Bitcoin declined to $92,000 following a -32% drawdown from its all-time high, marking the steepest correction in the current cycle. On-chain data shows the P/L Score has remained in the -3 zone since November 6, a level historically associated with bearish market regimes and extended correction phases.

Ethereum's exchange-held supply has declined to 8.84%, nearly half Bitcoin's 14.8%, data show. Staking contracts, DeFi protocols, and long-term holding patterns are driving ETH off trading platforms at an accelerated pace compared to BTC.

Ripple's XRP token saw social media sentiment reach its most negative level since October, according to social analytics platform Santiment. The deteriorating sentiment coincides with a 31% price decline over two months. However, spot XRP ETFs recorded 13 consecutive days of net inflows totaling nearly $900 million since mid-November.

The European Commission has proposed granting the European Securities and Markets Authority direct oversight of all crypto asset service providers in the bloc. The proposal would replace the current passporting system with centralized licensing, similar to the U.S. Securities and Exchange Commission's model. Officials say the shift addresses regulatory fragmentation and inconsistent standards across member states.

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.