Bitcoin has rebounded to $75K, but analysts say the move may be unstable because order book liquidity remains structurally weaker than pre-October conditions. Amberdata highlighted that a more durable recovery would likely need liquidity at $35M or above $40M, while depth below $25M alongside rising volume could raise liquidation-cascade risk.

Ironlight Group said it raised $21 million from Greg Braca, the Sei Development Foundation, and Laidlaw Private Equity to scale Ironlight Markets ATS for regulated tokenized securities. The broader tokenized market is projected to reach $2 trillion to $11 trillion by 2030, while tokenized stocks hit a $1.05 billion market cap after 10% growth over the past 30 days. Ethereum, Solana, and BNB Chain lead settlement with nearly $400 million, $286 million, and $230 million respectively.

Federal Reserve Governor Christopher Waller directed staff to explore granting stablecoin firms limited access to Fed payment systems through restricted master accounts. The proposed framework would enable direct settlement on central bank infrastructure without traditional banking intermediaries. Speaking at the Fed's inaugural payment innovation conference, Waller acknowledged that distributed ledgers and crypto-assets have become integral to mainstream financial infrastructure.