Today's top news highlights:
1. US SEC Chairman: Bitcoin Market Structure Bill to be Passed Soon
2. The Ethereum mainnet successfully activated the Fusaka upgrade, significantly improving data processing capabilities.
3. YZi Labs issued a rectification notice to 10X Capital, warning BNC shareholders of its "disruptive behavior".
4. Solana Mobile will launch SKR tokens in January 2026, with 30% allocated for airdrops.
5. Ethereum Treasury purchased only 370,000 ETH in November, a drop of approximately 81% from its August peak of 1.97 million.
6. Tom Lee purchased another $150 million worth of Ethereum.
7. Bloomberg: Total value of crypto industry mergers and acquisitions has exceeded $8.6 billion this year, a record high.
Macro
US ADP employment figures for November showed a decrease of 32,000, compared to an expected 10,000.
According to Jinshi News, the US ADP employment figure for November was -32,000, compared to an expected 10,000 and a previous reading of 42,000.
US SEC Chairman: Bitcoin Market Structure Bill to be Passed Soon
According to The Bitcoin Historian, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins stated in a live interview with Fox News that a bill on the Bitcoin market structure is about to be passed.
The yield on 30-year Japanese government bonds hit a new record high of 3.445%.
The yield on Japan's 30-year government bonds hit a new record high of 3.445% on Thursday morning, after the Treasury Department was scheduled to sell 700 billion yen in notes within this range, with the results to be announced in the afternoon. Sony Financial Group economist Takayuki Miyajima stated, "While speculation about a Bank of Japan rate hike and concerns about fiscal expansion are driving selling pressure, the upcoming 30-year bond auction is expected to see a smooth result due to demand supported by high yields." Japanese government bond yields have been trending upwards, reflecting market expectations of a December rate hike by the Bank of Japan and concerns about a potential deterioration in Japan's fiscal situation.
According to Caijing Magazine, the computer Qian Zhimin took with him when he fled had a built-in cryptocurrency wallet. After several searches by British police, multiple mobile phones, computers, and USB drives were seized. One of the USB drives contained photos of pages from Qian Zhimin's laptop, which appeared to have been torn out before being seized by police. The photos showed the black computer's login password and several mnemonic phrases, such as "number + love," along with numerical hints, making the discovery of Bitcoin possible. Caijing also reported that last month, the Supreme People's Court held its eighth national criminal trial work conference, which mentioned improving judicial rules and focusing on new issues such as the handling of virtual currency cases and the authentication of electronic data.
Opinion
In an interview during Binance Blockchain Week, Binance Co-CEO He Yi stated that the implementation of the co-CEO system at Binance is not a significant change in job responsibilities, but rather a long-term strategic consideration. Current CEO Richard Teng, with his regulatory background and familiarity with compliance processes, serves as the best bridge between Binance and regulatory agencies, helping Binance elevate its compliance standards to a higher level. He Yi, leveraging her extensive experience as an "OG" (Original Group Leader), effectively maintains a user-centric culture within the company. Going forward, He Yi will focus on three key areas: continuing Binance's culture, building systemic capabilities, and introducing more AI technologies.
He Yi frankly admitted that Binance still has areas to improve, including a less-than-smooth product experience, the need to learn from competitors in localization, and the need to strengthen technical stability. She believes the biggest challenge currently lies in talent density. He Yi denied rumors of "white gloves" in the listing process, stating that Binance has never had them, and many people in the market are impersonating individuals closely related to Binance or its founders to commit fraud. He Yi believes that future Bitcoin declines will not be as extreme as in past cycles because it is transitioning from a niche asset to a mainstream asset, and the cyclical logic is changing. Regarding Meme coin, she believes short-term sentiment drives price, but long-term value still needs to return to the logic of value investing. Regarding the Hong Kong market, she stated that Binance maintains an open and proactive attitude, respects regulations, and also recognizes the difficulties local exchanges face in accessing international liquidity, therefore choosing to proceed cautiously and gradually. Binance is open to connecting liquidity with compliant Hong Kong exchanges in the future, but industry feedback indicates that there are still obstacles at the implementation level.
