Headlines
The probability of a 25 basis point rate cut by the Fed in December has risen to 74.5%.
According to CME's "FedWatch", the probability that the Fed will maintain the current interest rate unchanged in December is 25.5%, while the cumulative probability of a 25 basis point rate cut is 74.5%. The probability of maintaining the current interest rate unchanged in January next year is 20.6%, while the cumulative probability of a 25 basis point rate cut is 65.1%, and the cumulative probability of a 50 basis point rate cut is 14.3%.
Federal Reserve's Williams: The Fed is expected to further lower interest rates.
Federal Reserve Bank of New York President Williams stated on Monday that as inflationary pressures continue to cool, the Fed may further lower its interest rate targets. Speaking at a meeting of the Queens Chamber of Commerce, Williams said: "Monetary policy remains in a restrictive range to support a sustainable return to the 2% inflation target." Looking ahead, "I expect that over time, a continued shift to a more neutral policy setting will be appropriate," Williams said, adding that the policy path will depend on data. If we have learned anything in the past five years, it is that the outlook remains highly uncertain. Williams did not provide clear guidance on the timing of interest rate cuts or whether he believes the Fed will lower its interest rate target at this month's FOMC meeting.
The US government marked address transferred approximately 19,800 BTC, valued at $1.92 billion.
According to Onchain Lens monitoring, the US government marked address transferred approximately 19,800 BTC, valued at $1.92 billion.
Currently, the US government still holds 188,309 BTC, valued at approximately $18.24 billion.
Of the 19,800 BTC transferred by the US government marked address, 10,000 BTC flowed into Coinbase.
According to Arkham data, of the 19,800 BTC transferred by the US government marked address after flowing into new wallets, 10,000 BTC (approximately $968 million) were transferred to Coinbase.
The cryptocurrency market's spot trading volume in November reached $2.7 trillion, a new high since May 2021.
The cryptocurrency market's spot trading volume in November reached $2.7 trillion, setting a new high since May 2021, more than double the trading volume of October ($1.14 trillion). Approximately 36% of the trading volume in November came from Binance, which had trading volume exceeding $986 billion. Crypto.com, Upbit, and Bybit followed closely, each with trading volumes exceeding $200 billion, with significant month-on-month growth in trading volumes across regions worldwide.
Industry news
MicroStrategy's total Bitcoin holdings have reached $38.5 billion.
MicroStrategy has purchased $1.5 billion worth of Bitcoin, marking the fourth consecutive week that this crypto hedge fund proxy has bought Bitcoin. According to a filing with the SEC, MicroStrategy acquired 15,400 Bitcoins between November 25 and December 1. Since November 11, the company has purchased over $13.5 billion worth of Bitcoin, with co-founder and chairman Michael Saylor transforming the enterprise software manufacturer into what he calls a "Bitcoin treasury," attracting attention from Wall Street. The company's stock price has soared over 500% this year, outperforming nearly all other major stocks. MicroStrategy has been financing Bitcoin trading by selling convertible notes and issuing stock on the market.
According to saylortracker data, MicroStrategy currently holds Bitcoin valued at approximately $38.5 billion.
XRP's market capitalization once surpassed Uber and Siemens, rising to 114th place globally.
Infinite Market Cap data shows that as XRP's market capitalization continues to reach new highs, it has now surpassed Uber and Siemens, rising 68 places to rank 1114th in the global asset market capitalization ranking.
Data shows that XRP's market capitalization was approximately $154.22 billion before, with a 24-hour increase of 41.77%, while Siemens had a market capitalization of approximately $153.36 billion and Uber had $153.19 billion.
Bitcoin mining difficulty has been adjusted up by 1.59% to 103.92 T, setting a new high.
CloverPool data shows that Bitcoin mining difficulty will be adjusted at block height 872,928 (2024-12-02 23:34:00), with difficulty increased by 1.59% to 103.92 T, a new historical high. The current average network hash rate is 726.57 EH/s.
In November, Ethereum staking income reached $263 million, with 46,553 ETH burned on-chain.
According to data disclosed by TheBlock analyst Lars,
In November, Ethereum's staking revenue increased by 18.8% to $263 million;
In November, 46,553 ETH were burned on the Ethereum chain, equivalent to $147 million. Since the implementation of EIP-1559 in early August 2021, a total of 4.48 million ETH, equivalent to $12.6 billion, has been burned.
In November, Ethereum's on-chain NFT trading volume was approximately $196.3 million, an increase of 61.5%.
In November, the adjusted on-chain trading volume of stablecoins reached $1.17 trillion, a growth of 30.7%.
According to data disclosed by TheBlock analyst Lars, in November, the adjusted on-chain trading volume of stablecoins reached $1.17 trillion, an increase of 30.7%; the issuance supply of stablecoins increased by 12% to a new high of $167.2 billion, with USDT and USDC market shares at 79.9% and 17.4%, respectively.
