Market Overview (24h)

Spot Price Action

Bitcoin traded in a volatile $85,450–$88,711 range on Friday (UTC), ending at $85,450.33 — down 0.71% from Thursday’s $86,064.95 close. The recent bounce was triggered by Bank of Japan’s policy rate hike, which paradoxically reassured markets that U.S. rates would not rise further; however, BTC failed to hold gains and retraced within the broader 14-month correction (down 14.85% YoY from $100,355.60). Ethereum rose 4.1% to $2,953, marking a rare bright spot among major assets; Solana fell 4.43% to $117.65, while XRP and BNB declined 3.58% and 2.38% respectively. Global market cap increased 2.9% to $2,974.98B, but remains 8 months’ low territory, erasing much of 2025’s year-to-date gains.123456

Derivatives Snapshot

Liquidations totaled $344M over 24 hours, with long positions bearing the brunt: Bitcoin saw $178M liquidated (65.59% longs), Ethereum $132M (58.32% longs), and Solana $34.29M (82.51% longs). The cascading forced exits underscore retail over-leverage. Deribit’s $55.76B Bitcoin options open interest clusters heavily around the December 26 expiry, with max pain near $100,000 and a $23B+ notional at that strike. Funding rates remain slightly negative across perpetual swaps, signaling a bearish bias. The Fear \& Greed Index sits at 16 — extreme fear — reflecting capitulation sentiment.789101112

Top Headlines

CFTC Historic Spot Crypto Trading Approval (Dec 4, 2025) — Medium Risk

On December 4, the U.S. Commodity Futures Trading Commission announced the first-ever federal green light for spot Bitcoin and Ethereum trading on CFTC-registered futures exchanges, effective immediately. Bitnomial began trading the first listed spot BTC product the week of December 8, marking a regulatory watershed moment. The approval signals the Trump administration’s pro-crypto pivot and reclaims U.S. market leadership after years of offshore-centric venue clustering. Retail leverage is now permitted on regulated venues, with full surveillance and custody protections. This eliminates the unregulated spot market’s information asymmetry and positions traditional financial infrastructure to absorb institutional inflows that previously scattered across unregulated offshore exchanges.1314

Bank of Japan Rate Hike Volatility (Dec 19, 2025) — High Risk

The BOJ’s rate-hike decision triggered $130B+ in intraday spot swings and dragged Bitcoin from $85,200 to $88,000 in five hours. The move was initially read as risk-on — fewer rate hikes ahead — but retail liquidations and macro uncertainty reversed the momentum. Past BOJ hikes in 2024–2025 preceded BTC declines of 23%, 26%, and 31%, and analysts warned the Yen carry-trade unwind posed systemic risk to all risk assets.1516417

U.S. CPI Data Misread (Dec 19, 2025) — Medium Risk

The Labor Department released November Consumer Price Index figures showing gains below forecast, sparking a brief rally in BTC and equities. However, the data was collected under unusual conditions — a partial government shutdown and heavy Black Friday discounting — making month-over-month comparisons unreliable. Markets initially rallied but quickly reversed, as traders recognized the disinflationary signal was transient rather than structural. The episode underscores how macro volatility and data quality issues can trigger false breakouts.4

Crypto Market Cap Plunges to 8-Month Low (Dec 18, 2025) — High Risk

The global cryptocurrency market capitalization fell to its lowest level in eight months, obliterating most of 2025’s gains. Bitcoin is down 14.85% YoY and 30% from its October ATH of $126,080. The decline reflects a combination of tighter monetary expectations, Yen carry-trade unwinding, retail capitulation, and options clustering — all pointing to a bearish momentum trap.2514

Extreme Liquidation Cascade (Dec 18, 2025) — High Risk

In the 24 hours following the Fed’s December policy decision, nearly $1.2B in leveraged derivatives positions were liquidated across all assets, with over $1 billion in longs wiped out. This auto-liquidation dynamics amplified downside and signaled leveraged traders were caught off-guard by hawkish Fed guidance on 2026 rate-cut pace.18

