Crypto Breaking

Bitcoin’s price path remains under pressure as macro conditions weigh on risk assets, and a growing chorus of voices questions whether a rapid rotation into crypto is at hand. Veteran market analyst Benjamin Cowen argued in a Thursday video that Bitcoin could continue to bleed against the stock market for some time, casting doubt on the notion that investors will pivot decisively from metals like gold and silver into digital assets in the near term. The backdrop features gold and silver trading near all-time or multi-decade highs, even as Bitcoin has struggled to reclaim momentum. Gold hovered around $5,608.33 per ounce and silver near $121.64 per ounce, according to Trading Economics, underscoring a rare convergence of risk-off signals across traditional assets. Bitcoin traded around $82,859 at the time of publication, a drop of roughly 7.8% over the prior week, per CoinMarketCap. The Crypto Fear & Greed Index sat in “extreme fear” territory, signaling a cautious mood among crypto participants.

Key takeaways

Benjamin Cowen warned that Bitcoin is likely to continue underperforming the broader stock market, casting doubt on a near-term rotation from gold/silver into crypto.

Gold and silver have surged, with gold around $5,608.33/oz and silver near $121.64/oz, supporting the narrative of non-correlated assets amid macro stress.

Citi projects silver hitting $150 in the next three months, driven by Chinese demand and a weaker US dollar; the trade backdrop remains complex for precious metals investors.

Other analysts see a potential turning point for crypto, with expectations of a re-risking cycle into Bitcoin (CRYPTO: BTC) crystallizing in early 2026 and possibly February–March, depending on macro flow dynamics.

Bitcoin’s price action remains fragile in the near term, but divergent views point to a potential bottom over the coming weeks if historical patterns repeat.

Tickers mentioned: $BTC

Sentiment: Bearish

Price impact: Negative. Bitcoin has declined on the week, reflecting softer risk appetite and ongoing headwinds for crypto assets.

Trading idea (Not Financial Advice): Hold

Market context: The recent price action sits within a broader risk-off phase for crypto, where liquidity and macro risk sentiment influence BTC’s relative performance versus equities and traditional safe havens. The juxtaposition of record-high precious metals and a cautious crypto tape highlights the sensitivity of crypto assets to macro cues and liquidity cycles.

Why it matters

The tension between traditional safe havens and crypto markets matters because the path Bitcoin follows could influence the wider digital-asset space for months to come. If Cowen’s assessment proves accurate, BTC may remain under pressure until macro confidence improves or a decisive shift in risk appetite emerges. On the other hand, the opinions of other market observers underscore that crypto cycles are not monolithic and can diverge from equity and commodity cycles, especially if liquidity conditions improve or if there is a sustained inflow of risk-on capital into digital assets.

Analysts who see a potential bottom point to a pattern in which gold leads during macro stress and Bitcoin follows once risk appetite returns. Pav Hundal, lead analyst at Swyftx, has argued that the market sits near a traditional cusp where investors begin re-risking into Bitcoin. He has suggested that, historically, Bitcoin bottoms tend to lag gold’s relative strength by roughly 14 months, with a rotation potentially materializing in February or March and a bottom formation if the cycle plays out as expected within a 40-day window. This line of thought sits alongside the broader narrative that gold often leads during macro stress, serving as a bellwether for more speculative assets later when conditions improve. If this pattern holds, BTC could begin to show resilience as risk sentiment begins to stabilize toward the end of the quarter.

Additionally, Andre Dragosch of Bitwise Europe has noted that Bitcoin trades at a relative discount to gold, implying limited downside if flows turn. His view suggests that an inflection point could emerge if capital begins to rotate back into crypto as part of a broader rebalancing strategy. While these observations are contingent on a range of macro and market-specific factors, they contribute to a nuanced view: BTC may not be doomed to a steep and protracted drawdown if catalysts align to shift investor sentiment in early 2026.

The price action also sits amid a broader monitoring of how crypto markets respond to shifts in macro policy, dollar strength, and cross-asset correlations. The juxtaposition of record levels in precious metals against a crypto market that has struggled to regain momentum underscores the ongoing complexity of the transitional period for digital assets. The coming weeks will be a test of whether Bitcoin can decouple from the broader risk-off impulse or whether the current stance will persist until a more durable macro recovery takes hold.

In this environment, a number of investors will be watching not only BTC’s price trajectory but also the underlying flow dynamics that could signal a broader shift in risk appetite. The coming weeks could reveal whether the cautious stance among traders is a temporary pause or the start of a longer consolidation as macro indicators, liquidity signals, and narrative drivers align in a new direction.

What to watch next

February–March window: Monitor for any uptick in risk-on positioning that could signal re-risking into Bitcoin, in line with Hundal’s near-term expectations.

40-day lookahead: Track BTC price action and relative strength versus gold to identify potential bottom formation patterns if historical relationships hold.

Q1 2026 flows: Watch for indicators of shifts in capital allocation that could serve as an inflection point for BTC, as suggested by Bitwise Europe’s research commentary.

Gold–BTC dynamics: Observe whether Bitcoin begins to close the gap with gold on a relative basis, which could foreshadow a broader risk-on rotation into digital assets.

Sources & verification

Benjamin Cowen, in a YouTube video, discussing Bitcoin’s price path and its relation to the stock market: link

Gold and silver price levels cited: Trading Economics (gold around $5,608.33/oz; silver around $121.64/oz)

Reuters report on Citi’s silver forecast to $150: Reuters

Bitcoin price and weekly performance data: CoinMarketCap

Crypto Fear & Greed Index sentiment: Alternative.me

Bitcoin under pressure as macro dynamics shape the near-term path

Bitcoin (CRYPTO: BTC) has been navigating a cautionary tape as investors weigh the likelihood of a sustained risk-on recovery against persistent macro headwinds. In a recent assessment, Cowen warned that BTC could continue to underperform the stock market in the near term, challenging the assumption that precious metals would pivot decisively into crypto. The argument centers on the idea that a broad rotation from traditional stores of value into digital assets may not materialize quickly enough to counteract prevailing risk-off dynamics. The discourse is further complicated by competing viewpoints: while some analysts anticipate a late-cycle re-risking into Bitcoin, others see a potential for a deeper, protracted adjustment before a potential rebound takes hold.

