Today's Cryptocurrency News (December 25) | Stablecoin Market Cap Surpasses $310 Billion; Musk Predicts Double-Digit Growth in the US Economy

This article summarizes cryptocurrency news as of December 25, 2025, focusing on the latest Bitcoin updates, Ethereum upgrades, Dogecoin trends, real-time crypto prices, and price forecasts. Major Web3 events today include:

1. Bessent’s personnel screening promotes the Fed to retreat from traditional behind-the-scenes roles, giving the U.S. Treasury more influence

U.S. President Trump announced that a new Federal Reserve Chair will be chosen in early January next year. Bessent has organized and overseen the candidate screening process, establishing an agenda that could bring comprehensive reforms to the Fed while pushing for rate cuts. U.S. Treasury Secretary Scott Bessent is at a critical point in his government career. Although the transition of power at the Fed poses risks to Bessent, a more plausible scenario is that he will gain new authority. He will work with a cooperative Fed Chair who may be inclined to grant the Treasury some long-held powers traditionally considered beyond the reach of the political branch, such as large-scale asset purchases and sales (quantitative easing and tightening), thereby increasing the Treasury’s influence over these operations. (Jin10)

2. Hyperliquid Foundation burns 912 million USD worth of HYPE, can the token price return to $40?

Hyperliquid (HYPE) has been under continuous pressure recently, with a clear weakening trend. Previously, during a relatively stable market environment, HYPE approached $50, but then entered a downtrend, falling to around $22 in recent months. Currently, HYPE is about $23.94, down 1.39% daily, with a weekly decline of nearly 12%, reflecting overall market caution.

Amidst the continued price weakness, Hyper Foundation has chosen to intervene through token burn. According to governance voting results, Hyperliquid has officially burned approximately 37 million HYPE tokens, worth over $912 million. The burn plan received about 85% support, representing a typical deflationary token economic adjustment.

On-chain data shows that since December 2024, Hyper Foundation has been steadily repurchasing and accumulating HYPE tokens, averaging about $1.5 million daily. Over the past week, the foundation spent about $12.4 million, acquiring nearly 500,000 tokens. With this burn completed, these tokens are transferred to inaccessible addresses, directly reducing circulating supply by about 11%–13%, tightening the long-term supply and demand structure of HYPE.

Historically, large-scale token burns tend to increase scarcity and alleviate selling pressure to some extent. Meanwhile, spot market data also shows positive signals. Recently, on multiple trading days, HYPE’s outflows on exchanges have remained higher than inflows, with net spot flows staying negative, indicating investors prefer transferring tokens out of exchanges rather than short-term selling.

Market sentiment indicators show that bullish momentum is rebounding. Data indicates that the average bullishness is significantly higher than bearishness, suggesting bulls are regaining strength. If the burn effect continues to develop and spot demand warms up, HYPE could first rebound to around $30 and further test the key target of $40.

However, risks remain. If deflation measures fail to improve market structure effectively, HYPE could break below the $20 support level and retreat toward $19. In the short term, the burn provides an important buffer for Hyperliquid, but whether the price can truly reverse depends on overall market sentiment and sustained capital flows.

3. Bitcoin ETF outflows of $825 million over five days, U.S. becomes the largest seller

Ahead of and after the Christmas holiday, U.S. Bitcoin ETFs have continued to face pressure, with institutional funds accelerating outflows. Latest data shows that over the past five trading days, U.S. spot Bitcoin ETFs have net outflows of about $825 million, making the U.S. temporarily the largest seller of Bitcoin globally.

According to Farside Investors, on Christmas Eve, U.S. spot Bitcoin ETFs experienced net outflows of about $175 million. Although Wall Street still trades normally, institutional investors have reduced risk exposure before the holidays, leading to continued negative fund flows. Since December 15, aside from brief positive days, most days have seen outflows.

The market generally attributes the weak ETF performance to seasonal factors. On one hand, year-end tax obligations prompt some institutions to harvest losses; on the other hand, quarterly options expirations suppress short-term risk appetite. Some traders note that such selling pressure is usually temporary and may ease after the holidays.

A notable market signal is “U.S. selling, Asia buying.” The U.S. compliance CEX premium indicator has been mostly negative in December, reflecting weak demand for BTC in the U.S., while Asian trading sessions show more active buying. This explains why Bitcoin prices tend to perform weaker during U.S. trading hours.

Despite short-term pressure, the long-term trend for Bitcoin and Ethereum ETFs remains optimistic among some analysts. Some believe that the current net outflows are mainly due to liquidity stagnation rather than full institutional withdrawal. Historical experience suggests that prices tend to stabilize first, then ETF flows turn neutral, and eventually, net inflows and trend reversals occur.

