Leading cryptocurrencies fell alongside stocks on Monday, as investors prepare to analyze critical employment data.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 8:25 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-2.92%</td><td>$86,052.02</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.81%</td><td>$2,958.27</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.89%</td><td>$1.88</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-2.99%</td><td>$126.17</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.15%</td><td>$0.1294</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Crypto Market Falls Further</h2>



Bitcoin extended its losses, diving below $86,000 early afternoon. The decline spilled over to the broader market, dragging Ethereum below the key $3,000 mark as well.



XRP and Dogecoin were down more than 4% as of this writing.



Shares of cryptocurrency-linked stocks 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> and 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> closed down 8.14% and 6.37%, respectively, during the regular trading session.



Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. <a href="https://www.benzinga.com/edge/">Find out more about MSTR and COIN here.</a>



Over $600 million was liquidated from the cryptocurrency market over the last 24 hours, <a href="https://www.coinglass.com/LongShortRatio">according </a>to Coinglass, including $505 million in bullish long bets.



Bitcoin's open interest fell 1.88% in the last 24 hours, and more than 35% since the leading cryptocurrency's all-time highs in October.



The "Extreme Fear" sentiment persisted in the market, <a href="https://alternative.me/crypto/fear-and-greed-index/#google_vignette">according</a> to the Crypto Fear and Greed Index.



Top Gainers (24 Hours)&nbsp;



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency (Market Cap&gt;$100 M)</td><td>Gains +/-</td><td>Price (Recorded at 8:25 p.m. ET)</td></tr><tr><td>pippin (PIPPIN )&nbsp;&nbsp;&nbsp;</td><td>+22.91%</td><td>&nbsp; &nbsp; $0.4305</td></tr><tr><td>MYX Finance (MYX) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+12.99%</td><td>&nbsp; &nbsp; &nbsp; $0.1307</td></tr><tr><td>Four (FORM )&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</td><td>+10.60%</td><td>&nbsp; &nbsp; &nbsp; $0.3038</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.03 trillion, following a drop of 1.75% in the last 24 hours.



<h2 class="wp-block-heading">Stocks Slide Ahead Of Jobs Data Release</h2>



Stocks ended in the red on Monday. The Dow Jones Industrial Average slid 41.49 points, or 0.09%, to settle at 48,416.56. The S&amp;P 500 dipped 0.16% to finish at 6,816.51, while the tech-focused Nasdaq Composite fell 0.59% to 23,057.41.



The Bureau of Labor Statistics is set to release the November nonfarm payrolls data and the October establishment survey data on Tuesday.



Wall Street analysts <a href="https://www.benzinga.com/markets/economic-data/25/12/49404915/november-october-jobs-data-preview-what-to-expect-nfp-non-farm-payrolls-unemployment-rate-market-implications">forecast roughly 40,000 new nonfarm payrolls</a> for the period, marking a sharp slowdown from September&#8217;s 119,000 jobs added.



<h2 class="wp-block-heading">Market Likely To Remain &#8216;Uncomfortable&#8217; For New Entrants</h2>



On-chain analytics firm CryptoQuant noted that Bitcoin has been trading below Short-Term Holders' realized price of $104,000 for nearly two months now, suggesting that recent buyers are underwater.



Short-Term Holders are addresses that have held BTC for less than 155 days.



"As long as Bitcoin fails to reclaim the STH realized price near $104,000, market conditions are likely to remain uncomfortable for recent entrants, a structure more consistent with a transitional phase than with a bearish market," CryptoQuant added.



<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">Short-Term Holders Under Pressure "Historically, prolonged periods in which STH remain at a loss tend to coincide with weak-hand cleansing phases and supply transfer toward higher-conviction holders." – By <a href="https://twitter.com/oro_crypto?ref_src=twsrc%5Etfw">@oro_crypto</a> <a href="https://t.co/SFomZxz2Hl">pic.twitter.com/SFomZxz2Hl</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/2000671082496315486?ref_src=twsrc%5Etfw">December 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, commented on Bitcoin's latest breakdown, projecting further drops below $83,800 and even $80,500.



Van De Poppe said this makes sense in a week marked by employment data,&nbsp; consumer price index and the possibility of a Bank of Japan rate hike.



Conversely, the analyst said a rebound above $88,000 would be a "strong" signal and mark the end of the correction.



<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">There we go. Bounce back upwards, clear rejection at $90K and the support couldn&#39;t hold as everything corrects; Gold, Nasdaq and <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. New low made, and therefore, a few important things to look at: &#8211; Break back above $88K would be a strong signal and the end of the… <a href="https://t.co/IhnjpR9xTr">pic.twitter.com/IhnjpR9xTr</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/2000619288747520366?ref_src=twsrc%5Etfw">December 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: vinnstock on Shutterstock.com



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49382277/mark-cuban-called-meme-coins-musical-chairs-a-year-ago-as-2025-ends-the-floors-dropped-from-under-most-including-his-favorite-dogecoin">Mark Cuban Called Meme Coins &#8216;Musical Chairs&#8217; A Year Ago: As 2025 Ends, The Floor&#8217;s Dropped From Under Most—Including His Favorite, Dogecoin</a></li>
</ul>

Bitcoin Falls Ahead Of Jobs Report; Ethereum, XRP, Dogecoin Also Retreat: Analyst Says BTC's Rebound Above This Level Would Mark End Of Correction

The relationship between spot 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> ETF flows and analyst coverage of crypto-exposed equities has become one of Wall Street&#8217;s most closely watched dynamics. As Bitcoin trades around $86,000 following recent volatility, the flow patterns are directly shaping how analysts view 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> and 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>, formerly known as MicroStrategy.



<h2 class="wp-block-heading">ETF Flows Show Weakness</h2>



Bitcoin ETF flows have weakened significantly in recent weeks. On Friday, December 12, total Bitcoin ETPs registered net outflows of approximately $154.2 million. 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> iShares Bitcoin Trust has experienced over $2.7 billion in outflows over the past five weeks, its longest redemption streak since launching in early 2024.



During Bitcoin&#8217;s rally to new highs earlier this year, daily net inflows regularly hit $500 million and occasionally exceeded $1 billion. Current flows sit at just $54.8 million on average, signaling significantly weaker institutional demand at these price levels.



<h2 class="wp-block-heading">Coinbase Analyst Views Diverge</h2>



The ETF flow weakness has directly influenced Wall Street&#8217;s view of Coinbase. Consensus among 26 analysts remains a Buy rating with an average price target of $385.13, implying 44% upside from current levels around $267. But recent changes reveal growing caution.



Barclays maintained its Equal Weight rating while cutting its price target from $357 to $291 on December 12, an 18.49% reduction citing valuation concerns and uncertainty around trading volume sustainability. Goldman Sachs Group Inc. <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> previously lowered its target from $368 to $314 in November.



Conversely, Monness, Crespi, Hardt upgraded Coinbase from Neutral to Buy on November 10 with a $375 target, arguing the company&#8217;s infrastructure positioning and diversified revenue streams justify a premium.



When Bitcoin ETF inflows accelerate, trading activity across Coinbase&#8217;s platform follows, boosting transaction revenue. When flows turn negative, volumes dry up quickly. Coinbase&#8217;s Q3 2025 results showed transaction revenue of $1.05 billion, up dramatically from the prior year, but that came during strong ETF demand.



What&#8217;s keeping analysts constructive? The company&#8217;s December 9 partnership with PNC Financial Services Group Inc. <a href="https://www.benzinga.com/quote/PNC" target="_blank" class="ticker-link" data-ticker="PNC" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PNC">PNC</a>)</a> allows PNC Private Bank clients to trade spot Bitcoin directly through their banking platform using Coinbase&#8217;s infrastructure. That Crypto-as-a-Service revenue is less cyclical than trading fees.



<h2 class="wp-block-heading">Strategy&#8217;s Leveraged Bitcoin Bet</h2>



Strategy&#8217;s analyst coverage has become even more directly tied to ETF flows given the company&#8217;s massive Bitcoin holdings. With 14 analysts covering the stock, consensus is Strong Buy with an average price target of $497.29, implying 182% upside from current levels around $176.



The company now holds 671,268 Bitcoin and continues acquiring more. Strategy announced today it purchased 10,645 BTC for $980.3 million during December 8-14, its second consecutive near-$1 billion weekly acquisition this month.



Recent analyst actions show the debate. Bernstein cut its price target from $600 to $450, citing concerns about the sustainability of Strategy&#8217;s aggressive capital raising and forced selling risk if Bitcoin declines sharply. China Renaissance initiated coverage with a Buy rating and $473 target, arguing the company provides unique leveraged exposure that ETFs cannot match.



The key difference is leverage. When Bitcoin rises, Strategy&#8217;s equity value increases faster due to debt-financed purchases. When Bitcoin falls, losses amplify. That dynamic makes<a href="https://farside.co.uk/btc/" rel="nofollow"> ETF flows</a> a leading indicator for Strategy&#8217;s performance.



During Bitcoin&#8217;s October correction, as ETF outflows accelerated and Bitcoin fell from above $100,000 to around $85,000, Strategy shares collapsed from over $500 to below $300, roughly 40% despite Bitcoin only falling about 15%. The leverage multiplier works both ways.



