HTX Launches Futures Copy Trading 4.0: Triple Rewards Go Live with an 80,000 USDT Prize Pool

In a recent post, Bloomberg Intelligence’s senior macro strategist Mike McGlone drew a direct parallel between the Bloomberg Galaxy Crypto Index in 2025 and the Dow in 1929, calling the setup "Peak Bitcoin?" and framing the current phase as the early stage of a purge, not a pause — a purge similar to the one that caused the Great Depression almost 100 years ago.

The comparison is not abstract. Bloomberg’s own normalization shows crypto tracking the same arc as U.S. equities did a century ago: a powerful run-up, expanding speculation, then a slow turn lower. 

Mike McGlone">

McGlone argues this is exactly when bubble-versus-not-bubble debates explode, usually close to highs, not bottoms. For him, Bitcoin, tightly linked to wide risk markets, fits that script.

First surge, then purge

He describes Bitcoin’s post-2024 surge as a beach ball forced underwater until the 2024 reelection removed political pressure. Since then, the price accelerated fast, speculative appetite followed and excess piled up. Now, in McGlone’s words, it is the cleansing phase that appears to be underway. Bitcoin is down only about 5% in 2025 through Dec. 14, which he frames as resilience that may mask larger downside risk rather than confirm safety.

The warning widens when gold enters the picture. The Bitcoin-to-gold ratio ended 2022 near 10, ballooned during the crypto rally, then fell about 40% this year to around 21. McGlone sees a path back toward 10 by 2026, a move that historically pressures all risk assets. 

The most jarring projection by McGlone lands last: Bitcoin’s run above $100,000 may have planted the conditions for a long pullback, with even $10,000 cited as a potential destination into 2026, alongside a broader downturn led by high-supply speculative assets that track nothing tangible.

Dog-themed cryptocurrency Dogecoin is performing a crucial support test, having reached a low of $0.131 in the early Monday session.

At press time, Dogecoin was trading down 2.04% in the last 24 hours to $0.132 as the majority of cryptocurrencies traded in red following Bitcoin's drop below $90,000 over the weekend.

Dogecoin fell from a Dec. 9 high of $0.153, marking four out of five days in the red since this date. Amid the drop, the $0.14 key support level failed, with eyes on $0.13 as the next crucial short-term support level.

According to CoinMarketCap data, Dogecoin trading volumes have increased 77% in the last 24 hours to $1.08 billion as traders adjusted their positioning as the market fell.

What comes next?

Analysts indicate that Dogecoin might be on the verge of a textbook capitulation event as increased volume coupled with support failure might mark short-term exhaustion.

Dogecoin is now at a crossroads, with indicators highlighting a mixed bag for traders as to where it heads next.

The $0.13 psychological level is now viewed as the most important short-term support, with a sustained hold above here favoring range-trading rather than continuation. If the $0.14 level is reclaimed, Dogecoin would target $0.15 once again. Failure below $0.131 might lead to a retest of Oct. 10 flash crash low of $0.09.

On the other hand, DOGE has seen an increase in notional open interest (OI) over 24 hours, reaching 10.80 billion DOGE, the highest since Nov. 20 alongside moderately positive funding rates, offering quiet hope to bulls.

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee, because Wall Street has just sent another signal that crypto’s future is becoming increasingly institutional. As JPMorgan moves a core financial product on-chain, market watchers are wondering whether this is merely experimentation or a deeper shift toward Ethereum as an economic infrastructure.

Crypto News of the Day: JPMorgan Takes Money Markets On-Chain with Ethereum-Powered Fund

JPMorgan Chase has taken another decisive step into blockchain-based finance, launching its first tokenized money market fund on the Ethereum network.

According to reporting by WSJ, the banking giant’s $4 trillion asset-management arm has rolled out the My OnChain Net Yield Fund, or MONY. It is a private money market fund deployed on Ethereum and supported by JPMorgan’s tokenization platform, Kinexys Digital Assets.

The bank will seed the fund with $100 million of its own capital before opening it to outside investors, signaling strong internal conviction in tokenized financial products.

MONY is structured for institutional and high-net-worth participation only. It is open to qualified investors, including individuals with at least $5 million in investable assets and institutions with a minimum of $25 million, as well as a $1 million investment minimum.

Investors receive digital tokens representing their fund interests, bringing traditional money-market exposure onto blockchain rails while preserving familiar yield dynamics.

According to the report, JPMorgan executives attribute client demand as the driving force behind the launch.

He added that the firm expects to be a leader in the space by offering blockchain-based equivalents to traditional money-market products.

