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New Bitcoin and Ethereum Transfer from BlackRock to Coinbase
BlackRock, the world's largest asset manager, is back in the spotlight with a new move strengthening its institutional presence in the crypto markets. According to on-chain data, the company made high-value Bitcoin and Ethereum transfers via Coinbase Prime, indicating continued fund flows linked to spot ETFs.BlackRock Moves Bitcoin and ETH HoldingsAccording to the latest on-chain data shared by the blockchain data platform Lookonchain, BlackRock made a remarkable new transfer via Coinbase Prime. The data shows that the world's largest asset manager deposited 1,134 BTC and 7,255 ETH into Coinbase Prime wallets. At current prices, the total value of this transfer is approximately $123.5 million. This move has once again brought BlackRock's approach to crypto assets to the forefront. According to on-chain records, the total value of Bitcoin investments is $101.4 million, while the value of Ethereum transfers is approximately $22.1 million. It is noteworthy that the transfers were made to Coinbase Prime custody accounts linked to BlackRock’s spot ETF products. This indicates a funding and rebalancing process parallel to ETF demand, rather than direct trading activity.BlackRock acquired $22 billion in assets throughout 2025.This latest move is seen as part of a broader picture showing BlackRock pursuing a non-aggressive but steady growth strategy towards digital assets throughout 2025. According to 2025 Cryptocurrency Market Report, the company added over $22 billion in new assets to its on-chain crypto portfolio during the year. The total value of Bitcoin and Ethereum assets, which was approximately $54.8 billion at the beginning of January 2025, increased to $77.3 billion by the end of the year. This increase corresponds to a growth of over 41 percent year-on-year. Bitcoin continued to be the main backbone of BlackRock’s crypto portfolio. Assets, which were around 552,000 BTC at the beginning of 2025, rose to over 770,000 BTC by the end of the year. Thus, a net increase of 217,000 BTC was recorded on the Bitcoin side. In terms of value, the Bitcoin position increased from $51.1 billion to $67.1 billion. This shows that BlackRock continues to position Bitcoin as a strategic reserve asset even during volatile periods. On the Ethereum side, a more striking growth stood out. BlackRock's ETH assets increased from 1.07 million ETH to 3.48 million ETH throughout 2025. This increase indicates approximately 184% value growth on the Ethereum side. It is observed that interest in Ethereum accelerated, especially in the third quarter of the year, with tokenization, on-chain yield, and institutional consensus scenarios coming to the fore. The launch of spot Bitcoin and Ethereum ETFs in the US at the beginning of the year was one of the key factors determining the direction of institutional demand. Despite volatile price movements, ETF inflows have largely been concentrated in BlackRock products. iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) have become regulated and transparent crypto access points for many investors.
The First Major Test of 2026: $2.2 Billion Worth of Options on BTC and ETH Expire Today
The crypto derivatives markets have started 2026 with high volume. As of today, over $2.2 billion worth of options contracts tied to Bitcoin and Ethereum are expiring. This is being closely watched by investors and professional traders as it is the first large-scale derivatives settlement of the year. The fact that both assets are trading near their critical strike prices further highlights the possibility of post-settlement volatility.Bitcoin has $1.87 billion in optionsThe lion's share of the settlement belongs to Bitcoin. Approximately $1.87 billion worth of option contracts are tied to BTC. At the time of settlement, the Bitcoin price is hovering around the $88,900 mark, slightly above the "max pain" level, which is estimated to be around $88,000. Max pain is known as the price level at which the most option contracts close worthless and usually creates an equilibrium point in favor of option sellers.Open position data reveals a noteworthy picture on the Bitcoin side. Of the total 21,001 open positions, 14,194 are call contracts and 6,806 are put contracts. The put/call ratio of 0.48 indicates that the general market trend is based on upward expectations rather than downward hedging. This structure reveals that investors are betting on price increases, but also carries the risk of sharp movements if expectations are not met. On the Ethereum front, the picture is more balanced but still optimistic. The total nominal value of ETH options is approximately $395.7 million. The Ethereum price is trading around $3,020, slightly above its maximum pain level of $2,950. There are 80,957 call and 49,998 put contracts open. The total number of open positions is 130,955, and the put/call ratio is 0.62. This ratio indicates a more cautious optimism compared to Bitcoin. The expiration dates of options are considered critical thresholds for derivatives markets. When contracts expire, investors either exercise or close their positions. During this process, prices often retreat towards maximum pain levels. However, once settlement is complete and this "magnetic effect" disappears, price movements can become freer and more volatile. Another factor that makes this settlement important is institutional positioning data. On the Bitcoin side, call contracts account for 36.4% of the volume in block transactions, while put contracts account for 24.9%. This difference is even more pronounced on Ethereum; 73.7% of block transactions consist of call contracts, with only a small portion being put contracts. Such block transactions generally indicate more strategic and long-term positions rather than short-term speculation. Furthermore, interest is not limited to near-term contracts. While March and June 2026 expiration dates stand out in Bitcoin options, strong demand is seen in quarterly expiration dates spread throughout the year on the Ethereum side. This suggests that traders are positioning themselves not only for short-term price movements but also for a broader bullish scenario extending into the coming months. However, high-volume settlements always carry risk. Price stability can weaken as hedging positions are unwound. In particular, if prices remain below critical levels, the expiration of numerous call options could increase short-term selling pressure.