JPMorgan Chase: The risk of Strategy being removed from MSCI has been priced in by the market.
According to Bloomberg, JPMorgan Chase stated that Strategy Inc.'s stock price has already reflected the risk of being removed from major stock benchmark indices and sees the upcoming MSCI decision as a potential catalyst for an upward move, although removal would still trigger passive capital outflows. JPMorgan Chase previously estimated that if index-tracking funds were required to divest related assets, there could be as much as $2.8 billion in outflows. However, after a significant sell-off, JPMorgan Chase believes that most of the losses are already reflected in the stock price. Following the report's release, Strategy's stock price plummeted by approximately 20%, and is currently trading near the value of the company's Bitcoin holdings.
In a report, their analyst team wrote, "In our view, the decision to remove Strategy from the MSCI index will have a limited negative impact on Strategy and Bitcoin, as the effects of the index removal have already been fully priced in. On the other hand, if MSCI's decision on January 15 is positive, then Strategy and Bitcoin's share prices and prices are likely to rebound strongly to levels seen before October 10." JPMorgan also reiterated its volatility-adjusted comparison of Bitcoin and gold, suggesting a theoretical price for Bitcoin approaching $170,000 over the next 6 to 12 months. While this prediction is speculative, it highlights the potential upside the bank sees ahead of the MSCI ruling.
Uniswap founder accuses Citadel of trying to use the SEC to suppress DeFi developers.
Uniswap founder Hayden Adams has accused Citadel Securities CEO Ken Griffin of following his interference in the Constitution DAO and now pushing the U.S. SEC to regulate DeFi protocol developers as centralized intermediaries. Adams claims Citadel has been lobbying behind the scenes for a long time and sarcastically remarks that Griffin's accusation of DeFi's inability to achieve "fair access" is absurd, reflecting the traditional market makers' aversion to open-source, decentralized liquidity mechanisms.
Project Updates
WLFI co-founder: A series of RWA products will be launched in January 2026.
According to Reuters, World Liberty Financial, a crypto company backed by the Trump family, announced at an event in Dubai on Wednesday that it will launch a series of Real-World Asset (RWA) products in January, at the start of the first quarter of 2026. World Liberty Financial's stablecoin USD1 was used this year by MGX, an Abu Dhabi-backed company, to pay for its investment in Binance.
Georgia is seeking to partner with Hedera to advance on-chain ownership and tokenization.
The Georgian Ministry of Justice has signed a Memorandum of Understanding (MoU) with the public blockchain network Hedera and is currently considering putting the country's land registration system on the blockchain and tokenizing real estate. During a meeting between Georgian Justice Minister Paata Salia and representatives of Hedera, the two sides discussed the potential for integrating blockchain technology into public infrastructure.
Georgian officials stated they are considering migrating data from the National Public Registry to a blockchain network, hoping this will "further ensure property rights protection and improve the transparency and reliability of the process." Furthermore, both sides are considering tokenizing real estate, a move quite similar to Real-World Asset (RWA) tokenization projects. Currently, the agreement is only a non-binding memorandum of understanding. According to the announcement, the next step will be the establishment of a joint working group, including experts from the Ministry of Justice and the National Public Registry.
Binance Alpha launches the second wave of Humanity Protocol (H) airdrops.
According to official news, Binance Alpha has launched the second wave of the Humanity Protocol (H) airdrop. Users holding at least 242 Binance Alpha Points can claim the token airdrop. Claim 295 H tokens through the Alpha event page. If the rewards are not fully distributed, the points threshold will automatically decrease by 5 points every five minutes. Please note that claiming the airdrop will consume 15 Binance Alpha Points. Users must confirm their claim within 24 hours through the Alpha event page; otherwise, they will be considered to have forfeited their airdrop.
