Kategorie: Crypto Markets

• The fund targets infrastructure and scalable blockchain use cases, with a focus on emerging markets.
• Market makers have reduced activity since the Oct. 10 crash, while ETF flows signal lower institutional participation.
• The raise follows HashKey’s $206 million IPO on the Hong Kong stock exchange.

Institutional capital is taking a longer view of crypto markets as short-term liquidity thins out.

That shift is reflected in the first close of a new fund by HashKey Capital, which has secured $250 million in commitments despite choppier trading conditions.

The rise highlights how large investors are repositioning after a volatile period marked by heavy liquidations, ETF outflows, and retreating market makers.

Rather than chasing near-term price moves, capital is increasingly being directed toward infrastructure, financial technology, and real-world blockchain applications with longer-run potential.

Fund strategy and scale

HashKey Capital said its fourth crypto-focused vehicle, the HashKey Fintech Multi-Strategy Fund IV, exceeded expectations at its first close and is targeting a final size of $500 million.

The fund is designed to deploy capital across multiple strategies, with a focus on core infrastructure and scalable use cases aimed at broader adoption.

According to the firm, emerging markets are expected to play a central role, as these regions are increasingly acting as testing grounds for blockchain-based financial services and applications.

Institutional conviction on the back foot

The timing of the close is notable. Crypto markets have been adjusting after a sharp sell-off earlier in October, when a major liquidation event triggered widespread deleveraging.

In a Tuesday post on X, 10x Research said many traders and market makers had reduced activity following the Oct. 10 crash, contributing to thinner liquidity.

Since early November, the 30-day moving average of net flows into US spot Bitcoin and Ether ETFs has turned negative, suggesting that capital is being redeployed or held on the sidelines as conditions tighten.

Track record and expansion

Fund IV builds on HashKey Capital’s established presence in Asia’s digital asset sector.

Since launching in 2018, the firm has grown to manage more than $1 billion in assets and has invested in over 400 projects globally.

Its first fund recorded a distributed-to-paid-in ratio of more than 10x, underlining the scale of returns achieved in earlier cycles.

The firm is headquartered in Singapore and operates across Hong Kong and Japan.

It is part of the broader HashKey Group, which was among the first in Hong Kong to secure a crypto exchange licence.

The group has also been involved in launching the city’s first spot Bitcoin and Ether ETFs, adding to its regulatory and market footprint.

The fundraise comes shortly after HashKey’s entry into public markets.

Last week, the company made its trading debut on the Stock Exchange of Hong Kong following a $206 million initial public offering.

The listing adds another layer of visibility at a time when scrutiny of crypto firms remains high and access to traditional capital markets is becoming more selective.

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• Zcash has dropped about 6% in the past 24 hours as bulls fail to rebound above $420.
• The privacy coin led the cryptocurrency market as Bitcoin floundered.
• ZEC may benefit amid broader adoption in 2026.

Zcash price has experienced significant turbulence in the past weeks, rising to highs of $744 in November before plummeting to $313 in early December 2025.

While bulls managed to rebound to above $450, the latest downturn has it hovering around $417 as bears show conviction at the $420 mark.

Broader market pressures on privacy-focused coins, which also saw the Midnight token nosedive 25%, have ZEC at risk of further losses.

Zcash drops to $410 amid fresh losses

Zcash has recently attracted a lot of attention as the privacy-centric cryptocurrency makes a case for itself with shielded transactions.

That outlook, amid catalysts such as digital asset treasuries and exchange-traded fund filings, helped ZEC price jump to above $744 in November. 

However, the token has seen its value dip sharply to $410 in the latest trading session.

This marks a notable decline in the past month, and today’s slump moves bulls further away from the $450 mark. ZEC has dropped by about 5% in the past 24 hours.

The price breach below key support levels, such as $420, has intensified bearish pressures.

Zcash price outlook: Grayscale in 2026

Recently, Zcash briefly neared the psychological $500 level amid optimism around privacy enhancements and institutional interest. But as seen on the chart below, sellers are looking to regain control as short-term momentum fades.

While short-term bears dominate, long-term adoption in financial privacy could propel ZEC higher, contingent on market stability and innovation.

According to Grayscale, privacy is one of the key market themes to watch in 2026 and Zcash stands to play a key role amid broader crypto integration into the financial system.

Grayscale wrote in its 2026 Digital Asset Outlook: Dawn of the Institutional Era report.

