PA Daily | In 2025, a total of 267 crypto mergers and acquisitions were completed, amounting to $8.6 billion; Trend Research repurchased 46,000 ETH, holding over 580,000 ETH with unrealized losses exceeding $140 million.

Today’s Headlines:

1. The US government is on a three-day holiday, EIA data postponed to next week

2. The Russian Central Bank plans to open crypto investments and draft new regulations to distinguish investor levels

3. Polymarket confirms attack via third-party certification vulnerability, some user funds stolen

4. HashKey Capital’s fourth fund completes $250 million first round of fundraising

5. K33 Research: bullish on 2026, predicts Bitcoin will outperform stock indices and gold

6. Trend Research buys an additional 46,000 ETH, total holdings exceed 580,000 ETH with unrealized losses over $140 million

7. In 2025, a total of 267 crypto M&A transactions were completed, totaling $8.6 billion

Macroe

The US government is on a three-day holiday, EIA data postponed to next week

President Trump signed an executive order, and US federal agencies will be closed from December 24 to December 26. As a result, the US Energy Information Administration (EIA) will delay the release of crude oil and natural gas inventory data to December 29 (next Monday) at 23:30 and December 30 (next Tuesday) at 01:00. Additionally, US initial unemployment claims data, due to the Christmas holiday, will be released early on December 24 (today) at 21:30. Investors should stay alert.

The US Department of Justice publicly released nearly 30,000 pages of documents related to the Epstein case, including false allegations against Trump

The US Department of Justice (DOJ) announced the official release of nearly 30,000 pages of documents related to Jeffrey Epstein. These documents include false allegations against Trump submitted to the FBI before the 2020 presidential election. The DOJ stated these claims are baseless and false, and if credible, would have been used as political weapons.

The DOJ emphasized that this release is part of its commitment to law and transparency, and has provided legal protections for Epstein victims. The documents are now publicly accessible via the DOJ website.

Earlier, it was reported that Trump signed legislation to declassify Epstein-related files.

US Q3 GDP preliminary exceeds expectations, core PCE in line

According to Jin10 data, the preliminary annualized GDP growth rate for Q3 was 4.3%, well above expectations of 3.3% and the previous 3.8%.

The core PCE price index’s preliminary annualized quarterly rate was 2.9%, in line with market expectations and higher than the previous 2.6%.

Additionally, the preliminary personal consumption expenditure (PCE) quarterly rate was 3.5%, significantly higher than the expected 2.7% and the previous 2.5%.

US stock market closes: major indices rise slightly, S&P 500 hits new closing high

On Tuesday, US stocks closed with modest gains: Dow up 0.16%, Nasdaq up 0.57%. The S&P 500 rose 0.45%, reaching a new closing high. Nvidia(NVDA.O) rose 3%, Circle(CRCL.N) fell nearly 5%, MSTR (Strategy) down about 3.92%, Coinbase###COIN.N( down about 2.26%.

US SEC sues three fake crypto trading platforms and four investment clubs for $14 million fraud

According to SEC official website, the US Securities and Exchange Commission (SEC) has sued three fake crypto asset trading platforms—Morocoin, Berge, and Cirkor—and four investment clubs, accusing them of using social media ads to lure retail investors into WhatsApp groups, under the guise of AI stock recommendations, to scam investors with fake platforms and securities tokens, totaling over $14 million. The scams involved false government licenses, forged trading records, and fake withdrawal fees. SEC seeks permanent injunctions, civil penalties, and recovery of ill-gotten gains.

Russian Central Bank plans to open crypto investments, draft new regulations to differentiate investor levels

The Russian Central Bank released a draft concept for crypto market regulation, proposing to allow qualified and non-qualified investors to invest in crypto assets under certain conditions. Non-qualified investors, after testing, can buy up to 300,000 rubles (~$3,800) worth of high-liquidity cryptocurrencies annually through a single intermediary; qualified investors, after risk testing, can invest unlimited amounts in all cryptocurrencies except anonymous coins. The draft also suggests crypto trading will be conducted through licensed institutions, with legislation expected to be completed by July 2026, and legal responsibilities for illegal intermediaries starting July 2027.

Earlier, it was reported that the Russian Central Bank plans to relax crypto investment restrictions.

Hong Kong Securities and Futures Commission adds “Koying Kele” and “Globiance X/Globiance HK” to suspicious virtual asset trading platform watchlist

The Hong Kong Securities and Futures Commission announced that “Koying Kele” and “Globiance X Limited / Globiance HK Limited” have been added to the suspicious virtual asset trading platform watchlist. The SFC stated that both platforms promote virtual asset trading and are suspected of unlicensed activities. Some investors have reported difficulties withdrawing assets from “Globiance X / Globiance HK.”

