Japan’s rate shock hits Bitcoin via the yen carry trade-Japan’s unexpected rate moves triggered unwinding in the yen carry trade, briefly pressuring Bitcoin as leveraged global flows reshuffled. The impact was more macro than crypto-specific, but it showed how interconnected BTC has become with global funding markets. Bitcoin may be apolitical, but liquidity never is. (CoinDesk)

MicroStrategy wobble sparks liquidity jitters-A sharp sell-off in “Strategy”-linked products raised concerns about MicroStrategy’s liquidity position, with markets briefly testing what happens when the ecosystem’s biggest corporate Bitcoin whale looks stressed. While nothing broke, it reminded us that leverage, corporate treasuries, and crypto price action are far more intertwined than anyone wants to admit. Markets hate surprises, especially when they come from institutions everyone views as systemically important. (Blockworks)

Bank of America expands crypto access-Bank of America widened access to crypto investment products for its wealth clients, joining JPMorgan, Citi, and Morgan Stanley in the slow-motion shift from “we don’t touch crypto” to “okay, maybe just a little.” These aren’t retail flows, they’re large, slow-moving, long-term allocations. And they matter a lot. (Reuters)

Coinbase says recovery is brewing-In its latest markets note, Coinbase struck a cautiously optimistic tone, citing improved liquidity, better market depth, and rising odds of a 2026 Fed rate cut. The firm expects crypto to stabilize into Q1 as macro pressure eases and retail trickles back in. This is more “conditions are less terrible now”, rather than “we are out of the woods” but we’ll take it. (CoinDesk)

Vanguard caves, crypto ETFs finally allowed-In a historic reversal, Vanguard will now allow crypto ETFs on its brokerage platform, ending years of institutional resistance. It’s a symbolic moment: the most conservative giant in asset management blinked. Millions of retirement-account investors suddenly have access they didn’t have yesterday. (Bloomberg)

BlackRock calls the “mega forces” shaping markets-BlackRock highlighted three major forces reshaping global markets: AI, stablecoins, and dramatic shifts in liquidity patterns. Their thesis is that AI accelerates productivity, stablecoins overhaul financial infrastructure, and together they create a new “risk-on engine.” When the world’s largest asset manager starts sounding like a crypto podcast, you know the narrative has changed. (Decrypt)

Stablecoin adoption goes vertical and Wall Street noticed-Wall Street institutions are accelerating their stablecoin strategies as on-chain dollars explode in volume across payments, settlement, and corporate finance. What started as a niche rails experiment is now a global liquidity network, and banks finally want a seat at the table. The takeaway of 2025 is that the stablecoin story suddenly became the main act of this year. (CoinDesk)