Today's Digital Money encryption news (December 22) | Gold and silver hit new highs; Hong Kong plans to introduce new regulations for insurance companies' investments in encryption assets.

This article summarizes cryptocurrency news as of December 22, 2025, focusing on the latest Bitcoin news, Ethereum upgrades, DOGE trends, real-time Crypto Assets prices, and price predictions. Today's major events in the Web3 space include:

1、Bloomberg: Hong Kong plans to introduce new regulations for insurance companies' investment in crypto assets and infrastructure

The Hong Kong Insurance Authority has proposed new regulations aimed at guiding insurance funds into the field of crypto assets and infrastructure. According to a presentation document dated December 4, the regulatory body intends to impose a 100% risk capital requirement on crypto assets, while the risk capital requirement for investments in stablecoins will be determined based on the fiat currency to which the stablecoins are pegged. The Hong Kong Insurance Authority stated that it has initiated a review of the risk capital regime this year, with the primary goal of supporting the insurance industry and broader economic development. The proposal is expected to undergo public consultation from February to April next year, followed by submission for legislation. Additionally, the new regulations also involve incentives for infrastructure investments, proposing capital discounts for investments in infrastructure projects linked to Hong Kong, mainland China, or those pegged in Hong Kong (such as the development of new towns like the Northern Metropolis) to support the local infrastructure development plans of the SAR government. As of 2024, the total premium income of the Hong Kong insurance industry is approximately HKD 635 billion.

2、Shareholders support Bitcoin strategy, Metaplanet stock price rises over 4% after special shareholders meeting

On the day of the Extraordinary General Meeting (EGM), the stock price of Bitcoin reserve concept company Metaplanet performed strongly, rising over 4% during the session. This increase was driven by shareholders' approval of all five key proposals, which the market generally interprets as a clear support for Metaplanet's long-term Bitcoin accumulation strategy.

Metaplanet officially concluded its special shareholders' meeting today, with the results seen as a significant turning point for the company's future development. CEO Simon Gerovich confirmed after the meeting that all proposals submitted by management were successfully approved, including key content related to capital structure adjustments, preferred stock arrangements, and future Bitcoin accumulation plans. The company's long-term goal is to gradually establish a holding scale of up to 100,000 Bitcoins, which has led the market to view it as the “Asian version of MicroStrategy.”

Boosted by positive news, Metaplanet's stock price briefly touched 458 yen on the day, dipping to a low of 428 yen, and closed with an increase of about 4.16%, reporting at 451 yen, with a significant increase in trading volume. According to public data, the stock has accumulated a gain of over 26% in the past month. Previously, Metaplanet's stock price had significantly fallen from a 52-week high of 1930 yen in June, and this rebound is considered a restoration of confidence in the short term.

In terms of the overseas market, Metaplanet-related stocks have also attracted attention. The OTC code MTPLF rose by 7.75% on Friday, closing at $2.78. Meanwhile, the newly launched American Depositary Receipt MPJPY experienced significant volatility, falling from an issuance price of $4 to $2.85, indicating that overseas investors are still in the process of repricing the company's valuation.

At the shareholders' meeting, several proposals closely related to capital operations were approved. These include converting part of the share capital and capital reserves into capital surplus to enhance the dividend capability of preferred shares and the potential space for stock buybacks; at the same time, the authorized cap on preferred shares was raised from 277.5 million shares to 555 million shares, reserving space for subsequent financing and Bitcoin purchases.

In addition, MARS Class A preferred shares are adjusted to pay dividends at a monthly floating interest rate, while MERCURY Class B preferred shares are changed to pay dividends quarterly, along with a subscription rights arrangement. Shareholders also approved the issuance of Class B preferred shares to overseas institutional investors, further broadening international capital channels.

It is worth noting that one of the largest sovereign wealth funds in the world, the Norwegian Bank Investment Management Company, cast a favorable vote on all proposals. This move is seen by the market as a strong endorsement of Metaplanet's Bitcoin strategy and corporate governance structure.

Overall, as the shareholders' meeting comes to a close, Metaplanet's strategic path in the “Bitcoin corporate holding” sector becomes increasingly clear. Driven by the long-term narrative of Bitcoin and the trend towards institutionalization, its stock price performance and subsequent capital movements will continue to be the focus of attention in both the Crypto Assets and traditional capital markets.

