News & Research

Cryptocurrency services provider Matrixport said in a report that the price decoupling between Bitcoin and gold could continue for some time. The report noted that while the market anticipates the U.S. Federal Reserve will cut interest rates this December, the overall scope of monetary easing is expected to remain limited. Matrixport explained that gold has a higher correlation with the U.S. fiscal deficit and the pace of Treasury bond issuance compared to Bitcoin. Meanwhile, Bitcoin is more dependent on new capital inflows, and there are currently no clear signs of significant additional liquidity entering the market. In this environment, the correlation between Bitcoin and gold prices is highly likely to weaken further, the firm concluded.

Jurrien Timmer, Director of Global Macro at Fidelity, has assessed the recent sharp decline in Bitcoin as a healthy correction that is positive for the market in the long term, U.Today reported. He stated that the cooling of overheated valuations and speculative excess helps stabilize the market, interpreting the drop as a normal 20-30% correction within a bull market. Timmer added that while BTC's momentum has weakened, its network remains on a normal trajectory compared to the power-law model.

Coinbase Ventures has identified nine key investment areas in the cryptocurrency market to watch for in 2026. - RWA Perpetual Futures: RWA-based perpetuals (Perps) that offer derivatives exposure to real-world assets. - Specialized Exchanges: Next-generation trading platforms and tools focused on specific asset classes or structures. - Proprietary Automated Market Makers: A new type of automated market maker designed to reduce losses for liquidity providers (LPs) by blocking high-frequency and sophisticated strategies. - Prediction Market Aggregators: Aggregation layers that consolidate liquidity from prediction markets such as Kalshi and Polymarket. - Next-Generation DeFi: Protocols that integrate derivatives trading with lending, enabling users to simultaneously earn yield on collateral and maintain leverage. - Privacy-Preserving On-Chain Infrastructure: Development tools and protocols that facilitate privacy-enhancing assets and technologies. - Credit Protocols Based on On-Chain Reputation and Off-Chain Data: Credit-based DeFi that expands undercollateralized lending on-chain. - DePIN-based AI Data Collection Infrastructure: Decentralized Physical Infrastructure Networks (DePIN) used to collect and scale data for robotics and AI training at a large scale. - AI Agent Tooling: Tools that automate on-chain entrepreneurship and development through AI agents.

U.S. spot Ethereum (ETH) ETFs recorded a net inflow of $78.5 million on Nov. 25, marking the third consecutive day of positive flows, according to data compiled by Trader T. The inflows were led by Fidelity's FETH with $47.54 million and BlackRock's ETHA with $46 million. Grayscale's Mini ETH also added $8.29 million, while these gains were partially offset by $23.33 million in outflows from Grayscale's ETHE.

U.S. spot Bitcoin ETFs recorded a total net inflow of $128.56 million on Nov. 25, returning to positive flows a day after experiencing net outflows. BlackRock's IBIT saw inflows of $82.94 million and Fidelity's FBTC attracted $170 million. These were partially offset by outflows from other funds, including Ark Invest's ARKB ($75.92 million) and VanEck's HODL ($36.95 million), according to Trader T.

A bill has been introduced in South Korea's National Assembly to legalize spot Bitcoin exchange-traded funds (ETFs) and crypto derivatives, which have long been blocked by unofficial regulatory restrictions, the Maeil Business Newspaper reported on Nov. 26. According to the National Assembly's bill information system, Representative Park Sang-hyeok of the ruling Democratic Party sponsored the proposed "Act on the Market and Industry of Digital Assets." The legislation directly challenges a long-standing interpretation by South Korea's Financial Services Commission (FSC) that virtual assets cannot serve as underlying assets for financial investment products, an interpretation that has effectively banned the launch of such products. The bill includes a special provision explicitly defining digital assets as a permissible underlying asset under the country's Capital Markets Act.

The U.S. Senate may begin substantive discussions on a digital asset market structure bill in December, journalist Eleanor Terrett reported, citing industry sources. Terrett noted that a group of Democratic senators is reportedly preparing for a markup of a bipartisan bill during the week of Dec. 8. A markup is the process of debating and amending a bill before it is sent to the full chamber for a vote. Additionally, Senator John Boozman, Chairman of the Senate Agriculture Committee, has also reportedly expressed his desire to conduct a markup of the committee's draft bill in early December.

JPMorgan Chase plans to launch derivative-style structured notes linked to the performance of BlackRock's Bitcoin ETF (IBIT), The Block reported. According to a prospectus filed with the U.S. Securities and Exchange Commission (SEC), the notes feature two main scenarios with different payout structures: an auto-call option after one year and a maturity date in 2028. Under the one-year auto-call scenario, investors are guaranteed a minimum fixed return of 16% if IBIT is above a specified price, regardless of market conditions. The notes also provide principal protection for a decline of up to 30% in IBIT's value. However, returns are capped, and investors will incur losses if the ETF falls by more than 30%.

MoonPay has obtained a Limited Purpose Trust Charter from the New York State Department of Financial Services (NYDFS), allowing it to provide cryptocurrency custody and over-the-counter trading services in the state, Eleanor Terrett reported. The company now holds both a BitLicense and a Limited Purpose Trust Charter, a distinction held by only a few crypto firms, including Coinbase, PayPal, and Ripple.

Tether's real-world asset (RWA) platform, Hadron, has announced a partnership with blockchain security firm Crystal Intelligence. The collaboration aims to strengthen blockchain compliance and analytics capabilities for the global tokenization of RWAs. Tether stated that as the tokenization market matures, it plans to support institutional investors and issuers in meeting regulatory and operational standards.