Artificial intelligence-driven growth in U.S. data centers is sharply increasing electricity demand and pushing utilities into one of their largest capital spending and borrowing cycles in decades. As companies finance multi-year upgrades to generation, transmission, and grid resilience largely through bond markets, investors face a changing risk profile shaped by higher leverage, regulatory constraints on rates, and differing protections between operating-company and holding-company debt.

On 21 December 2025, Bitcoin was trading near $88,296 and on course to finish the year with a negative yearly candle. Long-term price records indicate the asset has never logged two consecutive red yearly closes, with past down years such as 2014, 2018, and 2022 each followed by recoveries. If this pattern persists, the current setback could again precede a rebound after 2025, although future performance remains uncertain.

Analysts say Bitcoin has likely shifted into a bear phase as demand expansion stalled after October 2025. Institutional exposure softened, with ETF holdings dropping by roughly 24,000 BTC in Q4 2025, while perpetual funding rates fell to late 2023 levels and price slipped below the 365-day moving average, keeping near-term pressure on BTC.

Bitcoin is trading in a tight range around the $88,000 level while derivatives positioning builds a concentrated pocket of short liquidations overhead. Recent liquidation data indicates many leveraged traders are betting against further gains, creating conditions where a modest price increase could trigger a sharp, cascading move higher.

On 21 December 2025, XRP exchange-traded funds had already accumulated about $1.12 billion in assets under management during a broadly weaker crypto market. Asset managers argue this trajectory differs from Bitcoin and Ethereum ETFs, with institutions testing XRP for its perceived infrastructure role and diversification potential rather than pure cycle-driven speculation.

Coinbase argues that U.S. tax changes taking effect on January 1, 2026 could push bettors away from casinos and sportsbooks toward prediction markets. The law limits gambling loss deductions to 90% of losses against 100% of winnings, while some prediction-market contracts receive Section 1256 treatment that allows full netting and loss carryforwards.

On 21 December 2025, a discussion draft from Representatives Max Miller and Steven Horsford outlined proposed changes to how everyday crypto use is taxed in the United States. The plan would exempt up to $200 in qualifying stablecoin payments from capital gains calculations and allow certain staking and mining rewards to be deferred for tax purposes for as long as five years. The draft emphasizes routine payments and reward income rather than speculative trading, while maintaining anti-abuse rules and Treasury oversight.

On 21 December 2025, Anthony Scaramucci reiterated his long-term bullish stance on Solana, arguing at the Solana Breakpoint conference that SOL could eventually climb to $2,500 despite recent market weakness. He attributed the token's underperformance and broader altcoin slowdown in 2025 to inflation, regulatory delays, and a strong focus on stablecoins. Scaramucci stressed that any move toward this target would likely be volatile and heavily influenced by macroeconomic and regulatory developments rather than short-term hype.

According to developer Edward Hennis on December 19, 2025, Ripple is preparing a protocol-native lending framework on the XRP Ledger with fixed rates and fixed maturities. Amendments are expected to enter validator voting in late January, and the design centers on Single Asset Vaults with designated administrators to manage underwriting and operations.