North Korea Steals Record $2.02B in Crypto (Dec 18, 2025) — High Risk

Blockchain intelligence firm Elliptic and NBC News reported that North Korea-linked hackers stole approximately $2.02B in cryptocurrency in 2025, marking a second consecutive year record. The majority of the 2025 total stems from the Bybit exchange breach in February, in which threat actors affiliated with North Korea’s elite cyber unit stole ~$1.5B primarily in Ethereum via a phishing attack on the exchange’s Safe multisig wallet. This consolidation of hacking around social-engineering attacks (rather than technical exploits) highlights the shift in attack vector toward human factors.1920

Exchange Announcements

Bitnomial Spot Bitcoin Launch (Dec 8, 2025)

Bitnomial self-certified and launched the first CFTC-registered spot Bitcoin trading venue during the week of December 8, 2025, marking the historic debut of federally regulated spot crypto on U.S. exchanges.13

Pi Network Whale Activity (Dec 19, 2025)

A whale moved 70M Pi Coins off OKX during heightened speculation over a potential Binance listing, with the address now holding 155M Pi — the largest single account on any exchange.21

Stablecoin Flows Quiet (Nov 2025 Snapshot)

USDT maintained consistent $30–50B weekly transfer volumes in Q3 2025, while USDC processed $10–25B weekly (per Crystal Intelligence and Stablecoin Insider reports). USDC processed $465.1B in November total, with an average daily volume of $15.5B and near-perfect peg stability (99.99 average closing price).22

Government / Law \& Regulation

CFTC Regulatory Clarity Wave (Dec 4–12, 2025)

The CFTC under Acting Chair Caroline Pham announced multiple no-action letters and guidance clarifications:

  • Dec 12: Approved cross-margining exemption for CME and Fixed Income Clearing Corporation (Treasury market reforms).23
  • Dec 11: Issued no-action positions on swap data reporting and event contracts for designated contract markets and DCOs.23
  • Dec 9: Harmonized three separate “U.S. person” definitions across the Dodd-Frank cross-border swaps framework, reducing 15 years of regulatory uncertainty.23

SEC Streamlines Crypto ETF Approval (Effective Sep 2025 onward)

The SEC adopted new listing standards that replace case-by-case 19(b)4 filings with a general template, reducing approval timelines from 270 days to ~75 days. Sixteen spot crypto ETFs (primarily Solana, XRP, and other top-10 assets) are at 100% approval odds as of late September 2025. Analysts expect approvals to accelerate in Q1 2026, potentially unlocking $80B+ in institutional flows.242526

Senate Bipartisan CFTC Authority Expansion (Nov 2025)

The Senate Agriculture Committee released a discussion draft (Boozman-Booker) proposing expanded CFTC authority over digital commodities, following House passage of the CLARITY Act in July. The proposal harmonizes SEC/CFTC jurisdiction and is expected to advance in early 2026.27

Research \& Technical Reports

Bitcoin Covenant Opcodes Gaining Momentum (Galaxy Research, Dec 18, 2025)

Galaxy Research published an in-depth analysis of OP_CAT (BIP 347) and OP_CTV (BIP 119), two proposed Bitcoin soft-fork upgrades that would enable covenant functionality (spending conditions on transaction outputs). The report predicts Bitcoin Core developers will reach consensus on one of the two in 2025, though actual activation may take 1–2 years due to the extensive BIP governance process. Use cases include trustless Bitcoin L1–L2 bridges, self-custody vaults, and Lightning Network improvements. The proposals remain contentious among developers over security implications, but momentum is building among influencers and application builders.28

Ethereum Dencun Upgrade Live (Dec 3, 2025 activation)

