Headline
Grayscale Investments and the NYSE submitted the 19b-4 filing for the Solana ETF.
According to the NYSE website, Grayscale Investments and the New York Stock Exchange (NYSE) submitted the 19b-4 filing for the Solana ETF to the SEC.
South Korea's ruling party may demand Yoon Suk-yeol resign from the party and propose the resignation of the entire cabinet, as well as the dismissal of the defense minister.
According to multiple media reports, the ruling party in South Korea, the People Power Party, held an emergency meeting on December 4 to discuss responses following President Yoon Suk-yeol's announcement of lifting the martial law.
Several participants stated that they reached a certain consensus on issues such as asking Yoon Suk-yeol to resign from the party, the entire cabinet's resignation, and the dismissal of the defense minister. Previously, after Yoon Suk-yeol announced an 'emergency martial law,' South Korea's ruling party representative Han Dong-hoon said the president's decision was erroneous.
Arkham: A U.S. government address transferred BUSD worth $13 million into a new wallet.
Arkham monitoring data shows that a U.S. government address transferred BUSD worth $13 million into a new wallet.
Korean related assets plummeted, and the won fell to a two-year low.
After the South Korean president announced the martial law, related assets in South Korea plummeted, raising investor concerns about political instability and turmoil. The iShares MSCI South Korea ETF fell 5% in the U.S. market, marking the largest single-day decline since August 5. The exchange rate of the won against the dollar fell to its lowest level in more than two years. Samsung Electronics' stock price listed in London fell by 5%. Wells Fargo strategist Arup Chatterjee in New York stated that in recent weeks, as the market began to digest the potential for increased tariffs under Trump's new government leadership, domestic uncertainties in South Korea have intensified under external pressures. Other South Korean companies' ADRs also saw declines. Coupang Inc. fell 6.9% in U.S. stocks, and Posco Holdings Inc. and KB Financial Group Inc. also experienced declines.
The Bitcoin holdings of the U.S. spot Bitcoin ETF are only 13,000 coins short of Satoshi Nakamoto's holdings.
According to data disclosed by Cointelegraph, the Bitcoin held by the U.S. spot ETF is only 13,000 coins less than Satoshi Nakamoto's holdings, currently holding 1,083,000 bitcoins, while Nakamoto holds about 1,096,000 bitcoins.
The U.S. government has transferred a total of 25,999 BTC to Coinbase this year, likely for custody rather than sale.
According to Spot On Chain, the U.S. government transferred 19,800 BTC ($1.92 billion) nine hours ago, with 10,000 BTC ($962.9 million) sent to Coinbase. So far in 2024, the U.S. government has transferred a total of 25,999 BTC ($2.49 billion) to Coinbase. However, these transfers appear to be custodial actions rather than sales. Currently, the U.S. government still holds approximately 183,850 BTC ($17.57 billion) across various known addresses.
Industry news
In November, Ethereum's on-chain transaction volume reached $183.7 billion, the highest for the year.
According to data from The Block, Ethereum's on-chain transaction volume reached $183.74 billion in November, setting a new monthly record for the year. This also marks the highest level of Ethereum's on-chain transaction volume in nearly three years since the $241 billion recorded in December 2021. Although this figure is far from the historical high of $404.93 billion set in May 2021, November's performance indicates that the level of trading activity has stabilized. Compared to the annual peak recorded in March, this figure has steadily increased by 9%, and is almost twice the annual low on-chain transaction volume of $107.93 billion recorded in January. Analysts suggest that this growth may be driven by capital rotation as market participants reduce their risk profiles and reallocate funds from centralized exchanges (CEX) to on-chain activities.
Informed sources: Trump has chosen Paul Atkins to be the SEC Chairman.
According to three informed sources, Trump has chosen Paul Atkins to be the chairman of the U.S. Securities and Exchange Commission (SEC). One source revealed that Trump has contacted Atkins and is awaiting his acceptance. Atkins's spokesperson did not immediately respond to a request for comment.
Current SEC Chairman Gary Gensler will leave office on January 20. Additionally, Atkins will need to be confirmed by the Senate unless Trump opts for a recess appointment during the Senate's recess.
