Bitcoin digital asset treasury (DAT) companies have been making headlines in recent weeks, and often for the wrong reasons. A sharp decline in crypto markets and over 40% slump (as of Nov. 27) in the share price of the world's largest corporate holder of bitcoin, Strategy (MSTR), this year, has led some to question the sustainability of these companies. Strategy’s steep underperformance relative to bitcoin (down about 2% this year) in recent months may be due to looming index-inclusion risk rather than c ...

Core Insights - Bitcoin (BTC) has rebounded above $90,000, showing signs of improved sentiment and US capital flows [1] - The Coinbase Bitcoin Premium Index (CBPI) has turned positive for the first time since October 30, indicating a premium for Bitcoin on the US exchange [2] - US investors are buying Bitcoin more than global investors for the first time in a month, suggesting increased institutional interest [3] Market Dynamics - The CBPI indicates that rising institutional accumulation in the US could positively impact Bitcoin and the broader crypto market [3] - Notable figures, including Binance founder Changpeng Zhao and Robert Kiyosaki, suggest it is a good time to buy Bitcoin as the market enters a "quiet equilibrium" [4] - El Salvador purchased 1,100 BTC when the price was below $90,000, reflecting confidence in the asset despite retail uncertainty [4] Investor Sentiment - Market predictions indicate that traders remain bearish on Bitcoin reaching $100,000 this year, despite the recent price rebound [4]

Core Insights - Tether faces potential balance-sheet insolvency if its Bitcoin and gold reserves experience a 30% drawdown, according to Arthur Hayes [1] - Hayes critiques Tether's asset allocation, highlighting a significant shift towards non-fiat collateral, with $12.9 billion in precious metals and $9.9 billion in Bitcoin [2] - The strategy is seen as an "interest rate trade," anticipating Federal Reserve rate cuts that could reduce interest income from US Treasury bills [3] - This allocation introduces asymmetric risk, potentially exceeding Tether's surplus capital and leading to theoretical insolvency despite operational liquidity [4] - Hayes warns that large holders may demand real-time balance sheet assessments to ensure the safety of the USDT peg, coinciding with S&P Global's low rating for USDT [5] Industry Response - Industry stakeholders argue that the insolvency thesis misinterprets balance sheet accounting versus actual liquidity risk [6] - CEO of UQUID Card, Tran Hung, defends Tether, stating that the majority of its $181.2 billion balance sheet is in highly liquid, low-risk instruments, including $112.4 billion in US Treasury Bills [6][7] - Hung asserts that Tether's liquidity wall is sufficient to cover most USDT in circulation, maintaining full redeemability even in market downturns [8]

Group 1 - Bitcoin is the central asset in the cryptocurrency sector, accounting for approximately 56% of the total market value of around $3.1 trillion, with a market cap near $1.7 trillion [4] - Bitcoin's supply architecture features a hard cap of 21 million BTC, with about 19.9 million currently circulating, which enhances its scarcity and potential for price appreciation [5] - The future of Bitcoin is less contingent compared to other cryptocurrencies, as it serves as the benchmark and reserve asset for the entire ecosystem [6] Group 2 - Bitcoin's investment profile rewards long-term patience due to its predictable supply curve, making it attractive for traditional financial institutions [7] - While Bitcoin is currently dominant in the crypto space, its position is not guaranteed, but the odds favor its continued relevance [8]

Japan and the U.K. are exploring bank-style safeguards for crypto. | Credit: Joaquin Carfagna via Pexels. Key Takeaways Regulators in Japan and the U.K. are considering insurance mechanisms for the crypto sector. Crypto exchanges in Japan could be required to maintain user protection funds. The Bank of England is mulling an emergency liquidity backstop for stablecoin issuers. For years, the lack of guarantees equivalent to government-backed deposit insurance has hampered crypto adoption. But regul ...

Another week, another crypto Asia update. In this week’s update, the focus has shifted towards maintaining regulatory clarity and reinforcing digital asset infrastructure rather than sweeping changes. Governments are fine-tuning what’s already in place. Here’s the rundown of the biggest headlines from this week in crypto Asia. India Formally Reviews Its VDA Framework India currently has more than 100 million crypto users in the country, but lacks a proper framework to govern the sector. For now, the sys ...