According to official sources, YZi Labs, a major shareholder of CEA Industries, Inc. (NASDAQ: BNC), announced today that it has issued a formal notice of rectification and requirements to 10X Capital, the asset manager of BNC. The notice stems from 10X's mismanagement and lack of transparency regarding BNC assets, as well as potential breaches of its strategic services agreement with YZi Labs. The notice outlines what YZi Labs considers to be material and potential breaches of contract, serious breaches of fiduciary duty, and deficiencies in transparency and governance by 10X and its key personnel.
The notice states that YZi Labs has received reliable information that 10X is threatening to force BNC to abandon its BNB asset management strategy. Just three months prior, BNC announced a $500 million PIPE investment to "build the company's BNB asset management business." Agreements between 10X and YZi Labs stipulate that, market conditions permitting, a majority of BNC's capital will be allocated to the BNB asset management strategy. However, the company's management has informed market participants of its plan to abandon the BNB ecosystem and instead invest in other cryptocurrencies such as Solana, violating its commitments to investors. Furthermore, the company's CEO and board members are accused of conflicts of interest, failing to disclose key information such as BNB holdings and share counts, and refusing to amend the allegedly unreasonable terms of the asset management agreement.
Franklin Templeton announced the launch of its Solana ETF.
Franklin Templeton announced on its X platform that the Franklin Solana ETF (ticker symbol: SOEZ) is now available.
Coinbase: Partnering with several major banks to advance crypto pilot projects
At the New York Times Dealbook Summit, Coinbase CEO Brian Armstrong stated that several major banks are partnering with Coinbase to pilot crypto projects related to stablecoins, custody, and trading, although he did not disclose the specific banks' names. Armstrong emphasized, "The best banks will accelerate their deployments, and the opponents will be eliminated." During the summit, BlackRock CEO Larry Fink also stated that Bitcoin has significant uses, noting that $4.1 trillion is held in global digital wallets, and asset tokenization will facilitate the more efficient circulation of these funds.
Ethereum's official X account tweeted that Ethereum successfully activated the Fusaka upgrade at epoch 411392 (05:49 Beijing time, December 5th). This upgrade introduces the PeerDAS mechanism, increasing Rollup data throughput by 8 times. It also optimizes user experience through R1 curves and pre-confirmation mechanisms, and prepares for future scaling, such as increasing the L1 gas limit. The community will continue to monitor the system's operation over the next 24 hours.
Coinbase includes Beam (BEAM) in its IPO roadmap
Coinbase Markets announced that it will add Beam (BEAM) to its asset listing roadmap and disclosed the address of its Ethereum network ERC-20 contract.
Solana Mobile will launch the SKR token in January 2026, with 30% allocated for airdrops.
Solana Mobile announced that its Seeker mobile ecosystem-specific token, SKR, will launch in January 2026, with a total supply of 10 billion tokens. Of the tokens allocated, 30% will be airdropped, 25% will support ecosystem growth, and 10% will be used for liquidity and launch support. The remaining allocation includes the community treasury (10%), Solana Mobile (15%), and Solana Labs (10%). SKR will employ a linear inflation model, with an initial inflation rate of 10%, decreasing by 25% annually, eventually stabilizing at 2%.
Sports apparel giant Fanatics launched its prediction market platform, Fanatics Markets, initially in 10 states, with a phased rollout to 24 states over the next week. Users can trade the outcomes of sports scores, political and economic decisions, and other events. Fanatics partnered with Crypto.com to provide compliant trading infrastructure and previously acquired Paragon Global Markets, gaining CFTC regulation and NFA membership. Fanatics plans to expand to categories such as cryptocurrency prices, IPOs, technology advancements, and movie results by 2026, aiming to compete with Polymarket and Kalshi. The app is already available on iOS and Android.
CZ: BNB Chain launches Predict, a prediction market platform that supports interest-bearing funds.
CZ tweeted that BNB Chain has launched Predict, a prediction market platform founded by former Binance employees and incubated and invested in by YZiLabs. Users' funds will not be idle while participating in predictions and will generate returns simultaneously. CZ emphasized that this tweet does not constitute an endorsement. The Predict team stated that their goal is to make BNB Chain a leading global prediction market platform.
Arkham launches multi-chain aggregation transaction feature, Arkham Swap.
