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Ethereum is facing renewed scrutiny after Culper Research released a sharply critical report outlining its bearish stance on the second-largest cryptocurrency by market capitalization. The reporter argues that the key aspects of the ETH ecosystem and long-term narrative may be weaker than widely believed, prompting the firm to disclose that it has taken a short position against the asset.
Investment research firm Culper Research has released a critical report, revealing it has taken a short position on Ethereum. The CEO of Coinbureau, Nic, has shared on X that the reporter outlined that structural changes following the ETH Fusaka Upgrade have significantly expanded blockspace, causing transaction fees to collapse by nearly 90%.
According to the firm, lower fees translate directly into lower validator income, leading to weaker staking economics. Culper further mentions BitMine and argues that the recent rise in transaction activity and active addresses cited as bullish is driven by spam transactions and address-poisoning attacks rather than real adoption.
The firm also reported that Vitalik Buterin sold around 19,000 ETH as if he knew what was going on. While it is a significant amount, representing roughly 8% of Buterin’s total holdings, it may not necessarily indicate an exit or loss of confidence.
At the same time, Nic highlighted that ETH’s design allows for future protocol changes of rules through coordinated upgrades or forks if any economic issues emerge. This won’t be easy politically or technically, but it’s possible. Nic emphasized that he is not taking sides. However, when a firm publishes a detailed thesis and then puts its money behind it, it is worth understanding the mechanics they’re pointing to.
A crypto commentator and the host of the office space, MartyParty, has also offered insights into the matter. Culper Research has opened short positions in Ethereum, arguing that the network entered what is described as a potential “death spiral.” The firm’s thesis is based on on-chain data spanning from January 2025 to February 2026.
A major focus of the report is wallet growth following the Fusaka Upgrade, and Culper alleges that 95% of new wallet creation during the period is linked to dusting or address-poisoning attacks. The firm further claims that dusting-related activity now accounts for roughly 22.5% of all ETH transactions and more than half of the network’s recent transaction growth.
Furthermore, the firm analyzes the economic effects of gas limit increase on the network, contributing to an estimated 90% decline in transaction fees and 40-50% lower tips per gas. Meanwhile, these dynmics could put pressure on validator economics by reducing overall revenue from network activity.
Beyond internal network changes, competition from Solana has captured growing developer and user activity, and reports about Buterin’s ETH dump have drawn backlash from parts of the ETH community.
Featured image from Pxfuel, chart from Tradingview.com
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The Recent volatility in the Bitcoin market pullbacks is being widely interpreted as a wave of selling pressure, but the underlying data tells a different story. On-chain metrics show little evidence of broad holder distribution, suggesting that these dips are not being driven by investors exiting their positions. Instead, the weakness in price appears to stem from the market structure issues.
These Bitcoin dips aren’t coming from selling pressure; they’re coming from stablecoin-denominated shorts. The co-founder of GlydeGG, Sweep, revealed on X that when large amounts of leverage enter the system through dollar or stablecoin, market makers don’t just let the price move.
Their mandate is to remain neutral because neutrality demands balance. They achieve this by selling spot BTC, not because they’re bearish, but because neutrality requires it. As a result of that, the price drops without fear, panic, and without real spot.
The United States doesn’t need to dump assets to influence global markets; it exports dollars. Those dollars become leverage, while leverage creates synthetic pressure, which in turn forces hedging, and hedging hits the spot markets; that’s the cycle. This is why recent sell-offs feel empty, because retail has already left.
Currently, the market is rebalancing within a system price against a weakening currency, and all markets are now denominated in a currency that’s losing purchasing power. That’s why volatility rises even when conviction doesn’t change. This isn’t a bear market; it’s clearing the Liquidity Providers (LPs), which is how big players buy BTC cheaply without ever owning it.
An ambassador and partner of Wolfswapdotapp, Crypto Miners, has pointed out that the Bitcoin supply dynamics are shifting fast. According to K33Research, nearly $300 billion worth of previously dormant BTC re-entered circulation in 2025. This supply release has been driven by long-term holder sales, large OTC transactions, and ETF-related absorption, which represents one of the largest supply unlocks in BTC history.
Related Reading: Bitcoin’s Make-or-Break Phase Begins: Weekly Support Holds, Momentum Fades
On-chain data from CryptoQuant has shown that the long-term holder distribution over the last 30 days has reached its highest level in more than five years. At the same time, the selling pressure currently is outweighing demand, as ETF flows turn negative, and retail participation has weakened.
