Binance co-founder Changpeng “CZ” Zhao has stepped in to quash rumors of a romance swirling around his brief interaction with a female KOL at Binance Blockchain Week in Dubai.
The speculation traces back to December 4, when CZ faced off against gold advocate Peter Schiff in a much-anticipated debate. During the session, Tintin—a crypto influencer affiliated with the Aster project—walked onstage.
CZ Claps Back
She handed CZ a “magic box” containing a heavy gold item. This moment was captured on video and later amplified when Tintin tweeted that the box was “real f**king heavy.” The moment has since become the most replayed segment of the debate’s YouTube video.
What started as a lighthearted promotional stunt quickly morphed into gossip fodder across Chinese-speaking crypto communities. Some users began spinning tales of a romantic connection between the two.
CZ, never one to let rumors fester, addressed the speculation head-on in a post on X.
“There’s gossip about me now? The market must be really slow—everyone’s got nothing better to do,” he quipped.
He then laid out the facts: his entire interaction with Tintin consisted of exchanging three messages and meeting for about 10 minutes before the debate. The decision to have someone hand him the box onstage was made on the spot—there was no prior arrangement.
“Go pay attention to someone else. I heard somebody and somebody…” he added, deflecting with a hint of sarcasm.
Source: Binance(Via Youtube)
Timing Raises Eyebrows
The rumors emerged just days after Yi He, CZ’s long-term partner and the mother of his three children, was elevated to co-CEO of Binance on December 3. The appointment, announced by CEO Richard Teng at Binance Blockchain Week, marked the exchange’s most significant leadership shake-up since CZ stepped down in 2023.
When asked about potential conflicts between her personal and professional roles, Yi He drew a clear boundary.
“My personal life is independent from my professional life,” she told reporters in Dubai. “My achievements and capabilities as co-founder are often overlooked with my personal life in question.”
Meanwhile, CZ Keeps Busy in Pakistan
Romance rumors aside, CZ has been focused on expanding Binance’s global footprint. On December 12, he visited Pakistan alongside Binance CEO Richard Teng and Tron founder Justin Sun for meetings with Finance Minister Muhammad Aurangzeb.
The visit coincided with a major regulatory milestone: Pakistan’s Virtual Assets Regulatory Authority (PVARA) issued no-objection certificates to both Binance and HTX, clearing the path for the exchanges to pursue full licensing in the country.
In the car, my roaming didn’t work, so I borrowed Justin’s hotspot, bought an eSIM, PAID IN CRYPTO. He said he learned something new. https://t.co/DwYW8c5jRO
“A meaningful milestone for Binance in Pakistan,” Teng said on X, noting that the exchange has obtained AML registration from PVARA. “Looking forward to building a safe, transparent, and future-ready digital-asset ecosystem together.”
CZ has served as an adviser to the Pakistan Crypto Council since April 2024, and the South Asian nation appears eager to position itself as a crypto-friendly jurisdiction in the region.
As for the Tintin rumors? It seems CZ has already moved on—even if the crypto gossip mill hasn’t.
Terraform Labs co-founder Do Kwon was sentenced to 15 years in federal prison on Thursday for orchestrating a $40 billion cryptocurrency fraud—a sentence notably lighter than the 25 years handed to FTX founder Sam Bankman-Fried (SBF) last year, despite Kwon’s fraud causing nearly four times the financial damage.
The sentencing disparity highlights how courtroom behavior, remorse, and cooperation with authorities can dramatically influence outcomes in high-profile white-collar cases.
The Verdicts
US District Judge Paul Engelmayer, presiding over Kwon’s case in the Southern District of New York, described the Terra-Luna collapse as “a fraud on an epic, generational scale.” He rejected both the prosecution’s recommendation of 12 years as “unreasonably lenient” and the defense’s request for five years as “utterly unthinkable and wildly unreasonable.”
