The SAFE Crypto Act

Find out our latest reports, listed below:

• DeepBook - “The Backbone of Sui DeFi Liquidity”

• Premia x Block Scholes: Introducing Kyan

• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

Market Snapshot: Overnight Moves

Daily Updates:

• Against the backdrop of Bitcoin’s pullback from $90,000 to $85,000 in recent days, ETF flows turned negative, with institutional investors withdrawing $634M from Bitcoin ETFs and another $449M from ETH ETFs.
• Despite the outflows from products linked to the two largest digital assets, altcoin-focused funds tied to XRP and SOL recorded positive inflows.

• In the spot market, Bitcoin is now trading around $86,200, down 1.82% over the past 24 hours. Ethereum is also lower, down 1.64% on the day and holding around the $2,900 level.
• In contrast, altcoins are up: XRP is up about 1.0% over 24 hours at roughly $1.89, while Solana is slightly higher, up 0.15%, trading near $126.51.

• UK inflation eased to 3.2% in November 2025, its lowest level in eight months, down from 3.6% in October and below both market expectations (3.5%) and the Bank of England’s forecast (3.4%). 

• U.S. Senators Elissa Slotkin and Jerry Moran have introduced a bipartisan proposal aimed at improving the federal response to cryptocurrency-related scams. The bill, titled the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act, would create a dedicated task force designed to strengthen coordination across government and with industry specialists.
• As outlined, the task force would bring together the Treasury Department, law enforcement, financial regulators and private-sector experts to better identify, trace and disrupt crypto fraud.
• The legislation would also require an initial update to relevant congressional committees within a year of the task force being established, followed by annual reporting thereafter.

• According to a Wall Street Journal report, President Donald Trump is expected to interview Federal Reserve Governor Christopher Waller today as he evaluates candidates to succeed Chair Jerome Powell, whose term ends in May.
• Waller is reportedly one of five names under consideration, alongside former Fed Governor Kevin Warsh and current National Economic Council Director Kevin Hassett, with Trump having already met Warsh.
• Later this afternoon, two FOMC participants - John Williams and Raphael Bostic - are scheduled to speak. 
• BitMine, the Ethereum treasury firm led by Tom Lee, reportedly added about $140.6M of ETH on Tuesday, according to on-chain analysts citing Arkham data.
• The transaction of 48,049 ETH is said to have moved from a FalconX hot wallet.
• BitMine’s latest disclosure put its holdings at 3,967,210 ETH, acquired at an average $3,074 per ether, implying a treasury value of roughly $11.6B at current prices.
• The firm has continued buying through the recent downturn and has reiterated its longer-term goal of reaching 5% of Ethereum’s circulating supply.

• Exodus Movement has partnered with MoonPay and M0 to launch a full reserve-backed, U.S. dollar-backed stablecoin, targeted for release in early 2026, according to its announcement yesterday.
• Under the arrangement, the stablecoin will be built on M0’s infrastructure and issued and managed by MoonPay, following MoonPay’s recent integration with M0 to expand its enterprise stablecoin offering.
• The stablecoin is intended to underpin the Exodus ecosystem, with a particular focus on Exodus Pay, an upcoming in-app payments feature designed to let users spend, manage and earn rewards using stablecoins.
• The main objective is to deliver a streamlined “digital dollars” experience that feels comparable to mainstream consumer payment apps, without requiring users to understand the mechanics of crypto. Further information, such as supported networks, rollout markets and deeper product integrations, is expected closer to launch.

• Aave’s founder has published an original “master plan” setting out the protocol’s priorities for 2026, focused on scaling the core lending stack, expanding real-world asset (RWA) activity, and improving the end-user experience.
• The roadmap highlights Aave V4, described as a major upgrade built around a Hub-and-Spoke architecture: a single cross-chain liquidity hub combined with custom markets. The stated ambition is to support lending at significantly larger scale and broaden adoption among institutions and fintech players.
• On RWAs, the plan points to Horizon, which currently has around $550M in deposits, and targets $1B+ in real-world assets in 2026.
• The founder also outlined plans for an Aave mobile app, expected in early 2026, with an internal goal of reaching one million users. This is positioned as a move into the wider mobile fintech opportunity, estimated at $2T+.

This Week’s Calendar:

Charts of the Day: