Daily Crypto Briefing – December 23, 2025

Markets continue their year-end consolidation as regulatory developments and institutional moves shape the crypto landscape heading into 2026.

Top Stories

Bitcoin's $100K Reality Check

CryptoSlate reports that when adjusted for inflation, Bitcoin never actually reached $100,000 in 2025, with Galaxy's Alex Thorn noting the inflation-adjusted peak was $99,848. This technical detail highlights the importance of real-world purchasing power analysis.

JPMorgan Eyes Crypto Services

Multiple outlets report that JPMorgan Chase is considering offering cryptocurrency trading services to institutional clients. Analysts suggest this move could legitimize crypto further and potentially benefit existing crypto service providers like Coinbase.

El Salvador-IMF Bitcoin Tensions Ease

CoinDesk reports that tensions over El Salvador's Bitcoin holdings are easing as the IMF praises the country's economic progress, with 4% projected growth this year. However, Cointelegraph notes discussions continue about potentially selling the state-run Chivo Bitcoin wallet.

Record Options Expiry Looms

The Block reports that a record $28 billion in Bitcoin options expire on Boxing Day, which analysts warn could be a major volatility driver as Bitcoin trades below $90,000.

Regulation

• Russia Opens Crypto Access: Bank of Russia unveils new framework allowing retail investors to buy crypto under defined tests and caps by 2027
• Pro-Bitcoin CFTC Leadership: Michael Selig officially sworn in to lead CFTC, potentially accelerating regulatory clarity
• Abu Dhabi Approves USDT: ADGM approves USDT on TRON for regulated activities, enhancing the emirate's blockchain hub status
• Bybit Exits Japan: Exchange to restrict Japanese users in 2026 due to regulatory pressure
• Arizona Tax-Free Push: New bill seeks to ban local crypto taxes and fees

Markets

• Corporate Treasury Moves: Tom Lee's BitMine adds $88M in ETH, now holding 4.06M ETH worth ~$12B
• Solana Treasury Play: Upexi files $1B shelf to scale its Solana treasury strategy, holding ~2M SOL
• Tax-Loss Selling: Bitcoin and crypto stocks decline as year-end tax-loss selling drives action
• Gold Outperforms: Gold hits record highs with 2025 gains exceeding Bitcoin's total market cap by 7x
• Altcoin Struggles: Altcoin Season Index crashes to 17 as Bitcoin dominance reasserts

Technology

• Mining Infrastructure: Cipher enters US wholesale power market with Ohio data center acquisition
• Cross-Chain Innovation: THORChain launches native cross-chain swap interface in public beta
• Security Concerns: Fake Roblox mods spread crypto-stealing malware targeting gamers
• Solana Mobile Update: Saga phone support ends, exposing owners to wallet security risks

DeFi

• Aave Governance Crisis: Token crashes 18% as "hostile" holiday vote threatens protocol dominance
• Institutional Staking: BitGo launches Aptos staking for institutional clients
• Yield Innovation: XRP holders can now earn yield without selling tokens via Flare's earnXRP

Quick Hits

• ETF Launches: Amplify debuts stablecoin and tokenization ETFs with 69 basis point expense ratios
• Ghana Legalizes Crypto: New law allows trading, plans gold-backed stablecoins
• Circle EURC Growth: €300M circulation of MiCA-compliant euro stablecoin
• Koinly Data Breach: Email addresses leaked via third-party Mixpanel breach
• Strategy Dollar Buffer: Company expands USD reserves to cover 2+ years of dividends
• Hyperliquid Competition: [Lists rival Lighter's LIT token](https://cryptobri