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●  IN THIS ISSUE

Chart of the Day — Altcoins total market cap looks constructive
Trade of the Day — Is the LIT selling over?
Alpha Leaks — BMNR almost finished buying ETH, Robinhood buys BTC
News Roundup — The AI threat to crypto, NEAR plans revealed, Abstract halting

●  CHART OF THE DAY

Is There Further Upside for Altcoins?

Altcoins are showing a potentially encouraging signal. This chart shows the combined market value of crypto outside the top ten, and you can see how it’s recovered above the neckline of a broad head and shoulders pattern.

Breaking below the neckline usually points to downside continuation, but when the market climbs back above that level instead, as it has here, the bearish signal starts to become invalid, opening the door to further upside.

The next tests are holding current levels, and clearing the recent rebound high around $260 billion. Beyond that, around $320 billion looks like a major resistance area, followed by the former head around $450 billion, although this is all from a long-term perspective.

●  TRADE OF THE DAY

LIT Sellers Exhausted - Sponsored by Kalshi

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LIT has taken a tumble since hitting highs around $5.60 last month, partly as a result of disappointment that it didn’t feature more prominently in Robinhood’s annual summit last week–a key part of the Lighter thesis is its integration with Robinhood for perps trading.

However, that sell-off may be overdone now, and LIT has remained above support at $3.40, after losing the $4 level. That puts it in a range between around $3.40 and $4.10, and as such, a long setup looks viable here.

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●  ALPHA LEAKS
SPCX · STOCK

SpaceX is reportedly seeking $40 billion in debt financing in order to purchase Nvidia chips. Private equity firm Apollo Global Management is leading this funding round, creating further demand for Nvidia hardware.

BMNR · STOCK

Bitmine Chairman Tom Lee confirmed to TOKEN2049 in Singapore that Bitmine will stop buying ETH when its holdings reach 5% of total supply. The firm is already at around 4.9%, meaning that its regular buys are nearing their conclusion.

OKX · STOCK

Major exchange OKX has secured fresh investment at a $25 billion valuation. This comes from Circle, Ripple, QRT, and the venture arm of Standard Chartered’s venture arm, with OKX planning further expansion into stablecoins and tokenized RWAs.

ZEC · CRYPTO

The Winklevoss twins’ asset-management firm has filed for a spot Zcash ETF. The proposed Nasdaq ticker is WINK, and the fund would hold ZEC directly.

ARB · CRYPTO

Arbitrum has joined Paxos’s Global Dollar Network at the same time as USDG has launched on its chain, giving Arbitrum a share of USDG reserve yields and activity rewards.

BTC · CRYPTO

Ledger’s wallet app now allows eligible users to borrow USDC or USDT against wrapped Bitcoin, going through onchain credit specialist Morpho.

HOOD · STOCK

Robinhood has added $25 million in Bitcoin to its own balance sheet. The company’s crypto chief Johann Kerbratt said of the purchase, “we believe firmly in the future of crypto and view this as a strategic move for our overall asset diversification.”

●  NEWS ROUNDUP

Does Crypto Need to Go Into “Bunker Mode”?

Ethereum researcher Justin Drake is calling for “bunker mode”: a coordinated effort to protect crypto holdings before AI potentially cracks the mathematics securing wallets.

In a post on X, Drake warned that AI-accelerated breakthroughs could allow attackers to access private keys from exposed public keys using existing hardware, and in the worst case scenario, within “months not years”.

His recommendation is that large holders should move assets to fresh addresses that have never signed a transaction, thereby keeping public keys hidden, although he also stressed that holders should not rush.

However, Vitalik Buterin responded on X with a clear qualification: “I don't recommend anyone scramble to move their funds to new wallets today”.

He explains that the AI threat is real, and he supports migrating to unused addresses when transfers are straightforward, but also warned: “Be careful about migrations; I personally have lost more money in botched migrations than I have lost in all hacks combined”.

For holders then, this is a developing issue. AI is changing the ways we have to think about security, but there is currently no reason to panic.

Big Plans Revealed for NEAR

More stocks, easier bank transfers, and a marketplace for AI services–all these are on NEAR’s agenda, as revealed by NEAR Protocol co-founder Illia Polosukhin in Singapore this week, during a Digital Asset Summit interview held as part of TOKEN2049 Week.

This expansion would build on an app that already offers swaps, perpetual futures, yield opportunities, and tokenized equities: Nvidia, Tesla and QQQ became available through Ondo in September. However, Polosukhin now wants to widen the stock selection, and to add more fiat connections.

Additionally, Polosukhin spoke about NEAR’s Agent Market–with AI agents potentially becoming the primary user interface–while NEAR's confidential transaction infrastructure allows agentic activity to remain private by default.

Importantly, Polosukhin’s core argument in favor of NEAR is that consolidation of this growing range of services will reduce the need for centralized exchanges.

Abstract to Wind Down

Abstract, the Layer-2 consumer crypto chain backed by Pudgy Penguins parent Igloo, is winding down, with the Pudgy Penguins owner planning to concentrate on its NFTs and the related brand, along with the PENGU token.

Abstract went live in January 2025, hoping games, entertainment and recognisable brands would draw ordinary users into crypto. However, although it racked up over 325 million transactions and four million wallets, it struggled to build a viable business as liquidity remained scarce and DeFi activity was limited.

CEO Luca Netz has explained that launching a new token could have raised more funding, but isn’t justified without confidence in lasting demand. Abstract will halt on December 15, and users have been instructed to withdraw assets ahead of that date.

This comes very soon after Blast–another Ethereum Layer-2 chain–also announced its own closure, and it looks like crypto is in the process of clearing out chains that can’t cover their running costs.

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