The immediate price context reinforces this ambivalence. Bitcoin has traded in a range around the mid-$80,000s, with the latest readings placing it near $82,800–$83,000 as traders assess forthcoming macro data and potential regulatory moves. The price action sits against a backdrop of record or near-record levels in gold and silver, which historically can influence the narrative around crypto’s role as an alternative store of value. The juxtaposition raises a central question for market participants: will the crypto market’s pain translate into a broader reset that paves the way for an eventual rotation, or will BTC remain mired in a downcycle until macro conditions improve?

Market participants also watched a set of optimistic perspectives that argue for a potential rebound. Hundal’s comments highlighted a traditional cycle in which gold leads macro stress scenarios, with BTC often following suit once risk appetite improves. If this dynamic holds, February and March could mark a transitional period when investors recalibrate risk exposure, potentially propelling BTC higher as liquidity conditions stabilize. Dragosch’s assessment that Bitcoin trades at a relative discount to gold adds another layer to the discussion, suggesting that a flows-driven impulse could help close the gap if capital begins to rotate back into crypto assets in early 2026. While the evidence is not conclusive, the narrative framing underscores the importance of monitoring cross-asset relationships and liquidity signals in the weeks ahead.

For readers tracking the sector, the current moment underscores the delicate balance between traditional safe-haven assets and digital assets that frequently respond to different catalysts. The price action and sentiment metrics indicate a cautious stance among investors, with a spectrum of views about when and how a sustained reversal might emerge. As traders weigh the evidence—ranging from the macro backdrop to on-chain signals—the coming weeks are likely to reveal whether BTC can stage a durable turn or remain tethered to broader risk-off dynamics. The story remains open, with room for both continued consolidation and a potential early-2026 inflection depending on how macro forces evolve and how investor flows evolve in response.

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This article was originally published as Bitcoin’s ‘Massive Rotation’ On The Rocks, Says Benjamin Cowen on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Circle Internet Group is positioning 2026 as a year of stronger, more durable rails for enterprise crypto use. In a blog post, Circle’s chief product and technology officer Nikhil Chandhok outlined a two-pronged plan: move Arc, the layer-1 blockchain designed for institutional and large-scale use, from testnet toward production, and deepen the utility and reach of Circle’s stablecoins by expanding to more networks. The aim is to give corporations a reliable, cross-chain foundation for treasury operations, payments, and programmable money that does not require them to operate the underlying infrastructure themselves. The vision reflects Circle’s longstanding push to mature the infrastructure around stablecoins for business adoption, rather than only consumer-facing use cases.

Chandhok’s post frames Arc as a backbone for institutions, pointing to closer native support on high-impact networks and tighter integration with Arc as keys to making stablecoins a routine part of enterprise workflows. The strategy hinges on reducing the “chain complexity” that enterprise teams encounter when using tokens across multiple ecosystems and on delivering tools that let developers build more rapidly on top of Circle’s rails.

Beyond Arc, Circle’s 2026 agenda centers on expanding the footprint of its dollar-backed assets. USDC, EURC, USYC, and various partner-provided stablecoins are slated for broader cross-chain reach, with efforts aimed at enabling smoother hold-and-move capabilities for institutions. The company’s leadership says this is not merely software expansion; it’s about delivering a more seamless user experience so enterprises can program with these assets as part of everyday operations. In practical terms, that means deeper integrations with existing enterprise payments networks, enhanced wallet experiences, and more robust developer tools that reduce friction for treasury teams that want to automate reconciliation, settlement, and liquidity management across chains.

In the broader context of the crypto market, stablecoins have become a focal point of policy and institutional interest. In 2025, the sector captured significant attention as lawmakers moved to regulate tokens more clearly, and banks and large corporations increasingly eyed launching their own stablecoins and related payment rails. Circle’s emphasis on cross-chain stability and institutional-grade tools sits at the intersection of policy developments and real-world demand for efficient, regulated digital dollars. As the US and other jurisdictions refine stablecoin rules, the ability to operate on a broad, well-integrated technical stack could become a differentiator for incumbents and newcomers alike.

Key takeaways

Arc’s transition from testnet to production is a central milestone for Circle in 2026, signaling a push for institutional-grade on-chain infrastructure.

Circle plans to broaden the native support and interconnectivity of its dollar-linked assets across multiple chains, including USDC, EURC, and USYC, to simplify cross-network operations for enterprises.

The company emphasizes reducing chain complexity and delivering enhanced developer tools to accelerate enterprise adoption and streamline treasury workflows.

Circle intends to scale its payments network so institutions can opt for stablecoin payments rather than building underlying rails themselves.

USDC remains a major driver in the sector with over $70 billion in market capitalization, behind USDT’s roughly $186 billion, as of market data cited by DefiLlama; the overall stablecoin market sits north of $300 billion.

Tickers mentioned: $USDC, $USDT

Sentiment: Neutral

Market context: The shift toward enterprise-ready stablecoins and cross-chain rails occurs as institutional demand for regulated, scalable digital dollars grows in a macro environment of evolving crypto policy and renewed liquidity considerations.

Why it matters

The move to production for Arc represents more than a single product milestone; it signals a broader architectural bet that stablecoins can function as the core “internet money” layer for businesses. If Arc delivers the reliability and performance Circle promises, companies could increasingly rely on a single multi-chain hub for treasury operations, disbursements, and programmable payments. That has potential knock-on effects for liquidity provisioning, settlement speed, and risk management, as institutions gain visibility and control across multiple networks without managing disparate infrastructures.

Expanding USDC and other Circle-stablecoins across more chains ties directly into the ongoing trend of tokenized, cross-border finance. By focusing on reducing friction and providing robust developer tools, Circle aims to accelerate productization—transforming what is today a mostly consumer-centric asset into an embedded corporate utility. This aligns with broader market expectations that regulated stablecoins will become more integral to institutional finance, not just a niche crypto-native feature.

