Today's Cryptocurrency News (December 19) | Bank of Japan raises interest rate to 0.75%; Arthur Hayes bullish on Yen and BTC

This article summarizes cryptocurrency news as of December 19, 2025, focusing on the latest Bitcoin updates, Ethereum upgrades, Dogecoin trends, real-time cryptocurrency prices, and price forecasts. Major Web3 events today include:

1. Bitwise Analysis: Why Bitcoin’s Volatility in 2025 Is Lower Than Nvidia’s

According to a recent research report by asset management firm Bitwise, Bitcoin (BTC) is entering a new market phase. The report states that unlike the early days dominated by high leverage and speculative sentiment, today’s Bitcoin market is gradually being reshaped by institutional funds and regulatory frameworks, significantly reducing sharp price fluctuations.

Bitwise believes that institutional access, compliance, and the launch of spot Bitcoin ETFs are replacing the narratives centered around halving events and short-term speculation. This structural shift is helping Bitcoin shed its label as a “high-risk speculative asset” and enter a de-risking process. The report specifically notes that over the past decade, Bitcoin’s rolling volatility has been steadily decreasing, and in 2025, its annual volatility is even lower than Nvidia, drawing widespread market attention.

In Bitwise’s view, Bitcoin ETFs have become the new “market whales.” When ETF funds flow out, the market often interprets it as a risk-avoidance signal; conversely, continuous net inflows of ETFs significantly boost risk appetite for Bitcoin and the overall crypto market. This ETF-centric capital behavior is reshaping the price discovery mechanism of crypto assets.

On the data front, Bitwise disclosed that since the launch of Bitcoin spot ETFs, related products have accumulated approximately 710,777 BTC, while the new supply on the Bitcoin network during the same period was only about 363,047 BTC. The firm expects that by 2026, ETF demand for Bitcoin, Ethereum (ETH), and Solana (SOL) may overall surpass new supply, further strengthening institutional dominance in the market.

In terms of market performance, Bitwise believes that in the current cycle, crypto-related stocks are expected to outperform traditional tech stocks significantly. Its “Crypto Innovators 30 Index” has gained 585%, markedly higher than the approximately 140% increase in tech stocks.

Looking at price trends, Bitcoin is currently supported around $88,000, with a more orderly correction compared to previous cycles. During the previous dip to the $80,000 range, the MACD entered an extremely bearish zone, but overall, the correction showed strong resilience. This further confirms Bitwise’s view: Bitcoin is gradually evolving into a more mature, lower-volatility mainstream risk asset.

2. Before Japan Rate Decision, Whale Accumulates $717 Million in Crypto Assets Covering BTC, ETH, and SOL

Ahead of the Bank of Japan’s rate decision today, the crypto market saw notable whale activity. A large on-chain trader held about $717 million in crypto long positions at a key macro juncture, sparking high alert for short-term volatility. Despite current floating losses reaching $54 million, the whale has not reduced its position, indicating strong confidence in macro-driven market movements.

In terms of position structure, the whale mainly holds major crypto assets via Hyperliquid exchange, including about 203,000 ETH, 1,000 BTC, and over 300,000 SOL, showing a clear macro liquidity betting strategy. These assets are highly sensitive to interest rate policies and risk appetite changes, and diversified holdings reduce risks from individual coin volatility.

The Bank of Japan may end its long-standing ultra-loose monetary policy, marking a historic turning point for global financial markets. Rate adjustments not only impact the yen, bonds, and equities but may also transmit through liquidity expectations into the crypto market. Currently, the market widely predicts a high probability of rate hikes in Japan, which could lead to re-pricing of risk assets.

Notably, despite short-term pressure, this whale has not cut losses like retail traders during dips. On-chain data shows that in high-volatility markets, it has previously profited from both short and long positions, indicating that current floating losses are more a phase of strategic endurance rather than misjudgment.

As Japan’s rate decision unfolds, Bitcoin, Ethereum, and Solana prices may experience increased volatility. If market sentiment shifts toward risk appetite, whale positions could quickly turn profitable; alternatively, it could trigger broader liquidation chains. In the short term, the crypto market remains in a tense game window.

3. Tether CEO Warns of AI Bubble Risk: Could Be the Biggest External Variable for Bitcoin in 2026

Tether CEO Paolo Ardoino recently stated that the AI bubble might become one of the main risk factors influencing Bitcoin’s price in 2026. As AI becomes a global capital chase, he believes the rapid expansion in this sector is accumulating potential instability, which could transmit through sentiment and liquidity to the crypto market.

