The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.
On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.
Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.
“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.
The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation.
If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.
EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns
The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.
“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”
“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.
Global stock market value by country. Source: Visual Capitalist
The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.
The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.
On Thursday, the US Commodity Futures Trading Commission (CFTC) announced that spot Bitcoin (BTC) and Ether (ETH) products will begin trading for the first time on its registered futures exchanges.
Here are three reasons why this is a big deal for the top two cryptocurrencies heading into 2026.
Key takeaways:
CFTC oversight gives BTC and ETH gold-like legitimacy, opening the door to larger institutional flows.
Regulated US trading boosts liquidity, cuts volatility, and shifts crypto activity back onshore.
Bitcoin and Ethereum can scale like gold
One of the strongest historical parallels for the CFTC decision came from the gold market.
When gold was formally opened to trading on regulated US futures exchanges in the 1970s, the shift transformed it from a fragmented, over-the-counter commodity into a globally recognized investment asset.
Liquidity concentrated on COMEX, institutions entered for the first time, and transparent price discovery created a foundation for long-term capital flows.
Since its COMEX debut, spot gold prices gained 4,000%, illustrating how regulatory clarity can reshape an asset’s market trajectory.
The CFTC placed Bitcoin and Ethereum under a similar commodity framework with its latest announcement, thus removing the US Securities and Exchange Commission’s (SEC) issuer-focused requirements.
It also filled a long-standing gap: US traders could access crypto on platforms like Coinbase and Kraken but lacked regulated spot leverage, deep liquidity tools, or exchange-level protections.
That absence forced liquidity offshore, with recent 2025 data showing Binance capturing roughly 41.1% of global spot activity, far ahead of US-based venues.
Pension funds, banks, and hedge funds that previously sat on the sidelines can now treat Bitcoin and Ethereum like other CFTC-recognized commodities, with standardized rules, surveillance, and custody requirements.
86% of institutional investors already have or plan to gain crypto exposure, and most increased their allocations in 2024 as US regulation improved, according to a joint survey conducted by Coinbase and EY-Parthenon in January.
A majority also preferred accessing crypto through regulated investment rails, such as commodity exchanges or ETFs, rather than offshore venues.
Following the CFTC decision, institutions can now access Bitcoin and Ethereum through regulated exchanges, audited custody, and supervised pricing, setting the stage for stronger, more durable mainstream adoption.
Bitcoin, Ether may see better liquidity growth
Historical evidence suggested that commodities expanded rapidly after debuting on regulated trading venues.
A case in point is the launch of WTI oil futures in 1983, whose trading exploded from just 3,000 contracts in the first month to over 100,000 per month within a year, and then to over 2 million contracts per month by the late 1980s.
WTI two-week chart. Source: TradingView
Today, WTI often exceeds a million contracts in daily volume, a testament to how regulation can foster colossal market growth.
Bitcoin and Ethereum can witness a similar liquidity boost, with CFTC-approved spot trading likely to attract many more US traders and market makers, thus increasing order book depth and reducing spreads.
Deep liquidity and robust volume on US soil can also reduce volatility over time, as large buy or sell orders are more easily absorbed.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Clear Street, a New York brokerage that has become one of the most active underwriters in the crypto-treasury boom, is preparing to go public with an expected valuation of $10 billion to $12 billion.
The IPO could come as early as next month, with Goldman Sachs lined up to lead the offering, the Financial Times reported, citing people familiar with the matter. One source reportedly told the FT that the deal is unlikely to price before January.
Founded in 2018, Clear Street rose to prominence as dozens of public companies began adopting the “crypto treasury” playbook, raising capital through equity or debt markets and using the proceeds to buy large quantities of Bitcoin (BTC). The strategy was popularized by Michael Saylor’s Strategy, which has accumulated 650,000 BTC through multiple stock and convertible offerings underwritten in part by Clear Street.
The firm also served as an underwriter for Trump Media and Technology Group, which has signaled plans to raise billions to establish a Bitcoin treasury operation of its own.