India law enforcement raids crypto scam network, money laundering traced back to 2015

India’s Enforcement Directorate (ED) raided 21 residences and offices across Karnataka, Maharashtra, and New Delhi, uncovering a fake crypto investment platform network. The group has been operating since 2015, using celebrity images and fake trading websites to promise high returns, attracting Indian and overseas investors, and laundering funds via crypto wallets, P2P transfers, shell companies, and underground banks. The involved websites include goldbooker.com, cryptobrite.com, among others. Authorities have issued investment risk warnings.

Eight departments, including the central bank, push for cross-border digital yuan applications, exploring new payment cooperation scenarios with Singapore and others

The People’s Bank of China and seven other departments issued the “Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor.” The document proposes exploring international cooperation in digital finance, supporting provinces along the route to participate in multilateral central bank digital currency (CBDC) bridge projects, and promoting cross-border payments using CBDC with Thailand, Hong Kong, UAE, Saudi Arabia, and others. It also supports pilot programs for cross-border digital yuan payments with Singapore, building cross-border e-commerce digital service platforms, and connecting with digital trade platforms in Singapore and other countries to enhance cross-border e-commerce services.

Expanding cross-border RMB usage is also mentioned, including strengthening bilateral currency cooperation with Southeast Asia and Central Asia, facilitating RMB cross-border use, and supporting enterprises to settle more transactions in RMB. It encourages ASEAN investors to invest and reinvest domestically in RMB, promotes RMB-denominated commodity trading, and supports banks in cross-border RMB cash transfers, financing, guarantees, and asset transfers. It also supports qualified provincial banks to join the cross-border RMB payment system, leveraging digital RMB’s advantages such as instant settlement, low cost, and programmability, exploring innovative solutions with smart contracts, and expanding digital RMB applications in cross-border payments, financing, and tax rebates. The plan aims to reduce costs and improve efficiency through bilateral and multilateral cross-border business models.

) Opinions

K33 Research: bullish on 2026, predicts Bitcoin will outperform stock indices and gold

K33 Research’s “2025 Review” report states that 2025 was a year of severe disconnect between crypto fundamentals and price performance. Despite the US establishing a strategic Bitcoin reserve, the Trump administration pushing for a digital asset-inclusive executive order, and SEC leadership changes bringing regulatory shifts, Bitcoin underperformed mainstream assets like US stocks and gold due to large-scale profit-taking by early holders (OGs) and market structure adjustments, with volatility reaching historic lows.

K33 Research is constructive on 2026, predicting Bitcoin will outperform stock indices and gold, believing regulatory wins will outweigh capital allocation effects. Macro-wise, it expects Trump to appoint dovish Fed chairs, favoring expansionary policies that benefit scarce assets like Bitcoin. Regarding regulation, it anticipates the passage of the “Clarity Act” in Q1 2026, with broader crypto legislation signed early in the year. Institutional adoption will surge: Morgan Stanley plans to allow advisors to allocate 0-4% of client portfolios to Bitcoin ETFs starting January 1, 2026; E*Trade’s retail crypto trading is expected to launch in the first half of 2026. In specific data forecasts, ETF net inflows in 2026 are expected to surpass 2025; corporate finance predicts MicroStrategy will not sell Bitcoin (despite possible removal from MSCI indices), with net industry holdings reaching over 1.216 million BTC by year-end, ending the previous decline and turning into net buying demand. Additionally, with the opening of the 401(k) plan, the market will see significant potential buy orders based on 1-5% allocations.

Sentora: Bitcoin may see multiple positive catalysts in 2026, pushing BTC past $150,000

IG market analysts Farah Mourad and Ye Weuwen released the 2026 commodities outlook, highlighting continued divergence between precious metals and energy markets:

• Gold: Benefiting from falling real yields, high government spending, and ongoing central bank gold purchases, gold prices are expected to continue rising. Major investment banks forecast a 2026 range of $4,500–$4,700, with macro conditions possibly pushing prices above $5,000.
• Silver: After a 120% surge in 2025, silver has entered a price discovery phase. With supply shortages for the fifth consecutive year and accelerating industrial demand, target prices could break $65, with technical models pointing to $72 or even $88.
• Energy: Oil markets are under pressure due to supply growth outpacing demand. The 2026 average Brent crude price is forecasted at $62.23, WTI at $59. JPMorgan warns that if oversupply worsens, Brent could fall to around $30.

The report notes that precious metals are driven by genuine macro demand and have long-term structural support, while energy faces structural downward pressure, with geopolitical risks potentially limiting oil price declines.

Yardeni Research: Gold will reach $6,000 by 2026 end

On the last full trading day before Christmas, US stocks are expected to close flat, with the S&P 500 up only 1.6% in December. Meanwhile, precious metals continue to strengthen: gold up 9%, silver up 36%, both likely to hit new all-time highs again.