The Dencun hard fork (combining Cancun execution-layer and Deneb consensus-layer changes) went live on Ethereum mainnet at block 269,568, introducing proto-danksharding (EIP-4844) and “blob” data structures. The upgrade reduces Layer 2 transaction fees by 10–100x, improves scalability, and paves the way for full danksharding in future roadmap phases. Early adoption among Arbitrum, Optimism, and other L2s is expected in Q1 2026.29

TON-Telegram Exclusive Partnership Expansion (Jan 2025; active through 2025)

The TON Foundation and Telegram announced an exclusive blockchain partnership in January 2025, making TON the sole blockchain infrastructure for Telegram’s Mini Apps ecosystem (950M+ monthly active users). All blockchain-enabled Mini Apps must use TON Connect as the exclusive wallet protocol by February 2025. This represents a critical distribution moat for TON and positions it as the default on-ramp for Telegram’s user base into Web3.30

Security Incidents

Bybit $1.5B Breach (Feb 2025) — High Impact

North Korea-linked threat actors (attributed by U.S. Secret Service to the Lazarus Group) exploited a phishing attack on Bybit’s Safe multisig wallet, stealing approximately $1.5B primarily in Ethereum. The breach was the largest single hack of 2025 and remains under investigation by international law enforcement.2019

2025 Crypto Theft Consolidated Tally: $3.4B YTD

Chainalysis reported that cryptocurrency theft across all channels (CEX hacks, DeFi exploits, bridges, and social engineering) reached $3.4B in 2025. The top 15 confirmed incidents include:31

  • Bybit (Feb): $1.4B (Safe multisig phishing)
  • Cetus DEX (May): $223M (spoof token exploit)
  • Balancer DeFi (Nov): $128M (Safe phishing)
  • Bitget (Apr): $100M (market-making bot exploit)
  • Phemex (Jan): $85M (private key compromise)
  • Nobitex (Jun): $82M (hot wallet)
  • Others combined: ~$800M across smaller platforms and protocols.32

Social Engineering Dominance: Unlike prior years’ technical exploits, 2025’s hacks shifted toward human-factor attacks — phishing, insider compromise, and credential theft — indicating improved smart contract security but weakening operational security at exchanges.20

What to Watch (Next 24–72h)

  1. Bitcoin December 26 Options Expiry ($23B+ notional): Max pain at $100K; gamma concentration $86K–$110K. If spot drifts into this corridor, dealer hedging may amplify moves. Post-expiry unwind (Dec 27–31) could reset volatility regime.
  2. U.S. Trading Hours Pattern: Repeated pattern of overnight Asia rallies reversing during North American session; watch Dec 20–21 opens for repeated pressure.
  3. ETF Flows Reversal Risk: BTC and ETH spot ETFs saw inflows ($161M and $96.62M respectively for the week ending Dec 19), but end-of-year tax-loss harvesting and rebalancing could flip flows negative on any sharp pullback.
  4. Macro Calendar: FOMC speakers (Dec 20–26), Personal Consumption Expenditures (PCE) core inflation data, CME FedWatch updates. Any dovish Fed signal could reignite risk-on; hawkish guidance risks renewed liquidations.
  5. Regulatory Catalyst: SEC/CFTC joint statement on crypto ETF wave (expected Jan 2026); Solana and XRP spot ETF approvals likely in Q1 2026, could unlock $50B+ in new institutional inflows.

Confidence Statement: Medium confidence. Market remains in a correction phase (30% below October peak) with sellers dominant and liquidation cascades ongoing. Regulatory tailwinds (CFTC spot trading, SEC ETF streamlining) contrast sharply with macro headwinds (yen carry unwind, hawkish Fed, inflation uncertainty). Options concentration at $100K creates binary risk; break above or below will depend on macro data and Fed communication in the final week of December. 33343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145146147148149150151152153154

⁂

Generated by

  1. https://www.binance.com/en/square/post/12-19-2025-crypto-news-today-crypto-market-cap-drops-to-eight-month-low-as-analysts-warn-of-further-downside-33922436663689 ↩ ↩2