According to its website, Clear Street has underwritten about $91 billion in combined equity, debt and mergers and acquisitions (M&A) transactions so far this year, including deals for well-known crypto advocates Anthony Pompliano and former US presidential candidate Vivek Ramaswamy.
However, Clear Street’s IPO ambitions come at a moment when the crypto-treasury model that fueled its ascent is showing signs of strain. Bitcoin has fallen roughly 30% since early October, while Strategy’s share price has dropped 60% over the past six months.
Many smaller crypto treasury firms now trade at discounts to the value of the tokens they hold, cutting off their ability to issue new stock to buy more BTC, the same mechanism that powered the model during the bull run.
In a recent report, Galaxy Research said that Bitcoin treasury companies are entering a “Darwinian phase” as the core mechanics of their once-booming business model break down.
“For treasury companies whose equities had been serving as leveraged crypto trades, the shift has been intense,” Galaxy said, adding that the “same financial engineering that amplified upside has magnified downside.”
According to the FT, roughly 316 companies have been listed in the US this year, raising around $63 billion, the highest total since 2021.
Last month, crypto asset manager Grayscale Investments filed an S-1 with the US Securities and Exchange Commission (SEC) to list its shares on the New York Stock Exchange, joining a growing wave of crypto companies going public this year.
AAVE price prediction suggests a recovery to $205 in 2 weeks despite current weakness at $183.30, with technical analysis showing bullish MACD momentum emerging.
Aave (AAVE) faces a critical juncture as the token trades at $183.30, down 2.99% in the last 24 hours. Despite recent weakness, our comprehensive AAVE price prediction analysis reveals compelling technical signals that suggest a potential recovery toward $205 within the next two weeks.
AAVE Price Prediction Summary
• AAVE short-term target (1 week): $195 (+6.4%)
• Aave medium-term forecast (1 month): $195-$224 range • Key level to break for bullish continuation: $200.61
• Critical support if bearish: $185.90 (pivot point)
Recent Aave Price Predictions from Analysts
The latest Aave forecast from analysts presents a mixed but cautiously optimistic outlook. CoinLore’s AAVE price prediction targets $191.82 in the short term, while Hexn maintains a $200 price target despite noting bearish sentiment with a Fear & Greed Index of 28.
Blockchain.News offers the most bullish Aave forecast, projecting a $195-$205 range based on MACD momentum recovery and RSI bouncing from oversold levels. Their earlier prediction of $224-$240 followed a 13.21% daily gain, though current market conditions have tempered those expectations.
The consensus among analysts shows convergence around the $195-$205 AAVE price target, providing medium confidence in a near-term recovery despite prevailing market fear.
AAVE Technical Analysis: Setting Up for Recovery
Our Aave technical analysis reveals several compelling indicators supporting the bullish AAVE price prediction. The MACD histogram at 2.8232 shows emerging bullish momentum, even as the MACD line remains negative at -3.3091. This divergence often precedes trend reversals.
AAVE’s position within the Bollinger Bands at 0.6261 indicates the token is trading above the middle band ($178.18), suggesting underlying strength despite recent volatility. The RSI at 47.52 sits in neutral territory, providing room for upward movement without approaching overbought conditions.
The 24-hour trading range of $181.36-$193.04 demonstrates AAVE’s ability to hold above key support levels, while the Average True Range of $13.91 indicates normal volatility that could facilitate the predicted price movement to $205.
Aave Price Targets: Bull and Bear Scenarios
Bullish Case for AAVE
The primary AAVE price target of $205 represents a 11.8% gain from current levels and aligns with recent analyst predictions. This target becomes achievable if AAVE breaks above immediate resistance at $200.61, which coincides with the psychological $200 level.
A successful break above $205 could trigger momentum toward the next significant resistance at $224, representing the upper end of our Aave forecast range. The bullish case requires sustained volume above the current 24-hour level of $13.2 million and confirmation from the MACD histogram maintaining positive momentum.
