Trading

Global macro analyst Luke Gromen reiterated in December 2025 that he remains bullish on currency debasement but is reducing near‑term Bitcoin risk. He told RiskReversal a move toward the $40,000 range in 2026 is possible, pointing to BTC’s underperformance versus gold, breaks below key moving averages, and market chatter around quantum computing.

In 2025, decentralized exchanges processed over $1.2 trillion in monthly perpetual futures volume, with Hyperliquid maintaining the largest share across the year. According to Coinbase Institutional, weekly perp trading climbed from under $150 billion to more than $300 billion by September and October, while systematic leverage nearly reached 10% before October liquidations cut it to about 4%. Coinbase also highlighted rising interest in equity-based perpetuals that could offer 24/7, tokenized access to traditional stock markets.

On December 29, 2025, on-chain data from Glassnode indicated that Bitcoin wallets holding 1,000–10,000 BTC have been net accumulators as the price hovers in the $80k range, while holders with less than 1,000 BTC have been distributing. BTC traded at $87,738 and has ranged between $95k and $85k since the end of November.

Digital asset investment products saw $446 million exit last week, bringing total outflows since mid-October to $3.2 billion and leaving year-to-date inflows at $46.3 billion against a modest 10% rise in assets under management. CoinShares data show Bitcoin and Ethereum products lost $443 million and $59.5 million respectively, while XRP and Solana ETFs drew $70.2 million and $7.5 million in new money amid diverging regional flows and a consolidating Bitcoin price near $87,800.

On December 29, Midnight (NIGHT) traded around $0.09452 while most major cryptocurrencies moved back into negative territory. The token gained almost 10% over the last 24 hours and is approaching resistance near $0.09594, with attention on the $0.10 area and the previous peak at $0.1199 for potential next moves.

Midnight (NIGHT) trades at $0.092216, up 2.67%, while holding above the Bollinger basis at $0.085786. It sits at rank 49 with a $1.53 billion market cap, and a push to $0.10 could imply about $1.65 billion and a move into the mid‑40s. Resistance clusters near $0.107048, with $0.080 and $0.064523 as key downside levels.

XRP attracted $70.2 million in institutional inflows over the past week, leading major crypto assets while Bitcoin posted $443 million in outflows. Total crypto investment products saw $446 million of weekly outflows, with U.S. platforms most impacted. XRP traded at $1.86 after a 0.05% daily rise, and volume jumped 84.11% to $1.96 billion.

Bitcoin traded around $86,800 on Monday morning after fading a Sunday push above $90,000, per TradingView. An intraday snapshot showed WTI crude up about 1.77% and gold down about 1.74%, while a U.S. 10‑year rate gauge eased, reinforcing tighter financial conditions that could cap crypto.

Bitcoin rose about 2.6% in thin holiday trade, but QCP Capital said the move lacks conviction after Friday's record options expiry saw open interest fall roughly 50%. Deribit funding jumped above 30% as dealers turned short gamma, with a push above $94,000 likely to intensify hedging flows.

XRP investment products saw $70.2 million of inflows while Bitcoin products registered $443 million of outflows for the week ending Dec. 27. Month-to-date, XRP stands at $424.8 million in inflows versus Bitcoin at -$25 million and Ethereum at -$241 million. The XRP Ledger AlphaNet has introduced Dilithium-based, quantum-resistant functionality on its test network.