MAS expands Ripple’s payment permissions for XRP and RLUSD services.
The approval boosts Ripple’s role in fast, regulated APAC cross-border payments.
Regional digital asset activity rises as Ripple deepens Singapore investment.
The Monetary Authority of Singapore (MAS) has approved an expanded range of payment activities for Ripple Markets APAC, the company’s local subsidiary.
This approval allows Ripple to grow its regulated payment services for banks, fintechs, and corporates in one of the world’s most tightly supervised financial markets.
Ripple can now offer a wider suite of digital payment token services linked to XRP and RLUSD.
It also gives the firm more room to deliver cross-border payment solutions that rely on digital assets to settle transactions faster and at a lower cost.
Ripple’s leaders say this development reflects the value of Singapore’s clear regulatory stance.
President Monica Long described MAS as a global benchmark for transparency and stable rules.
She said the decision strengthens Ripple’s plan to deepen its investment in the market and build infrastructure that supports faster global money movement.
MAS’s frameworks under the Payment Services Act give digital asset firms defined rules covering token issuance, custody, and payments.
Expansion aligned with rising APAC demand
The approval marks a surge in digital asset activity in the Asia-Pacific region, with a year-over-year increase of about 70%.
Ripple says Singapore sits at the centre of this growth thanks to its advanced policies and its early embrace of regulated digital token services.
Fiona Murray, Ripple’s Vice President and Managing Director for the region, said the expanded license equips the company to serve the institutions driving that growth.
She noted that regulated payment rails remain essential as cross-border activity accelerates across regional markets.
Ripple first established its Asia-Pacific headquarters in Singapore in 2017.
The company later secured a full MPI license, placing it among a select group of blockchain-focused firms approved to provide digital token services in the country.
Broader capabilities for institutional clients
With the updated permissions, Ripple can now support end-to-end payment flows through a single integration.
This includes collection, holding, token swaps, and payouts.
The system enables clients to avoid multiple infrastructure partners and reduces their reliance on additional banking relationships.
Ripple Payments, the company’s global solution, merges digital tokens with a payout network that handles conversion, compliance, and settlement operations.
By absorbing the technical and blockchain complexity, Ripple enables institutions to offer digital payment services more efficiently.
The company’s stablecoin, RLUSD, sits at the core of several of these services.
The stablecoin recently received recognition in Abu Dhabi as an Accepted Fiat-Referenced Token, allowing licensed firms in the Abu Dhabi Global Market to use it for regulated financial activities.
This adds momentum to Ripple’s broader expansion across the UAE and Asia.
Israel plans tighter stablecoin oversight as adoption surges globally.
Regulators warn dominance of Tether and Circle poses systemic risk.
Digital shekel roadmap advances for 2026 as CBDC development accelerates.
Israel is moving towards tighter supervision of stablecoins as the Bank of Israel positions them as a core part of the country’s future payments system.
The shift comes as regulators reassess how private digital dollars fit into daily financial flows.
Stablecoins are no longer seen as fringe tokens used only by crypto traders. Instead, they are being treated as major payment instruments with global scale and influence.
The Bank of Israel stressed that global stablecoin usage has expanded to levels that can no longer be ignored.
The sector has passed a market capitalisation of more than $300 billion, with monthly transaction volumes above $2 trillion.
As per CoinDesk, officials noted that these levels place stablecoins on par with the balance sheets of mid-sized international commercial banks.
This surge has been driven by their role in trading, cross-border transfers, and the need for a digital instrument that avoids the price swings of other cryptocurrencies.
The expanding footprint creates new urgency for clear, enforceable rules.
Concerns over market concentration
A key theme at the conference was the dominance of two stablecoin issuers.
About 99% of market activity is tied to Tether and Circle, creating a heavy concentration of risk in a sector that underpins a large share of digital asset transactions.
Israeli policymakers warned that this structure heightens systemic vulnerability.
They view that any disruption or weakness at the issuer level could ripple through global payment channels.
