1. Valuation pressure on Bitcoin treasury companies continues to intensify.
Valuation pressures on Bitcoin Treasury Companies continue to intensify. Currently, at least 37 of the top 100 Bitcoin Treasury Companies (approximately 40%) have seen their share prices fall below the net asset value (NAV) of their Bitcoin holdings. Macro analyst Alex Kruger describes this pattern as a "distorted structure," drawing parallels to the situation before the Grayscale Bitcoin Trust premium collapse in 2020. With share prices below NAV, these companies are finding it difficult to raise funds through share issuance without diluting shareholder value, rendering the treasury expansion model essentially ineffective. Several leading companies, including MicroStrategy, are currently trading at a discount of approximately 17%, and the market widely anticipates that the sector may be entering a consolidation and merger phase.
2. Zach Pandl, Head of Research at Grayscale: 2026 may usher in the "institutional era" for cryptocurrencies.
In a CNBC interview, Zach Pandl, head of research at Grayscale, stated that 2026 could usher in an "institutional era" for cryptocurrencies, and predicts that Bitcoin will reach a new all-time high in the first half of 2026. Driving factors include rising global macroeconomic demand for alternative stores of value, expectations of a weaker dollar, potential interest rate cuts by the Federal Reserve, and progress in bipartisan legislation regarding the structure of the crypto market.
3. Report: Over 160 trillion won of crypto funds will flow out of South Korea by 2025.
Due to regulatory restrictions that limit domestic centralized exchanges (CEXs) to primarily spot trading, South Korean investors are projected to transfer over 160 trillion won (approximately $110 billion) in crypto assets from domestic exchanges to overseas platforms by 2025. During the same period, South Korean investors will contribute approximately 4.77 trillion won (approximately $3.36 billion) in transaction fees to overseas CEXs, primarily flowing to platforms such as Binance, Bybit, OKX, Bitget, and Huobi, with Binance accounting for approximately 57.7%.
4. Cryptocurrency phishing attack losses decreased significantly by 83% in 2025, falling to $83.85 million.
Cryptocurrency phishing attack losses plummeted 83% in 2025, falling to $83.85 million, far below the nearly $494 million in 2024. The number of victims also decreased significantly to 106, a 68% year-over-year decline. In the third quarter of 2025, Ethereum's strong rebound led to a record high of $31 million in phishing losses, accounting for nearly 29% of total annual losses. The report also noted that attacks based on malicious signatures, such as EIP-7702, began to emerge after Ethereum's Pectra upgrade, demonstrating attackers' rapid adaptation to protocol-level changes.