Overall, the $825 million outflow over five days puts pressure on market sentiment but does not indicate a cycle top. As liquidity recovers after the holidays and institutions reallocate assets, fund inflows into Bitcoin ETFs are still seen as a key signal for the next rally.

4. WLD price drops and heat cools, Multicoin Capital accumulates 60 million WLD off-market

Despite declining investor participation and a significant correction in Worldcoin (WLD) price, well-known crypto VC Multicoin Capital continues to increase its holdings against the trend. On-chain data shows that Multicoin Capital recently purchased 600 million WLD directly from the Worldcoin project team via OTC, signaling long-term optimism for biometric identity tracks.

Lookonchain found that a wallet believed to be associated with Multicoin Capital transferred 30 million USDC to the Worldcoin team and received 60 million WLD tokens in return. This indicates the institution is not accumulating on the open market but opting for large OTC transactions with the project team to minimize impact on secondary market prices. This move is notable given the market’s weakening sentiment.

Market performance shows a clear cooling trend. Data from Dune Analytics indicates that since September, the number of active wallets has rapidly declined, suggesting decreasing retail participation. Google Trends data also confirms this, with “Worldcoin” search interest peaking in September after the launch on South Korea’s largest local CEX, but then steadily falling, now at very low levels.

Price movements also reflect waning interest. Over the past month, WLD has fallen more than 21%. Currently, WLD trades around $0.49, showing a short-term rebound amid broader market recovery but remaining in a low-volatility range.

Besides market factors, Worldcoin faces increasing regulatory pressure in multiple countries. In late November, Thai regulators ordered the project to suspend iris scanning activities and delete large-scale biometric data. Previously, Worldcoin also encountered regulatory resistance in Kenya and Indonesia, adding uncertainty to its global expansion.

In the context of declining investor enthusiasm and tightening regulation, Multicoin Capital’s large accumulation of WLD indicates a focus on its long-term potential in decentralized identity (DID) and biometric infrastructure. Short-term, WLD will likely remain under pressure from waning demand and regulatory risks, but ongoing institutional investment could support future growth.

5. Stablecoin market cap surpasses $310 billion, hitting a new high; Bitwise: aiming for $500 billion by 2026

Stablecoins are becoming the most important liquidity vehicles in the crypto market. Latest data shows that total stablecoin market cap reached about $309 billion to $310 billion around December 24, setting a new record. Compared to less than $5 billion in 2018, the current stablecoin market has experienced a massive leap, marking a more mature phase of crypto finance.

Unlike volatile prices, the current crypto market exhibits “low volatility, high liquidity.” Participants are not rushing into high-risk assets but prefer to maintain capital flexibility and defensiveness through stablecoins. This trend indicates a shift from short-term speculation to more strategic capital management and allocation.

Structurally, USDT remains the core of the stablecoin ecosystem. Data shows USDT’s market cap has surpassed $187 billion, accounting for over 60% of the total stablecoin supply, solidifying its position in centralized exchanges and DeFi. In terms of blockchain distribution, Ethereum remains the primary settlement layer, hosting about 54% of stablecoins; Tron follows with approximately 26%, reflecting ongoing demand for low-cost, high-frequency transfers.

It’s noteworthy that the expansion of stablecoin market cap has not translated into a broad rise in risk assets. On-chain and trading data indicate that a large portion of stablecoins remains “dormant,” waiting for clearer macro signals and market directions. Liquidity is more in a “preparation phase” rather than aggressive rotation.

Meanwhile, growth in tokenized real-world assets (RWA) further strengthens on-chain USD demand. Token Terminal data shows tokenized assets’ total market cap approaches $325 billion, with stablecoins dominating. Tokenized U.S. Treasuries amount to nearly $7.5 billion, indicating rising interest in compliant, yield-bearing on-chain assets.

Looking ahead, Bitwise analysts project stablecoin supply could approach $500 billion by 2026. As stablecoins accelerate their use in emerging markets and cross-border payments, their impact on global USD liquidity will become more significant. This trend enhances the infrastructure role of crypto markets and may trigger stricter macro regulatory discussions. The next phase of stablecoins may no longer be just a crypto topic but a variable the global financial system cannot ignore.

6. Nvidia spends $20 billion again, is the Groq deal a dawn for decentralized AI?

Nvidia recently agreed to invest about $20 billion to acquire core assets of AI chip startup Groq. This is one of Nvidia’s largest deals ever and confirms its strategy of preemptively “acquiring” potential competitors before they become threats. Although described as a non-exclusive licensing agreement rather than a direct acquisition, the market generally views it as a deep integration.

