The Derivatives Trading Desk at Laser Digital has shared key insights and market commentary with CI. The insights highlight how Bitcoin and crypto market prices have started to move in very interesting directions based on the time of day it is, with Asian and US markets exhibiting some unique price action as of late.
The Laser Digital Derivatives Trading Desk has noted that over the weekend there was some noteworthy crypto market price movement, and that it was a relatively quiet week for digital assets markets with prices “largely unchanged / slightly higher week-on-week amidst the holiday season.”
They also mentioned that the lack of economic data releases and crypto specific headlines “didn’t help either.” Bitcoin (BTC) was trading at $89.6K (up 1.6%) and Ethereum (ETH) was at $3,010 (up 2.8%), on the back of “an early Monday morning rally.”
They also shared that another interesting trend to take note of “has been the distinct underperformance during the US timezone (both BTC, ETH down 3%+ over US hours offset by strength during Asian hours) driven most likely by selling pressure coming from year-end tax harvesting flow as crypto has been a large underperformer among global assets this year.”
With only a few days left to close out the year, it can be argued that the Bitcoin and crypto market has underperformed given the aggressively bullish (and perhaps very unrealistic) expectations of most industry analysts. There were many crypto traders and investors who very confidently predicted that Bitcoin would surge to over $200,000 by the end of 2025. But this is clearly not the case with the flagship cryptocurrency trading at around $87,000 at the time of writing.
Moreover, Ethereum, Binance Coin, Solana, Cardano, and most other Altcoins have not performed well either. Notably, this is in sharp contrast to the US equities and traditional stock markets. Precious metals including gold and silver have also had a solid year. So what changed for Bitcoin and crypto?
2025 seemed like the year that Bitcoin and other digital assets would finally have a banner year with crypto-friendly regulations introduced by the pro- innovation Trump Administration. But as we can see clearly right now, the CoinMarketCap Fear and Greed Index has firmly remained within the Fear range and Altcoin season is showing no signs of life at all.
After Bitcoin reached an all-time high of $126,000+ on October 6, 2025, there was an unprecedented crypto market flash crash soon after that on October 10, 2025. This event was much bigger in impact and magnitude than the FTX collapse, effectively wiping out billions of dollars in long positions within a few hours. Since this unpredictable event, confidence in the crypto markets has reached all-time lows.
Investors and traders, especially the newcomers, may have been left confused as to what exactly happened. The crypto market remains dangerously over-leveraged and this could one day contribute to its downfall. Some may argue that heading into 2026, we might see a bullish reversal. But this is quite unlikely based on current developments.
In January 2026, the market will also learn about MSCI‘s final decision regarding whether it will support / approve DAT treasuries. A more responsible course of action is to actually exclude them because they have consistently shown to be fundamentally unsound. A company must have a proper business model through which it generates substantial revenue.
DAT accumulation strategies are based largely on speculation (number go up mentality) and it is very unlikely that they will form a viable and sustainable business model. Although some market participants think that MSCI’s decision could be priced in already, it is very likely that it is not. During the first half of 2026, it is quite plausible that Bitcoin retreats further to the $60,000 to $70,000 range considering there are no new narratives to drive price action in the positive direction.
Although the short-term outlook for crypto markets remains very bearish, the fundamentals have never been better especially on the regulatory front. Finally, the US is leading the way with better and progressive digital asset regulations. This is exactly what the industry needs along with adequate support from the established banking system.
Major institutions like JPMorgan, BlackRock, and many others have all introduced their own crypto related initiatives. Stablecoins are also being widely adopted with Fintechs like Brex and SoFi launching their own coins as well. The scene is set for a massive and unprecedented bull run, but for now, the bears remain firmly in control.
Perhaps one of the most significant developments this year was the decision made by the United States to establish a national US Bitcoin reserve. This is truly unprecedented. While the US will not acquire more Bitcoin for now, it will be holding onto the seized coins it currently has. If and when the US actually moves forward with a Bitcoin accumulation strategy, then that could send prices surging to all-time highs again. It may also influence other large nation-states to introduce their own digital assets accumulation roadmaps.
In addition to this potential catalyst, we could see major tech firms like Apple, Microsoft, Nvidia, Meta finally look into accumulating Bitcoin as a treasury reserve asset. For now, this is unlikely to materialize in 2026 given how earlier Microsoft shareholders were not convinced about whether this would be the best course of action.
As we enter 2026, the industry should expect more product launches focused on bitcoin and crypto backed loans. This is actually a very good business idea and when it becomes more mainstream, it could lead to a more diverse financial system in the US. Additionally, we should expect more initiatives related to tokenization, RWAs, digital securities, and of course, stablecoins.
More than likely, there will not be much focus on NFTs, speculative Altcoin projects, or even meme coins. As we have seen in 2025, these initiatives were based largely on hype without any compelling use-cases. The year ahead will see investors become more careful with how and where they allocate capital. Bitcoin and crypto is no longer such a niche market given that many more traditional players have entered the space. This trend will likely continue into 2026 and beyond with sound fundamentals and real-world use-cases driving most of the momentum.