ETH Commentary and Price Analysis - January 1, 2026
ETH Technical Analysis Symmetrical Triangle Formation On the ETH side, the price is squeezed within a clear symmetrical triangle structure between a descending trend coming from above and a rising trend coming from below. The size of the triangle has narrowed significantly and the price appears to be approaching the end of the formation, which increases the likelihood of an imminent breakout. The decrease in volatility and the shortening of candle sizes also confirm this compression.Within the current structure, the lower trend has worked so far and has continued to support the price from below. The preservation of this trend shows that the structure is still valid and that the upside scenario remains on the table. As long as the lower trend is not lost, pullbacks for now appear as movements within the formation.On the upside, the 3,220 region stands out horizontally as a critical threshold due to both being an area previously tested by price and intersecting with the upper trend of the triangle. A move toward this region emerges as the natural target of the formation. However, it is also clear that this same area is a strong decision zone, and it would not be surprising to see sharp reactions before a breakout occurs.In summary, ETH is moving within a symmetrical triangle that has reached a decision moment. As long as the lower trend is preserved, the main short-term expectation is upward acceleration and a test of the 3,220 region. The reaction given at this level will be decisive for the next direction.These analyses, which do not provide investment advice, focus on support and resistance levels that are thought to create short- and medium-term trading opportunities depending on market conditions. However, the responsibility for trading and risk management belongs entirely to the user. In addition, it is strongly recommended to use stop loss for the positions shared.
Pre-Christmas Wave of Outflows from Spot Bitcoin and Ethereum ETFs
Significant outflows were observed from spot Bitcoin and Ethereum ETFs in the US as the year drew to a close. According to data, US spot Bitcoin ETFs recorded a net outflow of $188.6 million on Tuesday, marking the fourth consecutive trading day of negative outflows. Spot Ethereum ETFs also saw a net outflow of $95.5 million on the same day. Reduced liquidity before the Christmas holidays and year-end portfolio adjustments are cited as key reasons for these movements.Significant asset outflows from BlackRock, Grayscale, and Bitwise fundsAccording to market data, the majority of outflows from Bitcoin ETFs were concentrated in the IBIT fund issued by BlackRock, with a single day outflow of $157.3 million. Fidelity's FBTC, Grayscale's GBTC, and Bitwise's BITB fund were among the other products that reported net outflows on Tuesday. On a weekly basis, spot Bitcoin ETFs experienced a total net outflow of $497.1 million last week. This chart indicates a complete reversal of the $286.6 million net inflow seen in the week ending December 12. A similar picture emerges on the Ethereum side. Spot Ethereum ETFs, which recorded an inflow of $84.6 million the day before, saw a net outflow of $95.5 million on Tuesday. Leading the outflows was Grayscale’s ETHE fund, with a daily outflow of $50.9 million. This figure stood out as the highest single-day outflow recorded among Ethereum ETFs that day.Market commentators believe that these ETF outflows do not indicate a lasting deterioration in investor confidence. Vincent Liu, CIO of Kronos Research, stated that these movements are more due to year-end dynamics. According to Liu, low liquidity, portfolio rebalancing processes, and profit-taking are among the main reasons for the outflows from Bitcoin and Ethereum ETFs. Similarly, LVRG Research director Nick Ruck stated that investors are reducing risk in the pre-Christmas period, with seasonal profit-taking and tax planning accelerating this process.Rick Maeda from Presto Research emphasized that ETF inflows should not be exaggerated. Maeda said that fund flows have already been volatile in the last few months, and balance sheet adjustments are natural, especially after the volatile fourth quarter. Comparing this to previous years, Maeda noted that over $1.5 billion in outflows occurred from spot Bitcoin ETFs in the four trading days before Christmas 2024, compared to the relatively limited outflows currently seen.Crypto prices also remained under pressure in line with this picture. Bitcoin fell 0.7% in the last 24 hours to $86,931, while Ethereum dropped 1.18% to $2,931. In contrast, spot XRP ETFs saw net inflows of $8.2 million, and spot Solana ETFs saw net inflows of $4.2 million. This situation indicates that investor interest is partly shifting towards different assets.In contrast to this stagnation in the crypto markets, US stocks showed a strong performance. The S&P 500 rose 0.46% on Tuesday, closing at a historic high of 6,909.79 points. The Nasdaq Composite increased by 0.57%, while the Dow Jones Industrial Average rose by 0.16%. According to data released by the US Department of Commerce, the US economy grew by 4.3% on an annualized basis in the third quarter. This rate surpasses the 3.8% growth in the second quarter.US markets will close early on December 24th and will be closed on December 25th due to the Christmas holiday. According to experts, the real signals will become clearer after the holiday, with the return of liquidity. Vincent Liu states that investors should closely monitor the weekly jobless claims data to be released on December 27th and price-driven fund flows. These indicators may offer a healthier picture in terms of market expectations for the first few months of 2026.
