Headline
▌The U.S. government address transferred 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 shares held by insiders at an estimated valuation of around $350 billion.
According to insiders, Musk's SpaceX is discussing selling shares held by insiders at an estimated valuation of around $350 billion.
Market
As of the time of writing, according to Coingecko data:
The recent transaction price for BTC is $95,869.81, with an intraday fluctuation of -1.4%;
The recent transaction price for ETH is $3,645.37, with an intraday fluctuation of -1.7%;
The recent transaction price for BNB is $647.50, with an intraday fluctuation of -1.2%;
The recent transaction price for SOL is $225.69, with an intraday fluctuation of -4.8%;
The recent transaction price for DOGE is 0.4244 yuan, with an intraday fluctuation of -3.5%;
The recent transaction price for XPR is $2.71, with an intraday fluctuation of +18.9%.
Policy
▌Musk: The final step for DOGE is to disband itself.
The other head of the Department of Government Efficiency (DOGE) appointed by Trump, Vivek Ramaswamy, posted that most government projects should have clear deadlines. That's why we set one for the Department of Government Efficiency as well: July 4, 2026. Musk retweeted the post stating that the final step for the Department of Government Efficiency is to disband itself. Earlier, Trump stated at Mar-a-Lago in Florida that the 'Department of Government Efficiency' would release its final report on July 4, 2026. According to Newsweek, while the 'Department of Government Efficiency' led by Musk currently takes the lead, its biggest role is to serve the U.S. midterm elections, delivering a 'big gift' for the 250th anniversary of the United States in 2026.
Blockchain Applications
▌Sonic Labs mainnet generates the first block, airdrop snapshot completed.
Layer 1 blockchain project Sonic Labs (originally Fantom) announced that its mainnet has generated the first block, marking the completion of the 'Genesis' phase, and it is expected to officially launch soon. A few days earlier, the project also launched the upgraded testnet 'Blaze.'
In addition, Sonic Labs has completed the snapshot for the S token airdrop allocation, supporting a 1:1 exchange with Fantom's FTM token and introducing Sonic Gateway to enable cross-chain bridging.
▌Coinbase integrates Apple Pay into its deposit and withdrawal services.
According to developer documentation, the U.S. cryptocurrency exchange Coinbase is integrating Apple Pay into its fiat-to-crypto deposit and withdrawal services. The product is called Coinbase Onramp, offering a one-click purchase feature aimed at reducing the cumbersome procedures users face when topping up their 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 features 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 platform X that it will gradually shut down operations, with its Web3 services ending by the end of January 2025. RTFKT plans to launch an updated website showcasing the groundbreaking work defining the RTFKT journey, and before the transition period of this operational shutdown, RTFKT will launch another innovation this December: MNLTH X, utilizing BLADE DRoP, dedicated to breaking boundaries and merging worlds; other 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 functionality.
According to a Bernstein report on December 2, the U.S. Ethereum Exchange-Traded Fund (ETF) may soon launch staking yield functionality. Bernstein analysts stated, 'We believe that under the leadership of the Trump 2.0 new crypto-friendly [SEC], the ETH staking yield feature is likely to be approved.'
Data shows that as of December 2, the annualized percentage return rate (APR) for ETH staking in ETH terms is approximately 3.1%. Bernstein stated, 'We believe that as activity levels on the Ethereum blockchain increase, ETH yields could rise further to 4-5%.'
▌Research: Trump's inauguration may become a short-term peak for the crypto market.
U.S. presidential candidate Trump will officially take office on January 20, 2025. Market research shows that cryptocurrency prices may see adjustments thereafter. According to Bloomberg and Macrobond Financial data, the market in presidential election years typically performs well after the election and tends to cool down after the president's inauguration.
▌Yesterday, GBTC saw a net outflow of $28.1 million, ETHE saw a net outflow of $44.4 million.
According to monitoring data from Farside Investors, the funding data for U.S. spot Bitcoin ETF and spot Ethereum ETF yesterday (December 2) is as follows:
Spot Bitcoin ETF: GBTC saw a net outflow of $28.1 million, EZBC saw a net inflow of $5.6 million, BTCW saw a net inflow of $6.9 million, and BTC saw a net inflow of $6.4 million.
Spot Ethereum ETF: ETHE saw a net outflow of $44.4 million, with EZET and ETH having no fund inflows or outflows.
▌CryptoQuant CEO: Bitcoin trading volume on Coinbase decreased over the weekend.
CryptoQuant CEO Ki Young Ju stated on platform X that because institutional brokers mainly trade on weekdays, Bitcoin trading volume on Coinbase decreased over the weekend. Users can measure institutional activity by comparing averages on weekdays and weekends. This gap has significantly widened over the past two years. Unless this trend reverses, please avoid shorting BTC (as it will be liquidated by Michael Saylor and ETFs).
Important Economic Dynamics
▌The probability of a 25 basis point rate cut by the Fed in December rises to 74.5%.
According to CME 'FedWatch,' the probability of the Fed maintaining the current interest rate until December is 25.5%, and the cumulative probability of a 25 basis point rate cut is 74.5%. The probability of maintaining the current interest rate until January next year is 20.6%, while the cumulative probability of a 25 basis point rate cut is 65.1%, and the cumulative probability of a 50 basis point rate cut is 14.3%.
▌Fed's Williams: Expects further rate cuts from the Fed.
Federal Reserve Bank of New York President Williams stated on Monday that as inflationary pressures continue to cool, the Fed may further lower its rate targets. Williams said during a speech at a Queens Chamber of Commerce meeting in New York: 'Monetary policy remains in a restrictive range to support a sustainable return of inflation to the 2% target.' Looking ahead, 'I expect that over time, continuing to shift toward a more neutral policy setting will be appropriate,' Williams stated, noting that the policy path will depend on data. If we have learned anything in the past five years, it is 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 the FOMC meeting this month.
▌Fed's December rate cut probability rises, dollar weakens.
The two-year U.S. Treasury yield fell by 2 basis points in the short term, currently reported at 4.18%. The U.S. dollar index dipped 15 points in the short term. U.S. interest rate futures slightly raised the probability of a 25 basis point rate cut by the Fed this month to 70%. In terms of news, Fed Governor Waller is inclined to cut rates 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 address this issue by hiding or 'abstracting' the technology from users. This means that people do not know they are using a 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 managing the complexities 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 correct investment concepts and be sure to enhance risk awareness.
