🪙 Wintermute Report: Bitcoin Set to Outperform Altcoins in the Near Term

📉 A recent Wintermute report indicates that current conditions in the crypto market do not favor an imminent altcoin season. Instead, it suggests that Bitcoin (BTC) is likely to outperform altcoins in the short term.

When BTC trades between 10% and 20% from its peak, it outperforms altcoins roughly 54% of the time,

the report states. At the time of writing, BTC's price was about 16% below its all-time high. However, it had recently slipped below the crucial $100,000 threshold due to persistent bearish sentiment.

📊 Despite a brief recovery rally that pushed it back above $100K, BTC has struggled to regain the bullish momentum seen in previous months. This stagnation supports analyses from firms like Wintermute, which point to exhaustion in buying pressure and a challenging outlook for significant price appreciation.

📈 However, macro factors may soon shift. A recent U.S. government funding deal sparked a BTC rally to $106,000, highlighting how political developments can influence the market.

For the next leg, majors need to lead. History suggests alts only follow once BTC trades closer to its highs,

the report notes. Some blue-chip altcoins like HYPE, ENA, and UNI continue to show relative strength amid clearer U.S. regulatory signals and optimism around domestic market reopening.

🗓 Wintermute concludes that the next wave of volatility will likely be driven by policy and politics rather than positioning.

📈 21shares Launches Two New ETFs for Regulated Crypto Access

🚀 A growing demand for regulated access to digital assets is transforming investor strategies towards multi-token exposure. On November 13, 21shares, a crypto exchange-traded fund (ETF) issuer, announced the launch of two index funds under the Investment Company Act of 1940. These funds aim to provide adaptive access to major cryptocurrencies through a framework typically used for traditional ETFs.

📊 The newly introduced funds are the 21shares FTSE Crypto 10 Index ETF (TTOP) and the 21shares FTSE Crypto 10 ex-BTC Index ETF (TXBC). Both ETFs track FTSE Russell indices that are rebalanced quarterly to reflect changes in market capitalization. According to the announcement,

The 21shares Crypto Index ETFs, TTOP and TXBC, allow investors access to top digital assets – such as bitcoin as a store of value, ethereum and solana for smart contracts and DeFi, and dogecoin as a community asset – without the need to manage wallets or keys.

💬 Federico Brokate, global head of business development at 21shares, emphasized the benefits of index products:

Index products have proven to be an excellent way for investors to gain diversified exposure in traditional markets... The same principle applies to crypto investing.

He noted that many clients prefer a simple, regulated way to access the entire market rather than selecting individual tokens.

🤝 The launch of these ETFs is in partnership with Teucrium, an experienced ETF adviser focused on alternative markets. This initiative follows 21shares’ recent merger with Falconx to enhance services across various financial areas, furthering its global expansion strategy.

🚨 Breaking: Michael Saylor’s Strategy Buys 8,178 Bitcoin Despite Crypto Bear Market Jitters

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📉 Bitcoin Dips Below $90K Amid Bearish Market Sentiment

📉 Bitcoin has fallen below $90K for the first time in seven months, reflecting a bearish sentiment in the crypto market. On Monday night, it dropped to $89,649, turning its year-to-date performance negative.

🔍 Despite the downturn, analysts struggle to identify a clear cause. Many believe that there has been significant positive news for Bitcoin this year, making the fall seem unwarranted. However, fears of an artificial intelligence (AI) bubble, an impending liquidity crisis, issues with some market makers' balance sheets, and uncertainty regarding the Federal Reserve's stance on interest cuts are cited as potential factors.

Bitcoin’s collapse relative to gold exposes the digital-gold hype as a fraud. Those who bought into it will sell,

said known Bitcoin critic Peter Schiff.

💪 Despite the decline, Bitcoin advocates remain optimistic. Matt Hougan, CIO of Bitwise, noted that positive news about Bitcoin is being overshadowed by the uncertain macroeconomic environment. He stated that once this suppression is lifted, Bitcoin could surge to $200K by year-end.

This will be the last time anyone will be able to purchase Bitcoin below $90K,

predicted Gemini co-founder Cameron Winklevoss.

🛡 Bitcoin Cash Pioneers Post-Quantum Security with Quantumroot

🚀 Developer Jason Dreyzehner has introduced Quantumroot, marking a significant milestone as the first fully implemented post-quantum vault system integrated directly into Bitcoin Script. This innovation positions Bitcoin Cash as a leading cryptocurrency with a viable migration strategy for its users against impending quantum threats.

🔗 Bitcoin Cash is taking proactive measures for its long-term viability in the post-quantum era. The release of Quantumroot establishes it as the first major blockchain to offer a scalable and fully-implemented security solution against quantum computing risks.