  2. https://ycharts.com/indicators/bitcoin_price ↩ ↩2

  3. https://finance.yahoo.com/quote/BTC-USD/history/ ↩

  4. https://finance.yahoo.com/news/why-crypto-today-december-19-115734150.html ↩ ↩2 ↩3 ↩4

  5. https://www.morningstar.com/news/marketwatch/20251219147/bitcoin-will-climb-to-143000-according-to-this-wall-street-forecast ↩ ↩2

  6. https://crypto.news/crypto-prices-today-btc-sol-xmr-wlfi-boj-rate-2025/ ↩

  7. https://coincodex.com/article/78640/ethereum-prediction-december-15-2025/ ↩

  8. https://cryptorank.io/news/feed/9013d-crypto-liquidations-longs-majority ↩

  9. https://coinmarketcap.com/academy/article/bitcoin-funding-rates-hit-3-year-lows-after-historic-liquidation ↩

  10. https://www.onesafe.io/blog/understanding-crypto-futures-liquidations-insights-strategies ↩

  11. https://cryptoslate.com/bitcoins-55-billion-options-market-is-now-obsessing-over-one-specific-date-that-forces-a-100000-showdown/ ↩

  12. https://www.bloomberg.com/news/articles/2025-12-18/bitcoin-volatility-rises-ahead-of-23-billion-options-expiration ↩

  13. https://zebpay.com/blog/cftc-greenlights-spot-bitcoin-trading-on-u-s-regulated-exchanges ↩ ↩2

  14. https://www.bloomberg.com/news/articles/2025-12-04/cftc-paves-way-for-spot-crypto-trading-on-registered-exchanges ↩

  15. https://www.coindesk.com/markets/2025/12/19/bitcoin-ether-pop-higher-as-japan-rate-hike-lifts-asian-risk-appetite ↩

  16. https://www.coindesk.com/markets/2025/12/19/crypto-markets-today-bitcoin-rallies-on-japan-rate-hike-as-futures-traders-pile-in ↩

  17. https://www.kucoin.com/news/flash/crypto-expert-predicts-btc-price-crash-on-december-19-amid-bank-of-japan-rate-hike ↩

  18. https://www.coindesk.com/markets/2024/12/19/bitcoin-dips-below-98-k-while-coin-desk-20-plunges-10-amid-fed-spurred-rout-sol-surrenders-post-election-rally ↩

  19. https://www.nbcnews.com/tech/crypto/north-korea-stole-billions-crypto-2025-new-research-says-rcna249738 ↩ ↩2

  20. https://www.elliptic.co/blog/north-korea-linked-hackers-have-already-stolen-over-2-billion-in-2025 ↩ ↩2 ↩3

  21. https://www.binance.com/en/square/hashtag/okx ↩

  22. https://stablecoininsider.org/usdc-november-2025-market-report/ ↩

  23. https://www.gibsondunn.com/derivatives-legislative-and-regulatory-weekly-update-december-12-2025/ ↩ ↩2 ↩3

  24. https://www.reuters.com/legal/government/crypto-etfs-set-flood-us-market-regulator-streamlines-approvals-2025-09-24/ ↩

  25. https://blockchaintechnology-news.com/news/sec-crypto-etf-approval-process-guidance/ ↩

  26. https://www.cftc.gov/PressRoom/PressReleases ↩

  27. https://www.jdsupra.com/legalnews/december-2025-crypto-update-new-changes-6369348/ ↩

  28. https://www.galaxy.com/insights/research/bitcoins-next-major-upgrade-op-cat-and-op-ctv ↩

