Trading

Grayscale's spot Chainlink ETF launched December 3 with $42 million in first-day inflows and $13 million in trading volume. LINK climbed over 20% from $12 to $15 during the week, while Open Interest rose from $194 million to $240 million.

Financial executives from Citadel Securities, Coinbase, Galaxy, and BlackRock revealed sharp disagreements over tokenization regulation during a Thursday SEC Investor Advisory Committee meeting. The session followed a Wednesday letter from Citadel Securities recommending stricter SEC oversight of DeFi protocols handling tokenized securities. Crypto advocates pushed back, arguing such rules are impractical for decentralized systems.

The Commodity Futures Trading Commission has authorized spot cryptocurrency trading on federally regulated futures exchanges in the United States. Acting Chair Caroline Pham announced Thursday that registered exchanges can now list spot crypto products, according to guidance from the President's Working Group on Digital Asset Markets. The move follows coordination among U.S. regulators and marks a historic expansion of the agency's oversight to include direct asset purchases and sales.

BlackRock CEO Larry Fink said multiple sovereign wealth funds have been acquiring Bitcoin at price levels including $120,000, $100,000, and the $80,000 range. The purchases represent long-term strategic positions rather than short-term trades, according to Fink. Technical analysis shows Bitcoin remains within an ascending channel with potential upside toward $100,000 if key support levels hold.

Strategy has sharply reduced its Bitcoin acquisition pace, purchasing only 135 BTC in December 2025 compared to 134,000 BTC at its 2024 peak. The company raised over $1.44 billion in equity to establish a dollar reserve covering preferred stock dividends and bond interest for 12 to 24 months. CryptoQuant data show monthly acquisitions declined from 134,000 BTC during the 2024 peak to 9,100 BTC in November 2025.

The Commodity Futures Trading Commission has authorized spot cryptocurrency trading on federally regulated U.S. futures exchanges. Bitnomial, a U.S.-based derivatives platform, will launch next week, offering retail and institutional investors access to spot, futures, and options trading under CFTC supervision. The move aligns with efforts to establish regulated alternatives to offshore platforms.

Bitcoin's failure to break through $94,000 on December 3 has left more than a quarter of circulating supply in unrealized loss. On-chain data show the cryptocurrency fell below the 0.75 cost-basis quantile in mid-November, a threshold where three-quarters of supply remains profitable. The current structure presents elevated risk as price remains below critical cost-basis levels identified by quantile analysis.

Indian cryptocurrency investors now hold 4–6 tokens on average, up from 2–3 in 2022, according to CoinDCX's 2025 annual report. India's crypto market recorded $618.5 million in total spot trading volume for 2025, with monthly volume averaging $51.6 million. Bitcoin remains the most held asset, while Ethereum leads in trading activity.

Binance founder Changpeng Zhao and economist Peter Schiff debated the merits of Bitcoin and gold as stores of value, focusing on verification methods and practical utility. CZ highlighted Bitcoin's instant blockchain verification and global payment capabilities, while Schiff defended gold's physical properties and industrial applications. Bitcoin has gained 377% over five years compared to gold's 127%, though gold leads in 2025 with approximately 59% year-to-date gains.

Binance will remove FDUSD-denominated margin pairs from cross and isolated markets on December 11, 2025. Borrowing for these pairs ends December 8. The delisting affects over 20 tokens including PENGU, NOT, FLOKI, and ORDI, with all positions force-closed and orders canceled at implementation.