Ardoino pointed out that the investment boom in AI has driven valuations sharply higher in the short term, but if a bubble bursts, it could trigger a global risk-off sentiment. Bitcoin, as a risk asset, often reacts to sudden macro shocks and market panic, and could be pressured in extreme scenarios. However, he emphasized that this does not mean AI will weaken Bitcoin’s long-term value fundamentals.

He sees that Bitcoin’s market structure today is markedly different from early cycles. Previously, Bitcoin’s price heavily depended on retail sentiment, with sharp sell-offs once the market turned. Now, more institutional investors participate via ETFs, funds, and corporate balance sheets, providing more stable capital inflows and deeper liquidity. This change helps buffer external shocks and reduces the likelihood of extreme declines.

Ardoino further stated that institutional investors tend to have longer investment horizons and more mature risk management systems, making it less likely for Bitcoin to experience the dramatic crashes seen in past macro events or bubbles. Price corrections may still occur but are expected to be more moderate.

From a long-term perspective, he believes Bitcoin is increasingly recognized as a hedge against inflation and currency devaluation. As infrastructure improves, regulation clarifies, and use cases expand, Bitcoin’s market resilience is strengthening.

Looking ahead to 2026, Ardoino’s view reflects an important shift: the key risks influencing Bitcoin are moving from within the crypto industry to broader global trends, such as the AI boom itself. Nonetheless, he remains optimistic about Bitcoin’s long-term prospects, believing that with increased institutional participation and global adoption, Bitcoin can better withstand future market storms.

4. Bank of Japan Rate Hike Pushes Bitcoin Rebound to $88,000; Arthur Hayes Bullish on Yen and BTC

Following the Bank of Japan’s near 30-year high rate hike, Bitcoin’s price did not fall but rose, reaching $88,000 on Friday, attracting widespread attention. Data from Cointelegraph Markets and TradingView shows Bitcoin increased about 2.5% from the open and moved in tandem with US stock futures, a stark contrast to previous rate hike cycles where risk assets were pressured.

The BOJ raised rates to about 0.75%, ending its long-standing ultra-low rate policy. In a global context of generally easing monetary policy, Japan’s tightening stance stands out. Typically, rate hikes suppress risk assets like cryptocurrencies, but the market had already priced in this expectation, leading to a “buy the rumor, sell the news” reaction.

Noted crypto trader Arthur Hayes on X platform said that one should not oppose Japan’s long-term strategy. He believes Japan’s core policy of maintaining negative real interest rates remains unchanged, and boldly predicts USD/JPY could rise to 200, with Bitcoin’s long-term target reaching $1 million. This view has sparked heated discussion in the crypto community and reinforced long-term value debates.

Research firm Temple 8 Research offers a different macro perspective. It points out that the market overestimates Japan’s ability to continue rate hikes, citing clear “political and fiscal limits.” With Japan recently announcing a $140 billion stimulus plan, further rate increases would significantly raise government bond interest burdens. Therefore, Temple 8 estimates the probability of Japan hiking again before 2027 is limited.

This influences the view that Bitcoin’s bottoming process on higher timeframes is ongoing. Analysts believe that compared to short-term policy moves, markets are more focused on global liquidity and long-term monetary environment. If Japan’s rate hikes are unsustainable, Bitcoin and other crypto assets may continue benefiting from easing expectations.

Overall, Japan’s rate hike has not been a “black swan” for crypto but rather a catalyst for Bitcoin’s rebound. For investors watching “Bitcoin price trends,” “Japan rate hike impact,” and “Yen outlook,” the current market may be at an important emotional inflection point.

5. Japan Rate Hike to 0.75%, Bitcoin Remains Calm: Risk Signal or New Opportunity?

On December 19, Japan’s central bank raised its benchmark rate by 25 basis points to 0.75%, the highest in nearly 30 years, marking Japan’s acceleration in exiting ultra-loose monetary policy. However, Bitcoin’s price was barely affected, fluctuating slightly around $87,000, drawing market-wide attention.

Historically, when Japan enters a tightening cycle, it often triggers yen carry trade unwinds, leading to global liquidity contraction and 20-30% corrections in Bitcoin and crypto markets. Yet, this time, the market reacted calmly, mainly because the move was fully priced in. Most traders had already incorporated this rate hike into prices, limiting short-term shocks.