The launch comes amid accelerating momentum for tokenized assets on Wall Street, following the passage of the GENIUS Act earlier this year.

The legislation established a US regulatory framework for stablecoins and is widely viewed as a catalyst for broader tokenization efforts across funds, bonds, and real-world assets.

Since then, major financial institutions have moved quickly to explore blockchain as core market infrastructure rather than a peripheral experiment.

For Ethereum, JPMorgan’s decision to deploy MONY on its network is being read as a meaningful institutional endorsement. Fundstrat co-founder Tom Lee reacted to the news by calling it “bullish for ETH.”

This comment highlights how products like MONY expand Ethereum’s real-world utility through transaction activity, smart contract execution, and deeper integration into global finance.

Crypto commentators echoed the sentiment, with some arguing that Ethereum’s role as the settlement layer for regulated financial products is becoming increasingly difficult to ignore.

JPMorgan vs. BlackRock: Tokenized Money Market Funds Signal a New Era in Finance

JPMorgan’s move also invites comparisons with BlackRock’s tokenized money market fund, BUIDL, which has grown to roughly $1.83 billion in assets under management, according to public blockchain data.

Like MONY, BUIDL invests in short-term US Treasuries, repurchase agreements, and cash equivalents. However, it follows a multi-chain strategy and is administered through a different tokenization partner.

Together, the two funds highlight a broader trend that traditional finance (TradFi) firms are converging on blockchain to modernize low-risk, yield-bearing products.

More broadly, analysts view tokenization as a means for traditional money market funds to remain competitive with stablecoins, while unlocking new use cases such as on-chain settlement, programmability, and enhanced transferability.

JPMorgan has already experimented with tokenized deposits, private equity funds, and institutional payment tokens, suggesting that MONY is part of a longer-term strategy rather than a standalone pilot.

As regulatory clarity improves and institutional participation deepens, JPMorgan’s Ethereum-based fund reinforces the narrative that blockchain, once seen as niche, is steadily becoming an integral part of the operating system of modern finance.

For Ethereum, that shift may prove to be one of the most consequential signals yet.

Chart of the Day

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

• Russell 2000 sets new highs, rekindling a familiar Bitcoin pattern.
• One critical XRP price level surfaces — Holding it could trigger a 9% bounce.
• Top 3 price predictions: Bitcoin, gold, and silver signal a high-stakes turning point.
• What does the stock–crypto investor divide signal for the future?
• Base creator Jesse Pollak sparks backlash by endorsing Soulja Boy–linked meme token.
• Bitcoin loses whale support? Yet history shows the price can still rise.
• Yuan at 14-month high as Fed-BOJ-PBOC split — crypto impact.
• Coinbase CLO Paul Grewal: NYT’s SEC crypto story admits no impropriety—So why the headline?

Crypto Equities Pre-Market Overview

Crypto equities market open race: Google Finance

Solana demonstrated strong performance in the daily charts, as indicated by a spike in trading volume. Over the past 24 hours, Solana trading volume jumped more than 40% to over $3.1 billion, according to CoinMarketCap data.

What’s causing Solana's volume spike?

The 40% spike in Solana trading volume suggests increased network attention by both retail and institutional investors. As the SOL price showed signs of recovery, investors are gradually shifting their attention back to the coin.

After days of trading on the low, the SOL price surged 1.6% over the past 24 hours to $132.9. At the same time, technical analysis showed the formation of a golden cross, often recognized as a highly bullish pattern.

Typically, a golden cross pattern occurs when a shorter-term moving average crosses above a longer-term one. This signals that short-term momentum is outpacing the long-term trend, often preceding sustained upward price movement.Solana Price Chart | Source: TradingView/CoinMarketCap">

A 40% trading volume accompanying this setup strengthens the signal. This is because it indicates strong buyer conviction and increased market participation.

Earlier golden crosses seen on the Solana price chart this year contributed to rallies, pushing SOL toward $200 to $228 in various periods. 

For instance, Solana breached above $200 in late October, reacting to the spot SOL ETF launch. In another scenario, SOL flipped the $220 resistance after the price formed a golden cross.

However, it is important to note that future outcomes may depend on broader market conditions. This includes the performance of Bitcoin and macroeconomic factors.

Solana ETFs continue inflow streak

Notwithstanding that recent inflows into Solana exchange-traded funds (ETFs) have also helped to push the SOL price higher.

According to Farside Investors' data, Solana ETFs saw seven straight days of inflows totaling $674 million. This shows institutions are still buying the coin, despite recent price dips. 