From a market perspective, the stablecoin sector has grown rapidly and reached a market capitalization exceeding $300 billion in recent months. The sector is led by USDT, followed by USDC, with the remainder spread across a growing array of dollar-pegged tokens. The explicit emphasis on cross-chain usability and institutional acceptance may influence how capital flows within the space, potentially affecting liquidity, treasury management strategies, and the risk posture of corporate crypto programs. As policy developments continue to evolve—especially in the United States—the ability to operate on a mature, compliant, multi-chain stack could become a differentiator for firms choosing between competing white-label rails and bespoke internal solutions.

What to watch next

Arc’s production timeline: any anticipated milestones or public release dates for moving from testnet to mainnet in 2026.

Cross-chain expansions: which networks will gain native support for Circle’s assets in the near term and how this affects developer tooling and UX.

Regulatory developments: updates on stablecoin regulation in the US and UK, including any policy changes that could influence enterprise adoption.

Developer ecosystem growth: new tools, SDKs, or partnerships designed to streamline integration with stablecoins and Arc-based applications.

Sources & verification

Circle blog post detailing the 2026 product vision and Arc’s roadmap: Building the Internet of Financial System – Circle’s product vision for 2026.

DefiLlama stablecoins page for market-cap data (USDC and USDT figures cited).

USDC price index page on Cointelegraph for context on liquidity and price disclosures.

USDt price index page on Cointelegraph for comparative market data.

Circle’s enterprise-grade stability rails: Arc production and cross-chain expansion

Circle’s forward-looking 2026 plan centers on delivering a production-ready Arc that can handle institutional-scale settlement and treasury operations. The goal is to convert Arc from a testnet-oriented prototype into a dependable production layer that corporations can trust for critical activities, such as cross-border payments, payroll, and liquidity management. The underlying premise is simple: a mature, audited, and developer-friendly layer-1 can reduce the operational overhead for firms that want to leverage stablecoins without building bespoke rails from scratch. In practical terms, that means closer native support across notable networks, tighter integration with Arc’s core features, and tools that simplify how institutional users hold, transfer, and program with digital dollars and related tokens.

On the asset side, Circle remains committed to expanding the reach of USDC, EURC, USYC, and partner-issued stablecoins across additional networks. The emphasis is not only on token availability but on the quality of the user experience. Enterprises need frictionless onboarding, predictable transaction costs, and clear governance and compliance controls across networks. By deepening native integration on high-traffic networks, Circle hopes to reduce the “chain complexity” burden and empower treasurers to automate routine tasks—reconciliation, settlement, and cash-management workflows—without sacrificing security or regulatory compliance. The blog notes that improving developer tooling and documentation is a core component of this strategy, aiming to accelerate adoption and integration cycles for enterprise teams.

Security, compliance, and interoperability are central to Circle’s enterprise narrative. As the US and other jurisdictions sharpen stablecoin rules, the ability to operate on a robust, multi-chain stack with clear governance could help Circle differentiate itself from competitors that rely on fewer networks or less mature tooling. The practical implication for institutions is a potential reduction in the cost and complexity associated with managing digital-dollar programs across multiple chains, paired with a more predictable regulatory posture as policies mature. In this light, Arc’s production trajectory and the cross-chain strategy for USDC and related assets are not just technical ambitions; they are part of a broader push to standardize and stabilize digital-dollar operations for institutional users.

The sector’s current distribution emphasizes the scale of stablecoins in the crypto economy. USDC has a substantial share of the market among dollar-pegged tokens, with several dozen billions of dollars in circulation, while USDT remains the dominant instrument by a wide margin. The total market cap for stablecoins sits in the hundreds of billions, reflecting ongoing demand from users seeking faster settlement, reduced settlement risk, and transparent, regulated rails for digital dollar transactions. Circle’s strategy to embed stablecoins deeply within cross-chain infrastructure is, therefore, as much about market mechanics as it is about product design—an effort to align enterprise-grade finance with the evolving regulatory and technical landscape of crypto markets.

Ultimately, Circle’s 2026 roadmap signals a measured confidence in multi-chain stability and the practical utility of digital dollars for corporate finance. If Arc can demonstrate reliable performance and broad network support, and if USDC and its companions can deliver a seamless developer and user experience across networks, the technology could become a foundational layer for institutional crypto activities. The combination of a production-ready Arc, expanded cross-chain asset support, and a strengthened ecosystem around payments and tooling positions Circle at a critical juncture in the maturation of stablecoins from niche crypto instruments to everyday corporate finance infrastructure.

This article was originally published as Circle Unveils Stablecoin Infrastructure Upgrades to Drive Adoption on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Tokenizācijas platforma Securitize Holdings paātrina savu ceļu uz publisko kotāciju, apvienojoties ar Cantor Fitzgerald atbalstītu SPAC, jo uzņēmums ziņo par ieņēmumu pieaugumu un izklāsta ambiciozus 2026. gada mērķus. Publiskajā reģistrācijas paziņojumā, kas iesniegts ASV Vērtspapīru un biržu komisijai, Securitize paziņoja, ka deviņu mēnešu laikā, kas noslēdzās 2025. gada septembrī, ieņēmumi sasniedza 55,6 miljonus dolāru, kas ir 841% pieaugums salīdzinājumā ar to pašu periodu 2024. gadā. Uzņēmumam 2024. gadā bija 18,8 miljoni dolāru ieņēmumu, kas ir par 129% vairāk nekā 2023. gada 8,2 miljoni dolāru, uzsverot aktīvu tokenizācijas straujo izaugsmi, kamēr tradicionālā finanses izpēta sektoru saskaņā ar kripto draudzīgu regulatīvo ietvaru. Apvienošanas paziņojums oktobrī ar Cantor Equity Partners II ļautu Securitize nokļūt publiskajos tirgos, ar apvienoto entitāti, kas novērtēta aptuveni 1,24 miljardu dolāru apmērā pirms darījuma un 225 miljonu dolāru privāto ieguldījumu publiskajā kapitālā (PIPE) komponentu, lai atbalstītu darījumu. Vadība norādīja, ka 2026. gada ieņēmumi būs ap 110 miljoniem dolāru un EBITDA būs 32 miljoni dolāru, norādot uz nodomu paplašināt platformas institucionālo klātbūtni pieaugošās pieprasījuma dēļ pēc tokenizētiem aktīviem.

