Bitcoin settled $6.9 trillion in the past 90 days as a growing alternative to traditional settlement networks, but its global merchant adoption remains only a fraction of the international giants. Bitcoin (BTC) and US dollar–pegged stablecoins are emerging as a global alternative for moving value across borders without banks and card networks, as the Bitcoin network’s settlement volume begins to rival the world’s largest payment giants. Bitcoin settled $6.9 trillion worth of payments over the past 90 days, which is “on par with or above Visa and Mastercard,” according to blockchain data platform Glassnode’s digital asset research report for the fourth quarter of 2025, published on Wednesday. Over the same period, Visa processed $4.25 trillion in payment volume and Mastercard $2.63 trillion, for a combined $6.88 trillion, according to the report. Read more
In a Bloomberg interview, former SEC Chair Gary Gensler reiterated that Bitcoin stands apart from thousands of other crypto tokens, which he described as “highly speculative” assets. Former US Securities and Exchange Commission Chair Gary Gensler renewed his warning to investors about the risks of cryptocurrencies, calling most of the market “highly speculative” in a new Bloomberg interview on Tuesday. He carved out Bitcoin (BTC) as comparatively closer to a commodity while stressing that most tokens don’t offer “a dividend” or “usual returns.” Gensler framed the current market backdrop as a reckoning consistent with warnings he made while in office that the global public’s fascination with cryptocurrencies doesn’t equate to fundamentals. Read more
Cayman foundation registrations increase by 70% year-on-year as DAOs seek legal wrappers, with CARF rules set to arrive in 2026. New figures reveal a 70% year-on-year increase in Cayman Islands foundation company registrations, with more than 1,300 on the books at the end of 2024, and over 400 new registrations already in 2025. These structures are increasingly being used as legal wrappers for decentralized autonomous organizations (DAOs) and as ecosystem stewards for major Web3 projects. According to a news release from Cayman Finance, many of the world’s largest Web3 projects are now registered in the Cayman Islands, including at least 17 foundation companies with treasuries over $100 million. Read more
Further and 3iQ have launched a $100 million market-neutral crypto hedge fund for institutions, including a Bitcoin share class that reinvests gains in BTC. United Arab Emirates-based digital asset manager Further Asset Management has partnered with Canadian crypto investment firm 3iQ to launch a $100 million hedge fund targeting institutional investors seeking structured exposure to cryptocurrencies, including a Bitcoin-denominated share class that reinvests gains directly into BTC. According to a Wednesday announcement, the Further x 3iQ Alpha Digital Fund is a market-neutral, multi-strategy vehicle designed to deliver risk-managed exposure to liquid crypto markets under an institutional framework. The fund was seeded with capital from institutional investors, family offices and sovereign backers. “We’re providing institutional-grade, risk-managed and scalable access to digital assets, including Bitcoin, within a structure that has successfully passed the rigorous institutional due diligence of leading glob...
Bitcoin’s latest bull cycle produced a very different market structure, defined by larger institutional participation, lower volatility and deeper liquidity. Bitcoin (BTC) rose on Wednesday, gaining 7.5% over the last 24 hours to trade above $93,000, as analysts expected new highs. This came amid record capital inflows, rising realized cap and decreasing volatility, which suggested a changing market structure, according to a new joint report from Glassnode and Fanara Digital. Key takeaways: Read more
Ethena’s USDe shed 24% of its supply in November, losing market share as fiat-backed stablecoins including USDT, USDC, PYUSD and RLUSD added billions. Ethena’s synthetic-dollar stablecoin USDe saw one of its sharpest monthly contractions yet, while fiat-backed stablecoins including USDT, USDC and PYUSD attracted billions in inflows. CoinGecko data showed that Ethena’s USDe stablecoin fell from a market capitalization of $9.3 billion on Nov. 1 to $7.1 billion on Nov. 30. The token saw about $2.2 billion in redemptions, marking a 24% decline in supply in November. Ethena’s USDe is a synthetic stablecoin that maintains its dollar peg through trading strategies with crypto and futures contracts rather than holding actual dollars. USDe outflows mean that users are either selling USDe on the open market, withdrawing from pools or unwinding their positions on decentralized applications (DApps). Read more