Just three months ago, Groq completed a $750 million funding round, valuing it at $6.9 billion, with a rapid valuation increase. The round included BlackRock, Samsung, Cisco, and 1789 Capital, closely tied to Donald Trump. In this deal, Groq’s cloud computing business is retained, while core technology and key personnel will join Nvidia’s ecosystem. Founder and CEO Jonathan Ross (one of the key designers of Google TPU) will join Nvidia along with other executives, and Groq will continue to operate independently under its current CFO.

This move continues Nvidia’s recent “license-first” approach. In September, Nvidia licensed technology from Enfabrica for over $900 million, aiming to reduce antitrust risks through licensing rather than full acquisition. Nvidia’s failed $40 billion Arm acquisition was also due to regulatory hurdles.

Technologically, Groq’s language processing unit (LPU) uses on-chip SRAM instead of external DRAM, offering advantages in real-time inference and low-latency scenarios, with about 10x energy efficiency improvements. While this architecture has some limitations in model scale, integrating it into Nvidia’s ecosystem could lead to broader reevaluation and utilization of this tech in AI.

The timing is also significant. Google recently announced its seventh-generation TPU “Ironwood” and launched the Gemini 3 model trained entirely on TPU, showing strong performance in benchmarks. Nvidia then emphasized that its platform can run all mainstream AI models, signaling increased competitive pressure.

Although this deal has no direct impact on the crypto market, it reinforces the long-term narrative of decentralized AI and decentralized computing power. Projects like io.net aim to decentralize AI computation by aggregating dispersed GPU resources as an alternative to centralized AI infrastructure. However, Nvidia’s continuous adoption of low-latency, high-performance tech deepens its moat, making it more challenging for decentralized AI projects to compete in performance and scale.

Overall, Nvidia’s acquisition of Groq’s assets is not just a business move but could accelerate the centralization of global AI computing power. Meanwhile, the survival space for independent AI chip companies remains a long-term concern.

7. Russia’s two major stock exchanges ready to launch crypto trading after regulation

On December 25, Russia’s two major stock exchanges—Moscow Exchange (MOEX) and Saint Petersburg Exchange (SPB)—stated they are prepared to launch crypto trading once regulation is implemented, supporting the Central Bank’s new framework for legalizing crypto activities. Both exchanges claim to have mature clearing, settlement, and trading infrastructure and will launch crypto trading immediately after the regulations take effect in 2026. The new framework allows participation by retail and qualified investors, with a yearly limit of 300,000 rubles for retail investors, while qualified investors face no cap (excluding privacy coins). (Cryptopolitan)

8. Elon Musk predicts US economy to grow by double digits, Bitcoin investors turn optimistic on macro outlook

Billionaire Elon Musk recently expressed optimism about the U.S. economic outlook, drawing high attention from the Bitcoin community. Musk stated on X that the U.S. economy could achieve “double-digit growth” within the next 12 to 18 months, possibly by the end of 2026. He also noted that if AI’s role in boosting productivity and economic growth is fully realized, there’s a potential for “triple-digit growth” within five years.

This statement quickly sparked discussion in crypto markets. For a long time, Bitcoin investors have closely watched macroeconomic trends, Federal Reserve policies, and liquidity shifts, as these factors often directly influence Bitcoin prices and overall crypto valuations. As expectations for rate cuts rise, a loose financial environment is seen as a key catalyst supporting risk assets.

Several Bitcoin supporters publicly endorse Musk’s view. Notable investor Anthony Pompliano said that Musk’s forecast of double-digit GDP growth over the next 18 months reinforces expectations of a new economic expansion. RWA yield infrastructure provider Oryon Finance also noted that Musk’s past tech and industry trend judgments tend to be forward-looking rather than empty talk.

However, the market is not uniformly optimistic. Some analysts remain cautious about Musk’s predictions, citing the complexity of macro variables and the time needed to verify AI’s actual impact on GDP. Traders also warn that Bitcoin’s cyclical volatility remains, with some even predicting a new bear market by 2026.

Data shows Bitcoin trades around $87,700, down significantly from its previous all-time high. Despite short-term fluctuations, many Bitcoin holders believe that macro improvements driven by Musk’s “U.S. growth” and “AI-driven efficiency” narratives could provide new upward momentum in the medium to long term.

9. ZEC surges today, over ten whales open positions; Hypurrfun founder opens 10x leveraged long ZEC

On December 25, according to Hyperinsight, ZEC rebounded strongly after touching a low of $404 yesterday, reaching over $450 this morning. Meanwhile, Hyperliquid saw 11 whales with holdings over $1 million open new ZEC positions today, compared to only 9 whales opening ZEC positions earlier this month. Notably, around 5 a.m., four whales collectively opened long positions at an average price of about $446, totaling $7.48 million. One whale, marked as “Hypurrfun founder Loracle” (0x8de), opened a $3.88 million long position with 10x leverage at an average price of $446. This address also holds multiple positions: a 3x leveraged LIT short (~$220,000), a 5x leveraged HYPE long (~$25.83 million), and is currently the second-largest HYPE long on Hyperliquid.

