Today's top news highlights:
1. The People's Bank of China convened a meeting of its coordination mechanism for combating speculation in virtual currency trading.
2. The three major U.S. stock indexes closed higher for the fifth consecutive day, with Circle (CRCL) rising more than 10%.
3. Turkmenistan has passed a cryptocurrency regulatory law, which will take effect in 2026.
4. The regulation requiring individuals to register the source of funds for cash deposits or withdrawals exceeding 50,000 yuan has been cancelled.
5. The UK requires cryptocurrency exchanges to collect and report transaction records of UK clients starting in 2026.
6. OpenSea executives deny Coinbase leaked news of a $150 million token sale.
7. CoinShares cancels plans to launch XRP, SOL, and LTC ETFs in the US.
Macro
Turkmenistan has passed a law regulating cryptocurrency, which will take effect in 2026.
According to Reuters, the President of Turkmenistan signed a new law on November 28th, formally establishing a licensing mechanism for cryptocurrency mining and exchanges. The law will take effect on January 1, 2026. The new regulations clarify the legal and economic status of virtual assets, aiming to promote digitalization and attract foreign investment.
Spot gold continued its upward trend, surpassing $4,200 per ounce for the first time since November 14, with a daily gain of over 1%. Meanwhile, spot silver broke through $55 per ounce, setting a new all-time high, with a daily gain of over 3%.
HM Revenue and Customs (HMRC) has issued new regulations requiring cryptocurrency exchanges operating in the UK to begin collecting complete transaction records from all their UK clients from January 1, 2026, and sharing this data with HMRC the following year. HMRC will use the collected data to verify tax returns, ensure compliance, and penalize violations. This new guidance aligns the UK with the OECD Crypto Asset Reporting Framework (CARF), which aims to improve transparency in the rapidly growing digital asset market and is already being implemented in countries and regions such as the EU, Canada, Australia, Japan, and South Korea.
According to CLS News Agency, U.S. stocks closed three hours early due to the Thanksgiving holiday. The three major indices all closed higher for the fifth consecutive trading day: the Nasdaq rose 0.65%, the Dow Jones Industrial Average rose 0.61%, and the S&P 500 rose 0.54%. For the week, the Nasdaq has risen 4.91%, the Dow Jones Industrial Average has risen 3.18%, and the S&P 500 has risen 3.73%.
Most tech stocks rose, with Intel closing up 10%, its biggest one-day gain since September 18; Meta rose over 2%, while AMD, Amazon, Netflix, and Microsoft all rose over 1%. Blockchain concept stocks generally rose, with Circle (CRCL) up 10.04%; Coinbase (COIN) up 2.96%; and Strategy (MSTR) up 0.88%.
According to CLS News Agency, three departments (the People's Bank of China, the State Financial Regulatory Commission, and the China Securities Regulatory Commission) jointly released the "Administrative Measures for Due Diligence of Financial Institutions and the Preservation of Customer Identity Information and Transaction Records" yesterday. The requirement that "individuals depositing or withdrawing cash exceeding 50,000 yuan must register the source of funds" has been removed, consistent with the previous draft for public comment. Under the new regulations, banks will no longer indiscriminately question all individuals when they withdraw cash. Instead, they will decide whether to ask more questions based on the risk level: in cases of high money laundering risk, banks will strengthen their investigation to understand the source and purpose of funds; for low-risk situations, simplified measures will be adopted.
On November 28, the People's Bank of China convened a meeting of its coordination mechanism for combating speculation in virtual currencies. The meeting noted that recently, influenced by various factors, speculation in virtual currencies has resurfaced, and related illegal and criminal activities have occurred frequently, posing new challenges and situations for risk prevention and control. The meeting emphasized that virtual currencies do not have the same legal status as fiat currency, lack legal tender status, and should not and cannot be used as currency in the market. Virtual currency-related business activities constitute illegal financial activities. Stablecoins, a form of virtual currency, currently cannot effectively meet the requirements for customer identification and anti-money laundering, and pose a risk of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers.
The meeting stressed the need to continue adhering to the prohibitive policy on virtual currencies and to persistently crack down on illegal financial activities related to virtual currencies. All relevant departments must deepen coordination and cooperation, improve regulatory policies and legal frameworks, focus on key aspects such as information and capital flows, strengthen information sharing, further enhance monitoring capabilities, severely punish illegal and criminal activities, protect the property safety of the people, and maintain the stability of the economic and financial order.