Bearish Risk for Aave
The bearish scenario for our AAVE price prediction centers on a breakdown below the pivot point at $185.90. Such a move could trigger selling pressure toward the immediate support at $178.18 (SMA 20) and potentially the lower Bollinger Band at $157.89.
The key risk factor remains the broader crypto market sentiment, reflected in the Fear & Greed Index of 28. Should market conditions deteriorate further, AAVE could test the strong support level at $147.13, invalidating the bullish price prediction entirely.
Should You Buy AAVE Now? Entry Strategy
Based on our Aave technical analysis, the current price of $183.30 presents a reasonable entry point for those believing in the $205 AAVE price target. However, a more conservative approach would wait for a break above $190 to confirm bullish momentum.
For risk management, position sizes should remain modest with stop-losses placed below $178.18. This level represents the 20-day SMA and a critical support zone. Should you buy or sell AAVE at current levels depends on your risk tolerance, but the technical setup favors buyers with proper risk management.
Consider dollar-cost averaging into positions between $180-$185 to capitalize on any final weakness before the anticipated recovery begins.
AAVE Price Prediction Conclusion
Our comprehensive AAVE price prediction points to a recovery toward $205 within the next two weeks, representing a medium-confidence forecast based on improving technical indicators. The bullish MACD histogram and neutral RSI provide the foundation for this Aave forecast, though broader market sentiment remains a headwind.
Key indicators to monitor include the MACD line crossing above the signal line, RSI breaking above 50, and volume confirmation above $15 million during any breakout attempts. A failure to hold above $185.90 would invalidate this prediction and suggest further downside risk.
The timeline for this AAVE price prediction centers on the next 7-14 days, with the first week targeting $195 and the second week aiming for the full $205 objective.
LDO price prediction points to $0.75-$0.78 recovery target within 4 weeks as technical indicators show early bullish divergence despite 63% decline from highs.
Lido DAO (LDO) has faced significant selling pressure in recent sessions, trading at $0.57 and marking an 8.20% decline in the past 24 hours. However, our comprehensive LDO price prediction analysis reveals emerging technical signals that suggest a potential recovery toward $0.75-$0.78 levels within the next 3-4 weeks, provided key support levels hold firm.
LDO Price Prediction Summary
• LDO short-term target (1 week): $0.62-$0.65 (+8.8% to +14.0%)
• Lido DAO medium-term forecast (1 month): $0.75-$0.85 range (+31.6% to +49.1%)
• Key level to break for bullish continuation: $0.68 (EMA 26 resistance)
• Critical support if bearish: $0.55 (immediate support and 52-week low)
Recent Lido DAO Price Predictions from Analysts
The latest Lido DAO forecast from multiple analysts shows cautious optimism despite current weakness. TradingPedia presents the most bullish LDO price prediction, targeting $0.75-$0.78 in the short term with potential extension to $0.95 within a month. This forecast aligns with our technical analysis showing MACD bullish divergence and RSI approaching oversold conditions.
More conservative predictions from CoinLore and Hexn.io target $0.62-$0.70 over the next 30 days, representing 8.8% to 22.8% upside from current levels. Notably, DigitalCoinPrice offers an aggressive LDO price target of $1.38 by year-end, though this carries low confidence given current market conditions.
The consensus among analysts points to a recovery trajectory, with most Lido DAO forecast models expecting LDO to reclaim the $0.70-$0.75 zone within 4-6 weeks.
LDO Technical Analysis: Setting Up for Bounce
Our Lido DAO technical analysis reveals several compelling signals supporting a recovery thesis. The MACD histogram has turned positive at 0.0006, indicating early bullish momentum despite the overall negative MACD reading of -0.0511. This represents a classic bullish divergence pattern as price makes new lows while momentum indicators improve.
