Today's top news highlights:
JPMorgan Chase: Whether Strategy can hold up may be key to Bitcoin's short-term trend.
The Aster team burned $80 million in repurchase funds on-chain.
Base has launched the Solana cross-chain bridge, enabling two-way asset interoperability.
Macro
Chain detective ZachXBT claims that UK attacker Danny/Meech (whose real name is suspected to be Danish Zulfiqar) has been arrested by law enforcement in Dubai, and his address 0xb37d… is suspected of being frozen, currently holding over $18.58 million in assets. Danny is suspected of involvement in the 2024 theft of $243 million from Genesis creditors, the 2023 Kroll SIM card swap incident (affecting BlockFi, Genesis, and FTX customers), and multiple social engineering fraud cases, totaling over $300 million.
Cloudflare: The fix is complete, and we are monitoring the results.
According to Jinshi News, Cloudflare (NET.N) stated that the fix has been completed and they are monitoring the results. Previously, Cloudflare announced that its Detroit data center underwent scheduled maintenance from 5:00 PM to 9:00 PM on December 5th.
OpenSea and Upbit websites experienced outages due to Cloudflare service disruptions.
Due to the Cloudflare service outage, both the OpenSea and Upbit websites experienced downtime, displaying a "500 Internal Server Error" message.
The Public Security Bureau of Jiayu County, Xianning City, Hubei Province, issued a notice stating that during the investigation of a case involving fraud and infringement of citizens' personal information, a large number of items were seized from the residence and rented houses of the suspects, including a virtual currency wallet containing approximately 1.9 million USDT. As the asset currently has no clear owner, the police have issued a public notice in accordance with the law, requiring relevant individuals to claim it within six months with valid identification; otherwise, it will be turned over to the national treasury.
Bank of Japan (BOJ) officials are prepared to raise interest rates at their policy meeting later this month, assuming no major shocks to the economy or financial markets occur during this period, according to sources familiar with the matter. The BOJ will also indicate, according to sources, that it will continue raising rates if its economic outlook is met, while remaining cautious about how high it will ultimately push rates. This rate hike would push Japan's policy rate to its highest level since 1995. Market focus is on how aggressively the central bank will signal further rate hikes. Overnight swap indices show traders believe there is about a 90% chance of a rate hike this month. Sources say officials assess the increased likelihood of their economic outlook being met as the impact of US tariffs becomes clearer and persistently high corporate profits provide companies with room to raise wages. The BOJ may also hint at the need to review the economy's response to each rate hike to determine the appropriate level of borrowing costs. When interest rates are at a neutral level, they neither stimulate nor cool the economy. The BOJ estimates its neutral interest rate in a broad range of 1% to 2.5%.
A recent report by the International Monetary Fund (IMF), "Understanding Stablecoins," reveals that dollar-dominated stablecoins are rapidly penetrating emerging markets and developing economies, potentially weakening central banks' control over domestic liquidity and interest rates. The report points out that stablecoins can quickly enter the market via mobile phones and the internet, especially in the presence of unhosted wallets, making them more prone to "currency substitution," weakening the use of local currencies, and affecting central bank monetary policy transmission and seigniorage revenue. The IMF recommends that countries establish legal frameworks to prevent stablecoins from acquiring "fiat currency" or "official currency" status, thereby safeguarding financial sovereignty. Currently, 97% of the total market capitalization of stablecoins is pegged to the US dollar, with only a small percentage linked to the euro or yen. The report also emphasizes the significant increase in the use of stablecoins in cross-border payments and in countries with high inflation, particularly in Africa, the Middle East, and Latin America.
Opinion
BlackRock CEO: Bitcoin is a "panic asset" that will be favored when market uncertainty increases.
At the DealBook Summit, BlackRock CEO Larry Fink stated that Bitcoin is a "panic asset," bought out of fears of fiat currency devaluation, financial turmoil, and geopolitical crises. He pointed out that Bitcoin is not a traditional "hope asset," but rather favored when market uncertainty increases. Currently, BlackRock's Bitcoin ETF (IBIT) manages approximately $80 billion in assets and holds over 780,000 BTC. He also revealed that sovereign wealth funds are quietly increasing their holdings at high levels. However, Fink also warned that Bitcoin's high volatility makes it susceptible to leveraged funds and unsuitable for short-term trading.
JPMorgan Chase: Whether Strategy can hold up may be key to Bitcoin's short-term trend.
