Analysis: Market makers may unwind hedging and short Bitcoin, which could lead to market volatility on Friday

[Pakistani Police Dismantle Crypto Investment Scam Group Involving Approximately $60 Million] On December 27, the National Cyber Crime Investigation Agency (NCCIA) of Pakistan conducted a joint raid in Karachi, dismantling an international group involved in a crypto investment scam, with the case amounting to approximately $60 million. During the operation, police arrested 34 individuals in the Defense Housing Authority Phases 1 and 6, including 15 foreign nationals and 19 Pakistani citizens. Sindh Province Interior Minister Ranjhar stated that the group carried out long-term scams through social media and instant messaging apps, luring victims into participating in fraudulent cryptocurrency and forex trading schemes. Authorities seized 37 computers, 40 mobile phones, over 10,000 international SIM cards, and six illegal communication gateway devices. Currently, 22 suspects have been placed under judicial custody, and the investigation is ongoing.

[The Dual-Track Framework of U.S. Crypto Regulation in 2026] December 27 news: In the second year of the Trump administration, the landscape of U.S. crypto regulation underwent a shift. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) transitioned from jurisdictional disputes to close collaboration, jointly advancing crypto regulation. SEC Chairman Paul Atkins promoted the token classification system, Project Crypto, and innovative exemption mechanisms, while approving multiple standards for listing crypto ETFs and prioritizing asset tokenization as a regulatory focus. The CFTC accelerated rule clarification through Crypto Sprint, with newly appointed Chairman Michael Selig expected to play a central role in regulating crypto commodities like Bitcoin. Industry insiders believe that by 2026, U.S. crypto regulation will exhibit a dual-track framework, with SEC driving institutional innovation and CFTC leading market expansion.

Gold, silver, platinum and copper all surged to new records as metals — not bitcoin — attracted capital on the debasement trade and geopolitical tension. What to know : Major cryptocurrencies and crypto stocks slid in early U.S. trade Friday, with bitcoin slipping back below $87,000 and bitcoin miners down 5% or more across the board. Gold, silver and other metals surged, with geopolitical concerns adding to the debasement trade.

[S&P 500 Hits Record High, Market Anticipates 'Santa Claus Rally' Supporting U.S. Stocks] On December 26, the S&P 500 Index extended its gains in light holiday trading, reaching a historic high. NVIDIA's stock price rose as analysts expressed optimism about its licensing agreement with artificial intelligence startup Groq. Market sentiment was buoyed by seasonal patterns, with investors focusing on the 'Santa Claus Rally' that typically occurs from the end of the year into the beginning of the next. Piper Sandler's Chief Market Technician Craig Johnson stated that the market is expected to maintain a structural trend in the final four trading days, though it may become more fragmented. This outlook is supported by broader market participation and easing inflation.

[Glassnode Co-Founder Analyzes Changes in Bitcoin Price Structure] On December 26, Glassnode co-founder Negentropic stated that Bitcoin's price structure is undergoing positive changes. Recent pullbacks have been supported by buying pressure, previous lows remain intact, and the market is showing a constructive trend. With the expiration of Bitcoin options worth approximately $23.6 billion in nominal value, the deleveraging effect in derivatives has largely cleared, the price suppression phase has ended, and the price discovery mechanism is gradually returning. Negentropic pointed out that the U.S. M2 money supply has grown by 4.3% year-on-year, indicating that the long-term fiat currency dilution trend has not ceased. Macro and structural factors are creating a favorable environment for Bitcoin.