The RSI at 35.77 sits in neutral territory but approaches the oversold threshold of 30, historically a level where LDO has found buying interest. The Bollinger Bands position of 0.06 shows price trading near the lower band at $0.56, suggesting oversold conditions that often precede rebounds.
Volume analysis from Binance spot data shows $6.9 million in 24-hour turnover, indicating sufficient liquidity for a meaningful price move. The key resistance cluster sits between $0.68 (EMA 26) and $0.73 (upper Bollinger Band), creating our primary LDO price target zone for the initial recovery phase.
Lido DAO Price Targets: Bull and Bear Scenarios
Bullish Case for LDO
In our optimistic LDO price prediction scenario, a break above $0.62 (EMA 12) would trigger the first leg of recovery toward $0.68. Success here opens the path to our primary LDO price target of $0.75-$0.78, representing the confluence of previous support turned resistance and the 38.2% Fibonacci retracement from recent highs.
For this bullish Lido DAO forecast to materialize, we need to see sustained volume above $8 million daily and RSI breaking above 45. A decisive break of $0.78 could extend the rally toward $0.95, aligning with TradingPedia’s medium-term projection.
Bearish Risk for Lido DAO
The bearish scenario for our LDO price prediction involves a breakdown below the critical $0.55 support level, which coincides with both immediate support and the 52-week low. Such a move would likely target the $0.50-$0.52 zone, representing additional downside risk of 12-15%.
Warning signals include daily closes below $0.55, RSI breaking below 30 into oversold territory, and volume spikes on down moves exceeding $10 million daily.
Should You Buy LDO Now? Entry Strategy
Based on our Lido DAO technical analysis, the current level presents a calculated opportunity for accumulation, though timing remains crucial. The optimal entry strategy involves scaling into positions between $0.55-$0.59, with the strongest buying opportunity emerging on any test of the $0.55 support level.
For those asking buy or sell LDO, our analysis suggests a cautious buy approach with strict risk management. Place initial stops at $0.53 (below 52-week lows) and target the $0.75-$0.78 zone for initial profit-taking. Position sizing should remain conservative given the 35% volatility implied by the daily ATR of $0.06.
LDO Price Prediction Conclusion
Our comprehensive LDO price prediction points to a recovery scenario targeting $0.75-$0.78 within 3-4 weeks, representing potential gains of 31-37% from current levels. This forecast carries medium confidence based on emerging bullish divergence in momentum indicators and oversold technical conditions.
The key catalyst for this Lido DAO forecast will be a sustained break above $0.62, which would confirm the technical recovery thesis. Traders should monitor the RSI for a move above 40 and watch for increased volume on any upward moves as confirmation signals.
Timeline expectations suggest initial recovery toward $0.65 within 7-10 days, followed by a test of the $0.75 LDO price target by early January 2026. However, failure to hold $0.55 support would invalidate this bullish outlook and trigger our bearish scenario targeting $0.50-$0.52.
Hedera (HBAR) shows bullish MACD divergence at key support. Technical analysis suggests $0.16 price target possible as RSI recovers from oversold territory.
HBAR Price Prediction: Technical Setup Points to Short-Term Recovery
Hedera (HBAR) is displaying compelling technical signals that suggest a potential price recovery from current oversold levels. With HBAR trading at $0.13 and showing early signs of bullish momentum divergence, our comprehensive Hedera technical analysis reveals several key factors supporting a measured upside move in the coming weeks.
HBAR Price Prediction Summary
Based on current technical indicators and market structure, here are our specific Hedera forecast targets:
• HBAR short-term target (1-2 weeks): $0.16 (+23%)
• Hedera medium-term forecast (1 month): $0.14-$0.18 range
• Key level to break for bullish continuation: $0.16
• Critical support if bearish: $0.12
Recent Hedera Price Predictions from Analysts
While no significant analyst predictions have emerged in the past three days, the technical landscape provides clear directional signals. The absence of fresh analyst coverage often creates opportunity gaps where technical analysis becomes the primary driver for informed HBAR price prediction models.
