Headlines
▌Wall Street is preparing to launch a new generation of cryptocurrency-related ETFs
With the crypto-friendly Trump returning to the White House, Wall Street is preparing to launch a new generation of risk-oriented products to meet the tastes of various investors, from institutional newcomers to stubborn retail investors, in this $3.2 trillion industry. Executives and lawyers involved in ETFs describe products that include both defensive ETFs aimed at professional fund managers curious about cryptocurrencies and comprehensive speculative bets aimed at self-identified degenerate gamblers. Industry investors and lawyers indicate that high-risk cryptocurrency ETFs may focus on various digital tokens, sometimes using leverage, options, or quantitative strategies.
▌pump.fun: The live streaming feature on the website will be indefinitely suspended
pump.fun released an official statement saying: 'Recent events during the platform's live stream have raised concerns. We are sorry to hear about some users' experiences and take this opportunity to address these issues openly and directly... To ensure the absolute safety of users, we will indefinitely suspend the live stream feature on the website until the review infrastructure is ready to handle higher levels of activity. In the future, we will increase transparency in the website's usage rules and regulations by publishing guidelines. We will also provide more visibility for creators and users regarding personal review decisions to ensure everyone understands the process and outcomes.'
Market
As of the time of writing, according to Coingecko data:
BTC's recent transaction price is $93,244.10, with a daily change of -4.6%;
ETH's recent transaction price is $3,416.85, with a daily change of +1.8%;
BNB's recent transaction price is $635.56, with a daily change of -3.6%;
SOL's recent transaction price is $234.88, with a daily change of -7.0%;
DOGE's recent transaction price is 0.3943 yuan, with a daily change of -7.3%;
XPR's recent transaction price is $1.42, with a daily change of +0.1%.
Policy
▌Wall Street's 'top cop' announces resignation to clear the way for Trump to regulate
U.S. Manhattan District Attorney Damian Williams announced that he plans to resign on December 13, with his deputy Edward Kim temporarily taking over other duties. After Trump's election as U.S. President on November 5, he announced he would nominate former SEC Chairman Jay Clayton to manage the Manhattan District Attorney's office. The Southern District of New York is known for its independent status and has handled many high-profile financial fraud cases. During Williams' tenure, he completed prosecutions against the founder of the former cryptocurrency exchange FTX, SBF, and the founder of family office Archegos, Bill Hwang.
▌U.S. special prosecutor dismisses the election subversion case against Trump
According to CNN, U.S. Special Prosecutor Jack Smith stated on Monday that he will dismiss the election subversion case against elected President Trump and seek to dismiss this case in a court filing submitted to the judge. Trump has stated that he would fire Smith once he is in office, breaking the previous norm regarding special prosecutor investigations. Smith wrote in a six-page document: 'The position of the Justice Department is that, in accordance with constitutional requirements, this case needs to be dismissed before the defendant is sworn in.' Smith's criminal pursuit of Trump over the last two years, on charges of attempting to subvert the 2020 presidential election and mishandling classified documents, marks a very unique chapter in U.S. history: never before has a former White House occupant faced federal criminal charges.
▌Market news: U.S. Customs and Border Protection has detained certain imported Bitmain mining machines
According to market news, The Mining Pod blog revealed that U.S. Customs and Border Protection (CBP) is detaining certain imported Bitmain Antminer mining machines at U.S. entry ports, specifically the Antminer S21 and T21 series, which are Bitmain's latest ASIC mining machine series. Sources say that the FCC and CBP have not targeted other ASIC manufacturers like MicroBT or Canaan. Aside from revealing that the FCC requested a freeze, U.S. Customs and Border Protection did not provide specific reasons for this action nor indicate how long the goods would be detained.
Blockchain applications
▌Ripple and Archax launched the first tokenized money market fund on the XRP Ledger
Ripple announced the launch of the first tokenized money market fund on the XRP Ledger, as a starting point, Ripple's XRP Ledger will tokenize the $4.77 billion liquidity fund managed by asset management company abrdn.
Ripple has partnered with Archax, the UK's first cryptocurrency exchange, broker, and custodian regulated by the Financial Conduct Authority (FCA), allowing Archax to utilize abrdn's money market fund.
Ripple stated in a statement on November 25 that the tokenization of abrdn's $4.77 billion money market fund on XRPL indicates that RWA is moving on-chain to achieve cost savings and improve settlement efficiency.