10. Uniswap Foundation’s financial report shows “high salaries, low productivity,” sparking community criticism

On December 25, Uniswap Foundation’s 2024 financial report revealed that the foundation’s salary expenses for that year were $4.8 million, while actual project output was only “$10 million in grants.” In comparison, Optimism Grants Council’s staff costs were $2.6 million, managing a $63.5 million grant budget. The community criticized that Uniswap Foundation’s executives’ salaries are comparable to the entire Optimism grants team, yet only 20% of the funds were disbursed, urging UNI holders to demand justification of its value. This incident also sparked debate about DAO efficiency.

11. Dragonfly VC: Solana and Ethereum can coexist in competition, and new blockchains may emerge to capture market share

According to CoinTelegraph, Dragonfly general partner Rob Hadick stated that Solana and Ethereum will both thrive in the tokenization race, and no single blockchain will push the other out of the space.

If you believe most assets will be tokenized and a lot of on-chain economic activity will occur, you cannot rely on just one blockchain. Currently, most stablecoins are on Ethereum, and most on-chain activity also occurs there, but Solana handles the majority of transaction volume.

Data from RWA.XYZ shows Ethereum’s network asset value at $183.7 billion, while Solana’s is $15.9 billion. Hadick said different blockchains will have different application scenarios, and new blockchains may also emerge to seize market share.

12. Vitalik: Predicting market risks is no higher than stocks; critics’ fears are exaggerated

According to DLnews, Ethereum co-founder Vitalik Buterin responded to concerns that prediction markets threaten the integrity of sports and elections.

He pointed out that the improper incentives created by prediction markets have long existed in stock markets, where politicians can profit from shorting stocks and then “trigger disasters.” He compared prediction markets to social media, which are more prone to spreading panic and misinformation, while prediction markets can provide useful information.

Vitalik said he has often felt panic from headlines but calmed down after checking Polymarket prices, noting “experienced people know the real situation, and the probability of abnormal events is only 4%.” For example, when Musk predicted in 2024 that a UK civil war was inevitable, Polymarket users assigned only a 3% chance.

13. Suspected “1011 insider whale” Garrett Jin: Precious metals’ correction triggers profit-taking, funds shift to relatively undervalued assets like BTC and ETH

Suspected “1011 insider whale” Garrett Jin posted on X that the prices of precious metals like platinum, palladium, and silver have sharply declined, while Bitcoin and Ethereum prices have started to rebound. Currently, these metals are overbought and crowded, increasing short-term risks and prompting profit-taking. Funds are moving from overheated trades to relatively undervalued assets. Jin previously stated that the rise in silver, palladium, and platinum was short-term squeezing and unsustainable; once prices reverse, gold prices may also decline, and market funds will shift from precious metals to Bitcoin and Ethereum.

14. Brevis announces tokenomics: total supply 1 billion, 32.2% for community incentives

Brevis posted on X announcing its tokenomics model. The total supply of BREV tokens is 1 billion, allocated as follows:

• Ecosystem development: 37% (370 million), for ecosystem growth, R&D, strategic partners, initial market building, and long-term protocol expansion;

• Community incentives: 32.2% (322 million), for validator, staker, and community contributor rewards, including initial airdrops to eligible contributors and community members;

• Team: 20% (200 million), for current and future core developers and contributors;

• Investors: 10.8% (108 million), for seed round investors.

Ecosystem development and community incentives will be linearly unlocked over 24 months after TGE, with 14.50% and 10.50% of tokens circulating at TGE respectively. The team and investor allocations are fully locked for the first year post-TGE, with no initial unlock, then linearly unlocked over 24 months. Brevis also announced an upcoming airdrop registration portal.

15. U.S. ends previous administration’s investigation into China chip trade, no additional tariffs on Chinese chips for the next 18 months

On December 23, the U.S. government announced that it will impose tariffs on Chinese chips starting in 2027, ending the trade investigation initiated by the previous Biden administration. U.S. media analysis states that although the U.S. claims China’s practices in the chip industry “harm American interests,” the final decision is to refrain from imposing additional tariffs on Chinese chips for at least 18 months. Bloomberg reports that delaying new tariffs is a signal of the U.S. seeking to solidify the ceasefire agreement with China and stabilize U.S.-China relations. (Global Times)