According to The Block, JPMorgan analysts stated that Strategy (formerly MicroStrategy) maintaining a Bitcoin holding valuation ratio above 1 and avoiding forced BTC selling was key to determining Bitcoin's short-term price movement. The analysis points out that although miners face selling pressure due to high production costs, MSTR has $1.44 billion in cash reserves, sufficient to cover debt expenditures over the next two years, reducing the risk of selling pressure. Furthermore, the bank maintains its medium-term theoretical target price for BTC at approximately $170,000.
Project Updates
The Rainbow Foundation announced that it will hold a 20% stake in the project during the Token Generation Event (TGE). This stake will be held by the Foundation on behalf of all $RNBW token holders, ensuring that token holders can share in the project's future growth. To this end, Rainbow has created a dedicated Class F stake for the Foundation. The $RNBW token will be deeply integrated into the Rainbow ecosystem, becoming the core of the platform's rewards and stake system. Users will generate income through Rainbow's features (such as trading and prediction markets), and a portion of these revenue will be used to buy back $RNBW tokens and distributed to token holders in real time. This reward mechanism is based on real economic activity, not simply token release. If the Rainbow project is acquired in the future, the Foundation will be dissolved, and its 20% stake will be distributed to $RNBW token holders. Currently, Rainbow plans to announce the specific timing of the TGE early next week and prioritize completing the relevant procedures for the Foundation's stake distribution. Previously, Rainbow planned to launch the RNBW token for non-custodial crypto wallets in Q4.
Stablecoin protocol USPD suffered a loss of approximately $1 million due to the "CPIMP" attack.
According to PeckShieldAlert, the stablecoin project USPD suffered a major security vulnerability, resulting in a loss of approximately $1 million. USPD officials confirmed that the protocol was exploited, with attackers minting tokens without authorization and draining liquidity. The official team urgently reminded users to immediately revoke all token authorizations to the USPD contract. The USPD protocol had earlier confirmed being hit by a "CPIMP" attack, where attackers preemptively initialized the proxy and seized administrator privileges during the deployment phase using Multicall3, disguising themselves as an audited and approved implementation contract. The official team stated that the logic was not a contract vulnerability; the attackers had been concealed for several months before upgrading the proxy, minting approximately 98M USPD, and transferring approximately 232 stETH. USPD has demanded that users immediately revoke all authorizations and has published the attack addresses: 0x7C97…9d83 (Infector) and 0x0833…215A (Drainer). They are cooperating with law enforcement and white-hat hackers to track down the attackers and have promised a 10% bounty for their return.
Binance will discontinue deposit and withdrawal services for certain tokens on some networks.
Binance will suspend deposits and withdrawals for the following "designated networks" tokens at 16:00 (UTC+8) on December 12, 2025: Tranchess (CHESS, Ethereum Network), dForce (DF, BNB Smart Chain), and Aavegotchi (GHST, Polygon Network). After the suspension, deposits made through these networks will no longer be credited to your account, potentially resulting in asset loss. Users can still deposit and withdraw these tokens through other networks supported by Binance.
Polymarket is now available on the MetaMask mobile app.
Polymarket, a prediction market platform, announced on the X platform that it has officially launched on the MetaMask mobile app, introducing the MetaMask prediction market powered by Polymarket.
The Aster team burned $80 million in repurchase funds on-chain.
On-chain data shows that the Aster team will repurchase $80 million worth of tokens from the wallet and perform on-chain destruction.
Base has launched the Solana cross-chain bridge, enabling two-way asset interoperability.
Coinbase-incubated Ethereum L2 network Base has launched a cross-chain bridge connecting to Solana, enabling native use of Solana assets on Base and allowing Base assets to migrate to Solana. This bridge is powered by Chainlink's Cross-Chain Interoperability Protocol (CCIP) and securely uses dual-verification messages from Coinbase and Chainlink nodes.
Important data
According to SoSoValue data, on December 4th (Eastern Time), Bitcoin spot ETFs saw a total net outflow of $195 million, with none of the 12 funds recording net inflows. BlackRock's IBIT saw the largest net outflow at $113 million, while its cumulative total inflow remained at $62.55 billion. Fidelity's FBTC saw a net outflow of $54.2048 million, while its cumulative net inflow was $12.063 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $120.682 billion, representing 6.54% of Bitcoin's total market capitalization, with a historical cumulative net inflow of $57.563 billion.
Investment and Financing/Acquisition
Fluidstack plans to raise $700 million, potentially valuing the company at $7 billion.
According to Bloomberg, cloud computing startup Fluidstack is in talks for a new funding round of approximately $700 million, potentially valuing the company at $7 billion. The round is expected to be led by Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, with participation from Google's parent company Alphabet and Goldman Sachs. Fluidstack has already secured several collaborations with Google this year and plans to build a €10 billion AI supercomputing center in France. Fluidstack has already established partnerships with Meta, Honeywell, and numerous other AI startups.