⚠️ As advancements in quantum computing accelerate, concerns grow about their potential to target cryptocurrencies. Dreyzehner emphasizes that "quantum readiness" involves more than just updating cryptographic methods; it requires ensuring a smooth transition for users to prevent mass theft and network disruptions.

Cryptocurrencies that aren’t quantum ready would be vulnerable to mass theft,

he explained. He noted that Proof-of-Stake networks could even have their consensus compromised. Decentralized systems cannot simply patch centralized servers, making proactive preparation essential.

🌟 Quantumroot distinguishes itself from other proposals through its design and execution. By leveraging the UTXO model and CashVM’s introspection features, it offers 100–1000× lower fees than similar vaults on Ethereum while maintaining privacy and providing cost savings compared to current BCH/BTC wallets.

🔒 Dreyzehner describes Quantumroot’s cryptography as “maximally conservative.” The upcoming upgrades for Bitcoin Cash in 2025 and 2026 have facilitated this without requiring further consensus changes. Quantumroot vaults are already operational, equipped with contracts, test suites, and transaction-generation tools for wallet developers.

📈 CashVM’s efficiency allows for significant aggregation, enabling up to 800 inputs or 400 unique addresses in a single 100KB post-quantum transaction. This scalability enhances the capacity of fully validating BCH nodes, resulting in lower fees and improved censorship-resistance.

That translates to higher capacity, lower fees, and stronger censorship-resistance,

Dreyzehner said. He emphasized that these features are crucial for migrating millions of users to post-quantum vaults.

⏳ The timeline for quantum threats remains uncertain, with CRQCs potentially emerging within decades or as soon as 2030. However, much of the global infrastructure is already adopting quantum-safe systems. In contrast, Bitcoin Cash can start integrating post-quantum vaults immediately, with Quantumroot offering instant benefits in user experience and fees.

🌍 If widely adopted across wallets, Quantumroot could transform Bitcoin Cash’s role in the digital economy. Dreyzehner stated,

It reinforces BCH’s position as a multi-decade reserve asset.

He added that Quantumroot enhances Bitcoin Cash’s reliability as both sound money and a peer-to-peer cash system.

🎁 Crypto Takes Center Stage in Holiday Spending

💸 A growing enthusiasm for cryptocurrencies is reshaping holiday spending trends in the U.S., with consumers increasingly opting for digital assets over traditional gift cards. Recent research by Paypal in collaboration with the National Cryptocurrency Association (NCA) reveals that 17% of Americans prefer crypto as a holiday gift, while 31% believe it is less likely to go unused.

Crypto is a modern take on a classic holiday gift—it’s fast, secure, and can be used or saved with the opportunity to grow in value,

said Stuart Alderoty, Ripple’s chief legal officer. He noted that education remains a barrier for many consumers who are interested in cryptocurrencies but unsure about their mechanics and security.

📊 Survey data indicates that 24% of adults have given or are considering giving crypto this season. Nearly one-third see it as less likely to go unused than a gift card. The findings show that 23% intend to shop with crypto during the holidays, with younger adults aged 18–54 displaying significant enthusiasm for its flexibility and excitement. However, older consumers remain more cautious.

The holidays highlight the power of giving, and digital currencies are quickly becoming a preferred choice,

said May Zabaneh, Vice President and General Manager of Crypto at Paypal. She emphasized that crypto makes transactions faster and easier than ever, and Paypal is focused on making these experiences simple and accessible for everyone.

🚀 Despite some lingering skepticism, crypto's potential for appreciation, digital convenience, and low-friction global settlement continue to support its integration into consumer behavior during the holiday season.

🚨 Arthur Hayes Predicts Bitcoin Will Hold Above $80k as Fed Ends QT

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🗳 Prediction Markets vs. Traditional Polling: Insights from Crypto

📈 Travis McGhee, the Global Head of Predictions at Crypto, asserts that prediction markets are more accurate than traditional polling methods, particularly in forecasting events like the 2024 U.S. presidential election. He emphasizes that the financial stakes involved in prediction markets motivate participants to seek accurate information, leading to more reliable outcomes.

💰 Unlike polls that rely on limited samples, prediction markets aggregate data from a diverse range of sources, including retail traders and global news cycles. This combination of financial incentives and broad participation allows for sharper forecasts.

⚖️ However, prediction markets face legal challenges. Despite being registered with the Commodity Futures Trading Commission (CFTC), they are often embroiled in disputes with state gaming commissions. Recent court rulings have highlighted the tension between federal oversight and state regulations.