Yardeni Research raises its gold price target, predicting $6,000 by the end of 2026 and possibly $10,000 by the end of 2029, surpassing JPMorgan’s $5,055 forecast for 2024. Yardeni points to geopolitical risks and concerns over excessive monetary and fiscal stimulus as drivers of gold’s rally.

Additionally, Yardeni emphasizes that gold and the S&P 500 are negatively correlated in the short term but trend together long-term. By 2029, both are expected to reach 10,000 points/dollars.

Bank of Korea: Domestic crypto trading activity has cooled, investor behavior shifting to profit-taking

The Bank of Korea’s latest “Financial Stability Report” shows that while Korea’s crypto market remains more active than the global average (157% vs. 112%), investor behavior has shifted from active accumulation to profit-taking. During Bitcoin’s surge past $100,000 in 2025, retail investors in Korea largely cashed out. Data shows 91.2% of trading volume is from the top 10 accounts, increasing market manipulation risks. BOK warns that opening access for institutions and ETFs could heighten Korea’s vulnerability to global volatility. Currently, hot money has shifted to local stocks and US leveraged ETFs.

Project Updates

Polymarket confirms attack via third-party certification vulnerability, some user funds stolen

Decentralized prediction market Polymarket confirmed that recent account breaches stemmed from a security flaw in a third-party certification provider. Some users registered via Magic Labs had their funds drained without clicking phishing links or enabling 2FA. The platform states the vulnerability has been fixed, no ongoing risk remains, affected users will be contacted individually, and specific loss amounts and user numbers have not been disclosed.

Strategy has increased USD reserves to $2.2 billion, ensuring dividend payments for the next 2.5 years

As the publicly traded company holding the most Bitcoin, Strategy (MSTR) has increased USD reserves to $2.2 billion, securing dividend payments for the next 2.5 years and reducing financial pressure from Bitcoin’s four-year cycle “crypto winter.”

The company raised $748 million through stock sales on Monday, providing a cash buffer that alleviates short-term liquidity issues and supports operations during high market volatility. The reserves are mainly used for paying preferred stock dividends, totaling about $824 million annually, and for servicing the $1 billion convertible bonds due September 2027.

Currently, MSTR’s stock price is around $163, below the $183 conversion price of its bonds by about 12%. If the stock does not reach the conversion price, the company will pay in cash; if it does or exceeds, settlement will be in equity. MSTR holds 671,268 BTC, needing only a small portion to meet cash repayment needs.

Chief Risk Officer Jeff Walton states that current cash reserves are sufficient to cover the $1 billion bond due in September 2027, with an additional 15 months of preferred dividend payments secured. Despite a roughly 45% decline in stock price this year, the company has further strengthened its financial health through increased cash reserves.

Earlier, it was reported that last week, global listed companies net bought $26.35 million worth of BTC, with Strategy not increasing holdings.

Curve DAO votes to deny granting 17.45 million CRV one-year vesting contract to Swiss Stake

Voting page shows Curve DAO rejected granting 17.45 million CRV to Swiss Stake AG for development. The proposal set a one-year vesting period, with DAO approval required for suspension or disabling, and the contract deploys via deploy_vesting_contract, token address 0xD533…cd52, recipient 0x96D0…11a2B, vesting duration 31,536,000 seconds. Voting results: quorum 41.45% (threshold 30%), minimum support 45.54% (threshold 51% not met), total voting power 719.63 million veCRV, 141 voters, result: oppose 54.46%, approve 45.54%.

Earlier this month, it was reported that Curve founder proposed allocating 17.45 million CRV to fund R&D teams and 2026 upgrades.

Binance to launch Lighter (LIT) perpetual futures pre-market trading

Binance futures will launch LITUSDT perpetual futures pre-market trading at 23:00 Beijing time on December 23, 2025, with up to 5x leverage.

LITUSDT perpetual futures are based on Ethereum, with the underlying asset being Lighter Protocol (LIT), which focuses on perpetual contract trading using zero-knowledge aggregation technology to reduce latency and provide instant finality. Total supply of LIT is 1 billion, settled in USDT, with funding fees settled every four hours.

Binance to delist five spot trading pairs including BIO/FDUSD on December 26

According to Binance, to improve trading quality, five spot trading pairs—BIO/FDUSD, ENS/FDUSD, INJ/ETH, TREE/BNB, and VTHO/TRY—will be delisted at 03:00 UTC on December 26. This only affects these pairs; tokens can still be traded via other pairs on the platform. Binance will also terminate related trading bot services. Users are advised to adjust their positions to avoid asset risks.