Ethereum Treasury Company Sold $74.5 Million Worth of ETH
ETHZilla has officially exited its Ethereum accumulation strategy. The company announced that it sold approximately 24,291 ETH, using $74.5 million to repay debt. This move may indicate the end of its strategy, which previously focused on long-term Ethereum accumulation through a "Digital Asset Treasury" (DAT) approach. Ethereum Treasury Company Sells OutETHZilla had previously planned to transform its balance sheet into an Ethereum-centric structure, even considering the possibility of purchasing up to $10 billion worth of ETH in the long term. However, the recent sale shows that the company no longer positions itself as an ETH-focused balance sheet company. In this new framework, Ethereum has ceased to be a strategic asset and has become a liquidity and financial balance tool.Looking at the background of the sale, it appears that this decision was not a one-off. According to regulatory filings, ETHZilla sold the ETH in question at an average price of slightly over $3,000 per token. The sale was part of a mandatory repayment agreement under convertible bond obligations. Following the transaction, the company's remaining Ethereum holdings decreased to approximately 69,800 ETH, with a current market value of around $207 million. Ethereum price is currently trading slightly above $2,950. This December sale, when considered alongside the previous transaction in October which involved the disposal of approximately $40 million worth of ETH, demonstrates that balance sheet cleaning has become a priority. The October sale, intended to fund a share buyback program, was criticized by some investors. Despite this, management has clearly indicated that it views crypto assets not as a long-term store of value, but as a source of financing that can be used when needed. The real turning point for ETHZilla is the strategic shift. The company is now shifting its focus to the tokenization of real-world assets. According to the company, auto loans, real estate, and aviation equipment are among the priority areas. This approach moves the company away from crypto-native treasury models and closer to the fintech and structured finance world.With this shift, ETHZilla is also redefining how assets are valued. The size of Ethereum assets will no longer be a primary valuation metric. Instead, revenue generation, operational performance, and cash flow will take center stage. The company's decision to close its public mNAV (net asset value) dashboard is seen as part of this transformation. This move means reduced transparency for crypto-focused investors who monitor on-chain data in real time.From a market perspective, ETHZilla's decision points to a broader trend. Rising interest rates, increasing borrowing costs, and the weakness in Ethereum's price in recent months are forcing leveraged or scale-limited companies to take more cautious steps. In this environment, there is a shift towards cash flow-generating and more predictable revenue models instead of aggressive crypto accumulation.General comments within the crypto community do not directly interpret this move as a "bear market signal." Many analysts argue that the decision is pragmatic and that institutional capital is increasingly shifting towards revenue-driven infrastructure and real asset tokenization.
BitMine Expands its Ethereum Treasury: An Additional 13,412 ETH
BitMine Immersion Technologies, which continues to aggressively expand its Ethereum treasury, made headlines again with a new purchase in late December. According to recent information shared by the on-chain data platform Lookonchain, the company acquired an additional 13,412 ETH in just a short period. This purchase, worth approximately $40.61 million, demonstrates that BitMine's Ethereum-focused treasury strategy continues unabated. With this latest move, the total amount of Ethereum held by BitMine has risen to approximately 3.98 million ETH. Previous official statements from the company indicated that as of mid-December, BitMine held 3,967,210 ETH, valued at an average of $3,006. The new purchase further increases the company's ETH position in terms of both nominal and market capitalization, maintaining BitMine's position as one of the largest publicly traded Ethereum holders. The impact of this Ethereum accumulation on the company's valuation is quite significant. BitMine's market capitalization hovered around $13 billion in the second half of December. This figure almost perfectly matches the total value of the company's crypto assets, cash reserves, and other investments. This structure leads to BitMine shares being perceived not as a traditional operating company, but rather as an investment vehicle directly pegged to the price of Ethereum. For investors, the shares essentially function as an "ETH proxy" traded on the stock exchange. This approach has both advantages and risks. The company's capital increases throughout 2025 have brought the issue of share dilution to the forefront. According to information reflected in SEC filings, BitMine issued tens of millions of new shares and usable warrants under private equity deals. This situation carries the risk that the actual value per share will not increase at the same rate as the treasury grows. It is frequently emphasized that investors should consider the fully diluted share count when evaluating the company. On the other hand, changes in accounting have also initiated a new era for companies like BitMine. Regulations by the Financial Accounting Standards Board mean that price fluctuations in crypto assets are directly reflected in net profit. This can lead to significant volatility in company balance sheets even without sales, pushing traditional profit multiples into the background.BitMine's aggressive Ethereum strategy is also met with mixed reactions on Wall Street. Jim Cramer, known for his programs on CNBC, argues that caution should be exercised regarding BMNR shares, while some analysts believe that the company's asset structure makes its share value appear more complex than it is. On the other hand, BitMine's inclusion in the S&P Global BMI Index is a significant development that has increased institutional investor interest in the company.Ethereum price recoversIn parallel with the news, the Ethereum price continues to hold above the $3,000 band in the shadow of these institutional purchases. According to the latest data, ETH is trading at around $3,035 and has recorded an increase of over 1% in the last 24 hours. The intraday price range is between $2,945 and $3,050, while the market capitalization remains above $366 billion. Ethereum's 24-hour transaction volume is approximately $15.2 billion, and the circulating supply is around 120.6 million ETH. On a monthly basis, the ETH price has risen by approximately 12 percent. This suggests that while large-scale purchases like those by BitMine may not directly cause a price jump in the short term, they are creating a foundation that supports medium-term expectations.