Ethereum tokens tied to The DAO’s 2016 breach are being redirected toward a formal security fund intended to bolster the network’s resilience, according to Griff Green, a long-time Ethereum advocate. In a Thursday interview on Laura Shin’s Unchained podcast, Green reiterated plans to establish the security fund, signaling a shift from passive recovery to proactive risk management. The DAO hack, which occurred in June 2016, siphoned more than $50 million worth of Ether at the time and precipitated a hard fork that split the ecosystem into Ethereum and Ethereum Classic. While the claims process recovered a large portion of the funds, a substantial balance remains unclaimed, creating an opportunity to allocate capital toward audits, smart-contract safety, and governance mechanisms that could help deter future exploits.

Key takeaways

The unclaimed DAO-era Ether is being redirected into a dedicated security fund to improve Ethereum’s security infrastructure and governance.

Green emphasizes a DAO-style approach to distributions, including retroactive funding, quadratic funding, conviction voting, and ranked-choice voting, to guide security initiatives.

Although more than 80% of the original funds have been claimed, the remaining balance is now valued at roughly $200 million, providing a meaningful pool for security-focused programs.

The proposed fund aims to create a model where assets on Ethereum can be stored with an elevated level of security, potentially surpassing traditional banking safeguards in perception and practice.

The DAO’s legacy helped ignite a broader security-audit market for smart contracts, and proponents see the new fund as a continuation of that momentum.

Tickers mentioned: $ETH

Sentiment: Bullish

Market context: The move aligns with a broader push within the Ethereum ecosystem to formalize security funding and governance experiments in a post-hack environment. As on-chain auditing and risk-management tools mature, supporters argue that dedicated pools tied to DAO-borne assets could provide a more reliable funding stream for security initiatives, which in turn may bolster user confidence and long-term network durability.

Why it matters

The DAO episode left an enduring mark on Ethereum’s security culture. The 2016 exploit not only triggered a contentious hard fork but also catalyzed an era in which smart-contract audits and formal verification gained mainstream attention. By proposing to channel unclaimed DAO funds into a security fund, Green is framing a path for capital to flow directly into security-centric initiatives, rather than being dismissed as dormant capital that cannot be returned to affected holders. If successful, the arrangement could become a blueprint for how large, legacy liabilities tied to on-chain incidents are repurposed for ongoing risk management and ecosystem improvements.

From a governance perspective, the plan signals a willingness to experiment with on-chain decision-making processes that affect risk allocation. The proposed distribution palette—retroactive funding, quadratic funding, conviction voting, and ranked-choice voting—reflects a desire to balance broad community input with targeted security outcomes. Retroactive funding could reward past work that strengthened audits and tooling; quadratic funding would aim to align contributions with the weight of community support; conviction voting and ranked-choice voting could help identify the most broadly supported security projects. Taken together, these mechanisms could make the fund more transparent and less prone to capture by narrow interests, a critical consideration in a field where trust is paramount.

Moreover, the practical dimension—turning idle assets into a revenue-generating engine for security—addresses a chronic tension in crypto: how to responsibly steward large sums of capital in a decentralized paradigm. If the fund can generate sustainable revenue through secure staking or other mechanisms, it may offer a durable competitive advantage in attracting developers, auditors, and security researchers to Ethereum’s ecosystem. The aspiration is not merely to recover funds but to create a perpetual funding loop that underwrites continual improvements in smart-contract safety, auditing standards, and proactive threat modeling.

What to watch next

How the security fund’s governance framework will be codified and implemented, including the timelines for retroactive funding and the rollout of quadratic funding and conviction voting.

The mechanism by which unclaimed DAO assets will be staked or otherwise deployed to generate revenue while preserving safety and compliance considerations.

Whether community proposals or governance votes will approve initial security projects and audits, and which auditors or security researchers will be prioritized.

Regulatory or legal clarifications surrounding the repurposing of legacy token wealth into a governance-focused security fund.

Sources & verification

Griff Green’s interview on Unchained with Laura Shin discussing the security fund, linked through the Unchained episode referenced in the article.

The DAO hack timeline and the June 2016 exploit, including the resulting hard fork that produced Ethereum and Ethereum Classic (SSRN paper linked in the source).

Historical details on the claims process for DAO-token holders, including the multisignature wallet involvement around $6 million and the fact that more than 80% of funds have been claimed.

Current estimates of unclaimed balance, cited as roughly $200 million, and the broader impact on Ethereum’s security discourse.

Security fund aims to fortify Ethereum after The DAO hack

Ethereum (CRYPTO: ETH) tokens that remained unclaimed after The DAO incident are being redirected into a new security fund designed to strengthen the network’s defenses and governance. The goal is not simply to recover value but to institutionalize a mechanism that continuously improves security across the ecosystem. Green pointed to a pool that has accumulated value over the years, with a substantial portion already claimed and a remaining balance that, according to the latest accounts, sits near $200 million. The plan envisions converting this pool into a revenue-generating engine that can underwrite ongoing security projects, audits, and research, thereby reducing the likelihood of similar incidents undermining user trust or network integrity.

The interview underscored that the fund would adhere to a DAO-style governance framework. Among the proposed distribution methods are retroactive funding—recognizing past work that has already advanced security—and quadratic funding, which seeks to equalize the influence of large and small contributors when prioritizing security initiatives. Conviction voting and ranked-choice voting were also highlighted as mechanisms to surface the projects with broad and sustained community support, rather than those propelled by short-term enthusiasm or a single influencer. In practice, these tools could help ensure that the security fund allocates resources toward the most impactful audits, code improvements, and risk-mitigation strategies, while preserving transparency and inclusivity in decision-making.