Arkham has announced the launch of its "Arkham Swap" feature, enabling direct token swaps across Ethereum, Base, BNB Chain, Polygon, and Optimism. This feature aggregates quotes from multiple DEXs to improve trade execution and is available to all Arkham users. Users can log in to their accounts to use Swap or trade via the Arkham CEX. Registration is also open, with access to a trading account and intelligence platform through Arkham's OneAccount, and a $100 registration bonus; eligibility and trading pairs vary by jurisdiction.
Aave DAO has passed a proposal to set the loan-to-value (LTV) ratio of USDS to DAI to 0% and increase the risk reserve ratio (RF) to 25% in all Aave V3 instances. The proposal states that USDS's declining profitability and asymmetric risks in its issuance model make it unsuitable as collateral. MakerDAO founder Rune responded that there is a misunderstanding of the lending logic within the Sky ecosystem, and that USDS is expected to regain its collateral eligibility in the future as transparency and scalability improve.
Binance will delist several FDUSD leveraged trading pairs on December 11.
According to a Binance announcement, the platform will remove several cross-margin and isolated margin trading pairs, including PENGU/FDUSD, NOT/FDUSD, FLOKI/FDUSD, and INJ/FDUSD, starting at 14:00 (UTC+8) on December 11, 2025. Isolated margin lending for these pairs will be suspended on December 8, and forced liquidation and liquidation will be triggered on December 11. Binance advises users to close their positions and transfer their assets out of the country in a timely manner to avoid potential losses.
Important data
According to a report by DL News citing Bitwise data, Ethereum's DAT treasury purchased only 370,000 ETH in November 2025, a drop of approximately 81% from its August peak of 1.97 million ETH. Bitwise analysts stated that this model is rapidly disintegrating due to the dispersion of funds and the compression of premiums. The current market exhibits a "winner-takes-all" pattern, with Bitmine holding 3.73 million ETH, exceeding the combined holdings of the other 68 treasuries. Although current monthly purchases still exceed the new supply of 80,000 ETH, the gap between buying and selling is rapidly narrowing.
According to SoSoValue data, on December 3rd (Eastern Time), Ethereum spot ETFs saw a total net inflow of $140 million, with none of the nine products experiencing net outflows that day. BlackRock's ETHA saw a net inflow of $53.0068 million, bringing its historical cumulative inflow to $13.138 billion; Fidelity's FETH saw a net inflow of $34.3801 million, with a cumulative net inflow of $2.64 billion. As of now, the total assets of Ethereum spot ETFs have reached $19.697 billion, representing 5.2% of the total market capitalization of Ethereum.
According to SoSoValue data, on December 3rd (Eastern Time), Bitcoin spot ETFs saw a total net outflow of $14.8983 million, ending a five-day streak of net inflows. BlackRock's IBIT recorded the largest net inflow at $42.2432 million, bringing its cumulative total to $62.663 billion; while ARKB experienced the largest net outflow at $37.0905 million, compared to a historical net inflow of $1.708 billion. As of now, Bitcoin spot ETFs have total assets of $121.963 billion, representing 6.57% of the BTC market capitalization.
Strategy's monthly Bitcoin purchases plummeted from a peak of 134,000 last year to 9,100.
CryptoQuant tweeted that Strategy's Bitcoin purchases have dropped significantly in 2025, with monthly purchases plummeting from a peak of 134,000 Bitcoins in 2024 to 9,100 Bitcoins in November 2025, and only 135 Bitcoins so far this month. This 24-month buffer clearly indicates that it is preparing for a bear market.
Investment and Financing/Acquisition
According to Bloomberg, data from PitchBook shows that, thanks to favorable U.S. cryptocurrency policies, the total value of mergers and acquisitions involving major crypto companies this year has exceeded $8.6 billion as of November 20, a record high and surpassing the total of the previous four years. Data from cryptocurrency consultancy Architect Partners, using different methodologies, also confirms this trend. The firm found that the total value of related transactions so far this year has reached $12.9 billion, a significant increase from $2.8 billion last year. PitchBook analyst Ben Riccio stated, "In 2025, major cryptocurrency companies will have increased acquisition appetite, driven by interest rate cuts, clearer regulatory policies, and the cryptocurrency bull market at the beginning of the year, propelling them into a growth mode."
