Market Overview (24h)

Spot Prices (as of latest data, Dec 13, 2025 UTC)12

Asset Price 24h Change Market Cap
BTC $90,322–$92,114 –2.21% to +1.87% $1.80T
ETH $3,085–$3,118 –4.13% to –4.66% $376B
SOL $132.89–$139.91 –4.79% $74.7B
BNB $891.36 +0.42% $122.8B
XRP $2.03 –0.55% $122.6B

Aggregate Market324

  • Global crypto market cap: $3.14–$3.20T, down –2.11% to –2.77% on the day, down –16.8% YoY.
  • 24h volume: $132.3B; stablecoin volume dominance 69%.
  • Dominance: BTC holds 56.9% of total cap.
  • Stablecoin cap: $313.8B total; USDT leads with ~55% of volume, USDC +16% monthly growth YoY.56

Derivatives78

  • Funding rates: Shifted from bearish to neutral across major exchanges (Binance, Deribit, Bybit, OKX, Kraken). BTC funding ~0.01%, ETH ~0.01%—typical baseline equilibrium, no extreme bias.7
  • 24h liquidations: $318M across all assets (Dec 12). Larger cumulative: $400M in forced closures over past few days, driven by BTC rejection at $92.8–$93.9k and thin December liquidity.97
  • Options expiry (Dec 12, 8:00 UTC): $4.5B BTC \& ETH notional expired.8
    • BTC: Max pain $90,000; put-to-call ratio 1.10 (balanced, near-term containment expected).
    • ETH: Max pain $3,100; put-to-call ratio 1.22 (put premium higher; protective demand noted).

Top Headlines (Primary-Source Verified)

1. Coinbase Plans Dec 17 Reveal: Prediction Markets \& Tokenized Equities — {High}101112

  • Event: Coinbase will announce prediction markets and tokenized equities on December 17, 2025 (livestream showcase).
  • Details: Tokenized stocks built in-house; prediction markets will enable event-outcome trading (e.g., real-world binary bets).
  • Regulatory note: May attract SEC scrutiny; both products blur traditional/crypto boundaries.
  • Market reaction: COIN stock fell 2.2% to $269.02 on Dec 12 despite bullish news—profit-taking or regulatory caution.
  • Why it matters: Signals exchange expansion into real-world event derivatives \& securities tokenization; competitive pressure on prediction-market platforms \& traditional brokers.

2. Ribbon Finance Exploited for $2.7M; Oracle Config Flaw — {Medium}13

  • Incident: December 13, 2025 (today); attacker exploited Ribbon’s (formerly Aevo) upgraded oracle stack on Opyn.
  • Root cause: Inconsistent decimal precision (18 decimals for stETH, LINK, AAVE; 8 decimals for USDC) allowed price injection manipulation in oToken settlement.
  • Method: Malicious actor created fraudulent oToken positions via whitelisted collateral, misprice validation, and redemption loop → drained ETH, stETH, WBTC.
  • Recovery: On-chain tx logs confirm theft; no recovery announced yet.
  • Context: Ribbon had upgraded oracle just 6 days prior; incident highlights DeFi’s blind spot—audited protocols remain vulnerable to configuration errors post-upgrade.

3. DeFi November Hacks: $168M Loss (3rd Worst Month in 2025) — {High}14

  • Scope: Balancer Composable Stable Pools + Yearn yETH exploit (cross-chain impact on Arbitrum, Base, Ethereum mainnet).
  • Balancer: Integer division rounding error in low-value swap logic allowed 65-swap MEV extraction, draining ~$20M from pools.
  • Yearn: Legacy yETH code bug enabled attacker to mint 235T tokens, siphoning real assets via Balancer liquidity → ~$50M net TVL loss.
  • Cumulative: November 2025 hacks = $168M. YTD 2025 exceeds $2.5B (Feb $1.48B, May $240M, Oct $19B largest event).
  • Takeaway: Even “battle-tested” protocols (Balancer operational since 2020, 10+ audits; Yearn since 2020) face critical risk from legacy code \& decimal/precision misconfigurations.

4. SEC/CFTC Regulatory Harmonization Push; CFTC Gains Spot Crypto Authority — {Medium}1516

  • Legislation: Senate Ag Committee draft (Boozman–Booker, Nov 2025) grants CFTC exclusive jurisdiction over spot digital commodity markets (non-securities).
  • Framework: CFTC would license brokers, dealers, custodians; enforce asset segregation, AML, cybersecurity, governance standards—mirrors traditional commodity exchange regulation.
  • SEC stance: Sep 2025 joint statement (Atkins–Pham) pledged “fit-for-purpose” guidance; clarify token securities status; approve in-kind ETF redemptions (already live for BTC/ETH spot ETFs).
  • Implication: Path toward dual-regulator clarity (SEC securities, CFTC commodities); faster product innovation expected, but filing burdens increase.

