Market Movement:

  • Ethereum (ETH) rose by 1.3%, currently at $2,964, just below the key $3,000 mark, with a potential upside target of $3,150–$3,300.
  • Total crypto market capitalization expanded by approximately 1%, reaching $3.07 trillion, with 24-hour trading volume at $91.4 billion, indicating steady risk appetite.

Key Events:

  • Ripple’s XRP surged to an all-time high of $3.65 following the SEC case resolution in 2025, with Ripple’s valuation reaching $40 billion after four major acquisitions.
  • MicroStrategy holds 671,268 BTC, representing over 3.2% of all circulating Bitcoin, with its stock trading well below the value of its Bitcoin holdings as of December 2025.
  • Sberbank in Russia is exploring crypto-collateralized lending, with over 160 tokenized issues this year across real estate, oil, and commodities.

Trading Signals:

  • 9 of the top 10 cryptocurrencies posted gains in the past 24 hours, with Bitcoin up 1.4% and Ethereum up 1.3%, indicating broad positive momentum.
  • Market volume remains muted with a 24-hour trading volume of $91.4 billion, suggesting cautious trading despite overall gains.

Narrative Shifts:

  • The market is showing signs of a potential relief rally, with XRP, Solana, and Cardano consolidating within steady ranges, hinting at upcoming bullish moves.
  • Institutional interest in crypto-backed lending and tokenized assets is rising, with Russia’s major exchanges preparing for regulated crypto trading by July 2026.

Risk Alerts:

  • Market remains cautious with the Crypto Fear & Greed Index at 27, signaling prevailing fear and potential volatility.

Opportunities:

  • XRP’s ETF inflows and ecosystem upgrades suggest a potential recovery target of at least $3, with a key breakout above $2.2 to reverse its downtrend.
  • Solana, having corrected over 50% from its peak, remains bullish above $120, with historical performance indicating a possible 30× rebound post-correction.
  • The upcoming regulated crypto trading infrastructure in Russia and tokenized assets across sectors present growth opportunities in collateralized finance and institutional adoption.

Flows & Positioning

Bitcoin Struggles Below $90K Amid Market Consolidation

Bitcoin's price remains under pressure, hovering around $88,681 as of December 26, 2025. Despite a slight increase of 1.4% in the last 24 hours, the cryptocurrency is still grappling with resistance levels around $90,500. Analysts suggest that a breakout above this threshold could lead to further gains, potentially targeting $92,650 to $94,675. Market sentiment appears cautious, with the Crypto Fear & Greed Index at 27, indicating a prevailing fear among investors.

This backdrop of uncertainty is compounded by a $300 million options expiry that could trigger significant volatility in the coming days.

Institutional Interest Fuels Bitcoin's Market Dynamics

In 2025, institutional interest in Bitcoin surged, with mentions of blockchain in SEC filings reaching around 8,000 by November. This increase is largely attributed to the rollout of spot Bitcoin ETFs, which have become a focal point for traditional finance's entry into the crypto space. The GENIUS Act and the Digital Asset Market Clarity Act have provided a clearer regulatory framework, encouraging more institutional participation. Despite the bullish sentiment from institutional flows, Bitcoin's price remains stagnant below key resistance levels.

The ongoing ETF demand indicates a strong underlying interest, but market conditions remain choppy as retail traders exhibit caution.

XRP's Potential Surge Following SEC Case Resolution

XRP has shown resilience, trading at $1.87 with a modest gain of 0.1% as of December 26, 2025. Following the resolution of Ripple Labs' long-standing SEC case, XRP surged to an all-time high of $3.65 earlier in the year. Analysts suggest that if XRP can break above the $2.20 level, it may target $3, bolstered by strong community support and ongoing ecosystem upgrades. Additionally, XRP ETFs have attracted significant inflows, with approximately $1.13 billion in net inflows noted by December 23.

This demand, combined with a solid technical chart, positions XRP as a potential standout in the upcoming bullish market phase.

Market Volatility and Institutional Profitability Trends

Despite a challenging December for the broader crypto market, select institutional funds have reported profits. Market maker Wintermute led the way with approximately $3.17 million in realized gains, while Dragonfly Capital followed closely with profits totaling nearly $3 million across various wallets. This indicates that while the market struggles, savvy institutional players are finding opportunities. As the market capitalization of cryptocurrencies hovers around $3.07 trillion, the dynamics of institutional trading and ETF activity will likely play a crucial role in shaping market trends heading into 2026.

Increased volatility following options expirations may present both risks and opportunities for traders.

On-Chain & Network

Solana and Cardano Collaboration on Cross-Chain Bridge

Solana and Cardano are reportedly collaborating to launch a new bridge that connects their ecosystems, which could significantly enhance interoperability between the two networks. This partnership aims to leverage the strengths of both platforms, allowing Solana users to benefit from Cardano's privacy and security features, while Cardano users gain access to Solana's robust DeFi market. This development signifies a shift in the crypto landscape towards collaboration and interoperability, potentially unlocking billions in cross-chain value.

Solana's Price and Market Performance Metrics

Solana's price has seen a significant decline, breaking below its long-held support at $127 and struggling to maintain levels above $120. This bearish trend has raised concerns about a potential deeper correction towards the $100 mark, contrasting sharply with its previous trading levels near $230. The current trading activity and transaction volumes have been declining steadily, indicating a challenging market environment for Solana.

Shift Towards Utility in the Crypto Market

The digital asset market is experiencing a notable shift from speculative trading to a focus on utility and real-world applications. CoinShares highlights that the foundation supporting digital assets has strengthened, with projects now prioritizing practical integrations that solve tangible economic problems. This maturation of the crypto space is reflected in the increasing embedding of digital assets within traditional financial systems, rather than operating outside of them.

Solana and Hyperliquid Lead 2025 Blockchain Revenue

In 2025, Solana and Hyperliquid emerged as the leading blockchain revenue generators, indicating strong performance and adoption within the ecosystem. This dominance in revenue generation underscores the growing significance of Solana in the blockchain landscape, particularly as it continues to attract users and developers alike.

Macro & Policy

China's Tax Changes Impact Gold Sector

Recent tax changes in China have eliminated long-standing incentives for certain retailers in the gold sector, leading to significant repercussions for smaller firms and jewelers. This shift comes amid a growing interest in precious metals, which has prompted a notable reaction from investment funds, including a decision to turn away investors. The specific details of the tax changes and their financial implications for the sector have not been disclosed, but the overall sentiment indicates a challenging environment for businesses reliant on gold sales.

Russia's Regulatory Countdown for Crypto Trading

Sberbank is actively exploring the launch of crypto-collateral lending as part of its broader digital asset strategy, which has already seen over 160 tokenized issues in 2025. This initiative is aligned with Russia's financial sector's push towards digital assets, particularly as the country approaches a mid-2026 regulatory deadline for comprehensive crypto legislation. The Moscow Exchange and St. Petersburg Exchange have confirmed their readiness to initiate regulated crypto trading by July 1, 2026, contingent on the new legislative framework, which includes distinct access conditions for qualified and non-qualified investors.

Security & Incidents

Trust Wallet Confirms $7M Impact from Browser Extension Incident

Trust Wallet says around $7 million was impacted in a security incident affecting its browser extension version 2.68.

Crypto TVL Exploits in 2025 Exceed $2.5 Billion

Crypto TVL exploits in 2025 have climbed past $2.5 billion, with theft now dominated by a different method.

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