<h2 class="wp-block-heading">The Feedback Loop Effect</h2>



ETF flows don&#8217;t just reflect sentiment, they actively shape it. Spot ETFs now hold about 1.36 million BTC, representing nearly 7% of circulating supply. That concentration means ETF creation and redemption activity directly impacts Bitcoin&#8217;s price discovery.



Heavy outflows force market makers to sell Bitcoin to meet redemptions, creating downward pressure. That pressure shows up in Coinbase&#8217;s trading volumes and Strategy&#8217;s mark-to-market holdings, which analysts watch closely when setting targets.



The feedback loop works in reverse during strong inflows. When institutional capital floods into Bitcoin ETFs, it lifts prices, which boosts Coinbase&#8217;s trading activity and Strategy&#8217;s net asset value. Analysts respond by raising targets, potentially bringing more capital to the ETFs.



Standard Chartered recently cut its end-2025 Bitcoin price target to $100,000 from $200,000, explicitly noting that future price increases would depend primarily on ETF buying.



<h2 class="wp-block-heading">Current Outlook</h2>



The pattern of inconsistent and often negative ETF flows has created a more cautious analyst stance on both names, even as long-term bullishness persists. Coinbase analysts acknowledge the company has built a more diversified business through staking, custody, and infrastructure services, but they&#8217;re waiting to see whether those revenue streams can offset weaker trading volumes.



For Strategy, analysts defending higher targets point to the company&#8217;s ability to continue acquiring Bitcoin at scale. Bears worry that aggressive capital raising dilutes shareholders and creates risks during sustained bear markets.



The National Bank of Canada&#8217;s recent purchase of 1.47 million Strategy shares worth $273 million shows some institutions remain confident despite volatility. But that confidence is increasingly conditional on ETF flows stabilizing.



Coinbase Institutional&#8217;s December outlook noted that open interest in Bitcoin perpetual futures fell 16% in November, funding rates normalized, and profit-to-loss ratios hit levels historically associated with late correction phases. If the market has flushed out excess leverage, the next phase could see ETF flows improve, likely triggering more bullish analyst revisions.



<h2 class="wp-block-heading">What&#8217;s Next</h2>



The key variable for both stocks is whether Bitcoin ETF flows can turn sustainably positive. The Federal Reserve&#8217;s recent rate cut and projection of just one additional cut in 2026 creates a mixed backdrop. Lower rates typically support risk assets like Bitcoin, but the cautious Fed stance suggests officials remain worried about inflation.



Coinbase&#8217;s December 17 product showcase could provide a catalyst if execution looks credible. For Strategy, the immediate question is whether the company can maintain its Bitcoin accumulation pace without excessive shareholder dilution.



The reality both companies face is that their near-term fate is tightly coupled to Bitcoin ETF flows. Those flows have become the primary mechanism through which institutional capital enters and exits Bitcoin exposure, making them the most watched indicator for anyone analyzing crypto-adjacent equities.



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 Spot Bitcoin ETF Flows Are Influencing Analyst Sentiment On Coinbase And MicroStrategy

<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1200" height="675" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/15191106/IMG_5032-1.jpg" alt="" class="wp-image-24021" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/15191106/IMG_5032-1.jpg 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/15191106/IMG_5032-1-300x169.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/15191106/IMG_5032-1-1024x576.jpg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/15191106/IMG_5032-1-768x432.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></figure>



While millions flock to Bitcoin ETFs, Michael Ho is executing what a "Wall Street hack" — and he&#8217;s doing it alongside Eric and Donald Trump Jr. The CEO of American Bitcoin <a class="ticker-link" data-ticker="ABTC" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/ABTC" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ABTC">ABTC</a>)</a> and Chief Strategy Officer at Hut8 Mining, joined forces with the Trump family to build a new kind of crypto powerhouse. Following its September 2025 Nasdaq debut under the ticker ABTC, after a high-profile merger with Gryphon Digital Mining, American Bitcoin is using public market mechanics to accumulate Bitcoin at what Michael Ho describes at a "massive discount." Hut 8 holds a majority 80% stake in American Bitcoin, with the Trump family, including Eric and Donald Jr., alongside legacy shareholders owning the remaining 20%. Currently American Bitcoin holds 5,044 Bitcoins <a class="ticker-link" data-ticker="BTC" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/BTC-USD" target="_blank" rel="noopener">CRYPTO: BTC)</a>, ranking 21st among corporate holders.



<figure class="wp-block-pullquote"><blockquote>&#8220;I think from just the supply dynamics, Bitcoin is very well positioned to see much higher prices.&#8221;<cite>Michael Ho, CEO of American Bitcoin</cite></blockquote></figure>



In this interview Michael Ho explains his "accumulator" model — how the company leverages its stock premium to buy more Bitcoin, why he's targeting a $25 trillion untapped fixed-income market, and his audacious plan to become one of the top five Bitcoin holders in the world.



Anna: Michael Ho, CEO of American Bitcoin. You&#8217;ve deeply cooperated with the Trump family. Can you tell us about your background and how you got into crypto?



Michael: I bought my first Bitcoin back in 2013, probably on an exchange that isn&#8217;t around anymore, and got into Bitcoin mining back in 2014. Bitcoin mining back then looked very different from the institutional data centers that we build today. Back in 2014, it was going around to our local electronic stores, buying graphic cards, gaming graphic cards, and putting together our first iterations of our mining rigs. I think one of our ASICs that we use today is probably equivalent to maybe 100,000 of those early day GPUs.



Anna: So what led you into crypto mining?



Michael: I&#8217;ve been a serial entrepreneur most of my life&#8230; I always loved cars, so I built a business out of currency arbitrage, import-export currency arbitrage, using vehicles or cars as the vehicle of medium transfer. And that was actually what led me to crypto mining, was my appreciation for arbitrage businesses. Understanding that Bitcoin mining really at the core is just energy arbitrage. Your biggest cost is your cost of energy. So naturally, what led me into the Bitcoin mining space was this appreciation to find the lowest cost, the lowest source, the cheapest sources of energy globally and essentially turn those electrons into digital currency.



Anna: Were you doing it purely for the profits, or did you see the value in Bitcoin as financial freedom?



Michael: No, it&#8217;s just when we look at Bitcoin, we understood very early on that Bitcoin empowers people to have financial freedom. We&#8217;re very fortunate in North America, we have access to banking, we have a stable currency. But when you look at Bitcoin adoption globally, the highest adoption rates are actually in the third world countries where they have central banks that abuse their money printing system, where someone in Zimbabwe, that gets their paycheck, by the time they can deposit into their bank account, if they have access to a bank account, they&#8217;ve already lost a portion of their paycheck because of how high inflation is.



Anna: How did the partnership with the Trump family come together?



Michael: It all came together very quickly. We&#8217;ve had a ton of mutual contacts, a ton of mutual friends, and we were talking here and there, but it wasn&#8217;t until we really met in person that my co-founder and I met with Eric and Don Jr&#8230;. there was a clear synergy in how Eric and Don Jr. built the Trump organization. It&#8217;s a real estate business. It&#8217;s infrastructure, it&#8217;s tangible. And when you look at what we do on the Bitcoin mining side, it&#8217;s not much different than a real estate company because it&#8217;s data centers as the real estate essentially.



They were working on American data centers. We got talking because when you look at the data center space, energy is very scarce. What we do really well is we have a deep pipeline of energy assets&#8230; When you look for a new interconnection request or to be able to access that type of power, in many cases, in many states, it&#8217;s a multi-year process. So how the conversation came together is we&#8217;ve already done a ton of legwork and if we combine forces, we have an equation here that is one plus one equals 11, and combining forces allow us to collectively move forward faster together.



Anna: Some skeptics say this partnership is just for political access.



Michael: We don&#8217;t even think about politics&#8230; We&#8217;re just very fortunate to be able to build and expand our business in America, where the previous administration was thinking about implementing additional taxes specifically just for Bitcoin miners&#8230; I think we&#8217;re in such a favorable environment where the administration understands the benefit of Bitcoin mining and what that means for energy development and the energy story, as well as grid balancing&#8230; but also just overall the benefit of proliferating crypto rails, which enables more dollars to be pulled, more buyers of US dollars through stablecoins, which is a natural buyer for US treasuries.



Anna: You<a href="https://fortune.com/crypto/2025/09/03/american-bitcoin-nasdaq-trading-eric-donald-trump-jr-hut-8/"> </a><a href="https://fortune.com/crypto/2025/09/03/american-bitcoin-nasdaq-trading-eric-donald-trump-jr-hut-8/" rel="nofollow">went public</a> recently via stock-for-stock merger with Gryphon Digital Mining. Why become a public company?



Michael: You won&#8217;t ever hear about a Bitcoin treasury company as a private company. The reason that someone should consider buying a treasury or an accumulator such as American Bitcoin over buying spots or an ETF of Bitcoin is you&#8217;re betting that the management team will, through active management, increase your underlying Bitcoin ownership per share. When you buy an ETF or spot, you will only ever own a ratio of one, less the fees. But when you buy an actively managed treasury company or an accumulator like us&#8230; you&#8217;re betting on the active management of being able to monetize some of the intangibles of being a public company. And what I mean by that is you can monetize low cost equity when you&#8217;re trading at a premium. You essentially can issue a dollar of dilution of equity, when you&#8217;re trading at a premium for two, three, four dollars back in Bitcoin.



