Biggest US Bank Just Surrendered

Good morning. JPMorgan called the Bitcoin bottom at $80K and now they’re screaming for $240K and a Bitcoin-backed bond. Let’s talk about it. 

All of that, plus your…

• Chart of the Day is the short squeeze no one saw coming.
• Trade of the Day is gold’s breakout…again!
• Degen Play of the Day is bets on the S&P 500’s year-end price.

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Chart of the Day

Just when you thought the bull run in precious metals was over…Silver has officially entered price discovery after hitting a new all-time high of $57/oz. What’s insane about this latest move is that silver has now outpaced gold in 2025, with returns of over 90%, compared to gold’s 60%. 

While everyone is panicking over whether the AI bubble has burst or not, precious metals are casually breaking to new all-time highs. Silver has now moved through multi-decade resistance to above the 1980 and 2011 highs, a short squeeze that’s caught many investors off-guard.

Silver’s boom in 2025 has come from a combination of low supply and high demand from India, as well as industrial needs and tariffs. Just a few weeks ago, the US government declared silver a critical mineral for the first time in history.

But not only that, this rally in silver is also telling us that the future only ends one way, with fiat currency debasement and inflation. This is not the time to underestimate precious metals.

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Trade of the Day

Silver isn’t the only precious metal making moves…a gold breakout just happened. A daily close above $4,175 is what gold needed to send a strong signal to the market, and it managed to close the week at $4,218. 

That also closed gold’s fourth straight month in the green. This growing strength opens the possibility for a new ATH in the coming weeks.

The first step is to clear the resistance in the current price area and at the all-time high of $4,336. If it can do that, then it puts a target price of $4,500-$4,900 in 2026.

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Alpha Leaks

• Zcash [ZEC] has crashed 35% from its ATH as the rotation from privacy coins continues, despite Grayscale filing to convert its Zcash Trust into a spot Zcash ETF. 
• Bitmine [BMNR] bought another 14,618 ETH on Thursday, according to data from Arkham Intelligence. Tom Lee keeps getting more bullish on ETH, now predicting $7,000 to $9,000 ETH by the end of January 2026.
• Cosmos [ATOM] is considering a proposal to change its tokenomics model to either a revenue or fee-based structure. This would also reduce token issuance over three years as well as gradually increasing staking rewards.
• Ethereum [ETH] is being staked by the government of Bhutan. Data from Arkham shows 320 ETH is currently staked.
• Uber [UBER] has rolled our driverless robotaxis in its fourth market, Abu Dhabi, through its partnership with Chinese autonomous vehicle company WeRide.
• Jupiter [JUP] has burned 135 million JUP tokens and reduced its staking period to 7 days.
• Google [GOOGL] has become the first stock tokenized by Robinhood on Arbitrum One to hit $1 million in market cap, according to Token Terminal.

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News Roundup

JPMorgan Plans To Launch Bitcoin Bond

JPMorgan has applied to the SEC for a Bitcoin-backed bond, using BlackRock’s Bitcoin ETF [IBIT] as the underlying asset. This is quite the turnaround on BTC.

Here are the details:

• it will have a maturity date of 2028, perfectly aligned to Bitcoin’s halving cycle
• can be redeemed early if IBIT hits a pre-determined price by 2026
• if the bond is not automatically called early, investors could receive higher returns
• offer partial protection on principal to prevent loss unless IBIT falls by more than 30%

If the 1-year auto-call condition is met, a minimum fixed return of 16% is guaranteed, no matter the market conditions.

And if you didn’t think that was bullish enough, JPMorgan is also taking an optimistic outlook on BTC’s price. $240K is the long-term target, if the macro moves in its favor.

S&P 500 2026 Predictions

With the average investor celebrating a 16.71% return on the S&P 500 going into December, attention is already turning to predictions for next year.

Here are the Wall St. predictions for end of year 2026 so far:

• HSBC: 7,500
• Morgan Stanley: 7,800
• Wells Fargo: 7,800
• JPMorgan: 7,500-8,000
• Deutsche Bank: 8,000

With Fed rate cuts coming and a further boom in AI, Wall St. sees 2026 as being another green year for the markets. HSBC thinks 2026 is going to be “another year of double-digit gains mirroring the late 1990s equity boom.”

Especially with the mid-term elections coming up in 2026, Wells Fargo thinks policy and liquidity will remain bullish for the stock market.

Now all we need is for some of this upcoming liquidity to flow into the crypto market. 

Upbit Hacked For $36M

Upbit is South Korea’s biggest crypto exchange, and it was hacked early Thursday morning for $36 million in Solana-based assets. 

It’s been reported that during an emergency investigation, attackers may have cracked private keys by analyzing user wallet address patterns on Solana. And that’s led people to suspect North Korean hacking group Lazarus is behind the hack.

Upbit has announced it will cover the full amount of customer’s losses, but it’s a harsh reminder that centralized honey pots remain vulnerable. If you haven’t done so recently, there’s no better time like today to review your security protocols.

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Degen Play of the Day

Speaking of S&P 500 predictions…as 2025 comes to a close, investors will be eyeing up its year-end price. The S&P 500 closed on Friday at 6,849 and if the market gets its Santa rally in the coming weeks it could skyrocket past 7,000 on more AI euphoria.

The odds reflect cautious optimism, given that sentiment is still in Extreme Fear, with a Fear and Greed Index score of 24.

Here are the current odds on Kalshi:

6,660 to 6,799: 18%

6,800 to 6,999: 34%

7,000 to 7,199: 32%

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