CoinDesk Podcast Network David Beckham’s Prenetics Ditches Bitcoin Strategy as Santa Rally Fails | CoinDesk Daily
Dec 31, 2025
The anticipated crypto 'Santa Rally' has failed, with Bitcoin and Ether plummeting over 22% in the last quarter. Prenetics, backed by David Beckham, has halted its Bitcoin buying strategy while still holding 510 BTC. In more positive news, Cypherpunk Technologies made headlines by purchasing $28 million in Zcash, which has surged over 1,200% since September. As liquidity dries up, the market is undergoing a significant positioning reset, signaling uncertain times ahead in the crypto landscape.
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Santa Rally Failed, Markets Reset
- Bitcoin and Ether fell over 22% in Q4 and missed the typical year-end 'Santa rally'.
- Jennifer Sanasie frames December as a major positioning reset driven by thin liquidity and fading risk appetite.
Liquidity Drying Caused Risk-Off Shift
- December flows were missing, turning rebalancing into a significant positioning adjustment.
- This December was Bitcoin's worst since 2018 and pushed the narrative into risk-off territory.
Cypherpunk's Big Zcash Play
- Cypherpunk Technologies bought $28 million of Zcash, boosting holdings to over 290,000 tokens.
- That represents nearly 1.8% of circulating supply and made Cypherpunk one of the few treasury firms in the black.