$3 Billion Worth of Options on Bitcoin and ETH Are Expiring
As the year draws to a close in the cryptocurrency markets, a notable expiration occurred in the Bitcoin and Ethereum options market. According to Deribit data, approximately $3.16–$3.18 billion worth of Bitcoin and Ethereum options expired on Friday. This latest major settlement, occurring amid reduced liquidity before the Christmas holidays, reveals that the market's direction remains unclear.Bitcoin options dominated the expirationsBitcoin options accounted for the majority of expirations. Approximately $2.7 billion worth of BTC options expired, with the Bitcoin price trading around the $87,000 range in the hours leading up to expiration. The "max pain" level for Bitcoin was highlighted at $88,000. This level is closely watched in the derivatives market as it represents the price point where the most options become worthless. The spot price remaining just below this level suggests that unless a strong breakout occurs, the price may continue to move within a narrow range. Open interest data also painted a cautious picture. While call contracts numerically outnumbered Bitcoin options, the concentration on the put side was noteworthy. With total open positions exceeding 30,000 contracts, the put/call ratio remained in the 0.76–0.80 range. This ratio indicated that investors had not completely abandoned the upside scenario, but had increased their need to hedge against downside risks. The concentration of put options, particularly around the $85,000 level, revealed that investors were planning exits or hedging in case of a potential pullback. The picture was slightly different on the Ethereum front. Approximately $460–470 million worth of ETH options expired, while the Ethereum price traded around $2,900. The maximum pain level for ETH was calculated at $3,100, and the spot price remained significantly below this level. The call and put distribution in Ethereum options was more balanced. The put/call ratio being just above 1 suggested a more neutral market outlook for Ethereum. Analysts noted that price ranges in Ethereum options are spread across a wider band compared to Bitcoin. While upward expectations are maintained at levels above $3,400, various hedging positions have also been taken against downward scenarios. This indicates that sharper movements in the Ethereum price may be possible if volatility increases again. Overall, it is observed that volumes in the options market slowed significantly in the last quarter of the year. The total open position size, which was over $46 billion at the end of the third quarter, decreased to approximately $39 billion as of the fourth quarter and has followed a horizontal trend in recent months. This picture shows that investors prefer hedging and a wait-and-see strategy instead of taking aggressive upward positions. The crucial date: December 26The market's attention is now focused on the larger-scale monthly, quarterly, and annual option expiration on December 26. Approximately $23 billion worth of options are expected to expire on this date. While a cautious outlook prevails for Bitcoin and Ethereum in the short term, upward expectations for longer-term contracts towards 2026 have not entirely disappeared. Reduced liquidity during the holiday season and global macroeconomic developments could make price movements even more sensitive in the coming days.
BitMine collected Ethereum from the bottom when it was below $3,000
Institutional purchases have resurfaced as the Ethereum price has fallen below the $3,000 level. BitMine, an Ethereum treasury company led by Fundstrat co-founder Tom Lee, seized the opportunity presented by the market pullback and made a new purchase of ETH worth approximately $140 million.BitMine's Ethereum PurchaseAs Ethereum-focused balance sheet strategies reshape institutional investors' perspectives on crypto assets, BitMine, one of the most aggressive players in this space, has once again attracted attention. The company, led by Fundstrat co-founder Tom Lee, reportedly continued its Ethereum purchases despite the recent market volatility.According to information from on-chain data provider Arkham, BitMine purchased 48,049 ETH worth approximately $140.6 million. Onchain analysts EmberCN and Lookonchain stated that the purchase was made from a FalconX hot wallet. While this transaction has not yet been officially confirmed by BitMine, it aligns with the company's previously released financial data. In an official announcement on Monday, BitMine revealed that the company, traded on the NYSE American, holds a total of 3,967,210 ETH in its treasury. These purchases, made at an average price of $3,074, have a current market value of approximately $11.6 billion. This makes BitMine the world's largest institutional Ethereum holder.The company has pursued an aggressive strategy of accumulating Ethereum throughout the year. Purchases made in the first two weeks of December were particularly noteworthy. It is reported that BitMine acquired an additional 240,711 ETH during this short period. Coming at a time of increased selling pressure and weak investor sentiment, these moves demonstrate the company's focus on a long-term vision rather than short-term price fluctuations.BitMine's long-term goal is quite ambitious. The company had previously publicly stated its aim to control 5% of the total Ethereum supply in circulation. This goal reflects a strong belief that Ethereum will not only be an investment vehicle but also a fundamental building block of the global financial system.Tom Lee reiterated his optimism for the crypto markets in a statement on Monday. According to Lee, the "best days" for crypto are yet to come. Legal progress in Washington, increased regulatory clarity, and support from Wall Street are among the main pillars of Lee's optimism.Ethereum price below $3,000BitMine's recent Ethereum purchase coincided with a period when the ETH price fell below the $3,000 level. Ethereum traded around $2,926, up 0.24% in the last 24 hours, but recorded a weekly decline of approximately 12%. Despite this, the company's shares (BMNR) closed up 1.42% at $31.39 on Tuesday. The share price has gained over 551% in the last six months.
