Last week, funds have flowed into #Bitcoin, #Ethereum, and #Hyperliquid.

December 23: Per Ash (@ahboyash), among 118 new coins from 2025’s TGE, 84.7% (100 out of 118) have an FDV lower than their issuance valuation—roughly 4 in every 5 newly issued tokens now trading below their launch price-related metrics. The median FDV of these tokens has fallen 71% from issuance (with a median market cap drop of 67%). Only 15% of tokens have seen an FDV increase since TGE. On the underperforming end, 15 tokens have dropped over 90%, including notable projects like Berachain (-93%), Animecoin (-94%), and Bio Protocol (-93%). Overall, the total FDV of these tokens has shrunk from $139 billion at listing to $54 billion now—meaning roughly $87 billion (59%) of the “on-paper” FDV has evaporated (this figure excludes projects that have gone to zero). There are standouts too, mostly projects launched in the second half of 2025 with lower initial valuations: Aster (+745%), Yooldo Games (+538%), and Humanity (+323%).

December 23 — The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil lawsuit against Wolf Capital Crypto Trading LLC and its founder Travis Ford in the U.S. District Court for the Northern District of Oklahoma, accusing them of running a $10 million-plus fraudulent crypto investment scheme structured as a Ponzi scheme. Court documents show the company attracted over 3,000 investors between October 2022 and December 2024 by promising daily stable returns of up to 3.5%. The CFTC contends these claims are mathematically unsound and not backed by any verifiable commodity-related crypto trading strategy. Instead, the regulator alleges new investor funds were used to pay returns to earlier participants — a classic hallmark of Ponzi schemes.

December 23 Update: Trump Media—owned by former President Donald Trump—has invested $40 million to purchase Bitcoin, per monitoring from Bubblemaps. Its public wallet received a total of 450 bitcoins in three transactions today.

Per official sources, Hyperliquid has launched a new LIT/USDC perpetual contract that offers up to 3x leverage, effective December 22.

December 22: Sky Protocol announced in a social media post that it repurchased 32.3 million SKY tokens last week using 1.9 million USDS. Since the launch of its buyback program, total repurchase spending has now topped 94 million USDS.

On December 22, U.S.-listed ETH treasury firm ETHZilla announced via social media that it has sold 24,291 ETH to help redeem its outstanding senior secured convertible notes, raising approximately $74.5 million. The company plans to use all or most of the proceeds for the note redemption. Going forward, ETHZilla expects its value to be driven primarily by revenue and cash flow growth from its Real World Asset (RWA) tokenization business. Effective immediately, it will cease updating the "adjusted asset net value" (mNAV) dashboard on its official website, though it intends to continue providing regular balance sheet updates. Additionally, ETHZilla will continue disclosing material changes to its ETH holdings and/or share count through U.S. Securities and Exchange Commission (SEC) filings and social media posts.