Anna: With so many crypto treasury companies, what&#8217;s your advantage?



Michael: I think overall, we&#8217;re just focused on how we can increase our Bitcoin ownership per share for our shareholders. All of the strategies, all of our approaches, we have one easy and one simple goal, and that is everything we implement is to increase the Bitcoin ownership per share. A very exciting space that we&#8217;re looking forward to is the fixed income markets&#8230; This is a massively untapped capital pool. As American Bitcoin grows our treasury, as we increase our stack, we&#8217;ll be able to leverage some of our collateral to design products for the fixed income markets.



Anna: You plan to raise $2.1 billion. What's the goal?



Michael: Our aspirations are to be one of the largest holders of bitcoin. But I think that we will most likely be able to be a top 10, maybe a top five holder over the course of the next few quarters or a year.



Anna: How does the macro environment influence Bitcoin?



Michael: I think overall when you look at the macro markets, with the markets pricing in future cuts&#8230; we&#8217;re moving in the right direction. And I think ultimately as interest rates come down, Bitcoin will be a net benefactor of those lower rates&#8230; More importantly, when you look at the supply dynamics of Bitcoin, over 70% of all the Bitcoins haven&#8217;t been moved in over a year&#8230; the actual floating supply of Bitcoin is only around 30%, which is just under 6 million Bitcoins. Now, when you look at the supply constraints, relative to the inflows, the institutional buyers, BlackRock&#8217;s IBIT is already almost at $70.08 billion. That&#8217;s a lot of capital coming in. And you look at the treasury companies, the accumulators, buying supply and taking that out of the circulating float. I think from just the supply dynamics, Bitcoin is very well positioned to see much higher prices.



Anna: What's your Bitcoin price prediction?



Michael: I think over the course of the next 18 months, Bitcoin is again going much higher with the dynamics that I just explained.



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.

Inside The Trump-Backed Bitcoin Empire: How Michael Ho Plans To Build America's Largest Digital Gold Treasury

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> purchased another 102,259 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 Chairman Tom Lee argues that seemingly extreme AI valuations can still deliver <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49159300/could-ai-agents-exploit-ethereum-xrp-solana-anthropic-says-its-possible">long-term returns</a>.



<h3 class="wp-block-heading">BitMine Pushes Closer To 5% Ethereum Ownership Goal</h3>



As of Dec. 14, BitMine holds approximately 3.97 million ETH, valued near $12.2 billion at prevailing prices.&nbsp;



The position represents more than 3.2% of total Ethereum supply, placing the company roughly two-thirds of the way toward its stated goal of acquiring 5% of the network.



Total crypto, cash, and strategic investments now stand near $13.3 billion, including $1 billion in cash, 193 BTC, and a $38 million stake in Eightco Holdings.



<h3 class="wp-block-heading">Ethereum Treasury Becomes Core Corporate Strategy</h3>



BitMine's Ethereum holdings now rank as the largest ETH treasury among public companies and the second-largest crypto treasury globally, behind Strategy's <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> 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> reserves.



Chairman Tom Lee said regulatory developments in 2025, including the GENIUS Act and the SEC's Project Crypto initiative, have strengthened the company's long-term conviction in digital assets.&nbsp;



Alongside accumulation, BitMine is advancing its Made in America Validator Network, a proprietary Ethereum staking infrastructure expected to launch in early 2026.



<h3 class="wp-block-heading">Trading Activity And Market Profile Expand Rapidly</h3>



BitMine's growing crypto exposure has coincided with a sharp rise in stock market activity.&nbsp;



The company now trades an average of roughly $1.9 billion in daily dollar volume, placing it among the 50 most actively traded U.S. equities.



The company plans to host its annual shareholder meeting in Las Vegas on January 15, 2026, as it continues to scale its Ethereum accumulation strategy through capital markets and treasury deployment.



<h3 class="wp-block-heading">Tom Lee Defends AI Valuations Despite Market Skepticism</h3>



In a recent <a href="https://www.youtube.com/watch?v=rN-6aGIWqss">interview</a>, Lee said investor concerns around "absurd" AI valuations overlook how exponential industries historically develop.



He argued that most of the long-term value in transformative technologies emerges later in adoption cycles, even if early valuations appear stretched.



Lee compared the current AI cycle to the internet buildout of the late 1990s, noting that while most individual stocks failed, diversified exposure to the broader theme still outperformed over time.&nbsp;



He added that labor shortages through the 2030s could make AI investment a structural necessity rather than a speculative excess.



<h3 class="wp-block-heading">Stock Pullback Reflects Post-Breakout Consolidation</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="660" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15111110/image-3-138-1024x660.png" alt="" class="wp-image-1214210" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15111110/image-3-138-1024x660.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15111110/image-3-138-300x193.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15111110/image-3-138-768x495.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15111110/image-3-138-1536x990.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15111110/image-3-138.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/AMEX-BMNR/">BMNR Price Analysis (Source: TradingView)</a>



BMNR is trading near $32.50 after pulling back from last week's highs, but the broader technical structure remains constructive.&nbsp;



The stock already broke out of a well-defined multi-week downtrend in early December, triggering a sharp rally from the $25–$27 zone into the $40–$42 area.&nbsp;



That move confirmed a trend change rather than a short-lived bounce.&nbsp;



The current decline reflects a normal post-breakout correction, with price now retesting the $32–$33 area that aligns with short-term support and prior breakout territory.&nbsp;



While short-term indicators such as Supertrend and Parabolic SAR remain overhead, signaling near-term pressure, the larger structure stays intact as long as BMNR holds above $30.&nbsp;



A reclaim of $35–$36 would signal renewed upside momentum, while a move back above $40 would put the $45–$48 zone back into focus.



Read Next: 



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49395990/bitcoin-was-supposed-to-pump-to-150000-in-q4-why-didnt-it-happen">Bitcoin Was Supposed To Pump To $150,000 In Q4—Why Didn&#8217;t It Happen?</a></li>
</ul>



Photo: Alexandru Nika on Shutterstock.com

Tom Lee Says 'Absurd' AI Valuations Aren't Wrong As BitMine Adds 102,259 ETH

<a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49163638/sec-aims-to-position-us-as-center-for-digital-asset-innovation-with-innovation-exemption">The SEC&#8217;s pivot</a> on cryptocurrency enforcement after Donald Trump returned to office in January has sparked a heated debate between industry veterans and market observers.



<h3 class="wp-block-heading">SEC Drops Majority Of Inherited Crypto Cases</h3>



The New York Times on Sunday <a href="https://www.nytimes.com/2025/12/14/us/politics/sec-crypto-firms-trump-investigation.html">reported</a> that the SEC inherited 23 active crypto enforcement matters and pulled back on 14 of them through dismissals, freezes or settlements. 



The publication described the shift as unusual for a regulator historically reluctant to retreat from active litigation.



Former SEC trial counsel Christopher E. Martin, who led one of the dropped cases, called the retreat "a complete surrender," arguing that investors were &#8220;thrown to the wolves&#8221;.



According to the report, internal resistance within the SEC grew during the presidential transition.&nbsp;



Enforcement chief Sanjay Wadhwa urged staff to continue pursuing crypto cases, but several senior officials allegedly disengaged.



The Times cited sources saying one senior crypto leader took an unannounced multiweek absence, while another declined to attach her name to a post-election crypto filing.&nbsp;



Other officials reportedly stopped working on crypto cases altogether.



<h3 class="wp-block-heading">No Evidence Of Political Pressure Found</h3>



Despite its framing, the Times acknowledged it found no evidence that Trump, the White House, or crypto firms pressured the SEC to ease enforcement.&nbsp;



The article also stated there was no indication that firms attempted to influence outcomes through donations or business ties.



That disclosure has become the focal point of criticism from the crypto industry.



<h3 class="wp-block-heading">Coinbase Pushes Back On NYT Narrative</h3>



Coinbase 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> Chief Legal Officer Paul Grewal criticized the Times&#8217; story, arguing it implied impropriety while conceding none existed.



Grewal said the article's own reporting undercut its framing, calling the narrative "twisted" given the absence of political interference or favoritism.



<h3 class="wp-block-heading">Critics Say Rollback Was Predictable Policy Shift</h3>



Several analysts argued the enforcement pullback reflected a philosophical change at the SEC rather than political influence.



Galaxy Digital research head Alex Thorn <a href="https://x.com/intangiblecoins/status/2000334663479447557">said</a> the prior administration's crypto crackdown relied on novel and contested interpretations of securities law that faced bipartisan criticism and repeated court challenges.



When Republican commissioners Hester Peirce and Mark Uyeda moved into a controlling majority after former Chair Gary Gensler stepped down, Thorn said a reversal was inevitable.



"It's not irregular at all for the SEC to drop these cases," Thorn wrote. "If you overturn the premises, the cases fall away."



<h3 class="wp-block-heading">Why It Matters</h3>



The dispute highlights a widening gap between traditional media framing and the crypto industry's interpretation of regulatory change.&nbsp;



While critics see retreat, supporters view the shift as a correction away from regulation by enforcement toward clearer rulemaking.



For markets, the shift comes as 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 other major digital assets increasingly trade on expectations of regulatory clarity rather than courtroom outcomes.



Whether the SEC's retreat is seen as abdication or recalibration will influence future enforcement credibility and the market's long-term trust in U.S. crypto oversight.



Read Next: 



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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/12/49401798/jpmorgan-stock-hits-all-time-high-whats-going-on">JPMorgan Stock Hits All-Time High: What&#8217;s Going On?</a></li>
</ul>



Image: Shutterstock

Trump-Appointed SEC Chair Leads Crypto Policy Pivot, But Not Everyone's A Fan

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> prices have remained range-bound over the past month, which, according to market observers, contrasts <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/12/49295756/cathie-wood-doubles-down-on-this-bitcoin-etf-as-crypto-markets-swing-and-six-figure-btc-odds-hit-50-50">recovering ETF interest</a>.



What Happened: According to market commentator Bull Theory, ETFs are now <a href="https://x.com/BullTheoryio/status/2000215760657088579">absorbing</a> all, or more than all, of the newly issued Bitcoin and Ethereum supply, yet prices have failed to respond meaningfully.



Over the past week, Ethereum ETFs accumulated roughly 3.6 times more ETH than was issued, while Bitcoin ETFs absorbed slightly over 100% of new BTC supply. 



The lack of price movement suggests continued selling from existing holders, with coins rotating from weaker hands to stronger, longer-term holders.



This does not appear to be a demand problem. ETF demand already exceeds issuance, and historically, similar periods of heavy absorption without price appreciation have tended to resolve higher once selling pressure is exhausted.



ETF Snapshot



Wu Blockchain <a href="https://x.com/WuBlockchain/status/2000416099175919662">reported </a>that between Dec. 8 and Dec. 12, spot crypto ETFs continued to see steady inflows. 



Bitcoin spot ETFs recorded $287 million in net inflows for the week, while Ethereum spot ETFs attracted $209 million. 



Solana spot ETFs added $33.6 million, with all seven 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> ETFs posting net inflows and no outflows during the period.



Ripple CEO Brad Garlinghouse <a href="https://x.com/bgarlinghouse/status/1998062844621865400">noted</a> that 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> has become the fastest crypto spot ETF since Ethereum to reach $1 billion in AUM in the U.S., achieving the milestone in under four weeks.



With more than 40 crypto ETFs launched this year, he said the data clearly points to significant pent-up demand for regulated crypto exposure. 



For many off-chain investors, longevity, stability, and strong communities now matter more than hype.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49387789/bitcoin-stuck-around-90000-xrp-dogecoin-trade-flat-while-ethereum-rises-2">Bitcoin Stuck Around $90,000 XRP, Dogecoin Trade Flat While Ethereum Rises 2%</a>



What's Next: Crypto trader Jelle <a href="https://x.com/CryptoJelleNL/status/2000563955782345003">pointed out</a> that based on prior local bottoms this cycle, it wouldn't be surprising to see a few more weeks of sideways trading at these levels before a relief rally.



Read Next:



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49392219/cathie-woods-2026-playbook-btc-leads-crypto-portfolio-trimming-tsla-to-rebalance">Cathie Wood&#8217;s 2026 Playbook: BTC Leads Crypto Portfolio, Trimming TSLA To &#8216;Rebalance&#8217;</a></li>
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Image: Shutterstock

Bitcoin, Ethereum ETF Interest Shows Signs Of Life—But BTC, ETH Price Action Does Not

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> are down over 10% in the last 30 days, but traders are betting on ETH to outperform until the <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49396923/crypto-can-no-longer-be-ignored-or-dismissed-5-10-portfolio-allocation-is-warranted-hashdex-says">end of the year</a>. 



What Happened: Michael van de Poppe <a href="https://x.com/CryptoMichNL/status/2000248852192858518">noted </a>that Bitcoin is currently in a corrective phase, while Ethereum continues to show relative strength by holding up well during the pullback. 



This divergence is seen as constructive for ETH despite broader market weakness.



BTC's Most Likely Sweep



Van de Poppe outlined three downside scenarios for Bitcoin, all with realistic odds:



<ul class="wp-block-list">
<li>Most likely: A sweep of the $87,800 level followed by a bounce. The presence of a CME gap near $90,400 increases the probability of a recovery from this zone.</li>



<li>Less likely: A move toward $83,800. If price reaches this level, Bitcoin may struggle to bounce immediately, signaling deeper market weakness.</li>



<li>Bearish scenario: Failure to hold the $86,000–$87,000 support area would raise the odds of a full double-bottom retest, opening the door to a deeper holiday-period pullback.</li>
</ul>



Ethereum ‘Here To Stay'



Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/2000589577661104223">noted</a> that Ethereum has underperformed expectations this cycle, lagging Bitcoin and several other assets. 



However, the ecosystem itself has matured significantly. Rather than a breakout phase, this cycle looks more like a transition and consolidation period for ETH.



Institutional adoption continues to grow, particularly around real-world asset tokenization, where Ethereum remains the dominant settlement layer. 



Despite sluggish price action, long-term conviction in ETH remains intact.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49387789/bitcoin-stuck-around-90000-xrp-dogecoin-trade-flat-while-ethereum-rises-2">Bitcoin Stuck Around $90,000 XRP, Dogecoin Trade Flat While Ethereum Rises 2%</a>



What's Next: Crypto Seth <a href="https://x.com/seth_fin/status/2000512700959326456">added</a> that current price action in both Bitcoin and Ethereum is being driven more by derivatives positioning and liquidations than by fundamentals.



The core narratives remain unchanged, Bitcoin as digital gold and Ethereum as the primary institutional settlement layer.



While fundamentals shape long-term value, they often take a back seat during leverage-driven volatility. Retail investors typically lack the liquidity to buy during periods of extreme fear, leaving accumulation to well-capitalized players when sentiment is at its worst.



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Bitcoin, Ethereum Plummet 5%, But Traders Bet One Will Recover Until 2026

Dogecoin <a class="ticker-link" data-ticker="DOGE" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/DOGE-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</a> is down over 4% on Monday, with the chart signaling downside risk toward the $0.08 area rather than <a href="https://www.benzinga.com/money/dogecoin-doge-price-prediction">a near-term bottom.</a>



<h3 class="wp-block-heading">Downtrend Remains Intact As Rallies Keep Failing</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="660" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122321/image-3-139-1024x660.png" alt="" class="wp-image-1214402" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122321/image-3-139-1024x660.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122321/image-3-139-300x193.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122321/image-3-139-768x495.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122321/image-3-139-1536x990.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122321/image-3-139.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/DOGEUSD/">DOGE Trading Tips (Source: TradingView)</a>



Dogecoin remains locked beneath a well-defined descending trendline that has capped every bounce since October.&nbsp;



Each recovery attempt has stalled at a lower level than the last, signaling persistent downside momentum.



Supertrend remains flipped bearish, while SAR dots stay positioned above price.&nbsp;



That alignment typically signals corrective bounces rather than the start of a reversal.



<h3 class="wp-block-heading">$0.13 Support Under Pressure</h3>



The $0.13 level is the most important area on the chart.&nbsp;



Price is sitting directly on this support, and intraday action has already pushed below it.



A confirmed daily close beneath $0.13 would open downside toward the next major demand zone near $0.08.&nbsp;



That level aligns with prior accumulation earlier in the year and represents the next area where buyers may attempt to stabilize price.



As long as DOGE remains below $0.15–$0.16, downside risk stays active.



DOGE would need a clean daily close above $0.18 to begin neutralizing the broader bearish structure.&nbsp;



<h3 class="wp-block-heading">Flows And Derivatives Signal Ongoing Distribution</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="243" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15123120/DOGE-DEC-15-BZ-1024x243.png" alt="" class="wp-image-1214422" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15123120/DOGE-DEC-15-BZ-1024x243.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15123120/DOGE-DEC-15-BZ-300x71.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15123120/DOGE-DEC-15-BZ-768x182.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15123120/DOGE-DEC-15-BZ-1536x365.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15123120/DOGE-DEC-15-BZ.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://www.coinglass.com/currencies/DOGE/spot">DOGE Netflows (Source: Coinglass)</a>



Roughly $15 million has exited DOGE on Dec.15, near the $0.13 region, indicating gradual distribution instead of accumulation.



<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122325/image-270-1024x660.png" alt="" class="wp-image-1214403"/></figure>



<a href="https://www.coinglass.com/currencies/DOGE/futures">DOGE Derivative Analysis (Source: Coinglass)</a>



Open interest continues to decline even as trading volume picks up, suggesting traders are closing positions rather than building fresh bullish exposure.&nbsp;



Liquidations remain concentrated in long positions, while shorts have seen limited pressure.



