XRP <a class="ticker-link" data-ticker="XRP" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/XRP-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</a> holders that bet on $10 in 2025 are down 8% since the start of the year, refuting the wide-spread belief at the start of 2025 that 2025 would be a positive <a href="https://www.benzinga.com/money/ripple-xrp-price-prediction">year for altcoins</a>.



<h3 class="wp-block-heading">Reason #1: SEC Lawsuit Dragged Till August</h3>



The SEC vs. Ripple lawsuit didn&#8217;t <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46996498/xrp-surges-8-as-ripple-sec-case-concludes-traders-ancitipate-multi-phase-rally">conclude</a> until Aug. 22 when the court clerk certified that both parties dropped their appeals.



The delay was not random. Former SEC Chair Gary Gensler filed a last-minute <a href="https://www.benzinga.com/government/regulations/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">appeal</a> just five days before Donald Trump fired him from office.&nbsp;



It was similar to what happened in 2020, when Jay Clayton filed the original lawsuit on his final day as SEC chair.



Because of that appeal, the case stayed alive for months longer than expected.&nbsp;



As long as the lawsuit was still open, XRP could not break out.&nbsp;



Big institutions stayed away, ETF issuers could not move forward, and every rally stalled.



<h3 class="wp-block-heading">Reason #2: ETFs Didn&#8217;t Launch Till November</h3>



XRP spot ETFs didn&#8217;t go live until November, delayed by both the lawsuit and the government <a href="https://www.benzinga.com/news/politics/25/10/47961129/us-government-shuts-down-as-trumps-last-ditch-effort-fails-from-jobs-to-travel-and-more-heres-the-potential-impact">shutdown</a>.



Six of seven ETF issuers updated their S-1 filings on August 22—the day the case officially ended—to confirm the lawsuit was resolved.&nbsp;



Then the government shutdown forced another delay.



Paul Atkins at the SEC provided a workaround by allowing issuers to file amendments without delay clauses, triggering a 20-day countdown that let ETFs launch even during the shutdown.



But the damage was done as ETFs arrived too late in 2025 to fuel the institutional buying wave retail expected.



<h3 class="wp-block-heading">Reason #3: CLARITY Act Still Hasn&#8217;t Passed</h3>



The CLARITY Act, the market structure bill meant to give banks and institutions clear rules for using crypto, is still not law.



The House passed its version earlier this year, but the bill remains stuck in the Senate.&nbsp;



As of late December, lawmakers have pushed the next step, a formal markup vote, into early 2026.



Three unresolved issues continue to hold the bill back which are stablecoin yield restrictions, Trump family conflicts of interest, and DeFi regulation.



Banks successfully blocked stablecoin issuers from paying interest under the GENIUS Act, but they now want that restriction expanded into broader market structure legislation.&nbsp;



Their concern is simple as yield-bearing stablecoins threaten traditional bank deposits.



Additionally, several Democrats refuse to back the bill <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49290039/senate-claims-crypto-bill-is-ready-but-white-house-says-do-better">unless</a> it restricts the president's family from profiting in crypto.



Third is DeFi regulation. Large Wall Street firms, including Citadel, are <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49206340/citadel-wants-defi-regulated-like-wall-street-but-uniswap-founder-isnt-having-any-of-it">lobbying</a> Congress to classify DeFi developers like centralized broker-dealers.&nbsp;



That would force software builders to register with the SEC. Industry groups warn this approach would protect incumbents while pushing crypto development out of the U.S.



Jake Chervinsky, lawyer for the Blockchain Association, said a markup vote isn&#8217;t happening in December.&nbsp;



<h3 class="wp-block-heading">What Happens Next</h3>



Ripple CEO Brad Garlinghouse predicted the CLARITY Act would pass in the first half of 2026.&nbsp;



Industry consensus says the bill gets done by mid-year.



But here&#8217;s the kicker: XRP pumped 600% from $0.49 pre-election to $3.66 in July 2025, without laws.&nbsp;



The rally came on speculation, not legislation.



Crypto analyst Zach Rector <a href="https://www.youtube.com/watch?v=TizoVDWfsEc">warns</a> the CLARITY Act will be a buy-the-rumor, sell-the-news event, just like the ETFs.&nbsp;



XRP will run in anticipation of the bill signing, then correct when it actually passes.



<h3 class="wp-block-heading">Chart Shows $1.80 Is The Last Line Of Defense</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="717" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22143548/image-413-1024x717.png" alt="" class="wp-image-1225643" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22143548/image-413-1024x717.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22143548/image-413-300x210.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22143548/image-413-768x538.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22143548/image-413.png 1316w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



XRP Price Prediction On TradingView



XRP is down 0.49% on the day after surrendering roughly 48% from July&#8217;s peak near $3.70. 



The token now consolidates at multi-month lows with no meaningful reversal signals.



The Supertrend indicator sits at $2.1867, well above current price, while SAR dots at $1.9579 reinforce the downtrend.&nbsp;



A descending triangle pattern has formed since October, with horizontal support around $1.80-$1.85 and declining resistance near $1.95.&nbsp;



This compression typically resolves with a breakout, and the apex is approaching fast.



The critical support zone sits at $1.80-$1.85, tested multiple times in recent weeks.&nbsp;



A breakdown below exposes XRP to a flush toward $1.60 or lower, where minimal structural support exists.



Resistance stands at $1.95-$2.00 initially, then $2.18 where the Supertrend sits.&nbsp;



For any legitimate recovery, XRP needs to reclaim $2.40-$2.50, the November consolidation area.&nbsp;



Until that happens, the technical bias remains firmly negative.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49546042/strategy-sells-748m-in-stock-but-buys-zero-btc-bad-news-for-mstr">Strategy Sells $748M In Stock But Buys Zero BTC—Bad News For MSTR?</a></li>
</ul>



Image: Shutterstock

XRP Holders Waited All Year For $10—3 Reasons Why It Never Came

Something&#8217;s happening with Layer 2 networks that&#8217;s worth paying attention to. While Ethereum <a href="https://www.benzinga.com/quote/ETH-USD" target="_blank" class="ticker-link" data-ticker="ETH" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</a> processes roughly 1.65 million transactions daily, Layer 2 platforms are now handling over 5 times that volume, with weekly active addresses reaching 10.18 million. This isn&#8217;t speculation. This is real migration happening in real time.



But here&#8217;s where it gets interesting for investors. Strong usage doesn&#8217;t automatically translate to strong token performance. I&#8217;ve been tracking these networks closely, and the disconnect between infrastructure success and token value is becoming harder to ignore.



<h2 class="wp-block-heading">What The Data Actually Shows</h2>



The transaction numbers are straightforward. Layer 2 platforms now handle 5.19 times the transaction volume of Ethereum mainnet, with networks like Base, Arbitrum <a href="https://www.benzinga.com/quote/ARB-USD" target="_blank" class="ticker-link" data-ticker="ARB" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ARB</a>)</a>, and Optimism <a href="https://www.benzinga.com/quote/OP-USD" target="_blank" class="ticker-link" data-ticker="OP" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">OP</a>)</a> leading the charge. The combined Layer 2 ecosystem holds approximately $38 billion in total value locked as of December 2025.



Arbitrum commands roughly 44% of the L2 market with approximately $16.7 billion in TVL. Base has emerged as a serious contender with 33% market share, holding around $12.5 billion. Optimism maintains about 6% with roughly $2.3 billion in TVL.



Base&#8217;s growth has been something else to watch. The Coinbase Global Inc. <a href="https://www.benzinga.com/quote/COIN" target="_blank" class="ticker-link" data-ticker="COIN" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/COIN">COIN</a>)</a>-backed L2 has seen its developer community explode over the past year, with thousands of builders now actively working on the platform. That&#8217;s not marketing hype. That&#8217;s builders committing resources to create applications on the platform.



The fee economics tell an equally compelling story. Transaction fees on Layer 2s average $0.08 compared to $3.78 on Ethereum mainnet. Users are voting with their wallets, choosing speed and affordability over paying premium fees on Layer 1.



But let&#8217;s talk about the elephant in the room. Activity spikes don&#8217;t always mean what they seem.



<h2 class="wp-block-heading">The Airdrop Problem Nobody Wants To Discuss</h2>



Some Layer 2 networks saw their metrics crater after token distributions. Ronin (RON) experienced a 70% drop in active addresses post-airdrop. zkSync saw a 90% drop in transactions and nearly 80% decline in daily active addresses after its airdrop concluded.



These weren&#8217;t small dips. These were cliff drops that exposed how much of their &#8220;usage&#8221; consisted of mercenary capital farming free tokens rather than committed users building or transacting on the networks.



I watch the ratio of unique addresses to total transactions pretty obsessively now. It&#8217;s become one of my favorite filters for separating real growth from artificial activity. When transactions spike without corresponding increases in unique addresses, someone&#8217;s running bots. And that activity vanishes the moment incentives dry up.



StarkNet has maintained high developer engagement, ranking fourth in the Ethereum ecosystem by developer count. Developer retention matters more than most people realize. Apps need builders. Builders need reasons to stay. Networks that lose developers while claiming user growth usually aren&#8217;t being honest about what&#8217;s actually happening.



<h2 class="wp-block-heading">The Token Economics Nobody&#8217;s Solving</h2>



Here&#8217;s the uncomfortable reality about most L2 tokens: the business model works, but the token economics don&#8217;t.



Most Layer 2 networks collect transaction fees in ETH, not their native tokens. So even when usage explodes and networks generate millions in revenue, token holders don&#8217;t directly capture that value. You&#8217;re essentially holding a governance token and hoping governance creates value somehow, someday.



Base has been generating an average of $185,291 in daily revenue over the past six months, making it the most profitable rollup in the ecosystem. That significantly outpaces Arbitrum&#8217;s $55,025 daily average and the combined revenues of 14 other top Layer 2s. But here&#8217;s the catch: this revenue primarily flows through the network, not directly to token holders in most L2 models.



