Headline
▌U.S. government address transfers 19,800 BTC, approximately $1.92 billion
According to Arkham data, the U.S. government address transferred 19,799.99 BTC, approximately $1.92 billion.
▌Insiders: SpaceX discusses selling insider shares at a valuation of about $350 billion
According to insiders, Musk's 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 recent transaction price $95,869.81, daily change -1.4%;
ETH recent transaction price $3,645.37, daily change -1.7%;
BNB recent transaction price $647.50, daily change -1.2%;
SOL recent transaction price $225.69, daily change -4.8%;
DOGE recent transaction price ¥0.4244, daily change -3.5%;
XPR recent transaction price $2.71, daily change +18.9%.
Policy
▌Musk: The final step for DOGE is to dissolve itself
Vivek Ramaswamy, another leader of the government efficiency department (DOGE) appointed by Trump, posted that most government projects should have clear deadlines. That's 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 Mar-a-Lago in Florida that the 'government efficiency department' would release its final report on July 4, 2026. According to Newsweek, although the 'government efficiency department' led by Musk is currently taking the lead, its biggest role is to serve the U.S. midterm elections, delivering a 'big gift' for the 250th anniversary of the founding of the United States in 2026.
Blockchain Application
▌Sonic Labs mainnet generates its first block, token airdrop snapshot completed
Layer1 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 launch officially soon. A few days earlier, the project also launched an upgraded testnet called 'Blaze.'
Additionally, Sonic Labs has completed the S token airdrop allocation snapshot, supporting a 1:1 exchange with Fantom's FTM tokens, and introduced Sonic Gateway to enable cross-chain bridging functionality.
▌Coinbase integrates Apple Pay into its deposit and withdrawal services
According to developer documentation, U.S. cryptocurrency 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 recharging self-custody wallets.
Coinbase stated in a press release that using cryptocurrency often involves 'a lot of friction, causing users to abandon usage.' Onramp, previously known as Coinbase Pay, is essentially a software development kit (SDK) and a series of APIs that enable programmers to embed fiat-to-crypto conversion capabilities into their mobile or web applications and browser extensions.
▌Nike's NFT entity RTFKT announces gradual operational shutdown
Nike's NFT entity RTFKT announced on platform X that it will gradually cease operations, with its Web3 services ending by the end of January 2025. RTFKT plans to launch an updated website showcasing groundbreaking work that defines the RTFKT journey, and before this operational closure transition, RTFKT will introduce another innovation this December: MNLTH X, adopting BLADE DRoP, committed to breaking boundaries and merging worlds. Additional information regarding specific collections, websites, and services will be communicated through its Discord and official channels.
Cryptocurrency
▌Bernstein: U.S. Ethereum ETF may soon launch staking yield features
According to Bernstein's report on December 2, U.S. Ethereum exchange-traded funds (ETFs) may soon introduce staking yield features. Bernstein analysts stated, 'We believe that under the leadership of a new crypto-friendly SEC in Trump 2.0, the ETH staking yield feature is likely to be approved.'
Data shows that as of December 2, the annual percentage yield (APR) for ETH staking in ETH terms is approximately 3.1%. Bernstein stated, 'We believe that as the activity level of the Ethereum blockchain network increases, ETH yields could further rise to 4-5%.'
▌Research: Trump's inauguration may become a short-term peak in the crypto market
U.S. presidential candidate Trump will officially take office on January 20, 2025. Market research indicates that cryptocurrency prices may see an adjustment thereafter. According to Bloomberg and Macrobond Financial data, markets typically perform strongly in the election year and tend to cool after the presidential inauguration.
▌Yesterday, GBTC net outflow of $28.1 million, ETHE net outflow of $44.4 million
According to monitoring data from Farside Investors, the funding data for U.S. spot Bitcoin and Ethereum ETFs yesterday (December 2) is as follows:
Spot Bitcoin ETF: GBTC net outflow of $28.1 million, EZBC net inflow of $5.6 million, BTCW net inflow of $6.9 million, BTC net inflow of $6.4 million.
Spot Ethereum ETF: ETHE net outflow of $44.4 million, EZET, ETH no inflows or outflows.
▌CryptoQuant CEO: Bitcoin trading volume on Coinbase decreased over the weekend
CryptoQuant CEO Ki Young Ju stated on platform X that due to institutional brokers primarily trading on weekdays, Bitcoin trading volume on Coinbase decreased over the weekend. Users can measure institutional activity by comparing the average values of 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
▌Probability of a 25 basis point rate cut by the Fed in December rises to 74.5%
According to CME's 'FedWatch', the probability that the Fed will maintain current rates until December is 25.5%, while the probability of a cumulative 25 basis point cut is 74.5%. The probability of maintaining current rates until January next year is 20.6%, while the probabilities for cumulative cuts of 25 and 50 basis points are 65.1% and 14.3%, respectively.
▌Fed's Williams: Expects further rate cuts from the Fed
Federal Reserve Chairman Williams stated on Monday that as inflationary pressures continue to cool, the Fed may further lower its rate target. While speaking at a meeting of the Queens Chamber of Commerce in New York, Williams said, 'Monetary policy is still in a restrictive range to support a sustainable return to the 2% inflation target.' Looking ahead, 'I expect it will be appropriate over time to continue to shift towards a more neutral policy setting,' Williams stated, adding that the policy path will depend on data. If we've learned anything in 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 target at this month's FOMC meeting.
▌Probability of a Fed rate cut in December rises, dollar weakens
The two-year U.S. Treasury yield fell by 2 basis points, now at 4.18%. The dollar index dipped by 15 points. U.S. interest rate futures slightly increased the probability of a 25 basis point rate cut by the Fed this month to 70%. On the news front, Fed Governor Waller leans towards a rate cut in December.
Golden Encyclopedia
▌What is chain abstraction?
Chain abstraction is the concept of simplifying the user experience of blockchain technology and unifying transactions across multiple networks. Blockchain chain abstraction aims to solve this issue by hiding or 'abstracting' the technology from users. This means that users do not know they are using a blockchain or which blockchain they are using. Chain abstraction works by providing a single interface that enables users and developers to interact with multiple blockchains without managing the complexities of each individual chain.
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 enhance risk awareness.
