Summary Crypto entered 2026 on fragile footing and January forced a fast reset in positioning and sentiment. The selloff looked violent but largely orderly, with market plumbing holding even as liquidations accelerated and open interest confirmed deleveraging. Spot Bitcoin ETFs continued to lose holdings, though outflows remained modest relative to trading volume, while stablecoin supply stopped deteriorating after rolling over earlier in the month. On-chain valuation metrics

December 2025: The Year Crypto Grew Up the Hard Way Crypto didn’t end 2025 with fireworks like previous 4-year cycles have. It ended with a collective exhale, as prices wallowed. BTC opened the year around ~$96,000 and ended it around ~$93,000. ETF outflows reflected tax-loss harvesting, not panic. XRP ETPs saw inflows, and futures open interest ticked higher while options positions expired. No meaningful Bitcoin selling by early-era whales appeared on-chain. But the structur

November 2025: The Month Markets Lost the Plot Nothing about November behaved as a “bull market year” is supposed to. Bitcoin and Ethereum delivered their worst November since the FTX collapse. China banned crypto again and, somehow, markets acted surprised. Japan revived the yen-carry unwind that crushed traders in mid-2024. A fresh round of geopolitical rumors clouded the macro picture. And yet, pockets of real progress across Ethereum, Bitcoin, Solana, BNB Chain, and the b

October delivered a sharp reality check for the cryptocurrency market. For more than a decade, the month had been associated with strong rallies. This time, it ended with widespread losses, fading momentum, and a shift in sentiment. Beneath the surface, technology advances and regulatory decisions continued to reshape the market, setting the stage for a volatile November. Macro and Market Conditions Bitcoin broke its long-standing “Uptober” streak with its first negative Octo