BlackRock and MicroStrategy are the two entities holding over 400,000 BTC.
According to Trader T monitoring, the current distribution of Bitcoin is:
- 2 entities (BlackRock and MicroStrategy) hold over 400,000 Bitcoins, accounting for 2% of the existing 19,893,231 Bitcoins.
- The proportion of Bitcoin ETFs in total supply reached approximately 6% (up 1% in the past 5 months);
- 5.4%, with 1,106,775 Bitcoins remaining to be mined (valued at about $10.6 billion today).
Data: In November, net inflows of stablecoins in the Solana ecosystem exceeded $880 million.
According to data disclosed by SolanaFloor, in November, net inflows of stablecoins in the Solana ecosystem exceeded $880 million, with the total market capitalization of Solana stablecoins around $4.7 billion and USDC's market share approximately 73.35%.
El Salvador's Bitcoin holdings have exceeded 5,950 BTC, currently valued at approximately $565 million.
El Salvador continues to execute the "daily increase of 1 BTC plan," and as of December 2, its Bitcoin holdings reached 5,951.77 BTC, valued at approximately $565 million.
Slow Mist announced over 4,000 EVM chain DEX victim addresses and corresponding attacker addresses.
According to Yu Xian's disclosure, Slow Mist has published the victim addresses and corresponding attacker addresses for over 4,000 DEXX on EVM (ETH/BSC/BASE) chains, with over 8,600 addresses previously disclosed related to attackers, based on data from the DEXX official and submissions from thousands of victims.
WisdomTree submitted an XRP ETF S-1 application to the SEC.
According to an S-1 filing submitted to the SEC, WisdomTree has applied for the WisdomTree XRP Fund, which is an exchange-traded fund (ETF) that issues common stock of beneficial interests and will be listed on Cboe BZX Exchange, Inc. under the ticker "TICKER". The trust's investment objective is to obtain exposure to the price of XRP, net of the trust's operating expenses and liabilities. The Bank of New York Mellon ("BNYM") serves as the trust's manager, fund accountant, and transfer agent.
Project news
Sonic Labs' mainnet generated its first block, completing the genesis, and is expected to go live soon.
Layer 1 blockchain project Sonic Labs (formerly Fantom) announced that its mainnet has generated its first trading block, marking the completion of the "Genesis" phase, and is expected to go live soon.
The team previously announced that the mainnet is expected to go live at the end of November or early December, meaning it is likely to maintain this timeline. Last Sunday, Sonic Labs stated that it has already taken a "snapshot" for the airdrop of S tokens. After the token launch, it can be exchanged at a 1:1 ratio with the existing FTM token on Fantom.
The new chain will use an Ethereum bridge called Sonic Gateway, enabling the platform to leverage Ethereum's liquidity and user base while maintaining its own high throughput and low transaction costs. It will also have a shared sequencer, allowing it to generate and secure blocks for multiple rollups simultaneously.
Bloomberg: The Trump family could earn at least $15 million from WLFI.
Sun Yuchen recently announced an investment of $30 million in the Trump family's DeFi project WLFI, exceeding the minimum sales target. According to the terms detailed in WLFI's "Gold Paper", the Trump family can now receive at least $15 million.
Earlier news indicated that the Trump family's crypto project World Liberty Financial released a 13-page "World Liberty Gold Paper" outlining the project's mission and token distribution plan. The document shows that the Trump family will receive 75% of the project's net profits without assuming any liabilities. The document emphasizes that Trump and his family members are not directors, employees, managers, or operators of WLF or its affiliates, and states that the project and token "are not related to any political activities." The remaining 25% of net agreement revenue will be owned by the Puerto Rico company Axiom Management Group (AMG), wholly owned by project co-founders Chase Herro and Zachary Folkman. AMG has agreed to allocate half of its revenue rights to Trump's friend and political donor Steve Witkoff and associated companies of some of his family members.
Nike's NFT entity RTFKT and its CloneX announced plans to gradually shut down operations.
Nike's NFT entity RTFKT announced on X platform its plans to gradually shut down operations, with its Web3 services ending at the end of January 2025. It is reported that RTFKT plans to launch a new website showcasing pioneering work that defines the RTFKT journey, and before the operational shutdown transition period, RTFKT will launch another innovation using BLADE DRoP this December: MNLTH X. Other information regarding specific collections, websites, and services will be communicated through its Discord and official channels.
Magic Eden co-founder: ME token airdrop eligibility and distribution inquiry is expected to open on December 4.
Magic Eden co-founder and CEO Jack Lu stated: "The ME token airdrop eligibility and distribution inquiry is expected to open on December 4. The ME token is scheduled for TGE on December 10. The Magic Summit will be held on December 17."