JPMorgan is Moving Money Market Operations To Ethereum
JPMorgan Chase is expanding its steps in blockchain-based finance and preparing to launch its first tokenized money market fund on the Ethereum network. According to the Wall Street Journal, this new product, developed by the bank's asset management arm which manages approximately $4 trillion in assets, will be offered under the name My OnChain Net Yield Fund, or MONY for short. JPMorgan plans to launch the fund with $100 million of its own capital before opening it to external investors.JPMorgan launches first tokenized money market fundMONY operates on JPMorgan's in-house tokenization infrastructure called Kinexys Digital Assets. This infrastructure allows traditional financial products to be represented on the blockchain through digital tokens. The fund will only be open to individuals and institutions with "qualified investor" status. Accordingly, a minimum investment asset requirement of $5 million is sought for individual investors, while this threshold is set at $25 million for institutional investors. The minimum investment amount to enter the fund is $1 million. Like traditional money market funds, MONY holds a portfolio of short-term, high-quality debt instruments. The fund's primary goal is to offer returns that are generally higher than bank deposits. Interest income and dividends accrue daily. Investors can participate in the fund through JPMorgan's digital investment platform, Morgan Money, and hold digital tokens representing their shares in their own crypto wallets. Another notable aspect of the fund is that transactions can be made using stablecoins in addition to cash. Investors can conduct fund entry and exit transactions using the USDC stablecoin, a dollar-pegged stablecoin issued by Circle. This approach demonstrates the increasing adoption of crypto-native payment infrastructures by regulated financial products. Such solutions, particularly those aimed at the efficient use of non-interest-bearing stablecoin balances, have long been in demand within the crypto ecosystem. John Donohue, Head of Global Liquidity at JPMorgan Asset Management, notes that there is significant interest from clients in tokenization. According to Donohue, the bank aims to make options similar to those offered in traditional money market funds available on the blockchain. This approach signals that tokenization is no longer just an experimental area but is beginning to become part of mainstream finance. This move coincides with a period in which the regulatory framework for digital assets in the US is becoming clearer. The GENIUS Act, passed this year, created a federal framework for dollar-denominated stablecoins. In addition, developments around the Clarity Act signaled a more constructive approach to which institutions will oversee blockchain-based financial products. This regulatory clarity is encouraging large financial institutions to take bolder steps in tokenizing funds, securities, and other real-world assets. Interest in the tokenization of real-world assets is rapidly increasing. By 2025, the total market capitalization of tokenized real-world assets reached a record high of $38 billion. BlackRock is the largest player in this field with a tokenized money market fund worth over $1.8 billion. Goldman Sachs and Bank of New York Mellon also announced plans to collaborate on digital assets linked to tokenized money market funds earlier this year. The Ethereum-based MONY fund demonstrates the continuation of JPMorgan's recent blockchain initiatives, as the bank recently issued a commercial bond on the Solana network for its Galaxy Digital subsidiary, using USDC in the transactions.
