Source: Galaxy Research
Translation: Golden Finance
The closing price of Bitcoin in 2025 is expected to be roughly on par with the level at the beginning of the year.
In the first ten months of this year, the cryptocurrency market has experienced a real bullish wave. Regulatory reforms continue to progress, ETFs are continuously attracting funds, and on-chain activities are becoming increasingly active. Bitcoin reached a historical high of $126,080 on October 6.
However, the market did not experience the anticipated breakthrough after the euphoria; instead, it was characterized by rotation, repricing, and rebalancing. The failure of macro expectations, the shift in investment narratives, the liquidation of leverage, and the massive sell-off by whales collectively disrupted the balance of the market. Prices fell, confidence waned, and by December, Bitcoin had dropped to just over $90,000—its path during this time was anything but smooth.
Although 2025 may end with a price drop, the year still attracted genuine institutional adoption.

CoinJar announced its entry into the US market and launched a trading platform integrated with an AI assistant, making it one of the few exchanges to utilize AI tools in the market. The platform will comply with US regulatory requirements, and CoinJar has previously operated in Australia, the UK, and Ireland.

Alex Thorn, head of research at Galaxy Digital, predicts that Bitcoin will be widely accepted as a hedging asset within the next two years, expecting it to reach $250,000 by the end of 2027. He pointed out that there is a high level of uncertainty regarding Bitcoin's performance in 2026, but the long-term outlook is optimistic, with institutional adoption of Bitcoin on the rise.

Fundstrat's Crypto Assets Strategy Director Sean Farrell stated that the current market is close to perfect pricing but still carries risks, with recent capital flows diverging. Bitcoin is in a valuation "no man's land," and while long-term ETF demand may improve, there is short-term pressure from dumping and redemptions. His strategy is more aggressive, focusing on investors with a high proportion of crypto assets, and he expects Bitcoin and Ethereum to challenge all-time highs by the end of the year.

Congressmen Max Miller and Steven Horsford are drafting the Digital Asset Equality Act, which will provide tax incentives for certain stablecoin transactions, exempt capital gains tax on transactions below $200, and allow taxpayers to defer taxes on staking and mining earnings for five years.

Sun Game City on-chain points system is now live, and the SGP points airdrop campaign has been launched. Users can earn points by completing tasks, which can later be exchanged for the token SGC. This activity aims to attract user participation and promote platform development.

CoinVoice has learned that streaming service giant Netflix announced the acquisition of the metaverse identity platform Ready Player Me supported by a16z. The specific acquisition amount and terms have not been disclosed. It is reported that Ready Player Me will cease operations on January 31, 2026, and all team members will be integrated into Netflix. Previously, it was also reported that Ready Player Me has received approximately $72 million in funding, with co-founders including Roblox co-founder David Baszucki, Twitch co-founder Justin Kan, and GitHub co-founder Tom

CoinVoice has learned that, according to a report by Coindesk, the US SEC has issued a lawsuit notice stating that three former executives of FTX and its affiliated companies have accepted SEC's final penalties. The SEC is handling enforcement cases related to the collapse of the exchange.
Former CEO Sam Bankman-Fried remains in federal prison for fraud, while former Alameda Research CEO Caroline Ellison and other executives have agreed to a settlement, which still requires court approval. Other executives who signed settlement agreements include Zixiao Wang, former CTO of FTX Trading, and Nishad Singh, former co-CEO of FTX. The SEC stated that the three of them will be prohibited from engaging in other public

Author: Wang Lijie
"Financialists": The Empire of Debt Overload
First, let's get to know one side of the power—"Financialists." Who are they? They include the Federal Reserve, JPMorgan Chase, the long-established European banking families, and the complex derivatives markets supporting them behind the scenes. It can be said that since 1913, when a synthetic monetary system was secretly established in a small room, they have controlled the world for over a century.
Their core method of controlling the world is not through direct asset ownership, but through the continuous circulation and accumulation of "claims."
Collateral
Yield
Price signals
Credit systems
Eurodollars, swaps, futures, repos
These tools are layered upon each other, tightly interconnected like a Maenggak, firmly holding the entire financial trajectory and currency flow in their grasp. They are the "behind-the-scenes killers" in the financial world, building a vast financial empire through claims.

The cryptocurrency market is broadly down, with the Layer2 sector leading the decline. Celestia and Mantle each fell by 4.83% and 5.67%, respectively. Bitcoin and Ethereum experienced slight declines but are currently rebounding. Some projects like Movement, TRON, and MYX Finance are defying the trend and rising. The overall index performance remains weak.

AI Blockchain Security Platform TestMachine Completes $6.5 Million Financing, Plans to Accelerate Global Expansion of Its Security Platform Predator. The funding was led by multiple institutions. Predator is already integrated with Coinbase, monitoring risk for millions of tokens in real-time.

Coinbase Bitcoin Premium Index has been in positive premium for 12 consecutive days, indicating strong buying pressure and optimistic investor sentiment in the U.S. market. The index reflects the difference between Coinbase and global Bitcoin prices and is an important indicator for observing capital flow and market sentiment.

CoinVoice has learned that, according to a report by CoinDesk, Laura Katherine Mann, a partner at the international law firm White & Case, stated that 2025 will be the "test year" for crypto company IPOs, and 2026 will be the critical point to assess whether digital asset IPOs are sustainably viable in the long term. She pointed out that the market will determine whether crypto IPOs are a "sustainable asset class" or merely cyclical trades that only perform well during market booms.
Mann stated that by 2025, several crypto companies have already gone public, including stablecoin issuer Circle, Bullish, and Gemini. Looking ahead to 2026, potential IPO candidates include

CoinVoice has learned that, according to the latest market information and the supplemental indictment released by the Maryland Federal Prosecutor's Office, cryptocurrency promoter Rodney Burton, known online as “Bitcoin Rodney,” faces 11 federal charges for allegedly promoting the HyperFund cryptocurrency scam with a scale of $1.8 billion. The charges include conspiracy to commit wire fraud, seven counts of money laundering, and operating an unlicensed remittance business. If convicted on all counts, he could face up to 20 years in federal prison. Rodney Burton promoted the HyperFund project from June 2020 to May 2024, using investor funds to purchase luxury apartments, sports cars, and yachts. In the HyperFund case, co-defendant Brenda...

Coinbase Institutional analyzes the Federal Reserve's 25 basis point rate cut and plans to purchase U.S. Treasury reserves within the next 30 days, viewed as mild quantitative easing, which could support the cryptocurrency market. It is expected that there will be two more rate cuts in the next nine months, with market hawkish sentiment lower than expected.

Coinbase Prime received three large transfers totaling 31,838,837.25 SYRUP at 01:27, worth approximately $8.3 million, from ParaFi Capital and two anonymous addresses.

CoinVoice has learned that, according to Bloomberg, Tony Fernandes, founder of Asia Aviation, and Capital A, signed a letter of intent with Standard Chartered Bank (Malaysia branch) to explore the launch of a ringgit stablecoin in Malaysia, with Standard Chartered serving as the issuer and Capital A responsible for piloting real-world wholesale applications.
The project will be conducted at the digital asset innovation center regulated by the Bank of Malaysia. Tony Fernandes stated that this move is an important step for the group’s transformation from an airline business to a technology ecosystem.
CoinVoice previously learned that Bullish Aim, the telecommunications company owned by the Crown Prince of Malaysia, announced on Tuesday the launch of