The European Central Bank warned on November 26, 2025, that Big Tech companies represent 31.1% of the S&P 500's market capitalization while generating only 20.8% of index earnings, according to its Financial Stability Review. The bank identified this valuation gap as a financial stability risk, noting elevated asset prices and market concentration could trigger sharp corrections if AI adoption disappoints or economic growth weakens. ECB Vice President Luis de Guindos distinguished current conditions from the dot-com bubble, citing established revenues and business models, but acknowledged valuation concerns.

Hyperliquid's newly launched HIP-3 custom markets recorded over $500 million in trading volume within 24 hours, according to the platform's interface. The decentralized exchange introduced synthetic perpetual contracts tracking equity underlyings including xyz, flx, and vnti. The XYZ100 index led with $320 million in volume.

Bitcoin and Ethereum logged combined inflows of $40 billion to centralized exchanges during the recent market pullback, data show. Bitcoin spot ETFs added 1,460 BTC worth $128.7 million in the past 24 hours. Ethereum spot ETFs received 26,620 ETH valued at $78.6 million during the same period.

Coinbase Ventures outlined nine investment focus areas for 2026, including real-world asset perpetuals, unsecured lending protocols, and AI development tools. The announcement comes as third-quarter crypto venture funding reached $4.65 billion, marking a 290% increase from the previous quarter, according to Galaxy Digital.

Latin America's largest crypto exchange, Bitso, will introduce a multi-platform perpetuals aggregator and its own token in 2026. The Mexico-based platform's retail user base expanded by over 12% in 2024 to reach 9 million customers, driven by surging stablecoin adoption across the region.

Coinbase Ventures has outlined eight priority investment sectors for 2026, focusing on real-world asset integration, AI-powered infrastructure, and next-generation DeFi protocols. The venture arm, which has deployed capital across 618 deals since 2018, expects the upcoming market phase to differ structurally from previous cycles.

Robinhood Markets and Susquehanna Group have agreed to purchase a 90% stake in regulated exchange LedgerX from Miami International Holdings. The partners will operate LedgerX as an independent exchange through a joint venture, with Robinhood holding majority control. Miami International Holdings will retain a 10% strategic stake. The acquisition positions Robinhood to expand into event-driven crypto markets and launch a futures and derivatives platform focused on prediction markets.

Spain's Sumar Parliamentary Group has submitted amendments to increase taxation on digital assets including Bitcoin and Ethereum. The proposal would shift crypto gains from the current savings tax rate capped at 30% to the general Personal Income Tax rate of up to 47%. The amendments, presented to the Congress of Deputies this month, also include provisions for a visual risk assessment system for cryptocurrency platforms.