Paul Atkins, a former SEC commissioner during the George W. Bush administration, is known for opposing 'high fines for companies that violate securities laws.' He has consistently supported the crypto industry and is currently still involved in his consulting firm, Patomak Global Partners, which he founded in 2009. Meanwhile, since 2017, he has also served as co-chair of the industry association Token Alliance, which advocates for digital assets and the blockchain industry.
Tether has minted 16 billion USDT on Ethereum and Tron since November 6.
According to Lookonchain monitoring, since November 6, Tether has minted 16 billion USDT on Ethereum and Tron.
Anza's core developer stated: @solana/web3.js has been compromised, please upgrade to version 1.95.8 as soon as possible.
The core developer of the team responsible for handling congestion on the Solana network, Trent.sol, posted on X, stating: 'Any users using @solana/web3.js, versions 1.95.6 and 1.95.7 may be vulnerable to secret key stealers. If you or your product is using these versions, please upgrade to 1.95.8 (1.95.5 is unaffected).
If you run a service that can blacklist addresses, please execute the operation using FnvLGtucz4E1ppJHRTev6Qv4X7g8Pw6WPStHCcbAKbfx.
CryptoQuant: Bitcoin exchange reserves have fallen to their lowest levels in years.
Bitcoin exchange reserves have plummeted to multi-year lows, indicating that investors are gaining confidence in long-term Bitcoin holdings. CryptoQuant data shows that since November 5, when Trump won the U.S. election, over 171,000 bitcoins have been withdrawn from major crypto exchanges. This trend reduces the liquid supply of Bitcoin, indicating that investors are transferring their holdings to cold wallets, which may be part of their long-term strategy. Since 2021, exchange reserves have been decreasing, reflecting a broader trend of long-term holding. According to CryptoQuant, exchange reserves were approximately 3.2 million bitcoins in October 2021, and have now dropped to 2.46 million, the lowest level in years. Similarly, Glassnode data shows that its illiquid supply metric (i.e., bitcoins held by long-term investors that are not actively traded) has increased by 185,000 in the past 30 days, reaching a record 1.48 million bitcoins, which accounts for about 75% of the current circulating supply (approximately 19.79 million bitcoins).
Arbitrum One's TVL exceeds $20 billion.
Arbitrum announced that Arbitrum One has just become the first L2 to reach a TVL of $20 billion. With the second phase approaching and the ecosystem growing across various verticals, Arbitrum One will continue to push its scalability.
Animoca Brands: Telegram's revenue is expected to reach $1 billion in 2024.
Animoca Brands' research division, Animoca Brands Research, released an analysis of TON and Telegram, stating that the TON Foundation's three-step plan is crucial for guiding Telegram users into the crypto space.
1. Promote click-to-earn social games in Telegram mini-apps.
2. Convert app players into cryptocurrency owners through token airdrops.
3. Retain users through DeFi applications.
Animoca Brands stated that it predicts Telegram's revenue could reach $1 billion this year, marking a significant turning point compared to 2022 and 2023.
Saxo Bank: Trump's tariffs may benefit cryptocurrencies, and the market could quadruple to over $10 trillion.
Saxo Bank strategist John Hardy stated that if Trump is elected president, the proposed trade tariffs may prompt other countries to seek alternatives to the dollar, benefiting the cryptocurrency market and gold. Tariffs will have a horrific impact on global trade as they cut off the necessary supply of dollars. BRICS countries may use ways to trade with a digital currency backed by gold. Crypto stablecoins pegged to gold may also be used. The crypto market could quadruple to over $10 trillion, while the dollar may depreciate by 20% against major currencies and by 30% relative to gold.
Data: Three Bitcoin ETFs in Hong Kong traded 1.2 billion yuan last month, setting a historical high.
The Hong Kong Stock Exchange data shows that the total trading volume of three Bitcoin spot ETFs in Hong Kong reached approximately 1.2 billion yuan in November, setting a historical monthly trading volume high, among which the total trading volume of the Bitcoin ETF launched by OSL in cooperation with Huaxia Fund (Hong Kong) and Carnival International reached 1.06 billion yuan, accounting for approximately 88%.