Core Viewpoint - Hester Peirce, a commissioner at the SEC, defends crypto self-custody as a fundamental freedom and argues against the notion that financial privacy is inherently suspicious [1][4][9] Group 1: Self-Custody and Financial Privacy - Peirce identifies herself as a "freedom maximalist," advocating that individuals should not be compelled to depend on intermediaries for asset control [3][9] - She emphasizes that financial privacy should be the default assumption, not an indication of illicit activity, stating that wanting to keep transactions private should not be viewed negatively [4][9] Group 2: Legislative Context and Industry Trends - The Digital Asset Market Structure Clarity Act, which addresses issues related to self-custody and anti-money laundering, has been postponed until 2026, leaving the crypto industry without a clear legal framework [5] - The rise of spot Bitcoin exchange-traded funds (ETFs) is making crypto more accessible to traditional investors, which is drawing some users away from self-custody solutions [6][9] Group 3: Market Dynamics - The industry is experiencing a decline in self-custodied Bitcoin for the first time in 15 years, as investors are increasingly opting for ETFs due to tax advantages and convenience [7] - The introduction of in-kind redemptions for ETFs allows holders to exchange crypto for shares without incurring tax liabilities, presenting a competitive advantage over personal wallets [7]

Bitcoin Munari is concluding its second presale round at $0.22 as the project maintains its structured distribution ahead of the January 2026 SPL release. HELSINKI, Nov. 29, 2025 (GLOBE NEWSWIRE) -- Bitcoin Munari is finalizing Round 2 of its public presale at $0.22, progressing through the ten-round pricing structure that leads to the January 20, 2026 SPL token launch. The ongoing phase continues the project’s fixed-supply model and sequential pricing framework as it advances through its early development ...

Bitcoin Munari is approaching the end of its second presale round at $0.22 as the project continues its structured rollout ahead of the January 2026 SPL token release. HELSINKI, Nov. 29, 2025 (GLOBE NEWSWIRE) -- Bitcoin Munari  is entering the final hours of its Round 2 presale phase at $0.22, moving through the project’s fixed-round distribution model as it advances toward the January 20, 2026 SPL deployment. The current allocation follows the completion of the $0.10 launch round and maintains the same pr ...

Core Viewpoint - China's central bank, the People's Bank of China (PBOC), has reaffirmed that digital assets remain illegal in the country, emphasizing that cryptocurrencies and related business activities pose financial risks and do not comply with core requirements [1][2]. Regulatory Stance - The PBOC reiterated that digital assets do not have the same legal status as fiat currency and are not allowed as a means of payment in commercial transactions [2]. - Crypto-linked business activities are classified as illegal financial activities under Chinese law [2][3]. - The PBOC specifically highlighted stablecoins, stating they do not meet standards for customer identification and anti-money laundering controls [2][3]. Risks Identified - The PBOC indicated that the lack of compliance in stablecoins exposes them to potential misuse in money laundering, fraudulent fundraising, and illegal cross-border capital transfers [3]. - The authorities are focused on tightening risk prevention and ensuring compliance with prohibitions [4]. Comparison with Global Trends - China's strict stance on cryptocurrency contrasts with the broader trend in major economies, where governments are introducing frameworks to integrate digital assets into traditional financial markets [5]. - While other jurisdictions are accommodating the crypto industry, China has maintained its comprehensive ban since 2021 [5]. Central Bank Digital Currency Development - The Chinese authorities are prioritizing the development of its central bank digital currency, the e-CNY, and are advancing the digital yuan across pilot regions and public-sector payment systems [6]. Underground Activity - Despite the restrictions, underground crypto activity continues in China, with reports indicating ongoing usage of virtual assets [7]. - Recent estimates suggest that China accounts for 14% of the global Bitcoin mining market, indicating a resurgence of crypto mining activity despite the nationwide ban [7].