The real concern is not the rate hike itself but Japan’s future policy path. Governor Ueda Fumio’s forward guidance is key. The market generally expects that if inflation and wage growth persist, Japan’s policy rate could rise to 1% or higher before 2026, gradually weakening the yen’s role as a low-cost financing currency globally.

Analysts see Bitcoin’s stability amid rate hikes as a bullish signal. Some institutions suggest this “steadiness” may indicate that selling pressure has been preemptively released, providing healthier entry points for medium- and long-term capital. However, altcoins are more sensitive to liquidity changes; if Japan continues rate hikes and global liquidity tightens further, small- and mid-cap tokens could face significant pressure.

Overall, Bitcoin’s resilience reflects increased market maturity. In the short term, Japan’s rate hike has limited impact; in the medium to long term, attention will focus on its tightening pace and global liquidity rebalancing. This “unusual calm” may be a prelude to the next trend phase.

6. Metaplanet ADR to List in US on December 19, Ticker $MPJPY

Metaplanet President Simon Gerovich announced on X that Metaplanet’s American Depositary Receipt (ADR) will officially begin trading in the US market on December 19, with ticker $MPJPY. This marks Metaplanet’s entry into the US capital market, providing US individual and institutional investors with a more convenient way to participate in its stock.

Gerovich stated that launching the ADR is a direct response to market demand. Many US investors wish to buy Metaplanet stock directly without cross-border trading and settlement restrictions. Trading via ADR in the US allows investors to use familiar accounts and processes, significantly lowering participation barriers.

Strategically, the US ADR launch is seen as an important step for expanding Metaplanet’s global investor base. The US market, with its active capital and mature institutional system, can enhance Metaplanet’s exposure, liquidity, and long-term valuation potential.

For investors interested in Metaplanet stock, overseas-listed company ADRs, and Japanese firms entering US markets, the ADR listing is symbolically significant. It broadens investment channels and offers a compliant, efficient path for more international funds to participate in Metaplanet’s long-term growth.

7. [Lido DAO Plans $60 Million Funding to Diversify Business, Transition to Multi-Asset DeFi Platform]$MPJPY https://www.gate.com/zh/news/detail/16949773(

Lido DAO recently proposed a major strategic plan to invest about $60 million before 2026 to develop new business directions beyond Ethereum liquid staking. The proposal, titled “2026 Ecosystem Grant Application (EGG): Executing GOOSE-3,” marks Lido’s official move from a single-product protocol to a diversified DeFi platform.

As the largest liquid staking protocol in DeFi, Lido has long relied on Ethereum staking and stETH-related products for core revenue. The proposal notes that over-reliance on a single business model could challenge the protocol’s robustness and risk resistance in the long run. Therefore, Lido DAO aims to build a richer product portfolio and new revenue streams through systematic investment.

The $60 million budget will fund the development of new yield products, innovative vault structures, and solutions targeting different user groups. These include on-chain DeFi vaults, DAOs, and some regulated institutional entities, broadening Lido’s application scenarios in the institutional market.

The proposal explicitly states that in 2026, Lido Foundation’s focus will shift from “liquid staking-centric” to “building a multi-product, multi-income protocol system.” This transformation involves expanding product lines, improving capital efficiency, and enhancing long-term sustainability across market conditions.

Liquid staking protocols, allowing users to earn staking rewards while maintaining asset liquidity, are key infrastructure for DeFi growth. But as the market matures, growth in a single track faces limits, prompting top protocols to explore new growth curves outside liquid staking. Lido’s diversification plan exemplifies this trend.

Note that the $60 million funding still requires approval by Lido DAO token holders. Once approved, Lido could become a leading example of upgrading from a “liquid staking protocol” to a “comprehensive DeFi yield and infrastructure platform,” with profound impacts on the Ethereum ecosystem and DeFi landscape.

8. [Raoul Pal: Capital Rotation May Be the Main Cause of Zcash Surge; Long-Term Bull Market Not Confirmed])https://www.gate.com/zh/news/detail/16946895(

Raoul Pal, founder of Real Vision and a well-known macro investor, recently said that the recent sharp rise of privacy-focused cryptocurrency Zcash is more likely due to capital rotation rather than a confirmed long-term bull market. He emphasized the need for cautious observation at this stage.

Pal stated in the podcast “When Shift Happens” that determining whether Zcash has truly entered a long-term upward trend depends on whether the overall market is strengthening and maintaining the trend, not just capital shifting between sectors. “Only when the entire market continues to rise, not just rotation, can we confirm the trend,” he said.