Green emphasized that the DAO’s security fund could eventually serve as a benchmark for how the industry approaches custody and risk. He asserted that the initiative aligns with The DAO’s original spirit, which was to decentralize governance and empower a broad set of participants to steward an asset class that has grown increasingly complex. The DAO’s legacy has already reshaped the security landscape by catalyzing the emergence of a robust audit culture around smart contracts; the proposed fund would institutionalize that momentum and extend it into ongoing, DAO-style governance. In his view, the project could help shift perceptions about where it is safest to store value, potentially positioning Ethereum as a more resilient option than traditional centralized financial intermediaries in the eyes of some users.

Despite the ambitious scope, several practical questions remain. How will the fund be regulated and audited? What safeguards will prevent misallocation or governance capture by factional interests? And how will the revenue model for the fund be structured to ensure long-term sustainability without introducing new risks to the network’s security posture? These are precisely the kinds of questions the community will need to answer as the proposal moves from discussion to implementation. The DAO’s security fund is not a ceremonial exercise; it represents a test case for how decentralized networks can harness historical incidents to create resilient, future-facing infrastructure that benefits developers, token holders, and end users alike.

This article was originally published as Unclaimed ETH From the DAO Hack to Fund a Security Fund on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bybit, the crypto derivatives and spot exchange, finished 2025 with the second-highest trading volumes, following a $1.5 billion hack in February 2025. CoinGecko’s analysis shows Bybit processed about $1.5 trillion in total trading volume for the year, capturing 8.1% of the global centralized exchange market. The February breach, attributed to North Korean exploits targeting cold-wallet infrastructure, remains the largest crypto hack on record. In response, Bybit kept withdrawals open and honored user transactions, with CEO Ben Zhou publicly addressing concerns and confirming liquidity arrangements supported by external partners. The year’s broader trend, meanwhile, saw Bitcoin and other assets rally, helping several exchanges to post higher volumes even as security scars persisted.

Key takeaways

Bybit reclaimed a prominent position in 2025, posting about $1.5 trillion in total volume and an 8.1% market share despite a February security breach described as the largest crypto hack to date.

Six of the top ten exchanges by market share logged volume gains for the year, with an average increase of 7.6% and roughly $1.3 trillion in added trades.

MEXC stood out as the fastest-growing platform, with a 91% jump in trading volume to $1.5 trillion, aided by a zero-fee policy across spot trading that drew high-frequency traders and retail users alike.

Binance remained the market leader, handling about $7.3 trillion in trading volume, though its year-over-year volume did not rise, a shortfall analysts linked to broader bearish sentiment following a major liquidation event on Oct. 10.

Binance’s December open letter highlighted a user base surpassing 300 million and total trading volumes across all products reaching $34 trillion for the year, signaling the scale of activity across the sector.

Tickers mentioned: $BTC, $ETH

Price impact: Positive. Bitcoin and Ether advanced meaningfully in 2025, contributing to higher trading activity across exchanges.

Market context: The year’s rebound in prices and volumes reflects a renewed risk appetite within crypto markets. Liquidity improved on several platforms as traders returned to spread strategies and arbitrage opportunities, even as some exchanges faced heightened scrutiny over security and risk controls. The divergence in pace between leadership (Binance) and rapid gains on challengers (like MEXC) underscored a more competitive landscape where pricing models and product offerings increasingly shape flow.

Why it matters

The Bybit incident and its aftermath provide a telling case study in crypto exchange resilience. After the February attack, Bybit’s decision to keep withdrawals open and honor all user transactions demonstrated a commitment to operational continuity at a moment of heightened user anxiety. The company’s public reassurances—supported by liquidity arrangements with external partners—illustrate how exchanges are recalibrating risk management and funding strategies in the wake of large-security events. For users and institutional participants, such moves can translate into faster restoration of trust and smoother recovery of activity, which are crucial for the sector’s long-term credibility.

Across the sector, 2025’s volume rebound was not uniform. Six of the top ten centralized exchanges by market share saw volume growth, with average gains around 7.6% and an incremental $1.3 trillion in trades. The fastest riser, MEXC, leveraged a zero-fee stance to attract liquidity and increase participation, pushing its annual volume up by 91% to $1.5 trillion. That surge underscores how pricing incentives can significantly alter trader behavior and shift market share away from more established players, at least in the short term. The pattern signals a broader trend: exchanges are competing not just on liquidity and security but on cost structures and product breadth, including new listing strategies and diversified digital-asset offerings.

Binance’s dominance remained evident in sheer scale—about $7.3 trillion in trading volume—yet the year did not bring a corresponding rise in its total annual volume. Analysts attributed this to a confluence of macro-market caution and industry-specific volatility, including the bear-case sentiment that intensified after the Oct. 10 liquidation event. The company’s December letter, which reported a user base exceeding 300 million and $34 trillion in annual volumes across all products, affirmed the platform’s central position in the ecosystem even as growth rates cooled relative to 2024. The report also underscores how the leading venue’s scale interacts with broader market cycles, as liquidity and participant interest flow between major exchanges depending on price regimes and risk appetites.

Beyond the headline figures, the year highlighted a bifurcated landscape: a few platforms that expanded aggressively through pricing and product strategies, and others that benefited from renewed investor interest as crypto markets moved higher. The February Bybit breach, while a setback, did not erase the underlying momentum in 2025. Instead, it pushed the industry to demonstrate stronger safeguards, more transparent liquidity provisioning, and clearer communication with users—factors that help stabilize volumes during periods of stress. In that sense, the data from 2025 suggest a maturing market where trust-building and resilience are as important as the raw trade counts themselves.