Despite near-term fragility, K33 noted that this distribution phase may be approaching exhaustion. The early holder selling is expected to fade into early 2026, potentially setting the stage for renewed accumulation as institutional rebalancing stabilizes supply. For now, the markets remain sensitive, but structurally, this looks like a late-cycle supply redistribution rather than panic selling.
Featured image from Pixabay, chart from Tradingview.com
Anchorage Digital, the first and only federally chartered crypto bank in the United States, will serve as the US regulated issuer for USDGO, the OSL-branded US dollar-backed stablecoin. The partnership brings together two major institutional players as the industry moves toward compliant global payment infrastructure and greater regulatory certainty for dollar-backed digital assets.
OSL Group, Asia’s leading stablecoin trading and payment platform, will launch USDGO through Anchorage Digital Bank’s federally supervised issuance framework. This makes USDGO the first stablecoin to be issued directly through a US federally regulated crypto bank, reinforcing Anchorage Digital’s positioning as a core infrastructure provider for on-shoring global stablecoin operations.
The bank’s regulated environment includes end-to-end issuance across any blockchain, strict AML and KYC standards, and asset protections aligned with US banking supervision.
According to the press release, the partnership will allow USDGO to be backed 1:1 by high-quality liquid assets and US Treasuries, while benefiting from Anchorage Digital’s custody and compliance systems. As Asia’s first SFC-licensed digital asset platform, OSL has demonstrated that compliance-driven models can scale, forming the basis of institutional confidence in stablecoin markets.
USDGO will be positioned as a cross-border settlement instrument for businesses seeking faster transactions, lower costs, and programmable infrastructure.
Anchorage Digital’s Head of Stablecoins, Sergio Mello, reinforced this direction in an appearance alongside Solana Foundation’s institutional growth lead at the Solana Breakpoint event in Abu Dhabi, highlighting the growing intersection between regulatory compliance and real-world stablecoin use cases.
Sergio Mello’s full @SolanaConf fireside https://t.co/gULJGk3W4C
— Anchorage Digital (@Anchorage) December 11, 2025
While Anchorage Digital positions USDGO within a federally regulated framework, the broader stablecoin market continues to evolve rapidly. Binance expanded USD1 trading pairs in response to accelerating global stablecoin competition, adding BNB/USD1, ETH/USD1, and SOL/USD1 pairs to increase liquidity. The exchange also introduced zero-fee swaps between USD1 and USDC or USDT to boost user adoption.
The exchange began converting all BUSD-related reserves into USD1, with completion expected within seven days. USD1 will then act as collateral across Binance systems, including margin operations and internal liquidity functions.
MAJOR WLFI MOMENT
Massive expansion of USD1 utility on @binance
New Spot Pairs Available: BNB/USD1, ETH/USD1, and SOL/USD1
— WLFI (@worldlibertyfi) December 10, 2025
Binance highlighted USD1’s full backing by US Treasury bills, cash, and equivalents. The stablecoin holds a $2.7 billion market capitalization and ranks sixth globally. Market interest increased after Abu Dhabi’s MGX settled a $2 billion Binance investment using USD1.
The expansion of the Trump-backed stablecoin liquidity on Binance comes amid mounting congressional pressure on the US President, following the controversial pardon of founder Changpeng Zhao in October.
As Anchorage Digital’s stablecoin move accelerates crypto adoption in the US, early-stage projects like PEPENODE are receiving speculative demand.
Pepe Node allows users to own virtual meme coin mining rigs, combine nodes for higher yields, and earn bonus rewards from network participation.
Pepe Node Presale
Currently priced at $0.001192, the Pepe Node presale has already raised over $2.328 million of its $2.5 million target. Investors can still join through the official Pepe Node website before the next price tier unlocks.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
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Despite the recent rally to a new all-time high (ATH) of $111,900, crypto analysts have warned that the Bitcoin price could still witness a massive crash that will send it below $100,000. These analysts highlighted fundamentals and technicals that could spark this price crash.
In a TradingView post, crypto analyst Stephan mentioned the geopolitical tensions, with the Russia-Ukraine conflict intensifying as one of the factors that could spark the Bitcoin price crash. He explained how this conflict could drive investors toward safe-haven assets, such as gold. The analyst also noted that Bitcoin ETFs experienced modest outflows last week.
Stephan’s accompanying chart showed that the Bitcoin price could drop to as low as $96,765 as it retests the psychological $100,000 support level. Crypto analyst Nova also warned that Bitcoin could drop to $100,000 while providing a technical analysis of the flagship crypto’s current price action.
