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Welcome back, Token Metrics community.
Market Snapshot
As of December 9, 2025, total crypto market capitalisation is about $3.17T, down ~1.2% over the past 24 hours, with 86 of the top 100 coins in the red and BTC trading near $90.5K and ETH around $3.1K. The pullback is driven largely by positioning ahead of the December 10 Fed decision and a ~$60M net outflow from U.S. spot Bitcoin ETFs, even as Ethereum and altcoin products record net inflows and corporates like MicroStrategy continue to accumulate BTC on balance sheet.
Spot BTC ETF flows show rotation, not capitulation. Bitcoin products saw net outflows, while spot ETH, XRP, and other altcoin vehicles attracted fresh capital. Macro is in the driver’s seat near term, but real adoption stories keep stacking: a major U.S. bank is rolling out direct BTC trading, new L2s are targeting governments and RWAs, and stablecoin rails in Asia are getting funded at scale.
1. Binance Launches Midnight (NIGHT), Ignites Cardano Activity
Binance is listing Midnight’s $NIGHT token today through its Binance Alpha program, and speculators have already turned Cardano into a high beta privacy bet.
Binance Alpha users can convert their Alpha Points into $NIGHT once trading goes live. That anticipation alone pushed ADA about 4% higher to roughly $0.435, while 24h trading volume spiked ~85% as traders positioned for airdrop driven flows.
On chain wallets holding 10–100M ADA accumulated around 160M ADA since Dec 2. That’s classic whale behavior ahead of a major ecosystem catalyst. They’re not just betting on today’s listing—they’re front running a full privacy sidechain narrative for Cardano.
Midnight is a ZK powered privacy network deployed as a Cardano sidechain. It targets shielded dApps, identity, and DeFi use cases that need confidential state, positioning itself against incumbents like Zcash and Monero while leaning on Cardano’s base layer security.
Binance will be the first platform to feature NIGHT through Alpha, but Bybit, HTX, and Bitpanda have also signaled support. Day one liquidity should be broad. Early trading has been volatile: NIGHT saw initial prices near $0.064, a spike to ~$0.118, then a sharp retrace to the $0.035 zone on listing day—typical TGE behavior where airdrop overhang meets short term farming capital.
Importantly, distribution isn’t a single shock event. The Glacier Drop campaign will unlock NIGHT to 8M+ eligible addresses over four 25% tranches across 360 days, creating a rolling stream of supply, farming, and yield strategies rather than a one off dump.
2. ADI Chain Mainnet: Sovereign Grade L2 for Governments & RWAs
The ADI Foundation has launched the ADI Chain mainnet and its native ADI token, positioning the network as a sovereign grade Layer 2 for governments, regulated institutions, and real world assets.
Built in the MENA region, ADI Chain is pitched as infrastructure for national scale digital systems: identity, payments, registries, land titles, and other critical rails that demand compliance and auditability. Its modular design supports optional L3s, so each jurisdiction can spin up its own environment while staying interoperable at the L2 core.
According to the launch announcement, ADI already has partnerships with 50+ institutions across 20+ countries, with theoretical reach to over 500M people. With mainnet live, pilots can now migrate to production and start settling real economic activity on chain.
A flagship use case: a Dirham backed stablecoin being developed by First Abu Dhabi Bank and IHC under UAE regulation. The project is a national level testbed for compliant sovereign digital currencies running on ADI infrastructure. If it scales, it could anchor FX, trade settlement, and treasury operations on chain.
The ADI token powers transaction fees, smart contract execution, settlement, and validator incentives across the L2 and its L3 domains. From day one, ADI is intended to trade on major exchanges, giving institutional partners immediate liquidity and a clear economic model.
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3. MetaComp Raises $22M to Build Stablecoin Payment Rails in Asia
Singapore based MetaComp has closed a $22M Pre A round to scale its stablecoin powered cross border payments stack, a notable raise in today’s tighter VC environment.
The round was led by a syndicate including Eastern Bell Capital, Noah, Sky9 Capital, Freshwave Fund, and Beingboom Capital, with 100Summit Partners advising. MetaComp operates under local regulation and focuses on regulated stablecoin payments and digital asset treasury services for institutions.
The fresh capital will accelerate the rollout of MetaComp’s StableX Network and its upgraded VisionX risk engine, described in the funding announcement. StableX is a Web2.5 platform that blends traditional B2B payments with stablecoin rails and institutional custody.
The network is built to handle local fiat on ramps, cross border settlement via regulated stablecoins, and local fiat off ramps. Target customers are corporates and financial institutions that need cheaper, faster, and compliant cross border flows across Asia, Africa, and LatAm.
This is another clear datapoint in the structural growth of stablecoin based payment rails. As MAS regulated platforms like MetaComp scale, they generate organic USDC/USDT volumes that are not speculation driven. That supports fee revenue, deepens stablecoin liquidity, and can flow into on chain money market protocols.
4. PNC Becomes First Major U.S. Bank With Built In BTC Trading
PNC Bank is rolling out spot Bitcoin trading for eligible PNC Private Bank clients, directly inside its existing digital wealth platform. The service is powered by Coinbase’s Crypto as-a Service infrastructure.
High- and ultra high-net worth clients can now buy, sell, and hold BTC alongside traditional assets, with Coinbase handling institutional trading, custody, and financing in the background. This is the first time a major U.S. bank has embedded spot BTC trading into its core private banking portal rather than referring clients to an external exchange.
The launch follows their July partnership reveal and lands in the middle of choppy Bitcoin ETF flows and macro uncertainty. Despite near term ETF outflows, demand from wealthy clients for direct BTC exposure appears strong enough for a top 10 bank to put its brand on the line.
Market Outlook
Near term, all eyes are on the Dec 10 Fed decision. The market is already pricing tighter financial conditions, which is feeding into today’s modest drawdown and the ~$60M net outflow from U.S. spot BTC ETFs.
Yet the broader picture still favors structural crypto adoption. On one axis, you have new rails for sovereigns and RWAs: ADI Chain targeting governments and national stablecoins, plus corporate grade platforms like MetaComp scaling stablecoin settlement. On another, you have traditional finance integrating BTC directly, with PNC leading the U.S. banking pack and corporates like MicroStrategy continuing to stack BTC on balance sheet.
At the same time, ecosystem level innovation is alive and well. Midnight’s launch turns Cardano into a plausible privacy and enterprise stack, adding a fresh narrative to the L1/L2 race. ETF flows show rotation toward ETH and altcoins rather than a retreat from crypto itself.
For investors, the key is to separate cyclical macro noise from structural adoption trends. Monetary policy can move prices in days or weeks. New payment networks, sovereign grade L2s, and bank integrated BTC rails compound over years. Position size and risk management matter, but the direction of travel for crypto infrastructure remains up and to the right.
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