$4.5 Billion Worth of BTC and ETH Options Expire Today
In the crypto derivatives markets, attention is focused on the high-volume Bitcoin and Ethereum options expiring on Friday, December 12th. With a total nominal value of approximately $4.3–$4.5 billion, these options are expected to expire, creating a cautious atmosphere across the market. The approaching end of the year, weakening liquidity, and recent macroeconomic developments are causing investors to avoid taking directional positions.Bitcoin and Ethereum options expire today.According to data, approximately 39,000 Bitcoin option contracts are expiring today. The total nominal value of these contracts is around $3.6-$3.7 billion. The put/call ratio in Bitcoin options is around 1.1, indicating a slight advantage of short positions over long positions. The "max pain" level in the market is around $90,000. The current price hovering near this level suggests that the option expiration may have a limited impact on the spot market. The highest level of open interest in the options market is at $100,000. At this strike price, there are approximately $2.7 billion in open positions. Additionally, there are significant open positions totaling around $2 billion at the $80,000 and $85,000 levels. According to Coinglass data, the total Bitcoin options open interest across all exchanges has reached $54.6 billion. Deribit notes that pricing is largely stuck around $90,000 and that there is no clear directional expectation in the market. Deribit's assessment indicates that the balance between call and put options shows that investors expect limited volatility for this expiration date. It is emphasized that the market tends to maintain its current range until a new catalyst emerges. A similar picture is observed on the Ethereum front. Approximately 247,000 ETH options contracts expire today. The total nominal value of these contracts is around $768-770 million. In Ethereum options, the maximum pain level is calculated at $3,100, while the put/call ratio is fluctuating between 1.22 and 1.24. This ratio indicates that demand for selling hedging is relatively stronger on the Ethereum side as well. The total open position for ETH options across all exchanges is approximately $12 billion.Deribit analysts note that positioning in Ethereum options has shifted towards a more neutral structure, but the concentration seen in call options above $3,400 reveals that investors are willing to price in sharper price movements should volatility increase again.On the macro side, the 25 basis point interest rate cut by the US Federal Reserve this week has largely been priced in by the markets. Greeks Live analysts emphasize that it is premature to view this step as the beginning of a monetary expansion cycle. They point out that liquidity in the crypto markets has fallen to historically weakest levels as the year-end and Christmas period approach. This situation poses an obstacle to a strong and sustained rally in the short term. Looking at the spot markets, the total cryptocurrency market capitalization is hovering around $3.2 trillion. Bitcoin briefly rose above $93,000 but encountered resistance at that level and retreated back to the $92,000 range. Ethereum traded in a narrow range around $3,200 in the last 24 hours. While the altcoin market generally shows a sideways trend, limited gains were observed in privacy-focused projects such as Solana, Bitcoin Cash, Monero, and Zcash. The overall picture suggests that the market remains calm for now, despite high-volume options expiry times.
BitMine Makes New Ethereum Purchases Worth $112 Million! Tom Lee: “The Dip is Over”
The Ethereum market is once again focused on BitMine. Following increasingly optimistic statements from Fundstrat co-founder and BitMine Chairman Tom Lee in recent weeks, the company made a new Ethereum purchase worth $112 million on Wednesday. According to data from blockchain analytics platform EmberCN, based on Arkham figures, BitMine purchased 33,504 ETH via FalconX. While official confirmation is yet to come, the transaction perfectly aligns with the company's aggressive ETH accumulation strategy throughout the year. Through regular purchases, BitMine has maintained its position as the largest institutional Ethereum holder in the market and has repeatedly reiterated its long-term goal: to hold 5% of the total ETH supply by 2025. According to the company's 8-K filing dated December 7th, BitMine holds 3,864,951 ETH. In addition, there are 193 BTC, a $1 billion cash reserve, and a $36 million "moonshot" investment in Eightco Holding, which focuses on the Worldcoin ecosystem.Tom Lee reveals his Ethereum expectationsTom Lee is the clearest name behind all these purchases. Arguing that the bottom for Ethereum is now behind us, Lee said last month that ETH bottomed out around $2,500 and that he expected the price to rise to the $7,000-9,000 range by the end of January. In a more recent statement, he revealed the company's appetite by saying, "BitMine is buying twice as much ETH as it did two weeks ago."On the other hand, on the macroeconomic front, the 25 basis point interest rate cut announced by the Fed on Wednesday did not bring the expected relief in the crypto market. Powell's cautious statements about further cuts were interpreted as a "hawkish cut" and created a short-term pullback in both Bitcoin and Ethereum. Bitcoin fell as low as $90,028, a daily loss of 2.82%; Ethereum dropped 4.29% to $3,186.According to Tom Lee, these pullbacks are temporary. In an interview with CNBC, he stated that regardless of whether the Fed's current stance changes or remains unchanged, the real turnaround will come in early 2026. Lee bases his expectation on two key factors: the possibility of a new Fed chairman adopting a more dovish stance and the ISM Index, which indicates the expansion of the US economy, rising back above 50. Lee said, "Crypto prices are very sensitive to the ISM. Historically, the ISM rising above 50 coincides with the start of supercycles in Bitcoin and Ethereum."BitMine's recent acquisition is another piece of the puzzle. Despite the volatile market conditions, the company is not backing down from its long-term strategy. Overall, it seems that investors will be watching Ethereum's performance in the coming period more closely.