“Your offense caused real people to lose $40 billion in real money, not some paper loss,” Engelmayer told Kwon, noting there may have been as many as one million victims worldwide.
By contrast, Judge Lewis Kaplan sentenced SBF to 25 years in March 2024 for an $11 billion fraud, citing the defendant’s “exceptional flexibility with the truth” and “apparent lack of any real remorse.”
Why the Difference?
Guilty Plea vs. Trial
Kwon pleaded guilty in August 2025 to conspiracy and wire fraud charges, accepting responsibility for misleading investors about TerraUSD’s stability mechanisms. In a letter to the court, he wrote: “I alone am responsible for everyone’s pain. The community looked to me to know the path, and I, in my hubris, led them astray.”
SBF, on the other hand, went to trial and maintained his innocence throughout. He argued that FTX was merely experiencing a “liquidity crisis” rather than outright fraud. The jury took just four hours to convict him on all seven counts.
Courtroom Conduct
Judge Kaplan found that SBF committed perjury at least three times during his testimony. Kaplan called SBF’s performance on the stand the most “evasive” he had witnessed in nearly 30 years on the bench. “When he wasn’t outright lying, he was often evasive, hairsplitting, dodging questions,” Kaplan said.
The judge also found that SBF had attempted to tamper with witnesses before trial. He sent messages to former FTX general counsel Ryne Miller suggesting they “vet things with each other.”
Kwon, by contrast, listened to victim impact statements—315 letters submitted to the court—and apologized directly. “Hearing from victims was harrowing and reminded me again of the great losses that I have caused,” he told Judge Engelmayer.
Future Legal Exposure
A critical factor in Kwon’s sentencing was his pending prosecution in South Korea. He faces charges that could result in up to 40 additional years in prison. Judge Engelmayer explicitly considered this when crafting the sentence. Kwon will likely be extradited to face trial in his home country after serving his US term.
SBF faces no comparable foreign legal jeopardy, making his 25-year US sentence his primary punishment. However, he is actively fighting to overturn his conviction. In November 2025, SBF’s legal team filed an appeal, arguing that he was “presumed guilty” before his trial even began. His attorney, Alexandra Shapiro, claims the court blocked key evidence proving FTX’s solvency and allowed biased treatment throughout the proceedings. The Second Circuit is expected to take several months to issue a ruling.
Do Kwon
Sam Bankman-Fried
Sentence
15 years
25 years
Estimated Loss
$40 billion
$11 billion
Plea
Guilty plea
Trial conviction
Remorse
Apologized to victims
No remorse shown
Perjury
None
3 counts found
Witness Tampering
None
Yes
Additional Charges
Up to 40 years in South Korea
None
Source: BeInCrypto
The Bigger Picture
Both cases represent landmark moments in cryptocurrency enforcement. Prosecutors noted that Kwon’s losses exceeded those caused by SBF, OneCoin co-founder Karl Sebastian Greenwood, and former Celsius CEO Alex Mashinsky combined.
The sentencing outcomes send a clear message to the crypto industry: cooperation and genuine remorse can meaningfully reduce prison time.
Kwon has agreed to forfeit $19.3 million as part of his plea deal. He was also ordered to pay an $80 million fine and to receive a lifetime ban on cryptocurrency transactions as part of his 2024 SEC settlement.
His request to serve his sentence in South Korea was denied.
Coinbase, the largest cryptocurrency exchange in the United States, is preparing to launch prediction markets and tokenized equities, while Gemini has secured regulatory approval.
Kalshi and Crypto.com have formed an industry coalition. Changpeng Zhao is targeting 220 million users through BNB Chain. The war among giants for the throne of the $15 billion prediction market has officially begun.
Coinbase Reveals Key Card in “Everything App” Strategy
Coinbase executives have previously expressed interest in entering these businesses but had not made official announcements. However, expectations have been building as screenshots hinting at related functionality have circulated on social network X in recent weeks. A Coinbase spokesperson declined to comment on specific plans, stating only: “Tune in to the livestream on Dec. 17 to find out what new products Coinbase is shipping.”