Some projects are experimenting with solutions. Newer tokenomics models route portions of sequencer fees to stakers. That&#8217;s directionally correct. But the majority of L2 projects still rely on token inflation to fund growth, which means existing holders get diluted even as the network scales.



The math on this is brutal. A network experiencing 15% annual token inflation needs its usage and revenue to grow significantly faster just to break even for token holders. Price appreciation gets eaten by supply expansion.



The transition to decentralized sequencers represents a potential game changer. Right now, most rollups run centralized sequencers for speed and simplicity. When they eventually move to decentralized sequencer networks, token holders could start earning real revenue from transaction ordering and MEV extraction. That&#8217;s when governance tokens might actually start capturing the value these networks create.



But &#8220;when&#8221; keeps slipping. Projects promise decentralization roadmaps, then quietly push timelines. After watching this pattern repeat, I&#8217;ve gotten skeptical about whether some teams are genuinely committed to distributing value or just saying what token holders want to hear.



<h2 class="wp-block-heading">What Actually Matters For Investors</h2>



If you&#8217;re evaluating L2 tokens, here&#8217;s what I focus on.



Transaction consistency matters more than peaks. Networks showing steady growth in both transaction volume and unique daily addresses demonstrate healthier fundamentals than those with volatile spikes followed by dramatic declines. Cross-chain activity metrics declined 19.81% earlier this year, suggesting some capital rotation may be exhausting itself rather than expanding.



TVL composition reveals everything. I don&#8217;t just look at total value locked anymore. I examine what comprises that value. Stablecoins and bridged ETH indicate productive economic activity. Heavy concentration in native governance tokens or sketchy yield farms suggests less sustainable foundations. Networks where stablecoins and bridged tokens exceed 45% of TVL generally show healthier fundamentals.



Fee generation and margins separate winners from pretenders. Can the network cover its settlement costs and generate profit? Platforms maintaining 10 to 100 times fee reduction relative to Ethereum while generating positive margins demonstrate sustainable models. Base&#8217;s daily revenue averaging $185,291 over six months demonstrates real business economics, not subsidized growth.



Developer retention predicts future success. GitHub commits, hackathon participation, grant program uptake. These metrics translate into diverse applications, which expand user bases and revenue streams. Networks losing developers while claiming user growth usually precede ecosystem stagnation. I&#8217;ve seen this pattern enough times to trust it.



Token unlock schedules matter more than people think. High inflation rates exceeding 10 to 15% annually create significant headwinds. Calculate inflation-adjusted returns by subtracting annual emission rates from price appreciation. The real return often looks very different from the headline number.



Decentralization progress separates serious projects from vaporware. Networks still operating single centralized sequencers after multiple years raise questions about commitment. Track specific milestones and technical progress, not just promises.



<h2 class="wp-block-heading">The Risks That Could Reverse Everything</h2>



Ethereum mainnet improvements could squeeze L2 margins. The Pectra upgrade, scheduled for early 2026, will raise blob capacity from 3 to 6 blobs per block, potentially reducing settlement costs further. While beneficial for users, this compresses L2 economics if fee reductions outpace usage growth.



Competition is intensifying across over 30 active Layer 2 projects fighting for the same users and liquidity. Markets consolidate. They always do. Networks outside the top five by TVL face existential risks as network effects compound for market leaders. The recent TVL figures show this consolidation already happening, with Arbitrum and Base capturing 77% of the L2 market between them.



Regulatory uncertainty hangs over token classification. If regulators determine Layer 2 governance tokens constitute securities, compliance costs and trading restrictions could crater valuations. The lack of clear value accrual mechanisms in many token models strengthens securities classification arguments.



Technical risks persist despite security improvements. Bridge exploits continue occurring. Smart contract vulnerabilities in Layer 2 implementations could trigger catastrophic losses. The complexity of rollup architectures creates ongoing challenges even for well-audited networks.



Airdrop exhaustion represents a near-term headwind. As remaining large Layer 2 projects complete token distributions, temporary demand spikes may reverse, exposing true organic user bases versus incentive-chasing mercenary capital.



<h2 class="wp-block-heading">My Investment Framework</h2>



I&#8217;m selective about L2 exposure, but I&#8217;m not completely out.



I prioritize networks demonstrating revenue generation exceeding settlement costs. Platforms capturing genuine value from users offer superior prospects compared to those burning treasury funds for artificial activity. Projects lacking positive unit economics face uncertain futures.



Token utility beyond governance matters. Fee sharing mechanisms, staking yields, or direct value capture offer better risk-adjusted returns than pure governance tokens. The transition timeline toward decentralized sequencers matters significantly since this shift enables direct revenue distribution.



Competitive positioning requires honest assessment. Arbitrum&#8217;s 44% market dominance and Base&#8217;s 33% represent positions difficult for new entrants to overcome. Smaller networks need compelling differentiation beyond marginally lower fees or slightly faster transactions.



Ecosystem development beyond DeFi speculation provides sustainability. Gaming, social applications, and real-world asset tokenization represent growth vectors less dependent on yield farming cycles that inevitably fade. Base&#8217;s integration with Coinbase&#8217;s user base demonstrates strategic positioning toward consumer applications.



Remember that Layer 2 tokens represent leveraged Ethereum exposure. If ETH struggles, L2 networks face amplified headwinds. Conversely, Ethereum strength multiplies through Layer 2 ecosystems as users migrate from expensive mainnet transactions.



<h2 class="wp-block-heading">The Bottom Line</h2>



Layer 2 infrastructure is winning. Usage is real. Developers are building. Transaction volumes are growing. The technology works.



But token success lags infrastructure success because current tokenomics inadequately capture the value these networks create. Until decentralized sequencers distribute revenue to token holders, governance tokens represent indirect rather than direct claims on growing economic activity.



The most promising opportunities combine proven usage metrics, credible paths toward decentralized sequencers, and tokenomics beginning to incorporate actual value accrual. That&#8217;s a short list right now. Arbitrum and Base best fit this profile given their market dominance and revenue generation, though their token economics still need improvement.



Can L2 tokens keep outperforming? Yes, if networks maintain usage growth and implement better value capture mechanisms. But don&#8217;t confuse infrastructure success with token success. Those aren&#8217;t always the same thing.



For now, I&#8217;m staying exposed but selective. The momentum&#8217;s real. The technology&#8217;s proven. Whether the tokens ultimately capture the value being created remains the open question we&#8217;re all trying to answer.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

Layer 2 Tokens Are Outperforming But Can It Last?

It is not hard finding Bitcoin <a class="ticker-link" data-ticker="BTC" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/BTC-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</a> bulls heading into 2026. Some of the bears out there are the same voices who have been calling for a big and more permanent sell off for the past 10 years – with short-seller extraordinaire Michael Burry recently <a href="https://theamericanvanguard.com/economic-business/michael-burry-warns-of-ai-bubble-shares-insights-on-bitcoin-and-stocks/">calling </a>its valuation "the most ridiculous thing."



Some investors might not think Bitcoin is a ridiculous Ponzi scheme, like Burry, but they are not getting caught up in last fall's all time highs and expecting a repeat. Fidelity is urging caution, and thinks the prime digital currency can rise and mostly trade sideways. Galaxy Research thinks Bitcoin will have a <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49534517/bitcoin-to-see-a-boring-2026-before-explosion-to-250000-in-2027-galaxy-research">"boring" </a>2026.&nbsp;



However, with the Federal Reserve looking to cut interest rates in 2026, and overall market sentiment for traditional securities very positive, the market is being primed for the return of $100,000-plus Bitcoin next year. Bitcoin prices are currently around $90,000, well below its peak of <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48059680/bitcoin-tops-126000-ethereum-xrp-dogecoin-also-gain-eth-will-pump-like-gold-says-this-analyst">$126,000 in October.</a>



<h2 class="wp-block-heading">Who&#8217;s Bullish?</h2>



Grayscale Investments, in its <a href="https://research.grayscale.com/reports/2026-digital-asset-outlook-dawn-of-the-institutional-era" rel="nofollow">2026 Digital Asset Outlook</a> published this month, said 2026 will see a broadening of the Wall Street adoption theme. Grayscale's research team predicts Bitcoin to reach a new all-time high in early 2026. Bitcoin's prior peak was around $126,000.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
"The current bull market has lasted more than three years, and the most recent Bitcoin halving was in April 2024, more than 1.5 years ago. Therefore, conventional wisdom among certain market participants says that Bitcoin's price likely peaked in October, and 2026 will be a challenging year for crypto returns. We expect rising valuations across all six crypto sectors in 2026, and Bitcoin could exceed its previous high in the first half of the year." – 2026 Digital Asset Outlook: Dawn of the Institutional Era by Grayscale research team, Dec. 2025.
</blockquote>



Analysts at JPMorgan are bullish. 



In a December 2025 client note, JPMorgan strategists led by Nikolaos Panigirtzoglou stuck with the old "digital gold" theme. Their model implies a <a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48693117/jpmorgan-says-bitcoin-has-67-upside-sees-170000-within-next-6-months">"theoretical price of close to $170,000"</a> in the next 6 to 12 months. In other words, if Bitcoin's market value grows to rival gold's on a volatility-adjusted basis, it could trade around $170,000 sometime in 2026, he said.



Bitcoin underperformed gold in 2025



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoiner <a href="https://twitter.com/GrantCardone?ref_src=twsrc%5Etfw">@GrantCardone</a> ran this poll. 69% of 5,553 voters chose Bitcoin. Can Bitcoin win again? You are given $100,000 and one of the conditions of the gift is you MUST either invest ALL of it in Bitcoin, Gold or Silver and must hold until Dec 19, 2028. Which are you buying?&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/2002771281742336157?ref_src=twsrc%5Etfw">December 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Cathie Wood, CEO of Ark Invest, remains one of Bitcoin's most ardent bulls. Back in September 2021, she predicted Bitcoin could hit $500,000 by 2026. Her investment case is based on corporations allocating some of their cash to Bitcoin, and institutional investors holding around 5% BTC in a standard tech portfolio. 



