Crypto Currents: Trump Media moves $174M bitcoin on-chain

As bitcoin stalls near $87,000, missing the Wall Street holiday rally, corporate players are reshuffling strategies while regulators clamp down abroad. Trump Media is active on-chain with significant bitcoin transfers, while solana-focused Upexi slides after filing for a massive $1B capital raise. Meanwhile, regulatory headwinds are intensifying in Asia as the Philippines moves to block access to major exchanges like Coinbase. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

TRUMP MEDIA & TECHNOLOGY TRANSFERS $174M IN BITCOIN: According to on-chain data, Trump Media & Technology Group (DJT) moved approximately 2,000 bitcoin (BTC-USD) worth roughly $174M through a series of wallets. This activity comes just a day after the company reportedly increased its total holdings to 11,542 BTC following a purchase of 451 tokens. Data indicates that while about $12M was routed to Coinbase (COIN) Prime Custody—a storage solution for institutions—the remainder was transferred to other linked wallets, implying active treasury management rather than an immediate sale. The on-chain maneuvering coincides with a rally in the company’s equity, which has surged over 30% in the past five trading days to trade around $14.

PHILIPPINES BLOCKS COINBASE AND GEMINI IN REGULATORY CRACKDOWN: Access to global cryptocurrency exchanges, including Coinbase and Gemini (GEMI), has been restricted by internet service providers in the Philippines as regulators move to enforce local licensing rules. Cointelegraph reports that the ISP blocks followed a directive from the National Telecommunications Commission to restrict access to 50 online trading platforms flagged by the central bank, Bangko Sentral ng Pilipinas, for operating without authorization. This enforcement action signals a definitive shift from “informal tolerance” to strict regulatory compliance, following similar bans enacted against Binance earlier in the year. While the SEC has also identified exchanges like OKX and Bybit as operating without licenses, compliant entities such as digital bank GoTyme are stepping in to expand compliant crypto infrastructure.

UPEXI SHARES SLIDE ON $1B SHELF REGISTRATION: Cointelegraph reports that Upexi (UPXI) saw its shares fall 7.5% after filing a shelf registration statement to raise up to $1B. The capital raise is intended to support its strategy of accumulating digital assets, specifically targeting the acquisition of more solana (SOL-USD) tokens. Upexi currently holds approximately 2M SOL, positioning it as a significant corporate holder within the ecosystem. The filing allows the company to issue various securities over time to fund these acquisitions and general corporate purposes.

BITCOIN STALLS NEAR $87,000 AMIDST ETF OUTFLOWS: According to Bloomberg, bitcoin is effectively missing out on the Wall Street year-end rally, trading around $87,370 as the S&P 500 hits record highs. The asset is down approximately 30% since October, placing it on track for its worst quarterly performance since 2022. U.S. spot ETFs have turned into net sellers in Q4, and bitcoin has slipped below its 365-day moving average of $102,000. With a $23B options expiry looming this week and gold climbing near $4,500 an ounce, digital assets like ether (ETH-USD) remain largely sidelined.

PRICE ACTION: As of time of writing, bitcoin was trading at $87,199.62, while ether was trading at $2,937.81, according to price data from CoinDesk.