3、Gold and silver both hit new highs, why hasn't Bitcoin followed suit? The crypto market may be entering a “lagging response period”

On December 22, gold and silver prices simultaneously reached historic highs, triggering widespread attention in the market towards the trends of Crypto Assets. Data shows that spot gold rose to $4412 per ounce, while silver surged to $69.44, with annual increases of 67% and 138%, respectively. Against the backdrop of rising risk aversion, a weakening dollar, and increased expectations for interest rate cuts, precious metals have become the main flow of global funds.

In contrast to the strong performance of precious metals, the cryptocurrency market has reacted relatively slowly. The price of Bitcoin currently remains in the range of $86,000 to $89,000, down about 30% from previous highs. Investors tend to prioritize traditional safe-haven assets like gold during periods of rising macro uncertainty, rather than more volatile digital assets.

Historical data shows that the “first gold, then Bitcoin” rhythm is not the first time it has appeared. When gold first reached a historical high in 2020, Bitcoin did not immediately follow suit, but instead started a strong market months later, achieving several times of increase within the following year. A similar situation also occurred in the 2022 to 2024 cycle, where gold rose first, and Bitcoin only experienced an explosion after liquidity improved.

From the perspective of asset attributes, gold is more attractive during the initial stage of economic pressure, especially in an environment of declining interest rates and geopolitical tensions. Bitcoin, on the other hand, is often seen as a high-risk asset during this phase, easily affected by capital withdrawals. However, once market sentiment stabilizes and the effects of interest rate cuts begin to show, risk appetite tends to rebound, and Bitcoin usually experiences a rebound in price.

Currently, the market environment in 2025 is still dominated by risk aversion, with funds continuously flowing into the precious metals sector. It is not surprising that Crypto Assets are under pressure in the short term. If the stock market stabilizes in the future and macro policies become more accommodative, Bitcoin and Crypto Assets may once again exhibit their “lagging but more resilient” upward characteristics.

Overall, the new highs in gold and silver prices do not necessarily mean a weakening of the crypto market, but are more likely to indicate a phase of rotation. For investors focusing on Bitcoin trends, crypto asset investment opportunities, and macro asset allocation, the strength of precious metals may be the prelude to the next change in risk assets.

4、Pi Network Official Urgent Warning: Fake Pi Prices and DEX Scams Erupt, Users Must Remain Highly Vigilant

As the mainnet plan of Pi Network approaches, various scams surrounding “Pi price” are spreading rapidly. The core team of Pi Network recently issued another official warning, pointing out that numerous posts circulating on social platforms X and Telegram claim that the Pi price has reached $314 or even $1000, and all related information is false. Currently, Pi Network has not established an official market price, nor is there any “real-time Pi price”.

The core team emphasizes three points: First, any website displaying the real-time price of Pi is a scam; second, any request for a mnemonic phrase or private key is a scam; third, any private message claiming to be from Pi officials is not trustworthy. This statement is seen as a concentrated response to the recent Pi Network price scams and phishing attacks.

From the perspective of scam techniques, scammers usually forge so-called “Pi DEX”, claiming that Pi can be immediately exchanged for USD, and provide fake links to lure users into connecting their wallets. In reality, there is no smart contract on the chain that supports the exchange of Pi for USD, and there are no records of any fund flows related to official liquidity pools. Once users connect to the counterfeit website, their wallet permissions are stolen, and some victims report that their assets were emptied within minutes.

It is worth noting that Pi Network is currently not listed on exchanges, does not have perpetual contracts, liquidation data, or order book depth, and therefore lacks a real price discovery mechanism. Real price fluctuations of crypto assets are inevitably accompanied by changes in on-chain and exchange data, while this round of “Pi surge” has only heated up on social media, with on-chain data remaining completely silent. This obvious mismatch is a typical signal of fraud.

In addition, some unofficial accounts are hyping up the so-called “testnet DEX upgrade,” further confusing the situation. Although Pi Network does run a testnet environment, the tokens on the testnet do not hold any market value and cannot be confused with real transactions or fiat currency exchanges. Scammers are taking advantage of new users' lack of understanding of the concepts of testnet and mainnet to carry out their fraud.

The core team of Pi Network reminds that greed is often the biggest risk to the security of crypto assets. At this stage, Pi holders should ignore all price information and only obtain updates through official channels. Do not connect to unknown websites or disclose wallet information to prevent unnecessary asset loss before the mainnet goes live.

5、The new coin issuance in 2025 faced a “bloodbath”: over 85% of tokens fell below TGE valuation, and VC projects are also hard to escape

The year 2025 is expected to be the “winter year” for crypto token issuance. Data shows that newly issued crypto tokens this year have generally suffered heavy blows, with over 85% of token prices falling below their valuations at the Token Generation Event (TGE), causing significant paper losses for a large number of early participants.