CFTC Launches Critical Pilot Program for Bitcoin, ETH, and USDC
The U.S. Commodity Futures Trading Commission (CFTC) has taken one of the most concrete steps toward bringing crypto assets to the center of regulated finance. The agency has officially launched its "digital asset pilot program," which opens the door to the use of Bitcoin, Ether, and USDC as collateral in derivatives markets. The program both demonstrates the regulatory body's transformation in its approach to crypto and focuses on the integration of tokenized assets into traditional finance. The announcement came from Caroline Pham, the CFTC's de facto Chair. Pham has long been a prominent figure within the agency in updating the framework for crypto assets; she previously launched the "Crypto Sprint" initiative and last week announced that Bitnomial was the first exchange to list regulatory-approved spot crypto products.Pham summarized the goal of the new program as "maintaining the global leadership of U.S. markets by embracing responsible innovation." According to her, the ability to use tokenized assets as collateral will help market participants manage capital more efficiently and enhance the real-time monitoring capacity of regulators. The pilot program is initially limited to Bitcoin, Ether, and USDCAccording to the framework announced by the CFTC, futures brokers (FCMs) will be able to accept only BTC, ETH, and USDC for the next three months. Participating institutions will report the total amount of digital assets held in their client accounts to the CFTC weekly. Furthermore, any operational issues, disruptions, or system errors that could affect digital assets used as collateral will be required to be immediately reported to the regulator.This framework allows the CFTC to monitor market behavior in a gradual and controlled manner while also generating valuable data on how the use of tokenized collateral works in practice.The CFTC also released new guidance jointly prepared by its three divisions on the same day. These guidances clarify how real-world assets, such as tokenized U.S. bonds and money market funds, are valued under the current regulatory framework. Topics such as custody, segregation, valuation shards, and operational risk have been redefined. The agency also withdrew its staff advisory, issued in 2020, which restricted FCMs from accepting virtual currencies as collateral. The CFTC stated that this guidance was outdated with the enactment of the GENIUS Act. The GENIUS Act, passed this summer, specifically sharpened the framework for stablecoin use.Strong support from the industry: "A milestone for the US"Leading figures in the crypto industry welcomed the move. Coinbase Chief Legal Officer Paul Grewal said the decision "proves once again that digital assets provide real benefits in terms of speed, cost, and risk management in payments." Circle President Heath Tarbert emphasized that the use of regulated stablecoins will improve settlement processes and support 24/7 trading.Crypto.com CEO Kris Marszalek described the decision as "a significant step toward making the US a global hub for crypto innovation." Ripple CEO Jack McDonald also stated that recognizing tokenized assets as collateral will increase capital efficiency and strengthen the competitiveness of US financial markets.
A Critical Day for Bitcoin and ETH, Worth $4 Billion
Another critical threshold is being passed in the futures and options market on Friday; contracts totaling over $4 billion in value for Bitcoin and Ethereum are expiring. Derivatives volumes have increased significantly in recent weeks, particularly in Binance futures, suggesting the market is preparing for impending volatility. Today's chart reflects both cautious and selective risk appetite.Bitcoin and ETH options expiringAccording to Deribit data, the total notional value of BTC and ETH options expiring today is around $4.07 billion. Bitcoin accounts for $3.4 billion of this. Total open interest stands at 36,906 contracts. The Put/Call ratio for Bitcoin is 0.91, meaning there are slightly more put options than calls in the market, suggesting a balanced, slightly defensive position. The "maximum pain" level for BTC is $91,000; if the price approaches this level, most contracts are expected to expire worthless. Bitcoin is currently trading slightly above this level. There's clearer optimism on the Ethereum side. The notional value of ETH options expiring today is $668.9 million. Open interest stands at 210,304 contracts. The put/call ratio is 0.78, meaning demand for call options on ETH is stronger. The maximum pain point is at $3,050, slightly below the current price. This ratio and price structure suggest a more positive outlook for Ethereum compared to Bitcoin in the short term.Today's expiration represents much smaller volume compared to last week. During the massive event on November 28th, over $15 billion worth of BTC and ETH options expired, meaning the current contract volume is less than a third of that day. This is due to institutional investors increasingly expanding their positions over longer periods. In Bitcoin, in particular, there's a significant accumulation of call options with expiration dates extending into mid-2026. This trend is consistent with institutional views that interest rate cut expectations, ETF demand, and liquidity conditions will be more supportive next year.Derivatives analysis platform Laevitas highlights the steady increase in open interest in recent weeks, highlighting fresh capital inflows into the derivatives market. This suggests investors are preparing for a multi-quarter recovery. As professional movements gain traction, price discovery in the market becomes more systematic.However, the short-term outlook remains mixed. Greeks.live's December 2nd update describes the market as "cautiously optimistic." Analysts say investors are searching for a bottom, but volatile price movements are eroding confidence. The put skew, in particular, remains elevated, meaning the market continues to price in short-term downside risk. Because the sharp moves in February are still fresh in memory, many professionals are avoiding "chasing calls on dips."Amidst this uncertainty, another significant shift is the cooling of volatility. While volatility in Bitcoin has tightened, ETH options have become relatively more attractively priced. This is leading some to turn to Ethereum. Institutional investors are focused on capital preservation and generating sustainable returns rather than seeking quick profits. Deribit also notes that the general trend is toward "controlled and rational strategies rather than chasing 5-10x returns."
Fusaka Launched on Ethereum: What Changed?
