Arp's Crypto Digest

General Digital Asset Market View:

Over the past week, Bitcoin traded mostly around the low $90,000 range amid mixed sentiment, with moves in ETF flows shaping the market narrative. U.S. spot Bitcoin ETFs saw a shift back toward net positive inflows, including meaningful gains mid-week — one aggregated weekly figure shows around $237 million of net inflows — while some individual products still posted smaller outflows on certain days. Bitcoin’s price remained somewhat capped by broader risk-off pressures even as macro conditions (like the Fed’s rate outlook) influenced positioning. Overall, the return of more consistent ETF inflows helped temper earlier weakness and supported Bitcoin near key levels, even as volatility and cautious trading persisted.

Macro:

Next week features plenty of important economic data releases as well as major central bank decisions, including the ECB, the BoE and the BoJ. On the data front, the focus will be on the delayed jobs and inflation prints in the US, with inflation releases also due in the UK and Japan. In addition, there will be the global flash PMI prints for December on Tuesday, and the November economic activity indicators in China on Monday.

More Crypto:

Even with the steady growth in 2025, most Bitcoin Treasury companies still hold modest amounts: 147 hold under 500 BTC, while only a few sit between 500 and 2,000 BTC.

And then there’s the unmistakable outlier — MicroStrategy, with a massive 660,624 BTC.

ETH treasuries kept accumulating through November’s price weakness, adding more than 309k ETH last month and over 100k ETH so far in December.

Market softness hasn’t slowed down their appetite for ETH.

Equities and HIP-3 are steadily carving out real market share from the majors.

What began as a $24M debut (0.25% of perp volume) grew into a $514M peak (8%+) and has now settled around a consistent ~5%. HIP-3 is emerging as the primary path for bringing tokenized stocks on-chain.

What Happened This Week:

• SEC approves DTCC plan to tokenize securities

• YouTube now pays US creators in stablecoins

• Coinbase will let users trade all Solana tokens via DEX without official listings

• Fed cuts rates 25 bps to 3.75%

What to Look Out For:

• Vivek Ramaswamy’s Strive seeks $500M to buy more Bitcoin

• Tether may tokenize its stock after pursuing $20B in share sales at a $500B valuation

• BlackRock files for a staked ETH ETF

• U.S. CFTC launches a pilot program for tokenized collateral in derivatives markets

What we enjoyed reading and listening to:

• Why Private Credit Will Unlock the Next Stablecoin Cycle? -Link

• Arbitrage in Polymarket -Link

• The Most Important Week for Bitcoin Has Arrived -Link

• Ethereum’s Valuation, Saylor’s Next Move, and Prediction Markets | Weekly Roundup -Link

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