In an <a href="https://www.youtube.com/watch?v=L46TaOsbm3c" rel="nofollow">interview</a> with the South Korean show Global Money Talk this month, Wood ranked Bitcoin as her top crypto holding and <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49392219/cathie-woods-2026-playbook-btc-leads-crypto-portfolio-trimming-tsla-to-rebalance">called</a> it "a global monetary system, a technology, and an entirely new asset class. It&#8217;s the crypto that institutions will dip their toes into first. So Bitcoin has to be on the top of the list."&nbsp; She has about 12% of her tech funds in crypto.



<h2 class="wp-block-heading">Who&#8217;s Bearish?</h2>



Fidelity's Director of Global Macro Jurrien Timmer foresees a potential pullback in 2026. Timmer noted in late 2025 that Bitcoin's October all-time-high might have marked the top of the bull cycle, aligning with the historic halving-driven cycles in previous years. He predicts Bitcoin could enter a bear market in 2026, potentially "revisiting the $65,000 to $70,000 range" as a bottom.



As it is, Bitcoin is closer to Timmer's $70,000 price tag now than its October high.



Galaxy Digital's research team, led by Alex Thorn, said 2026 will be "one of the most difficult years to forecast" for Bitcoin.&nbsp;



In Galaxy's <a href="https://www.galaxy.com/insights/research/predictions-2026-crypto-bitcoin-defi" rel="nofollow">2026 predictions report</a> published Dec. 18, Thorn said market uncertainty was "extremely high." Bitcoin options market pricing implies equal odds of Bitcoin being $70,000 or $130,000 by mid-2026, and an even wider $50,000 low to a $250,000 high by the end of the year.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;The bear market is here and Bitcoin is heading down to $65,000&quot; That&#39;s what Fidelity&#39;s director of global macro Jurrien Timmer thinks. While Jurrien is bullish on <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> in the long term, he believes that Bitcoin is once again following its historical 4-year cycle driven by its… <a href="https://t.co/KFPcBWTcZP">pic.twitter.com/KFPcBWTcZP</a>&mdash; Lark Davis (@LarkDavis) <a href="https://twitter.com/LarkDavis/status/2002767283937055076?ref_src=twsrc%5Etfw">December 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The fourth quarter saw investors selling from the peak, leading to Bitcoin's worst fourth quarter performance since 2018. BTC prices fell 22.62% so far in the fourth quarter, versus a 42% drop in 2018, <a href="https://twitter.com/Cointelegraph/status/2002793776461340846" rel="nofollow">according to CoinGlass data.</a>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
Burry's critique of Bitcoin, recently, fits in with his larger critique of the hype around artificial intelligence. Like the AI investor craze, led by chip maker Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>), Burry said Bitcoin was "one of the biggest speculative bubbles in history," likening it to "tulip mania" – a period during the Dutch Golden Age, roughly from 1634 to early 1637, when contracts for certain rare tulip bulbs traded at extraordinarily high prices.
</blockquote>



Thorn is a good example of the bull/bear hybrid. Bearish short-term. Bullish long term. He thinks 2026 "could be a boring year for Bitcoin. Whether it finishes at $70k or $150k, our bullish outlook over longer time periods is only growing stronger."



"I predict that Bitcoin&#8217;s days of purely parabolic growth are over," said Joel Valenzuela, a core member of the Dash DAO <a href="https://www.benzinga.com/quote/DSH-USD" target="_blank" class="ticker-link" data-ticker="DSH" data-exchange="CRYPTO" rel="noopener">(CRYPTO: DSH)</a>. "We will likely see it remain a very strong asset for years to come, but I would expect most growth to be in other sectors of the crypto space next year. They have a lot of catching up to do, and offer a much greater spectrum of real-world applications," he said.



The writer owns Bitcoin via the Grayscale Bitcoin Trust. 



Feature Image Credit: Author



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

Bitcoin In 2026: Bullish And Bearish Price Targets

Strategy Inc. <a class="ticker-link" data-ticker="MSTR" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/MSTR" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSTR">MSTR</a>)</a> sold $747.8 million in stock but bought zero Bitcoin <a class="ticker-link" data-ticker="BTC" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/BTC-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</a> the prior week, breaking its accumulation streak as the stock hovers just above <a href="https://www.benzinga.com/money/strategy-stock-price-prediction">critical $155 support</a>.



<h3 class="wp-block-heading">No BTC Buys, Just Equity Sales</h3>



Strategy <a href="https://x.com/saylor/status/2003089335722328075">reported</a> no new Bitcoin purchases during the week ending Dec. 21, leaving total holdings frozen at 671,268 BTC valued at roughly $64 billion at current prices.



Instead, the company sold 4.54 million shares of Class A common stock between Dec. 15-21, generating $747.8 million in net proceeds. 



No preferred shares were issued during the period under any of Strategy&#8217;s four perpetual preferred stock programs—STRF, STRC, STRK, or STRD.



The company retains over $41 billion in remaining issuance capacity across common and preferred equity offerings.&nbsp;



Strategy&#8217;s cumulative Bitcoin purchase price stands at $50.33 billion, with an average acquisition cost of $74,972 per BTC—meaning the position is up roughly 19% at Bitcoin&#8217;s current $89,000 level.



<h3 class="wp-block-heading">Cash Reserve Grows To $2.19B</h3>



Strategy disclosed its U.S. dollar reserve grew to $2.19 billion as of Dec. 21, up from the initial $1.44 billion funding in early December.



The shift to building cash rather than buying BTC marks a tactical pause after months of aggressive accumulation that pushed Strategy&#8217;s holdings from roughly 400,000 BTC in mid-2024 to over 671,000 by year-end 2025.



<h3 class="wp-block-heading">MSTR Struggles To Find Direction</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="717" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22130948/image-412-1024x717.png" alt="" class="wp-image-1225556" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22130948/image-412-1024x717.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22130948/image-412-300x210.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22130948/image-412-768x538.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22130948/image-412.png 1316w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Price Prediction for MSTR by TradingView



MSTR is up 0.26% on Monday, but the stock has collapsed roughly 64% from July highs near $460. 



Selling pressure accelerated through November and December, with every rally attempt systematically rejected.



The Supertrend indicator sits at $201.87, well above current price, while SAR dots at $191.01 reinforce bearish structure.&nbsp;



Both momentum indicators need to flip below price to signal any trend reversal.



Immediate support rests at $155-$160 i.e. the December low.&nbsp;



A break below $155 would likely trigger selling and open the door to $125, where limited support exists.&nbsp;



That represents another 24% downside from current levels.



Resistance stands at $175-$180 initially, but meaningful overhead supply exists at $190-$200 where both technical indicators sit.&nbsp;



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49544009/bitmine-adds-98852-eth-but-bmnr-stock-is-just-2-away-from-disaster">Bitmine Adds 98,852 ETH, But BMNR Stock Is Just $2 Away From Disaster</a></li>
</ul>



Image: Shutterstock

Strategy Sells $748M In Stock But Buys Zero BTC—Bad News For MSTR?

BitMine Immersion Technologies Inc <a class="ticker-link" data-ticker="BMNR" data-exchange="NYSE" href="https://www.benzinga.com/quote/BMNR" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BMNR">BMNR</a>)</a> added 98,852 Ethereum <a class="ticker-link" data-ticker="ETH" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/ETH-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</a> in the past week as the stock trades around $31 on Monday, just $2 above a <a href="https://www.benzinga.com/etfs/specialty-etfs/25/12/49536154/rex-shares-t-rex-2x-long-bmnr-daily-target-etf-delivers-an-ethereum-proxy-for-equities-market-speculators">critical support level</a>.



<h3 class="wp-block-heading">BMNR Holdings Hit 4 Million ETH</h3>



Bitmine now owns 3.37% of ETH&#8217;s circulating supply, two-thirds of the way to Chairman Thomas Lee&#8217;s &#8220;Alchemy of 5%&#8221; target.



The company <a href="https://www.prnewswire.com/in/news-releases/bitmine-immersion-bmnr-announces-eth-holdings-reach-4-066-million-tokens-and-total-crypto-and-total-cash-holdings-of-13-2-billion-302647765.html">crossed</a> 4.066 million ETH after just 5.5 months of aggressive accumulation, cementing its position as the world&#8217;s largest Ethereum treasury.&nbsp;



Total assets including $1 billion cash, 193 Bitcoin <a href="https://www.benzinga.com/quote/BTC-USD" target="_blank" class="ticker-link" data-ticker="BTC" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</a>, and a $32 million stake in Eightco Holdings Inc. <a class="ticker-link" data-ticker="ORBS" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/ORBS" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ORBS">ORBS</a>)</a> bring the balance sheet to $13.2 billion.



<h3 class="wp-block-heading">Stock Trades Like A Mega-Cap</h3>



Bitmine stock now trades $1.7 billion per day in average dollar volume, ranking 66th among all U.S. equities—behind Wells Fargo &amp; Co. <a class="ticker-link" data-ticker="WFC" data-exchange="NYSE" href="https://www.benzinga.com/quote/WFC" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WFC">WFC</a>)</a> and ahead of Chevron Corp. <a class="ticker-link" data-ticker="CVX" data-exchange="NYSE" href="https://www.benzinga.com/quote/CVX" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CVX">CVX</a>)</a>.



That liquidity rivals many S&amp;P 500 <a href="https://www.benzinga.com/quote/SPY" target="_blank" class="ticker-link" data-ticker="SPY" data-exchange="ARCA" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>)</a> components despite an 82% drawdown from July&#8217;s parabolic spike above $160.&nbsp;



Institutional backing from ARK Invest&#8217;s Cathie Wood, Founders Fund, Pantera Capital, and Galaxy Digital has kept flow steady even through the collapse.



The company remains the #2 global crypto treasury behind Strategy Inc. <a href="https://www.benzinga.com/quote/MSTR" target="_blank" class="ticker-link" data-ticker="MSTR" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSTR">MSTR</a>)</a>, which holds 671,268 BTC valued at $59 billion.



<h3 class="wp-block-heading">Staking Infrastructure Goes Live 2026</h3>



Bitmine plans to launch the &#8220;Made in America Validator Network&#8221; (MAVAN) in early 2026, positioning itself as infrastructure for institutional staking demand.



