Crypto markets faced a broad selloff on Wednesday, with bitcoin slipping below $84,000 and ether extending losses as liquidations climbed. At the same time, Bitmine’s planned halt to ETH accumulation, new institutional product launches, and several regulatory and security developments shaped the day’s headlines.
Bitcoin and ether weaken as liquidations rise
Bitcoin fell below $84,000 during Wednesday’s trade, with one report putting liquidations at about $547 million and another at roughly $550 million. Ether also sold off, and ETF data showed bitcoin funds returning to net inflows while ether funds logged a multi-session outflow streak. Some market coverage said bitcoin was still holding a broader bullish range, even as near-term momentum stalled.
Sources: CoinDesk, Cointelegraph, Cointelegraph, CoinDesk
Bitmine signals an end to ETH accumulation
Tom Lee said Bitmine will stop buying ether once it reaches 5% ownership of ETH, ending an accumulation run that began in mid-2025 and made the firm the largest Ethereum treasury. The announcement added to pressure on ether during the market drop.
Institutional crypto products and balance-sheet moves continue
GSR said it is backing a new vault business with $100 million of its own capital, focused on onchain credit through stablecoin and tokenized gold vaults. Robinhood also reportedly added $25 million in bitcoin to its balance sheet, while Ledger launched bitcoin loans that let users borrow against wrapped BTC without selling. Separately, Rain said it is seeking a U.S. trust bank charter for stablecoin payments and custody.
Regulatory and legal headlines remain active
Russia registered its first crypto exchanges and custodians under a new law, including Sberbank. In the U.S., prosecutors continued to lean on the Bitcoin Fog ruling in the Roman Storm case, while another report said Europol warned that crypto wallets face quantum-related risk. A separate court report said an engineer received a 32-month sentence for a bitcoin extortion scheme against his employer.
Sources: Cointelegraph, Cointelegraph, Decrypt, Decrypt
Consumer and infrastructure news, plus a setback for a crypto chain
Tangem said crypto card demand remains strong where access is limited, as it expands its self-custodial payments offering through Visa. But Abstract, the Ethereum layer-2 linked to Pudgy Penguins, said it is shutting down on Dec. 15 after concluding the consumer-focused chain model was unsustainable.
Sources: Cointelegraph, Decrypt