The current positioning suggests most market participants are overlooking Hedera’s technical setup, which historically has preceded meaningful price movements when momentum indicators begin to align.
HBAR Technical Analysis: Setting Up for Bullish Reversal
The current Hedera technical analysis reveals several converging factors that support our bullish HBAR price prediction. Most notably, the MACD histogram has turned positive at 0.0005, indicating early bullish momentum despite the recent -3.72% daily decline.
HBAR’s position within the Bollinger Bands is particularly revealing. Trading at the lower band with a %B position of 0.1319 suggests the recent selling pressure has been overdone. Historically, when Hedera approaches these extreme Bollinger Band positions, mean reversion typically follows within 5-10 trading sessions.
The RSI reading of 38.04 places HBAR in neutral territory but approaching oversold conditions. This positioning, combined with the positive MACD histogram, creates a classic bullish divergence pattern that often precedes price recoveries.
Volume analysis shows $16.2 million in 24-hour Binance spot trading, which represents healthy liquidity for the anticipated bounce toward our HBAR price target of $0.16.
Hedera Price Targets: Bull and Bear Scenarios
Bullish Case for HBAR
Our primary HBAR price target focuses on the immediate resistance level at $0.16, representing the convergence of multiple technical factors. This level aligns with both the 50-day SMA and serves as the gateway to testing the stronger resistance zone at $0.22.
The bullish scenario requires HBAR to hold above the current pivot point of $0.13 while the MACD continues its positive divergence. Should momentum accelerate, the next logical target becomes $0.18-$0.20, approaching the 200-day SMA.
Technical confirmation would come from RSI moving above 45 and sustained trading above the Bollinger Band middle line at $0.14.
Bearish Risk for Hedera
The bearish scenario activates if HBAR breaks below the critical $0.12 support level, which represents both immediate support and the 52-week low. Such a breakdown could target the $0.10-$0.11 zone, representing a -15% to -23% decline from current levels.
Risk factors include broader cryptocurrency market weakness, failure of the MACD to maintain positive momentum, or RSI falling below 30 into oversold territory without subsequent recovery.
Should You Buy HBAR Now? Entry Strategy
Based on our Hedera forecast, the current risk-reward profile favors a measured long position for those asking whether to buy or sell HBAR. The technical setup suggests favorable entry conditions with clearly defined risk parameters.
Position sizing should remain conservative given the 54% distance from 52-week highs, suggesting HBAR remains in a broader consolidation phase despite near-term bullish signals.
HBAR Price Prediction Conclusion
Our analysis supports a medium confidence HBAR price prediction targeting $0.16 within the next 1-2 weeks. This represents a 23% upside potential from current levels, supported by bullish MACD divergence, oversold positioning within Bollinger Bands, and confluence at key resistance levels.
The Hedera forecast remains constructive for the short to medium term, provided HBAR maintains support above $0.13. Key indicators to monitor include MACD histogram remaining positive, RSI recovery above 45, and volume confirmation on any upward moves.
Traders should watch for confirmation signals including a daily close above $0.14 (middle Bollinger Band) and sustained momentum above the EMA 12 at $0.14. Failure to hold the $0.13 pivot would necessitate reevaluation of this bullish HBAR price prediction framework.
Bitcoin’s (BTC) short-term trend may hinge on developments unfolding inside Binance’s order flow and onchain activity. Three Binance-linked metrics indicated rising sell-side pressure, shifting liquidity behavior and a market preparing for volatility, factors that could determine whether BTC holds support or enters a deeper correction.
Key takeaways:
Bitcoin whale deposits into exchanges are rising, signaling elevated profit-taking risk.
BTC inflows to Binance have matched 2025 highs, which have historically preceded longer pullbacks.
USDt deposits on Binance reached yearly highs, indicating that traders are repositioning themselves ahead of potential volatility.