JPMorgan: The stock prices of listed Bitcoin mining companies rose significantly in November, with an overall market capitalization growth of 52%.
JPMorgan's research report released on Monday shows that as Bitcoin prices surpassed $99,500 last month, the stock prices of some listed Bitcoin mining companies also significantly rose.
The report notes that the market capitalization of 14 Bitcoin miners tracked by JPMorgan grew by 52% month-over-month to $36.2 billion. Among the best-performing companies in November, Singapore's Bitdeer saw its stock price increase by 83% during this period, reaching $14.27. Overall, last month, the stock prices of listed Bitcoin mining companies rose following the U.S. elections, with Argo Blockchain being the only miner to incur losses at the end of November, its stock price fell by 3% to $1.08 last Friday.
Analysts say that since the halving event in April, Bitcoin mining revenue has decreased by 50%. Although rewards are still relatively low, rising Bitcoin prices have increased mining returns in November. On a per EH basis, Bitcoin mining companies' daily revenue in November grew by 24% from around $42,000 in October to $52,000.
The holdings of long-term Bitcoin holders have dropped to 12.45 million coins, marking a new low since July 2022.
According to IntoTheBlock, the current holding of long-term Bitcoin holders has dropped to 12.45 million coins, marking a new low since July 2022. Data shows that during this cycle, the balance of long-term holders has decreased by 9.8%, significantly narrowing compared to 15% during the 2021 bull market cycle and 26% during the 2017 bull market cycle.
CoinShares: $95 million flowed into XRP digital asset products last week, traders bet on XRP ETF approval.
CoinShares reported on Monday that in the past week, inflows into XRP digital asset products reached $95 million, accounting for 67% of the total inflows for such products this year, pushing investors' allocation to XRP over $141 million so far this year.
CoinShares research director James Butterfill stated that traders are likely betting on the approval of the XRP ETF, as Ripple's CEO Brad Garlinghouse stated in October that this trend is 'inevitable.' Butterfill wrote: 'We believe that the record weekly inflow into XRP is due to expectations for a potential XRP ETF launch in the U.S.'
Project news
Phantom: Not affected by the @solana/web3.js vulnerability, has not used the compromised version.
Regarding the @solana/web3.js breach, Phantom stated on X: 'Phantom is not affected by this vulnerability. Our security team has confirmed that we have never used the compromised version of @solana/web3.js.'
Earlier today, Trent.sol, the core developer of the team responsible for handling congestion on the Solana network, posted on X, stating: 'Any users using @solana/web3.js, versions 1.95.6 and 1.95.7 may be vulnerable to secret key stealers. If you or your product is using these versions, please upgrade to 1.95.8 (1.95.5 is unaffected).
Layer1 blockchain Namada launches its mainnet and token airdrop.
Privacy-focused Layer1 blockchain Namada has officially launched its mainnet and activated the genesis block of the network. This marks the first phase of its decentralized mainnet rollout, which involves staking and governance. The organization behind the project, the Anoma Foundation, introduced the initial mainnet software and genesis balance. The foundation clarified that it does not operate validators, so the Namada community retains full control. This release includes a user airdrop. Eligible wallets will receive NAM tokens today, which they can immediately use for staking and governance. Token transferability will be activated in phase 5, expected to be completed in a few months.
This issuance will accompany the native token, with a total supply of 1 billion NAM tokens. The Anoma Foundation proposed the initial genesis distribution plan with no lock-up period, which will be allocated among community members, early contributors, and future development plans. The launch of the genesis mainnet will be divided into five phases, each driven by community decisions through on-chain governance.
SynFutures announced the air drop rules for the F token, set to open for claims on December 6.
SynFutures announces its F token airdrop rules, which will open for claims on December 6, distributing 750 million F tokens to community users, accounting for 7.5% of the total supply. Eligible airdrop users include active users of v1 and v2, active users of the Oyster Odyssey points program, and long-term active traders.
The ZKasino project party resumed its leveraged long position on ETH, borrowing to buy 4,185 ETH an hour ago.
