GM. Bitcoin’s slide below $85K triggered $953M in liquidations as leverage unwound across the market and fears over Strategy’s BTC holdings fueled weekend volatility.

Meanwhile, Strategy built a $1.44B reserve to steady payouts, Europe seized a $1.4B crypto mixer, and Trump Media advanced a $6B CRO treasury with Cryptocom.

Liquidations, law enforcement, and liquidity dominate the day. 👇

Bitcoin Selloff Sparks $953 Million Liquidation Wave

Bitcoin plunged below $85,000 during the weekend drop, triggering $953 million in liquidations as cascading long wipeouts accelerated market stress. Ethereum and XRP followed sharply lower with daily losses above 5%, extending a month-long slide that has erased significant beta-asset gains.

Analysts cited momentum-driven liquidations, Strategy CEO Phong Le’s conditional comments about selling Bitcoin, and Arthur Hayes’ warning on Tether’s equity fragility. China’s renewed reminder that crypto activity remains illegal added pressure, compounding liquidity concerns surrounding stablecoins.

Strategy currently holds $56.26 billion in BTC, and market participants reacted to fears that any supply shock could disturb already thin liquidity. However, prediction platform Myriad assigns only a 5% probability to Strategy selling Bitcoin this year, downplaying immediate supply risks.

Despite the volatility spike, traders reject the notion of a crypto winter, with Myriad bettors assigning just a 12% probability to a prolonged downturn. Analysts expect December trading to remain choppy, driven by leverage resets, liquidity repricing, and macro uncertainty.

Strategy Builds $1.44 Billion Reserve Amid BTC Sale Risk

Strategy created a $1.44 billion reserve to stabilize dividend payments as Bitcoin volatility pressures treasury operations. Executives said equity issuances funded the reserve over nine days to support at least twelve months. The firm aims eventually to maintain twenty-four months of coverage to safeguard payouts during adverse market conditions.

Leadership reiterated they may sell Bitcoin if mNAV drops below 1 despite emphasizing long-term accumulation goals. Strategy currently holds 650,000 BTC in its treasury worth $56 billion after adding 130 BTC during last week’s quieter period. Shares fell more than 8% to $163 as Bitcoin slipped 32% since reaching $126,000 in October.

Europe Seizes $1.4 Billion Mixer in Joint Operation

Authorities dismantled Cryptomixer after tracing $1.4 billion in Bitcoin tied to laundering for darknet operators. Investigators from Germany and Switzerland seized three servers, $27 million in crypto, and twelve terabytes of encrypted data. The takedown replaced the site’s domain with a seizure notice following a coordinated action in Zurich.

Experts said the mixer’s nine-year run shows considerable reliance from ransomware crews and large fraud networks. Analysts expect short-term disruption as operators face delays, stalled transfers, and sudden gaps across preferred laundering routes. Europol said criminals will likely migrate to alternate mixers, cross-chain bridges, or high-risk exchanges within weeks.

Trump Media, Cryptocom Advance $6 Billion CRO Treasury

Trump Media and Cryptocom progressed toward launching a public Cronos treasury expected to hold $6 billion eventually. Yorkville Acquisition filed an S-4 with the SEC to form Trump Media Group CRO Strategy. Executives Steve Gutterman and Sim Salzman will assume leadership during Q1 when the business combination closes.

The treasury plans to hold 6.3 billion CRO, $200 million cash, $220 million warrants, and $5 billion ELOC. Those CRO holdings were valued near $1 billion at announcement but now stand around $636 million after declines. Cryptocom's CRO has fallen 30% this month and trades near $0.10, roughly 90% below its 2021 peak.

Data of the day

Kalshi and Polymarket posted combined November trading volumes approaching $9.5 billion amid rising retail participation. Kalshi climbed from $4.4 billion to $5.8 billion while Polymarket grew from $3.02 billion to $3.7 billion. Both platforms continue surpassing earlier highs as macro headlines and election events drive sustained speculative demand.

Market share data indicates the pair now dominate sector flows while integrations expand distribution across media channels. Recent funding propelled Kalshi’s valuation to $11 billion after securing a $1 billion investment round. Polymarket accelerated US reentry after receiving CFTC clearance while securing partnerships with UFC and Yahoo Finance.

More breaking news

• Telegram co-founder Pavel Durov officially launched Cocoon, a decentralized AI network on TON that rewards GPU owners with Toncoin tokens.

• Scotiabank noted that Canada’s proposed stablecoin regulations primarily aim to modernize payments and cross-border settlement efficiency, not disrupt financial stability.

• Changpeng Zhao's YZiLabs launched an aggressive boardroom coup at BNB Network, citing weak execution, poor governance, and widening NAV discounts.

• HashKey’s IPO filing revealed mounting losses despite $82 billion in Hong Kong trading volumes, as ultra-low fees limited consistent revenue growth.

• BitMine chairman Tom Lee confirmed the firm now controls 3% of Ethereum’s supply after purchasing 96,798 ETH amid turbulent market conditions.

• CoinShares formally withdrew its pending US ETF filings for Ripple (XRP), Solana (SOL), and Litecoin (LTC) ahead of its $1.2 billion Nasdaq SPAC listing.

• Sony Bank reportedly plans to issue a regulated USD-backed stablecoin in the United States next year for anime and gaming payments.

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