Grayscale Investments has filed a second amendment to its S-1, detailing the conversion of its existing Avalanche Trust into a spot ETF that would trade on Nasdaq under the ticker GAVX. The issuer is shifting to an in-kind creation and redemption model, updating its sponsor structure, and refining risk and financial disclosures, while rivals VanEck and Bitwise advance competing AVAX ETF proposals.

Hyperliquid’s governance approved a burn of 37.51 million HYPE tokens, valued at over $912 million, cutting an estimated 11‑13% from the circulating supply. HYPE is currently trading around $23.942 after a sharp pullback from the $50 area, and the deflationary move has coincided with rising spot outflows and stronger bullish moves that could support a rebound toward $30–$40 or, if it fails, a drop below $20.

According to NewsBTC, Ethereum has failed to reclaim $3,000 over the past 48 hours, with spot price hovering just above $2,940. Analysts on X, including Ted Pillows and Columbus, caution that without a swift move back above $3,000, ETH could retest $2,800, while overhead liquidity at $3,050–$3,250 and a 16% monthly drop signal fragile market conditions.

After the 10 October market crash, Ethena's TVL dropped from $14.8 billion to $7.4 billion as redemptions from its yield-bearing stablecoin USDe reached $8 billion over two months. ENA slid 62% to below $0.2, yet some traders, including Arthur Hayes, used the decline to accumulate the token.

PENGU advanced 1.8% to $0.00906 as of December 25, 2025, even as major cryptocurrencies fell. A branding push tied to Pudgy Penguins' Las Vegas Sphere Exosphere display lifted visibility and interest in the token. Analysts cited marketing momentum and social engagement rather than protocol changes behind the move.

Boundless (ZKC) surged 30%, trading near $0.12 with more than $90 million in volume and a circulating market cap around $27 million after dropping over 80% from post‑TGE highs. Price is rebounding from the $0.11 area, with resistance at $0.15 and a clearer structural shift only if $0.20 is reclaimed.

XRP balances on Binance have dropped to around 2.66 billion XRP, the lowest since July 2024, according to a CryptoQuant report by CryptoOnchain. While price tests the $1.80–$1.90 demand zone and momentum weakens, shrinking exchange supply suggests sell-side pressure may be easing. Key levels include $1.80 support and $2.20–$2.40 for a potential recovery.

Binance will pause Ethereum network deposits and withdrawals on December 25 for scheduled wallet maintenance. The notice lists a start at 13:55 (UTC+8) and 14:00 (UTC+8), with an expected one-hour suspension; trading will remain unaffected. Users should plan ETH transfers around the maintenance window.