Arca CIO Jeff Dorman calls the current market slide “one of the strangest 
crypto sell-offs ever,” arguing that price action is increasingly disconnected 
from both macro conditions and sector fundamentals. Why The Crypto Sell-Off Is 
&#8220;Strange&#8221; In a post on X, Dorman notes that traditional risk assets are 
behaving exactly as textbooks would suggest: “equity, credit and gold/silver 
markets are launching to ATHs every month because the Fed is cutting rates, QT 
is ending, consumer spending is strong, record earnings, AI demand still 
incredibly strong.” Yet crypto continues to grind lower, even as most of the 
usual bearish narratives have been invalidated. “MSTR isn&#8217;t selling, Tether 
isn&#8217;t insolvent, DATs aren&#8217;t selling, NVDA isn&#8217;t blowing up, the Fed isn&#8217;t 
turning hawkish, the tariff wars aren&#8217;t restarting,” he writes, before 
admitting: “I still have no idea why crypto is down.” In his accompanying 
essay “The Selling Nobody Can Explain” (Dec. 1, 2025), Dorman details a market 
that has fallen in seven of the past eight weeks, with only a brief 
Thanksgiving rally before renewed selling as Japanese markets reopened. The 
first leg lower followed the October 10 exchange outages at Binance and 
others, weeks ahead of the FOMC meeting. Much of November’s weakness was 
retrospectively ascribed to Fed Chair Jerome Powell’s hawkish tone, which 
drove December rate-cut odds from “almost a 100% chance” to “as low as 30%.” 
Related Reading: $300 Million Crypto Bet: Kazakhstan’s Central Bank Gears Up 
What makes the late-November continuation unusual, he argues, is that the 
macro backdrop has since turned supportive again. Core PPI printed at 2.6% 
versus 2.7% expected, early post-shutdown labor data point to a cooling jobs 
market, and December cut odds have rebounded to around 90%. Equities “staged a 
fierce rally to close November in positive territory,” and betting markets are 
effectively pricing in Kevin Hassett, a known policy dove, as the next Fed 
chair. Against that backdrop, Dorman asks, “why are digital assets still 
selling off on every piece of bad news but failing to rally with good news?” 
His answer is stark: “I have no idea.” One working explanation is that the 
marginal seller is no longer crypto-native. Dorman cites Bill Ackman’s remark 
that his Fannie Mae and Freddie Mac positions are trading in sympathy with 
crypto, despite orthogonal fundamentals. The comment, he argues, reflects the 
growing overlap between TradFi, retail and digital-asset investors. What was 
“a pretty isolated industry” is now deeply integrated into multi-asset 
portfolios, and in those structures “investments in crypto seem to be the 
first to go.” The crypto ecosystem itself is highly transparent; by contrast, 
“TradFi remains more of a black box. And that black box is dominating flows 
and activity right now.” Wall Street Is Coming Dorman revisits Arca’s 
framework that token value is a mix of financial, utility and social 
components. With sentiment at cycle lows, it is no surprise that assets whose 
value is mostly social – Bitcoin, L1s, NFTs, memecoins – are under pressure. 
The surprise is that tokens with stronger financial or utility anchors have 
not consistently outperformed. “While some do (BNB), most do not (DeFi tokens, 
PUMP). So that&#8217;s a bit odd.” Equally unusual, he says, is the absence of 
“cavalry” buyers; instead, more players are “piling into the weakness, 
expecting more weakness,” leaning on momentum rather than fundamentals. 
Related Reading: 30% Of Crypto Market Makers Got Wiped, Mike Novogratz Says On 
MicroStrategy, Dorman reiterates that the firm “will never be forced sellers,” 
despite recurring headlines. On Tether, he pushes back against a rapid 
narrative shift from mega-valuation to supposed insolvency. With USDT roughly 
70% backed by cash and equivalents and 30% by gold, bitcoin and loans, he 
argues that “any questions about their liquidity are just silly,” given the 
implausibility of 70% same-day redemptions. Solvency risks would require large 
losses across that 30% sleeve, which he sees as manageable given the parent 
company’s profitability. Ultimately, Dorman reduces the puzzle to flows and 
market structure. “There are no buyers within the crypto walls today,” he 
writes. Crypto-native investors are “exhausted,” and the Wall Street firms 
that are “coming” into the asset class “aren’t here today.” Until crypto 
assets can be purchased seamlessly within existing mandates and systems at 
institutions like Vanguard, State Street, BNY, JPMorgan, Morgan Stanley and 
Goldman Sachs, “they just won&#8217;t do it.” For now, he concludes, the persistent 
weakness “certainly has us scratching our heads.” At press time, the total 
crypto market cap was at $2.9 trillion. Featured image created with DALL.E, 
chart from TradingView.com