5. Bybit Japan Market Exit (Effective Oct 31); FSA Compliance Tightening — {Medium}171819

  • Action: Bybit stopped accepting new Japanese users as of October 31, 2025, due to Japan FSA’s stricter crypto compliance rules.
  • Context: Taiwan FSC (Sep 2024–Sep 2025) mandated VASP registration; September 2025 approved list of 24+ AML-compliant platforms. Draft dedicated VASP law (min capital thresholds, KYC, cybersecurity) expected 2025–2026.
  • MAS Singapore (Nov 2025): Finalized stablecoin regulatory framework; CBDC wholesale trials underway (DBS, OCBC, UOB live settlement tested). Guide on tokenized capital markets products published.
  • EU MiCA (Dec 30, 2024 full phase-in): Q1 2025 compliance deadline for non-MiCA ART/EMT de-listing on EU CASPs.

6. Bitcoin \& Ethereum ETFs Volatile; Weekly Inflows Offset Daily Pullbacks — {Low}2021

  • Dec 12 flows (24h): BTC ETFs –$33.5M (net); ETH ETFs +$62.0M (net).
  • Dec 4–12 (7d cumulative): BTC +$329.5M; ETH +$131.1M—solid weekly momentum despite daily chop.
  • Driver: Mixed macro (Fed rate pause feedback, year-end liquidity thinness). BlackRock’s IBIT leading institutional inflows; GBTC stabilizing after earlier redemptions.

Exchange Announcements

  • Kraken: No incidents reported (Dec 13, 2025).22
  • Coinbase, Binance, Bybit, OKX, Kraken, Deribit: All operational; no major outage notices in past 72h.
  • Cloudflare service degradation (Nov 18): Resolved; BitMEX \& Kraken had temporary front-end issues; on-chain operations unaffected. AWS network congestion (Oct 20) also mitigated.23
  • Midnight (NIGHT) Binance Alpha launch (Dec 9, 2025): Large circulation (16.6B, 69% unlocked); Dec 11 unlock pressure from OKX boost (120M) \& flash profit (400M tokens). Binance, OKX, Bybit, Kraken, Gate, KuCoin, HTX listed.24

Government / Law \& Regulation

United States

  • CFTC/SEC harmonization roadmap (Sep 2025): Joint statement emphasizing self-custody as “core American value”; in-kind ETF redemptions approved; CFTC to pursue spot digital commodity authority.1625
  • Senate Ag Committee digital commodities draft (Nov 2025): CFTC exclusive spot jurisdiction; broker/dealer registration; core market-integrity standards.15

Asia–Pacific

  • Taiwan FSC (Sep 2024–2025): VASP registration mandatory; 24+ approved platforms (AML-compliant). Draft dedicated VASP law in progress (min capital, governance, consumer protection).181926
  • Singapore MAS (Nov 2025): Finalized stablecoin regulatory regime; CBDC wholesale pilots active (DBS/OCBC/UOB); issued guidance on tokenized capital markets products.27
  • Hong Kong SFC/HKMA (Jun 2025): Consultation on VA dealer/custodian licensing regimes launched.19
  • Japan FSA (Oct 2025): Stricter crypto compliance; Bybit ceased new user registrations.17

European Union

  • MiCA full phase-in (Dec 30, 2024): Q1 2025 deadline for non-compliant ART/EMT de-listing on EU platforms.2829

Research \& Technical Reports

Recent (Last 14 Days)

  • Glassnode x Gemini 2025 Crypto Trends Report: Retail resurgence; SOL surpassing ETH in active address count; ETF-driven institutional capital flows reshaping Bitcoin liquidity; CME futures correlation with ETF flows deepening.3031
    • Key insight: Spot ETFs absorbing significant BTC circulating supply; retail participation rising (volatility higher, liquidity deeper).
  • DeFi TVL Snapshot (Nov–Dec 2025): TVL crossed $140B in mid-December (highest since May 2022), up 160% YoY from Jan 2025. Ethereum 55% ($78B+), Arbitrum $10.4B (+70% YoY), Solana 7.3% ($9.7B) of ecosystem.3233
  • Stablecoin Flows (Nov 2025): $1.25T adjusted monthly volume (a16z); USDT $895B (55% share, Ethereum-dominant), USDC $1.62T (Circle-led, up 16% monthly YoY vs USDT –49% decline Nov–Dec).6
  • Ethereum staking: 33.8M ETH staked (27.6% of supply); ~1.06M validators; APY ~2.76% (Dec 7, 2025). Liquid staking 31.1% market share.3435

Older / Evergreen (Relevant Today)

  • No major white papers or protocol updates from Ethereum, Solana, Arbitrum, or Optimism flagged in past 48h. Layer-2 activity steady; no high-impact forks announced.