In practical terms, the outcomes of 2025 set a framework for 2026: a crypto-exchange ecosystem that rewards liquidity depth, security-first posture, and flexible policy responses to shocks. Traders have shown they respond to both macro price action and microstructure improvements—such as improved withdrawal models, faster on-chain settlements, and more robust risk controls. The year’s dynamics also imply that market leadership will continue to be contested, with established giants like Binance maintaining scale, while rising platforms target capture of niche segments through cost, speed, and user experience improvements. For builders and policymakers, the central takeaway is that the health of centralized exchanges—governance, cash-flow resilience, and transparent disclosures—will shape user confidence and the pace of institutional adoption in the near term.

What to watch next

Regulatory developments affecting centralized exchanges in major jurisdictions and their potential impact on liquidity, custody, and risk controls.

Bybit’s ongoing security enhancements and liquidity arrangements following the 2025 breach, including public disclosures and third-party audits.

Shifts in market leadership as exchanges refine pricing models, zero-fee promotions, and product diversification, with a close eye on MEXC and Binance in early 2026.

Macro-crypto-cycle cues and any regulatory or policy signals that could influence risk sentiment, volatility, and cross-border trading flows.

Sources & verification

CoinGecko: Centralized crypto exchanges market share report showing Bybit’s 2025 share and total volume.

Public reports on Bybit’s February 2025 hack and the exchange’s response (withdrawals kept open; liquidity support).

Public statements from Bybit CEO Ben Zhou addressing security, liquidity, and operational measures.

Binance: December open letter from co-CEOs Richard Teng and Yi He detailing user base and annual volumes.

MEXC: 2025 volume growth data highlighting a 91% increase to $1.5 trillion.

Market reaction and the competitive landscape of 2025

Bybit’s 2025 year culminated in a clear demonstration of the sector’s capacity to rebound from a security shock while maintaining a competitive, liquidity-driven market structure. The exchange’s ability to recover after the February attack—through a combination of liquidity assurances, continued withdrawals, and transparent communication—helps explain why Bybit could reclaim a substantial slice of a market that remains highly sensitive to risk controls and counterparty confidence. That resilience sits within a broader context of an industry-wide uptick in activity, with six of the top ten venues reporting higher volumes over the year and the sector-wide trend toward more aggressive pricing and product innovation.

Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH) rose in 2025, contributing to an environment where traders looked to liquidity-rich venues with credible risk management to pursue opportunities. The growth story was not uniform, however. Binance’s top-line volume remained the largest in absolute terms, but the lack of year-over-year growth and the cooling effect of a major market event translated into a more nuanced picture of leadership within the space. In parallel, MEXC’s rapid expansion—driven by a zero-fee strategy—illustrated how new pricing dynamics could reshape the competitive balance, especially as traders chase lower costs and faster execution across a wider array of pairs.

The year also highlighted the importance of institutional-visible risk controls and liquidity backstops. Bybit’s response to the February breach—publicly confirming solvency and enabling smooth user withdrawals—likely influenced market participants’ trust in centralized venues during a period of heightened scrutiny. As the sector contends with ongoing questions about custodian infrastructure and incident response, 2025’s performance suggests that the market remains highly sensitive to how quickly and credibly platforms can restore user confidence after shocks. The open-letter disclosures from Binance’s leadership, detailing user growth and overall trading volumes, reinforce the scale at which major exchanges operate, and they set a benchmark for transparency and stakeholder communications in the ongoing evolution of centralized crypto marketplaces.

This article was originally published as Bybit Bounces Back After Hack as Crypto Trading Volumes Surge in 2025 on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Vašingtonas regulatori norādīja uz pāreju uz koordinētu kriptovalūtu uzraudzību, jo ASV CFTC paziņoja, ka pievienosies Vērtspapīru un biržu komisijas notiekošajam Projekta Crypto iniciatīvai. CFTC priekšsēdētājs Maikls Seligs sagatavotajos izteikumos SEC-CFTC diskusijai par digitālo aktīvu regulējuma harmonizāciju teica, ka aģentūra sadarbojoties ar SEC formulēs skaidru kriptovalūtu aktīvu taksonomiju, precīzāk definēs jurisdikciju un samazinās dublējošās atbilstības prasības, kas palielina izmaksas un apjucina tirgus dalībniekus. Šis solis notiek, kad Kongress apspriež digitālo aktīvu tirgus struktūras likumprojektu un kad tirgi gaida skaidrāku norādījumu par to, kā dažādi aktīvi tiek regulēti. Šī sadarbība norāda uz praktisku soli uz vienkāršotu un prognozējamu regulējošu vidi inovāciju finansēšanā Amerikas Savienotajās Valstīs, ar sekām tirgotājiem, izstrādātājiem un tradicionālām finanšu iestādēm vienādi.

Talos, Ņujorkā bāzētais digitālo aktīvu infrastruktūras nodrošinātājs, ir nodrošinājis 45 miljonu dolāru paplašinājumu savai B sērijas kārtai, palielinot kārtas kopējo tuvumu līdz 150 miljoniem dolāru un novērtējot uzņēmumu aptuveni 1,5 miljardu dolāru apmērā. Paplašinājums ieved jaunus stratēģiskos investorus, tostarp Robinhood Markets, Sony Innovation Fund, IMC, QCP un Karatage, vienlaikus saglabājot piedalīšanās atbalstītājus, piemēram, a16z crypto, BNY Mellon un Fidelity Investments. Talos paziņoja, ka jaunais kapitāls paātrinās produktu izstrādi visos tā tirdzniecības, portfeļa pārvaldības, izpildes, kases un norēķinu rīkos un palīdzēs paplašināt atbalstu tokenizētiem tradicionāliem aktīviem uz tā platformas. Dibināts 2018. gadā, Talos ir nostiprinājis sevi kā mugurkaulu institucionālām kripto operācijām, piedāvājot programmatūru, kas ļauj klientiem tirgot, pārvaldīt un noregulēt digitālo aktīvu pozīcijas visās biržās, OTC galdiņos, glabātājos un citos likviditātes nodrošinātājos.

