20/12/2025
Over the past three days, three themes have dominated the digital-asset space: tokenisation, security, and how the market is repricing risk.
🔹 Tokenisation in European banking
• Italian bank UniCredit has issued its first tokenised structured note on a public blockchain, aimed at wealth-management clients. The deal uses regulated partners and a fully digital process to lower costs and remove the need for a traditional securities custodian.
• This is another concrete step toward bringing real, regulated financial products onto Web3 rails.
🔹 Security: record year for DPRK-linked hacks
• A new report from Chainalysis shows North Korean-linked hackers stole about $2.02B in crypto in 2025, almost 60% of all funds stolen this year.
• The Bybit hack alone was around $1.5B, showing how a single breach can dominate the numbers.
Tom's Hardware
• Overall, there were fewer attacks, but they were far larger on average — a clear warning that security remains the biggest bottleneck for mainstream adoption.
🔹 Market repricing and new forecasts
• Bitcoin is currently in the high-$80Ks, roughly 30% below its late-October high above $126K, and that drop has cooled some of the more aggressive price forecasts for the coming years.
• Even so, Citi’s base case still calls for BTC at $143K over the next 12 months, supported by ETF demand and clearer rules, with a higher bullish scenario and a lower bear case around $78K.
• ETF flows are mixed — some big outflow days, some strong inflow days — but overall they suggest investors are rebalancing, not abandoning the space.