BTC Whale ratio rebound warns of distribution pressure
A sharp rise in the Exchange Whale Ratio, now at 0.47 across all exchanges, indicated that large holders are increasingly moving Bitcoin into trading platforms. This trend becomes more concerning on Binance, where the ratio’s 14-day exponential moving average (EMA) has climbed to 0.427, the highest level since April.
Bitcoin exchange Whale ratio on Binance. Source: CryptoQuant
Whale deposits tend to precede distribution phases, as large entities prefer Binance’s liquidity for offloading size. With BTC struggling to extend above $93,000, this shift implied growing resistance overhead. If the trend persists, the price is more likely to consolidate or retest support before attempting another breakout.
Yearly-high BTC inflows to Binance raise alarm
Onchain data showed the 30-day simple-moving average (SMA) of BTC inflows to Binance reached 8,915 on Nov. 28, closely matching its highest reading of 9,031 on March 3. Historically, similar inflow peaks, such as the one recorded in March, have been preceded by sharp downward moves.
Bitcoin exchange inflow (total) on Binance. Source: CryptoQuant
This surge suggested that holders are actively preparing to de-risk, or cycle out of Bitcoin following its rally. With the market attempting to secure a position above $96,000 resistance, Binance’s growing inventory acts as an immediate headwind. Until the excess supply is absorbed, an uptrend could be limited.
USDT deposits rise: Are traders positioning for volatility?
Binance also recorded 946,000 USDt (USDT)deposit transactions in seven days, far outpacing OKX (841,000) and Bybit (225,000). Rising stablecoin inflows generally indicate traders are preparing to act, either to buy dips aggressively or reposition during rapid moves.
USDt flows from different exchanges on Tron. Source: CryptoQuant
Given the current backdrop of whale selling and elevated BTC inflows, this surge is more likely a sign of traders setting up for reactive trading, not passive accumulation. In periods of uncertainty, stablecoin inflows often lead to heightened volatility and short-term range resets.
If BTC loses $90,000, this liquidity could accelerate the move lower. However, if the support holds up, it may fuel a sharp counter-trend bounce.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Mugafi, an AI-driven platform for entertainment intellectual property (IP), has partnered with Avalanche to tokenize films, anime, music and other media assets, allowing creators to finance and distribute projects directly onchain.
The initiative will draw from Mugafi’s catalog and upcoming films. According to the company, its AI systems, trained on thousands of scripts and story structures, help evaluate projects before they are brought onchain for financing.
Mugafi and Avalanche plan to finance more than $10 million in entertainment IP. The companies said their long-term target is to exceed $1 billion in annual IP financing throughput.
Avalanche said the partnership aims to demonstrate how its network can support large-scale real-world asset issuance. The companies plan to use Avalanche’s infrastructure to fund, track and distribute entertainment projects onchain.
Mugafi, launched in 2020 in India, is backed by several entertainment and venture investors, including Nexus VP, HashedEM, Netflix, Amazon and Panorama Studios, among others. Its 2025 release, Kuberaa, recorded $35 million in box office collections and was distributed via Amazon Prime Video.
According to the announcement, the collaboration is expected to support new roles across AI, production, blockchain operations and compliance. Mugafi projects more than 1,500 creator and studio opportunities across several regions including India, North America, Japan and Korea.
The push to bring entertainment IP onchain has been gathering momentum for years among both creators and platforms, with several projects exploring tokenization and Web3 rights management.
In September, Animoca Brands partnered with Ibex Japan, the corporate innovation arm of Antler, to launch a Web3 entertainment fund focused on bringing Japan’s anime and manga IP onchain. The initiative aims to unlock value from Japan’s largely underutilized IP catalog.
PIP Labs has emerged as a major player in the Web3 IP space with the development of Story Protocol, a layer-1 blockchain designed to manage and program intellectual property onchain.
IP registered on Story between March and June 2025. Source: Story Foundation
Founded in 2022 by former Google DeepMind product manager Jason Zhao, the project enables creators to tokenize their work, record IP onchain, and set the terms under which it can be used, shared or adapted. The framework is intended to help rights holders maintain control over their content and its downstream use.