This move is part of Coinbase’s ongoing “everything app” strategy, designed to provide traders with access to a broad range of assets and markets while keeping pace with rivals who are diversifying their offerings. Robinhood launched Kalshi’s prediction market products earlier this year, and both Robinhood and Kraken offer tokenized US stocks and ETFs outside the United States.
Trading in tokenized equities is growing rapidly. According to rwa.xyz, monthly transfer volume increased 32% over the last 30 days to $1.45 billion.
Industry Coalition CPM Launches: “A Unified Voice Is Necessary”
On the same day, Kalshi and Crypto.com announced the launch of the Coalition for Prediction Markets (CPM), a national alliance of prediction market operators. Coinbase, Robinhood, and sports gaming platform Underdog joined as founding members.
Matt David, executive board member of CPM, emphasized: “The US is the biggest frontier for prediction markets, and the momentum we’re seeing makes a unified industry voice not just important, but necessary.”
The coalition will focus on strengthening the federal framework for prediction markets, establishing nationwide integrity standards to curb insider trading, and pushing back against state-level regulatory overreach.
Sara Slane, head of corporate development at Kalshi and an executive member of the coalition, stated: “We spent years working with the CFTC because prediction markets must operate with strong federal safeguards that prevent insider trading, protect consumers, and ensure these markets remain transparent and corruption-free.” The coalition said more companies are in talks to join.
The approval allows Gemini to offer event contract trading services to existing US customers through its website and mobile app. In regulatory filings related to its IPO, Gemini had included prediction markets on “economic, financial, political, and sports forecasts” among its list of products of interest.
Gemini stated it “will explore expanding its derivatives offering for US customers to include crypto futures, options, and perpetual contracts.” Following the approval announcement, Gemini shares surged as much as 28% in extended trading.
The approval is among the latest agency actions under Acting Chairman Caroline Pham, who has positioned herself as a champion of the digital assets industry and has taken numerous steps to advance crypto trading on CFTC-regulated platforms. Pham also announced that Tyler Winklevoss would participate in the agency’s CEO Innovation Council, which will include Polymarket founder Shayne Coplan, CME Group Chairman and CEO Terry Duffy, and Kalshi co-founder Tarek Mansour.
CZ Marches to the Center Stage of Prediction Markets
Binance founder Changpeng Zhao (CZ) is also expanding his prediction market territory. On December 4, CZ posted on X about a new prediction market launching on BNB Chain. A key feature of the platform is that user funds generate yield while awaiting outcomes. The platform is backed by YZiLabs (formerly Binance Labs), which manages over $10 billion in assets and has invested in more than 300 projects globally.
One day earlier, Trust Wallet, owned by CZ, launched its Predictions feature. Web3 prediction market protocol Myriad joined as the first integration partner, enabling users to bet on politics, sports, and market trends within the app. Trust Wallet’s user base stands at 220 million.
BNB Chain completed its integration with Polymarket in October, and Opinion Labs, a prediction market provider backed by YZiLabs, launched its mainnet. Opinion Labs secured a multi-million dollar investment at Binance Blockchain Week. They completed a $5 million seed funding round in Q1 2025, led by YZiLabs with participation from Animoca Ventures and Amber Group.
Trump Media Enters the Fray with Truth Predict
Trump Media & Technology Group, the social media company of former President Donald Trump, is also jumping into the prediction market business. The company plans to launch “Truth Predict” on its Truth Social network, allowing users to bet on events ranging from political elections to changes in the inflation rate.
Truth Predict will use Crypto.com Derivatives North America to process bets and will offer wagers on commodity prices and events across all major sports leagues. Initial testing will begin “in the near future,” followed by a full US launch and eventual global expansion.
