Headlines
The probability of the Federal Reserve lowering interest rates by 25 basis points in December has risen to 74.5%.
According to CME 'FedWatch,' the probability of the Federal Reserve maintaining current interest rates until December is 25.5%, while the cumulative probability of a 25 basis point cut is 74.5%. The probability of maintaining current rates until January next year is 20.6%, while the cumulative probability of a 25 basis point cut is 65.1%, and the cumulative probability of a 50 basis point cut is 14.3%.
Federal Reserve's Williams: Expects the Fed to further lower interest rates.
Federal Reserve Bank of New York President Williams stated on Monday that as inflation pressures continue to ease, the Fed may further lower interest rate targets. Speaking at a meeting of the Queens Chamber of Commerce in New York, 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, continuing to shift toward a more neutral policy setting will be appropriate,' Williams said, adding that the policy path will depend on data. If there is one lesson we learned over the past five years, it's that the outlook remains highly uncertain. Williams did not provide clear guidance on when rate cuts might occur or whether he believes the Fed will lower its rate target at the FOMC meeting this month.
The U.S. government marked addresses transferring approximately 19,800 BTC, valued at $1.92 billion.
According to Onchain Lens monitoring, the U.S. government marked addresses transferring approximately 19,800 BTC, valued at $1.92 billion.
The U.S. government currently holds 188,309 BTC, valued at approximately $18.24 billion.
Of the 19,800 BTC transferred by the U.S. government marked addresses, 10,000 BTC flowed into Coinbase.
According to Arkham data, of the 19,800 BTC transferred by U.S. government marked addresses, 10,000 BTC (approximately $968 million) was transferred to Coinbase.
The crypto market saw a spot trading volume of $2.7 trillion in November, the highest since May 2021.
In November, the crypto market saw a spot trading volume of $2.7 trillion, the highest since May 2021, more than doubling the trading volume in October ($1.14 trillion). Approximately 36% of the trading volume in November came from Binance, which exceeded $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 all regions globally.
Industry News
MicroStrategy's total Bitcoin holdings have reached $38.5 billion.
MicroStrategy has purchased another $1.5 billion in Bitcoin, marking the fourth consecutive week the crypto hedge fund has bought Bitcoin. According to a document from the SEC, MicroStrategy acquired 15,400 Bitcoin between November 25 and December 1. Since November 11, the company has purchased over $13.5 billion in Bitcoin. MicroStrategy co-founder and chairman Michael Saylor has transformed the software company into what he calls a 'Bitcoin treasury,' drawing attention from Wall Street. The company's stock price has soared over 500% this year, outperforming almost all other major stocks. MicroStrategy has been financing Bitcoin purchases through the sale of convertible notes and issuing stock in the market.
According to SaylorTracker data, MicroStrategy currently holds Bitcoin worth approximately $38.5 billion.
XRP's market cap briefly surpassed Uber and Siemens, rising to 114th place globally.
Infinite Market Cap data shows that as XRP's market cap continues to reach new highs, it has surpassed Uber and Siemens in the global asset market rankings by 68 places to 1,114.
Data shows that XRP's market cap was approximately $154.22 billion, with a 24-hour increase of 41.77%, while Siemens' market cap was approximately $153.36 billion and Uber's was $153.19 billion.
Bitcoin mining difficulty adjusted up by 1.59% to 103.92 T, setting a new record high.
CloverPool data shows that Bitcoin mining difficulty experienced an adjustment at block height 872,928 (2024-12-02 23:34:00), with a 1.59% increase to 103.92 T, setting a new historical high. The current average hash rate across the network is 726.57 EH/s.
In November, Ethereum staking income reached $263 million, with 46,553 ETH destroyed on-chain.
According to data disclosed by TheBlock analyst Lars,
In November, Ethereum staking income grew by 18.8% to reach $263 million.
In November, 46,553 ETH were destroyed on the Ethereum blockchain, equivalent to $147 million. Since the implementation of EIP-1559 in early August 2021, a total of 4.48 million ETH have been destroyed, worth $12.6 billion.