To mitigate this, officials highlighted the need for strict reserve practices, including fully backed 1:1 reserves and liquid assets that can handle sudden redemption waves.
Digital shekel plans move forward
Alongside the stablecoin discussion, Israel advanced its own central bank digital currency plans.
Yoav Soffer, who leads the digital shekel project, described the currency as central bank money designed for broad use.
He released a 2026 roadmap that sets out the next stages and confirmed that official recommendations are expected by the end of this year.
The update signals an acceleration similar to moves made by the European Central Bank.
Industry observers noted that the faster timeline reflects how central banks are adjusting to competition from private digital money and the rapid evolution of the payments landscape.
The roadmap triggered commentary within the crypto sector.
Attention centred on how the Bank of Israel’s accelerated schedule positions the digital shekel as a response to fast-growing private alternatives.
Market participants linked the timing to a broader global trend in which central banks are racing to modernise their own digital money strategies.
With stablecoins gaining influence in international transactions, the digital shekel project is being viewed as a strategic step to maintain control over national payments infrastructure while supporting innovation in regulated channels.
US-listed Bitcoin ETFs capped their second-heaviest month of redemptions with a rare late-month shift back into positive flows.
According to SoSo Value data, the 12 US-listed spot Bitcoin funds recorded net creation of roughly $70 million in the final days of November, after four weeks of relentless selling pressure that totalled more than $4.3 billion in net outflows.
Chart showing the net inflows and outflows for spot Bitcoin ETFs in the US from Oct. 31 to Nov. 28, 2025 (Source: SoSo Value)
Despite the modest nominal reversal, the timing of this brief respite from outflows suggests a critical exhaustion of seller momentum.
Considering this, the market enters December in a fragile equilibrium, caught between a constructive supply shock and a disjointed macroeconomic calendar that threatens to leave policymakers and traders flying blind.
Bitcoin ETFs and their poor November
November served as an actual structural stress test for the mature ETF complex, confirming what the market has long believed: these products are now the unequivocal price-setters for the asset class.
Last month, Bitcoin ETFs recorded $3.48 billion in net outflows, the deepest negative print since February.
The composition of the exit suggests a broad-based tactical retreat rather than a fundamental capitulation.
BlackRock’s IBIT, which is typically the sector’s liquidity vacuum, led the outflows, shedding $2.34 billion. This marks a significant rotation for a fund that has dominated inflows for most of the year.
Chart showing the inflows and outflows for Spot Bitcoin ETFs in 2025 (Source: Trader T)
Fidelity’s FBTC saw $412.5 million in redemptions, while Grayscale’s GBTC continued its slow bleed with $333 million in outflows. Ark Invest’s ARKB and VanEck’s HODL also saw capital flight, recording exits of $205.8 million and $121.9 million, respectively.
Yet, the bearish impulse revealed a silver lining regarding market depth.
Despite a nearly $3.5 billion monthly exit, Bitcoin price action defended the mid-$80,000s, refusing to break market structure to the downside. This resilience implies that while tactical capital retreated to lock in year-to-date gains, underlying demand remained sticky.
Still, the cumulative net inflows for spot Bitcoin ETFs since January 2024 sit at a robust $57.71 billion, and the funds collectively hold approximately $120 billion in assets.
The multiplier effect
The significance of the late-November stabilization is best understood through the mechanics of network issuance, which gives ETFs outsized leverage in price discovery.
Following the 2024 Bitcoin halving, the network’s block subsidy dropped to 3.125 BTC per block, capping daily coin issuance at roughly 450.
At current valuations, this equates to roughly $38 million to $40 million in daily new sell pressure from miners. In this supply-constrained environment, even a “trickle” of ETF inflows can act as a powerful lever.
So, net creations in the $50 million to $100 million daily range are sufficient to absorb the entire daily issuance multiple times over. This means that when flows turn positive, market makers are forced to bid up spot inventory to satisfy creation units, as there is no structural surplus of new coins to dampen the demand.