<h3 class="wp-block-heading">Lower Timeframe Breakdown Accelerates Risk</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="660" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122325/image-270-1024x660.png" alt="" class="wp-image-1214405" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122325/image-270-1024x660.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122325/image-270-300x193.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122325/image-270-768x495.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122325/image-270-1536x990.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15122325/image-270.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/DOGEUSD/">DOGE Price Analysis (Source: TradingView)</a>



On the 2-hour chart, DOGE has broken below short-term descending support and failed to reclaim it.&nbsp;



Bollinger Bands are expanding to the downside, signaling increasing momentum towards downside rather than stabilization.



DOGE has also slipped below all major short-term EMAs, with the $0.135–$0.143 zone now acting as overhead resistance instead of support.



Broader meme and altcoin sentiment remains under pressure, with Shiba Inu <a href="https://www.benzinga.com/quote/SHIB-USD" target="_blank" class="ticker-link" data-ticker="SHIB" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</a> down over 3%, 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> lower by more than 2%, and Cardano <a href="https://www.benzinga.com/quote/ADA-USD" target="_blank" class="ticker-link" data-ticker="ADA" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>)</a> sliding around 3.5%, reinforcing a risk-off backdrop that continues to weigh on Dogecoin's structure.



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Image: Shutterstock

DOGE Bleeds Another 4% And The Worst May Be Yet To Come

Wall Street traded little changed Monday after last Friday&#8217;s tech-led sell-off failed to trigger meaningful dip-buying interest.



By midday trading in New York, major indexes hovered near flat levels as investors stayed cautious ahead of a dense macro calendar this week. 



Traders are focused on Tuesday's release of official October and November payroll data alongside October retail sales.



According to Fed futures, markets assign only a 24% probability to another 25-basis-point rate cut in January. Investors broadly price in two cuts next year. 



Expectations for a near-term extension of the easing cycle cooled after Fed Chair Jerome Powell signaled last week that policymakers are in a wait-and-see phase following three consecutive cuts.



Rate-cut expectations have increasingly shifted further out. Traders now see easing more concentrated in the second half of 2026, as Powell's term ending in May could potentially open the door to a more dovish successor.



Tesla Inc. <a href="https://www.benzinga.com/quote/TSLA" target="_blank" class="ticker-link" data-ticker="TSLA" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>)</a> led gains among mega-cap stocks. Shares climbed more than 4%, marking the 12th gain in the past 15 sessions and pushing prices near record highs last seen in December 2024. 



The stock has surged roughly 20% over the past three weeks, driven by optimism around rising self-driving production and robotics initiatives. CEO Elon Musk said the company is testing robotaxis without front passenger safety monitors.



On the downside, ServiceNow Inc. <a class="ticker-link" data-ticker="NOW" data-exchange="NASDAQ" href="https://www.benzinga.com/quote/NOW" target="_blank" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NOW">NOW</a>)</a> plunged nearly 11% after KeyBanc downgraded the stock to Underweight, citing artificial intelligence disruption risks. 



Zillow Group Inc. <a href="https://www.benzinga.com/quote/Z" target="_blank" class="ticker-link" data-ticker="Z" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/Z">Z</a>)</a> <a href="https://www.benzinga.com/quote/ZG" target="_blank" class="ticker-link" data-ticker="ZG" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ZG">ZG</a>)</a> also slid about 11% following reports that Alphabet Inc. <a href="https://www.benzinga.com/quote/GOOGL" target="_blank" class="ticker-link" data-ticker="GOOGL" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>)</a> is testing a new real estate advertising format.



In commodities, silver rebounded 2.2% to around $63 per ounce, hovering near last week's record levels and nearly erasing Friday's losses. Crypto markets weakened again. 



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> fell more than 2% to near $86,000, 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> slid below $3,000. 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> sank nearly 7%, heading toward its lowest close since early October, while Circle Internet Group Inc. <a class="ticker-link" data-ticker="CRCL" data-exchange="NYSE" href="https://www.benzinga.com/quote/CRCL" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CRCL">CRCL</a>)</a> extended recent losses, down 8%. 



<h2 class="wp-block-heading">Monday's Performance In Major U.S. Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Major Indices</th><th>Price</th><th>% Change</th></tr></thead><tbody><tr><td>Nasdaq 100</td><td>25,210.01</td><td>+0.1%</td></tr><tr><td>S&amp;P 500</td><td>6,833.39</td><td>+0.1%</td></tr><tr><td>Dow Jones</td><td>48,470.68</td><td>0.0%</td></tr><tr><td>Russell 2000</td><td>2,531.15</td><td>-0.8%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:10 p.m. ET</figcaption></figure>



According to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:



<ul class="wp-block-list">
<li>The Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>) flattened at $625.96.</li>



<li>The SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>) moved 0.2% lower to $484.37.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>) eased 0.2% to $612.18.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IWM">IWM</a>) fell 0.8% to $252.08.</li>



<li>The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLV">XLV</a>) outperformed, up 0.90%; the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLE">XLE</a>) lagged, down 1.3%.</li>
</ul>



<h2 class="wp-block-heading">Russell 1000&#8217;s Top 5 Gainers On Monday</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Stock Name</th><th>% Change</th></tr></thead><tbody><tr><td>Gartner Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IT">IT</a>)</td><td>+4.93%</td></tr><tr><td>Wayfair Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/W">W</a>)</td><td>+4.57%</td></tr><tr><td>Lumentum Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/LITE">LITE</a>)</td><td>+4.52%</td></tr><tr><td>Tesla Inc. </td><td>+4.23%</td></tr><tr><td>Doximity Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DOCS">DOCS</a>)</td><td>+3.83%</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Russell 1000&#8217;s Top 5 Losers On Monday</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Stock Name</th><th>% Change</th></tr></thead><tbody><tr><td>Zillow Group Inc. </td><td>-11.07%</td></tr><tr><td>ServiceNow Inc. </td><td>-10.76%</td></tr><tr><td>CoStar Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CSGP">CSGP</a>)</td><td>-8.31%</td></tr><tr><td>Circle Internet Group Inc. </td><td>-8.07%</td></tr><tr><td>Lyft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/LYFT">LYFT</a>)</td><td>-7.83%</td></tr></tbody></table></figure>



 Read Next: •<a href="http://markets"> The Fed Could Tip AI From Boom To Bubble Next Year, Alpine Macro Warns</a>



Photo created by artificial intelligence Midjourney

Tesla Eyes Record Highs, Bitcoin Tumbles To $86,000: What's Moving Markets Monday?

Visa Inc. <a class="ticker-link" data-ticker="V" data-exchange="NYSE" href="https://www.benzinga.com/quote/V" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/V">V</a>)</a><a href="https://www.businesswire.com/news/home/20251215320410/en/" rel="nofollow"> unveiled</a> its Stablecoins Advisory Practice on Monday, marking a significant milestone in the payment giant&#8217;s cryptocurrency strategy as institutions rush to capitalize on the rapidly expanding digital dollar ecosystem.



The new service, delivered through Visa Consulting &amp; Analytics, will provide financial institutions with comprehensive support including training programs, market intelligence, strategy development, use-case analysis, and technical implementation guidance for organizations exploring stablecoin integration into their operations.



<h2 class="wp-block-heading">Credit Unions Lead Early Institutional Adoption Wave</h2>



Among the inaugural clients partnering with Visa&#8217;s advisory practice are Navy Federal Credit Union, VyStar Credit Union, and Pathward, representing a diverse mix of traditional financial institutions seeking to modernize their payment infrastructure. These early adopters signal a broader shift in institutional sentiment toward digital assets, particularly as stablecoins demonstrate utility beyond speculative cryptocurrency trading.



The involvement of credit unions is particularly noteworthy, as these member-owned institutions have historically been conservative in adopting emerging financial technologies. Their participation suggests that stablecoins have crossed a critical threshold from experimental innovation to practical payment infrastructure worthy of serious institutional consideration.



Dozens of additional clients are already working with the practice, according to Visa&#8217;s announcement, indicating strong demand for institutional-grade guidance in navigating the stablecoin landscape.



<h2 class="wp-block-heading">Visa&#8217;s Growing Stablecoin Footprint</h2>



The advisory practice launch comes as Visa&#8217;s own stablecoin settlement capabilities reach a $3.5 billion annualized run rate. The company currently supports more than 130 stablecoin-linked card issuing programs spanning over 40 countries, demonstrating the global reach of its digital currency infrastructure.



This expansion builds on Visa&#8217;s 2023 pilot program that enabled settlement using USD Coin <a href="https://www.benzinga.com/quote/USDC-USD" target="_blank" class="ticker-link" data-ticker="USDC" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>)</a>, one of the largest stablecoins by market capitalization. By allowing merchants and partners to settle transactions in USDC rather than traditional fiat currency, Visa demonstrated how stablecoins could reduce friction and costs in cross-border payments.



The numbers tell a compelling story about institutional momentum. Visa&#8217;s stablecoin transaction volume has grown substantially as businesses recognize the efficiency gains from 24/7 settlement capabilities, reduced intermediary fees, and faster international transfers compared to traditional correspondent banking networks.