  29. https://www.coinmetro.com/learning-lab/ethereum-dencun-upgrade ↩

  30. https://blog.ton.org/ton-telegram-exclusive-partnership-2025 ↩

  31. https://www.chainalysis.com/blog/crypto-hacking-stolen-funds-2026/ ↩

  32. https://www.binance.com/en/square/post/33423919795538 ↩

  33. https://arxiv.org/pdf/2103.03851.pdf ↩

  34. https://arxiv.org/pdf/2111.03859.pdf ↩

  35. http://arxiv.org/pdf/2408.03426.pdf ↩

  36. https://arxiv.org/pdf/2502.03718.pdf ↩

  37. https://www.bitget.com/news/detail/12560604389611 ↩

  38. https://changelly.com/blog/cardano-ada-price-predictions/ ↩

  39. https://cryptorank.io/news/feed/0f69c-price-analysis-sol-ton-ada-and-atom-identify-next-movements ↩

  40. https://ccsenet.org/journal/index.php/ijef/article/view/0/51382 ↩

  41. https://acopen.umsida.ac.id/index.php/acopen/article/view/11178 ↩

  42. https://onlinelibrary.wiley.com/doi/10.1111/fire.70026 ↩

  43. https://www.tandfonline.com/doi/full/10.1080/02102412.2025.2512615 ↩

  44. https://www.mdpi.com/2813-4168/3/4/28 ↩

  45. http://www.ijirss.com/index.php/ijirss/article/view/5043 ↩

  46. https://isjem.com/download/a-study-of-investor-sentiment-and-market-volatility-during-the-covid-19-pandemic/ ↩

  47. https://dx.plos.org/10.1371/journal.pone.0332216 ↩

  48. https://link.springer.com/10.1007/s11135-025-02163-1 ↩

  49. https://www.tandfonline.com/doi/full/10.1080/15567249.2025.2568463 ↩

  50. https://linkinghub.elsevier.com/retrieve/pii/S1544612321001306 ↩

  51. https://arxiv.org/pdf/2302.11371.pdf ↩

  52. https://pmc.ncbi.nlm.nih.gov/articles/PMC9019510/ ↩

  53. http://arxiv.org/pdf/2411.13586.pdf ↩

  54. https://journals.vilniustech.lt/index.php/TEDE/article/download/18557/11595 ↩

  55. http://arxiv.org/pdf/2109.01214.pdf ↩

  56. http://arxiv.org/pdf/2501.05232.pdf ↩

  57. https://www.mexc.co/en-IN/news/301427 ↩

  58. https://www.reddit.com/r/Blofin/comments/1pqiby9/crypto_market_data_december_19_2025/ ↩

  59. https://coingape.com/cryptocurrency-market-today-dec-19-btc-falls-below-100k-altcoins-crash-after-fed-rate-cut/ ↩

  60. https://finance.yahoo.com/quote/XRP-ETH/history/ ↩

  61. https://www.coindesk.com/markets/2025/12/19/can-bitcoin-break-the-curse-u-s-trading-hours-selloffs ↩

  62. https://enigma.or.id/index.php/economy/article/view/91 ↩

  63. https://www.semanticscholar.org/paper/873667aaf754bd409d143285d17c2ba3ce5468fe ↩

  64. https://www.ssrn.com/abstract=3284241 ↩

  65. https://arxiv.org/abs/2211.15260v2 ↩

  66. https://downloads.hindawi.com/journals/ddns/2024/8066742.pdf ↩

  67. https://arxiv.org/pdf/2409.00270.pdf ↩

  68. https://linkinghub.elsevier.com/retrieve/pii/S1544612324007773 ↩

  69. https://arxiv.org/pdf/2411.06327.pdf ↩

  70. https://arxiv.org/pdf/2101.01261.pdf ↩

  71. https://arxiv.org/pdf/2102.04591.pdf ↩

  72. https://www.kucoin.com/news/flash/u-s-cftc-withdraws-outdated-crypto-guidance-paves-way-for-spot-trading-on-regulated-exchanges ↩

  73. https://crystalintelligence.com/thought-leadership/usdt-maintains-dominance-while-usdc-faces-headwinds/ ↩