According to statistics from Memento Research researcher Ash, a total of 118 projects will complete their TGE in 2025, with as many as 100 tokens currently priced below their issuance price, accounting for as much as 84.7%. Overall, the median fully diluted valuation (FDV) after the issuance of new coins has dropped by about 71% compared to the TGE, and the median market cap has decreased by about 67%. Only about 15% of tokens have truly outperformed their issuance valuations, indicating that “launching at a high point” has become a common phenomenon.

Several highly followed projects have seen declines of over 90%. For example, Syndicate (SYND) has plummeted from an initial FDV of approximately $940 million to less than $60 million; projects such as Animecoin (ANIME), Berachain (BERA), Bio Protocol (BIO), and Xterio (XTER) have all experienced market cap declines of over 90%. Even with popular narratives or ecological halos, these tokens have not escaped the fate of rapid valuation corrections.

It is worth noting that the venture capital background has not become a “safety net.” Multiple tokens that have received support from top VCs have also experienced double-digit or even over 90% declines. Projects like Falcon Finance, Plasma, and Anoma were valued at tens of billions or even hundreds of billions during their TGE, but have continued to fall after listing, indicating that the high-valuation issuance is facing systematic corrections in the market.

Ash pointed out that the core issue is that the TGE no longer represents the “early stage”. With the early pricing of private placement rounds, complex unlocking rhythms, and insufficient liquidity, new coins face significant selling pressure risks in the secondary market. For retail investors, the logic of “participating in the TGE to profit” is becoming invalid.

Overall, the crypto token market in 2025 is repricing the issuance model characterized by high FDV, strong marketing, and weak implementation. For investors focusing on the performance of new coin issuances in 2025, TGE valuation risks, venture capital token pullbacks, and structural adjustments in the crypto market, carefully assessing the token economic models and unlocking structures has become an unavoidable key issue.

6、Aave was hit by a giant whale selling off $37.6 million, AAVE price dropped nearly 10% in a single day

Aave (AAVE) has recently faced significant price pressure. On December 22, a whale sell-off amounting to $37.6 million triggered severe market volatility, causing AAVE to quickly drop in a short period, with the price falling to around $161.70, close to the key support zone that has been tested multiple times this month.

On-chain data shows that this sell-off mainly came from address 0xa923. This wallet sold approximately 230,350 AAVE in one go and exchanged it for stETH and WBTC, quickly amplifying the selling pressure in the spot market. It is worth noting that despite the massive transaction amount, this address still recorded a loss of about 13.8 million USD, indicating that this action seemed more like a passive stop-loss or liquidity pressure release rather than a planned asset rotation.

From the overall on-chain structure, the whale behavior of AAVE shows a clear differentiation. Although the concentrated selling by a single large holder has impacted short-term sentiment, not all funds are withdrawing. At the beginning of December, there was an address that accumulated over 310,000 AAVE through the recursive lending mechanism of the Aave protocol, while another address invested about 35 million dollars in AAVE and related assets during the market correction.

From a long-term data perspective, AAVE's chip structure remains relatively solid. Over the past month, the total holdings of AAVE among the top 100 addresses have continued to rise, while exchange balances have continuously decreased. Generally speaking, a reduction in exchange reserves indicates a weakening of the willingness to actively sell, creating conditions for subsequent price stabilization.

Institutional levels have also released positive signals. Previously, Multicoin Capital purchased approximately 20 million dollars of AAVE through over-the-counter trading at a price close to 178 dollars, indicating that some institutions still recognize the long-term value of Aave. Currently, Aave generates nearly 100 million dollars in protocol fees each month, accounting for about 87% of the revenue share in the DeFi lending market, and the fundamentals remain solid.

However, from a technical perspective, AAVE's short-term pressure has not been alleviated. The price structure shows a simultaneous decline in both lows and highs, with the middle band of the Bollinger Bands repeatedly acting as resistance for rebounds. The current range of 160–165 dollars is an important support level, and if it is effectively broken on the daily chart, the price may further retrace to the 145–150 dollar area. The RSI indicator is still below 50, indicating insufficient bullish momentum.

In summary, AAVE is currently in a recovery phase after a sell-off by whales. In the short term, the price may maintain a weak oscillating pattern, but against the backdrop of long-term holders and institutions continuously increasing their holdings, the medium to long-term fundamentals still provide support. For investors who follow Aave's price trends, AAVE whale movements, and the DeFi lending sector, performance around the $160 mark will become a key observation point.