<h2 class="wp-block-heading">The $310 Billion Stablecoin Opportunity</h2>



The timing of Visa&#8217;s advisory practice aligns with explosive growth in the<a href="https://www.benzinga.com/topic/stablecoins"> stablecoin sector</a>, which now exceeds $310 billion in total market capitalization. This represents a dramatic expansion from just a few years ago when stablecoins were primarily used by cryptocurrency traders to move between exchanges.



Today&#8217;s stablecoin ecosystem serves diverse use cases including remittances, treasury management, supply chain payments, and cross-border commerce. Major corporations are increasingly holding stablecoin balances on their balance sheets, while payment processors are integrating stablecoin rails alongside traditional payment networks.



For financial institutions, stablecoins present both opportunities and challenges. On one hand, they offer new revenue streams, improved payment efficiency, and the ability to serve digitally-native customers. On the other hand, they require navigating complex regulatory considerations, compliance frameworks, and technical integration hurdles.



This is precisely where Visa&#8217;s advisory practice aims to add value by helping institutions develop coherent strategies that balance innovation with risk management.



<h2 class="wp-block-heading">Regulatory Clarity Driving Institutional Confidence</h2>



The surge in institutional stablecoin adoption comes amid growing regulatory clarity in key markets. While comprehensive stablecoin legislation remains pending in the United States, regulators have provided increasing guidance on compliance expectations for banks and payment companies working with digital assets.



Financial institutions are no longer asking whether to engage with stablecoins, but rather how to do so safely and profitably. Visa&#8217;s advisory practice addresses this shift by providing institutions with frameworks for assessing regulatory requirements, evaluating different stablecoin protocols, and implementing appropriate risk controls.



<h2 class="wp-block-heading">Implications For Traditional Banking</h2>



Visa&#8217;s move into stablecoin advisory services represents more than just a new product line. It signals the payment network&#8217;s recognition that stablecoins are becoming permanent fixtures in the global financial infrastructure rather than temporary phenomena.



For traditional banks and credit unions, this creates both competitive pressure and collaboration opportunities. Institutions that successfully integrate stablecoin capabilities can differentiate themselves with faster, cheaper payment services. Those that lag risk losing market share to fintech competitors and cryptocurrency-native platforms.



The advisory practice also reflects Visa&#8217;s strategy of positioning itself as essential infrastructure regardless of whether payments flow through traditional rails or blockchain networks. By enabling institutional stablecoin adoption rather than resisting it, Visa ensures its relevance in an evolving payments landscape.



<h2 class="wp-block-heading">Looking Ahead</h2>



As the stablecoin market continues maturing, expect more financial institutions to follow the lead of Navy Federal Credit Union and other early adopters. The combination of regulatory clarity, proven technology, and institutional-grade advisory support is removing barriers that previously kept traditional finance on the sidelines.



Visa&#8217;s Stablecoins Advisory Practice may ultimately be remembered as a turning point when stablecoins transitioned from crypto-native infrastructure to mainstream financial tools. For institutions ready to embrace this shift, the question is no longer whether stablecoins belong in their strategy, but how quickly they can implement them effectively.



The $310 billion stablecoin market is still in its early innings, and institutions that move decisively today may gain lasting competitive advantages in the digital economy of tomorrow.



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.

Stablecoin Institutional Adoption Hits New Milestone As Visa Targets $310B Market

Artificial intelligence dominates market conversations, spawning two competing investment narratives. One rides on blockchain promises and decentralized computing dreams. The other ships actual chips, generates billions in profit, and pays real dividends. As we head toward 2026, the gap between AI cryptocurrency tokens and traditional AI stocks isn&#8217;t just wide. It&#8217;s becoming a canyon.



<h2 class="wp-block-heading">Where The Money Actually Flows</h2>



AI tokens currently sit at a combined market cap of $30.6 billion. That represents a sharp 28% decline from $70.4 billion reached on December 7, barely over a week ago. Projects like Bittensor <a class="ticker-link" data-ticker="TAO" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/TAO-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TAO</a>)</a>, NEAR Protocol <a class="ticker-link" data-ticker="NEAR" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/NEAR-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/near/usd">NEAR</a>)</a>, and Internet Computer <a class="ticker-link" data-ticker="ICP" data-exchange="CRYPTO" href="https://www.benzinga.com/quote/ICP-USD" target="_blank" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ICP</a>)</a> have hemorrhaged value despite sophisticated narratives about decentralized machine learning and blockchain AI infrastructure.



Now compare that to NVIDIA Corporation <a href="https://www.benzinga.com/quote/NVDA" target="_blank" class="ticker-link" data-ticker="NVDA" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>)</a>, which posted fiscal 2025 revenue of $130.5 billion, growing 114% year over year. The company&#8217;s data center division alone generated $35.6 billion in Q4 fiscal 2025, a figure that exceeds the entire AI token market by $5 billion. This isn&#8217;t speculation about future adoption. This is revenue collected from customers paying for actual products today.



The infrastructure spending gap reveals even more. Amazon.com Inc. <a href="https://www.benzinga.com/quote/AMZN" target="_blank" class="ticker-link" data-ticker="AMZN" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>)</a>, Alphabet Inc. <a href="https://www.benzinga.com/quote/GOOGL" target="_blank" class="ticker-link" data-ticker="GOOGL" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>)</a>, Microsoft Corporation <a href="https://www.benzinga.com/quote/MSFT" target="_blank" class="ticker-link" data-ticker="MSFT" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>)</a>, and Meta Platforms Inc. <a href="https://www.benzinga.com/quote/META" target="_blank" class="ticker-link" data-ticker="META" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>)</a> collectively spent approximately $380 billion on AI infrastructure throughout calendar year 2025, which is now wrapping up. All four companies have signaled they plan to spend even more in 2026.



Amazon expects its 2025 capital expenditures to hit $125 billion, with the vast majority directed toward AWS infrastructure and AI data centers. Microsoft poured $88.7 billion into infrastructure during its fiscal 2025, which ended June 30. Meta raised its 2025 spending guidance to between $70 billion and $72 billion. Alphabet lifted its forecast to between $91 billion and $93 billion.



Think about that for a second. AI tokens couldn&#8217;t fund a single quarter of Amazon&#8217;s infrastructure spending with their entire market capitalization. The scale difference isn&#8217;t just notable. It&#8217;s existential.



<h2 class="wp-block-heading">Narratives Versus Numbers</h2>



Crypto projects excel at technical storytelling. Bittensor markets itself as a peer to peer intelligence network with proof of intelligence consensus. Virtuals Protocol promises AI agent infrastructure. Render Token <a href="https://www.benzinga.com/quote/RNDR-USD" target="_blank" class="ticker-link" data-ticker="RNDR" data-exchange="CRYPTO" rel="noopener">(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">RNDR</a>)</a> attempts to monetize distributed GPU rendering. These concepts sound innovative in whitepapers and conference presentations.



Revenue disclosure remains conspicuously absent. Most AI token projects cite GitHub commits, node counts, and theoretical network capacity rather than actual paying customers or revenue figures. The gap between marketing narrative and business fundamentals sits uncomfortably wide.



Compare that to Microsoft, which reported $76.4 billion in revenue for Q4 fiscal 2025, an 18% increase year over year. Azure surpassed $75 billion in annual revenue, growing 34% and contributing to a $13 billion annual revenue run rate specifically from AI products. GitHub Copilot serves millions of paying subscribers. Azure AI powers enterprise customers across every major industry. These aren&#8217;t theoretical use cases. They&#8217;re products generating measurable revenue from real businesses.



Alphabet achieved its first ever $100 billion quarter in Q3 2025, posting $102.3 billion in revenue. Google Cloud reached $15.2 billion quarterly, growing 34% year over year, driven by demand for TPUs and Vertex AI services. AI Overviews achieved 2 billion monthly users. That&#8217;s adoption at scale that actually shows up in financial statements.



Meta reported ad revenue jumped 26% to $50.1 billion in Q3 2025. The company&#8217;s AI recommendation systems increased engagement on Facebook and Threads, directly contributing to higher impression volumes and better pricing power. AI tools helped advertisers plan campaigns more effectively, translating into billions in incremental cash flow. This is AI monetization happening right now, not someday in a hypothetical future.



<h2 class="wp-block-heading">Enterprise Customers Choose Proven Solutions</h2>



Walk into any Fortune 500 company and you&#8217;ll find widespread adoption of Microsoft&#8217;s AI tools, Google&#8217;s AI services, and Amazon&#8217;s AI infrastructure. Companies are integrating these products into core business operations, generating measurable productivity gains that justify continued spending.



AI token projects struggle to demonstrate comparable adoption. They point to wallet addresses, transaction volumes, and staking metrics, but rarely disclose paying customers or revenue from those customers. When pressed, they often cite pilot programs or proof of concepts rather than production deployments generating significant revenue.



The broader cryptocurrency market headwinds haven&#8217;t helped. 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> fell below $90,000 in mid-December after dropping to $83,824 earlier this month, down nearly 30% from October highs above $108,000. This selloff hit AI tokens particularly hard because they lack the brand recognition and perceived digital scarcity that Bitcoin maintains.



Stablecoin inflows into exchanges dropped roughly 50% from $158 billion in August to approximately $76 billion by December 2025. The 90 day average fell from $130 billion to $118 billion. This liquidity drainage directly impacts AI tokens because it represents actual buying power leaving the market.