In a TradingView post, Nova stated that if the Bitcoin price faces resistance around the $106,406 daily level and continues to correct, it could extend the decline to retest the psychologically important $100,000 mark. She further revealed that the Relative Strength Index (RSI) on the daily chart is at 53, trending downwards to the neutral level of 50. This indicates weakening bullish momentum.
Nova also stated that the Moving Average Convergence Divergence (MACD) showed a bearish crossover last week. Meanwhile, the analyst alluded to the increasing red histogram bars below the baseline, which she claimed further signal a potential correction ahead. Her accompanying chart showed that the Bitcoin price could drop to $99,000 as it retests the $100,000 level.
Crypto analyst Kevin Capital also called for caution at the current Bitcoin price level. He stated that nothing has changed for the flagship crypto and indicated that there was no need to be ultra bullish at this current level. The analyst earlier warned that things could get sketchy looking for BTC if it fails to reclaim $106,800 soon enough.
In an X post, crypto analyst Titan of Crypto raised the possibility of the Bitcoin price rallying to $135,000 this year. He noted that BTC has broken out of a right-angled descending broadening wedge, and if the price holds above the breakout zone, $135,000 becomes a realistic target. The analyst added that the structure is clean.
Crypto analyst Mikybull Crypto stated that the Bitcoin price is gearing up for a new all-time high. He further remarked that $120,000 remains a magnet for the flagship crypto in this market cycle. Meanwhile, veteran trader Peter Brandt predicted that BTC could reach $150,000 by late summer 2025.
At the time of writing, the Bitcoin price is trading at around $105,400, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
Bitcoin price has not gained upside momentum yet after the Bitcoin halving in mid-April, with market sentiments still more focused on macroeconomic and geopolitical events. The launch of spot Bitcoin ETFs in the U.S. and other countries brought a paradigm shift in the Bitcoin investment ecosystem. However, with the three Fed rate cuts earlier expected this year out of the picture, experts predict BTC price at the end of the year will remain near $70,000.
The approval of spot Bitcoin ETF and later spot Ether ETF were bullish factors enough to trigger a Bitcoin price rally, even a broader crypto market rally. However, a delay in the listing of spot Ethereum ETFs impacted the bullish sentiment, with listing now anticipated by September as per SEC Chair Gary Gensler.
The crypto market cap topped in March at $2.77 trillion, since then investors have lost over $400 billion as the market cap tumbled to $2.33 trillion. The reason is degrading confidence in Bitcoin making another new all-time high due to the delay in the rate cuts by the U.S. Federal Reserve (Fed) from May to later this year.
According to CME FedWatch Tool, the probability of a 25 bps rate cut in September is at 59.5%. The Wall Street giants such as JPMorgan, Goldman Sachs, and Morgan Stanley also anticipate a rate cut as early as September, as reported earlier by CoinGape.
Prediction market Polymarket indicates 33% odds of two rate cuts this year, followed by a 32% chance of a single rate cut as believed by Fed officials.
However, factors such as the U.S. inflation cooling, elections, and rate cuts by peer central banks such as European Central Bank will push the Fed to announce a monetary policy pivot soon. The Bitcoin bull market has cooled down due to macro and geopolitical concerns, primarily followed by institutional investors.
Inflow to spot Bitcoin ETFs have been negative for four consecutive days and caused a negative sentiment in the crypto market. Not a single Bitcoin ETF recorded inflow yesterday, with Fidelity even surpassing GBTC in outflows.
Also Read: Why Is Bitcoin Price Down Today? BTC Crash To $55K Imminent?
BTC price currently trades at $64,930, down 0.62% in the last 24 hours and more than 7% in a week. The 24-hour low and high are $64,066 and $$65,695. However, trading volume has decreased as traders switched to altcoins in the last 24 hours.
Popular analyst Michael van dep Poppe in a recent post on X platform predicted support between $63-64.5K as key for BTC price. Bitcoin remains stuck between $57K-73K and he anticipates consolidation to continue this week.
Derivatives traders are mainly bearish on Bitcoin. BTC options have a max pain at $55,000, as explained in detail by CoinGape. The implied volume (IV) in all terms has remained low, but signs of reversal has appeared under with confidence as the SEC permanently closed Ethereum investigation.
Total Bitcoin futures open interests retraced again from $36 billion, likely eyeing the $60,000 mark again. The futures trading volumes are dropping continuously for a week.
Technical and on-chain analyst Ali Martinez revealed that MVRV extreme deviation price band metric (+0.5σ) at $67,890 shows a possible correction toward the mean pricing band at $54,930.
Also Read: Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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