KEYTAKEAWAYS
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Bitcoin’s illiquid supply drops as 62,000 BTC leave long-term wallets, hinting at profit-taking and weakening bullish momentum.
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JPYC launches a yen-pegged stablecoin and redemption platform, aiming to reshape Japan’s digital currency ecosystem with full compliance.
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Prediction market Kalshi hits $4B in 30-day trading volume, signaling record mainstream growth and institutional adoption.
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Bitcoin Illiquid Supply Drops as 62,000 BTC Flow Out from Long-Term Holders
According to the latest data from Glassnode, approximately 62,000 BTC (worth around $7 billion) have moved out of long-term dormant wallets since mid-October — marking the first significant decline in illiquid supply in the second half of 2025.
Although Bitcoin briefly broke above $115,000 and market sentiment has improved, long-term holders (LTHs) reducing their positions are weakening bullish momentum. The data show that mid-sized addresses holding between $10,000 and $1 million in BTC are leading the outflows, suggesting that medium-term investors are taking profits or trimming exposure.
Meanwhile, momentum buying has slowed, and new inflows have yet to absorb the selling pressure, potentially creating short-term headwinds for BTC. Currently, about 82.3% of Bitcoin supply is in profit — higher than this year’s low of 76% — but the growing share of profitable coins may signal increasing volatility as more holders sit on unrealized gains.
JPYC Launches Yen-Pegged Stablecoin and Redemption Platform JPYC EX
Japanese stablecoin issuer JPYC has officially launched its issuance and redemption platform, JPYC EX, alongside its new 1:1 yen-pegged stablecoin, JPYC. The stablecoin is backed by domestic savings deposits and Japanese Government Bonds (JGBs).
Through JPYC EX, users can register, deposit yen, and receive an equivalent amount of JPYC to their linked wallet; conversely, sending JPYC back allows redemption into fiat yen. Initially, the platform will waive transaction fees to encourage adoption, while earning yield from the interest on government bonds.
The launch of JPYC EX marks a milestone for yen-based stablecoin infrastructure. Unlike the USD-dominated global stablecoin ecosystem, JPYC adopts a dual backing model of “sovereign debt + fiat savings,” ensuring compliance and financial stability.
In the short term, it could accelerate the use of the yen in on-chain payments, Web3 finance, and cross-border settlements. Over the long run, JPYC’s framework might serve as a policy and technical reference for other Asian economies developing domestic stablecoins, driving greater regional digital currency connectivity.
Kalshi 30-Day Trading Volume Surpasses $4 Billion, Annualized Record High
Over the past 30 days, prediction market platform Kalshi recorded a total trading volume of $4 billion, pushing its annualized trading volume to approximately $50 billion — an all-time high. This surge reflects the growing scale and activity of prediction markets amid increasing mainstream financial participation.
Kalshi’s rising volumes underscore both the expanding demand for financial derivatives and prediction-based instruments, and the platform’s maturation into a legitimate financial infrastructure. Supported by collaborations with traditional platforms like Robinhood, Kalshi is evolving from a niche experiment into a key component of the financial ecosystem.
Looking ahead, as more institutional investors and mainstream assets enter the space, on-chain prediction markets may become a vital bridge connecting social sentiment, financial trading, and market innovation.
