• The day opened with a major Cloudflare outage, knocking several DeFi apps and centralized exchanges offline. While markets didn’t react negatively, the incident exposed how deeply crypto infrastructure still depends on centralized service providers.

• Institutions continued to accumulate, with $20M flowing into BTC ETFs.
  Vanguard, with over 50 million clients, now fully supports Bitcoin and Ethereum ETF trading. Meanwhile, Schwab confirmed plans to open BTC/ETH trading by 2026, signaling that mainstream finance is preparing for the next adoption wave.

• On Hyperliquid, whales are running $30M+ positions with high leverage (6–18x), creating systemic liquidity risks. A sharp unwind could trigger a cascade affecting not just Hyperliquid, but potentially other perp DEXs as well.

• The neobank-style crypto card sector is heating up.
  MetaMask Card saw a drop in transaction volumes, while Rain surged 22%, reaching $240M in monthly processed volume. Regulatory clarity seems to be giving compliant payment solutions a clear advantage.

• MicroStrategy, now holding roughly 600,000 BTC, is shifting to a more defensive posture. After previously buying up to 135,000 BTC per month, the firm has scaled back to 9,000 BTC, while building a $1.5B stablecoin reserve to strengthen resilience against potential market shocks.

• Kalshi raised $1B, pushing its valuation to $11B, cementing prediction markets as a growing sector. However, Connecticut’s cease-and-desist order shows the U.S. regulatory landscape for prediction markets remains unpredictable and can shift abruptly.

• Across the market, liquidity risks, trend rotations, and institutional “bullish admissions” are shaping sentiment. Despite volatility, capital continues rotating into real infrastructure, regulated products, and long-term accumulation strategies.

We're enttering the weekend. It's been a volatile week, let's see weather we will or not experience the "Santa Ralli" of market. Thank you for reading. See you next time...