Conversely, this leverage works against the price during periods of liquidation. The sustained $100 million-plus daily outflows seen throughout November forced issuers to return Bitcoin to the market, requiring liquidity providers to absorb not only the 450 new coins minted daily but also thousands of coins from unwinding ETF baskets.
If the $70 million net inflow seen last week continues, the supply-demand dynamics shift back in favor of price support, removing the artificial supply overhang that defined November.
Bitcoin investors are preparing for an unusual disconnect in the economic calendar as the Federal Reserve’s Federal Open Market Committee (FOMC) meets on Dec. 9–10.
Still, the next Consumer Price Index (CPI) reading will not be released until Dec. 18, following the shutdown-related cancellation of October’s data collection.
This sequence creates a “blind flight” scenario. The Federal Reserve will be forced to set the tone for interest rates and update its economic projections without the most critical data point markets use to anchor inflation expectations.
This is a dangerous ambiguity for Bitcoin, which remains highly correlated to global liquidity conditions and real rates.
Market participants will be forced to extrapolate policy intent from guidance rather than hard numbers. A hawkish tilt from Chair Jerome Powell could rapidly tighten financial conditions, especially if it is delivered without the counter-narrative of inflation data.
In a scenario where the Fed signals “higher for longer” to hedge against the missing data, the conditions that drove November’s drawdown could quickly re-emerge, punishing risk assets before the CPI print can validate or refute the central bank’s stance.
Meanwhile, the macro disconnect is further complicated by seasonality.
December liquidity typically thins significantly as hedge funds and institutional desks lock in annual performance and reduce gross exposure heading into the holiday season. In a thin market, order books become shallower, meaning smaller flow numbers can trigger outsized price moves.
Bitcoin ETFs flow equation
Considering the above, market participants are increasingly framing December through flow bands rather than directional price targets, reflecting how tightly ETF activity now anchors Bitcoin’s trading range.
If net creations hold in the $50 million to $100 million band, the complex would absorb roughly 11,500 BTC for every $1 billion in inflows at an $86,800 reference price, equivalent to 25 to 50 times daily issuance.
Flow Band (Daily Net Flows)
Monthly Impact
BTC Absorption (per $1B inflows at $86,800/BTC)
Issuance Multiple
Market Implication
+$150M to +$200M
+$3B to +$4B
~11,500 BTC per $1B
25x–50x
Strong upward pressure; liquidity tightens across venues
+$50M to +$100M
+$1B to +$2B
~11,500 BTC per $1B
25x–50x
Structural support; ETFs absorb multiples of daily issuance
Neutral to mildly supportive; stability depends on macro tone
Below –$150M
Worse than –$3B
N/A
N/A
Severe liquidity stress; accelerates downside in thin year-end markets
However, a move back into outflows within the $50 million to $150 million zone would recreate November’s pressure, but in a market contending with even thinner year-end liquidity.
In that setting, policy uncertainty and reduced market depth tend to amplify volatility, leaving ETF flows as the dominant force shaping Bitcoin’s direction into the new year.
South Korean lawmakers are pressing financial regulators to deliver a draft stablecoin bill by a deadline set for later this month, as disagreements over the role of banks continue to stall progress.
According to a Monday report by a local news outlet, Maeil Business Newspaper, South Korea’s ruling party sent a “last-minute notice” to financial regulators to submit a stablecoin regulatory framework draft by Dec. 10.
Kang Joon-hyun, a lawmaker from the Democratic Party, said, “If the government bill does not come over within this deadline, we will take a drive through legislation by the secretary of the political affairs committee.” If it is delivered in time, he expects the bill will be discussed at the extraordinary session of the National Assembly in January 2026.
The Financial Services Commission (FSC) later issued a statement saying “no decision had been finalized regarding the formation of a consortium for issuing a KRW-denominated stablecoin.” The regulator confirmed that stablecoin regulation was discussed on Monday during a ruling party–government consultation, and both sides agreed to prepare the government bill as quickly as possible.
