Headline
▌US government address transfers 19,800 BTC, approximately $1.92 billion
According to Arkham data, the US government address transferred 19,799.99 BTC, approximately $1.92 billion.
▌Insider sources: SpaceX discusses selling insider shares at a valuation of approximately $350 billion
Insider sources revealed that Musk's Space Exploration Company (SpaceX) is discussing selling insider shares at a valuation of approximately $350 billion.
Market
As of the time of writing, according to Coingecko data:
BTC's recent transaction price is $95,869.81, with a daily change of -1.4%;
ETH's recent transaction price is $3,645.37, with a daily change of -1.7%;
BNB's recent transaction price is $647.50, with a daily change of -1.2%;
SOL's recent transaction price is $225.69, with a daily change of -4.8%;
DOGE's recent transaction price is 0.4244 yuan, with a daily change of -3.5%;
XPR's recent transaction price is $2.71, with a daily change of +18.9%.
Policy
▌Musk: The final step for DOGE is to dissolve itself
Vivek Ramaswamy, another head of the Government Efficiency Department (DOGE) appointed by Trump, posted that most government projects should have a clear deadline. That is why we set one for the Government Efficiency Department as well: July 4, 2026. Musk retweeted the post stating that the final step for the Government Efficiency Department is to dissolve 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. In the view of Newsweek, although the 'Government Efficiency Department' led by Musk currently takes the lead, its biggest role is to serve the US midterm elections, delivering a 'big gift' for the 250th anniversary of the founding of the US in 2026.
Blockchain Applications
▌Sonic Labs generates its first block on the mainnet, token airdrop snapshot completed
Layer 1 blockchain project Sonic Labs (formerly Fantom) announced that its mainnet has generated its first block, marking the completion of the 'Genesis' phase, and is expected to officially launch soon. In the previous days, the project also launched the upgraded testnet 'Blaze'.
Additionally, Sonic Labs has completed the airdrop distribution snapshot for S tokens, supporting a 1:1 exchange with Fantom's FTM token, and introduced Sonic Gateway to enable cross-chain bridging.
▌Coinbase integrates Apple Pay into its deposit and withdrawal services
According to developer documentation, the US crypto exchange Coinbase is integrating Apple Pay into its fiat-to-crypto deposit and withdrawal services. The product, named Coinbase Onramp, offers a one-click purchase feature designed to reduce the cumbersome procedures users face when topping up self-custody wallets.
Coinbase stated in a statement that using cryptocurrencies often involves 'a lot of friction, causing users to abandon usage.' Onramp, previously known as Coinbase Pay, is essentially a software development kit (CDK) and a series of APIs that allow programmers to embed fiat-to-crypto conversion capabilities into their mobile or web applications and browser extensions.
▌Nike's NFT entity RTFKT announces gradual shutdown of operations
Nike's NFT entity RTFKT announced on the X platform that it will gradually shut down operations, with its Web3 services ending by the end of January 2025. It is reported that RTFKT plans to launch an updated website showcasing the groundbreaking work that defines its journey, and before this operational closure transition, RTFKT will launch another innovation this December: MNLTH X, using BLADE DRoP, committed to breaking boundaries and merging worlds; other information about specific collections, websites, and services will be communicated through its Discord and official channels.
Cryptocurrency
▌Bernstein: US Ethereum ETF may soon launch staking yield feature
According to Bernstein's report on December 2, the US Ethereum ETF may soon launch a staking yield feature. Bernstein analysts stated: 'We believe that under the leadership of the new crypto-friendly [SEC] of Trump 2.0, the ETH staking yield feature is likely to be approved.'
Data shows that as of December 2, the annualized percentage return (APR) on ETH staking denominated in ETH is approximately 3.1%. Bernstein stated: 'We believe that as the activity level of the Ethereum blockchain network increases, the ETH yield can further rise to 4-5%.
▌Research: Trump's inauguration may become a short-term peak for the crypto market
US presidential election winner Trump will officially be inaugurated on January 20, 2025. Market research shows that cryptocurrency prices may see adjustments afterward. According to Bloomberg and Macrobond Financial data, the US presidential election year market typically performs strongly after the election and tends to cool down after the president's inauguration.
▌Yesterday, GBTC had a net outflow of $28.1 million, ETHE had a net outflow of $44.4 million
According to Farside Investors monitoring data, the funding data for the US spot Bitcoin ETF and spot Ethereum ETF on December 2 is as follows:
Spot Bitcoin ETF: GBTC had a net outflow of $28.1 million, EZBC had a net inflow of $5.6 million, BTCW had a net inflow of $6.9 million, and BTC had a net inflow of $6.4 million.
Spot Bitcoin ETF: ETHE had a net outflow of $44.4 million, EZET and ETH had no inflows or outflows.
▌CryptoQuant CEO: Bitcoin trading volume on Coinbase drops on weekends
CryptoQuant CEO Ki Young Ju posted on X platform stating that since institutional brokers mainly trade on weekdays, Bitcoin trading volume on Coinbase drops on weekends, and users can gauge institutional activity by comparing averages on weekdays and weekends. This gap has significantly widened over the past two years. Unless this trend reverses, avoid shorting BTC (as it will be liquidated by Michael Saylor and ETFs).
Important Economic Dynamics
▌The probability of the Fed cutting rates by 25 basis points in December rises to 74.5%
According to CME's 'Fed Watch', the probability of the Fed maintaining the current interest rate unchanged in December is 25.5%, with a cumulative probability of a 25 basis point cut at 74.5%. The probability of maintaining the current interest rate unchanged in January next year is 20.6%, with a cumulative probability of a 25 basis point cut at 65.1%, and a cumulative probability of a 50 basis point cut at 14.3%.
▌Federal Reserve's Williams: Expects further rate cuts from the Fed
Federal Reserve Bank of New York President Williams stated on Monday that as inflation pressures continue to ease, the Fed may further lower its interest rate targets. Williams, speaking at a meeting of the Queens Chamber of Commerce in New York, 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, it will be appropriate to continue moving toward a more neutral policy setting,' Williams said, adding that the policy path will depend on data. 'If there is one thing we've learned over the past five years, it's that the outlook remains highly uncertain.' Williams did not provide clear guidance on the timing of rate cuts or whether he believes the Fed will lower its rate targets at this month's FOMC meeting.
▌Fed's probability of cutting rates in December rises, dollar declines
The two-year US Treasury yield fell 2 basis points to 4.18%. The dollar index dropped 15 points. US interest rate futures slightly increased the probability of a 25 basis point rate cut by the Fed this month to 70%. Newswise, Fed Governor Waller is inclined to cut rates in December.
Golden Encyclopedia
▌What is chain abstraction?
Chain abstraction is a concept that simplifies the user experience of blockchain technology and unifies transactions across multiple networks. Blockchain chain abstraction aims to solve this problem by hiding or 'abstracting' the technology from users. This means people do not know they are using blockchain or which blockchain they are using. Chain abstraction works by providing a single interface that allows users and developers to interact with multiple blockchains without having to manage the complexity of each individual chain.
Disclaimer: Golden Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Please establish the correct investment philosophy and be sure to raise risk awareness.