Escape Velocity, kriptovalūtu fokusēts riska kapitāla fonds, ir savācis gandrīz 62 miljonus USD otrajam fondam, kas veltīts decentralizētajai fiziskajai infrastruktūras tīklu (DePIN) projektiem un citiem kripto-bazētiem uzņēmumiem. Finansējums tika slēgts decembrī un tajā ir ievērojami atbalstītāji, tostarp Marks Andreessens no Andreessen Horowitz un Mikijs Malka no Ribbit Capital, saskaņā ar Fortune ekskluzīvu. Fonds, kas piedalās fonda fondā, Cendana Capital, ieguldīja apmēram 15 miljonus USD šajā projektā, uzsverot starpnozaru atbalstu infrastruktūras nodrošinātām kriptovalūtu tīklam. Šī vākšana uzsver pastāvīgu apetīti pēc DePIN, pat ja plašāka kriptovalūtu un tehnoloģiju finansēšana atdziest, ar Escape Velocity signalizējot ilgtermiņa stratēģiju, kas koncentrējas uz taustām aktīvu tīkliem, nevis tikai spekulatīviem tokeniem.

Bitcoin cenas svārstīgums turpina atspoguļot cīņu starp ar kredītu balstītām likmēm un plašāku makro piesardzību. Pēc 26% krituma iepriekšējās trīs mēnešos, BTC atkārtoti pārbaudīja $84,000 atbalstu, kad tehnoloģiju akcijas un dārgmetāli sacentās par relatīvu drošību. Šis solis notiek straujas krituma fonā Microsoft akciju vērtībā un risku izvairīšanās tirdzniecības vilnī, kas liek tirgotājiem izvērtēt starp margin finansēšanu, nākotnes dinamikām un likviditātes vadītas spiediena iespējamību. Pat ja daži tirgotāji pievērsās bullish margin pozīcijām noteiktos tirgos, vispārējā tirgus naratīvs joprojām ir piesardzīgs, ar on-chain metrikām un atvasinājumiem, kas signalizē niansētu ainu, nevis skaidru, tūlītēju bullish atveseļošanos.

21Shares ir paplašinājusi savu Eiropas produktu klāstu ar Jito-staked Solana biržā tirgoto produktu, nodrošinot kotētu ekspozīciju SOL tokenam, vienlaikus iekļaujot staking stimulu. JSOL ETP, kas novērtēts USD un EUR, tagad tiek tirgots Euronext Amsterdamā un Euronext Parīzē, un to reklamē kā pirmo Eiropā kotēto ETP, ko atbalsta JitoSOL. Šis transports tur JitoSOL tieši un iekļauj staking atlīdzības savā neto aktīvu vērtībā, piedāvājot iestādēm regulētu, likvīdu ceļu, lai piedalītos Solana likvīdo staking sistēmā.

Copper, Londonā bāzēts digitālo aktīvu glabātājs, kuru atbalsta Barclays, izvērtē potenciālo sākotnējo publisko piedāvājumu, jo investoru interese par kriptovalūtu infrastruktūras uzņēmumiem pieaug. Sarunas, par kurām ziņo CoinDesk, atsaucoties uz avotiem, kas ir tuvi sarunām, ietver smago banku līniju, tostarp Deutsche Bank, Goldman Sachs un Citigroup. Copper apstiprināja, ka aktīvi plāni sarakstīšanai nav, un uzņēmuma pārstāvis sacīja, ka uzņēmums pašlaik neplāno IPO, lai gan viņi arī atteicās komentēt, vai agrīnas sarunas notiek.

Bitcoin sāka gadu ar momentumu, taču kopš tā laika ir mainījis kursu, nokrītot līdz gada zemākajai atzīmei, kas ir zem 84,000, jo nākotnes darījumu deleveraging spieda cenas. Analītiķi saka, ka šī kustība atspoguļo plašāku korektīvu režīmu, nevis strukturālu tirgus sabrukumu, ko vairāk virza sviras efekts atvasinājumu jomā, nevis jauni pārdošanas darījumi spot tirgos. Šis kritums ir izdzēsis gada sākuma peļņu un radījis jautājumus par to, cik ilgi pašreizējais kritums var saglabāties, kamēr likviditātes apstākļi paliek nevienmērīgi un riska apetīte mainās tirdzniecības vietās.

Bitcoin, galvenā aktīva kriptovalūtu tirgos, krita kopā ar akcijām un dārgmetāliem, kad ceturtdien tirgos valdīja plaša riska izvairīšanās noskaņa. Atsauces kriptovalūta pārsniedza 85 000 $ slieksni un pagarināja zaudējumus līdz divu mēnešu zemākajiem līmeņiem, ar intradienas cenu ap 83 156 $ Bitstamp, saskaņā ar TradingView datiem. Atgūšanās pievienoja jaunu volatilitātes sajūtu, kas raksturo kriptovalūtu tirdzniecību, kad likviditātes apstākļi saasinājās janvāra beigās. Tajā pašā laikā zelts pieauga līdz augšējai daļai tā nesenā diapazona, pirms atguva daļu no zemes, uzsverot paaugstinātas nervozitātes par makro stabilitāti un procentu likmju gaidām.

Regulatorā skaidrība digitālajiem aktīviem joprojām ir prioritāte Vašingtonā, jo Baltais nams gatavojas svarīgai sanāksmei, un Kongress apsver tirgus struktūras ietvaru. 2026. gada 29. janvārī SEC priekšsēdētājs Pols Atkinss un CFTC priekšsēdētājs Maiks Seligs runāja CNBC raidījumā Squawk Box par CLARITY likumu, segments saistīts šeit: diskusija. Pasākums ir izturējis Pārstāvju palātu, bet ir apstājies Senātā, jo Lauksaimniecības un Banku komitejas izstrādā noteikumus. Debates centrā ir stabilo monētu ienesīgums un kādā veidā tās būtu regulējamas. Coinbase atbalsta atsaukšana izcēla nozares bažas. Atkinss šo dialogu raksturoja kā ceļu uz strādājošu kompromisu, savukārt Seligs atzīmēja, ka, pateicoties GENIUS likumam, stabilo monētu politika lielā mērā atrodas ārpus aģentūras kompetences, pārvietojot uzmanību uz vērtspapīriem un tokenizētiem aktīviem. Balta nama sanāksme ar finanšu un kripto līderiem pirmdien piešķir impulsu sarunām.