Lee compared the GENIUS Act and SEC&#8217;s Project Crypto to the 1971 end of Bretton Woods—calling it equally transformational for financial services. 



That regulatory clarity thesis underpins Bitmine&#8217;s bet that ETH becomes the settlement layer for tokenized Wall Street.



The company will hold its annual shareholder meeting at the Wynn Las Vegas on Jan. 15, 2026, with votes on increasing authorized shares and approving Lee&#8217;s performance-based compensation.



<h3 class="wp-block-heading">Chart Shows Make-Or-Break Setup</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="717" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22114408/image-409-1024x717.png" alt="" class="wp-image-1225360" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22114408/image-409-1024x717.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22114408/image-409-300x210.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22114408/image-409-768x538.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22114408/image-409.png 1316w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



BMNR Price Analysis on TradingView



BMNR is trading at $31.20, down 0.4%, and remains trapped in a tightening symmetrical triangle formed since mid-November. 



The compression signals an imminent breakout or breakdown.



Support sits at $29.60 i.e. the December low.&nbsp;



A break below exposes the stock to pre-spike levels around $10-$15 with limited historical support in between.



Resistance stands at $35-$36 initially, then $40 where the Supertrend indicator sits.&nbsp;



The SAR dots at $38.78 reinforce bearish structure—both momentum indicators need to flip below price to signal any trend reversal.



More substantial resistance exists at $48-$50, the October consolidation zone, but bulls need to reclaim $40 first to regain control.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49541482/coinbase-says-crypto-has-outgrown-wild-west-casino-era-as-stablecoins-race-toward-1-2-trillion">Coinbase Says Crypto Has Outgrown &#8216;Wild West&#8217; Casino Era As Stablecoins Race Toward $1.2 Trillion</a></li>
</ul>



Image: Shutterstock

Bitmine Adds 98,852 ETH, But BMNR Stock Is Just $2 Away From Disaster

Coinbase Global Inc <a class="ticker-link" data-ticker="COIN" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/COIN" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/COIN">COIN</a>)</a> projects stablecoins will hit $1.2 trillion by 2028 as crypto sheds its &#8220;Wild West&#8221; reputation and matures into institutional-grade assets that behave more like tech stocks than <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49534517/bitcoin-to-see-a-boring-2026-before-explosion-to-250000-in-2027-galaxy-research">speculative casino chips</a>.



<h3 class="wp-block-heading">Crypto&#8217;s New Normal Looks Like Tech Stocks</h3>



After a volatile 2025 that saw the total crypto market cap peak at $4.2 trillion before correcting to $3.0 trillion, Coinbase argues the industry has entered a new phase defined by clearer regulation, corporate adoption, and diminished volatility.



Bitcoin&#8217;s 90-day volatility now hovers between 35-40%—comparable to major tech stocks like Nvidia Corp <a class="ticker-link" data-ticker="NVDA" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/NVDA" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>)</a> and Tesla Inc <a class="ticker-link" data-ticker="TSLA" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/TSLA" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>)</a>. 



That marks a structural shift from speculative outlier to portfolio staple.



The traditional four-year halving cycle is becoming obsolete. 



<h3 class="wp-block-heading">Bitcoin: The New High-Growth Tech Stock</h3>



Spot Bitcoin <a class="ticker-link" data-ticker="BTC" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/BTC-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</a> ETFs have anchored long-term demand, pulling $58 billion since launch.



That steady institutional bid has compressed volatility and eliminated the violent drawdowns that characterized previous cycles.



Meanwhile, digital asset treasuries emerged as the corporate playbook. 



Publicly-traded firms like Strategy Inc. <a href="https://www.benzinga.com/quote/MSTR" target="_blank" class="ticker-link" data-ticker="MSTR" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSTR">MSTR</a>)</a> allocate entire balance sheets to crypto, with these DATs holding over 4% of ETH&#8217;s circulating supply by year-end.



Tokenized assets are scaling alongside direct holdings. 



BlackRock Inc&#8217;s <a href="https://www.benzinga.com/quote/BLK" target="_blank" class="ticker-link" data-ticker="BLK" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BLK">BLK</a>)</a> BUIDL tokenized money market fund topped $2 billion in assets, pushing tokenized U.S. Treasuries to roughly 25% of total real-world assets on-chain.



However, Bitcoin faces a quantum security threat that could force network-wide migration by 2035. 



About 6.51 million BTC—32.7% of supply, sits in addresses with exposed public keys vulnerable to future quantum attacks. BlackRock flagged the timeline in May 2025 filings as a structural concern.



<h3 class="wp-block-heading">Ethereum Maintains Settlement Dominance</h3>



Ethereum <a href="https://www.benzinga.com/quote/ETH-USD" target="_blank" class="ticker-link" data-ticker="ETH" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</a> rebounded nearly 250% from April lows on institutional DAT demand and spot ETF inflows.



However, October's deleveraging event interrupted momentum and capped the late-summer rally.



Earlier, the March 2025 Pectra upgrade delivered blob scaling, account abstraction, and improved staking efficiency.



At the same time, Ethereum's stablecoin supply reached fresh highs in November, reinforcing settlement dominance.



Looking ahead, Coinbase expects ETF inflows to resume in 2026 as macro conditions ease.



<h3 class="wp-block-heading">The $1 Trillion Stablecoin Thesis</h3>



Stablecoins are eating the world as transaction volumes hit $47.6 trillion in 2025. 



Coinbase forecasts the stablecoin market cap could quadruple to $1.2 trillion by 2028.



Supply continues to grow at 30-40% compound annual rates, supported by payments, remittances, and treasury operations. 



The firm expects consolidation among issuer-backed stablecoins, resulting in a small number of dominant digital dollars.



Critically, stablecoins are shifting from trading arbitrage to infrastructure. 



They are becoming core plumbing for global payments and commerce, offering instant settlement and 24/7 availability that traditional rails cannot match.



Coinbase cautioned that USD-pegged stablecoins may reinforce dollar dominance even as crypto adoption accelerates globally.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49534517/bitcoin-to-see-a-boring-2026-before-explosion-to-250000-in-2027-galaxy-research">Bitcoin To See A &#8216;Boring&#8217; 2026 Before Explosion To $250,000 In 2027: Galaxy Research</a></li>
</ul>



Image: Shutterstock

Coinbase Says Crypto Has Outgrown 'Wild West' Casino Era As Stablecoins Race Toward $1.2 Trillion

Jiuzi Holdings, Inc. <a class="ticker-link" data-ticker="JZXN" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/JZXN" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/JZXN">JZXN</a>)</a> said it has <a href="https://www.benzinga.com/pressreleases/25/12/n49533831/jiuzi-holdings-inc-nasdaq-jzxn-and-exsat-network-ltd-sign-cooperation-agreement-to-jointly-explore">signed a cooperation agreement</a> with EXSAT.NETWORK LTD, the core ecosystem organization of the global cryptocurrency project EOS, to jointly explore and develop an institutional-grade cryptocurrency custody business with an expected scale of up to $3 billion.



The agreement marks Jiuzi's formal entry into the global digital asset custody space and represents a strategic expansion beyond its existing operations. The company said the partnership positions it to participate in the accelerating institutionalization of cryptocurrency markets worldwide.



<h2 class="wp-block-heading">Building Institutional-Grade Infrastructure</h2>



Under the agreement, Jiuzi Holdings and EXSAT.NETWORK plan to jointly construct a global-facing business framework and technical system focused on cryptocurrency depository and custody services. 



Also Read: <a href="https://www.benzinga.com/node/49367117">Small China NEV Dealer Eyes $1 Billion Crypto Pivot</a>



The initiative is expected to include the design of a $3 billion-scale custody platform, the establishment of institutional-grade compliance and operational standards, and the development of secure custody solutions.



EXSAT.NETWORK is expected to contribute its experience in high-performance public blockchain infrastructure, wallet technology, and security architecture. 



The partners plan to integrate features such as multi-signature authorization, distributed custody, and on-chain transparent auditing, while also exploring value-added services including yield management, clearing and settlement, and financial products built around custodied assets.



<h2 class="wp-block-heading">Management Commentary</h2>



Jiuzi's management described the agreement as a "qualitative leap" in the company's strategy spanning new energy, fintech, and digital assets. 



"By partnering directly with the core ecosystem organization of the EOS to co-build infrastructure for a $3 billion USD-level cryptocurrency depository business, we significantly enhance our global perspective and industry position," management said, adding that it is "extremely optimistic" about the company's prospects over the next three to five years.



EXSAT.NETWORK said it sees strong alignment with Jiuzi's Nasdaq-compliant operations and compliance focus. Industry observers note that deeper ties with the EOS ecosystem could enhance Jiuzi's visibility as crypto custody demand shifts toward regulated, institutional solutions, potentially influencing longer-term investor perception of JZXN shares.



JZXN Price Action: Jiuzi Hldgs shares were down 13.13% at $1.65 at the time of publication on Monday. The stock is trading at a new 52-week low, <a href="https://www.benzinga.com/pro/" target="_blank" rel="noreferrer noopener">according to Benzinga Pro data</a>.



Read Next:



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<li><a href="https://www.benzinga.com/m-a/25/12/49537538/caci-moves-into-space-based-intelligence-with-2-6b-arka-deal">CACI Moves Into Space-Based Intelligence With $2.6B ARKA Deal</a></li>
</ul>



Photo by basiczto via Shutterstock

What's Going On With Jiuzi Holdings Stock Monday?

Bridgewater Associates founder Ray Dalio warns that Bitcoin <a class="ticker-link" data-ticker="BTC" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/BTC-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</a> could be &#8220;cracked and controlled&#8221; by governments—a vulnerability he says doesn&#8217;t <a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48889304/jpmorgan-forecasts-bitcoin-bottom-anticipates-28-3-trillion-challenge-to-gold-by-2026">exist with gold</a>.