In November, Ethereum's on-chain NFT trading volume was approximately $196.3 million, a 61.5% increase.
In November, adjusted stablecoin on-chain trading volume reached $1.17 trillion, a 30.7% increase.
According to data disclosed by TheBlock analyst Lars, in November, adjusted stablecoin on-chain trading volume reached $1.17 trillion, a 30.7% increase; the issuance supply of stablecoins increased by 12% to a new high of $167.2 billion, with market shares of USDT and USDC at 79.9% and 17.4%, respectively.
BlackRock and MicroStrategy become the two entities holding over 400,000 BTC.
According to Trader T monitoring, the current distribution of Bitcoin is:
- Two entities (BlackRock and MicroStrategy) hold over 400,000 Bitcoin, accounting for 2% of the existing 19,893,231 Bitcoin.
- The ratio of Bitcoin ETFs to total supply has reached approximately 6% (up 1% in the past 5 months);
- 5.4%, with 1,106,775 Bitcoin remaining to be mined (approximately $10.6 billion at today's value).
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 a total market capitalization of approximately $4.7 billion, and USDC holding a market share of about 73.35%.
El Salvador's Bitcoin holdings have surpassed 5,950 BTC, currently valued at approximately $565 million.
Currently, El Salvador is still implementing the 'Daily Purchase of 1 BTC Plan.' As of December 2, its Bitcoin holdings reached 5,951.77 BTC, valued at approximately $565 million.
Slow Mist disclosed over 4,000 EVM chain DEX victim addresses and corresponding attacker addresses.
According to Yuanshen, Slow Mist has released over 4,000 EVM (ETH/BSC/BASE) on-chain DEX victim addresses and corresponding attacker addresses, with the data sourced from DEX official and submissions from thousands of victims. Last week, the disclosed information was related to Solana addresses of attackers, totaling over 8,600.
WisdomTree submits XRP ETF S-1 application to the SEC.
According to an S-1 filing submitted to the SEC, WisdomTree has applied for WisdomTree XRP Fund, which is a type of exchange-traded fund (ETF) that will issue common stock of beneficial interest and will be listed on Cboe BZX Exchange, Inc. under the ticker 'TICKER.' The trust's investment objective is to gain exposure to XRP prices, 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 its 'Genesis' phase, and is expected to go live soon.
Layer 1 blockchain project Sonic Labs (formerly Fantom) announced that its mainnet has generated its first transaction 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, indicating it is likely to maintain this timeline.
Last Sunday, Sonic Labs announced that it has taken a 'snapshot' for the airdrop of the S token. The tokens can be exchanged at a 1:1 ratio with the existing FTM tokens of Fantom after the token launch.
The new chain will utilize an Ethereum bridge called Sonic Gateway, allowing the platform to leverage Ethereum's liquidity and user base while maintaining its own high throughput and low transaction costs. It will also feature a shared sequencer enabling it to generate and secure blocks for multiple rollups simultaneously.
Bloomberg: The Trump family may earn at least $15 million from WLFI.
Sun Yuchen recently announced a $30 million investment in Trump's family DeFi project WLFI, exceeding its 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 reported that the Trump family's crypto project World Liberty Financial published a 13-page 'World Liberty Gold Paper' detailing the project's mission and token distribution plan. The document indicates that the Trump family will receive 75% of the project's net profits while assuming no responsibilities. 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 tokens 'are not related to any political activities.' The remaining 25% of the net agreement revenue will belong to 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 profit 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 subsidiary CloneX announced plans to gradually shut down operations.
Nike's NFT entity RTFKT announced on platform X that it plans to gradually shut down operations, with its Web3 services ending in January 2025. RTFKT plans to launch an updated website showcasing its pioneering work that defines the RTFKT journey, and during the transition period of this operational shutdown, RTFKT will introduce another innovation using BLADE DRoP: MNLTH X, with further information regarding specific collections, websites, and services communicated through its Discord and official channels.
Magic Eden co-founder: ME token airdrop eligibility and distribution inquiries are set to open on December 4.
