The New York Stock Exchange unveiled Italian artist Valentina Picozzi’s Satoshi Nakamoto sculpture on its trading floor, with placement by Twenty One Capital. The timing coincides with the December 10, 2008 anniversary of the original Bitcoin mailing list post. XXI holds 43,514 BTC and closed at $11.96, up 4.7%.

In 2025, meme coins again topped crypto narratives, drawing 25.02% of global investor interest alongside 35 related trends. AI-focused narratives collectively accounted for 22.39% of attention, with AI agents rising from 1.17% to 5.03%. RWA narratives fell from third to fourth place. Stablecoins climbed into the top 20.

Bitcoin rallied to $94,600 on Tuesday—its highest level in three weeks—as retail sentiment surged across social platforms. Analysts remain divided on December’s trajectory, with some pointing to fading volatility and weak ETF inflows, while others argue the market has reset speculative excess and may be primed for a seasonal rebound.

Decentralized exchanges recorded $419.76 billion in trading volume during October 2025, data show. DEXs captured 21.2% of total spot trading as of November 2025, up from 6.0% in January 2021. The milestone occurred despite broader market corrections affecting the cryptocurrency sector.

Bitcoin markets are recalibrating following weakened ETF demand and deleveraging across futures and DeFi platforms. Spot Bitcoin ETFs recorded net outflows of $4.9 billion since mid-October, the largest redemption cycle since April 2025, according to CoinMetrics data. Open interest in perpetual futures dropped over 30% after the October 10 liquidation event, while spot liquidity for BTC, ETH, and SOL remains 30-40% below early-October levels.

Ethereum spot trading volume across exchanges totaled $375 billion in November, data show. Exchange-traded fund activity contributed approximately $35 billion during the same period. Binance processed roughly $198 billion of the spot volume, maintaining its position as the dominant trading venue for ETH transactions.

Bitcoin open interest in perpetual futures peaked in October at nearly five times the level seen at the asset's November 2021 all-time high, according to Joao Wedson, Founder and CEO of Alphractal. Traders, funds, and high-frequency desks have increasingly favored leveraged positions over spot exposure. Current positioning shows long positions at 72.4%, valued at approximately $25.72 billion, with shorts at 27.6%, worth around $9.79 billion.

Matt Hougan, Chief Investment Officer at Bitwise, has outlined a valuation framework for digital asset treasury companies, arguing most should trade below net asset value. He identified illiquidity, operational expenses, and execution risk as key discount factors. Only firms consistently increasing crypto-per-share through debt issuance, lending, derivatives, or discounted acquisitions can justify premium valuations, according to Hougan.

Bitcoin traded at $87,372 as its Sharpe Ratio approached zero, a threshold last seen three times since 2019. Each prior occurrence preceded multi-month trend shifts. Analysts say the metric signals improved risk-adjusted potential, though near-term volatility persists.