<h3 class="wp-block-heading">Dalio Questions Bitcoin&#8217;s Security Premise</h3>



In a preview of the upcoming &#8220;WTF is Finance&#8221; podcast, Dalio said that Bitcoin&#8217;s transaction transparency <a href="https://x.com/DegenerateNews/status/2002429009154748804?s=20">creates</a> a fatal flaw.



&#8220;One can monitor what the transactions are, governments can monitor what the transactions are, and governments can interfere with those transactions,&#8221; Dalio noted.



&#8220;Gold is the only asset that you can have that they can&#8217;t mess with and control,&#8221; he added.



The billionaire hedge fund manager also questioned Bitcoin&#8217;s scarcity narrative, comparing potential vulnerabilities to synthetic diamonds.



He noted that Bitcoin faces risks of being cracked, broken, or otherwise controlled.



<h3 class="wp-block-heading">Technical Setup Points To Breakdown Risk</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="717" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22100852/image-408-1024x717.png" alt="" class="wp-image-1225169" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22100852/image-408-1024x717.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22100852/image-408-300x210.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22100852/image-408-768x538.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22100852/image-408.png 1316w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



BTC Price Action By TradingView



Bitcoin is testing critical support within a descending triangle pattern that&#8217;s been compressing price action since October.



The 20, 50, 100, and 200 EMAs have converged in the $93,500-$101,900 range.&nbsp;



This creates a resistance cluster that bulls need to reclaim.



Immediate support sits at $88,600-$89,000, with the triangle&#8217;s lower boundary at $84,000 representing the line in the sand.



A breach of $84,000 would likely trigger accelerated selling toward $80,000.&nbsp;



On the upside, reclaiming $93,500 would be the first constructive step, though the real test lies at $99,200-$101,900 where longer-term moving averages reside.



<h3 class="wp-block-heading">Money Flow Analysis</h3>



The Chaikin Money Flow indicator reads -0.08, indicating more selling pressure than buying pressure.



The CMF has oscillated near the zero line throughout December, suggesting indecision rather than aggressive selling.



Previous periods of negative CMF in October and November coincided with price corrections, making this metric worth monitoring as Bitcoin approaches triangle apex support.



Read Next: 



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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/12/49538402/adeia-strikes-long-term-disney-deal-ends-legal-fight-lifts-outlook">Adeia Strikes Long-Term Disney Deal, Ends Legal Fight, Lifts Outlook</a></li>
</ul>



Image: Shutterstock

Ray Dalio Warns Bitcoin Could Be 'Cracked And Controlled'—But Another Asset Can't

JPMorgan Chase &amp; Co. <a class="ticker-link" data-ticker="JPM" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/JPM" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>)</a> is exploring cryptocurrency trading services for institutional clients, marking a potential sea change for the <a href="https://www.benzinga.com/markets/tech/25/12/49385784/jamie-dimon-warns-ai-will-eliminate-jobs-but-says-these-skills-will-help-people-bag-plenty-of-jobs-you-can-earn-quite-a-bit-of-money-with-skills">largest U.S. bank by assets</a>.



What Happened: The Wall Street giant is assessing spot and derivatives trading capabilities within its markets division, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-12-22/jpmorgan-is-exploring-crypto-trading-for-institutional-clients?srnd=homepage-americas">reported</a> Monday, citing a person familiar with the plans. 



The effort remains early-stage and hinges on client demand, regulatory feasibility, and risk assessment.



Why It Matters: JPMorgan&#8217;s potential entry would be the clearest signal yet that crypto has crossed the Rubicon from &#8220;pet rock&#8221;—CEO Jamie Dimon&#8217;s <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48540185/jpmorgan-ceo-jamie-dimon-once-called-bitcoin-a-pet-rock-now-he-says-crypto-stablecoins-are-real-well-all-use-them">infamous 2017 dismissal</a>—to a legitimate institutional asset class.



The development comes in light of a pronounced shift in the regulatory landscape in 2025:



<ul class="wp-block-list">
<li>The Trump administration installed <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49500115/senate-confirms-trumps-crypto-friendly-nominees-mike-selig-and-travis-hil-to-lead-cftc-fdic">crypto-friendly regulators</a>.</li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46009971/trump-cheers-incredible-stablecoin-bill-passed-by-senate-get-it-to-my-desk-asap-no-delays">New stablecoin legislation</a> cleared Congress.</li>



<li>The OCC <a href="https://www.benzinga.com/crypto/25/10/48242832/peter-thiel-palmer-luckey-and-joe-lonsdale-backed-crypto-friendly-erebor-bank-gets-preliminary-nod-from-us-regulator">has greenlighted</a> banks as crypto intermediaries.</li>
</ul>



Dimon&#8217;s tone has evolved accordingly, <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37625781/jpmorgan-ceo-jamie-dimon-vows-to-defend-your-right-to-buy-bitcoin-but-hints-at-unseen-macr">saying</a> &#8220;I don&#8217;t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin. Go at it.&#8221;



JPMorgan isn&#8217;t starting from zero. The bank has recently arranged a short-term bond for Galaxy Digital <a class="ticker-link" data-ticker="GLXY" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/GLXY" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GLXY">GLXY</a>)</a> on the Solana <a class="ticker-link" data-ticker="SOL" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/SOL-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</a> blockchain and plans to accept Bitcoin <a class="ticker-link" data-ticker="BTC" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/BTC-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</a> and Ethereum <a class="ticker-link" data-ticker="ETH" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/ETH-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</a> as <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48404937/pet-rock-no-more-jpmorgan-to-accept-bitcoin-ethereum-as-collateral">loan collateral</a> for institutional clients.



It has also launched its first-ever money market fund on Ethereum, initially <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49388632/jpmorgan-to-rival-blackrock-goldman-sachs-with-100m-tokenized-money-market-fund">seeded with $100 million</a>.



What&#8217;s Next: JPMorgan would join a growing list of traditional finance heavyweights building crypto exposure, such as BlackRock <a class="ticker-link" data-ticker="BLK" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/BLK" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/BLK">BLK</a>)</a> and Goldman Sachs <a class="ticker-link" data-ticker="GS" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/GS" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GS">GS</a>)</a>. 



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49534517/bitcoin-to-see-a-boring-2026-before-explosion-to-250000-in-2027-galaxy-research">Bitcoin To See A &#8216;Boring&#8217; 2026 Before Explosion To $250,000 In 2027: Galaxy Research</a></li>
</ul>



Photo: Shutterstock

JPMorgan Weighs Crypto Trading Desk For Institutions: Report

Blockchain technology is solving a problem that has existed in finance for centuries: how do you make expensive, illiquid assets accessible to everyday investors? The answer involves converting traditional assets into digital tokens that can be bought, sold, and traded like stocks.



Major players like BlackRock Inc. <a class="ticker-link" data-ticker="BLK" data-exchange="NYSE" href="https://www.benzinga.com/quote/BLK" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BLK">BLK</a>)</a> and Apollo Global Management Inc. <a class="ticker-link" data-ticker="APO" data-exchange="NYSE" href="https://www.benzinga.com/quote/APO" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/APO">APO</a>)</a> are betting big on this approach. The tokenized asset market has reached $24 billion in 2025, representing a 308% increase over three years, according to data from RWA.xyz, and financial institutions believe this is just the beginning of a much larger transformation.



<h2 class="wp-block-heading">Property Investment Gets A Digital Makeover</h2>



Buying real estate typically requires hundreds of thousands of dollars, making it impossible for most people to invest in commercial properties or luxury developments. Tokenization changes this equation by splitting properties into thousands of digital shares.



Here&#8217;s a practical example. A $50 million office building in Dubai can be divided into 50,000 tokens worth $1,000 each. Investors anywhere in the world can purchase these tokens, receiving proportional rental income and benefiting from property appreciation.



The Dubai Land Department rolled out blockchain based property registration earlier in 2025, making it easier to record ownership digitally. Similar initiatives are happening across Latin America, where developers are tokenizing hotels and apartment buildings. An investor with $10,000 can now own pieces of properties across multiple countries and asset types.



<h2 class="wp-block-heading">Private Credit Becomes Accessible</h2>



Private credit has grown into a $3 trillion industry, but average investors have been locked out due to high minimums and lengthy lockup periods. Wall Street firms are using tokenization to change this dynamic.



Apollo launched a tokenized credit fund in January 2025 through a partnership with Securitize Inc. The fund provides access to corporate lending and structured credit opportunities that were previously available only to institutions. Within six months, it attracted over $100 million from investors.



The fund operates on six different blockchains including Ethereum <a href="https://www.benzinga.com/quote/ETH-USD" target="_blank" class="ticker-link" data-ticker="ETH" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</a>, Solana <a href="https://www.benzinga.com/quote/SOL-USD" target="_blank" class="ticker-link" data-ticker="SOL" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</a>, and Avalanche <a href="https://www.benzinga.com/quote/AVAX-USD" target="_blank" class="ticker-link" data-ticker="AVAX" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/avax/usd">AVAX</a>)</a>. This multi chain approach makes it easier for different types of investors to participate.



Performance has been competitive, beating treasury yields while offering daily liquidity. Investors can buy or sell their positions any business day rather than waiting years for a traditional private credit fund to mature. Private credit now represents roughly $17 billion of the tokenized asset market.



<h2 class="wp-block-heading">Commodities Move Onto Blockchain</h2>



Owning physical gold traditionally meant dealing with storage costs, insurance, and authentication concerns. Tokenization provides a solution by linking digital tokens directly to physical bullion held in secure vaults.



Matrixdock&#8217;s XAUm token exemplifies this approach. Each token equals one ounce of London Bullion Market Association certified gold stored in Singapore and Hong Kong vaults. The product has processed over 365,000 transactions and holds more than $45 million in value.



The legitimacy test came in April when Matrixdock completed its first public redemption. An investor converted tokens into a physical kilogram gold bar and picked it up from a Singapore vault. This proved the system genuinely backs tokens with real metal.



Tokenized gold products now exceed $3.6 billion in total value. Matrixdock announced plans in June 2025 to expand into silver, platinum, and palladium. Silver is particularly interesting given its industrial uses in electronics and solar panels, with prices currently above $35 per ounce.