South Korea’s Financial Services Commission headquarters in Seoul. Source: Wikimedia
Despite earlier reports, “no concrete decision has been made on matters such as allowing a consortium in which banks hold 51% or more of equity,” the FSC said. The news follows late November reports that South Korea is likely to end the year without a framework for locally issued stablecoins, amid ongoing disputes over the role of banks in stablecoin issuance.
The Bank of Korea (BOK) and other financial regulators clashed over the extent of banks’ involvement in issuing Korean won-pegged stablecoins. The central bank expected banks to own at least 51% of any stablecoin issuer seeking regulatory approval in the country, while regulators want a more diverse ecosystem.
A BOK official said at the time that banks “are already under regulatory oversight and have extensive experience handling Anti-Money Laundering protocols,” making them a good option for a stablecoin issuer.
Sangmin Seo, the chair of the Kaia DLT Foundation, told Cointelegraph in late October that the central bank’s argument for banks leading a rollout “seems to lack a logical foundation.” He argued that a better solution would be to establish clear rules for issuers instead. He added:
“It would be even more valuable if the Bank of Korea could provide guidelines on how these risks can be mitigated and what qualifications are required for an issuer to be regarded as trustworthy.“
This was discussed again during Monday’s meeting, with an official from Kang’s office saying that the ruling party was “looking for a point of contact, considering both the stability of the BOK’s monetary policy and the industrial innovation emphasized by the [FSC]”.
Ether (ETH) fell to $2,800 on Monday, failing to hold $3,000 as surging expectations of a Bank of Japan rate hike unnerved the market. Meanwhile, technicals and onchain data sent mixed signals on Ether’s ability to buck the downtrend.
Key points:
Ethereum price fell 5.5% on Monday, dropping below $3,000 again amid Bank of Japan rate-hike fears.
Bulls need a sustained break above $3,200 for a strong recovery, while breaching $2,800 would invalidate the macro bullish trend.
Ether’s MVRV Z-Score approaches the accumulation zone, signaling a local bottom forming.
Ether’s price is sandwiched between two key levels
Ether’s 18% recovery from a $2,620 low reached on Nov. 21 was curtailed by selling around the $3,000 psychological barrier.
This “was a major support that has currently flipped to resistance,” said pseudonymous analyst That Martini Guy ₿ in an X post on Friday.
Note that this is where the 50-week (yellow wave) and the 100-week (blue wave) moving averages appear to converge (see chart below), reinforcing the significance of this level.
“If $ETH breaks above this level and stays there, we should see the price rally back into the mid $ 3000’s throughout December!” That Martini Guy ₿ added.
The Glassnode cost basis distribution heatmap revealed another area of resistance, located further up, between $3,150 and $3,230, where about 5.1 million ETH was acquired.
Ethereum: Cost basis distribution heatmap. Source: Glassnode
On the downside, the ETH/USD pair traded above a key support area around $2,800, where 3.6 million ETH were previously purchased.
ETH has a “good hold of the key support area for now,” said analyst Daan Crypto Trades in a recent X post, referring to the $2,800-$2,850 support zone.
The altcoin could see a “very clear invalidation if it drops below these local lows,” the analyst wrote, adding:
On the upside, Daan Crypto Trades said, rising above $3,350 would see the ETH price get closer to the range high at $4,000.
“$2,850 and $3,350 are the levels that matter in this area.”
As Cointelegraph reported, buyers are expected to fiercely defend the $2,800-$2,600 support level, while bears are mounting a defense at the 20-day EMA around $3,100.
Ethereum ETF inflows suggest bullish sentiment
Ether’s ability to stem against a deeper correction was reinforced by inflows into US-based Ethereum spot exchange-traded funds (ETFs).
Ether ETFs finished Thanksgiving week with $312 million in inflows, hinting that the worst of the institutional crypto sell-off may be over.
US spot Ethereum ETF daily net flows, USD. Source: SoSoValue
However, Ether’s ability to stay above $2,800 and reclaim $3,000 may be curtailed by a lack of network demand, as shown by the decline in Ethereum network fees, data from Nansen shows.