▌Avalanche launches Avalanche9000 upgrade on the testnet and introduces a $40 million grant program
The team behind Layer 1 blockchain network Avalanche launched its significant upgrade on the testnet on Monday, named 'Avalanche9000', which includes multiple technological improvements aimed at reducing blockchain deployment costs by 99.9%. These improvements include community proposal ACP-77 (which makes Avalanche Layer 1 validators more flexible) and ACP-125 (aimed at reducing Avalanche's base fees by 96%).
A press release stated that along with this upgrade, Retro9000, a $40 million grant program to reward builders developing Layer 1 blockchain and other tools on the Avalanche9000 testnet, was also launched.
▌FLOKI: The Valhalla mainnet launch will be postponed to the first quarter of 2025
FLOKI announced on platform X that, according to audit feedback, the Valhalla mainnet launch will be postponed to the first quarter of 2025. Valhalla is Floki's flagship utility project and metaverse blockchain game, taking three years to develop. It is reported that in order to ensure the absolute safety of assets and users in the Valhalla ecosystem, FLOKI has commissioned two audit firms, Hacken and OpenZeppelin, to review the Valhalla contracts before the mainnet launch. They recently made some suggestions that will help further enhance the security of the platform and the safety of users and assets in the Valhalla ecosystem, and implementing and testing these changes will take at least a few weeks, prompting the cautious decision to postpone the mainnet launch.
Cryptocurrency
▌Online video platform Rumble plans to purchase $20 million in Bitcoin
The online video platform Rumble adopts a Bitcoin financial strategy and plans to purchase up to $20 million in Bitcoin.
▌BlackRock and Fidelity's spot Bitcoin ETF reached $4.37 billion in trading volume on November 25
BlackRock and Fidelity's spot Bitcoin ETF traded a total of $4.37 billion on November 25.
▌Wintermute analysts: Funds are shifting from BTC to ETH, with a surge in derivatives market activity
Wintermute analysts report that funds are shifting from BTC to ETH, with a surge in derivatives market activity. The open contracts for Ethereum surged over the weekend, while implied volatility also increased, and the demand for call options has noticeably risen, indicating that the confidence of derivatives traders is continuously strengthening.
Analysts say the shift from Bitcoin to Ethereum is characterized by a sharp increase in implied volatility of Ethereum, with put-call skew reaching the highest level in 12 months, indicating a strong preference for upside risk among investors. According to Wintermute analysts, traders are actively pushing the market higher through bullish buys. In their weekly cryptocurrency market update, Wintermute analysts noted: 'In recent trading days, funds have flowed into Ethereum as the open contracts on exchanges surged to a historic high over the weekend.'
▌Glassnode: The monthly selling volume of long-term Bitcoin holders has reached its highest level since April
Data tracked by Glassnode shows that long-term Bitcoin holders (LTH) have begun to sell off on a large scale, with monthly selling volume reaching its highest level since April 2024, totaling 366,000 BTC.
Data shows that among long-term holders (LTH), the group holding for 6 to 12 months leads, selling an average of 25,600 BTC daily, with most recent selling activities coming from this specific investor group.
Important economic dynamics
▌Federal Reserve's Kashkari: Considering a rate cut in December is reasonable
Federal Reserve's Kashkari stated that considering a rate cut in December is reasonable. The neutral interest rate may be higher, and policy restrictions may not be as tight. Geopolitical risks are the primary consideration for the economic outlook. He declined to comment on Treasury nominees. The government needs to put the U.S. on a sustainable fiscal path.
Jinse Encyclopedia
▌What is an airdrop?
Airdrops are like surprise gifts in cryptocurrency. Imagine opening a box and finding coins inside! This is similar to receiving announcements about free tokens from new blockchain projects. Crypto airdrops involve distributing digital assets for free to users' wallets or in exchange for completing simple tasks, such as following the project on social media or joining their online community.
In the crypto ecosystem, airdrops play a crucial role. New projects use airdrops as a marketing strategy to increase visibility and build user bases. They are like free samples in a supermarket, enticing users to try new products. From the user's perspective, airdrops provide an opportunity to acquire new cryptocurrencies with minimal effort and the potential for significant returns. These tokens are not just free giveaways; they are a way to participate in the evolving digital economy.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Please establish a correct investment philosophy and be sure to enhance risk awareness.