Devin Nunes, CEO of Trump Media and a former Republican congressman, stated: “For too long, global elites have closely controlled these markets. With Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd.”
The Race for the $15 Billion Throne
Prediction markets have exploded since a federal court dismissed the prohibition on election betting last year. Weekly notional trading volume on Polymarket and Kalshi has surpassed the peak set during last year’s US presidential election, reaching new records.
Investor interest is soaring. Kalshi’s valuation has more than doubled following its recent funding round, reaching $11 billion. Polymarket is reportedly seeking to raise funds at a valuation of up to $15 billion.
Traditional financial exchanges, including CME Group and Intercontinental Exchange, are also exploring ways to enter this market. Monthly transfer volume for tokenized equities increased 32% over the last 30 days to $1.45 billion.
However, regulatory uncertainty remains a challenge. Kalshi filed a lawsuit in October against New York’s gaming commission, alleging that the state agency is overstepping its authority by attempting to regulate sports betting operations that fall exclusively under federal jurisdiction. Sports betting remains illegal in nearly a dozen US states, and lawsuits over the legality of prediction markets are mounting.
Coinbase, Gemini, CZ’s BNB Chain, and the newly formed industry coalition — the game of giants for the $15 billion throne has only just begun.
JP Morgan has successfully arranged one of the first-ever debt issuances on a public blockchain, executing a US Commercial Paper offering for Galaxy Digital Holdings LP on the Solana network.
The transaction, announced December 11, was purchased by Coinbase and Franklin Templeton, with all settlement conducted in Circle’s USDC stablecoin—a first for the commercial paper market.
Wall Street No Longer Experimenting
The deal represents a significant departure from JP Morgan’s previous blockchain strategy, which relied primarily on its private Onyx network and JPM Coin. By choosing Solana’s public infrastructure, the Wall Street giant has effectively validated the network’s capability to handle institutional-grade financial products.
“This issuance is a clear example of how public blockchains can improve the way capital markets operate,” said Jason Urban, Global Head of Trading at Galaxy. Franklin Templeton’s Head of Innovation Sandy Kaul added that institutions are no longer just experimenting with blockchain—they’re “transacting on it in a big way.”
JP Morgan served as Arranger, creating the on-chain USCP token and facilitating delivery-versus-payment (DVP) settlement. The DVP model eliminates counterparty risk by ensuring that assets and payments are exchanged simultaneously—a critical feature for institutional adoption. Galaxy Digital Partners LLC acted as the Structuring Agent, marking Galaxy’s first-ever commercial paper issuance.
Coinbase played dual roles as both an investor and an infrastructure provider, offering private-key custody, wallet services, and USDC on- and off-ramp capabilities. The collaboration between traditional finance and crypto-native firms signals a maturing ecosystem ready for mainstream adoption.
Why Solana and USDC
Solana’s selection reflects its technical advantages: speed, scalability, and low transaction costs. The network’s ability to process thousands of transactions per second made it well-suited for institutional operations requiring efficiency and reliability. While Ethereum remains prominent in the tokenization landscape, Solana’s cost efficiency positions it for high-frequency, cost-sensitive financial applications.
Circle’s USDC stablecoin played an equally pivotal role. According to Circle’s official reports, USDC has enabled over $850 billion in value transfers globally, supporting real-time settlement for compliant financial operations. Its use as settlement currency for traditional debt instruments represents a breakthrough for stablecoin utility.
Strong Financials Back the Deal
The transaction strengthens Galaxy’s short-term funding capabilities amid robust financial performance. The company reported $629 million in adjusted EBITDA for Q3 2025—a record quarter. As of June 30, 2025, Galaxy held $2.6 billion in equity and $1.2 billion in cash and stablecoins, positioning it well to expand blockchain-based funding channels.
JP Morgan‘s involvement adds significant credibility. JP Morgan holds $40.1 trillion in assets under custody, $1.11 trillion in deposits, and operations spanning more than 100 countries. The bank’s endorsement of public blockchain infrastructure carries substantial weight for institutional observers.