7、Bridgewater Fund founder Ray Dalio discusses Bitcoin again: Scarcity does not equal central bank reserves, gold remains the preferred hard asset

Billionaire investor and founder of Bridgewater Associates Ray Dalio recently expressed a cautious attitude towards the role of Bitcoin in the global financial system. He pointed out that although Bitcoin has scarcity and certain “currency attributes,” from the perspective of central bank asset allocation and reserve management, Bitcoin is not suitable as an official reserve asset.

In a recent interview, Dalio described Bitcoin as a “spiritual currency.” He acknowledged that Bitcoin has a fixed supply, is decentralized, and is widely regarded as a digital currency, but these characteristics are not enough for central banks to include it on their balance sheets. Dalio believes that central banks are more concerned with the safety, stability, and controllability of assets, which are precisely the weaknesses of Bitcoin.

Dalio emphasized the transparency issue of Bitcoin. He pointed out that on-chain transactions are fully traceable, which becomes a risk in reserve management. Once transactions are monitored, interfered with, or even restricted, their reliability as a national reserve asset will be questioned. In contrast, gold is harder to trace or control once it is outside the financial system, thus it has stronger hedging properties in extreme environments.

From a security perspective, Dalio also cautioned that Bitcoin carries potential risks of being subjected to technical attacks, destruction, or regulatory restrictions, which could undermine its appeal as a long-term store of wealth. For this reason, when choosing between Bitcoin and gold, he always leans more toward gold.

Nevertheless, Dalio does not completely deny Bitcoin. He revealed that he still holds a small amount of Bitcoin and has previously suggested that investors follow scarce assets like Bitcoin and gold to hedge against global high debt and currency devaluation risks. However, he clearly stated that Bitcoin has a lower priority in his asset allocation compared to gold.

When it comes to stablecoins, Dalio's attitude is more conservative. He believes that stablecoins, which are pegged to fiat currencies, are essentially still influenced by the traditional monetary system, making them more suitable for quick payments and transactions rather than long-term storage of value or asset allocation.

Overall, Ray Dalio's views provide important reference for the topic of “whether Bitcoin can become a central bank reserve asset.” In his opinion, Bitcoin is a digital currency with scarce value, while gold remains a more mature and reliable hard asset for hedging. This position also reflects the realistic boundaries of traditional financial giants' attitudes towards crypto assets.

8、Canary Capital promotes the first SUI spot ETF in the US: renamed “Staked SUI ETF”, disclosing fees and code

Canary Capital has officially made significant revisions to its SUI ETF application submitted to the U.S. Securities and Exchange Commission (SEC), taking a key step closer to the launch of the first spot ETF in the U.S. tracking the price of SUI. The latest documents disclose the fund's name, management fee rate, stock code, and exchange information, sparking high market attention on the approval prospects of the SUI ETF.

According to the latest submitted second amendment document before the effectiveness of the S-1, Canary Capital has adjusted the fund name to “Staked SUI ETF” to highlight the core positioning of the ETF in seeking additional returns while gaining price exposure through participation in the SUI staking mechanism. The document shows that the ETF will future stake SUI tokens through one or more staking service providers, but the specific staking fees have not yet been disclosed.

In terms of structural arrangements, Canary Capital has changed the listing exchange from Cboe BZX to the Nasdaq Stock Market, indicating its plan to list on Nasdaq. The management fee rate for the ETF is set at 0.75%, with the stock code “SUIS”; currently, no fee reductions or waivers have been announced.

The core development organization of the Sui blockchain, Mysten Labs, will participate as a seed investor in the ETF, subscribing to 200,000 physically-backed SUI shares at a price of $25 per share, and will act as the legal underwriter. This arrangement is seen as an important signal to enhance the product's credibility and liquidity.

In terms of operations, the Canary Staked SUI ETF has partnered with several institutions including Jane Street Capital, Virtu Americas, Macquarie Capital, and Cantor Fitzgerald, serving as the primary trading counterparties for SUI. The ETF will reference the ISUI-USD CCIXber index to calculate the price performance of SUI and the fund's net asset value (NAV). U.S. Bancorp Fund Services acts as the manager and cash custodian, while BitGo Trust Company is responsible for digital asset custody.

In the market, the SUI price has slightly increased to around $1.45 in the past 24 hours, with a significant increase in trading volume, indicating that investors' attention on topics such as “SUI ETF application progress” and “latest developments in U.S. crypto ETFs” continues to heat up. However, derivatives data shows that short-term sentiment remains cautious, with a slight decrease in open interest for SUI futures.

