflecting a 17.8% year-to-date growth from $152.10 billion at the end of 2024 [1] - Year-to-date net inflows for 2025 reached $47.87 billion, making it the second-strongest year on record for crypto ETF flows, following 2024's $72.08 billion [2][3] Group 2 - The November outflows were attributed to a pullback from September's record asset level of $229.53 billion, as investors took profits amid heightened market volatility [2] - Bitcoin-focused ETFs and ETPs saw $2.36 billion in net outflows, while Ethereum products recorded $1.36 billion in withdrawals during November [4] - At the end of November, Bitcoin-related products held $142.46 billion in assets across 127 products, while Ethereum ETFs and ETPs had $25.05 billion across 62 products [4] Group 3 - Bitcoin and Ethereum led year-to-date inflows, attracting $26.26 billion and $12.89 billion, respectively [5] - The global crypto ETF market is highly concentrated, with iShares holding $83.15 billion in assets (46.4% market share), followed by Grayscale Advisors and Fidelity International [6] - The top three providers account for 72.8% of global crypto ETF assets, with a total of 75 issuers in the market [6] Group 4 - Smaller crypto themes, such as Solana, are gaining traction, with Solana-linked products holding $1.38 billion in assets and $0.90 billion in year-to-date inflows [7] - Cardano and Polkadot products remain niche, each with assets well under $100 million, but both posted modest positive flows in November [7] - The top 20 crypto ETFs and ETPs by net new assets attracted $2.17 billion in November, offsetting broader market outflows [8]

Core Insights - Upexi's shares experienced a significant decline after the company announced plans to raise up to $1 billion to expand its Solana treasury and support token-related initiatives [1][3][9] Financial Performance - The stock closed down 7.5% at $1.84 following the filing but recovered slightly in after-hours trading, rising 4.3% to $1.92 [3] - Upexi currently holds 2.1 million SOL valued at approximately $262.3 million, making it the fourth-largest corporate Solana treasury [4] - The value of Upexi's Solana holdings has decreased significantly, dropping from a peak valuation of around $525 million in mid-September to less than half that amount, resulting in an estimated paper loss of about 19% [6][9] Strategic Shift - The company adopted a Solana-focused strategy in late April, moving away from its previous consumer products and e-commerce business [5] - Upexi has not increased its Solana holdings since July 23, indicating a broader slowdown in corporate crypto treasury purchases in the second half of 2025 [5] Market Context - The decline in Upexi's treasury value coincides with a significant drop in Solana's price, which is currently trading at approximately $123.75, down 57.5% from its all-time high of $293.31 set in January 2025 [6]

Group 1: JPMorgan's Crypto Trading Exploration - JPMorgan is evaluating the potential for crypto trading services for institutional clients, indicating a significant shift in Wall Street's attitude towards digital assets [1][5] - The bank's markets team is assessing which crypto products, likely a mix of spot trading and derivatives for major coins like Bitcoin, would be viable [2][3] - There is a growing demand from institutional investors for direct, regulated access to crypto, with a preference for established banks over unregulated exchanges [3][4] Group 2: Regulatory Environment and Market Trends - Recent federal moves, including new laws on stablecoins and the appointment of crypto-friendly regulators, are facilitating banks' entry into the crypto space [4][7] - Other major financial institutions, such as Morgan Stanley and Charles Schwab, are also planning to offer crypto trading services, reflecting a broader trend of digital assets becoming mainstream for large institutions [6][8] Group 3: JPMorgan's Current Activities in Crypto - Although JPMorgan has not launched a full crypto trading desk, it is actively involved in blockchain projects and exploring tokenization for smoother settlements and payments [8][9] - The bank is considering using Bitcoin and Ethereum as collateral for financing products and has started offering tokenized investment vehicles, indicating a deeper institutional interest in crypto beyond mere trading [9]

Core Viewpoint - JPMorgan Chase is considering entering the cryptocurrency trading market for its institutional clients, reflecting a growing interest in digital assets amid a more favorable regulatory environment [2][3]. Group 1: JPMorgan's Plans and Market Response - The largest bank in the country is exploring potential products and services for its markets division to expand its digital assets business, which may include spot and derivatives trading [2]. - This initiative is a response to increasing interest in digital assets, particularly as the regulatory landscape has become more accommodating [2]. Group 2: Regulatory Developments - The Office of the Comptroller of the Currency (OCC) recently stated that banks can engage in riskless principal transactions involving crypto assets, signaling a shift in regulatory stance [4]. - The OCC has also issued new national bank trust charters to five applicants in the digital asset and blockchain finance sectors, which could provide significant operational advantages [4]. Group 3: Blockchain Integration - JPMorgan has been active in blockchain technology, recently arranging a U.S. commercial paper issuance on the Solana blockchain, marking one of the earliest debt issuances on a public blockchain [4][5]. - This issuance is considered a significant milestone for financial markets globally, indicating a shift in blockchain technology from a niche concept to a potential core banking infrastructure [5][6]. - Major financial institutions, including JPMorgan, are increasingly exploring blockchain for various applications, such as tokenized deposits and programmable payments, integrating it into modern financial operations [6].