Other factors that also contributed to the latest rally include open interest spikes, network upgrades and integrations. Notably, the Solana Foundation recently announced that a bridge between Solana and XRP Ledger is on the way.

Solana Foundation representative Vibhu Norby explained that this bridge will allow XRP to become available in Solana dApps like a regular Solana-based asset. Simply put, XRP liquidity will be able to debut in every DeFi protocol on the Solana blockchain.

As was recently revealed by Matthew Sigel, Head of Digital Asset Research at VanEck, Bitcoin's hash rate has fallen by about 100 EH/s, what makes it the steepest drawdown since the 2024 halving event. With current total network hash rate estimated at 1,200-1,300 EH/s under prevailing difficulty, the loss represents about 8% of global computing power securing the network.

Nano Labs CEO, whom Sigel cited, estimated the scale of the shutdowns using an average of 250 TH/s per mining unit, placing the implied number of offline machines at around 400,000. 

For him, the root of the problem is in Bitcoin's mining operations in China’s Xinjiang region, where facilities have reportedly been shutting down progressively.

At the same time, a Chinese regulatory notice made the rounds on social media, which states that local companies are being asked to cooperate with authorities on disclosures related to virtual currency mining activity, with a fixed response deadline in early December 2025. 

While the document does not announce a blanket ban, the timing aligns closely with the observed hash rate contraction.

China FUD drags Bitcoin price down

Needless to say, Bitcoin price action has remained weak. The cryptocurrency has failed multiple attempts to sustain levels above $90,000 per BTC, with each rejection followed by brutal sell pressure. 

Interestingly, trading data shows elevated volumes on Binance during downside moves rather than during rebounds, suggesting that the core place where distribution happens is a black-and-yellow crypto exchange. 

It isno surprise that market participants have raised the possibility that Chinese miners affected by shutdowns are liquidating Bitcoin reserves to fund operational exits, equipment relocation or power loss adjustments. 

There is no public confirmation tying specific selling flows to Chinese miners, and Binance’s regulatory access within China remains limited, but the overlap between hash rate losses and sustained spot selling has definitely drawn attention.

Crypto pundit Crypto Wimar has explained why the Bitcoin, Ethereum, and XRP prices crashed, highlighting the continuous selling pressure. The crypto market is also at risk of further downward pressure due to macro factors such as the impending Japan rate hike. 

Why The Bitcoin, Ethereum, And XRP Prices Crashed

In an X post, Crypto Wimar revealed that Wintermute has dumped 40% of its holdings over the last three weeks, which has contributed to the crash in Bitcoin, Ethereum, and XRP prices. The crypto pundit further noted that the market maker is still dumping millions in BTC and ETH on Binance, which puts these coins at risk of further declines. 

The Bitcoin, Ethereum, and XRP prices are also crashing as crypto market investors brace for a Japan interest rate hike by the BOJ at their December 19 meeting. Polymarket data shows that there is currently a 97.4% chance that the BOJ will increase rates by 25 basis points. A Japan rate hike impacts the crypto market as it puts the yen carry trade in focus, with investors moving to sell their assets before the yen strengthens and their debt becomes more expensive. 

Meanwhile, it is worth mentioning that the Bitcoin, Ethereum, and XRP prices have crashed after every Fed rate cut this year. This similar price action is playing out as the Fed lowered rates by 25 bps last week. These crypto assets had seen a notable rebound prior to the Fed rate decision last week, indicating that the cut was already priced in. 

Demand for Bitcoin, Ethereum, and XRP also appears to be dwindling, even among institutional investors. Crypto analytics platform CryptoQuant stated that Bitcoin treasury growth is losing momentum, noting that the accumulation pace is slowing despite the fact that 117 new companies added BTC to their treasuries this year. Ethereum treasury company BitMine is also the only company that has continued to accumulate ETH at an impressive pace amid this market downturn. 

BTC At Risk Of Drop Below $50,000

Crypto analyst Titan of Crypto has indicated that the Bitcoin price could still drop below $50,000, which also puts Ethereum and XRP at risk of crashing. In an X post, the analyst raised the possibility that a BTC bear pennant is forming.

He noted that this is not a structure that market investors will typically want to see in a bull market. Titan of Crypto added that the structure is still developing, but it is one that is worth monitoring closely. 

Meanwhile, the analyst’s accompanying chart showed that the Bitcoin price could drop below $50,000 as soon as February next year. It is worth mentioning that veteran trader Peter Brandt had also earlier predicted that BTC could drop below $50,000 based on his belief that the flagship crypto is already in a bear market.