Crypto Daily Market Report – December 25, 2025

Macro environment: Initial jobless claims in the U.S. declined last week, indicating a marginal improvement in the labor market and continued resilience. On Christmas Eve, the three major U.S. equity indices extended their gains, with both the S&P 500 and the Dow Jones Industrial Average closing at record highs. Gold prices briefly broke above the USD 4,500 level before giving back gains, while oil prices rebounded modestly amid geopolitical disruptions. Multiple financial markets are closed today for the Christmas holiday.

Crypto market: Overall performance in the crypto asset market was subdued. Total market capitalization fell by 0.73% alongside contracting trading volume. Bitcoin remained in a narrow range, dipping intraday to 86.4k before rebounding with U.S. equities to a high of 88.1k. Altcoins were relatively more active, with slight increases in market-cap and volume share. Market sentiment showed limited change and remains in the extreme fear zone.

U.S. equity markets closed for Christmas

Bank of Japan Governor Kazuo Ueda to deliver a speech at the Japan Business Federation (Keidanren)

Voting concludes on Uniswap’s UNIfication proposal to burn 100 million UNI

Humanity (H) to unlock approximately 105 million tokens, valued at about USD 14.8 million

Plasma (XPL) to unlock approximately 88.89 million tokens, valued at about USD 11.7 million

Minutes from the Bank of Japan’s October policy meeting: multiple members warned of inflation risks

U.S. initial jobless claims for the week ending December 20: 214,000 (vs. 224,000 expected), stronger than expected; continuing claims at 1.923 million

Bessent hinted at the Fed’s future direction: an “inflation corridor” framework, elimination of the “dot plot,” support for the Treasury, and a return to operating “behind the scenes”

The Philippines blocks unlicensed crypto exchanges including Coinbase and Gemini

Hong Kong’s Financial Services and the Treasury Bureau and the SFC released consultation conclusions on legislative proposals to regulate virtual asset trading and custody services

The EU increases taxation on cryptocurrencies as the DAC8 directive formally takes effect

The Hong Kong SFC lists RWA tokens related to “Jiangxiang Yuanjiang Liquor” as suspicious investment products

Crypto industry M&A in 2025 reportedly reached USD 8.6 billion, up sharply from USD 2.17 billion last year

Hyper Foundation: HYPE in the assistance fund address has been “officially recognized as burned”

Grayscale submitted an updated S-1 filing to the SEC for an Avalanche (AVAX) ETF

Offchain Labs announced additional ARB purchases, further increasing investment in Arbitrum’s development and growth

Swedish listed company Bitcoin Treasury Capital plans to raise USD 783,000 to purchase more Bitcoin

Metaplanet’s board approved a plan to increase Bitcoin holdings

China Zhiyuan Investment Holdings plans to acquire digital assets such as BNB and include them in its strategic reserves

The Curve community voted to reject the proposal to “allocate 17.45 million CRV for R&D and team support”

Financial Times: Crypto industry M&A deal value reached USD 8.6 billion in 2025, a record high