<h2 class="wp-block-heading">Why Major Institutions Are Participating Now</h2>



Several factors explain why 2025 has marked a turning point rather than just another year of experimentation.



Regulatory clarity has improved significantly. The United States has more crypto friendly leadership at agencies like the Securities and Exchange Commission. Singapore&#8217;s Project Guardian moved from testing phase to commercial deployment with clear operational guidelines. The European Union, Switzerland, and United Arab Emirates have<a href="https://www.benzinga.com/Opinion/25/12/49482226/the-rise-of-tokenized-treasuries-how-blockchain-is-entering-the-heart-of-financial-markets"> established comprehensive frameworks</a>.



BlackRock&#8217;s BUIDL fund demonstrates this institutional confidence. Launched in March 2024, it surpassed $1 billion by March 2025 and peaked near $2.9 billion by mid 2025, making it the world&#8217;s largest tokenized treasury product. Major crypto exchanges now accept it as collateral for trading.



The operational benefits are substantial. Traditional securities take two business days to settle, while tokenized assets settle almost instantly. This reduces counterparty risk and frees up capital that would otherwise be locked during settlement periods.



Cost savings matter too. Traditional securities involve multiple intermediaries who each take fees. Tokenization automates many of these functions through smart contracts, potentially reducing costs by 40% to 60% for certain asset classes.



Securitize has become the leading platform in this space, having tokenized over $4 billion in assets for firms like Apollo, BlackRock, and KKR &amp; Co Inc. <a href="https://www.benzinga.com/quote/KKR" target="_blank" class="ticker-link" data-ticker="KKR" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KKR">KKR</a>)</a>. The company operates as a registered broker dealer and transfer agent, providing the regulatory structure institutions require.



Custody solutions have matured as well. Bank of New York Mellon Corp. <a href="https://www.benzinga.com/quote/BK" target="_blank" class="ticker-link" data-ticker="BK" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BK">BK</a>)</a> custodies BUIDL, while Coinbase Global Inc. <a href="https://www.benzinga.com/quote/COIN" target="_blank" class="ticker-link" data-ticker="COIN" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/COIN">COIN</a>)</a> Custody and Anchorage Digital support other tokenized products.



<h2 class="wp-block-heading">What Comes Next</h2>



Market forecasts suggest the tokenized asset market could reach between $500 billion and $3 trillion by 2030. Even conservative estimates point to multi trillion dollar potential within five years.



The range of tokenized assets keeps expanding. Early focus was on real estate, credit, and commodities, but tokenization is now reaching equities, corporate bonds, intellectual property, and carbon credits.



Major banks are moving beyond pilots. JPMorgan Chase &amp; Co (JPM), HSBC Holdings Plc <a class="ticker-link" data-ticker="HSBC" data-exchange="NYSE" href="https://www.benzinga.com/quote/HSBC" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HSBC">HSBC</a>)</a>, and Goldman Sachs Group Inc. <a class="ticker-link" data-ticker="GS" data-exchange="NYSE" href="https://www.benzinga.com/quote/GS" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GS">GS</a>)</a> are all<a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49388632/jpmorgan-to-rival-blackrock-goldman-sachs-with-100m-tokenized-money-market-fund"> testing or deploying blockchain settlement systems</a>.



Tokenization represents more than just technological improvement. It fundamentally changes how ownership works by making previously illiquid assets tradeable around the clock in global markets. An investor in Lagos can own fractions of Dubai real estate, Apollo credit strategies, and London gold bars, all settling in seconds.



As regulations solidify and infrastructure improves, tokenization looks set to become standard practice in finance rather than an experimental technology. The shift is already happening, driven by real economics.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

How Real World Asset Protocols Are Turning Illiquid Assets Into Investable Products

The market heads into Christmas week with software stocks stabilizing, crypto bouncing off recent lows, and liquidity set to thin as the holiday approaches.



<h3 class="wp-block-heading">Software Stocks Are Not Trading Like They're Disrupted by AI</h3>



Despite constant headlines about AI disruption, many core software names are not trading as if their businesses are being structurally impaired. Companies like ServiceNow, Adobe, Salesforce, and MongoDB continue to post recurring revenue growth, strong renewal rates, and expanding margins, even as multiples compress.



<figure class="wp-block-image"><img decoding="async" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/5b893e8c-210c-4f92-85c1-f98cbc37eff9/image.png" alt=""/></figure>



That said, the market is clearly differentiating. Stocks tied to usage-based models or slower AI monetization have seen more pressure, while platforms embedding AI directly into workflows are holding up better. This isn't blind optimism, but it's also not a collapse. The tape suggests investors are debating how fast AI changes software economics, not whether these companies survive.



<h3 class="wp-block-heading">Bitcoin and Ethereum Attempt a Comeback</h3>



Bitcoin has rebounded sharply from the 80k lows and is now trading around 89k, while Ethereum has reclaimed 3,000 after dipping into the mid-2,000s. The move reflects a stabilization in risk sentiment after forced selling and leverage flushes earlier this month.



Whether this turns into a sustained trend is still unclear. Crypto remains highly sensitive to liquidity, rates, and equity volatility, but the ability to bounce this hard off the lows keeps the longer-term bull case alive, even if near-term chop persists.



<h3 class="wp-block-heading">Short Week Ahead With Christmas Closure</h3>



This is a holiday-shortened trading week, with U.S. markets closed on Christmas Day. Liquidity is expected to be thin, and moves can be exaggerated in either direction.



Historically, this period can bring quiet consolidation or sharp, low-volume moves as positioning lightens into year-end. For investors, it's more about risk management than prediction until normal volume returns.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

Software Holds Ground, Crypto Rebounds

While the cryptocurrency sector has enjoyed tremendous momentum since the lull that occurred after the post-COVID rally, the upside hasn't been linear. For example, the vaunted Bitcoin <a href="https://www.benzinga.com/quote/BTC-USD-USD" target="_blank" class="ticker-link" data-ticker="BTC-USD" data-exchange="CRYPTO" rel="noopener">(CRYPTO: BTC-USD)</a> rally followed a step-wise pattern throughout 2024 and most of this year. Sure, BTC has managed to reach remarkable heights but the sentiment swing also attracted significant reactionary pressures as stakeholders looked to lock in their profits.



With the latest drawdown, Bitcoin investors suddenly saw a promising year go down the drain. Up to early October, BTC was up 33% for the year. At time of writing, the year-to-date performance fell to a loss of more than 5%. Even more problematic was the volatility impacting the alternative crypto or altcoin space. One of the more popular assets, XRP <a href="https://www.benzinga.com/quote/XRP-USD-USD" target="_blank" class="ticker-link" data-ticker="XRP-USD" data-exchange="CRYPTO" rel="noopener">(CRYPTO: XRP-USD)</a>, is down nearly 7% since the beginning of January.



Of course, extreme volatility has long represented the crypto sector's trademark. So, why do investors continue to pour money into the ecosystem? While the downside can be severe, the upside potential is what keeps speculators dreaming big. After all, before the big meltdown, the total market capitalization of all blockchain assets stood at $4.28 trillion.



Even at this moment, the value of the crypto market clocks in at just shy of the $3 trillion mark. That would make its economic level almost on par with France.



What might really attract attention is that there appears to be rising technical evidence of a possible recovery. Recently,<a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49503585/bitcoin-to-88000-ethereum-dogecoin-bounce-too-but-whys-xrp-lagging"> Bitcoin rebounded to $88,000</a> following Taiwan's Ministry of Justice disclosing a position held in BTC. In addition, the U.S. Senate confirmed two of President Donald Trump's nominees who hold<a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49500115/senate-confirms-trumps-crypto-friendly-nominees-mike-selig-and-travis-hil-to-lead-cftc-fdic"> favorable views regarding crypto regulations</a>.



As for XRP, the rebound that has lifted other digital assets has been somewhat of a laggard for the micropayment-oriented altcoin. Nevertheless, the latest reports suggest that large holders — colloquially known as whales — have been increasing their<a href="https://beincrypto.com/massive-xrp-whale-purchase-price-analysis/"> exposure</a> to XRP. What's notable here is that the accumulation is occurring despite widespread fear in the crypto arena.



To be clear, it's not prudent to make investing decisions based on one metric — especially if the underlying thesis is inferential rather than causal. Still, after a rotten few months in the crypto market, this latest data may be a relief to some investors.



The REX Shares ETF: For investors interested in XRP's possible recovery narrative but hesitant to deal with the crypto sector's many administrative challenges, exchange-traded funds offer a compelling alternative. Direct ownership of crypto assets carries operational risks that are often underappreciated, ranging from security breaches to simple user error, such as lost passwords.



Uniquely, the <a href="https://www.rexshares.com/xrpr/">REX Osprey XRP ETF</a> <a class="ticker-link" data-ticker="XRPR" data-exchange="BATS" href="https://www.benzinga.com/quote/XRPR" target="_blank" rel="noopener">(BATS:<a class="ticker" href="https://www.benzinga.com/quote/XRPR">XRPR</a>)</a> addresses many of the pain points of crypto investing. Rather than requiring investors to manage ownership fidelity themselves, the<a href="https://www.rexshares.com/xrpr/"> XRPR ETF</a> operates within a fully custodial framework. One important attribute is that private keys associated with the underlying XRP holdings are controlled by institutional-grade custodians, shifting the operational burden away from individual investors.



This structure does involve trade-offs, mainly that investors do not retain direct control over their digital assets. But on the flipside, they gain a regulated, exchange-traded vehicle that integrates more cleanly into traditional portfolios. For many participants, that balance between accessibility and security is a meaningful advantage.



What further distinguishes the XRPR ETF is its exposure profile. The fund seeks one-to-one exposure to XRP by holding the underlying tokens rather than relying exclusively on futures contracts or synthetic derivatives. As a result, XRPR offers a closer approximation to spot XRP performance than many crypto-linked products, while still operating within the familiar ETF wrapper.



That said, XRPR is not without risk. Regulatory uncertainty remains a persistent concern across the digital asset landscape and future legal developments could materially impact the product. Moreover, XRP's inherent volatility means price swings can bite hard, particularly during periods of market stress. As with all crypto-related investments, position sizing and risk management are critical.



The XRPR ETF: Due to a tough environment that coincided with the debut of the <a href="https://www.rexshares.com/xrpr/">XRPR ETF</a>, the altcoin fund is down about 39% since launching.



<ul class="wp-block-list">
<li>At the moment, the volatility is obviously unpleasant, with XRPR's price action submerged below the 20-day exponential moving average and the 50-day daily moving average</li>



<li>It's worth mentioning, though, that near-term momentum could be shifting favorably for the bulls. During the Dec. 19 session, XRPR gained roughly 7%.</li>



<li>While the bulls will be looking to secure the $16 level, overall volume levels need to be watched. Most recently, accumulation levels have been weak, presenting concerns.</li>
</ul>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1003" height="621" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22092324/image-405.png" alt="" class="wp-image-1225087" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22092324/image-405.png 1003w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22092324/image-405-300x186.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22092324/image-405-768x476.png 768w" sizes="(max-width: 1003px) 100vw, 1003px" /></figure>



It's no secret that the crypto environment features wild volatility and Bitcoin's October drought took down popular altcoins, including XRP. However, big inflows appear to be steadily moving into the ecosystem, which raises hopes for a possible turnaround.



For investors exploring the blockchain economy, the<a href="https://www.rexshares.com/xrpr/"> REX Osprey XRP ETF</a> offers a regulated way to engage XRP's recovery narrative without the operational friction that stems from direct ownership.



Featured image from <a href="https://www.shutterstock.com/image-photo/several-golden-cryptocurrencies-highlighting-bitcoin-coin-2255821517?trackingId=fc2c8ff6-ee72-432d-aecb-3e2e40e615c4">Shutterstock</a>



This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

Potential Rumblings In The Crypto Market Shine A Spotlight On The REX Osprey XRP ETF

While much of the discourse revolving around cryptocurrencies centers on price speculation, a quieter, less-appreciated transformation is occurring among publicly traded enterprises operating blockchain-adjacent businesses. One of the more notable examples in this emerging space is Bitmine Immersion Technologies Inc. <a href="https://www.benzinga.com/quote/BMNR" target="_blank" class="ticker-link" data-ticker="BMNR" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BMNR">BMNR</a>)</a>, which is billed as a digital asset infrastructure firm.



Historically, Bitmine focused on Bitcoin <a href="https://www.benzinga.com/quote/BTC-USD-USD" target="_blank" class="ticker-link" data-ticker="BTC-USD" data-exchange="CRYPTO" rel="noopener">(CRYPTO: BTC-USD)</a> mining, immersion-cooling technology and hosting services, leading to occasional spikes of technical demand. However, the extraordinary popularity of BTC had resulted in a capital-intensive mining operation. Following the 2024 Bitcoin halving event and a reassessment of capital efficiency, management began winding down overtly intensive protocols.



By the middle of this year, Bitmine had pivoted toward a markedly different strategy: positioning Ethereum <a href="https://www.benzinga.com/quote/ETH-USD-USD" target="_blank" class="ticker-link" data-ticker="ETH-USD" data-exchange="CRYPTO" rel="noopener">(CRYPTO: ETH-USD)</a> as the company's primary treasury reserve asset. So far, the results have been difficult to deny.



On a year-to-date basis, BMNR stock jumped over 302%, with many investors cheering the transition to ETH. At one point, the security commanded a triple-digit price tag. Unfortunately, blockchain-adjacent businesses tend to be volatile and Bitmine was no exception. For example, since the close of July 3, Bitmine had actually lost about 77% of value.



Still, it's also fair to point out that BMNR stock has enjoyed some stabilization in recent sessions. In the trailing month, the security gained 1% — indicating longer-scale digestion of fundamentals rather than the wild spikes in valuation that occurred in the prior paradigm.



Much of the relative stabilization appears to be a direct result of its business transition. Rather than focusing on hash rate expansion — the rapid increase in total computational power involved in mining operations — or the development of physical infrastructure, Bitmine now deploys capital primarily toward acquiring and managing Ethereum on its balance sheet. Through public offerings, private placements and at-the-market issuances, the company has raised funds largely to expand its digital asset treasury.



It&#8217;s important to note that Bitmine still maintains BTC-related services. However, this segment plays a secondary role relative to ETH market dynamics. To be sure, this framework makes BMNR stock more volatile than most other publicly traded securities. At the same time, Bitmine presents a hybrid investment — part corporate entity, part ETH balance-sheet proxy — that could make BMNR intriguing for risk-tolerant speculators.



The REX Shares ETF: Unlike mega-cap technology leaders with deeply established operating histories, BitMine represents a far more reflexive and capital-sensitive equity story. BMNR's pivot toward an ETH-centric treasury model has attracted attention precisely because of its asymmetric upside potential. However, that same structure introduces volatility that can make conventional directional exposure difficult to manage. For traders seeking amplified participation without relying on derivatives trading, alternatives become limited.



Of course, one way to express a high-conviction view on BMNR is through options strategies. Yet even relatively straightforward structures — such as debit-based vertical spreads — introduce layers of complexity that may not suit all participants. Margin requirements, multi-leg execution, and sensitivity to implied volatility can complicate what would otherwise be a simple directional thesis.



Within this context, financial services provider REX Shares offers the <a href="https://www.rexshares.com/bmnu/">T-REX 2X Long BMNR Daily Target ETF</a> <a class="ticker-link" data-ticker="BMNU" data-exchange="BATS" href="https://www.benzinga.com/quote/BMNU" target="_blank" rel="noopener">(BATS:<a class="ticker" href="https://www.benzinga.com/quote/BMNU">BMNU</a>)</a>. A single-stock leveraged exchange-traded fund, BMNU seeks to deliver 200% of the daily performance of the namesake security. At its core, the product enables aggressive exposure to BMNR's price action without requiring traders to construct synthetic positions themselves.



Mechanically, what distinguishes the BMNU ETF is that it achieves its targeted leverage through swap agreements and related derivatives linked to BMNR's daily movements. The fund follows a rules-based process and rebalances every trading session to maintain its stated exposure, making daily price action the dominant driver of results.



Beyond amplified access, BMNU may also offer a degree of capital efficiency. Because the fund targets 200% exposure, traders can theoretically deploy less capital than would be required to achieve a comparable position using BMNR shares outright. Any unused capital can then be allocated elsewhere or held as a liquidity buffer.



That said, the risks are substantial. Leveraged ETFs magnify both gains and losses, and BMNU is no exception. More importantly, due to the compounding effects associated with daily resets, BMNU is explicitly designed for short-term exposure. Holding positions beyond a single trading session can introduce positional drag, especially during periods of heightened volatility — a condition that BMNR itself frequently exhibits.



The BMNU ETF: Due to less-than-fortuitous timing, the <a href="https://www.rexshares.com/bmnu/">BMNU ETF</a> — which made its debut in late September — is down nearly 75% since its launch.



<ul class="wp-block-list">
<li>Despite the extended period of volatility, BMNU recently demonstrated its potential prowess, with the ETH-focused fund gaining over 21% on Friday.</li>



<li>Significantly, the bottom that was printed on Nov. 21 has recently held as support, potentially indicating brewing sentiment after an extended drought.</li>



<li>Adding to the enthusiasm, accumulation volume began rising from the second-half of November to the present day.</li>
</ul>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1005" height="625" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22090720/image-404.png" alt="" class="wp-image-1225059" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22090720/image-404.png 1005w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22090720/image-404-300x187.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/22090720/image-404-768x478.png 768w" sizes="(max-width: 1005px) 100vw, 1005px" /></figure>



While Bitcoin remains the global cryptocurrency benchmark, enterprises like Bitmine Immersion have grown concerned about capital efficiency and have turned to alternative assets like Ethereum. In doing so, Bitmine has become an ETH proxy. For those intrigued by the speculative idea, REX Shares BMNU ETF offers leveraged exposure to BMNR stock.<a href="https://www.rexshares.com/bmnu/"> Click here</a> to learn more details about this innovative trading vehicle.



Featured image from <a href="https://www.shutterstock.com/image-photo/bitcoin-price-crash-front-red-abstract-2169197201?trackingId=40cda32e-5992-45c6-81dd-e22d015b6dc1">Shutterstock</a>



This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

REX Shares' T-REX 2X Long BMNR Daily Target ETF Delivers An Ethereum Proxy For Equities Market Speculators

<h3 class="wp-block-heading">Key Findings</h3>



<ul class="wp-block-list">
<li>New research shows that 83 percent of tokens launched by top centralized exchanges in 2025 are currently trading below their listing price.</li>



<li>None of the exchanges included in the study recorded a positive performance rate above 20%.</li>



<li>High volume exchanges showed no structural advantage in post-listing token performance.</li>



<li>The data suggests that exchange listings function primarily as liquidity events rather than long-term value signals.</li>
</ul>



<h3 class="wp-block-heading">Overview</h3>



Token listings on major centralized exchanges are widely perceived as a milestone that validates a project and supports sustained price appreciation. This perception continues to shape investor behavior across the crypto market. However, a comprehensive review of token launches in 2025 presents a sharply different reality.



An analysis of tokens listed on the top centralized exchanges shows that the overwhelming majority failed to maintain their listing price. In most cases, tokens began trading lower shortly after listing and continued to underperform relative to their initial valuation.



<h3 class="wp-block-heading">Data and Methodology</h3>



The study examined tokens launched during 2025 across the top 10 centralized exchanges by trading volume, as ranked by Cryptorank. These platforms account for the majority of global spot trading activity and provide a representative view of centralized exchange listing outcomes.



Each token was evaluated using Listing Return on Investment, defined as the ratio between the current market price and the price at which the token was initially listed. Tokens with a Listing ROI equal to or greater than 1 were classified as positive performers, while tokens with a Listing ROI below 1 were classified as negative performers.



The dataset includes all qualifying launches within the observed period, with no survivorship filtering applied.



