Pakistan signed an MoU with Binance to explore tokenizing up to $2 billion in sovereign bonds, treasury bills and commodity reserves. The plan aims to improve liquidity and market access, while final approval remains pending, the finance ministry said. Separately, Pakistan’s regulator granted initial clearance for Binance and HTX to register locally and begin applying for full exchange licenses.

BitcoinTreasuries.Net reported that, since November, corporate Bitcoin treasuries have faced sizeable unrealized losses. In a sample of 100 firms, 65% bought BTC above current market prices, leading some companies to sell part of their holdings. The report anticipates about 40,000 BTC added to public company balance sheets in Q4 2025, a tally below each of the previous four quarters.

Bitcoin (BTC) swung to new all-time highs in 2025 before retracing as much as 30%, fueling debate over whether a bear phase has already played out. Market analyst Shanaka Anslem argues the cycle inverted when BTC topped its prior peak before the April Halving and characterizes 2024 as "political repricing," according to a post on X. He sees 2025 displaying bear-market traits and a path to $150,000–$200,000 in 2026, while other analysts caution prices could still slip toward $54,000–$60,000.

Ethereum's Fusaka upgrade activates Wednesday, introducing fee structure changes analysts expect to drive supply contraction. The upgrade addresses a structural issue where Layer 2 solutions generated substantial user fees but contributed minimal revenue to the base layer, potentially shifting Ethereum toward deflationary supply dynamics. Analysts project the changes could burn an additional 200,000 to 400,000 ETH annually under conservative estimates.

Strategy CEO Phong Le disclosed that the company could sell Bitcoin if its stock price falls below the net asset value of its cryptocurrency holdings and it cannot secure capital for preferred dividends. Bitcoin dropped below $85,000 amid the speculation. The firm revised its year-end BTC price forecast from $150,000 to a range of $85,000–$110,000.

South Korea's National Police Agency has opened an investigation into unauthorized withdrawals of approximately $36.9 million in Solana network assets from Upbit, the country's largest cryptocurrency exchange. Authorities are examining possible links to North Korea's Lazarus Group, a state-affiliated entity previously connected to multiple cryptocurrency thefts. Upbit has suspended all deposit and withdrawal services and moved remaining assets to cold storage.

Bitcoin has stabilized above $90,000, prompting BTIG analysts to forecast a potential advance toward $100,000. Jonathan Krinsky of BTIG said the cryptocurrency is positioned for a continued reflex rally, supported by historical patterns showing momentum typically builds after late November. The firm also highlighted Strategy (formerly MicroStrategy) as a mean reversion trading candidate, maintaining a buy rating with a $630 price target.

S&P Global downgraded Tether's USDT stablecoin to a rating of 5 (weak), the lowest on its assessment scale, citing persistent disclosure gaps regarding custodians and counterparties. The rating agency highlighted concerns about high-risk asset allocations including Bitcoin, gold, corporate bonds, and secured loans. Tether CEO Paolo Ardoino dismissed the assessment, stating that traditional credit rating methodologies do not apply to digital asset issuers.

Bitcoin has maintained support above $80,000 since dropping to that level on November 21. On-chain data show institutional wallets reducing positions while mid-sized holders accumulate. Technical indicators point to weakening selling pressure, though distribution from large whale cohorts continues.