Meanwhile, AI stocks continue attracting institutional capital. Nvidia&#8217;s market capitalization briefly touched $4 trillion during 2025. Microsoft and Apple Inc. <a href="https://www.benzinga.com/quote/AAPL" target="_blank" class="ticker-link" data-ticker="AAPL" data-exchange="NASDAQ" rel="noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>)</a> both surpassed $4 trillion valuations, driven by AI growth narratives supported by actual revenue and profit.



<h2 class="wp-block-heading">The Valuation Reality Nobody Talks About</h2>



When AI tokens peaked at $70.4 billion in early December, that entire market represented less than half of<a href="https://www.benzinga.com/markets/earnings/25/11/48963515/nvidia-q3-record-revenue-as-blackwell-demand-surges-huang-says-ai-is-going-everywhere"> Nvidia&#8217;s quarterly</a> data center revenue. The subsequent 28% crash brought valuations somewhat closer to their actual revenue generation, which for most projects approaches zero.



Traditional AI stocks trade at premiums because they generate cash flow. Nvidia&#8217;s forward price to earnings ratio around 30 to 35 times might seem expensive until you remember it&#8217;s backed by $130.5 billion in annual revenue and billions in net income. Microsoft, Alphabet, Amazon, and Meta all produce substantial free cash flow that funds dividends, buybacks, and continued AI investment.



AI tokens offer no earnings, no dividends, and no cash flow. Their value derives entirely from speculation about future utility and hope that adoption will eventually materialize. Some projects may succeed long term, but current valuations often assume perfect execution of completely unproven business models across competitive markets against well-funded incumbents.



<h2 class="wp-block-heading">Looking Toward 2026</h2>



The verdict heading into 2026 couldn&#8217;t be clearer. Traditional tech companies are capturing the overwhelming majority of AI related economic value. They&#8217;re generating hundreds of billions in revenue, serving millions of paying customers, and delivering measurable business results that show up in their financial statements every quarter.



All four major tech companies have signaled they&#8217;ll increase AI infrastructure spending in 2026. Meta CFO Susan Li stated capital expenditures will grow considerably larger next year. Microsoft expects its fiscal 2026 spending to accelerate after previously indicating growth would slow. Amazon CEO Andy Jassy emphasized the company will remain aggressive in investing capacity as demand stays strong.



AI tokens trade primarily on narrative and technical possibility. While blockchain based AI infrastructure could theoretically offer advantages like decentralization and transparency, the market has decisively shown it values proven revenue over theoretical benefits. Until AI token projects demonstrate substantial paying customer bases and sustainable business models, this valuation gap will likely persist or widen further.



For investors seeking AI exposure, the choice between speculative tokens with no revenue and profitable companies generating billions quarterly shouldn&#8217;t require much deliberation. The AI revolution is happening right now, but it&#8217;s being monetized by Nvidia, Microsoft, Google, Amazon, and Meta. Not by cryptocurrency tokens with market caps that couldn&#8217;t fund a single quarter of their infrastructure spending.



That&#8217;s not a prediction about what might happen. That&#8217;s the reality unfolding today.



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.

AI Tokens Vs. AI Stocks: Promises Vs. Profits

Hashdex Asset Management says cryptocurrencies are rapidly becoming a core strategic component of modern portfolios. 



What Happened: According to its latest 2026 Crypto Investment Outlook, the firm <a href="https://hashdex.my.salesforce.com/sfc/p/#Hs00000IkNIH/a/U600000DeWBN/QfsI6PiFAM0NoykjT05uASjhmiRjfP9NriWmakWqJH4">recommends</a> investors allocate 5%–10% to crypto as macro pressures continue to erode the traditional 60/40 stock–bond model. 



Persistent inflation, slowing growth, rising debt levels, and geopolitical uncertainty are pushing investors to seek alpha, diversification, and uncorrelated returns, roles crypto is increasingly filling.



Hashdex noted that nearly 45% of financial advisors now plan to gain exposure through crypto ETFs, highlighting growing institutional acceptance.



The report outlines several major structural shifts expected by 2026:



From Petrodollar to &#8216;Cryptodollar&#8217;



Stablecoins are projected to grow from $295 billion to over $500 billion, reshaping global dollar usage. 



Regulatory progress, including the GENIUS Act, is accelerating adoption, while stablecoins enable faster payments, re-dollarization in fragile economies, and increased demand for short-term U.S. Treasuries from issuers.



Tokenization of Real-World Assets (RWAs)



Tokenized assets could expand from $36 billion to nearly $400 billion by 2026, unlocking liquidity, fractional ownership, and efficiency across markets. 



Regulatory clarity—such as Europe's MiCA framework—and growing participation from major financial institutions point to accelerating adoption within a massive $664 trillion total addressable market.



AI and Crypto Convergence



The AI-crypto market is expected to grow from $3 billion to $10 billion, supported by strong venture capital inflows. 



Blockchains enable decentralized AI through verification, coordination, programmable incentives, and cost-efficient compute markets. 



Hashdex expects future AI agents to transact natively on blockchains, driving sustained demand for crypto infrastructure.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49387789/bitcoin-stuck-around-90000-xrp-dogecoin-trade-flat-while-ethereum-rises-2">Bitcoin Stuck Around $90,000 XRP, Dogecoin Trade Flat While Ethereum Rises 2%</a>



What's Next: Hashdex argues crypto is evolving beyond speculation into a strategic portfolio allocation. 



The convergence of stablecoins, real-world asset tokenization, and AI, combined with rising institutional adoption and regulatory clarity, positions digital assets as essential components of resilient, forward-looking portfolios by 2026.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49392219/cathie-woods-2026-playbook-btc-leads-crypto-portfolio-trimming-tsla-to-rebalance">Cathie Wood&#8217;s 2026 Playbook: BTC Leads Crypto Portfolio, Trimming TSLA To &#8216;Rebalance&#8217;</a></li>
</ul>



Image: Shutterstock

Crypto Can No Longer Be Ignored Or Dismissed, 5%–10% Portfolio Allocation Is Warranted, Hashdex Says

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> has been digesting the Trump-driven post-election surge, with price action at the end of 2025 showing correction and absorption rather than renewed upside momentum.



<h3 class="wp-block-heading">Post-Election Rally Runs Into Heavy Supply</h3>



The 80% surge <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41525790/bitcoin-to-hit-73k-on-election-day-and-80k-if-trump-wins-says-standard-chartered">following</a> the 2024 presidential election pushed Bitcoin aggressively into the $120,000 to $125,000 supply zone.&nbsp;



That region marked a long-standing resistance band where price failed to establish any meaningful base.



Once momentum faded, Bitcoin rolled over quickly, breaking several short-term supports in succession.&nbsp;



<h3 class="wp-block-heading">Daily Chart Remains Structurally Corrective</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="660" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15044211/btc-dec-15-1024x660.png" alt="" class="wp-image-1213394" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15044211/btc-dec-15-1024x660.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15044211/btc-dec-15-300x193.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15044211/btc-dec-15-768x495.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15044211/btc-dec-15-1536x990.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15044211/btc-dec-15.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/BTCUSD/">BTC Key Technical Levels (Source: TradingView)</a>



On the daily timeframe, Bitcoin remains capped beneath a falling trendline that has guided price lower since the October peak.&nbsp;



Each rebound attempt into that trendline has been rejected.



Until Bitcoin can reclaim and hold above that structure, the broader market posture remains corrective.&nbsp;



The chart does not yet support a sustained bullish continuation.



Additionally, Bitcoin continues to trade below major EMAs, clustered between $95,000 and $103,000.



Those levels now represent active supply.&nbsp;



Rallies into this zone have been met with selling, indicating that traders are using strength to reduce exposure rather than chase upside.



<h3 class="wp-block-heading">Range-Bound Price Signals Balance, Not Breakout</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="660" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043924/image-256-1024x660.png" alt="" class="wp-image-1213390" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043924/image-256-1024x660.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043924/image-256-300x193.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043924/image-256-768x495.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043924/image-256-1536x990.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043924/image-256.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/BTCUSD/">BTC Range Bound In Shorter Time Frames (Source: TradingView)</a>



Support has formed near $85,000, where buyers stepped in following the November flush.&nbsp;



While that level has held, Bitcoin has struggled to generate follow-through away from it.



Price remains trapped in a broad consolidation range between roughly $88,000 and $94,000.&nbsp;



On the one-hour chart, repeated failures near the upper boundary and steady bids near the lower end point to heavy consolidation.



<h3 class="wp-block-heading">Spot Outflows Weigh On Upside Attempts</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="254" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043919/image-3-133-1024x254.png" alt="" class="wp-image-1213387" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043919/image-3-133-1024x254.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043919/image-3-133-300x74.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043919/image-3-133-768x190.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043919/image-3-133-1536x380.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15043919/image-3-133.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://www.coinglass.com/currencies/BTC/spot">BTC On-Chain Flows (Source: Coinglass)</a>



Over the past two weeks, Bitcoin has recorded approximately $2.39 billion in net spot outflows.



