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When the world's largest publicly traded Bitcoin holder began hoarding cash in US dollars, the market had far more questions than answers. In early December 2025, Strategy announced the establishment of a $1.44 billion cash reserve and paused its usual purchasing pace. This company, once regarded as the "infinite bullet" of Bitcoin's largest bulls, is redefining its survival strategy. The source of its cash reserves is clear—raising funds by selling Class A common stock through a market issuance plan, from November 17 to 30, 2025.

The spot price of London gold reached a historical peak of $4420.47 during trading, with an increase of 68.05% this year. A "currency defense battle" involving global central banks, hedge funds, and ordinary investors is intensifying in the precious metals market. The gold market is experiencing a historic frenzy—on December 22, the spot price of London gold surged to $4420.47 per ounce, once again setting a new historical record. The performance of silver is even more astonishing, with an increase of nearly 140% this year, setting a record.

BBX observation indicates that yesterday the layout of Bitcoin by listed companies showed clear stratification: the leading companies continue to consolidate large BTC reserves; small and medium market cap companies are steadily increasing their holdings and reserving space for future allocations through financing.

As DeFi progresses far enough, the structural contradictions between protocols and products, teams and communities will emerge.

BlackRock and BlackRock have deposited large amounts of BTC and ETH into Coinbase, with a total value exceeding $255 million. U.S. crypto funds have seen outflows of $952 million due to regulatory delays. Trump Media has increased its BTC holdings, reaching a total of 11,542 coins. Binance did not stop the transfer of $144 million in suspicious funds.

Crypto continues to lose ground ahead of this week\\\'s record options expiration, while defensive positioning and thinning liquidity suggest caution into 2026.

The underperformance came over an investigation alleging Binance failed to stop suspicious transactions, despite agreeing to pay $4.3 billion to settle a U.S. criminal case in 2023.

Behind the move is a sharp narrowing in the profitability of the basis trade, in which traders attempt to capture a spread by buying spot bitcoin while selling BTC futures.

A dispute over who controls Aave’s brand and online assets has moved to a vote, sending the token sharply lower.

On one side is the modernization and upgrading of infrastructure, while on the other side is innovation in terms of ownership.

The market lacks hot topics, and meme themes are being brought up again.

The dazzling neon lights of Las Vegas not only reflect the chips on the gambling tables but are also seen by some astute analysts as a "canary in the coal mine" for observing the health of the U.S. economy. A recent report from Goldman Sachs warns that the gaming and tourism data of this desert entertainment capital is flashing signs of weakness, with patterns strikingly similar to those before the 2008 financial crisis. Just as this economic warning casts a shadow over the U.S. outlook for 2026, the political stage in Washington is playing out another profound drama.