Justin Arzadon
7 minutes reading time
Bitcoin’s price could not hold above US$90K even with the news that institutional giants Vanguard and Bank of America are opening digital assets up to their clients through its US platform and wealth advisers, respectively.
Bitcoin and Ethereum were down -2.38% and -2.31% respectively over the seven days to 7 December 2025. Bitcoin’s market capitalisation is at US$1.78 trillion while the global crypto market cap fell to US$3.04 trillion. Bitcoin’s market dominance is at 58.6%.
|
Price |
High |
Low |
Change from previous week |
|
|
BTC (in US$) |
$89,261 |
$93,972 |
$83,909 |
-2.38% |
|
ETH (in US$) |
$3,041 |
$3,220 |
$2,726 |
-2.31% |
Source: CoinMarketCap. As at 7 December 2025. Past performance is not indicative of future performance. Performance is shown in US dollars and does not take into account any USD/AUD currency movements.
Source: As at 7 December 2025. Glassnode. Past performance is not indicative of future performance.
Crypto news we’re watching
Vanguard arrives to Bitcoin party
Vanguard, the world’s second-largest asset manager, has quietly reversed its long-held stance on crypto. The firm will now allow Bitcoin and crypto-linked ETFs and mutual funds to trade on its US platform, representing a notable shift for an institution that once viewed the sector as too volatile for client portfolios.
The move reflects growing demand from institutions that want crypto exposure through familiar, regulated wrappers rather than holding the assets directly. With the change, roughly 50 million Vanguard clients will now be able to access products tied to Bitcoin, Ether, XRP and Solana.1
Europe’s largest asset manager tokenises fund
Amundi, Europe’s largest asset manager, has taken another step into blockchain. The firm has launched a tokenised share class of its flagship Euro cash fund, giving investors the choice between the traditional version and a tokenised unit recorded on Ethereum.
Built with asset-servicing group CACEIS, the new structure lets investors subscribe and redeem through a digital wallet while keeping the fund itself in its familiar format. Tokenising the units shifts the record-keeping onto a public ledger, which may offer faster settlement and clearer transparency around transactions.
Amundi’s move may appear small, but it carries a bigger implication: mainstream asset managers are beginning to test how fund infrastructure works when it’s rebuilt directly on-chain2.
CRYP company spotlight
Strategy stock price under pressure
The stock price of Strategy Inc (NASDAQ: MSTR) fell to lows of US$156/share on 1 December 2025, meaning its market cap was briefly below the net value of its Bitcoin holdings. The stock has been under pressure due to the fall in the Bitcoin price, poor crypto sentiment and press reports suggesting the stock may be removed from MSCI’s indexes3.
MSCI is currently examining whether it will remove companies whose business model is to buy cryptocurrencies amid concerns they resemble investment funds, which are currently not eligible for index inclusion.4 Since hitting its lows in late November, the price has bounced back to US$179 (as of writing).
Strategy Inc is held in the Betashares Crypto Innovators ETF (ASX: CRYP). CRYP provides exposure to global companies at the forefront of the crypto economy.5
Bitcoin (BTC): MVRV Z-Score
MVRV z-score shows the market value’s relative position to realised value. MVRV going high means Bitcoin is overvalued; going low means undervalued. (Bitcoin market value – Bitcoin realised value) / market value standard deviation = MVRV z-score Realized value is the sum of value when all Bitcoins last moved.
According to data from Glassnode as of 6 December 2025, the MVRV Z-score reflects a score of 1.2, a level not seen since last November 2025 which was just prior to making new all-time highs.
Source: As at 6 December 2025. Glassnode. Past performance is not indicative of future performance.
Ethereum (ETH): Percent Balance on Exchanges – All Exchanges
This metric shows the percent supply held on exchange addresses.
According to data from Glassnode as of 5 December 2025, Ether exchange balances are at 8.8%. This represents a network low going back to its launch in mid-2015. More ETH is being staked and held in cold storage custody. This creates a potential supply squeeze.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
The top 20 altcoins were mixed in the week. Although not reflected in the price performance, Ripple’s XRP spot ETFs in the US continue with an impressive run, with net positive inflows since their launch on 13 November. The total amount of net inflows for these ETFs is close to US$900 million. The success highlights the acceptance of the cryptocurrency in traditional finance6. Having said this, the XRP token is down -7.6% in the seven days and down -19% in the last 1 year to 7 December.
This is the last Off the Chain for 2025. Justin will return to writing Off the Chain in early 2026.
Investing in crypto assets or crypto-focused companies is not suitable for all investors and should only be considered by investors who (i) fully understand their features and risks or after consulting a professional financial adviser, and (ii) who have an extremely high tolerance for risk and the capacity to absorb a rapid loss of some or all of their investment. Any investment in crypto assets or crypto-focused companies should only be considered as a very small component of an investor’s overall portfolio.An investment in CRYP should be considered very high risk. CRYP provides focused exposure to companies involved in servicing crypto-asset markets or which have material investments in crypto-assets. Crypto-assets are highly speculative in nature and companies with significant exposure to crypto-asset markets can be expected to have a very high level of return volatility. An investment in CRYP should only be made by investors who fully understand the features and risks of such companies or after consulting a professional financial adviser, and who have a very high tolerance for risk and the capacity to absorb a rapid loss of some of their investment. CRYP will not invest in crypto assets directly, and will not track price movements of any crypto assets. For more information on risks and other features of CRYP, please see the Target Market Determination (TMD) and Product Disclosure Statement, available at www.betashares.com.au.
References:
1. https://www.investordaily.com.au/vanguard-to-allow-trading-of-bitcoin-and-crypto-etfs/
3. https://finance.yahoo.com/news/microstrategy-market-cap-falls-billions-204509101.html
5. As at 5 December 2025. No assurance is given that this company will remain in the portfolio or will be a profitable investment. CRYP does not invest in crypto assets directly and does not track price movements of any crypto assets. For more information on risks and other features of CRYP, please see the Product Disclosure Statement and Target Market Determination (TMD), available at www.betashares.com.au.6. https://cryptopotato.com/ripples-xrp-impressive-etf-streak-continues-as-total-inflows-near-900m/
Off the Chain is published every second Tuesday. It provides the latest news on bitcoin and the rest of the crypto market, along with analysis and insights into the world of crypto.
It provides general information only and is not a recommendation to invest in any crypto asset, crypto-focused company or investment product.