According to Cointelegraph, Portal to Bitcoin, a native Bitcoin interoperability protocol, announced the completion of a $25 million funding round led by JTSA Global, with participation from Coinbase Ventures, OKX Ventures, Arrington Capital, and others. Alongside the new funding, the company launched an atomic over-the-counter (OTC) trading platform, promising "instant, trustless cross-chain settlement for large transactions." The protocol focuses on providing institutions and large investors with a Bitcoin-pegged cross-chain OTC market. It utilizes hash time-locked contracts (HTLCs) across multiple chains and Bitcoin Taproot contracts to enable the exchange of native Bitcoin with native assets on integrated blockchains in a non-custodial manner, emphasizing the reduction of trust assumptions in transactions.
According to CoinDesk, Solmate (ticker symbol SLMT), the Abu Dhabi-based infrastructure company focused on Solana, has signed a non-binding term sheet to acquire digital asset company RockawayX in an all-stock transaction. This acquisition will create an institutional cryptocurrency group with over $2 billion in assets under management and third-party equity. The merged company will integrate RockawayX's infrastructure, liquidity, and asset management businesses into Solmate, which is transitioning from passive digital asset fund management to an operational cryptocurrency business, and will continue to trade under the ticker symbol SLMT. Solmate CEO Marco Santori will lead the group, while RockawayX CEO Viktor Fischer will be responsible for operating the RockawayX subsidiary and will serve as Solmate's executive chairman. RockawayX is the blockchain business unit of venture capital firm Rockaway Capital, providing on-chain market making, lending, and other services. The company also manages venture capital and credit funds, which collectively oversee approximately $1.04 billion in assets, with approximately $1.1 billion in assets pledged on its validator nodes.
According to Bloomberg, financial blockchain company Digital Asset Holdings LLC has completed a new $50 million funding round, with investors including BNY Mellon, Nasdaq Inc., S&P Global, and iCapital. Earlier this year, the company completed a $135 million funding round led by DRW Venture Capital and Tradeweb Markets, with participation from Citadel Securities, IMC, Optiver, and others. Digital Asset Holdings is known for developing the public blockchain Canton Network, which supports asset tokenization and processes financial transactions, allowing users to determine the scope of information confidentiality. Several institutions, including Goldman Sachs and Tradeweb Markets, have used or participated in managing the Canton Network.
Institutional holdings
According to Lookonchain, Bitmine, an entity suspected to be owned by Tom Lee, bought 41,946 ETH again about 5 hours ago, with a transaction value of approximately $130.78 million.
According to GlobeNewswire, AlphaTON Capital announced it has withdrawn from the SEC's "baby shelf" fundraising restrictions and filed a $420.69 million shelf registration statement. The funds will be used to expand the GPU computing infrastructure supporting the Telegram Cocoon AI network and to acquire profitable companies within the Telegram ecosystem. The company will also continue to increase its holdings of Toncoin and related digital assets and strengthen its TON ecosystem through strategic acquisitions and infrastructure deployment. Baby shelf rule: SEC restrictions on fundraising by companies with a market capitalization of less than $75 million, limiting the amount they can raise through simplified procedures within a year. Shelf registration: A pre-registration document submitted by a publicly traded company to the SEC, facilitating flexible and multiple fundraisings in the future without requiring separate approval for each round.
According to Emmett Gallic, an address associated with prominent investor Jez San (@aerobatic) withdrew over $15 million worth of various altcoins from Coinbase Prime, including $8 million worth of LINK, $5 million worth of AAVE, $2 million worth of UNI, and $250,000 worth of LDO.
According to Businesswire, Twenty One Capital, Inc. and Cantor Equity Partners, Inc. (NASDAQ: CEP) announced that at a special shareholders' meeting held on December 3, CEP shareholders approved the previously announced proposed business merger and all other related proposals. Based on today's shareholder approval, and subject to the satisfaction or waiver of certain other closing conditions described in the CEP and Twenty One final prospectuses, the business merger and related PIPE financing are expected to close around December 8, 2025. Upon completion of the transaction, the merged company will operate as Twenty One Capital, Inc., and its Class A common stock is expected to begin trading on the New York Stock Exchange under the ticker symbol “XXI” on December 9, 2025. Related reading: Masayoshi Son plans to join forces with stablecoin giant Tether to create a $3 billion crypto joint venture; is the Bitcoin hoarding strategy entering its 2.0 era?
Matrixport withdrew 3,805 bitcoins from Binance in the past 24 hours.
According to Lookonchain, Matrixport withdrew 3,805 bitcoins (approximately $352.5 million) from Binance in the past 24 hours.