🗣 McGhee acknowledges the impact of legal uncertainties on Crypto's platform but remains optimistic about the industry's future. He stated,

We believe that courts will ultimately rule in our favor. We are bullish on our growth plans for our prediction markets offering.

🎬 To demonstrate this optimism, Crypto continues to operate within the existing regulatory framework and has partnered with Hollywood to launch an entertainment-focused prediction market. This initiative aims to provide fans with a legal way to trade on outcomes related to movies and music.

🔍 Addressing concerns about market integrity, McGhee argues that prediction markets pose similar risks to any CFTC-regulated derivative. He emphasized that Crypto conducts real-time market surveillance to identify and address inappropriate behavior.

🌍 Looking ahead, McGhee sees significant growth potential for prediction markets. He anticipates that as these markets become more integrated into mainstream digital engagement, they could evolve into a trillion-dollar industry connecting real-world events.

🚀 The Rise of Crypto-Driven Perpetual Futures in Global Markets

📈 Perpetual futures are becoming a significant force in global price discovery, challenging traditional exchanges to adapt or risk obsolescence. Arthur Hayes, co-founder of Bitmex, emphasized this shift in a recent publication, stating that crypto-native structures are rapidly surpassing legacy derivatives.

Why will derivatives trading volume across the world and across all financial assets migrate from dated futures and options contracts to never-expiring perps?

Hayes posed this question to highlight the growing tension between conventional clearinghouses and the new margin systems designed for high-leverage, round-the-clock participation.

📊 He pointed out that equity perpetuals are expected to see significant growth by 2026 as their continuous access and concentrated liquidity draw in both speculative and hedging activities.

Equity perps will become the hottest product of 2026,

he predicted, noting that both centralized and decentralized exchanges are poised to expand their offerings in response to rising interest in these instruments.

🌍 Hayes also discussed how perpetual contracts could become the preferred method for managing overnight and weekend index risks, particularly during geopolitical or macroeconomic events that occur outside the operating hours of traditional exchanges.

I predict that by the end of 2026, price discovery for the largest US tech stocks and the key US indices (i.e. S&P 500, Nasdaq 100) will happen on perps markets serving retail,

he projected. He suggested that political momentum in the United States could support the development of crypto markets through 2029,allowing international regulators to align with this stance.

🚨 Hayes warned traditional exchanges that failure to adapt to continuous, crypto-style derivatives could lead to a loss of relevance as liquidity shifts towards platforms offering deeper leverage and uninterrupted access.

Therefore, in 2025, it’s time for the TradFi to adapt or die to perps and other crypto innovations,

he stated.

🚨 Schiff Predicts ‘Beginning of the End’ for MSTR as Strategy Eases Bitcoin Sell-Off Fears With $1.44B Reserve

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🚀 Openeden Secures Strategic Investment to Expand Tokenized Asset Platform

🌍 On December 1, Openeden announced the closure of a strategic investment round with notable backers including Ripple, Lightspeed Faction, and Gate Ventures. This funding aims to enhance its tokenized real-world asset (RWA) products such as USDO and TBILL, while strengthening its regulated infrastructure for on-chain financial instruments.

As tokenization scales in adoption, institutions and protocols are seeking trusted, compliant infrastructure to bring traditional assets on-chain

said Jeremy Ng, founder and CEO of Openeden. He emphasized that this funding will boost their capacity to provide regulated, market-ready products that align with both traditional and decentralized finance standards.

🔗 Markus Infanger, executive at RippleX, noted the importance of compliance for institutional investors:

As regulated financial assets move onchain, institutional investors are looking for products that offer compliance, reliability, and the same controls they expect in traditional markets

He praised Openeden's disciplined approach to operations.

💼 Nathan McCauley, CEO of Anchorage Digital, highlighted the growing institutional interest in RWAs:

RWAs are gaining strong institutional interest, and OpenEden is building the kind of platform the market needs right now

He expressed excitement about supporting projects that drive the on-chain ecosystem forward.

📈 Openeden's TBILL Fund, which has received investment-grade ratings from S&P Global and Moody’s, has rapidly expanded by adding BNY as custodian and investment manager. This institutional backing enhances USDO’s reach across various DeFi venues and payment networks. The company plans to introduce additional tokenized funds, multi-currency stablecoins, and cross-border settlement tools, indicating a growing demand for regulated crypto infrastructure and tokenized treasuries.

🗓 SEC's Financial Surveillance Roundtable: Navigating Crypto Privacy Tools

🔍 The U.S. Securities and Exchange Commission (SEC) is set to host a Roundtable on Financial Surveillance and Privacy on December 15 in Washington D.C. This event will focus on the impact of rapidly evolving crypto privacy tools on regulatory oversight and consumer protection.