Data shows Zcash’s performance this year has been remarkable. According to CoinMarketCap, Zcash is currently around $385, with a year-to-date increase of over 690%. However, in the past month, its price has sharply corrected, with about a 37% decline over 30 days, indicating weakening upward momentum.

Pal believes the key for Zcash is whether it can establish a solid bottom after the high-level correction. “What you want to see is it finding a bottom after rising, then starting a new upward wave,” he said. Based on this, he prefers to wait for the next correction rather than chase at current levels.

In the broader crypto market volatility, Zcash has shown countertrend strength, with its market cap rising from under $1 billion in August to over $7 billion in early November, attracting high market attention.

This rally also relates to statements from industry leaders. In late October, crypto entrepreneur Arthur Hayes predicted that Zcash could reach $10,000 long-term. After this news, Zcash surged about 30% in 24 hours, further fueling market sentiment.

Institutional interest in Zcash is also rising. In late November, Grayscale filed to convert its Zcash trust into a spot ETF. Grayscale has already launched spot ETFs for Bitcoin, Ethereum, and other assets.

Overall, Zcash’s strong performance reflects both the sector’s seasonal enthusiasm for privacy coins and the impact of capital rotation. Whether it evolves into a long-term bull market remains to be further validated by the market.

9. [Yi Lihua: Now Is the Best Spot Investment Zone; Crypto Industry Will Be Very Bullish Next Year])https://www.gate.com/zh/news/detail/16946674(

On December 19, Yi Lihua, founder of Liquid Capital (formerly LD Capital), posted on social media that Japan’s rate hike marks the last major negative factor exhausted. Recent market fluctuations are mainly driven by derivatives, especially short positions, but in the face of the upcoming bull trend, these are short-term behaviors. For investors rather than traders, now remains the best spot investment zone. Next year, the crypto industry will be very bullish, especially due to three decisive factors: crypto policies, rate cuts and liquidity injections, and on-chain finance. To earn thousands of dollars in returns, one must endure hundreds of dollars in volatility. Winners in financial markets are those who overcome human weaknesses.

10. [Solana Ecosystem DEX Lifinity to Gradually Shut Down; $43.4 Million Assets to Be Distributed to Token Holders])https://www.gate.com/zh/news/detail/16946588(

According to SolanaFloor, Solana ecosystem DEX Lifinity has decided to gradually cease operations. The proposal was nearly unanimously approved, and the protocol will enter the shutdown process. On December 10, facing increasing competition from prop AMMs, Lifinity proposed a governance plan regarding its continuation. The proposal states that approximately $42 million of Lifinity DAO treasury assets will be consolidated into USDC and distributed proportionally to LFNTY token holders. Additionally, the remaining $1.4 million in development funds will also be allocated.

Community estimates based on treasury value suggest that each token could receive between $0.90 and $1.10. It is recommended that LFNTY and veLFNTY holders convert their tokens to xLNFTY before redemption. The xLNFTY to USDC redemption feature is expected to go live in about 9 days after passing security audits. Since its launch in February 2022, Lifinity has processed over $149 billion in trading volume, ranking as the fifth-largest DEX in Solana history.

11. [Terraform Liquidation Trustee Sues Jump Trading, Accuses It of Aiding Terra Collapse and Seeks $4 Billion])https://www.gate.com/zh/news/detail/16945878(

The court-appointed administrator responsible for liquidating Terraform Labs’ remaining assets has filed a lawsuit against prominent quant trading firm Jump Trading, accusing it of playing a key role in the Terra ecosystem’s boom and bust, and profiting substantially. According to The Wall Street Journal, trustee Todd Snyder filed suit in Illinois federal court seeking approximately $4 billion from Jump Trading, co-founder William DiSomma, and Jump Crypto’s former president Kanav Kariya.

Snyder’s complaint alleges that Jump Trading manipulated markets, concealed critical information, and engaged in proprietary trading to systematically profit from Terraform Labs’ ecosystem, while shifting risks onto unwitting investors. He claims these actions contributed directly to one of the largest collapses in crypto history, causing irreparable losses to markets and investors.

The Terra collapse occurred in May 2022. The algorithmic stablecoin TerraUSD (UST) relied on arbitrage with its sister token LUNA to maintain a $1 peg. When confidence faltered, the mechanism failed, and UST and LUNA prices nearly zeroed out within days, vaporizing about $40 billion in market cap and triggering a chain reaction across the industry. Several firms, including the later-defunct Three Arrows Capital, became insolvent.

