On December 23, 2025, analysis of Binance’s 2025 listings showed centralized exchange allocations were a small fraction of total supply. Distributions commonly ranged from 1-5%, with larger, higher-FDV projects often under 1%. Binance said these tokens funded liquidity, airdrops and marketing rather than exchange fees, amid weak market performance for many new launches.

Major cryptocurrencies are trading near recent highs, but momentum has slowed. Price action and sentiment data point to consolidation, and not a renewed breakout.

On December 23, 2025, CoinShares reported $952,000,000 in weekly net outflows from digital asset investment products, the first in four weeks. Ethereum posted $555 million in withdrawals and Bitcoin $460 million, while Solana and XRP saw $48.5 million and $62.9 million of inflows. The United States recorded $990 million of outflows, partly offset by Canada and Germany.

Competition in onchain perpetual trading is heating up after Hyperliquid listed LIT, the native token of rival exchange Lighter, on its pre-market contracts platform. The move enables traders to speculate on LIT ahead of its official launch, underscoring growing demand for early price discovery in crypto derivatives.

Erebor, the digital bank co-founded by Palmer Luckey and backed by Peter Thiel, has reportedly raised $350 million at a $4.35 billion post-money valuation led by Lux Capital. The company recently obtained conditional approval from the OCC and a 12‑month deposit insurance approval from the FDIC, moving it closer to full bank status with a focus on crypto, AI and stablecoin-related services.

Arizona state Senator Wendy Rogers has prefiled two bills and one constitutional resolution aiming to exempt virtual currency and blockchain node operators from certain state and local taxes. One bill targets property tax rules for digital assets, another would stop cities and counties from taxing blockchain nodes, and a resolution seeks to adjust the state constitution. The proposed crypto tax changes would require voter approval at the November 2026 general election, while the node-related bill may advance solely through the legislature.

Binance will introduce five new spot trading pairs on December 24, including ADA/USD1, ASTER/USD1, LUNA/USDC, LUNC/USDC and ZEC/USD1, and will activate Trading Bots for them. Users will benefit from discounted taker fees on all existing and new USDC spot and margin pairs, though residents in several restricted jurisdictions will not have access to the new services. Following the listing announcement, ADA, ASTER, LUNA, LUNC and ZEC all recorded price gains amid a broader crypto market rebound.

On Monday, options activity in the U.S. Treasury market surged as traders built large March positions tied to the 10-year note, with one structure carrying about $80 million in premium and open interest climbing 300% to 171,153 contracts. These trades target a move in the 10-year yield toward roughly 4%, while the 10-year benchmark closed near 4.171% and other Treasury maturities also inched higher as fresh auctions approached. Market volatility stayed subdued, with a key Treasury volatility gauge dropping to its lowest level in more than four years.