🗣 Commissioner Hester M. Peirce emphasized the importance of this discussion, stating,

New technologies give us a fresh opportunity to recalibrate financial surveillance measures to ensure the protection of our nation and the liberties that make America unique.

She expressed anticipation for the insights that roundtable participants will provide regarding these new tools.

📋 The agenda includes opening remarks from key SEC officials, followed by two expert panels moderated by Yaya J. Fanusie from the Crypto Council for Innovation. Panelists will include executives and researchers from various organizations such as Espresso Systems, Zcash, and the American Civil Liberties Union.

🌐 The roundtable will be open to the public and available for online viewing without registration. While the discussions will center on surveillance and privacy, crypto advocates may use this platform to highlight how decentralized networks can enhance consumer protection and regulatory transparency.

🔗 In summary, the SEC's upcoming roundtable presents an opportunity to explore the intersection of crypto privacy tools and financial oversight, with the potential to reshape regulatory approaches in the evolving digital landscape.

🚨 Breaking: SEC Ends Ondo Finance Probe With No Charges, Boosting Tokenized Treasuries Push

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📉 Bitcoin and Ethereum Experience Volatile Weekend Ahead of Fed Meeting

🔄 Bitcoin and Ethereum experienced significant price fluctuations over the weekend, with Bitcoin trading between $88,000 and $92,000, and Ethereum rising from $2,910 to $3,150. This volatility was exacerbated by thin year-end liquidity in the crypto market. Despite these sharp movements, the impact on liquidations was minimal, indicating a decrease in retail interest and risk-taking among traders.

📉 Google search activity for terms like "crypto" and "bitcoin" has fallen to mid-bear-market levels, and open interest in perpetual futures has also declined significantly. BTC perpetual open interest has dropped over 44% from October highs, while ETH perpetual open interest is down more than 50%.

📊 However, a quiet trend of accumulation by larger investors is emerging. Approximately 25,000 BTC have been withdrawn from centralized exchanges in the past two weeks. For the first time, ETFs and corporate treasuries are holding more bitcoin than exchanges, suggesting that long-term holders are pulling supply off the market. Ethereum shows a similar pattern, with exchange balances reaching decade lows.

👀 Despite this on-chain accumulation, all eyes are on the upcoming Fed meeting for potential market catalysts. A 25 basis point cut is widely expected, but investors are particularly interested in any indications regarding future balance sheet policy. Even a slight hint of renewed asset purchases could bolster risk assets, including crypto.

⚖️ Currently, bitcoin is in a holding pattern, with traders closely monitoring two key levels: a drop below $84,000 or a rise above $100,000. Options traders are preparing for a decisive move, as reflected in the strong demand for wide-range structures. With liquidity already thinning, sharp price movements in either direction are likely.

🚀 U.S. Crypto Regulation Shifts Towards a Pro-Crypto Stance

🔄 The Commodity Futures Trading Commission (CFTC) has announced a significant shift in its approach to cryptocurrency regulation by withdrawing outdated guidance that has been seen as a barrier to innovation in the industry. This move, announced on December 11, aims to align regulatory oversight with the rapidly evolving crypto markets.

🗣 Acting Chairman Caroline D. Pham emphasized the importance of this decision, stating,

Eliminating outdated and overly complex guidance that penalizes the crypto industry and stifles innovation is exactly what the Administration has set out to do this year.

The guidance being withdrawn was established in June 2020 and outlined the conditions under which certain retail crypto transactions would fall outside the CFTC’s authority. It focused on virtual currencies used as a medium of exchange and has become increasingly irrelevant due to the rapid changes in the crypto landscape over the past five years.

📉 The CFTC acknowledged that the 2020 framework no longer provides significant value to market participants and may even conflict with its efforts to implement recommendations from the President’s Working Group on Digital Asset Markets. By removing this legacy guidance, the CFTC is signaling a more constructive and innovation-friendly approach to regulation.

📅 This withdrawal officially took effect on December 10 and marks a pivotal moment for U.S. crypto regulation. It suggests a shift towards greater regulatory clarity and broader market access for digital assets, which could facilitate their integration into American financial markets. The CFTC also indicated that it will reevaluate the need for updated guidance and encourages public engagement through its Crypto Sprint initiative.

💬 Pham concluded,

Today’s announcement shows that with decisive action, real progress can be made to protect Americans by promoting access to safe U.S. markets.

This proactive stance by the CFTC could pave the way for a more vibrant and accessible crypto market in the United States.