Cryptocurrency markets saw another week of consolidation following last week’s long-awaited market recovery.
While Bitcoin (BTC) remained above the key $90,000 psychological level, investor sentiment continued to be dominated by “fear,” with a marginal improvement from 20 to 25 within the week, according to CoinMarketCap’s Fear & Greed index.
In the wider crypto space, the Ether (ETH) treasury trade appears to be unwinding, as the monthly acquisitions by Ethereum digital asset treasuries (DATs) fell 81% in the past three months from August’s peak.
Still, the biggest corporate Ether holder, BitMine Immersion Technologies, continued to amass ETH, while other treasury firms carried on with their fundraising efforts for future acquisitions.
Fear & Greed index, all-time chart. Source: CoinMarketCap
Investors are also awaiting the key interest rate decision during the US Federal Reserve’s upcoming meeting on Wednesday to provide more cues about monetary policy leading into 2026.
Markets are pricing in an 87% chance of a 25 basis point interest rate cut, up from 62% a month ago, according to the CME Group’s FedWatch tool.
Ethereum treasury trade unwinds 80% as handful of whales dominate buys
The Ethereum treasury trade appears to be unwinding as monthly acquisitions continue to decline since the August high, though the largest players continue to scoop up billions of the Ether supply.
Investments from Ethereum DATs fell 81% in the past three months, from 1.97 million Ether in August to 370,000 ETH in November, according to Bitwise, an asset management firm.
“ETH DAT bear continues,” wrote Max Shennon, senior research associate at Bitwise, in a Tuesday X post.
Despite the slowdown, some companies with stronger financial backgrounds continued to accumulate the world’s second-largest cryptocurrency or raise funds for future purchases.
BitMine Immersion Technologies, the largest corporate Ether holder, accumulated about 679,000 Ether worth $2.13 billion over the past month, completing 62% of its target to accumulate 5% of the ETH supply, according to data from the Strategicethreserve.
BitMine holds an additional $882 million worth of cash according to the data aggregator, which may signal more incoming Ether accumulation.
Citadel causes uproar by urging SEC to regulate DeFi tokenized stocks
Market maker Citadel Securities has recommended that the US Securities and Exchange Commission tighten regulations on decentralized finance regarding tokenized stocks, causing backlash from crypto users.
Citadel Securities told the SEC in a letter on Tuesday that DeFi developers, smart-contract coders, and self-custody wallet providers should not be given “broad exemptive relief” for offering trading of tokenized US equities.
It argued that DeFi trading platforms likely fall under the definitions of an “exchange” or “broker-dealer” and should be regulated under securities laws if offering tokenized stocks.
“Granting broad exemptive relief to facilitate the trading of a tokenized share via DeFi protocols would create two separate regulatory regimes for the trading of the same security,” it argued. “This outcome would be the exact opposite of the “technology-neutral” approach taken by the Exchange Act.”
Citadel’s letter, made in response to the SEC looking for feedback on how it should approach regulating tokenized stocks, has drawn considerable backlash from the crypto community and organizations advocating for innovation in the blockchain space.
Arthur Hayes warns Monad could crash 99%, calls it high-risk “VC coin”
Crypto veteran Arthur Hayes has issued a warning over Monad, saying the recently launched layer-1 blockchain could plunge as much as 99% and end up as another failed experiment driven by venture capital hype rather than real adoption.
Speaking on Altcoin Daily, the former BitMEX chief described the project as “another high FDV, low-float VC coin,” arguing that its token structure alone puts retail traders at risk. FDV stands for Fully Diluted Value, which is the market value of a crypto project if all its tokens were already in circulation.
According to Hayes, projects with a large gap between FDV and circulating supply often experience early price spikes, followed by deep selloffs once insider tokens unlock. “It’s going to be another bear chain,” Hayes said, adding that while every new coin gets an initial pump, that does not mean it will develop a lasting use case.
