Crypto mergers and acquisitions accelerated in 2025, led by multi-billion-dollar exchange deals and a renewed push into regulated derivatives and prediction markets. Coinbase completed a high-profile purchase of derivatives platform Deribit, while South Korea’s Naver moved to take full control of Upbit operator Dunamu. Overall dealmaking surpassed prior records, according to multiple company statements and media reports.

Record year for crypto M&A

Companies in the digital asset sector announced more than $8.6 billion in acquisitions and mergers in 2025, the highest annual value to date, according to Bloomberg. Coinbase led the activity with six acquisitions, including its purchase of Deribit, one of the world’s largest crypto options and futures venues.

Naver to acquire Upbit parent Dunamu

Naver Financial, a unit of South Korean internet giant Naver, agreed to acquire Dunamu—operator of the country’s largest cryptocurrency exchange, Upbit—in an all-stock deal valued at approximately 15.13 trillion won (about $10.27 billion). Upon closing, Dunamu will become a wholly owned subsidiary of Naver Financial, aligning the group’s expansion into digital finance and blockchain with its broader technology strategy.

Local reports indicated the combination could create a fintech group valued around 20 trillion won (roughly $13.6 billion). Dunamu’s consolidated revenue for the first nine months of 2025 rose 22% year-over-year to 1.19 trillion won, with trading platform operations, including Upbit, contributing approximately 97.9% of total revenue.

Coinbase closes Deribit acquisition

Coinbase announced the acquisition of Deribit on May 8, 2025, and closed the deal on August 14. The transaction was reported at $2.9 billion, with additional disclosures indicating a combined cash-and-stock consideration of roughly $4.3 billion. The purchase expands Coinbase’s presence in crypto derivatives, a segment that has become a major driver of exchange volumes.

Robinhood and SIG target prediction markets via LedgerX

Robinhood Markets and Susquehanna International Group formed a joint venture to expand into prediction markets and will take control of LedgerX, a regulated crypto derivatives exchange previously owned by Miami International Holdings. LedgerX, which had ties to the former FTX group under prior ownership, remains one of the few regulated venues for crypto derivatives in the United States.

Paxos adds infrastructure as consolidation continues

Paxos acquired Fordefi, adding wallet and institutional infrastructure to its product suite. The deal follows Paxos’s February acquisition of Membrane Finance, a Finland-based stablecoin issuer, positioning the company to meet requirements under the European Union’s Markets in Crypto-Assets (MiCA) regime.

Other developments

• ABTC, which listed on Nasdaq via a reverse merger with Gryphon Digital Mining in early September, fell by more than half in early trading after its debut.
• Animoca Brands plans a public listing through a reverse merger next year, aiming to provide broader exposure to altcoin and Web3 projects, according to co-founder Yat Siu.

Together, the year’s transactions underline a shift toward scale, regulated derivatives, and integrated fintech platforms, even as crypto markets remain volatile. Further disclosures and closings in the fourth quarter will determine whether 2025 sets a lasting benchmark for sector consolidation.

Dogecoin fell sharply after losing a key support level, triggering a high-volume wave of liquidations and pushing the memecoin toward new monthly lows. The pullback coincided with a steep drop in inflows to a newly launched DOGE exchange-traded fund, while broader crypto benchmarks attempted to stabilize.

Price action and ETF flows

DOGE cracked below the $0.152 floor in a high-volume breakdown that erased the prior week’s stability. The move left the token trading in the $0.13–$0.15 range and down more than 23% over the past month. Intraday, the decline reached roughly 8% and more than 11% over a 24-hour span, according to market data.

At the same time, inflows to the new GDOG fund slowed sharply, falling from about $1.8 million to roughly $365,420 in a single session—an 80% drop—signaling the first clear demand shock for the product. The reversal in institutional participation arrived as the broader market attempted a rebound, with Bitcoin retesting the $92,000 area and higher-beta altcoins bouncing. DOGE, however, continued to trade below both its 50-day and 200-day moving averages, underscoring ongoing relative weakness.