Core Viewpoint - JPMorgan Chase is exploring the possibility of offering crypto trading services to institutional clients, indicating a significant shift in its approach to digital assets despite previous skepticism from its CEO Jamie Dimon [1][2]. Group 1: JPMorgan's Crypto Strategy - The bank is assessing both spot and derivatives trading products as part of its strategy to expand its presence in the crypto market [1][2][3]. - The plans are still in early stages and will depend on client demand for specific crypto products [2][3]. - JPMorgan has been active in blockchain initiatives, including arranging a short-term bond for Galaxy Digital on the Solana blockchain, showcasing its growing capabilities in this area [3]. Group 2: Recent Developments in Digital Assets - In December, JPMorgan launched its first tokenized money-market fund, the MONY fund, on the Ethereum blockchain with an initial capital of $100 million [4]. - The fund is targeted at qualified investors with a minimum of $5 million in investable assets and accepts subscriptions in cash or USDC stablecoin [4]. Group 3: Industry Trends - JPMorgan's potential entry into crypto trading follows similar moves by other financial institutions, such as Morgan Stanley and Charles Schwab, both of which plan to offer crypto trading services in 2026 [5][6]. - Charles Schwab's CEO noted that 20% of its clients already own crypto, indicating a growing demand for digital asset services among traditional finance clients [5][6].

Core Viewpoint - Mawson Infrastructure Group Inc. has regained compliance with Nasdaq's listing requirements and will continue to be listed on The Nasdaq Capital Market [2]. Company Overview - Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms, providing services in AI, high-performance computing (HPC), and digital assets, including Bitcoin mining [3]. - The company offers both self-mining operations and colocation/hosting services for enterprise customers, utilizing a vertically integrated infrastructure model for scalability and efficiency [3]. Strategic Focus - A key aspect of Mawson's strategy is to power its operations with carbon-free energy resources, including nuclear power, to support the growth of the digital economy sustainably [4]. - Mawson currently has 129 megawatts of capacity online, with additional capacity under development, positioning itself as a competitive provider of carbon-aware digital infrastructure solutions [4].

Core Viewpoint - JPMorgan Chase is considering launching cryptocurrency trading services for institutional clients, including spot and derivatives trading options [1] Group 1: Company Developments - JPMorgan is exploring various crypto products and services to offer to its customers [1] - The bank recently launched its blockchain-powered deposit token, JPM Coin, specifically for institutional clients [4] - JPMorgan is also contemplating accepting spot Bitcoin exchange-traded funds (ETFs) as collateral for loans [4] Group 2: Industry Context - The move comes amid concerns from the crypto industry regarding a potential coordinated effort by federal regulators and banks to limit services to crypto businesses, referred to as Operation Chokepoint 2.0 [2] - Despite CEO Jamie Dimon's previous criticisms of Bitcoin, the bank is recognizing the permanence of blockchain technology and digital assets [5]

Core Insights - SoFi Technologies has become the first nationally chartered U.S. bank to offer retail crypto trading, marking a significant step in integrating digital assets into the traditional financial system [2] - The launch of crypto trading comes as regulatory bodies have eased restrictions, allowing banks to engage in crypto custody and execution, which may lead to other major banks following SoFi's example [3] Company Strategy - SoFi aims to be a one-stop shop for its members, providing banking, borrowing, investing, and now crypto trading within a single regulated platform [4] - The integration of crypto trading directly within SoFi's FDIC-insured banking app allows members to use funds from their SoFi Checking and Savings accounts, enhancing user convenience [6] Market Position - SoFi's approach gives it a competitive edge in the crowded crypto market, as approximately 60% of its members who own crypto prefer trading with a licensed bank rather than traditional crypto exchanges [7] - The easing of regulatory pressure under the Trump administration has facilitated banks' entry into crypto activities, with significant developments in federal frameworks for stablecoins and clarified regulations for crypto custody [8]

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 ...