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Coinbase : Open interest hits record high in 2025.
Coinbase reported that open interest reached a new high in 2025. Perpetual futures open interest reached $1 billion in June. US futures open interest reached $1 billion in July. Derivatives options open interest reached $60 billion in October.
BitMine increased its holdings by 44,463 ETH last week, bringing its total holdings to over 4.11 million ETH.
According to the latest announcement released by Ethereum treasury company BitMine on December 29, BitMine increased its holdings by 44,500 ETH last week, bringing its total holdings to 4,110,525 ETH, which is 3.41% of the total Ethereum supply (120.7 million ETH).
In addition, BitMine holds 193 BTC; $23 million worth of Eightco Holdings (NASDAQ: ORBS) shares; and a total of $1 billion in cash. Public data shows that BitMine has purchased nearly 1.46 million ETH since October.
Bitmine has staked over 408,600 ETH; if cross margin staked, daily profits would exceed $1 million.
Bitmine announced that it is partnering with three staking service providers to advance its commercialized MAVAN (Made in America Validator Network) validator network, with plans for a full launch in 2026.
As of December 28, 2025, Bitmine had staked 408,627 ETH, worth approximately $1.2 billion at an ETH price of $2,948, representing only a small fraction of its 4.11 million ETH holdings. The current CESR (Combined Ethereum Staking Yield) is 2.81%.
Fundstrat founder Tom Lee stated that if Bitmine's ETH is fully staked by MAVAN and its partners in the future, the annualized staking yield would be approximately $374 million based on a 2.81% CESR, with daily yields exceeding $1 million.
Strategy (stock code: MSTR) has officially purchased 225,027 bitcoins so far this year.
According to market sources, Strategy (stock code: MSTR) has officially purchased 225,027 Bitcoins so far this year, which is 1.3 times the total amount of Bitcoin mined throughout the year.
[Opinion: 2026 may see a "Crypto Winter," but institutionalization and on-chain transformation are accelerating.]
In his latest year-end report, Cantor Fitzgerald pointed out that Bitcoin may be entering a downward cycle that could last for several months, and the market may be heading into the "Crypto Winter" of 2026 ahead of schedule.
Analyst Brett Knoblauch believes that Bitcoin has fallen from its recent high for about 85 days, and the price may continue to be under pressure, even testing Strategy's average cost line of about $75,000.
However, unlike previous cycles, this downturn is unlikely to be accompanied by large-scale liquidations or a systemic collapse. Cantor points out that the current market is dominated by institutions rather than retail investors, and the "divergence" between token price performance and on-chain fundamentals is widening, especially in the DeFi, tokenized assets, and crypto infrastructure sectors.
From a regulatory perspective, the passage of the U.S. Digital Asset Markets Clarity Act is seen as a key turning point, expected to reduce policy uncertainty and encourage banks and asset management institutions to participate more deeply in the crypto market.
Cantor concludes that while a new bull market may not arrive in 2026, the institutionalization, compliance pathways, and on-chain infrastructure of the crypto industry are gradually being strengthened as prices cool down.
[Hyperliquid Labs is about to conduct its first HYPE distribution; 1.2 million tokens have been unstaking]
Hyperliquid Labs is about to conduct its first round of HYPE token distribution. Approximately 1.2 million HYPE tokens (worth approximately $31.2 million) have been unstaking and will be distributed to team members on January 6.
HYPE officially launched via community airdrop in November 2024. Approximately 23.8% of the total supply was reserved for core contributors, with these tokens to be unlocked gradually. The total supply of HYPE is capped at 1 billion tokens. Currently, approximately 238.4 million HYPE tokens are in circulation. HYPE is currently trading at around $26, with a market capitalization of $6.2 billion and a fully diluted market capitalization of $25.1 billion. Over 61% of HYPE tokens remain locked.
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