AlphaTON Capital filed a $420.69 million shelf registration with U.S. securities regulators, enabling on-demand capital raising for TON ecosystem expansion. The Nasdaq-listed firm plans to deploy proceeds across AI compute infrastructure, mini-app acquisitions, and blockchain payment platforms. AlphaTON manages substantial Toncoin reserves and maintains strategic partnerships with BitGo, Animoca Brands, and other institutional players.

The International Monetary Fund published a 56-page departmental paper on December 2, 2025, warning that foreign-currency stablecoins can accelerate currency substitution in economies with weak institutions. Approximately 97% of the $300+ billion stablecoin market references the U.S. dollar, with concentration in USDT and USDC issuance. The fund recommends harmonized legal definitions, strict reserve standards, and cross-border supervisory coordination to prevent jurisdictional arbitrage.

Italy's securities regulator Consob has set a December 30, 2025 deadline for crypto providers to secure authorization under the EU's Markets in Crypto-Assets regulation or cease operations. Firms currently registered as Virtual Asset Service Providers must transition to MiCAR-compliant Crypto-Asset Service Providers by the deadline or wind down their Italian business. Providers that submit authorization applications by December 30 may continue serving customers while awaiting regulatory decisions, with provisional operations ending no later than June 30, 2026.

Tom Lee of Fundstrat Global Advisors presented bullish forecasts for major cryptocurrencies at Binance Blockchain Week in Dubai on December 4, 2025. He projected Bitcoin could reach $300,000 and Ethereum could surpass $20,000 within the next year. Lee cited growing tokenization adoption and Ethereum's five-year consolidation pattern as key drivers for the upside potential.

JPMorgan analysts project the U.S. stablecoin market will grow to approximately $700 billion in the coming years, significantly below the White House's $2-4 trillion target for 2028-2030. Teresa Ho, Head of U.S. short-duration strategy at JPMorgan, expressed doubt about rapid multi-trillion dollar expansion despite positive momentum following the GENIUS Act. The sector surpassed $300 billion in total market supply after the legislation passed in July.

JPMorgan analysts said on December 4 that MicroStrategy's financial stability holds greater influence over Bitcoin's short-term trajectory than recent miner selling activity. The firm's Managing Director Nikolaos Panigirtzoglou noted that MSTR's enterprise value-to-bitcoin holdings ratio of 1.13 provides market reassurance despite declining hashrate and operational pressures on miners.

U.S. spot bitcoin exchange-traded funds recorded net outflows of $194.6 million on Thursday, marking the largest single-day withdrawal in two weeks, data show. BlackRock's IBIT led outflows with $112.9 million, while Fidelity's FBTC saw $54.2 million in withdrawals. Trading volume for these products declined to $3.1 billion from $4.2 billion the previous day.

Bitcoin is maintaining support near $92,000 as technical indicators show weakening bearish momentum. Market sentiment received support from two developments: Binance co-founder CZ challenged gold advocate Peter Schiff to verify a gold bar's authenticity at Binance Blockchain Week, while Bitwise CIO Matt Hougan dismissed concerns that Strategy might be forced to liquidate its Bitcoin holdings.