Driven primarily by massive deals involving companies like Coinbase, Kraken, and Ripple Labs, a large number of M&A transactions occurred before the October sell-off. Major acquisitions this year include: Coinbase's $2.9 billion acquisition of options exchange Deribit, Kraken's $1.5 billion acquisition of retail futures platform NinjaTrader, and Ripple's $1.25 billion acquisition of prime brokerage Hidden Road. These deals are pushing the total size of M&A transactions in 2025 far beyond the record set in 2021.
Ostium, a decentralized exchange founded by Harvard graduates, has raised $20 million in Series A funding, valuing the company at approximately $250 million post-money. The round was led by General Catalyst and Jump Trading, with participation from Coinbase Ventures, Wintertermute, and GSR. Ostium had previously raised approximately $8 million in total funding.
This platform focuses on perpetual contract trading for real-world assets such as commodities and stocks, aiming to provide overseas investors outside the US with transparent and efficient exposure to the US market. The co-founder and CEO stated that their goal is not to directly compete with crypto-native perpetual contract protocols like Hyperliquid, but rather to challenge traditional online brokers like Robinhood and eToro. The Ostium team currently has 15 employees, and this round of funding will be used to expand into the non-crypto user market. Their product logic targets the pain points of opaque systems and technological lag faced by overseas investors accessing the US market through traditional brokers.
Antithesis, a startup focused on distributed system stress testing, has raised $105 million in Series A funding. The round was led by Jane Street, with participation from Amplify Venture Partners, Spark Capital, Tamarak Global, First In Ventures, Teamworthy Ventures, and Hyperion Capital, as well as individual investors including Patrick Collison, Dwarkesh Patel, and Sholto Douglas. The new funds will be used to expand the engineering team, increase automation, and develop global market channels.
According to reports, the company employs deterministic simulation testing technology to provide production-level fault simulation services for blockchain and financial systems. The Antithesis platform can simulate real-world network environments on a large scale, accurately reproducing edge case failures and helping engineers locate system vulnerabilities that are difficult to reproduce through traditional debugging methods. The company revealed that the Ethereum network used its services to simulate extreme scenarios before its "merge" upgrade, and its clients currently cover the financial, AI, and blockchain sectors, with revenue growing more than 12 times in the past two years.
Stablecoin app Fin raises $17 million, led by Pantera Capital.
Fin, a stablecoin app founded by former Citadel employees, announced the completion of a $17 million funding round led by Pantera Capital, with participation from Sequoia and Samsung Next.
This application aims to provide cross-border and large-value payment services using stablecoin technology, enabling fast global transfers without complex operations. It supports transfers to other Fin users, bank accounts, or cryptocurrency wallets, and claims fees will be significantly lower than traditional banking channels. Fin primarily targets large-value cross-border or domestic transfers, such as addressing payment efficiency issues in import/export trade. The application is not yet officially launched but plans to begin a pilot program next month among import/export companies. The company's profits will come from transfer fees and stablecoin reserve interest.
Institutional holdings
Digital asset investment firm Parataxis Holdings announced it has agreed to acquire a majority stake in South Korean data security company Sinsiway (290560) for 40 billion won (approximately US$27.3 million), transforming it into a publicly traded Ethereum asset management company. Parataxis and its undisclosed affiliates will gain controlling interest in the company. If approved by Sinsiway shareholders in January 2026, the company will be renamed Parataxis ETH, Inc., retaining its stock exchange listing status. The renamed entity will become South Korea's first Ethereum-focused asset management platform backed by US institutional capital. Parataxis Holdings founder and CEO Edward Chin is expected to join the board of directors.
Tom Lee purchased another $150 million worth of Ethereum.
According to Solid Intel, Tom Lee has purchased another $150 million worth of Ethereum (ETH).