Officials from the Ministry of Public Security, the Cyberspace Administration of China, the Central Financial Affairs Commission, the Supreme People's Court, the Supreme People's Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the People's Bank of China, the State Administration for Market Regulation, the State Financial Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange attended the meeting.
According to Solid Intel, two South Korean police officers have been formally indicted for allegedly accepting bribes and assisting in the operation of a cryptocurrency money laundering network worth 250 billion won (approximately US$186 million).
Opinion
CZ: It's best to sell at the peak of market greed and buy at the peak of market fear.
CZ tweeted, "While this view is not very popular, it's best to sell when market greed peaks and buy when market fear peaks."
Alliance DAO co-founder QwQiao stated in an article on the X platform that he will not short L1 tokens, but he cannot convince himself that they are "great investments." However, L1 tokens are not "bad investments" either, as there are thousands of assets to choose from, and there are always some high-quality ones to be found. QwQiao claims that every asset he currently holds has a sustainable competitive advantage and operates in an exponentially growing field.
QwQiao previously pointed out that L1 tokens lack a moat, are easily commoditized, and are difficult to capture meaningful value, suggesting that betting on the application layer may be the way out.
Project Updates
Bitget previously announced a donation of HK$12 million to Hong Kong to support emergency relief efforts, assistance to affected families, and post-disaster reconstruction following the Tai Po Hung Fook Court fire. The donation will be handled and implemented by three reputable local charitable organizations.
Currently, the HK$12 million has been fully disbursed, specifically: HK$5 million to Yan Chai Hospital in Hong Kong; HK$3.5 million to the Salvation Army in Hong Kong; and HK$3.5 million to Po Leung Kuk in Hong Kong.
Cobo donated HK$1 million and launched a blockchain wallet to support fire relief efforts in Tai Po.
Cobo announced a donation of HKD 1 million equivalent in stablecoins for fire relief and community reconstruction in Tai Po, Hong Kong. In collaboration with the Hong Kong Red Cross, they have launched a dedicated "compliant blockchain charity wallet" to ensure the entire donation process is open, transparent, and traceable. The wallet is now open to the public, allowing direct donations. All donations will be used for related relief efforts. Cobo stated that they will continue to monitor the flow of funds and the progress of post-disaster reconstruction and are willing to provide free technical support to charitable foundations that require blockchain donation channels.
Crypto.com donated HK$10 million to support fire relief efforts in Tai Po, Hong Kong.
Cryptocurrency exchange Crypto.com announced that it has donated HK$10 million to the Hong Kong Red Cross to support residents affected by the Tai Po fire and related relief efforts, expressing its support and care for the affected community.
OpenSea executives deny Coinbase leaked news of a $150 million token sale.
In response to Doorr's report that " Coinbase allegedly leaked information about OpenSea's $150 million ICO ," OpenSea's Chief Marketing Officer, Adam Hollander, commented that it was "fake," denying the rumors.
According to Bubblemaps, IRYS launched two days ago and airdropped 8% of its tokens to early users. However, approximately 20% of these tokens were claimed by a group of 900 newly created wallets. These addresses had been partially funded by Bitget before the launch and had no on-chain activity. These addresses have now transferred their $IRYS to the new wallets and sent them to Bitget, cashing out approximately $4 million in total.
CoinShares cancels plans to launch XRP, SOL, and LTC ETFs in the US.
According to market sources, CoinShares has terminated its plans to launch three single-asset cryptocurrency ETFs in the United States. The cancellation involves proposed funds for Solana (which includes staking functionality), XRP, and Litecoin.
According to an official announcement, Terminal Finance has terminated the launch of the Terminal project. Terminal was initially designed to be a liquidity hub for Converge. Despite completing the entire codebase and preparing for a Q1 2025 launch, the Converge chain did not launch as scheduled, and there appear to be no immediate plans for a launch. Terminal Finance explored various transformation options, but none were sufficiently compelling. Each option faced substantial obstacles: limited support, low potential for asset listing, and a bleak long-term outlook, leading to the decision not to proceed.
Terminal Finance states that all users' principal is retained and will remain fully guaranteed at a 1:1 ratio, allowing withdrawals at a 1:1 ratio. Each current Pendle position is entitled to earn Ethena Sats, associated sUSDe earnings, and EtherFi credits.
Coinbase includes Rayls (RLS) in its IPO roadmap
According to an official announcement, Coinbase has included Rayls (RLS) in its listing roadmap. Coinbase stated that the listing of the asset depends on market-making support and the availability of technical infrastructure; a separate announcement will be made once these conditions are met.
