Grayscale: By 2025, the stablecoin supply will reach $300 billion, with an average monthly trading volume of $1.1 trillion, benefiting multiple token assets

Uniswap’s final governance vote on its “Fee Switch Activation Proposal” has officially kicked off, per the protocol’s official website. The vote launched on December 20th and is set to conclude at 2:11 AM Beijing time on December 26th. Earlier reports note that if the proposal passes, a 2-day grace period will follow, after which: - 100 million UNI tokens will be burned; - Fee switches for Uniswap v2 and v3 will activate on the mainnet; - Burning of UNI tokens and Unichain fees will commence.

On-chain analyst Ai Auntie (@ai_9684xtpa) reported on December 20 that the address **pension-usdt.eth** has netted $24.04 million in profits from trading on Hyperliquid over the past month. Of its 17 December transactions, 16 were profitable—translating to a 94.1% win rate. Currently, the address holds 30,000 ETH (valued at ~$89.72 million), ranking among the top 3 ETH long positions on Hyperliquid. Its average entry price for the ETH position is $2,969.6. Just 9 hours prior to the update, the address closed a BTC long position, pocketing $1.258 million in profit.

December 20th, the Brooklyn Court brought criminal charges against Ronald Spektor—a suspect in Coinbase customer support scams—alleging he stole roughly $16 million from around 100 Coinbase users. Spektor is accused of impersonating Coinbase support via phishing and social engineering tactics to pull off the theft. He faces 31 counts, including first-degree grand larceny, first-degree money laundering, conspiracy to commit fraud, and other related charges. During the investigation, police seized about $105,000 in cash and $400,000 worth of cryptocurrency from the defendant. The District Attorney’s Office is currently tracing additional suspected stolen crypto assets linked to the scams.

**Bitcoin: Luke Gromen Shifts to Short-Term Bearish (Dec 20) – Key Notes** On December 20th, Luke Gromen—founder of Forest for the Trees and a macroeconomic analyst—told *The Monetary Matters Network* podcast he’s now short-term bearish on Bitcoin, despite being long-term bullish (he bought most of his position below $30k in late 2022/early 2023 and has never sold). His reasons for the shift: 1. Bitcoin remains highly correlated with tech stocks, but future AI competition’s bottleneck is **electricity** (not semiconductors) → dim outlook for both tech and Bitcoin. 2. Bitcoin has failed to break out relative to gold, and the future liquidity environment is: *“Unless it’s nuclear-grade money printing, it’s tightening.”* 3. Quantum computing poses a threat to Bitcoin (a risk 2–9 years out). Gromen also emphasized Tether’s moves as critical: the firm recently invested in AI and gold, and its **gold balance sheet position now exceeds its Bitcoin holdings**.

On December 20th, Farcaster’s official X account announced its USDC lending service is now live. Users can lend USDC on the Morpho platform to earn a 5% yield. Farcaster users can click “USDC Lending” in their wallet page to deposit USDC and start earning rewards—withdrawals are available at any time.

On December 20, Bloomberg Senior ETF Analyst Eric Balchunas shared the top 25 U.S. stock ETFs by annual inflows on X (formerly Twitter). Among these funds, the Bitwise Bitcoin Spot ETF (ticker: IBIT) was the only one with a negative return—posting an annual gain of -9.59%. Notably, despite its underperformance, IBIT still ranked sixth in annual inflows, even outpacing the SPDR Gold Shares ETF (GLD), which delivered a 64% annual return. This is a strong positive signal for the long term: the fund has attracted over $25 billion in inflows even during a bearish market phase, suggesting even greater potential once the market shifts to bullish territory.