Magic Eden co-founder and CEO Jack Lu stated: 'ME token airdrop eligibility and distribution inquiries are set to open on December 4. The ME token is scheduled for TGE on December 10. The Magic Summit will take place on December 17.'
Nano Labs announces a Bitcoin purchase plan worth $50 million.
Crypto mining chip design company Nano Labs announced a Bitcoin purchase plan, intending to purchase and hold $50 million worth of Bitcoin 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 in the rapidly evolving Web 3.0 ecosystem.
Bitfarms mined 204 BTC in November and sold 171 BTC.
Bitcoin mining company Bitfarms released its latest monthly production report, indicating that it produced 204 BTC in November, down from 236 BTC in October, reflecting a 1% increase in average operational 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 BTC mining output totals 4,482 BTC. Furthermore, Bitfarms sold 171 of the 204 BTC earned from its regular fund management business, totaling $14.6 million in revenue. Considering the fund transfer to Bitmain, Bitfarms held 870 BTC at the end of November, down from 1,188 BTC the previous month.
MARA: 907 Bitcoin were mined in November, a month-on-month increase of 26%.
Bitcoin mining company MARA updated its November operational data, including:
- Hash rate increased by 15% to 46.1 EH/s;
- Mining output of 907 BTC, 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, worth $176.46 million.
Catizen ecosystem application product Bombie launched a new server, with users exceeding 6.8 million in three months and revenue exceeding $7.3 million.
The Catizen application center product Bombie officially launched a new server, Durov, yesterday. Players can participate between two servers using the same account to 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 and over 160,000 paying users within three months, with total game revenue exceeding $7.3 million and per capita payment ARPPU exceeding $45.
Investment and Financing
LSP.Finance completed a $1 million Pre-Seed round financing, led by K24 Ventures and others.
LSP.Finance completed a $1 million Pre-Seed round financing at a valuation of $33 million, led by Cryptogram Ventures (CGV), WAGMi Ventures, K24 Ventures, CatcherVC, XLink Labs, and LandScape Capital. LSP.Finance is a user-centric digital asset management platform that aims to change DeFi by unlocking liquidity from PoS networks, early-stage Alpha projects, and high-yield projects. The platform prioritizes accessibility and innovation, providing an integrated solution aimed at achieving high liquidity and seamless blockchain interaction.
SuperFi Labs completed a $2.5 million Pre-A round of financing, led by Linklogis.
Cryptocurrency asset innovation lab SuperFi Labs announced the completion of a $2.5 million financing, led by supply chain fintech company Linklogis, with participation from SNZ, Taiko, ByteTrade, and others. Previously, Generative Ventures invested in it during an angel round, and the new funds will be used for product development, market expansion, and team building, pushing 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, E4 Capital, Yellow Capital, BCW Group, HGEN DAO, ARC Community, Nonco, and Libra Capital. The funds will mainly be used to expand SecondSwap's market functions.
According to reports, SecondSwap provides an automated OTC trading market for assets with low liquidity. It supports token diversification, risk management, and transparent trading through smart contracts. Currently, it is undergoing testing on Ethereum, with plans for multi-chain expansion. SecondSwap's mainnet will launch in January 2025.
Sora Ventures launched a $150 million fund aimed at encouraging publicly listed companies in Asia to adopt Bitcoin financial strategies.
Sora Ventures has launched a $150 million fund aimed at encouraging publicly listed companies across Asia to adopt Bitcoin-centric financial strategies, which will be tailored to the regulatory and market environments of each country. The fund aims to replicate the MicroStrategy model, using Bitcoin as a primary reserve asset to optimize financial strategies and enhance shareholder value. According to the announcement, the fund targets companies listed on major stock exchanges in Japan, Hong Kong, Thailand, Taiwan, and South Korea. The first successful case of this strategy is the cooperation between Tokyo Stock Exchange-listed company Metaplanet and Sora Ventures, which implemented the MicroStrategy model.