Even during recent rebound sessions, capital has continued to exit exchanges, a dynamic that typically limits upside momentum.



This divergence explains why the market feels heavy.&nbsp;



Buyers are present enough to prevent a breakdown, but sellers continue to cap rallies.



<h3 class="wp-block-heading">What Needs To Change For The Bull Case</h3>



For Bitcoin to credibly reopen the path toward higher targets, several conditions must be met.&nbsp;



Price needs to reclaim and hold above $94,000.&nbsp;



The falling daily trendline must be broken decisively.&nbsp;



Spot flows must shift from persistent outflows to sustained inflows.



Until those signals appear, upside projections toward $150,000 remain premature.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49385786/bitcoin-other-cryptocurrencies-to-face-uk-regulatory-framework-by-2027-report">Bitcoin, Other Cryptocurrencies To Face UK Regulatory Framework By 2027: Report</a></li>
</ul>



Photo: jira pliankharom / Shutterstock

Bitcoin Was Supposed To Pump To $150,000 In Q4—Why Didn't It Happen?

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> disclosed another major 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> purchase on Monday, acquiring 10,645 BTC for about $980.3 million between Dec. 8 and Dec. 14, even as a key performance metric behind its <a href="https://www.benzinga.com/money/strategy-stock-price-prediction">stock turns negative</a>.



<h3 class="wp-block-heading">Strategy Extends Bitcoin Accumulation</h3>



The company said it paid an average price of $92,098 per Bitcoin, funding the <a href="https://x.com/saylor/status/2000552369172701538">purchase</a> through at-the-market sales of common stock and multiple preferred share offerings.&nbsp;



Nearly $989 million was raised during the week through MSTR and its STRF, STRK, and STRD securities.



As of December 14, Strategy holds 671,268 BTC, acquired for roughly $50.33 billion at an average cost of $74,972 per Bitcoin.&nbsp;



The filing reinforces that Bitcoin remains the firm's central treasury asset, with accumulation driven primarily by capital markets activity rather than operating cash flow.



<h3 class="wp-block-heading">BTC Yield Turns Negative For First Time In Years</h3>



Despite continued buying, Strategy's BTC Yield, a core <a href="https://protos.com/strategys-btc-yield-turns-negative-for-first-time-in-years/">metric</a> tracking Bitcoin held per share of MSTR, has turned negative for the first time in years, according to Protos. 



The company reported a quarterly BTC Yield of minus 1%, meaning it now holds less Bitcoin per share than it did at the end of September.



BTC Yield had been positive every year since 2020 and every quarter since April 2023, making the reversal a notable break from the narrative that dilution was consistently accretive for shareholders.



<h3 class="wp-block-heading">Dilution And Cash Reserves Weigh On Metrics</h3>



The decline follows Strategy's decision to divert $1.44 billion into a USD cash reserve instead of deploying the capital into Bitcoin.&nbsp;



The reserve is intended to meet future dividend obligations tied to preferred shares.



Analysts note that BTC Yield only benefits shareholders when new equity or preferred issuance occurs at a premium to the company's Bitcoin net asset value.&nbsp;



When that premium compresses, dilution becomes uneconomic.



<h3 class="wp-block-heading">mNAV Premium Collapses As Confidence Fades</h3>



Strategy's multiple-to-net asset value, or mNAV, has been declining since mid-2023, reflecting waning investor willingness to pay a premium for Bitcoin exposure through MSTR rather than <a href="https://www.benzinga.com/crypto/cryptocurrency/25/12/49254212/why-is-strategys-mstr-now-worth-less-than-the-bitcoin-it-owns">holding</a> BTC directly.



Market data shows investors are now valuing Strategy at roughly a 16% enterprise-level premium to its Bitcoin holdings, down sharply from premiums above 240% seen as recently as November 2024.&nbsp;



On a basic basis, excluding preferred shares and bonds, Strategy's market capitalization is now below the value of its Bitcoin.



<h3 class="wp-block-heading">MSTR Fails To Break Downtrend As Sellers Defend Resistance</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="660" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15093439/image-269-1024x660.png" alt="" class="wp-image-1214040" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15093439/image-269-1024x660.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15093439/image-269-300x193.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15093439/image-269-768x495.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15093439/image-269-1536x990.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15093439/image-269.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/NASDAQ-MSTR/">Strategy Inc. Stock Price Action (Source: TradingView)</a>



MSTR attempted to break out of its falling channel, but the move failed as price briefly pushed above resistance before slipping back inside the structure. 



That behavior signals rejection rather than a confirmed trend change.



The broader structure continues to print lower highs, with sellers actively defending the $190–$195 zone.&nbsp;



Supertrend and SAR remain in bearish alignment, confirming that downside momentum has not flipped.



As long as MSTR trades below roughly $195, the downtrend remains active.&nbsp;



Near-term support sits around $175, with additional risk toward $160 if that level gives way.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/large-cap/25/12/49392382/visa-wants-to-be-your-stablecoin-guide-as-crypto-dollars-go-mainstream">Visa Wants To Be Your Stablecoin Guide As Crypto Dollars Go Mainstream</a></li>
</ul>



Image: Shutterstock

Strategy Buys $980M In Bitcoin But One Crucial MSTR Metric Turned Red

Visa Inc. <a class="ticker-link" data-ticker="V" data-exchange="NYSE" href="https://www.benzinga.com/quote/V" target="_blank" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/V">V</a>)</a> is expanding its role in digital assets, launching a stablecoin advisory practice to help organizations determine whether stablecoins make sense for their payments <a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48799797/visa-launches-stablecoin-payouts-for-the-gig-economy-as-traders-eye-343">and treasury operations</a>.



<h3 class="wp-block-heading">Visa Launches Stablecoins Advisory Practice</h3>



The new Stablecoins Advisory Practice is housed <a href="https://fortune.com/2025/12/15/visa-launches-stablecoins-advisory-practice/">within</a> Visa Consulting &amp; Analytics and will guide clients on market fit, strategy, technology and implementation, Fortune reported on Monday.



Carl Rutstein, global head of Visa Consulting &amp; Analytics, said the initiative reflects growing demand from financial institutions seeking practical ways to integrate stablecoins into existing systems.



<h3 class="wp-block-heading">Regulatory Clarity Drives Institutional Interest</h3>



Interest in stablecoins has accelerated following the passage of the GENIUS Act earlier this year, which established a U.S. regulatory framework for issuing and overseeing dollar-pegged digital assets.



Payment companies and banks have responded by moving beyond experimentation toward real-world deployment.&nbsp;



Visa said its advisory clients are exploring use cases such as cross-border payments, B2B transactions and operations in countries with volatile currencies.



<h3 class="wp-block-heading">Early Clients And Use Cases Take Shape</h3>



The advisory practice already serves dozens of clients, including Navy Federal Credit Union, Pathward, and VyStar Credit Union. 



Rutstein said some participants may move forward with stablecoin implementations, while others may conclude there is no immediate customer demand.



The company expects the advisory business to grow to hundreds of clients as adoption expands across both traditional finance and fintech.



<h3 class="wp-block-heading">Visa's Stablecoin Activity Already Scales</h3>



Visa is not new to stablecoins.&nbsp;



In 2023, it piloted stablecoin settlement using USDC and now supports more than 130 stablecoin-linked card programs across over 40 countries.



Visa said its annualized stablecoin settlement volume has reached roughly $3.5 billion, underscoring that blockchain-based payments are moving from pilot programs into production-level usage.



<h3 class="wp-block-heading">Visa Breaks Trendline And Reclaims Upside Momentum</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="660" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15085003/image-268-1024x660.png" alt="" class="wp-image-1213958" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15085003/image-268-1024x660.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15085003/image-268-300x193.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15085003/image-268-768x495.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15085003/image-268-1536x990.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/15085003/image-268.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/NYSE-V/"></a>



<a href="https://in.tradingview.com/symbols/NYSE-V/">V Stock Price Dynamics (Source: TradingView)</a>



Visa is trading near $348 after breaking above a short-term descending trendline that had capped price since October.&nbsp;



That trendline break marks the most important technical development on the chart.



The move followed a successful defense of the $320–$325 support zone, which aligns with the lower boundary of the rising channel and Supertrend support near $328.&nbsp;



Buyers stepped in decisively, turning the bounce into a confirmed breakout rather than a short-lived reaction.



The stock price has now re-entered the middle of the rising channel. 



As long as Visa holds above the broken trendline and stays above $335, the breakout structure remains intact.&nbsp;



A drop back below $330–$325 would invalidate the move and return the stock to consolidation.



The RSI has pushed back into the mid-60s, signaling renewed strength without signs of exhaustion, leaving room for further upside.



Overhead resistance sits near $350.&nbsp;



A daily close above the $350–$355 zone would confirm continuation and open a path toward $375, which aligns with upper channel resistance.



<ul class="wp-block-list">
<li>Support: $335, then $325.</li>



<li>Resistance: $350, then $375.</li>
</ul>



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/25/12/49390302/top-2-financial-stocks-that-may-fall-off-a-cliff-this-quarter">Top 2 Financial Stocks That May Fall Off A Cliff This Quarter</a></li>
</ul>



Image: Shutterstock

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