The financial sector is anything but calm as the year draws to a close. On the news front, Trump may announce the new Federal Reserve chair before Christmas, with current National Economic Council Director Kevin Hassett being the frontrunner—though, like Trump, he is a known Fed critic. If he really takes the seat, which direction monetary policy will head is anyone’s guess.

Meanwhile, some interesting signals are emerging in the markets. After the Bank of Japan’s rate hike, Bitcoin’s price movements have started mirroring the yen almost step for step. Behind this unusual synchronicity is likely arbitrage capital reallocating positions. At the same time, the US and Europe are quietly converging on stablecoin regulation, especially in terms of settlement system access—underlying standards on both sides are becoming increasingly aligned.

Personnel changes, policy shifts, and capital flow restructuring—these three threads are intertwining. As 2025 comes to a close, the variables on the financial stage will only multiply. The performance of major coins like BNB, XRP, and SOL will likely have to be repriced in light of these macro changes.