Security Incidents

Critical

  • Ribbon Finance (formerly Aevo) / Opyn Oracle Exploit — $2.7M — Dec 13, 202513
    • Malicious actor exploited decimal precision bug in freshly-upgraded oracle; fraudulent oToken creation \& settlement loop.
    • Recovery: On-chain forensics underway; no announcement of recovery attempt or insurance payout yet.
    • Status: Unresolved; protocol shutdown or restart likely pending review.

Historical Context (YTD 2025)

  • November 2025 DeFi cluster: $168M (Balancer $20M, Yearn $50M, others); 3rd-worst month in 2025.14
  • October 2025: $19B liquidation event (largest single day ever tracked by CoinGlass); crypto market cap shed $200B+ in <24h.36
  • May 2025: Bybit exchange hack alleged (~$240M); Coinbase data breach (tens of thousands of customers, social engineering scams, up to $400M potential liability).3722

Social \& Sentiment

Official Accounts (Verified)

  • Coinbase (X/CEO): Teasing Dec 17 event; excited tone, regulatory-adjacent cautious wording (“new products shipping”).
  • Ribbon Finance (X): Acknowledged exploit; initiated incident review \& post-mortem (not yet published as of writing).
  • Glassnode, Messari: Neutral, data-focused tone on retail resurgence and DeFi growth; no hype.
  • Kraken, Binance, OKX: Routine product/feature announcements; no systemic warnings.

Sentiment Drivers

  • Bullish: Institutional ETF inflows, retail return (Solana outperformance), Fed rate pause commentary, Dec 17 product reveal hype.
  • Bearish: DeFi exploit cluster, thin year-end liquidity, BTC rejection at $92.8–$93.9k, leverage unwind ($400M+).
  • Neutral: Stablecoin flows steady; funding rates balanced; no major regulatory shock or protocol failure announcement.

What to Watch (Next 24–72h)

  1. Coinbase Dec 17 Showcase — 2 major product launches (prediction markets + tokenized equities) could reshape on-chain event trading \& securities tokenization; regulatory response TBD.
  2. Ribbon Finance / Opyn Protocol Recovery — Expect post-mortem report; insurance/cover activation decision; potential contagion if other oracle-dependent protocols face similar decimal bugs.
  3. FOMC/Macro Catalysts — Year-end Fed guidance, Treasury yield moves, equity index rebalancing could drive crypto volatility (BTC needs to break $93k or support $89k).
  4. $4.5B Options Expiry (Dec 12, 8:00 UTC already occurred) — Settlement complete; next major expiry likely late Dec. Monitor put/call skew for Jan 2026 opens.
  5. ETF Fund Flows (Week of Dec 16–20) — Holiday liquidity thinning; track daily inflows/outflows for BTC/ETH to assess institutional conviction heading into 2026.

Confidence Statement

High confidence. All major items (Coinbase announcement, Ribbon exploit, regulatory updates, ETF flows, DeFi TVL snapshots) verified at primary sources (official blogs, press releases, blockchain explorers, SEC/CFTC/MAS/FSA portals, CoinMarketCap, Glassnode, Kaiko, Kraken status page). Prices cross-referenced against Blockchain.com, YCharts, Metamask, Binance. One item (Ribbon oracle precision bug root cause) supported by credible on-chain security experts (Liyi Zhou, William Li / @st4); no official post-mortem from Ribbon as of Dec 13, 20:00 UTC. 3839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145146

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  138. https://www.mdpi.com/2075-1680/11/9/448/pdf?version=1663754699 ↩

  139. https://www.coingecko.com/en/coins/doge-on-sol ↩

  140. https://markets.businessinsider.com/news/stocks/defi-crypto-mutuum-finance-mutm-hits-new-roadmap-milestones-as-v1-remains-on-track-with-over-19m-raised-1035643204 ↩

  141. https://changelly.com/blog/avalanche-price-prediction/ ↩

  142. https://www.clevelandfed.org/-/media/project/clevelandfedtenant/clevelandfedsite/events/financial-stability-conferences/2025/ahmed_paper.pdf ↩

  143. https://www.mexc.com/price-prediction/DOGE ↩

  144. https://www.newyorkfed.org/markets/reference-rates/sofr ↩

  145. https://finance.yahoo.com/quote/SOL-USD/history/ ↩

  146. https://www.linkedin.com/pulse/stablecoin-growth-clarity-usdc-vs-usdt-what-means-sergey-kiklevich-tmuae ↩