Blockchains ranked by seven-day fees, USD. Source: Nansen
Ethereum chain fees totaled $2.68 million over the past seven days, representing a 54% decrease from the previous week. By comparison, fees on Solana rose by 2%, while those on Tron remained relatively unchanged, increasing by 0.4%.
The number of active addresses on Ethereum’s base layer climbed by 20% over the same period, while transaction count increased by 4%. This suggested that increased user engagement could eventually lead to increased onchain demand for ETH, driving its price higher.
Ether’s MVRV Z-Score hints at a local bottom
Ether’s MVRV Z-Score, a key onchain metric used to identify market tops and bottoms, is nearing the historical accumulation zone (the green line in the chart below), strengthening the argument that ETH may be forming its local bottom.
The last time Ether’s MVRV Z-Score dipped to the current level around 0.30 was in June, after a 25% price drawdown. This coincided with a local market bottom at $2,100 and preceded a multimonth rally, with the ETH/USD rising 134% to its $4,950 all-time high.
As Cointelegraph reported, most Ethereum valuation models indicate the top altcoin is undervalued, projecting ETH prices above $4,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
BTC dropped below $86k on Monday mainly due to macro pressures.
The leading cryptocurrency could retest the $80k low if the bearish trend persists.
BTC dips below $86k
Bitcoin, the leading cryptocurrency by market cap, is off to a bearish start in December, as it has lost over 5% of its value in the last 24 hours. At press time, Bitcoin is trading above $86k after temporarily dropping to the $85k region earlier today.
The bearish performance has affected altcoins too, with Ether trading below $2,800, while XRP is hanging on above $2.0
The recent selloff comes after the Bank of Japan (BoJ) Governor Kazuo Ueda revealed that possible interest rate hikes could be considered if the economy continues to evolve as predicted. The interest rate hike could increase borrowing costs and negatively affect carry trades.
In addition to that, the hacking of the Yearn Finance protocol a few hours ago contributed to the renewed pressure on Bitcoin and the broader cryptocurrency market. Thanks to the latest selloff, over $140 billion was wiped out from the crypto market in the last 24 hours, with $500 million worth of leveraged positions also liquidated.
JUST IN: $140,000,000,000 wiped out from the crypto market cap in the past 4 hours. pic.twitter.com/c32OHlyafS
The BTC/USD daily chart remains bearish and efficient as Bitcoin lost 5% of its value in the last few hours. The leading cryptocurrency is trading above $86k, as the daily, weekly, and monthly candles all confirm a bearish bias.
The RSI on the daily chart reads 32, pivoting downside towards the oversold after the brief recovery recorded last week. If the daily RSI remains below 30, Bitcoin could face further downward movement in the near term.
Additionally, the Moving Average Convergence Divergence (MACD) has shifted to a bearish momentum, with the sell signal shown a few hours ago.
If the selloff continues, the bears will look to target the $80,600 support in the near term. Failure to defend this level could see Bitcoin revisit the April 7 low of $74,508.
However, if the bulls recover, Bitcoin could rebound to $90,000 over the next few hours or days.
The leading altcoins could record further losses amid renewed bearish momentum.
The cryptocurrency market is starting another month bearish after the poor performance recorded by Ether and other major coins in November. Ether recorded a temporary relief last week, hitting the $3k psychological level.
However, the recent gains have been wiped out, with Ether now trading around $2,800 after losing 5.5% of its value in the last 24 hours. The negative performance saw over $140 billion wiped out from the crypto market during that period, with the total market cap now below $3 trillion.
Furthermore, the bearish performance saw over $500 million worth of leveraged positions liquidated in the last 24 hours, with Binance, Bybit, and Hyperliquid accounting for 90% of the total liquidations.
Ether and other major cryptocurrencies could face further selling pressure in the near term. However, with the Fed’s FOMC meeting slated for next week, Ether and other leading cryptocurrencies could experience a temporary relief if the Federal Reserve cuts its benchmark interest rate for the third time this year.