Overall, Canary Capital's continued promotion of the SUI ETF further strengthens the market's expectations for the “SUI Spot ETF” and “Staking Crypto Assets ETF” to land in the United States, but the final outcome still depends on the SEC's regulatory stance and approval process.

9、HyperLiquid Team: The short-selling address identified by the community belongs to a former employee

The HyperLiquid team members posted on Discord stating, “Regarding the recent inquiries from the community about the shorting address starting with 0x7ae4: that address belongs to a former employee who was dismissed in the first quarter of 2024. This individual has completely severed ties with Hyperliquid Labs, and their actions do not represent the standards and values of our team.”

10、The Federal Reserve plans to inject about $6.8 billion into the market

On December 22, the Federal Reserve plans to inject about $6.8 billion into the financial markets through repurchase agreements at 10 PM Beijing time tonight. In the past 10 days, the Federal Reserve has injected approximately $38 billion as part of its year-end liquidity management. Repurchase agreements (referred to as repos) are a core tool for managing the daily liquidity of the financial system. In a repurchase agreement, the Federal Reserve provides cash loans to banks, secured by high-quality collateral (usually government bonds). Banks quickly repay the loans to reclaim the assets, typically within a day. This move aims to address year-end liquidity strains and the Federal Reserve's recent adjustments to its standing repo facility. Although officials describe these measures as routine, some cryptocurrency investors view them as positive signals for risk assets. (Barchart)

11、Uniswap: The protocol fee switch proposal has reached the voting approval threshold and will take effect this week

The Uniswap protocol fee switch proposal UNIfication has reached the passing threshold of 40 million votes and is expected to officially take effect later this week. As of Monday morning, nearly 62 million votes have been cast, with voting ending on December 25. Uniswap Labs CEO Hayden Adams stated that after the vote passes, there will be a two-day time lock phase, during which the Uniswap v2 and v3 fee switches on the Unichain mainnet will be activated, triggering the destruction of UNI tokens. The proposal includes the destruction of 100 million UNI tokens from the Uniswap Foundation treasury and the implementation of a protocol fee discount auction system to enhance liquidity provider returns. As a result, UNI has risen about 25% since the voting began, with the current price at $6.18.

12、The Federal Reserve seeks public comments on payment accounts, may allow crypto companies direct access to the central bank system

The Federal Reserve is seeking public input on the establishment of a special purpose payment account. This account is designed to provide eligible financial institutions (including crypto companies and fintech firms) with direct access to the central bank's payment system for clearing and settlement operations. Federal Reserve Governor Christopher J. Waller stated that the new payment account will support innovation and ensure the security of the payment system. This account differs from traditional general master accounts as it does not pay interest, does not have overdraft privileges, and has a balance limit, but its approval process will be more streamlined. The comment period for this proposal is 45 days, aimed at responding to the evolution of payment methods and enhancing system efficiency.

13、U.S. lawmakers push to resolve the “double taxation” issue of cryptocurrency staking before 2026

A group of 18 bipartisan members of the U.S. House of Representatives is pushing for the U.S. tax agency to review the tax regulations for Crypto Assets staking before the start of 2026.

In a letter sent to IRS Commissioner Scott Bessent on Friday, a group of lawmakers led by Republican Mike Carey requested a review and update of the “burdensome” tax laws regarding crypto staking.

Carey stated: “This letter is merely a request for fair tax treatment of digital assets, and ending the double taxation on staking rewards is an important step in the right direction.”

The letter suggests adjusting the tax collection time for staking rewards to the time of asset sale, to ensure that “stakers declare taxes based on their actual economic gains correctly.”

14、Insider: Polymarket plans to launch its own L2 and migrate from Polygon

On December 22, an insider @polymarketbet summarized important information recently announced by Polymarket team member Mustafa in the Discord community, with the following key points: 1. Polymarket plans to migrate away from Polygon and is set to launch its own Ethereum L2 service, POLY. Launching POLY is the “top priority”. (Polymarket's operations were affected by a Polygon outage on December 18.) 2. Polymarket plans to abandon all third-party vendors (GoldSky, Alchemy, etc.). “These guys are all terrible - we will migrate as soon as possible.” 3. This week, Polymarket will launch 5-minute markets.

15、Michael Saylor: If MicroStrategy holds 5% of the BTC supply, its price will reach 1 million dollars

Michael Saylor stated that if MicroStrategy can accumulate 5% of the total supply of Bitcoin, the price of Bitcoin will reach $1 million. He further stated that if the holding ratio reaches 7%, each Bitcoin will be worth $10 million. Michael Saylor described this behavior as providing power to the network.