Hayes said most new layer-1 networks ultimately fail, with only a handful likely to retain long-term relevance. He identified Bitcoin, Ether, Solana (SOL) and Zcash (ZEC) as the small group of protocols he expects to survive the next cycle.
$25 billion crypto lending market now led by “transparent” players: Galaxy
The crypto lending market has become more transparent than ever, led by the likes of Tether, Nexo and Galaxy, and has just hit an aggregate loan book of nearly $25 billion outstanding in the third quarter.
The size of the crypto lending market has increased by more than 200% since the beginning of 2024, according to Galaxy Research. Its latest quarter puts it at its highest since its peak in Q1 2022.
However, it has yet to return to its peak of $37 billion at that time.
The main difference is the number of new centralized finance lending platforms and much more transparency, said Galaxy’s head of research, Alex Thorn.
Thorn said on Sunday that he was proud of the chart and the transparency of its contributors, adding that it was a “big change from prior market cycles.”
The crypto lending landscape has seen many new platforms in the past three years. Source: Alex Thorn
Portal to Bitcoin raises $25 million and launches atomic OTC desk
Bitcoin-native interoperability protocol Portal to Bitcoin has raised $25 million in funding amid the launch of what it describes as an atomic over-the-counter (OTC) trading desk.
According to a Thursday announcement shared with Cointelegraph, the company raised $25 million in a round led by digital asset lender JTSA Global. The fundraise follows previous investments by Coinbase Ventures, OKX Ventures, Arrington Capital and others.
Alongside the fresh funding, the company rolled out its Atomic OTC desk, promising “instant, trustless cross-chain settlement of large block trades.” The newly deployed service is reminiscent of crosschain atomic swaps offered by THORChain, Chainflip, and more Bitcoin-focused systems such as Liquality and Boltz.
What sets Portal to Bitcoin apart is its focus on the Bitcoin-anchored crosschain OTC market for institutions and whales, along with its tech stack. “Portal provides the infrastructure to make Bitcoin the settlement layer for global asset markets, without bridges, custodians, or wrapped assets,” said Chandra Duggirala, founder and CEO of Portal.
Portal to Bitcoin team members, from left to right: co-founder and chief technology officer Manoj Duggirala, founder and CEO Chandra Duggirala, and co-founder George Burke. Source: Portal to Bitcoin
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.
The Canton (CC) token fell 18%, marking the week’s biggest decline in the top 100, followed by the Starknet (STRK) token, down 16% on the weekly chart.
Total value locked in DeFi. Source: DefiLlama
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
For more than a decade, Bitcoin investors have relied on the familiar four-year cycle to navigate bull runs, capitulations and market shifts driven by halving events. In 2025, that long-standing roadmap is beginning to look outdated — and analysts are seeking a new framework to understand where Bitcoin (BTC) is headed next.
Some argue that institutional capital is reshaping the market. Others highlight the weakening impact of the halving, the rise of AI as a competing investment frontier, or global liquidity trends that no longer line up with old patterns. Whatever the cause, one thing is clear: Bitcoin doesn’t seem to be moving like it used to.
In this exclusive Cointelegraph interview, Jeff Park, partner and chief investment officer at ProCap BTC, challenges the assumptions behind the four-year cycle, claiming that Bitcoin may now be transitioning into a much shorter, more dynamic two-year cycle.
Park argues that Bitcoin’s market structure has undergone a fundamental shift as institutional flows operate under different incentives than those of retail investors.
At the core of Park’s argument is a provocative idea: Shorter cycles could dramatically reshape how investors think about timing, volatility and Bitcoin’s potential path through 2026.
Park also touches on why some players prefer short-term weakness, how liquidity patterns intersect with the new cycle and what this shift could mean for the next major move.
Watch the complete interview with Jeff Park on the Cointelegraph YouTube channel for his full breakdown of the two-year cycle theory and its implications for Bitcoin’s future.