Nano Labs announced a Bitcoin purchasing plan valued at $50 million.
Cryptocurrency mining chip design company Nano Labs announced a Bitcoin purchasing plan, aiming to purchase and hold Bitcoin worth $50 million over the next five years. Nano Labs stated that this strategic decision highlights the company's confidence in BTC as a long-term store of value and a foundational asset within the rapidly evolving Web 3.0 ecosystem.
Bitfarms produced 204 BTC in November, selling 171 BTC.
Bitcoin mining company Bitfarms released its latest monthly production report, stating that the company produced 204 BTC in November, down from 236 BTC in October, reflecting a 1% increase in average operating EH and a 7% increase in Bitcoin difficulty. The operational speed on November 30 was 12.8 EH/s, a year-on-year increase of 100% and a month-on-month increase of 11%. Year-to-date, the company's total BTC mining output is 4,482 BTC. Additionally, Bitfarms sold 171 of the 204 BTC earned from regular fund management operations, totaling $14.6 million. Considering the transfer of funds to Bitmain, Bitfarms held 870 Bitcoins at the end of November, down from 1,188 Bitcoins the previous month.
MARA: November mining output was 907 Bitcoins, a month-on-month increase of 26%.
Bitcoin-listed mining company MARA updated its November operational data, including:
- Powered hash rate increased by 15% to 46.1 EH/s;
- Mining output was 907 Bitcoins, a month-on-month increase of 26%;
- Total BTC holdings: 34,959 BTC, valued at $3.3 billion (spot: $95,000);
- Year-to-date, 12,965 BTC have been acquired at an average price of $77,692.
pump.fun deposited 100,000 SOL into Kraken, valued at $22.46 million.
According to OnchainLens monitoring, pump.fun deposited 100,000 SOL into Kraken yesterday, valued at $22.46 million. They have sent a total of 898,869 SOL to Kraken, valued at $176.46 million.
The Catizen ecosystem application product Bombie launched a new server, surpassing 6.8 million users in three months, with revenue exceeding $7.3 million.
The Catizen application center product Bombie officially launched the new server Durov yesterday, allowing players to participate between the two servers using the same account and earn multiple airdrop rewards. Bombie is a meme mini-game where players shoot zombies to earn airdrops. According to official news, Bombie has surpassed 6.8 million cumulative users in three months, with over 160,000 paying users, and total game revenue has exceeded $7.3 million, with an average ARPPU of over $45.
Investment and financing
LSP.Finance completed $1 million in Pre-Seed round financing, led by K 24 Ventures and others.
LSP.Finance completed $1 million in Pre-Seed round financing at a valuation of $33 million, with joint leads from Cryptogram Venture (CGV), WAGMi Ventures, K 24 Ventures, CatcherVC, XLink Labs, and LandScape Capital. It is reported that LSP.Finance is a user-centric digital asset management platform that is changing DeFi by unlocking PoS networks, early-stage Alpha projects, and high-yield projects' liquidity. The platform prioritizes accessibility and innovation, providing an integrated solution designed for high liquidity and seamless blockchain interactions.
SuperFi Labs completed $2.5 million in Pre-A round financing, with Linklogis leading the round.
Cryptocurrency asset innovation lab SuperFi Labs announced the completion of $2.5 million in financing, led by supply chain fintech company Linklogis, with participation from SNZ, Taiko, ByteTrade, and others. Previously, Generative Ventures, as an early investor, made an angel investment in it. The funds will be used for product development, market expansion, and team building, promoting the launch of asset-side RWA products and funding-side DeFi products.
Liquidity solution SecondSwap completed $1.2 million in seed round financing, with participation from Animoca Ventures and others.
According to official news, liquidity solution SecondSwap announced the completion of $1.2 million in seed round financing, with participation from GSR, Animoca Ventures, E 4 Capital, Yellow Capital, BCW Group, HGEN DAO, ARC Community, Nonco, and Libra Capital. The funds will primarily be used to expand SecondSwap's market functionality.
It is reported that SecondSwap provides an automated over-the-counter trading market for illiquid assets. It supports token diversification, risk management, and transparent trading through smart contracts. Currently, it is testing on Ethereum and plans to expand to multiple chains. The SecondSwap mainnet is set to launch in January 2025.
Sora Ventures launched a $150 million fund aimed at promoting Asian listed companies to adopt Bitcoin financial strategies.
Sora Ventures has launched a $150 million fund aimed at promoting listed companies across Asia to adopt Bitcoin-centric financial strategies, which will be tailored according to the regulatory and market environment of each country. The fund aims to replicate MicroStrategy's model of using Bitcoin as a primary reserve asset to optimize financial strategies and enhance shareholder value. According to the announcement, the fund is targeting companies listed on major exchanges in Japan, Hong Kong, Thailand, Taiwan, and South Korea. The first successful case of this strategy was Tokyo Stock Exchange-listed company Metaplanet collaborating with Sora Ventures to implement the MicroStrategy model.