According to on-chain analyst Yu Jin, the ZKasino project party just closed its leveraged long position on ETH this morning. As a result, after falling tonight, the ZKasino project party resumed its leveraged long on ETH an hour ago: borrowing 15 million DAI from Aave through two addresses to buy 4,185 ETH at an average price of $3,584.
CleanSpark: As of September 30, the fiscal year held 8,049 BTC, with total assets reaching $2 billion.
Nasdaq-listed mining company CleanSpark released its performance report for the fiscal year ending September 30, 2024, disclosing key data including:
1. Annual revenue of $378.9 million, an increase of $210.5 million from the previous fiscal year's $168.4 million, a growth rate of 125%;
2. Cash holdings: $122.2 million;
3. As of September 30, 2024, held 8,049 bitcoins, valued at approximately $509.5 million at a price of $63,301;
4. Total assets: $2 billion.
pump.fun's revenue exceeded $93 million in November, setting a historical high.
According to Solana Floor, pump.fun's revenue reached $93.88 million in November, setting a historical high.
Aethir announced its second round of funding projects for its $100 million ecosystem fund.
Decentralized cloud infrastructure provider Aethir co-founder Mark announced the second round of support projects for its $100 million ecosystem fund, focusing this round on AI agents themselves, leaning towards agents that perform not just on social media. Supported projects include: BitGPT, Humans.ai, Church of The Overseer, ARC Agents, OPUS.
Arbitrum became the first L2 to exceed $20 billion in trading volume on Uniswap.
Uniswap Labs shared Dune data indicating that Arbitrum has become the first L2 on the Uniswap protocol to exceed $20 billion in trading volume in a month.
Investment and financing
Bitcoin mining company MARA announced the acquisition of a wind farm in Texas, USA.
According to documents submitted to the U.S. Federal Energy Regulatory Commission, the publicly listed Bitcoin mining company MARA announced the acquisition of a wind farm in Texas from a joint venture between the National Grid Company and the Washington State Investment Board. The specific acquisition price has not been disclosed. (Bloomberg)
Earlier reports indicated that MARA has increased the issuance scale of convertible senior notes to $850 million, with part of the proceeds allocated to increase Bitcoin holdings.
Digital finance platform Brighty completes $10 million funding round, with Futurecraft Ventures participating.
Switzerland-based digital finance platform Brighty announced the completion of a $10 million funding round, with participation from Futurecraft Ventures. Brighty supports real-world crypto card payments, aiming to address financial pain points such as poor user experience and lack of transparency; the new funds are intended to expand operations in Europe and the UK.
Pantera Capital completed a $20 million fundraising, intending to support the TON blockchain ecosystem.
Pantera Capital raised $20 million from at least 29 investors through two separate funds, intending to use the funds to support the TON blockchain ecosystem and the cryptocurrency Toncoin. It is reported that Pantera Capital began contacting investors in June. The minimum participation amount was set at $250,000, and the two new funds established for Toncoin were formed following the announcement in May about betting on the Telegram-associated cryptocurrency.
Decentralized AI investment strategy analysis platform OpenPad AI completed a $2 million funding round, led by Basics Capital.
Using decentralized AI analysis to provide data-driven investment strategies, OpenPad AI announced the completion of a $2 million funding round, led by Basics Capital, with participation from Protein Capital, Spicy Capital, Green Arrow Adventures, VivaTech Ventures, Brinc, Boba Network, Avalon Wealth Club, Coin Bold, TechFarm, and others. OpenPad AI combines blockchain technology with artificial intelligence, allowing users to access investment strategies, project ratings, and real-time market insights while maintaining control over their data.
Bitcoin mining company Argo Blockchain raised £4.2 million through a stock subscription.
Bitcoin mining company Argo Blockchain announced it has completed a fundraising of £4.2 million through stock subscriptions. After this transaction, Argo's total number of shares issued has exceeded 717 million. An unidentified institutional investor reportedly participated in this stock subscription, and the new funds will drive Argo to relocate its Bitcoin mining facilities to Texas.