SOL Unmoved Despite Historic News
Despite the landmark nature of the transaction, Solana’s native token, SOL, has shown a limited price reaction. As of December 12, SOL trades at approximately $136, down 2.25% over the past week. The token briefly spiked above $145 on December 9-10 before retreating to current levels.
Source: BeInCrypto
The muted response may reflect the market’s forward-looking nature—institutional adoption has long been anticipated. Broader market conditions and profit-taking following recent gains could also be overshadowing the positive news.
Yi He, who was named Binance co-CEO on Wednesday, offered blunt advice for women navigating the corporate world: drop the soft-skill crutches and build undeniable expertise.
Speaking to reporters in Dubai just hours after her appointment was announced at Binance Blockchain Week, Yi He reflected on what it takes for women to succeed in male-dominated industries.
Professional Excellence Over Gender Advantages
Her message cut against conventional wisdom about leveraging “feminine” strengths—and resonated with a career that took her from a rural village in Sichuan province to the top of the world’s largest crypto exchange.
“The biggest barrier for women isn’t which industry they’re in—it’s the mental ceiling they set for themselves,” Yi He said.
She cautioned against over-relying on perceived gender advantages such as communication skills or likability.
“When you lean on these soft skills, people respect your charm rather than your expertise. That ultimately undermines your professional credibility.”
Her message was unequivocal: in business competition, being female earns no leniency.
“It’s white knife in, red knife out,” she said, using a Chinese idiom for brutal competition. “Nobody slows down because you’re a woman. If anything, the attacks can be harsher.”
The key, she emphasized, is to become the absolute best in your field—whether in marketing, growth, or content—so that colleagues and competitors alike respect your professional capability above all else.
A Consistent Message on Female Leadership
Yi He’s remarks echo views she has expressed before. In a 2023 interview, she urged women to “forget your gender” and focus instead on becoming good business leaders. “Don’t focus on the fact that you’re a woman in a man’s world,” she said. “Never set a limit on yourself.”
Later that year, in another interview, she attributed the underrepresentation of women in leadership to societal expectations that discourage them from pursuing top positions. “Many women do not speak out or pursue leadership positions because they were not encouraged to do so by their families, schools, or friends,” she said at the time.
Her advice then, as now, centered on seizing opportunities proactively. “Women in tech or other new industries can be bolder and take more risks,” she noted. “They will never know what they can do unless they jump into it.”
Dual Leadership for Binance’s Next Chapter
Yi He’s appointment as co-CEO was announced by Richard Teng during his keynote at Binance Blockchain Week, where the co-CEOs outlined an ambitious roadmap for the exchange. The dual leadership structure pairs Yi He’s product innovation expertise with Teng’s background in regulated financial markets.
Teng called her promotion “a natural progression,” highlighting her role in shaping Binance’s user-first culture since its 2017 founding. The exchange now approaches 300 million users and has set a target of one billion.
When asked about the potential influence of the founder and her partner in a long-term relationship, Changpeng Zhao, Yi He drew a clear line:
“My personal life is independent from my professional life. My achievements and capabilities as cofounder are often overlooked with my personal life in question. Binance has nearly 300 million users who trust us for upholding our core values—looking after their interests, protections, and 1:1 backing for every user asset.”
The exchange now approaches 300 million users and has set a long-term target of one billion. Teng said Binance aims to become a “Super App” bridging centralized and decentralized finance. The company is also deepening partnerships with major institutions, including BlackRock and Franklin Templeton. On the compliance front, Binance blocked nearly $7 billion in potential scams in 2025. It continues to pursue regulatory approvals worldwide.
Bitcoin mining profitability plunged to record lows in late 2025 as the hash rate dropped below $35 per petahash per second, while production costs rose to $44.8 per petahash. This forced miners into payback periods over 1,200 days and drove a major industry shift, with 70% of top mining companies now earning revenue from artificial intelligence infrastructure.