Ethereum has completed its second major network upgrade of the year, activating the Fusaka update on the mainnet. This 17th major update, following Pectra, launched approximately seven months ago, marks a new era in the network's scaling roadmap. The most notable innovation is the data sampling system called "PeerDAS." This technology fundamentally updates Ethereum's data availability architecture and significantly expands the capacity of the rollup ecosystem.PeerDAS, a new era in blob capacity and L2 costsFusaka went live at block number 18,200,000. After weeks of testing on the Holesky, Sepolia, and Hoodi testnets, the teams completed the final preparations. Immediately after the activation, the Ethereum price fluctuated between $3,150 and $3,210, with volume rising from $28.2 billion to $32 billion within six hours. Santiment data indicates a strong accumulation from "shark" wallets holding between 1,000 and 10,000 ETH. PeerDAS, at the heart of the update, allows each node to retain only samples of the data blob without downloading it. This approach reduces bandwidth overhead and paves the way for an approximately eightfold increase in blob capacity. Ethereum developers say PeerDAS is the practical embodiment of the long-planned "sharding" vision. Vitalik Buterin particularly emphasized this point, saying, "The sharding model envisioned since 2015 is finally operational."Fusaka's Blob Parameter Only (BPO) mechanism is also noteworthy. Thanks to this system, blob capacity can be increased without requiring a full hard fork. By January, blob targets are planned to be increased to 14, and the upper limit to 21. The "blob fees approaching zero" issue seen after the Dencun pandemic is being addressed with base fee adjustments and a new pricing model. This will create more predictable costs for rollups, and a gradual increase in the ETH burn rate is also expected. The update brings a series of infrastructure improvements not only on the data side but also on the security and UX side. The adjustment to the gas limit cap reduces DoS risks by preventing a single transaction from consuming the block transaction fee (gas). Native support for the SECP256R1 curve accelerates device-based signature and passkey integrations. EIP-7939, which improves zero-knowledge tools, also points to Ethereum's long-term resilience and post-quantum security goals.Industry players agree that Fusaka is an "infrastructure-driven transformation." Institutions like Alchemy, Boundless, and Sygnum Bank state that this update will reshape the rollup economy, creating more regular batch releases, a more stable L1 cost structure, and broader validator participation. The emphasis on predictability, particularly for enterprise tokenization projects, is particularly prominent.The Ethereum Foundation aims to release major updates twice a year from now on. Researchers have already begun work on the next major update, "Glamsterdam," planned for 2026. The effects of Fusaka will become more apparent in the coming months with the increase in network capacity and the decrease in L2 fees.Following the developments, the ETH price rose by almost 5 percent and rose above $3,200.
European Giant Chooses Ethereum for Fund Tokenization
Amundi, Europe's largest asset manager, has taken a major step forward, bringing together traditional finance and blockchain infrastructure, by launching the first tokenized share class of its money market fund on Ethereum. The giant, which manages approximately $2.3 trillion in assets, aims to both digitize fund distribution and expand investor access with this move.The company announced that the new share class, "J28 EUR DLT," for its Amundi Funds Cash EUR money market fund is now registered on Ethereum. This structure allows ownership, movements, and transaction history of fund units to be tracked on-chain, providing investors with a more transparent and faster transaction experience.CACEIS, one of Europe's leading custody and transfer agencies, is providing the technical infrastructure for this transformation. The institution is developing digital wallets for the fund, a 24/7 blockchain-based ordering platform, and automation systems for subscription and redemption transactions. CACEIS CEO Jean-Pierre Michalowski states that their goal is to “enable 24/7 access to investment funds through stablecoins or future central bank digital currencies.”On the Amundi side, this step is seen as a concrete part of the company's long-term digital asset strategy. Jean-Jacques Barberis, Head of Institutional Clients and ESG, emphasizes that asset tokenization will accelerate globally, and that Amundi will be preparing for new initiatives in this area both in France and international markets.The new model does not completely change the traditional distribution network; investors can continue to receive funds through existing banking channels. The tokenized share class on Ethereum has been added as an additional option, creating broader access for both institutional investors and professionals in the digital asset ecosystem.Tokenization Draws AttentionWhen it comes to why tokenization is so popular, the numbers speak for themselves. By 2025, the total market value of real-world assets on-chain increased from $15 billion to over $37 billion. While Provenance Blockchain holds the lead in this space, Ethereum is a strong second with $12.4 billion in tokenized RWA. Furthermore, the growth of giants like BlackRock's BUIDL fund and Franklin Templeton's money market fund on Ethereum places the network at the center of institutional tokenization.Amundi's move demonstrates that this trend is only just beginning. Europe's largest asset manager's choice of Ethereum both strengthens the legitimacy of tokenization in the continent's regulation-driven financial world and solidifies Ethereum's leadership in the RWA segment.Ultimately, this initiative lays the foundation for an infrastructure accessible 24/7, enabling automated transactions in the fund world.
