According to data from the Treasury International Capital System for October, Brazil, China and India jointly reduced their US Treasury holdings by $28.8 billion, with India cutting $12 billion, China $11.8 billion and Brazil $5 billion. Between October 2024 and October 2025, the three BRICS members offloaded a combined $183.2 billion in US debt, while J.P.Morgan's forex team projects a net bearish outlook for the US dollar in 2026.

Bitcoin hovered near $87,200 on Friday, about 6.5% below its 2025 opening level and well under its October peak above $126,000, even as U.S. equities and precious metals set fresh records. Derivatives positioning around a reported $28 billion options expiry and reduced holiday liquidity have coincided with roughly $500 million in weekly outflows from spot bitcoin ETFs and about $4.3 billion pulled over the final two months of the year. Gold climbed beyond $4,580 per troy ounce and silver surpassed $75, while the S&P 500 and Dow closed their Christmas Eve session at all-time highs and the Nasdaq gained more than 20% in 2025.

At the end of December 2025, the US dollar is heading for its steepest weekly decline since June, with the DXY Index down 0.8% and the currency on track for an 8% annual drop. Investors are positioning for further Federal Reserve rate cuts in 2026 while 10-year Treasury yields hover near 4.12%. Equities have rallied in parallel, with the S&P 500, Dow and Nasdaq all posting gains, as a seasonal Santa Claus rally and expectations of lower borrowing costs support risk assets.

The SEC and CFTC outlined a coordinated approach to U.S. crypto oversight, advancing joint efforts including a Token Classification Framework, Project Crypto and work on crypto ETFs under the leadership of Paul Atkins and Michael Selig. The plan seeks clearer rules around crypto commodities and spot markets while promoting innovation and competition across digital asset venues.

CoinShares reports that the digital asset market delivered a standout performance in 2025, with Bitcoin setting new all‑time highs and crypto returning to mainstream institutional and media attention. The firm argues that the next phase of the sector will be driven less by price swings and more by real-world utility, adoption and integration into traditional finance, including the growth of spot Bitcoin ETFs, prediction markets, stablecoins and tokenised products. Looking into 2026, CoinShares expects structural changes such as app-based savings and broader stablecoin settlement to matter more than macro catalysts, with regulation seen as a prerequisite for scaling innovation.

On Dec. 26, 2025, BlackRock moved 1,044 BTC ($91.9 million) and 7,557 ETH ($22.41 million) to Coinbase after pausing activity on Christmas Day. Lookonchain said that on Dec. 24, BlackRock transferred 2,292 BTC ($199.8 million) and 9,976 ETH ($29.23 million) to Coinbase Prime. 10x Research noted Bitcoin's rangebound setup with shrinking volatility and signs of technical fatigue.

On December 26, 2025, Sberbank said it issued a pilot corporate loan to Intelion Data JSC secured by cryptocurrency mined in Russia. The bank used its Rutoken storage to hold the pledged assets and framed the test as groundwork for future rules, while lawmakers target July 1, 2026 for adopting comprehensive crypto regulation in the country.

On December 26, 2025, Uniswap's community approved the UNIfication governance proposal, activating protocol fees and authorizing a one-time burn of 100 million UNI. UNI traded near $5.90 as an on-chain mechanism will channel a portion of fees into ongoing burns, with more than 125 million votes backing the change.