Ether could retest the $2,600 low.
The ETH/USD daily chart is bearish and efficient as Ether has underperformed in recent days. The coin has lost 5.5% of its value since Sunday and is now trading around the $2,840 region.
If the ETH/USD daily candle closes below the November 21 low of $2,623, the bears could push the price lower over the next few hours or days, with the next major support around the June 22 low of $2,111.
The technical indicators remain bearish, with the RSI of 34 suggesting that sellers are in control. The MACD also risks a cross below the signal line, indicating Ethereum is still bearish.
However, if the bulls recover from the recent selloff, Ether could challenge the trend and push towards the $3k psychological level once again.
The company is set to launch the first US spot LINK ETF this week.
Grayscale plans to convert its existing LINK trust into an ETF.
LINK price remains under pressure amid broader bearishness.
The cryptocurrency market is trading in the red on Monday, with the value of all digital tokens down by 5% the past day to $2.94 trillion.
While risk-off mood dominates the landscape, Grayscale Investment is preparing to debut the first US spot Chainlink exchange-traded fund.
ETF expert Nate Gerace expects the product to arrive this week, marking a crucial milestone for Chainlink and the overall altcoin ETF sector.
Notably, Grayscale will create this ETF by converting and up-listing its existing Chainlink Trust, offering traditional investors compliant access to Chainlink.
Meanwhile, this adds to the latest wave of altcoin ETF launches in the United States.
We have had multiple altcoin ETFs, including XRP and Dogecoin, since Solana, Hedera, and Litecoin kick-started the wave in late October.
Now, the first spot LINK ETF is set to debut in the United States this week, reflecting demand for these products despite the broader market turmoil.
More about the Chainlink ETF
A spot exchange-traded fund holds LINK assets instead of derivatives, offering individuals direct and regulated exposure to Chainlink as an investment vehicle.
That’s crucial in cementing Chainlink’s legitimacy among traditional investors, many of whom have ignored crypto due to the associated complexities.
Indeed, a LINK ETF alleviates the need for private keys, wallets, and off-exchange asset storage.
The fund will open Chainlink to individuals who prefer the safety of traditional retirement and brokerage accounts.
The strategic conversion
Grayscale took a notable approach, converting a private trust into an exchange-traded fund.
The strategy has crucial benefits.
First and foremost, the LINK ETF will meet an in-built investor base as trust holders access a more liquid ETF model.
Also, the approach streamlines valuation and custody as the trust already has LINK assets.
Lastly, the move eases regulatory challenges as the trust adheres to compliant standards.
It has lost more than 6% of its value after a sudden dip on the daily chart, fueled by a broader market crash.
LINK is trading at $12.16, with a 125% uptick in daily trading volume reflecting increased activity from participants, possibly reducing exposure to avoid further losses.
Sellers target the nearest support zone at $11 and $9.8 amid intensified declines.
Failure to hold $8.20 – $8.50 would catalyze deeper slides to $6.80 – $7.20.
On the other hand, bulls should reclaim and defend $13.
Steadying above $15.50 will likely trigger buyer resurgence and stable momentum.
LINK can rally to $19, then $23, and clear the path to $30.
However, prevailing conditions suggest short-term struggles before LINK establishes a decisive directional bias.
The bank partnered with Bastion and took part in its $14.6 million raise.
Sony created a Web3 unit named BlockBloom to expand digital asset services.
Sony Financial Group’s recent spin-off gives Sony Bank strategic freedom.
Sony’s plan to introduce a US dollar stablecoin is emerging as a major step in how the company connects its entertainment businesses with its financial arm.
Instead of treating payments as a background function, Sony is designing a system that blends blockchain, digital assets, and its global user base into a single Web3 network, according to a Nikkei report.
The project centres on Sony Bank’s expansion into the US, where customers remain a key part of the group’s external sales.
With a launch planned for 2026, the stablecoin is being built as a payment tool that supports gaming, anime, and other digital purchases across the Sony ecosystem.