Binance will perform wallet maintenance on Ethereum network at 14:00 on December 25, expected to last 1 hour

Officially, Binance will conduct wallet maintenance on the Ethereum network (ETH) at 14:00 Beijing time on December 25. To support this, deposits and withdrawals for ETH will be suspended at 13:55 Beijing time on December 25. The maintenance is expected to last 1 hour, after which services will automatically resume.

Key Data

Bitcoin spot ETF net outflows for four consecutive days, $189 million outflow yesterday

According to SoSoValue data, on December 23, US Eastern time, Bitcoin spot ETF had a total net outflow of $189 million, marking the fourth consecutive day of outflows. BlackRock’s IBIT had outflows of $157 million, Fidelity’s FBTC outflows of $15.3 million. Total net assets of all spot ETFs are $114.289 billion, representing 6.53% of Bitcoin’s total market cap, with cumulative net inflows of $57.076 billion historically.

Financing / M&A

Former FTX US President completes $35 million financing, launches new exchange AX

According to The Information, Brett Harrison, former FTX US president, has completed $35 million funding for his new fintech company Architect Financial Technologies, with a valuation of approximately $187 million.

The company’s exchange AX focuses on perpetual contracts for traditional assets, including stocks and forex, not crypto. The platform is regulated in Bermuda and only open to non-US institutional investors, as the US has not approved perpetual futures products.

Earlier, it was reported that Architect, founded by the former FTX US president, is registered as an independent introducing broker in the US.

Upexi submits application to SEC, plans to raise up to $1 billion for Solana-related business

Upexi, Inc. (NASDAQ: UPXI), focused on Solana digital assets, announced it filed Form S-3 with the SEC on December 22, 2025, planning to raise up to $1 billion through issuing common stock, preferred stock, debt instruments, warrants, or units.

Headquartered in Tampa, Florida, Upexi manages multiple consumer brands including Cure Mushrooms and Lucky Tail, and holds over 2 million SOL tokens (~$24.8 million), making it the fourth-largest Solana holder among public companies. Funds raised will be used for working capital, R&D, acquisitions, and debt repayment. Since the start of the year, Upexi’s stock has fallen about 50%, while SOL has declined 34%.

Earlier, Solana’s financial company Upexi announced completion of a private placement of up to $23 million in common stock and warrants.

HashKey Capital’s fourth fund completes $250 million first closing

HashKey Capital announced that its fourth multi-strategy fund, Fund IV, has completed its first closing with $250 million, exceeding expectations. The final target size is $500 million. The fund will invest in global blockchain infrastructure and large-scale applications, covering primary and secondary markets.

The general partner of Fund IV is HashKey Capital Investment. HashKey Capital manages over $1 billion in client assets, with its first fund achieving over 10x DPI returns.

In 2025, crypto M&A transactions totaled 267, with a total value of $8.6 billion, nearly four times higher than 2024, setting a record. The Trump administration prioritized crypto, promoting deregulation, litigation dismissals, and establishing a national crypto reserve, attracting capital inflows. Coinbase’s $2.9 billion acquisition of Deribit was the largest deal of the year. Kraken and Ripple acquired NinjaTrader and Hidden Road, respectively. Eleven crypto companies went public, raising $14.6 billion. The M&A boom is expected to continue in 2026 amid compliance pressures and stablecoin regulation.

Institutional Holdings

Nasdaq-listed iPower secures $30 million convertible note financing, launches DAT strategy

Nasdaq-listed e-commerce and supply chain platform iPower announced a $30 million convertible note financing agreement to launch its Digital Asset Treasury (DAT) strategy. The first phase will invest $9 million, with $4.4 million allocated to Bitcoin and Ethereum purchases. The remaining funds will increase working capital, with 80% of future funds dedicated to acquiring digital assets.

Earlier, iPower announced a strategic shift to crypto finance and blockchain infrastructure services in June.

China Properties Investment plans to buy BNB and other digital assets with own funds

Hong Kong-listed China Properties Investment Holdings announced it will use its own funds to buy and hold BNB (Binance Coin) and other suitable digital assets as strategic reserves. The company states this will not affect daily operations, and funds come from existing cash.

Trend Research buys another 46,000 ETH, total holdings over 580,000 ETH with unrealized losses over $140 million

According to Yu Jin, Jack Yi’s secondary investment firm Trend Research again purchased 46,379 ETH today via leverage, worth about $137 million. Since ETH was around $3,400 in early November, the firm has accumulated about 580,000 ETH, totaling approximately $1.72 billion, with an average cost basis of $3,208. Current unrealized loss is about $141 million. The address borrowed $887 million USDT from Aave, with leverage close to 2x. The whale is suspected to have previously profited $24.48 million from shorting ETH before turning long.

Bitmine bought another 67,886 ETH in the past 24 hours, worth over $201 million, according to Lookonchain, with Tom Lee’s Bitmine again purchasing ETH.