MARA plans to issue zero-interest convertible senior notes to raise $700 million for the purchase of BTC.
According to official news, Nasdaq-listed Bitcoin mining company MARA announced plans to issue zero-interest convertible senior notes to raise $700 million, with the proceeds primarily used for purchasing Bitcoin and repurchasing existing convertible notes due in 2026. In addition, MARA expects to use up to $50 million of the net proceeds from the sale of the notes to repurchase some of its existing convertible notes due in 2026 through privately negotiated transactions. The remaining net proceeds will be used to purchase more Bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debts and other outstanding debts.
Regulatory trends
South Korea has expanded the scope of its cryptocurrency price manipulation investigation to individual investors.
Since the implementation of South Korea's Virtual Asset User Protection Act six months ago, the Financial Services Commission (FSS) is now expanding its investigation into price manipulation to individual investors. Recently, an investor was suspected of price manipulation due to frequent short-term trading on a major exchange and is subject to investigation. Although these trades were merely part of day trading activities, due to their suspicious nature, the FSS has requested that the investor prove they did not intend to manipulate the market. With the recent rise in cryptocurrency prices, the FSS is closely analyzing trading patterns and volumes to detect potential signs of price manipulation.
Voices
CryptoQuant CEO: If BTC breaks $100,000, it will enter the price discovery phase, and returns may further increase.
CryptoQuant CEO Ki Young Ju stated: "In the past 30 days, MicroStrategy (MSTR) spent $13.5 billion to buy 149,900 BTC, and the holdings' value increased by $21.5 billion."
The Bitcoin market cannot absorb hundreds of billions of dollars in the short term without pushing prices higher, so returns are almost inevitable. If BTC breaks through $100,000, then as it enters the price discovery phase, gains may further increase.
Musk: The last step of the Government Efficiency Department (DOGE) is to abolish itself.
The other head of the Government Efficiency Department (DOGE) appointed by Trump, Vivek Ramaswamy, posted that most government projects should have clear deadlines. This is why we set a deadline for the Government Efficiency Department as well: July 4, 2026. Musk retweeted the post, stating that the last step of the Government Efficiency Department is to abolish itself. Earlier, Trump stated at his Mar-a-Lago estate in Florida that the "Government Efficiency Department" would release its final report on July 4, 2026. According to Newsweek, although Musk's "Government Efficiency Department" currently takes the lead, its biggest role is to serve the upcoming US midterm elections, delivering a "big gift" for the 250th anniversary of the founding of the United States in 2026.
Bitwise CEO: Over the past 30 days, Coinbase and XRP's market capitalization increased by approximately $30 billion and $100 billion, respectively.
Bitwise CEO Hunter Horsley stated: "In the past 30 days, Coinbase's market capitalization increased by approximately $30 billion, while XRP's market capitalization increased by approximately $100 billion."
The shift of US regulation from headwinds to tailwinds is one of the biggest and most important structural catalysts that the crypto space has experienced, and its impact has just begun.
DWF Labs co-founder: If XRP and US-derived cryptocurrencies were bought previously, one would be very pleased now.
DWF Labs co-founder Andrei Grachev stated on X platform that he hopes investors who previously bought XRP and US-derived cryptocurrencies will be happy now.
Andrei Grachev stated last week that given the significant impact of the US election on the US market, he believes that domestic crypto projects and those receiving top venture capital may have substantial returns in the short term.
Fundstrat's Chief Information Officer: Bitcoin's year-end closing price will break $100,000.
Former JPMorgan chief equity strategist and Fundstrat Capital CIO Tom Lee stated in an interview with CNBC that Bitcoin's year-end closing price will break $100,000.
Coinbase's Chief Policy Officer: Trump will choose someone with a similar vision to be the SEC chairman.
Coinbase Chief Policy Officer Faryar Shirzad stated that while he cannot predict who Trump's SEC chairman nominee will be, the incoming President Trump "is very good at picking people who share his vision, and he has a very comprehensive platform on cryptocurrency." He added, "I believe that as long as he chooses someone who can drive change and shares his vision, it will benefit the US, society, and those who own cryptocurrencies."
Murad: 2025 will be the breakout year for meme coins.
Meme ecosystem KOL Murad stated on X platform that 2024 is the foundational year for meme coins, while 2025 will be the breakout year for meme coins.
CZ responded to taking the position of heading Trump's crypto department: willing to help as much as possible.
In response to community users suggesting "Trump should hire CZ as the head of the crypto department," CZ replied on X platform: "I am not a US citizen, but I am always willing to help as much as I can."