“If public blockchains are going to be more deeply integrated into the financial system, they will need much more robust privacy infrastructure — and this is becoming obvious now that regulation is facilitating that integration. Potential beneficiaries from investor focus on privacy may include Zcash (ZEC), a decentralized digital currency akin to Bitcoin with privacy-preserving features.”

Bullish projections for ZEC in the next 12 months have $1,000 as the base case scenario. Bulls reclaiming this level could allow for a bullish run to $2,000.

However, the all-time highs seen in 2016 may be a major ask, particularly if broader market conditions do not offer the tailwinds required.

ZEC has seen over $588 million traded in the past 24 hours.

 

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• Upexi files a $1B shelf to flexibly scale its Solana treasury strategy.
• The company now holds about 2M SOL, ranking fourth among public companies.
• The company aims to raise capital only when it boosts SOL per share.

Upexi has filed a $1 billion shelf registration with the US Securities and Exchange Commission (SEC), signalling a long-term commitment to building one of the largest Solana (SOL) digital asset treasuries among public companies, even as crypto markets remain under pressure.

Particularly, the filing comes at a fragile moment for both Solana and crypto-linked equities.

A flexible war chest takes shape

Upexi’s Form S-3 shelf registration allows it to raise up to $1 billion through a mix of common stock, preferred shares, debt securities, warrants, or bundled units.

The structure gives management discretion to issue capital over time rather than all at once, depending on market conditions.

The Nasdaq-listed company stressed that there is no fixed timetable for issuance.

Instead, offerings would be staged and supported by prospectus supplements that spell out terms and intended use.

Proceeds could fund working capital, research and development, acquisitions, capital expenditures, or debt repayment.

Alongside the filing, Upexi announced plans to terminate its existing equity line of credit once the shelf becomes effective. That credit facility has never been used.

The company’s management framed the decision as a shift toward more efficient capital access with better control over pricing and timing, while reducing transaction costs.

Despite carrying a notable debt load, with a debt-to-equity ratio near 0.95, Upexi maintains strong near-term liquidity.

Its current ratio stands around 3.4, indicating that liquid assets comfortably exceed short-term obligations.

The company has also said any use of the shelf would be pursued only if accretive to adjusted Solana per share.

From consumer brands to crypto treasury

Based in Tampa, Florida, Upexi manages consumer brands such as Cure Mushrooms and Lucky Tail pet care products.

However, over the past year, Upexi’s identity has increasingly shifted toward digital assets.

In January, Upexi formally launched its Solana digital asset treasury strategy.

Since then, it has accumulated roughly 2.0 to 2.03 million SOL tokens, placing it among the top four Solana holders disclosed by US-listed companies.

At current prices, those holdings are valued near $250 million.

Notably, the pace of accumulation was fastest in the second half of 2025, when Upexi aggressively added to its position.

At its peak, the SOL treasury was worth more than $500 million before a sharp correction in Solana’s price later in the year cut that value roughly in half.

And rather than retreat, Upexi’s latest filing suggests renewed conviction.

The company has described Solana as a long-term treasury asset, not a trading position.

Its strategy includes acquiring SOL, holding it on the balance sheet, staking for yield, and pursuing discounted locked-token purchases when available.

In the stock market, Upexi shares have struggled alongside the broader crypto equity space.

The Upexi stock price has fallen more than 50% year-to-date and currently trades around $1.80 to $2.00, down sharply from a May peak above $22.

In addition, the company’s market capitalisation hovers near $115 million, well below the notional value of its SOL holdings at higher prices.

Moving forward, investors will be watching how Upexi balances dilution risk against its ambition to scale a Solana treasury, and whether future capital raises truly enhance SOL exposure on a per-share basis.

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• TRON price held above $0.28 despite heavy price declines across the crypto market.
• Bulls are showing greater resilience as most altcoins shed gains.
• TRX could jump to above $0.30 or slip to major support in the $0.22-$0.20 region.

As the cryptocurrency market continues to grapple with significant volatility and downward pressure, TRON (TRX)  has stood out as a beacon of stability, firmly maintaining its price around the $0.28 level.

This resilience reflects TRON’s robust ecosystem fundamentals amid a broader sector correction that has seen major assets like Bitcoin and Ethereum retreat substantially from their yearly highs.

BNB price is also showing bearish signals.

TRON price holds key level at $0.28

TRON’s native token, TRX, has exhibited remarkable price stability in recent weeks, hovering consistently around $0.28 despite fluctuating market conditions.

Market data from major exchanges and aggregators have confirmed the current trading price at approximately $0.284, with minor variations across platforms reflecting real-time liquidity.

This steadfast performance is supported by strong on-chain metrics. TRON’s network continues to dominate in stablecoin transactions, particularly with USDT, which accounts for a significant portion of its activity.