  74. https://blockchain.bakermckenzie.com/2025/12/10/cftc-announcement-paves-the-way-for-spot-crypto-trading-on-u-s-regulated-exchanges/ ↩

  75. https://finance.yahoo.com/news/why-stablecoin-market-caps-keep-101833882.html ↩

  76. https://www.deribit.com ↩

  77. https://www.researchprotocols.org/2025/1/e76971 ↩

  78. http://www.tandfonline.com/doi/abs/10.1080/10448632.2011.570584 ↩

  79. https://www.semanticscholar.org/paper/047c8f4cc73e0e4e54b8cb6e6ce2f05f5269d1d4 ↩

  80. https://arxiv.org/pdf/2207.06870.pdf ↩

  81. https://arxiv.org/abs/2409.19622v1 ↩

  82. http://arxiv.org/pdf/1510.02037v2.pdf ↩

  83. http://arxiv.org/pdf/2410.16965.pdf ↩

  84. https://downloads.hindawi.com/journals/scn/2023/6169933.pdf ↩

  85. http://arxiv.org/pdf/2409.02650.pdf ↩

  86. http://arxiv.org/pdf/2409.08951.pdf ↩

  87. https://journaljemt.com/index.php/JEMT/article/view/632 ↩

  88. https://www.mdpi.com/2674-1032/4/3/51 ↩

  89. https://ieeexplore.ieee.org/document/11265211/ ↩

  90. https://www.tandfonline.com/doi/full/10.1080/23322039.2024.2437022 ↩

  91. https://aledari.ram.gov.om/en/co-movements-of-the-top-cryptocurrencies-new-insights-from-waveletcoherence-analysis/ ↩

  92. https://www.semanticscholar.org/paper/e06f293e8c2fd743cafc996db4eed3907e217cde ↩

  93. https://arxiv.org/pdf/2502.19349.pdf ↩

  94. https://www.mdpi.com/1911-8074/12/2/103/pdf ↩

  95. http://arxiv.org/pdf/1802.09959.pdf ↩

  96. https://arxiv.org/pdf/2410.06935.pdf ↩

  97. https://iieta.org/journals/mmep/paper/10.18280/mmep.100641 ↩

  98. https://linkinghub.elsevier.com/retrieve/pii/S1057521924005490 ↩

  99. https://peerj.com/articles/cs-279 ↩

  100. https://peerj.com/articles/cs-2675 ↩

  101. https://www.financemagnates.com/cryptocurrency/crypto-industry-in-2025-five-defining-trends-and-one-prediction-for-2026/ ↩

  102. https://coinranking.com/coins/gainers ↩

  103. https://coinmarketcap.com/currencies/ethereum/eth/btc/ ↩

  104. https://www.cnbc.com/2025/12/02/bitcoin-rebounds-after-drawdown-hits-20percent-is-the-crypto-winter-over-or-just-starting-.html ↩

