Hyperliquid closed out 2025 with $844 million in revenue, $2.95 trillion in trading volume, and more than 600,000 new users. Perpetuals generated $848.33 million in fees, while Bitcoin led activity at $1.16 trillion. The exchange also reported $3.87 billion in net inflows and expanded HIP-3 listings to global equities.

On Dec. 27, CEO Brian Armstrong said Coinbase is working with Hyderabad Police in India after the arrest of a former customer support agent linked to an insider bribery and data theft scheme. Public filings show the breach was discovered in May 2025, ultimately affecting 69,461 people and leading Coinbase to recognize $355 million in related costs across Q2 and Q3 2025.

AMLBot's on-chain study covering 2023–2025 reports Tether froze more than $3.29 billion in USDT and blacklisted 7,268 addresses across Ethereum and Tron, while Circle's USDC freezes totaled $109 million over 372 addresses. The gap was amplified on Tron, where $1.75 billion in USDT sits in blacklisted wallets. The findings underscore contrasting enforcement practices among leading stablecoin issuers.

Mirae Asset Group is negotiating to acquire Korbit in a deal valued around $100 million, with Mirae Asset Consulting leading and an MOU signed with major shareholders. The exchange, founded in 2014 and operating under South Korea's licensing regime, has under 1 percent domestic market share by volume. Over the last 24 hours, Korbit posted $5.75 million out of roughly $1.21 billion across six local platforms.

In January 2024, spot Bitcoin ETFs were approved, followed by a $10 cross‑sector test at the cycle's start. Results ranged from $28 in winners to just $1.20 in laggards amid capital concentrating in regulated products. Bitcoin set an October all‑time high above $126,000 and later traded near $88,000.

On December 28, 2025, an XRP watcher highlighted Times Square's 2026 display using 589 lights, reviving a long‑running community motif. Bitcoin has three trading days left in December to hold the mid‑Bollinger near $88,929, opening a path toward $125,571 if defended. SHIB ended December negative and is targeting a January move that could delete one zero.

EU crypto reporting under DAC8 begins January 1, with providers required to share user and transaction data and a compliance deadline on July 1, 2026. Several European jurisdictions still exempt long‑term holdings, while others introduce new levies such as Slovenia's 25% and Cyprus's 8%. Asia features 0% regimes in the UAE and targeted relief in Thailand.

On 28 December 2025, Coinbase Institutional outlined how crypto markets are moving away from retail-driven boom-bust cycles toward an institutional, macro-linked structure dominated by derivatives. The report argues that regulation, real-economy linkages, and growing institutional use of crypto infrastructure, tokenization, and privacy tools are reshaping market behavior and reducing wild-west dynamics.