Multi-asset investment platform Public completed a $135 million D-2 round of financing, led by Accel.
Multi-asset investment platform Public announced the completion of a $135 million D-2 round of financing, of which $105 million was equity financing and $30 million was debt financing, led by Accel. Since its launch in 2019, Public has evolved from a 'social stock trading app' into a comprehensive investment platform supporting five major asset classes (including cryptocurrencies), achieving profitability in its core brokerage business, with deposits reaching billions of dollars each year. Its AI assistant Alpha is used by over 90% of users, facilitating a quarter of interactions to complete trades within three hours, with average user profits increasing for three consecutive years. The company plans to expand to more asset classes and AI features.
Core Scientific plans to issue $500 million convertible senior notes, with net proceeds to be used for general corporate purposes.
Bitcoin mining company Core Scientific announced a private placement of $500 million convertible senior notes due in 2031 for qualified institutional buyers. Core Scientific also hopes to grant the initial purchasers of the notes purchase options to settle within 13 days of the initial issuance date (including that day), allowing for an additional purchase of up to $75 million in principal amount of the notes.
Core Scientific intends to use the net proceeds from this issuance for general corporate purposes, including working capital, operating expenses, capital expenditures, acquiring complementary businesses, or repurchasing its securities.
Regulatory trends
South Korean regulators: Ready to deploy a 10 trillion won stock market stabilization fund.
According to the Korea Herald, South Korean regulators are ready to deploy a 10 trillion won stock market stabilization fund at any time. Previously, the South Korean government stated that it would provide unlimited liquidity to the market if necessary. Jefferies' global head of foreign exchange, Brad Bechtel, said this practice has been used by South Korea's leadership in times of significant political turmoil or power transitions, but it remains a concern. He believes the won will remain volatile for the time being, largely depending on how overseas investors respond to the South Korean stock market. If they begin to sell off significantly, the dollar against the won could rise to 1450.
Voices of individuals
Analysts: Approval of Solana ETF after Trump's election is just a matter of time, but it does not mean 'it will happen soon.'
Bloomberg ETF analyst James Seyffart tweeted: 'I mentioned many very optimistic posts about the approval of the Solana ETF. I do believe that under the SEC's management after Trump's election, it is just a matter of time, not whether it will happen, but this does not equate to 'it will happen soon.'
ZachXBT: An OTC scammer was detained in Europe with $17 million, having defrauded $7.1 million in TAO.
On-chain detective ZachXBT stated that an OTC scammer was raided in Europe and $17 million was seized.
In February 2024, it swindled $7.1 million (14,600 TAO) from a TAO whale, and this year it has also defrauded over $8 million from whales of ZYN, MOG, Kondux, Ordiswap, Landwolf, and Hash AI.
Yu Jin: Be cautious of @solana/web3.js supply chain poisoning; the poisoned version has been taken down.
Slow Mist's Yu Jin stated: 'Be cautious of @solana/web3.js supply chain poisoning; known versions 1.95.6 and 1.95.7 have backdoor code that can steal user private keys. The new version no longer carries this risk. Known popular wallets have not found this risk, but actual attacks have occurred. It is speculated that perhaps third-party private key-related tools (including bots) that update dependency packages in a timely manner fell victim because the poisoned versions only survived for a few hours before being discovered and taken down. If you have used this package, please check.'
Hedge fund manager James Lavish: The Bitcoin network is a digital fortress that can withstand attacks at the nation-state level.
Hedge fund manager James Lavish stated: 'The Bitcoin network is a digital fortress that can withstand attacks at the nation-state level.'
Coinbase CEO: About 25% of the company's balance sheet (after debt) consists of cryptocurrencies, half of which is Bitcoin.
Coinbase CEO Brian Armstrong responded to a user on X, stating: 'About 25% of our balance sheet (after debt) is cryptocurrencies (with about half being Bitcoin, similar to the percentage of total market cap). However, almost all of our liabilities are still denominated in dollars, so the question is just how much risk we want to take on. We are not a hedge fund. I think there is a reasonable basis to believe that the cryptocurrency proportion could be higher, just a question of how much and why.'