Technical picture: wedge in focus, key levels

Crypto market commentator Clifton Fx highlighted a Falling Wedge pattern on Dogecoin’s 12-hour chart—two converging downward trendlines that often precede a bullish reversal. The analyst argued that a confirmed breakout above the wedge’s upper trendline could set up an aggressive follow-through rally, potentially in the 80%–90% range. As always, such projections depend on confirmation and broader liquidity conditions.

Other technicians pointed to nearby ranges that may guide the next move. A sustained move below $0.150 opens the $0.1495–$0.1478 area, with deeper supports near $0.140 and recent lows around $0.13. On the upside, a recovery would likely require a decisive reclaim of the $0.152–$0.155 zone, with further resistance noted above $0.16.

• Immediate support: $0.150, then $0.1495–$0.1478; below that, $0.140 and ~$0.13
• Near-term resistance: $0.152–$0.155; then ~$0.16
• Trend context: Below 50D and 200D moving averages

Liquidity and whale activity

The sell-off reignited debate over market structure and depth on DOGE order books. Responding to on-chain and flow discussions on X, analyst account CryptoGames3D noted that declining whale activity can cut both ways: large holders may be sidelined and waiting—or exiting the market—either of which can thin liquidity and amplify price moves when selling pressure returns.

Separately, analysts including Martinez and Marks pointed to a sequence of higher supports forming after a prolonged corrective phase, a development they say keeps medium-term bullish signals intact if those levels hold.

Outlook

Scenario analysis remains bifurcated. Bullish technicians are watching for a confirmed breakout from the Falling Wedge and a push toward resistance above $0.16 (often labeled “Phase D” in cycle frameworks). Conversely, if market sentiment deteriorates and supports fail, some chartists warn of a deeper slide toward longer-term channel support, with extreme downside targets as low as $0.056 cited in severe risk-off conditions.

For now, the path likely depends on whether DOGE can stabilize above the mid-$0.15s, rebuild ETF demand, and attract fresh liquidity at key technical levels.

Bitcoin steadied near the $90,000 mark after a sharp early-week sell-off, as on-chain metrics flashed mixed signals between renewed accumulation and late-stage profit-taking.

Market slides, liquidations surge, then stabilization

Bitcoin fell by about 6% on Monday, marking its largest one-day percentage drop since early November, as risk aversion hit digital assets. The decline followed a weak monthly close for November and was accompanied by heavy selling across majors, including ether. Nearly $1 billion in leveraged crypto positions were liquidated during the drawdown, adding momentum to the sell-off.

BTC subsequently rebounded above $88,000 and is testing resistance around $89,500–$90,000. The broader market backdrop remained fragile after reports of a security exploit at Yearn Finance weighed on sentiment and several large-cap altcoins posted declines.

On-chain signals: hidden buying meets profit-taking

Beneath the surface, on-chain indicators offered a contrasting picture. According to On-Chain Mind, Bitcoin is “printing the largest hidden-buying spike of the entire cycle,” suggesting stealth accumulation despite the volatility.

At the same time, on-chain data show significant distribution near $90,000. Analysts flagged that roughly 63,000 BTC shifted from long-term to short-term holders, a move consistent with late-stage profit realization. Analyst Darkfost noted that the amount of BTC in profit sent to exchanges by short-term holders remains relatively low at around 9,500 BTC, though it ticked higher as the price reclaimed $90,000. A report from BeInCrypto also observed rising exchange selling pressure as BTC pushed back above $90,000.

Key levels and technical context

Price action remains range-bound in the low-$90,000 area, with resistance clustered near $89,500–$90,000. Some chartists warn that a loss of the $80,000 support could open the door to deeper downside, with bearish projections extending toward $48,000 in a worst-case scenario. Others point to a potential hidden bullish divergence on the weekly Relative Strength Index, suggesting selling momentum may be fading, according to analyst Ash Crypto.

Demand cools as ETF accumulation slows

Demand indicators have softened. Researchers at CryptoQuant said this week that the market is “highly likely to have seen most of this cycle’s demand wave pass,” noting that spot Bitcoin ETF accumulation has slowed to one of its weakest paces since those products launched.

For now, Bitcoin trades with reduced volatility compared with last week’s swings, as traders watch whether a decisive break above $90,000 can restore upward momentum or if the market retests lower support.