  105. https://coinmarketcap.com/gainers-losers/ ↩

  106. https://finance.yahoo.com/quote/BTC-ETH/history/ ↩

  107. https://www.coingecko.com/en/crypto-gainers-losers ↩

  108. https://freecurrencyrates.com/en/exchange-rate-history/ETH-BTC/2025 ↩

  109. https://jurnal.polibatam.ac.id/index.php/JAIC/article/view/10589 ↩

  110. https://www.mdpi.com/2227-9091/13/10/195 ↩

  111. https://hstalks.com/doi/10.69554/FOHU8780/ ↩

  112. https://dergipark.org.tr/en/doi/10.30518/jav.1746107 ↩

  113. https://journal.unj.ac.id/unj/index.php/statistika/article/view/54812 ↩

  114. https://journal.unram.ac.id/index.php/jfn/article/view/7565 ↩

  115. https://arxiv.org/abs/2504.20088 ↩

  116. https://journal.stmiki.ac.id/index.php/jpni/article/view/1617 ↩

  117. https://arxiv.org/pdf/2311.06280.pdf ↩

  118. https://arxiv.org/abs/2106.12961 ↩

  119. https://arxiv.org/pdf/2303.09397.pdf ↩

  120. https://joiv.org/index.php/joiv/article/download/943/466 ↩

  121. https://arxiv.org/pdf/2407.17930.pdf ↩

  122. https://arxiv.org/pdf/2501.13136.pdf ↩

  123. https://www.blockchain.com/prices ↩

  124. https://coingape.com/crypto-prices-today-december-20-btc-at-97k-move-gains-30-zerebro-rises-56/ ↩

  125. https://www.coingecko.com ↩

  126. https://polymarket.com/event/bitcoin-price-on-december-20/will-the-price-of-bitcoin-be-between-92000-94000-on-december-20 ↩

  127. https://www.binance.com/en/price ↩

  128. https://macalesterstreet.org/index.php/journal/article/view/91 ↩

  129. https://www.emerald.com/ajim/article/77/6/1223/1267791/Investigating-fake-financial-news-a-systematic ↩

  130. https://sk.sagepub.com/cqpress/federal-regulatory-guide-18e/i3706.xml ↩

  131. https://www.semanticscholar.org/paper/1a202ce3b60fc7d9a758c15bc6a5d66eb394b390 ↩

  132. https://www.semanticscholar.org/paper/afdbcf9e2daa6b22580e6e3ec535bf4189aed8e8 ↩

  133. https://www.semanticscholar.org/paper/1ed3bb3667db5f41d1ea94aefd8c45c8143aff98 ↩

  134. https://www.semanticscholar.org/paper/cb82889df3970c518250e5af1475624f34a3523e ↩

  135. https://www.semanticscholar.org/paper/82061852652b155c3f408502d990f988a37e07fc ↩

  136. http://www.cfapubs.org/doi/full/10.2469/cfm.v21.n6.19 ↩

  137. https://www.semanticscholar.org/paper/643cbea0528ee5bc0b20e73fd6dfc03cf0bb911b ↩

  138. https://journals.sagepub.com/doi/pdf/10.1177/0003603X221082742 ↩

  139. https://www.mdpi.com/2813-2432/2/4/20/pdf?version=1696645437 ↩

  140. https://www.mdpi.com/1911-8074/15/3/118/pdf?version=1646362512 ↩

  141. https://linkinghub.elsevier.com/retrieve/pii/S2950370124000026 ↩

  142. https://arxiv.org/abs/2412.02452 ↩

  143. https://journals.library.columbia.edu/index.php/CBLR/article/download/11901/6019 ↩

  144. https://osf.io/wt6vb/download ↩

  145. https://www.cambridge.org/core/services/aop-cambridge-core/content/view/AA573CDC2B76E14B441A4858167A18FF/S0008197324000515a.pdf/div-class-title-digitising-the-uk-securities-market-the-case-against-and-a-proposal-to-enfranchise-indirect-investors-div.pdf ↩

  146. https://www.icij.org/investigations/coin-laundry/cryptocurrency-exchanges-binance-okx-money-laundering-crime/ ↩

  147. https://www.lw.com/en/us-crypto-policy-tracker/regulatory-developments ↩

  148. https://www.binance.com/en/square/hashtag/OKX ↩

  149. https://www.coindesk.com/news-analysis/2025/11/02/november-could-be-the-new-october-for-u-s-crypto-etfs-after-shutdown-delays-sec-decisions ↩

  150. https://finance.yahoo.com/news/sec-approval-odds-16-spot-122402326.html ↩

  151. https://arxiv.org/pdf/2203.09843.pdf ↩

  152. https://arxiv.org/pdf/1605.07524.pdf ↩

  153. https://dl.acm.org/doi/pdf/10.1145/3576915.3616674 ↩

  154. https://arxiv.org/html/2410.02029v2 ↩