The lawsuit further alleges that before UST’s final de-peg, Jump secretly arranged market support and profited from the sharp price swings. Previously, the SEC also mentioned that Jump made about $1 billion trading LUNA tokens.

Terraform Labs filed for bankruptcy in January 2024. Public records show that the trustee has recovered about $300 million for creditors. The lawsuit against Jump Trading is seen as an effort to hold third-party actors accountable.

This case follows the downfall of Terraform’s former leadership. The company and founder Do Kwon settled with the SEC for about $4.5 billion. Kwon pleaded guilty to related charges in August 2025 and was recently sentenced to 15 years in federal prison in New York. The lawsuit may reignite debate over responsibility for the Terra collapse.

12. [BitMine Ethereum Reserves Show $4.121 Billion Unrealized Loss; Strategy’s Unrealized Gains Narrow to $7.649 Billion])https://www.gate.com/zh/news/detail/16942986(

On December 19, based on analysis by analyst Yu Jue of mainstream treasury holdings costs, BitMine’s total holdings of 3,967,210 ETH, with an average cost basis of $3,906, are now valued at $2,868, resulting in an unrealized loss of $4.121 billion. Strategy’s holdings of 671.268 BTC, with a cost basis of $74,972, are now valued at $86,271, with total unrealized gains narrowing to $7.649 billion.

13. [Tom Lee: Does Not Believe Bitcoin Has Peaked; Could Hit New All-Time High by End of January])https://www.gate.com/zh/news/detail/16942490(

According to a video shared by crypto influencer AB Kuai.Dong, Fundstrat co-founder and chairman Tom Lee recently told CNBC: “I don’t think this wave of Bitcoin has peaked. Our previous optimism about hitting a new high in December was too optimistic, but I am confident Bitcoin can reach a new all-time high before the end of January. The same applies to Ethereum and the entire crypto market.”

14. [Senate Confirms Crypto-Friendly Nominees to Lead CFTC and FDIC, Potential Shift in US Regulatory Landscape])https://www.gate.com/zh/news/detail/16940754(

The US Senate recently confirmed two key financial regulators, appointing Mike Selig as Chairman of the Commodity Futures Trading Commission (CFTC) and Travis Hill as Chairman of the Federal Deposit Insurance Corporation (FDIC). Both are viewed as crypto-friendly, a move seen as potentially marking an important turning point in US crypto regulation.

The confirmation passed with 53 votes in favor and 43 against. Selig will succeed acting Chair Caroline Pham, who has promoted several pro-crypto policies and plans to leave after the new chair takes office to join crypto infrastructure firm MoonPay.

Selig previously participated in crypto policy development at the SEC. His appointment coincides with the CFTC’s “Crypto Sprint” initiative, including research on integrating stablecoins into tokenized collateral systems and formally incorporating blockchain technology into regulatory frameworks. The CFTC is also encouraging compliant platforms to explore spot leveraged crypto products, with Bitnomial leading the effort.

If Congress legislates to grant the CFTC broader crypto oversight powers, the agency could become the primary regulator of US digital assets. Currently, the five-member CFTC board has been reduced to one member, and Selig may push policies alone in the short term, raising efficiency but also legal and compliance risks.

Regarding FDIC, Hill has previously signaled a positive stance toward crypto. He emphasized rolling back the previous administration’s requirement that banks obtain regulatory approval before engaging in crypto activities, stating that banks only need to manage safety and soundness risks. This position is seen as a direct response to the industry’s “de-banking” concerns.

As FDIC may soon directly regulate stablecoin issuers and influence banking services for crypto firms, this appointment is highly significant. Overall, the leadership appointments at CFTC and FDIC fill key gaps left by the Trump administration and clarify the US digital asset policy direction.

15. [Ethereum Developers Agree to Consider Incorporating Five New EIPs into Glamsterdam Upgrade])https://www.gate.com/zh/news/detail/16937787(

Former Galaxy Digital research VP Christine D. Kim posted on X that Ethereum developers have agreed to consider including five new EIPs in the Glamsterdam upgrade, while rejecting four others.

Only 15 EIPs remain under review, and it is uncertain whether they will be considered for this upgrade.

16. [NYSE Parent ICE in Talks to Invest in Crypto Payment Company MoonPay])https://www.gate.com/zh/news/detail/16936836(

Bloomberg citing insiders reports that Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is in investment negotiations to participate in a funding round for crypto payment company MoonPay.