Wall Street’s Bitcoin Whale, Banks Enter Crypto

Welcome to our Crypto news in 10, a daily podcast bringing you the latest news about crypto in under 10 minutes.

Here’s what’s moving crypto on Wednesday, December 10th.

A Tether-backed bitcoin treasury company just hit the New York Stock Exchange with one of the largest corporate BTC troves on record... U.S. bank regulators quietly opened the door for banks to sit in the middle of crypto trades... spot ETF flows flipped back to positive as everyone stares down the Fed’s final decision of 2025... Standard Chartered slashed its bitcoin price targets—again... and Coinbase is adding a new interoperability token to spot trading this morning. Let’s get into it.

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Story one — Wall Street meets a giant bitcoin balance sheet.

Twenty One Capital, majority-owned by Tether and Bitfinex with a minority stake from SoftBank, began trading on the NYSE under ticker XXI after completing its merger with the Cantor Fitzgerald–backed SPAC, Cantor Equity Partners. The company says it holds over 43,500 bitcoin, instantly making it the third-largest public corporate holder.

On day one, the stock wobbled — pre-market indications were down roughly 26%, and by the close, it slid nearly 20% as investors digested a business that’s mostly a massive bitcoin treasury with an outline for future products. Company materials highlight Jack Mallers as CEO and co-founder, and confirm the holdings and ownership.

It’s a milestone — crypto balance sheets on the Big Board — and also a reminder: when your operating model is tied to bitcoin beta, your equity trades like... bitcoin.

So what’s the strategy?

Management has hinted it wants to be more than a passive vault — think bitcoin-based credit or services layered on top of that treasury — but specifics are thin for now, and the market wants detail. For crypto, the symbolism matters: a Tether-backed vehicle with multibillion-dollar bitcoin on the NYSE — another data point that public markets are embracing digital-asset balance sheets, even if day-one price action was choppy.

Story two — U.S. banks get a clearer green light.

The Office of the Comptroller of the Currency issued guidance allowing banks to act as intermediaries in crypto transactions via riskless principal trades — buying from one party and simultaneously selling to another, without holding crypto inventory except in rare cases. It’s the latest step that rolls back the prior posture and integrates digital assets into traditional rails.

Supporters see this as long-overdue clarity, while critics warn it could stitch crypto volatility into the banking system if controls are weak. For listeners in traditional finance, the lane here is brokerage-style crypto execution inside bank compliance stacks — expect pilots with select clients before broader rollouts.

Story three — prices perk up as ETF flows flip and the Fed looms.

After a shaky stretch, U.S. spot bitcoin ETFs swung back to net inflows — about $152 million on Tuesday, led by Fidelity’s fund — while ether products added roughly $178 million. Into Wednesday’s session, bitcoin steadied in the low $90,000 range, and ether pushed above $3,300, as traders positioned for the Federal Reserve’s final decision of 2025. Historically, six of seven FOMC days in 2025 produced bitcoin sell-offs, so positioning is cautious even with improved flows.

Zooming in on the setup, technicians have flagged the $93,000 to $94,000 zone as near-term resistance for bitcoin — a level that’s capped several upside attempts in late November and early December — while ether’s relative strength has been fueled by short covering and declining exchange balances. If the Fed leans dovish, or the dot plot suggests easier policy in 2026, risk appetite could broaden — a hawkish surprise could prompt fast profit-taking.

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Story four — Standard Chartered blinks.

One of bitcoin’s most vocal institutional bulls, Geoff Kendrick at Standard Chartered, cut his targets — year-end 2025 down to about $100,000 from $200,000, and 2026 to $150,000 from $300,000. The rationale: a 20-plus percent slide from October highs, softer corporate treasury demand than expected, and a view that ETF inflows — not balance-sheet buyers — will have to do the heavy lifting. The tone is still constructive long-term, but the near-term runway looks bumpier than the bank anticipated.

Why this matters — forecasts don’t move blockchains, but they shape allocator sentiment. When a marquee desk halves price targets, CIOs and investment committees notice — and that can feed into how quickly new capital rotates into ETFs or separately managed accounts. It also reframes risk: more two steps forward, one back... fewer moon shots on a three-month horizon.

Story five — new token on a major U.S. exchange.

Coinbase is listing Hyperlane’s HYPER against the U.S. dollar today, with trading slated to open on or after 9 a.m. Pacific if liquidity checks out. Hyperlane focuses on cross-chain messaging for developers — moving data and instructions between blockchains via on-chain APIs. Expect the usual listing-day volatility as liquidity forms and market makers discover price.

Context for traders — primary-day dynamics often follow a similar script: limit-only, then full trading, a quick burst of activity, and sometimes a sell-the-news fade. If you’re participating, watch depth on the order book, spreads, and any region restrictions. And as always, treat bridges and interoperability plays as tech infrastructure bets — fundamentals are about adoption by apps and other chains, not just tokenomics.

Quick recap.

A Tether-backed giant with 43,500 bitcoin joined the NYSE and stumbled out of the gate... U.S. banks got clearer permission to intermediate crypto trades, potentially paving the way for white-glove execution under bank compliance... ETF flows turned positive into the Fed’s final call of the year... Standard Chartered tempered its famous bitcoin optimism... and Coinbase is turning on trading for Hyperlane at 9 a.m. Pacific.

We’ll keep tracking the Fed fallout, and how these flows and listings shape the rest of December.

Thanks for listening and see you tommorow!