The low levels of internet search volume signal that retail investors are not 
interested in the crypto market, a stark contrast from January.

Google search volume for ‘crypto’ craters as 2025 comes to a close

Ethereum has spent much of December under pressure, and the recent fall below 
$3,000 has left a visible mark on investor positioning. On-chain data now 
shows a notable deterioration in profitability across the network, with the 
share of ETH supply sitting in profit falling below 60%. At the same time, 
institutional demand has decreased, with data from Glassnode showing how both 
retail profitability and institutional participation in Ethereum have weakened 
simultaneously. Related Reading: Could XRP Make Trillionaires? Tech Firm 
Founder Thinks It’s Possible Ethereum’s Percent Supply In Profit Falls Below 
60% The drop in Ethereum’s percent supply in profit has been one of the 
clearest signals of stress for Ethereum. Ethereum&#8217;s investors have fallen into 
deeper losses, and this is a reflection of recent price action. Speaking of 
price action, Ethereum had initially reclaimed the $3,000 price level on 
December 22. During this time, the percentage of ETH supply in profit pushed 
back above 60% and reached as high as 63%. However, this break was for only a 
very brief time, and price action fell back below $3,000 after just a few 
hours. As ETH broke below $3,000 again, the share of supply held at unrealized 
gains fell under 60%, down from above 70% earlier in December. This fall shows 
that the pullback has not been limited to recent buyers but has begun to 
impact investors who accumulated during the beginning of the month. ETH 
Percent Supply In Profit. Source: Glassnode ETF Net Outflows Indicate Waning 
Institutional Participation The weakness in on-chain profitability and price 
action is also a reflection of trends in the ETF market. Another data metric 
from Glassnode shows that since early November, the 30-day moving average of 
net flows into US Spot Ethereum ETFs has turned negative and remained there. 
This persistence of outflows points to a phase of muted participation and 
disengagement from institutional traders. The ETF chart below shows that 
inflows, which supported Ethereum’s push to new all-time highs in August, have 
faded, replaced by continued outflows through November and December. This 
matters for price action because ETF demand has been a key source of 
incremental buying. As that bid has weakened, Ethereum has struggled to absorb 
sell-side pressure, contributing to its failure to hold above $3,000. ETH: US 
Spot ETF Net Flows. Source: Glassnode The combination of negative ETF net 
flows and Ethereum’s recent price behaviorhelps explain rising unrealized 
losses. Interestingly, various on-chain data sources also reveal different 
instances of whale addresses reducing their exposure to Ethereum outside of 
spot ETFs. For instance, Lookonchain recently highlighted activity from a 
wallet believed to be linked to Erik Voorhees, which swapped 4,619 ETH, valued 
at about $13.42 million, into Bitcoin Cash (BCH) over the past two weeks after 
having been inactive for nearly nine years. Voorhees later responded by 
clarifying that the wallet does not belong to him and that he does not hold 
any Bitcoin Cash. Related Reading: Ethereum’s 2026 Overhaul Aims To Cut Costs, 
Boost Speed, Limit Censorship Lookonchain also pointed to selling pressure 
from Arthur Hayes, co-founder of BitMEX, who has offloaded a total of 1,871 
ETH at about $5.53 million in the past week. Featured image from Unsplash, 
chart from TradingView

Ethereum Investors Slide Deeper Into Losses – What The Drop Below $3,000 Means

As Bitcoin continues to underperform in the fourth quarter of 2025, its 
investors have had multiple reasons to offload and shave off their holdings. 
Among these investors is a certain cohort, its short-term holders (STHs), who 
have been facing heat over an extended period. STH MVRV In Deep Red For 60 
Consecutive Days In a recent post on the X platform, market quant Burak 
Kesmeci revealed an interesting perspective regarding the current market 
condition for Bitcoin&#8217;s most reactive investors — the short-term holders. 
Kesmeci&#8217;s post revolves around the STH MVRV (Market Value to Realized Value) 
metric. For context, this metric compares the market value of BTC to its 
realized value, thus serving as a means to track whether Bitcoin&#8217;s short-term 
investors are, on average, in profit or at a loss. Related Reading: Bitcoin 
Whales Go Quiet On Binance As Inflows Collapse: Supply Shock Setup? A reading 
less than the neutral “1” level typically indicates that the STHs are in the 
red. Depending on the depth of this value, it could also foreshadow 
capitulation events. On the other hand, values above 1 reveal that short-term 
investors are in profit. The higher the value, the more probable it is for 
profit-taking events to follow. In his post on X, the online pundit shared 
that the STH MVRV has been in deep red territory for a full period of 60 days. 
Kesmeci explained that the flagship cryptocurrency’s short-term investors are 
now facing the highest level of “patience test” that they have ever witnessed 
throughout 2025. Notably, prolonged periods of negative MVRV readings have 
often correlated with heightened market stress. Seeing as the market’s most- 
reactive investor cohort is the one concerned, the Bitcoin price could witness 
the effect of capitulation-driven sell-offs. However, the opposite is also 
possible. In the scenario where bearish pressure eases off completely, 
prolonged negative readings could be a sign of imminent market stabilization. 
Bitcoin Stays Beneath 111-Day SMA — What This Means For Price To lend more 
weight to his on-chain revelation, Kesmeci also followed up with a key 
technical observation of Bitcoin&#8217;s price action. According to the analyst, 
Bitcoin has been trading below the 111-day simple moving average (SMA 111) 
within the same period. This alignment between on-chain and technical analysis 
thus functions to reinforce a clear narrative; Bitcoin is either currently at 
a consolidatory or corrective phase. This is contrary to the belief that the 
premier cryptocurrency might be at the start of a significant upward trend. 
Related Reading: Bitcoin Funds See Significant Net Outflows Heading Into Year- 
End – What’s Going On? From a broader perspective, Bitcoin&#8217;s future trajectory 
is not completely clear. Macro events, alongside renewed spot demand, could 
prove pivotal for the cryptocurrency in the future. This market phenomenon 
could determine whether BTC plunges deeper to the downside or begins its 
recovery journey. As of this writing, Bitcoin is valued at around $87,380, 
with no significant movement in the past day. Featured image from iStock, 
chart from TradingView

Bitcoin Short-Term Holders Face Prolonged Pain As Key Metric Stays Red

Developing economies that lack entrenched financial market infrastructure will 
adopt tokenized real-world assets before developed countries.

Emerging market economies to drive RWA tokenization in 2026: Crypto exec

The actions would have been taken due to the high risk linked to lending 
services to these startups. Blindpay, one of the stablecoin startups affected, 
operates in Latin American countries, while Kontigo is focused on the 
Venezuelan market. JPMorgan Freezes Accounts From Stablecoin Startups Kontigo 
and Blindpay Stablecoin neobanks are once again under scrutiny by […]

Cryptocurrency price in LKR