Perps, Points & ETFs: Flows Diverge

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Welcome back, Token Metrics community.

As of Dec 19, 2025, crypto markets are chopping sideways after a strong autumn rally. U.S. spot Bitcoin and Ethereum ETFs flipped back to net outflows on Dec 18. ETH products have now logged six straight days of redemptions, weighing on majors.

Under the surface, the picture is more nuanced. Corporate treasuries like BitMine are quietly stacking large amounts of ETH on chain. Synthetix is relaunching perps on Ethereum mainnet. Binance Alpha is pushing a points gated airdrop for a leveraged yield token. Stablecoin infra is still pulling nine figure checks. Capital formation and builder activity remain strong even as short term flows turn risk off.

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1. Synthetix Relaunches Perps DEX on Ethereum Mainnet

Synthetix has brought its canonical perpetuals DEX back to Ethereum mainnet, reversing its L2 first stance after years of focusing on Optimism and other rollups. The new product launched today in a private beta for just 500 whitelisted traders.

The team argues that recent Ethereum improvements now make a mainnet centric perps venue feasible when paired with a hybrid design. Execution routes through an off chain central limit order book (CLOB), while custody and settlement stay fully on chain.

Key beta parameters:

• Access: 500 whitelisted addresses (contributors, SNX stakers, experienced perps traders)
• Deposit cap: 40,000 USDT per trader
• Markets at launch: BTC, ETH, SOL perps
• Max leverage: up to 50x
• Withdrawals: disabled at launch, expected to open within ~1 week after monitoring

Order flow gets matched off chain for speed and tighter spreads, but assets never leave Ethereum. That gives traders CEX like execution while retaining L1 security and composability with mainnet vaults and structured products.

The roadmap matters. The team is signaling:

• Rising deposit caps once risk is proven
• More markets and pairs
• Multi collateral support beyond USDT
• Incentive programs in Q1 2026 aimed at jump starting volumes and vault participation

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2. Bybit Re Enters the U.K. With 100+ Trading Pairs

Bybit is back in the United Kingdom, restoring access for local users after stepping away under regulatory pressure. The exchange has relaunched with 100+ spot and derivatives pairs tailored to U.K. rules.

The return follows a full revamp of Bybit’s compliance stack: tighter KYC/AML flows, adjusted derivatives offering, and marketing aligned with the U.K.’s strict crypto promotions regime. The goal is straightforward: keep Bybit’s global liquidity and product breadth while fitting inside the Financial Conduct Authority’s framework.

On the new U.K. platform, traders get:

• Liquid spot markets for majors and select alts
• Derivatives access structured to comply with local retail rules
• A venue that can compete with Coinbase, Binance’s limited U.K. presence, and FCA registered domestic players

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3. Binance Alpha’s RTX Listing and Airdrop Go Live

Binance Alpha has launched the listing of RateX (RTX), paired with an Alpha points-gated airdrop that went live today. This is targeted squarely at points farmers and early adopters of leveraged yield products.

The structure is simple:

• Alpha users with sufficient points become eligible for an RTX airdrop
• RTX then trades on Binance Alpha, giving immediate liquidity to recipients
• The token is tied to a leveraged yield strategy, amplifying both upside and downside

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4. RedotPay Raises $107M to Scale Stablecoin Payments

Stablecoin payments firm RedotPay has secured a $107M Series B, a sizable raise in the current funding climate. The round underscores how much conviction still exists around stablecoin based payment rails.

RedotPay focuses on using stablecoins as the core settlement layer for merchants and consumers, targeting faster and cheaper cross border flows versus legacy banking systems. With this new capital, expect pushes into:

• Licensing and regulatory approvals in key regions
• Deeper fiat on/off ramp integrations
• Merchant tools that abstract away crypto complexity while keeping stablecoin benefits

Why should investors care?

• Payments is one of the clearest real world product market fits for stablecoins
• $107M gives RedotPay a meaningful war chest to compete with existing players
• It signals large investors still see long term upside in stablecoin infra, even if speculative DeFi TVL is off the highs

This kind of raise matters for infrastructure tokens tied to payments, stablecoin issuers, and any L1/L2s that position themselves as settlement layers for global money flows. While attention often shifts to meme coins and short term narratives, payment rails are where durable fee generation can compound over multi year cycles.

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5. ETH ETFs Bleed While BitMine Quietly Accumulates

U.S. spot Ethereum ETFs have now recorded six straight days of net outflows. The selling has been led by BlackRock’s ETHA, adding steady sell pressure on ETH in traditional markets.

ETF flows are an important sentiment and liquidity gauge. Persistent redemptions can:

• Weigh on near term price action
• Cool institutional narratives built around ETF adoption
• Push allocators back to BTC or into cash while they reassess macro risk

But the on chain data tells a different story. Arkham tracking shows BitMine has accumulated at least $229M of ETH this week and now sits on more than 3.2% of total ETH supply. That’s a major corporate treasury position, built directly on chain instead of via ETFs.

What this divergence signals:

• ETF flows capture one segment of demand, mostly regulated tradfi channels
• Large on chain buyers can absorb ETF driven sell pressure without touching the ETF wrapper
• Long term theses around ETH’s role in DeFi, staking yield, and L2 settlement can still attract big balance sheets even during ETF outflows

For ETH investors, the key is to monitor both sides:

• Daily ETF flow data for short term sentiment shifts
• On chain accumulation patterns from whales, treasuries, and LST/LRT protocols

If ETF redemptions slow while on chain accumulation persists, the medium term setup improves. If both stay negative, the market may need more time to digest supply.

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Outlook

Macro wise, the market sits in a classic post rally digestion phase. Volumes are respectable but rotating. Spot majors feel the drag from ETF outflows, while perps, points campaigns, and yield products continue to attract active capital.

Structural signals remain constructive:

• Perps and derivatives are evolving toward hybrid CEX–DEX models on secure L1s
• CEXs like Bybit are choosing to engage regulators and re enter major markets rather than exit
• Stablecoin infra keeps pulling in large rounds, funding multi year build cycles
• On chain treasuries and whales are willing to accumulate into weakness

Near term, expect more chop as markets digest ETF flows, macro data, and year end positioning. Under the surface, the pieces that matter for the next cycle—robust derivatives venues, compliant CEX access, and scalable stablecoin rails—are still being built and funded.

For investors, this environment favors:

• Focus on quality infra and real revenue models over short lived narratives
• Tracking data: ETF flows, on chain accumulation, and protocol fee trends
• Risk managed exposure to selective perps and yield plays rather than blanket leverage

As always, none of this is financial advice. Use these developments as inputs into your own framework, size positions prudently, and stay data driven.

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