Sony Bank’s move signals the company’s broader shift into digital finance, with Web3 technologies becoming an important layer in how it delivers future services.
Stablecoin for the wider Sony ecosystem
Sony Bank, the online lender under Sony Financial Group, is preparing to roll out the stablecoin in the US through a dedicated unit.
The token will be pegged to the US dollar and is expected to support purchases of PlayStation games, subscriptions, and anime content.
This payment option will sit alongside existing methods such as credit cards.
The plan is aimed at US customers, who account for around 30% of Sony Group’s external sales.
By adding a blockchain-based token to the mix, Sony aims to reduce fees associated with card networks and increase the speed and efficiency of transactions.
The bank has also partnered with Bastion, a US stablecoin issuer.
Sony’s venture arm joined Bastion’s $14.6 million fundraising round, which was led by Coinbase Ventures.
Web3 unit builds the foundation
Sony Bank’s shift into stablecoins is part of a wider Web3 push that started earlier this year.
The bank established a dedicated Web3 subsidiary in June, after first outlining its plans in May.
In its announcement, the bank said digital assets built on blockchain technology were becoming part of a growing number of services and business models.
It pointed to wallets for storing NFTs and cryptocurrency, and exchange providers, as sectors rising in importance.
These tools are central to Sony’s Web3 plans because they allow digital assets and tokens to move easily across platforms used by fans, artists and creators.
The new Web3 unit was later named BlockBloom.
Its goal is to build an ecosystem that links digital and physical experiences with NFTs, fiat currency, and digital currency.
BlockBloom’s work now connects directly with the stablecoin initiative, which is expected to become one of the core payment tools inside this ecosystem.
Restructuring strengthens the digital shift
Sony Bank is pursuing this strategy shortly after a major structural change inside its parent company.
Sony Financial Group was separated from Sony Group and listed on the Tokyo Stock Exchange in September.
The spin-off was designed to separate the financial arm’s operations and balance sheet from the wider conglomerate.
This independence now gives Sony Bank more space to pursue long-term digital finance projects, including the stablecoin.
The timing indicates that Sony Bank is using the separation to accelerate its push into new markets.
With the stablecoin aimed at the US and supported by Bastion, the bank is positioning itself to become a more competitive player in digital payments linked to entertainment and gaming.
Connecting US users with cross-platform payments
Sony’s stablecoin strategy is closely tied to its US users, who make up one of its largest customer segments.
By focusing the project on this market, Sony is aligning its payments network with regions that already engage heavily with blockchain and digital assets.
The stablecoin is expected to interact with multiple Sony services, creating a system where users can move funds seamlessly between gaming, subscriptions, and other digital platforms.
It also allows Sony to test Web3 payments at scale, backed by its gaming division, entertainment content, and new digital finance capability.
With the launch planned for 2026, Sony is building the early layers of a cross-platform structure that links Web3 payments with its broader entertainment network.
Bitcoin price erased recent gains, shedding nearly 5% to below $87,000 in early Asian trading hours on Dec. 1.
This came as a surge in Japanese government bond yields triggered a broad risk-off sentiment, shattering a fragile, low-volume market structure.
According to CryptoSlate data, BTC fell from a consolidation range near $91,000, wiping out approximately $150 billion in total crypto market capitalization.
Screengrab showing Bitcoin’s performance between Nov. 30 and Dec. 1, 2025 (Source: The Kobeissi Letter)
Japan’s carry-trade repricing set the decline in motion, but trading volume data showed that the selloff worsened due to a market running on minimal liquidity
According to 10x Research, the crypto market had just delivered one of its lowest-volume weeks since July, leaving order books dangerously thin and unable to absorb institutional selling pressure.
So, Bitcoin’s decline wasn’t just a reaction to headlines but a structural failure at a key resistance level.
Data from 10x Research indicates that average weekly volumes have plummeted to $127 billion. Bitcoin volumes specifically were down 31% at $59.9 billion, while ETH volumes collapsed 43%.
This lack of participation turned what could have been a pretty standard technical correction into a liquidity event.