Galvenie ieskati

BTC veido trīsstūri pie galvenā atbalsta, parādot cenas saspiešanu un tirgus neskaidrību.

Samazināts apjoms norāda uz konsolidāciju, nevis aktīvu pārrāvuma fāzi vēl.

Augsta apjoma kustība pāri trīsstūra robežām var noteikt nākamo virziena tendenci.

Trīsstūra struktūra veidojas pie galvenā atbalsta

Bitcoin cena tirgojas tuvu lielam atbalsta zonai, kamēr saspringts trīsstūris veidojas četrstundas grafikā. Šis models rāda zemākas augstās un augstākas zemās, kas atspoguļo saspiešanu. Pircēji reaģēja uz kanāla atbalstu šīs nedēļas sākumā, taču momentum samazinājās. Cena tagad svārstās ap augstas apjoma punktu, kas rada divpusēju darbību.

Decentralizētas fiziskās infrastruktūras tīklu, vai DePINs, nav tikai vārds, kas ierobežots ar vēlu cikla kriptovalūtu sarunām. Kopējā DePIN 2025 ziņojums no Messari un Escape Velocity apgalvo, ka sektors ir attīstījies par 10 miljardu dolāru tirgu, ar on‑chain ieņēmumiem apmēram 72 miljoniem dolāru iepriekšējā gadā. Analīze salīdzina pēc 2018–2022 DePIN token grupas — samazinājās par satriecošiem 94% līdz 99% no to visu laiku augstumiem — ar dažām projektiem, kas tagad ģenerē pārbaudāmus atkārtotus ieņēmumus un pieprasa novērtējuma reizinājumus 10x–25x ieņēmumu joslā. Messari šos reizinājumus uzskata par nepietiekami novērtētiem, ņemot vērā izaugsmes trajektoriju, izceļot pāreju, kas sakrīt ar tīklu reālās pasaules izmantošanu, nevis subsīdiju virzītu paplašināšanu.

Pēdējo 24 stundu laikā digitālo aktīvu juridiskā riska jautājumi ir koncentrējušies ap trim tēmām: (1) kā esošie vērtspapīru likumi attiecas uz “tokenizētiem vērtspapīriem” Amerikas Savienotajās Valstīs, (2) sankciju un finanšu noziegumu izpildes gaidas kriptoaktīvu uzņēmumiem Apvienotajā Karalistē, un (3) pieaugoša patērētājiem domātas kripto reklāmas un finanšu veicināšanas ziņojumu pārbaude Apvienotajā Karalistē. Kopā šīs attīstības nostiprina konsekventu virzienu: regulatori piešķir prioritāti skaidrībai instrumentu klasifikācijā, ātrākām un caurskatāmākām izpildes ceļiem, kā arī augstākiem mārketinga standartiem, kur iesaistīti mazumtirdzniecības auditorijas.

ASV likumdevēji ceturtdienas rītā atklāja svarīgu izskatīšanas sesiju par ilgi gaidīto kriptovalūtu tirgus struktūras likumprojektu, signalizējot par būtisku soli, lai precizētu, kā digitālo aktīvu tirgi tiks uzraudzīti Amerikas Savienotajās Valstīs. Senāta Lauksaimniecības komiteja izskata Digitālo preču starpnieku likumu, priekšlikumu, kas ir ilgu laiku bijis diskusiju centrā, jo likumdevēji un nozares ieinteresētās personas pieprasa ietvaru, kas pārsniedz tikai izpildes pieejas. Sesija ir koncentrēta uz 11 grozījumiem, kas skar vadību CFTC, ētikas noteikumus un bažas par ārvalstu ietekmi ASV tirgos. Ievērības cienīgs ir Senāta locekļa Rodžera Mašala kartes maksas grozījums, kas joprojām paliek darba kārtībā, lai gan ziņojumi liecina, ka viņš šoreiz varētu to nevirzīt. Kamēr izskatīšana norit, bipartizānās atbalsta līdzsvars un potenciālie sprādzieni palīdzēs noteikt likumprojekta likteni.

Redaktora piezīme: Kaspersky ir ieviesis jaunu tiešsaistes rīku, kas paredzēts, lai palīdzētu rūpnieciskajām organizācijām Tuvajos Austrumos aplūkot operatīvās tehnoloģijas kiberdrošības risku no finansiālā viedokļa. OT kalkulators ir izstrādāts, lai tulkotu tehnisko pakļautību aptuvenajās izmaksās un ietaupījumos, sniedzot izpilddirektoriem skaidrākus ieguldījumu un budžeta lēmumu pamatus. Tā kā rūpnieciskie sistēmas enerģētikā, komunalajos pakalpojumos, transportā un ražošanā kļūst arvien savienotāki, kiberdrošības incidenti arvien vairāk rada izmērāmus biznesa ietekmes rādītājus. Šis palaišana notiek kiberdrošības, digitālās infrastruktūras un reģionālās rūpnieciskās izaugsmes krustojumā, kur riska kvantificēšana kļūst tikpat svarīga kā tā mazināšana.

Saūda Arābija plāno atvērt savus kapitāla tirgus plašāk nekā jebkad nesenā vēsturē. No 1. februāra Karaliste atcels tās Kvalificēto Ārvalstu Investoru sistēmu, novēršot ilgstošas barjeras, kas ierobežoja tiešu dalību Tadawulā šaurā globālo institūciju grupā. Šīs izmaiņas seko 2025. gada Investīciju likumam un atceļ minimālās aktīvu sliekšņus apmēram 500 miljonu dolāru apmērā kopā ar sarežģītiem licencēšanas noteikumiem. Saskaņā ar nozares vadītājiem, kas cieši sadarbojas ar Saūdu varas iestādēm, reforma iezīmē plašāku pārmaiņu, kas pārsniedz akcijas, veidu, kā reālās pasaules aktīvi varētu tikt emitēti, piederēti un noregulēti nākotnē.