This Is The ‘Strangest’ Crypto Sell-Off Ever, Claims Arca CIO

What to Know: Over 1M XRP payments in a single day show how strong on-chain 
activity can grow even when the token price moves sideways. Markets are 
shifting toward crypto assets that support clear, repeatable real-world 
actions – payments, gaming, and creator monetization – instead of pure hype. 
AI creator platforms keep running into the same problems: huge fees, random 
bans, clunky tools, and payments that change depending on your passport. SUBBD 
Token ($SUBBD) mixes Web3 payouts, token-gated content, and AI tools to cut 
fees for creators and give fans programmable ways to access and support 
content. More than 1M XRP payments between unique wallets in a single day is 
the kind of number that slices through all the market noise. Prices can 
wander. Sentiment can swing like a kid on too much sugar. But real on-chain 
usage shows where actual product-market fit is forming under the surface. This 
jump in activity shows something very simple: when a network handles payments 
at scale without breaking a sweat, people use it. XRP has spent years proving 
it can move money fast and cheap for cross-border payments, even while its 
price deals with macro pressure and regulatory drama. And now, the same filter 
is starting to shape the rest of the crypto market. Capital is moving away 
from ‘vibes first, utility later’ tokens toward projects with obvious, 
repeatable on-chain actions. Payments, gaming, real-world assets, and 
especially creator monetization are where users are actually clicking buttons 
instead of just tweeting memes. That’s the setup for SUBBD Token ($SUBBD), an 
AI-powered, Ethereum-based content platform token. As networks like XRP show 
how to move value at scale, projects like $SUBBD are trying to give that value 
a destination: tokenized content, AI creators, and programmable fan worlds. 
Why Payments-Scale Activity Is Repricing Utility Narratives 1M daily XRP 
payments between unique wallets highlight how fast real demand can settle on a 
chain once latency, fees, and reliability are solved. For builders, the lesson 
is almost boring in its simplicity: keep finality close to real-time and fees 
next to zero, and users will show up, even when the macro backdrop looks 
gloomy. The same pattern is showing up in the creator economy. Web2 platforms 
often take 30%-50% of earnings once you add up fees, revenue splits, and the 
joy of unpredictable algorithms. Creators get reach, but they lose control of 
their money and sometimes even their accounts. A random ban can shut down 
income overnight. It’s like building a business on quicksand. AI creator 
platforms are rising to fight this. Some Web3 projects offer token-gated 
content and NFT drops. Pure AI startups deliver fancy creation tools but keep 
payments centralized. The SUBBD platform aims to be the middle option: a 
hybrid that believes creator earnings, AI productivity, and on-chain payments 
belong together, not scattered across five apps and two spreadsheets. How 
SUBBD Token ($SUBBD) Turns AI, Web3 and Fans Into One Revenue Engine Most 
platforms tape crypto or AI on top like an afterthought, but the SUBBD Token 
($SUBBD) sits at the center of everything this platform does. SUBBD is a new 
crypto project designed in a way that AI tools, creator features, and on-chain 
payouts all flow through the token instead of being bolted on later. On the 
infrastructure side, the SUBBD platform uses Ethereum-compatible smart 
contracts that power tokenized access, staking, and governance. On the AI 
side, creators get tools for content generation, chatbots, voice cloning, and 
object recognition, which help them work faster without losing their minds. 
The main problem $SUBBD tackles is simple and painful: creators losing up to 
70% of their income to platforms, payment processors, and every middleman who 
wants a slice. Add the constant fear of bans or demonetization, and the whole 
thing becomes a stressful business model. SUBBD solves this by routing 
earnings through the $SUBBD token, giving creators crypto payouts, global 
reach without banking friction, and token-gated exclusives they fully control. 
Experience is where SUBBD tries to stand out. The AI Personal Assistant 
handles automated DMs, fan chats, and custom replies. AI voice cloning and AI 
influencer creation let creators experiment with new personas and new 
languages without hiring extra help. Fans, meanwhile, receive subscriptions, 
access to exclusive content, pay-per-view drops, NFT sales, tipping, and even 
AI-only experiences in one place. In other words, it&#8217;s a win-win for both 
creators and their fans. Why $SUBBD Matters Right Now The SUBBD Token ($SUBBD) 
design tries to keep users engaged. The presale has already raised $1.3M+, 
which signals early demand for a creator-focused token instead of just another 
meme coin. Right now, you can buy $SUBBD for just $0.0571. ➡️ Check out our 
guide to buying $SUBBD if you plan to join the presale. A fixed 20% APY 
staking rate in year one rewards early holders with exclusive livestreams, in- 
house content, daily behind-the-scenes drops, and XP boosts for future perks. 
To explore more possible upside scenarios and market positions, take a look at 
our SUBBD price prediction and compare it with your own view before deciding 
whether to invest in SUBBD Token. On-chain, holders can vote on new features, 
creator onboarding, themes, events, and which AI creators get highlighted. 
This governance layer pushes SUBBD closer to a programmable content 
marketplace rather than a static subscription site. As more value flows 
through high-throughput networks, the bet is that creator tokens like $SUBBD 
become one of the main places that value wants to land. 🚀 Join the $SUBBD 
presale before the next price increase. Disclaimer: This article is for 
informational purposes only and does not constitute financial or investment 
advice. Always do your own research before investing in crypto. Authored by 
Aaron Walker, NewsBTC – https://www.newsbtc.com/news/xrp-price- 
prediction-1m-payments-boost-subbd-token

XRP Price Prediction: Surge to 1M Payments Fuels Attention on SUBBD Token

Bitwise Onchain Solutions discusses how Ethereum’s Fusaka upgrade trades 
big‑bang hard forks for faster, targeted changes that make the network more 
strategic.

Ethereum’s Fusaka upgrade: Scaling rollups without breaking the core

Falcon Finance is widening the USDf collateral base by adding CETES, the 
tokenized form of Mexico’s short-term sovereign bills from Etherfuse.

Falcon Finance adds tokenized Mexican CETES to USDf collateral framework

Kalshi&#8217;s funding boost may accelerate innovation and competition in prediction 
markets, potentially reshaping financial and betting landscapes.
The post Kalshi raises $1B in latest funding round, lifting valuation to $11B: 
NYT appeared first on Crypto Briefing.

Cryptocurrency price in MMK