Timothy Misir, head of research at BRN, told CryptoSlate that this was “not a measured correction.” Instead, he painted it as a “liquidity event driven by positioning and macro repricing.”
He further observed that momentum “abruptly flipped” after a messy November, creating a deep gap lower that flushed leveraged longs. November was Bitcoin’s worst-performing month this year, losing nearly 18% of its value.
Table showing Bitcoin’s monthly performance since January 2020 (Source: CoinGlass)
As a result, the shallow market depth meant that what might have been a 2% move during a high-volume week turned into a 5% rout during the illiquid weekend window.
A tale of two leverages
The current price decline has led to a significant number of liquidations, with nearly 220,000 crypto traders losing $636.69 million.
Still, the selloff also exposed a dangerous divergence in how traders are positioned across the two most significant crypto assets.
10x Research reported that Bitcoin traders have been de-risking, while ETH traders have been aggressively adding leverage. This has created a lopsided risk profile in the derivatives market.
According to the firm, Bitcoin futures open interest decreased by $1.1 billion to $29.7 billion leading up to the drop, with funding rates rising modestly to 4.3%, placing it in the 20th percentile of the last 12 months.
This suggests the Bitcoin market was relatively “cool” and that exposure was unwinding.
On the other hand, ETH is now flashing warning signals.
Despite network activity being essentially dormant, with gas fees sitting in the 5th percentile of usage, speculative fervor has overheated.
Funding rates surged to 20.4%, placing the cost of leverage in the 83rd percentile of the past year, while open interest climbed by $900 million.
This disconnect, where Ethereum is seeing “frothy” speculative demand despite a collapsing network utility, suggests the market is mispricing risk.
Macro triggers
While market structure provided the fuel, the spark arrived from Tokyo.
The 10-year Japanese government bond (JGB) yield climbed to 1.84%, a level unseen since April 2008, while the two-year yield breached 1% for the first time since the 2008 Global Financial Crisis.
Graph showing the yield for Japan’s 2-year note on Dec. 1, 2025 (Source: Simply Bitcoin)
These moves have repriced expectations for the Bank of Japan’s (BOJ) monetary policy, with markets increasingly pricing in a rate hike for mid-December. This threatens the “yen carry trade,” where investors borrow cheap yen to fund risk assets.
Arthur Hayes, co-founder of BitMEX, noted that the BOJ has “put a December rate hike in play,” strengthening the yen and raising the cost of capital for global speculators.
Graph comparing the performance of Bitcoin and the Japanese Yen on Dec. 1, 2025 (Source: Arthur Hayes)
But the macro anxiety isn’t limited to Japan.
BRN’s Misir points to Gold’s continued rally to $4,250 as evidence that global traders are hedging against persistent inflation or rising fiscal risks. He noted:
“When macro liquidity tightens, crypto, a high-beta asset, often retests lower bands first.”
With US employment data and ISM prints due later in the week, the market faces a gauntlet of “event risk” that could further strain the already low liquidity.
Retail distress and on-chain reality
The fallout has damaged the technical picture for Bitcoin, pushing the price below the “short-term holder cost basis,” a critical level that often distinguishes between bull market dips and deeper corrections.
On-chain flows paint a picture of distribution from smart money to retail hands.
While this indicates some demand, the absence of whale accumulation suggests institutional investors are waiting for lower prices.
Misir said:
“The main takeaway is that supply has shifted closer to stronger hands, but supply-overhang remains above key resistance bands.”
However, there is quite a bit of “dry powder” on the sidelines. Stablecoin balances on exchanges have risen, signaling that traders have capital ready to deploy. But with Bitcoin futures traders unwinding and ETFs largely offline during the weekend drop, that capital has yet to step in aggressively.
Considering this, the market is now looking at the mid-$80,000s for structural support.
However, a failure to reclaim the low-$90,000s would signal that the weekend’s liquidity flush has further to run, potentially targeting the low-$80,000s as the unwinding of the yen carry trade ripples through the system.