November 2025 marked a turning point for the global Bitcoin mining industry. A confluence of collapsing margins, regulatory pressure, and strategic pivots reshaped the sector’s landscape. Here are the five key trends that defined the month.
Profitability Hits Historic Lows
Network hashrate surged to a record 1.1 ZH/s in October, intensifying competition. Meanwhile, Bitcoin prices dropped to around $81,000, crushing margins across the industry. Machine payback periods have stretched beyond 1,200 days.
MARA CEO Fred Thiel issued a stark warning about the industry’s future. After the 2028 halving reduces block rewards to roughly 1.5 BTC, most business models will collapse. Only miners with access to cheap energy or successful AI pivots will survive, he said.
Financing costs continue to rise as traditional mining revenue shrinks. Even companies transitioning to AI cannot yet offset the decline in Bitcoin income. The squeeze is forcing urgent strategic decisions across the sector.
AI Pivot Accelerates
Seven of the top ten mining companies now generate revenue from artificial intelligence. AI hosting yields already exceed traditional mining returns by roughly 50% per megawatt. The shift is reshaping how the industry measures success.
Bitfarms announced it will phase out Bitcoin mining entirely within two years. Its Washington State facility will be converted into an HPC data center by December 2026. CEO Ben Gagnon said potential returns could surpass all previous mining income.
IREN secured a landmark $9.7 billion, five-year GPU cloud computing agreement with Microsoft. The deal includes a 20% upfront payment. IREN will deploy NVIDIA GB300 GPUs at its Texas facility starting in 2026.
Hut 8 sold four Canadian natural gas power plants totaling 310 MW to TransAlta. The move aligns with its strategic shift toward Bitcoin mining plus HPC infrastructure. CleanSpark aims to become a comprehensive compute platform serving both AI and BTC.
Massive Capital Restructuring
A wave of convertible note issuances is sweeping the industry. CleanSpark raised $1.15 billion at 0% interest. TeraWulf completed a $1.025 billion offering, also at zero percent.
Cipher Mining issued $1.4 billion in senior secured notes at 7.125% yield. IREN plans to raise $2 billion through two separate convertible bond offerings. Bitfarms completed a $588 million convertible debt issuance.
Equipment commitments are equally massive. IREN signed a $5.8 billion agreement with Dell to procure NVIDIA GB300 GPUs. Cipher expanded its Fluidstack agreement, with Google providing $1.73 billion in guarantees.
Canaan secured a $72 million strategic investment from BH Digital, Galaxy Digital, and Weiss Asset Management. The funds will support high-performance computing and the development of energy infrastructure. The company aims to reduce future financing dilution.
Regulatory Polarization
Malaysia has uncovered approximately 14,000 illegal mining operations over the past five years. Stolen electricity has caused roughly $1.1 billion in damage to the state utility TNB. A government task force was established in November to intensify crackdowns.
Russia is deploying AI technology to combat illegal mining. State grid operator Rosseti embeds AI analytics into smart meters to detect power anomalies. One recent bust involved $1.5 million in stolen electricity.
Yet some governments are embracing mining. Japan launched its first government-linked project through a major regional utility. Canaan will deploy water-cooled Avalon miners for grid load balancing by year-end.
Belarusian President Lukashenko declared cryptocurrency mining a national priority for electricity usage. He suggested that crypto could serve as an alternative to reliance on the dollar. About 60% of Russian miners remain unregistered, prompting discussions of an amnesty.
Strategic BTC Accumulation
Leading miners are stockpiling Bitcoin rather than selling into the market. MARA holds 53,250 BTC valued at approximately $5.6 billion. The company ranks second globally in public Bitcoin reserves.
CleanSpark reported total holdings of 13,054 BTC as of November 30. Monthly production reached 587 BTC in November alone—year-to-date mining output totals 7,124 BTC.
