The Daily: JPMorgan says Strategy is key to bitcoin’s next move, IMF warns stablecoins may weaken central bank control, and more

JPMorgan analysts assert that the key driver for Bitcoin's near-term price direction is Strategy's ability to maintain its enterprise-value-to-bitcoin ratio above 1 and avoid selling BTC, noting Strategy's cash reserve buffers against forced selling. Meanwhile, the IMF cautioned that dollar-backed stablecoins like USDT and USDC could accelerate currency substitution in unstable economies, undermining central bank authority, though they remain useful if regulated internationally. In market news, U.S. spot Bitcoin ETFs experienced their largest daily outflow in two weeks ($195 million), attributed to basis-trade unwinds amid volatility, while Italy warned crypto firms they must meet the December 30 MiCA compliance deadline or cease operations in the country. Additionally, an international operation dismantled a crypto fraud network that laundered over $815 million.

(Source：The Block)