Daily Crypto Briefing – December 24, 2025

Markets remain subdued as Christmas Eve trading winds down, with Bitcoin holding near $87,000 while major altcoins face continued pressure. Meanwhile, the industry reflects on a transformative 2025 that saw institutional adoption accelerate despite recent volatility.

Top Stories

Privacy and Digital Identity Take Center Stage for 2026

Cointelegraph reports that as governments and Big Tech converge on digital identity solutions, zero-knowledge proofs and selective disclosure are emerging as privacy-first alternatives to surveillance systems. This development positions crypto at the forefront of the digital identity debate heading into 2026.

Circle Warns of Fake Gold and Silver Platform

CoinDesk confirms that a Christmas Eve announcement claiming Circle was launching tokenized precious metals trading was fraudulent. The fake release used Circle branding and quoted executives, highlighting ongoing security concerns in the space.

Crypto M&A Hits Record $8.6 Billion in 2025

CoinDesk reports that merger and acquisition activity reached unprecedented levels this year, driven by Trump's pro-crypto regulatory stance. Major deals included Coinbase's $2.9 billion acquisition of Deribit and Kraken's $1.5 billion purchase of NinjaTrader.

2025 Crypto Winners Emerge

CryptoSlate identifies the year's top performers, noting that while 2024 was the "crypto reawakening," 2025 became the year when institutional infrastructure finally received regulatory approval and widespread adoption.

Markets

Bitcoin Struggles Near Key Support

• CoinDesk notes Bitcoin trading in the $85,000-$90,000 range with year-end options expiry suppressing volatility
• CoinJournal reports muted institutional participation as BTC risks falling below $87,000
• The Block shows spot Bitcoin ETFs posting $188.6 million in outflows on Tuesday, marking four straight days of negative flows

Ethereum Under Pressure

• Cointelegraph highlights $6 billion in ETH options expiring, with investors increasing downside protection
• NewsBTC warns of continued ETH weakness after failed recovery attempts
• CryptoPotato observes whale accumulation despite flat price action

Altcoin Struggles Continue

• CoinJournal forecasts Solana potentially dropping to $100 as SOL extends its downturn
• CoinDesk reports XRP weakening after losing support, with $1.85 as the next focus level
• CoinDesk notes Dogecoin losing the $0.13 floor with derivatives positioning signaling bigger moves ahead

Regulation

EU Crypto Tax Reporting Begins

• CoinDesk explains new EU directive expanding tax data sharing with July 1 compliance deadline for exchanges
• The Block reports SEC charging three crypto platforms and four investment clubs with $14 million fraud
• The Block notes Russia considering relaxed rules allowing non-qualified investors to buy crypto tokens

Philippines Regulatory Crackdown

• CryptoNews reports Philippines blocking 50 platforms including Coinbase and Gemini in major regulatory action

Technology

Aave Community Split Intensifies

• CoinDesk details sharp community division over protocol brand control in what's being called the "most important tokenholder rights debate"
• The Defiant reports Hyperliquid launching portfolio margin and BLP pre-alpha features

Security Incidents

• The Block confirms Polymarket citing third-party vulnerability in recent user account hacks
• CryptoBriefing reports Mt. Gox hacker-linked wallet quietly offloading 2,300 Bitcoin

Institutional Activity

Major Fund Raises and Moves

• CoinDesk reports HashKey Capital raising $250 million in first close of $500 million blockchain fund
• CryptoBriefing notes BlackRock depositing $200 million in Bitcoin and $29 million in Ethereum to Coinbase Prime
• [CoinDesk shows](https://www.coindesk.com/business/2025/12/24/trump-media-shuffles-2-000-btc-after-fresh-