Wintermute said it has enabled OTC trading for tokenized gold products Tether Gold and Paxos Gold for institutional clients. The firm reported $126 billion in tokenized gold volume in Q4 2025 and, per CEO Evgeny Gaevoy, projects the market could reach $15 billion in 2026, amid debate over what this means for Bitcoin.

Metaplanet reported a $619 million net loss for Q4 2025, attributing it to a devaluation of Bitcoin holdings rather than operating cash flow pressure. BTC fell from $126K to $80K after the October crash, and the firm says its unrealized loss later expanded to over $1.2 billion as prices slipped below $70K in 2026. Metaplanet still targets 100K BTC by year-end and 210K by 2027, backed by a $500 million credit line.

In a Friday statement, Morpho said Apollo secured rights to acquire 90 million MORPHO over the next two years, a stake valued around $115.2 million at prevailing prices. The market reaction was constructive, with MORPHO up 12% in the last 24 hours and recovery gains at 24%, while exchange supply stayed stable and derivatives interest ticked higher.

Bitcoin defended the $65k level this week, while Swissblock's Alts Impulse indicator shifted from negative to neutral, hinting at a possible short-term altcoin upswing. Stablecoin exchange inflows have climbed since January, the ETH/BTC ratio has risen 3.5% in recent days, and assets like ZEC, HBAR, BCH, SOL, and ETH recorded notable daily gains. However, increased bearish positioning in Bitcoin and any renewed BTC downside could quickly pressure this fragile altcoin recovery.

In a Yahoo Finance interview, Patrick Witt said the administration aims to advance the CLARITY Act before the November midterms and flagged stablecoin yield as the main sticking point. He indicated another cross-industry meeting could happen next week, while Kalshi bettors price a 36% chance of passage by June and 22% by March.

Bitcoin core developers have proposed BIP-360, a soft fork to mitigate long-tail quantum risk for Taproot (P2TR) addresses. According to Glassnode, P2TR's share slipped from nearly 54% in early 2024 to 22% by early 2026, while BIP-360 introduces Pay-to-Merkle-Root (P2MR) as a privacy-preserving path.

Aave Labs has proposed an "Aave will win" framework that would send 100% of revenue from Aave-branded products, such as Aave.com, its mobile app, Aave Card and Aave Horizon, to the Aave DAO. In exchange, the company is asking the DAO for $50 million, including 75,000 AAVE, and the plan has drawn criticism from DAO members who see the request as extractive and say the governance rift remains unresolved.

In 2025, Bitcoin closed the year with a 6% loss while gold surged 65%, driving the BTC/gold ratio down nearly 70% from its late-2024 peak to about 13 ounces. Bloomberg ETF analyst Eric Balchunas argued that judging Bitcoin’s "digital gold" status on a single year of underperformance ignores its long-term record of outpacing gold in most years since 2012. Weak U.S. spot BTC ETF inflows and stronger gold ETF demand have widened the divergence, though the BTC/gold ratio is approaching support levels last seen in the 2022 bear market.

Hyperliquid has reportedly reached $2.6T in notional trading volume, nearly double Coinbase at $1.4T, while HYPE is up 32% year to date compared with COIN down 27%. Non‑crypto markets now account for over 30% of its DEX activity, and the platform has handled over 6% of total CEX perpetual volumes in 2026. Shares versus Binance, Bybit, and OKX indicate growing traction.