Binance: You need to hold more than 256 Alpha Points to claim 400 GaiAi (GAIX) airdrops.
According to the official announcement, Binance Alpha GaiAi (GAIX) trading will begin on November 29th at 16:00 (UTC+8). Users holding at least 256 Binance Alpha Points can claim a token airdrop. Claim 400 GAIX tokens on the Alpha event page. If the event continues, the point threshold will automatically decrease by 5 points every five minutes. Claiming the airdrop will consume 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha event page; otherwise, they will be considered to have forfeited their airdrop.
Important data
BlackRock received $354 million in BTC and $235 million in ETH from Coinbase within three days.
According to Onchain Lens monitoring, BlackRock received 300 bitcoins (worth $27.51 million) and 16,629 ETH (worth $50.64 million) from Coinbase approximately 8 hours ago. Over the past three days, BlackRock has received a total of 4,044 bitcoins (worth $354 million) and 80,121 ETH (worth $235 million).
According to on-chain analyst Ai Yi, an address that bought 1074 WBTC at an average price of $10,708 four years ago appears to have started selling ETH after selling its WBTC. This address previously took profits on 1000 BTC in July of this year at an average price of $118,011, netting a profit of $107 million. Ten hours ago, it deposited 5000 ETH into Binance, worth $15.36 million. Over the past two weeks, it has deposited a total of 13403.28 ETH into exchanges, with a total value of $41.06 million. This address currently still holds 15,000 ETH and interacts with addresses associated with Galaxy Digital; the ownership of the wallet cannot be confirmed at this time.
Circle minted $1 billion USDC on the Solana network within 24 hours.
According to Onchain Lens monitoring, Circle minted $1 billion worth of USDC on the Solana network in the past 24 hours. Since October 11, it has minted a total of $12.25 billion worth of USDC on the Solana network.
According to Lookonchain monitoring, an Ethereum OG deposited 18,000 ETH (worth $54.78 million) into Bitstamp 8 hours ago. Since 2017, this OG has accumulated 154,076 ETH (worth $79.7 million) at an average price of $517 per ETH, and subsequently sold 87,824 ETH (worth $148.8 million) at an average price of $1,694 per ETH. He currently holds 66,252 ETH (worth $201 million), accumulating a profit of approximately $270 million.
According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $71.371 million yesterday (November 28, Eastern Time).
The Bitcoin spot ETF with the largest single-day net inflow yesterday was ARKB, an ETF from Ark Invest and 21Shares, with a net inflow of $88.044 million. ARKB's total historical net inflow has now reached $1.828 billion.
The second largest inflow was into the Fidelity ETF FBTC, with a net inflow of $77.4532 million in a single day. The total historical net inflow of FBTC has reached $12.029 billion.
The Bitcoin spot ETF with the largest single-day net outflow yesterday was BlackRock ETF IBIT, with a net outflow of $114 million. IBIT's total historical net inflow has reached $62.566 billion.
As of press time, the total net asset value of the Bitcoin spot ETF was $119.391 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.56%, and a historical cumulative net inflow of $57.705 billion.
According to SoSoValue data, the Ethereum spot ETF saw a total net inflow of $76.5491 million yesterday (November 28, Eastern Time).
The Ethereum spot ETF with the largest single-day net inflow yesterday was the BlackRock ETF ETHA, with a single-day net inflow of $68.2659 million. The total historical net inflow of ETHA has now reached $13.147 billion.
The second largest inflow was the Grayscale Ethereum Trust ETF (ETHE), with a net inflow of $8.2832 million in a single day. The total historical net outflow for ETHE is currently $4.932 billion.
As of press time, the Ethereum spot ETF has a total net asset value of $19.155 billion, with an ETF net asset ratio (market capitalization as a percentage of Ethereum's total market capitalization) of 5.19%, and a historical cumulative net inflow of $12.945 billion.
Investment and Financing/Acquisition
According to Mailchi, European venture capital firm Índico Capital Partners has officially announced the launch of its sixth venture capital fund, Indico VC Fund III, with a total investment of €125 million. The European Investment Fund (EIF) plans to commit €30 million. The fund's investments will reportedly range from €10 million to €10 million per deal and will focus on sustainable economic models such as artificial intelligence, deep technology, blockchain/Web3, fintech, and digital markets. Índico Capital Partners' Web3 portfolio includes luxury NFT platform Exclusible and metaverse startup Sound Particles.