Recent integrations, such as bridging with Coinbase’s Base Layer 2 network via LayerZero technology, have enhanced interoperability and liquidity for TRX.

Additionally, partnerships like the integration with Kalshi, the world’s largest prediction market platform, and Orbiter Finance for cross-chain swaps have bolstered ecosystem utility.

TRX bulls look to defy bears

While TRON maintains its ground, the broader cryptocurrency market is enduring a pronounced downturn.

Bitcoin has fallen sharply from its October peak above $126,000 to around $87k.

Liquidity concerns, ETF outflows, and macroeconomic uncertainties have dictated this downward action.

Ethereum has similarly struggled, trading at $2,950 after sellers capped a move to highs of $3,000 earlier in the session.

Several altcoins have experienced even steeper losses.

In contrast, TRON bulls have defied this trend through accumulated demand from real-world applications.

The network’s high throughput, low fees, and dominance in decentralized finance (DeFi) and stablecoin transfers, processing billions in daily volume have attracted steady inflows.

As the market navigates potential further corrections, TRON bulls may fancy further consolidation.

Technical indicators further reinforce this.

A look at the charts suggests short-term strength as shown by the MACD indicator.

Buyers are focused on the market’s ability to absorb selling pressure without sharp declines, with a gradual move toward the $0.30–$0.32 range emerging as the next upside objective.

If prices hold above the $0.28 area, a sustained move that turns $0.30 into support could shape the next phase of price action.

Network upgrades, new integrations and broader market conditions are expected to play an important role in determining direction.

In the near term, the 50-day exponential moving average stands as resistance around $0.29.

On the downside, a break below the key support level amid broader market stress could open the door for further losses, with bears potentially targeting the $0.22–$0.20 zone as an initial downside range.

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• Midnight token’s price dump in the past 24 hours comes days after hitting an all-time high of $1.81.
• NIGHT token’s dip mirrors top privacy coins, including Zcash, Monero and Dash
• Midnight is a privacy-first blockchain that recently landed on top exchanges.

As the cryptocurrency market experienced renewed volatility on December 23, 2025, Midnight (NGHT) joined several altcoins in plummeting more than 20%.

Meanwhile, the privacy coins sector faced significant downside action as Zcash, Monero and Dash all flipped red.

NIGHT token, native to the Midnight blockchain, dropped sharply amid widespread profit-taking.

Midnight slumps 25% to lead altcoin losers

The Midnight network’s native token, NIGHT, suffered a steep 25% decline in the past 24 hours.

Data on CoinMarketCap ranks it as one of the top losers among the top 100 coins by market cap.

Notably, this sharp correction comes just weeks after the token’s highly anticipated launch.

On December 9, 2025, the token’s price quickly surged to an all-time high of $1.81.

However, its price has since seen a sharp descent, and during Tuesday’s session, NIGHT recorded an intraday low of $0.075.

The downturn has erased a substantial portion of the gains accumulated since the token generation event.

Sell-off was accompanied by $1.58 billion in daily volume, the metric seeing an 81% decrease in 24 hours.

Contributing to the pressure on altcoins is a pullback in Bitcoin.

After rallying to $90k on Monday, BTC retreated to below $87,700.

Stocks also pulled lower, and in crypto, a cascade of liquidations and reduced risk appetite hindered bulls.

Profit-taking on NIGHT may accelerate with further crypto market uncertainty.

NIGHT token mirrors top privacy coins

As noted above, NIGHT’s recent performance has closely tracked declines in established privacy coins.

Privacy-focused cryptocurrencies led declines across the sector, with Zcash, Dash and Monero posting notable losses amid a broader pullback in privacy-themed assets.

Zcash fell nearly 9% over the past 24 hours, while Monero declined about 4% and Dash slipped roughly 3%.

Other privacy-linked tokens, including Decred, Horizen and Tornado Cash, also traded lower during the period.

NIGHT recorded the steepest move, dropping around 25%.

The pullback follows several months of strong outperformance by privacy coins relative to the broader market, with Zcash among the top gainers during that period, supported in part by increased institutional accumulation.

Midnight distinguishes itself as a privacy-first blockchain.

It’s designed to facilitate confidential decentralised applications through advanced features such as selective disclosure and zero-knowledge proofs, all supported by an efficient consensus mechanism.

This architecture aims to balance robust data protection with regulatory compliance.

Cardano’s Midnight project wants to position itself as a next-generation solution for privacy in DeFi, identity management, and enterprise applications.

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