MARA plans to issue zero-interest convertible senior notes to raise $700 million for purchasing 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 proceeds mainly used for purchasing Bitcoin and repurchasing existing convertible notes maturing in 2026. Additionally, MARA expects to use up to $50 million of the net proceeds from the sale of the notes to privately negotiate the repurchase of some of its existing convertible notes maturing in 2026. The remaining net proceeds will be used for purchasing more Bitcoin and general corporate purposes, which may include working capital, strategic acquisitions, existing asset expansion, and repaying additional debt and other outstanding obligations.
Regulatory Trends
South Korea expands 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 currently expanding its investigation into price manipulation to individual investors. Recently, an investor was suspected of price manipulation due to frequent short-term trading at a major exchange and is undergoing related investigations. Although these trades were merely part of day trading activities, due to their suspicious nature, the FSS has requested that the investor prove that they had no intent to manipulate the market. With recent cryptocurrency price increases, the FSS is closely analyzing trading patterns and volumes for potential signs of price manipulation.
Voices of the People
CryptoQuant CEO: If BTC breaks $100,000, it will enter a price discovery phase, and profits 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, with holdings value increasing by $21.5 billion.
The Bitcoin market cannot absorb hundreds of billions of dollars in the short term without pushing prices up, so returns are almost inevitable.
If BTC breaks $100,000, then as it enters a price discovery phase, profits may further increase.
Musk: The final step of the Government Efficiency Department (DOGE) is to disband itself.
Vivek Ramaswamy, another head of the Government Efficiency Department (DOGE) appointed by Trump, posted that most government projects should have clear deadlines. That's why we set a deadline for the Government Efficiency Department too: July 4, 2026. Musk retweeted the post stating that the final step for the Government Efficiency Department is to disband itself. Earlier, Trump stated at his Mar-a-Lago estate in Florida that the 'Government Efficiency Department' will release its final report on July 4, 2026. In the view of Newsweek, although Musk's 'Government Efficiency Department' is currently leading, its biggest role is to serve the U.S. midterm elections, delivering a 'big gift' for the 250th anniversary of America's founding in 2026.
Bitwise CEO: In the past 30 days, Coinbase's and XRP's market caps increased by approximately $30 billion and $100 billion, respectively.
Bitwise CEO Hunter Horsley stated: 'In the past 30 days, Coinbase's market cap has increased by about $30 billion, and XRP's market cap has increased by about $100 billion.'
The shift from a headwind to a tailwind in U.S. regulation is one of the biggest and most significant structural catalysts the crypto space has experienced, and the impact is just beginning.
DWF Labs co-founder: If you bought XRP and U.S.-originated cryptocurrencies before, you would be pleased now.
DWF Labs co-founder Andrei Grachev posted on platform X that he hopes investors who previously bought XRP and U.S.-originated cryptocurrencies will be pleased now.
Andrei Grachev stated last week that given the significant impact of the U.S. elections on the U.S. market, he believes that domestic crypto projects and those receiving top venture capital may see significant gains in the short term.
Fundstrat Chief Information Officer: Bitcoin's closing price will exceed $100,000 by the end of the year
Former JPMorgan Chief Equity Strategist and Fundstrat CIO Tom Lee stated in an interview with CNBC that Bitcoin's closing price will exceed $100,000 by the end of the year.
Coinbase Chief Policy Officer: Trump will choose someone with a shared vision to serve as 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 selecting people who share his vision, and he has a very comprehensive platform on cryptocurrency.' He added, 'I believe that as long as he selects someone who can drive change and shares his vision, it will benefit the U.S., society, and those who own cryptocurrency.'
Murad: 2025 will be a breakthrough year for Meme coins.
Meme ecosystem KOL Murad posted on platform X that 2024 is a foundational year for Meme coins, while 2025 will be a breakthrough year.
CZ responds to taking charge of Trump's crypto department: willing to help as much as possible.
In response to community users suggesting 'Trump should hire CZ as head of the crypto department,' CZ stated on platform X: 'Not a U.S. citizen, but I am always willing to help as much as I can.'