<h3 class="wp-block-heading">Results Across Exchanges</h3>



The chart below shows the absolute number of tokens trading above and below their listing price for each exchange. In every case, the number of negatively performing tokens significantly exceeds the number of positive outcomes



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131703/positive-vs-negative-token-launches-1-1-1024x1024.jpg" alt="" class="wp-image-24408" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131703/positive-vs-negative-token-launches-1-1-1024x1024.jpg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131703/positive-vs-negative-token-launches-1-1-300x300.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131703/positive-vs-negative-token-launches-1-1-150x150.jpg 150w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131703/positive-vs-negative-token-launches-1-1-768x768.jpg 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131703/positive-vs-negative-token-launches-1-1.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



A second visualization illustrates relative performance differences between exchanges. The results show that no platform achieved a positive performance rate above 20 percent, reinforcing the consistency of post listing underperformance across the industry&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131647/share-of-tokens-trading-above-listing-price-1024x1024.jpg" alt="" class="wp-image-24407" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131647/share-of-tokens-trading-above-listing-price-1024x1024.jpg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131647/share-of-tokens-trading-above-listing-price-300x300.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131647/share-of-tokens-trading-above-listing-price-150x150.jpg 150w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131647/share-of-tokens-trading-above-listing-price-768x768.jpg 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/22131647/share-of-tokens-trading-above-listing-price.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Gate recorded the highest share of tokens trading above their listing price at approximately 18 percent. MEXC and Bybit followed, each posting positive rates below 16 percent. At the lower end, Binance recorded the weakest relative performance, with roughly 6 percent of tokens trading above their listing price.



<h3 class="wp-block-heading">Interpretation</h3>



The findings indicate that centralized exchange listings tend to coincide with peak liquidity rather than the beginning of sustained price discovery. Tokens often experience heightened demand around listing events, followed by increased selling pressure as early participants realize gains.



Retail investors frequently enter positions after listing, when visibility and accessibility are highest. This timing aligns with increased exit activity from insiders, early investors, and market makers, contributing to sustained downside pressure.



The consistency of these outcomes across exchanges suggests that the pattern is structural rather than driven by exchange-specific factors.



<h3 class="wp-block-heading">Implications</h3>



These findings challenge the assumption that centralized exchange listings represent a favorable entry point for investors. Historical performance data shows that the probability of positive returns following a listing remains low, regardless of exchange size or market prominence.



For market participants, the results highlight the importance of reassessing listing events as risk points rather than validation signals. For analysts and researchers, the data underscores the need for closer scrutiny of token launch mechanics and post-listing market behavior.



<h3 class="wp-block-heading">Conclusion</h3>



In 2025, 83 percent of tokens launched by top centralized exchanges trade below their listing price. This outcome is consistent across platforms and independent of listing volume.



The evidence suggests that centralized exchange listings are more closely associated with value distribution than value creation. Any investment thesis that treats listings as inherently bullish must be reconsidered in light of these findings.



Note: This research was conducted by the author.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

83% of CEX Tokens Launched In 2025 Trade Below Listing Price

The era of explosive Bitcoin <a class="ticker-link" data-ticker="BTC" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/BTC-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</a> rallies is fading, with stablecoins and DeFi set to drive crypto's real growth next year, according to Galaxy Research&#8217;s 2026 outlook.



<h3 class="wp-block-heading">Bitcoin Faces Volatility Compression After 2025 Whipsaw</h3>



In the report <a href="https://www.galaxy.com/insights/research/predictions-2026-crypto-bitcoin-defi">published</a> on Dec.18, Galaxy says Bitcoin's maturation into a macro-style asset is compressing volatility and reducing the odds of the explosive rallies that defined earlier cycles.



Galaxy's Alex Thorn sees Bitcoin options markets now pricing downside protection more expensively than upside exposure.



He noted the shift aligns Bitcoin more closely with mature macro assets than high-growth technology trades.



Longer-term volatility has declined, driven in part by institutional yield strategies and growing derivatives activity.



While Galaxy reiterated its long-term bullish stance, projecting Bitcoin could reach $250,000 by 2027, the firm warned that 2026 may feel "boring" by comparison.&nbsp;



Thorn said Bitcoin must reclaim the $100,000–$105,000 zone to restore near-term upside momentum.



<h3 class="wp-block-heading">Solana Gains Ground As Capital Markets Shift Onchain</h3>



Galaxy highlighted Solana <a href="https://www.benzinga.com/quote/SOL-USD" target="_blank" class="ticker-link" data-ticker="SOL" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</a> as a key beneficiary of crypto's next phase, forecasting that the market capitalization of so-called "Internet Capital Markets" on the network could reach $2 billion in 2026, up from roughly $750 million today.



The research team said Solana's on-chain economy is maturing beyond meme-driven activity.



They pointed to new launchpad models and revenue-generating applications drawing more sustained capital.



Investor preference is increasingly shifting toward tokens with fundamental value, reinforcing Solana's role as a venue for financial experimentation rather than short-lived speculation.



Galaxy said inflation reduction proposals are unlikely to pass at the protocol level in 2026.



The firm expects governance focus to shift toward market structure upgrades rather than monetary policy changes.



<h3 class="wp-block-heading">Stablecoins Poised To Overtake Legacy Payment Rails</h3>



Galaxy predicts stablecoins will overtake traditional payment systems, becoming crypto's primary transaction rail by 2026.



The firm cited sustained 30%–40% compound annual growth in stablecoin supply and rising usage across payments, remittances, and settlement.



Post-GENIUS Act clarity may accelerate adoption, concentrating stablecoins into a few bank- and platform-backed digital dollars.



<h3 class="wp-block-heading">TradFi-Backed Stablecoins Consolidate Around Distribution And Ethereum Rails</h3>



Galaxy expects consolidation among TradFi-backed stablecoins as usage shifts from experimentation toward scaled payments and settlement.



The firm said consumers and merchants will not juggle multiple digital dollars, favoring one or two widely accepted tokens.



A group of major banks, including Goldman Sachs <a href="https://www.benzinga.com/quote/GS" target="_blank" class="ticker-link" data-ticker="GS" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GS">GS</a>)</a>, Deutsche Bank <a href="https://www.benzinga.com/quote/DB" target="_blank" class="ticker-link" data-ticker="DB" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DB">DB</a>)</a>, Bank of America <a href="https://www.benzinga.com/quote/BAC" target="_blank" class="ticker-link" data-ticker="BAC" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BAC">BAC</a>)</a>, and UBS <a href="https://www.benzinga.com/quote/UBS" target="_blank" class="ticker-link" data-ticker="UBS" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UBS">UBS</a>)</a>, are exploring G7-backed stablecoins.



PayPal <a href="https://www.benzinga.com/quote/PYPL" target="_blank" class="ticker-link" data-ticker="PYPL" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PYPL">PYPL</a>)</a> and Paxos' PYUSD highlights how distribution through existing payment networks outweighs launching standalone crypto tokens.



Additionally, Galaxy expects Ethereum <a href="https://www.benzinga.com/quote/ETH-USD" target="_blank" class="ticker-link" data-ticker="ETH" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</a> to remain the main settlement layer, hosting over 60% of global stablecoin supply.



As a result, 2026 likely brings fewer dominant stablecoins, deeper bank partnerships, and tighter integration with legacy payment rails.



<h3 class="wp-block-heading">DeFi And Onchain Applications Capture More Economic Value</h3>



Galaxy also projected that decentralized exchanges could account for more than 25% of global spot trading volume by the end of 2026, up from roughly 15%–17% today.



Lower fees, composability, and reduced friction are expected to continue shifting activity away from centralized venues.



At the same time, the firm said application revenue will increasingly outpace base-layer network revenue.&nbsp;



This shift reinforces the "Fat App" thesis, with Galaxy predicting that crypto-backed lending outstanding could exceed $90 billion by the end of 2026 as institutional participation deepens.



<h3 class="wp-block-heading">Altcoin ETF Launches Accelerate After SEC Listing Shift</h3>



Galaxy expects more than 50 spot altcoin ETFs and another 50 crypto ETFs to launch in the U.S. during 2026.



The firm said SEC approval of generic listing standards is removing friction for new spot altcoin products.



More than 15 spot ETFs tied to Solana, XRP <a href="https://www.benzinga.com/quote/XRP-USD" target="_blank" class="ticker-link" data-ticker="XRP" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</a>, Dogecoin <a href="https://www.benzinga.com/quote/DOGE-USD" target="_blank" class="ticker-link" data-ticker="DOGE" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</a>, Litecoin <a href="https://www.benzinga.com/quote/LTC-USD" target="_blank" class="ticker-link" data-ticker="LTC" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>)</a>, and Chainlink <a href="https://www.benzinga.com/quote/LINK-USD" target="_blank" class="ticker-link" data-ticker="LINK" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/link/usd">LINK</a>)</a> launched during 2025.



Galaxy expects remaining major crypto assets to follow with spot ETF filings as issuer pipelines expand.



Multi-asset and leveraged crypto ETFs are also expected, with over 100 filings currently in progress.



<h3 class="wp-block-heading">Prediction Markets, Privacy Tokens And AI Payments Expand</h3>



Galaxy identified prediction markets as one of crypto's fastest-growing segments, forecasting weekly trading volumes above $1.5 billion in 2026.&nbsp;



The firm cautioned that increased scrutiny is likely, with the potential for investigations tied to insider trading or market manipulation as volumes grow.



The research team also expects privacy-focused tokens such as Zcash <a href="https://www.benzinga.com/quote/ZEC-USD" target="_blank" class="ticker-link" data-ticker="ZEC" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/zec/usd">ZEC</a>)</a> &amp; Monero <a href="https://www.benzinga.com/quote/XMR-USD" target="_blank" class="ticker-link" data-ticker="XMR" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xmr/usd">XMR</a>)</a> to exceed&nbsp; a combined market capitalization of $100 billion.



In parallel, Galaxy said AI-driven payments could become a meaningful share of blockchain activity, with standardized payment protocols gaining traction on networks such as Base and Solana.



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