Cango holds 6,412 BTC with an explicit commitment to long-term holding. Bitdeer increased its reserves to 2,233 BTC after mining 511 BTC in October. Canaan reached a record 1,610 BTC and 3,950 ETH.
The accumulation strategy signals confidence in Bitcoin’s long-term value. Miners are betting that surviving the current profitability crisis will prove rewarding. Those who hold through the squeeze may emerge as the biggest winners.
Central banks purchased a net 53 tonnes of gold in October 2025, a 36% month-over-month surge that brought the monthly totalto the highest of the year.
This aggressive gold accumulation reflects growing concerns over macroeconomic uncertainty and a strategic shift away from traditional dollar-denominated assets.
Record Gold Purchases Signal Strategic Shift
According to World Gold Council data, central banks purchased a net 53 tonnes of gold in October alone—the highest monthly demand this year—led by Poland, Brazil, and emerging market economies.
Central banks acquired 254 tonnes year-to-date through October, making 2025 the fourth-highest year for gold accumulation this century. This trend highlights concerns about economic stability and currency diversification.
The National Bank of Poland led the activity, buying 16 tonnes in October. This brought Poland’s reserves to a record 531 tonnes, or about 26% of its total foreign exchange reserves. Brazil also bought 16 tonnes, while Uzbekistan added 9 tonnes and Indonesia acquired 4 tonnes. Turkey, the Czech Republic, and the Kyrgyz Republic expanded by 2 to 3 tonnes each. Meanwhile, Ghana, China, Kazakhstan, and the Philippines increased holdings, and Russia reduced its reserves by 3 tonnes to 2,327 tonnes.
Central banks are ramping up gold purchases:
Global central banks purchased +53 tonnes of gold in October, the most since November 2024.
This marks a +194% jump compared to July, and the 3rd-straight monthly acceleration.
95% of surveyed central banks expect reserves to climb next year. Serbia plans to nearly double its gold reserves to 100 tonnes by 2030, while Madagascar and South Korea are considering similar expansion. The sustained demand remains despite high gold prices, emphasizing gold’s strategic importance in uncertain times.
United States Establishes Bitcoin as National Reserve Asset
The trend is now spilling over into digital assets. As sovereign institutions diversify their reserves, Bitcoin is increasingly entering the conversation as a potential complement to gold.
In the United States, Senator Cynthia Lummis stated that funding for the Strategic Bitcoin Reserve “can start anytime,” citing President Trump’s executive order designating Bitcoin as a national reserve asset. The Treasury currently manages approximately 200,000 BTC—worth roughly $17 billion—under a budget-neutral framework using seized assets.
The House’s 2026 appropriations bill requires a 90-day Treasury study on custody, standards, and AI for sanctions enforcement. It also bans funds for a central bank digital currency. No further Bitcoin purchases are mandated beyond seized assets, leaving future reserve growth open for debate.
VanEck’s economic modeling projects that acquiring one million Bitcoin by 2029 could offset about 18% of the US national debt by 2049. CoinShares analysts suggest the reserve could strengthen technological leadership and offer inflation protection. Chainalysis economists, however, warn that simultaneous accumulation by many nations could affect market stability.
States and Nations Race to Build Bitcoin Reserves
Texas has already taken action. On November 20, it became the first US state to purchase Bitcoin for its treasury, acquiring $10 million through BlackRock’s spot Bitcoin ETF when prices briefly dipped to $87,000. The move signals a growing appetite among state governments to treat Bitcoin as a strategic asset.
The momentum is not limited to America. Taiwan’s legislature has urged the government to audit its Bitcoin holdings and consider adding cryptocurrency to its strategic reserves, with Premier Cho Jung-tai pledging a detailed report by year-end. Lawmakers cited concerns about the island’s heavy reliance on U.S. dollar assets, which account for over 90% of its $602.94 billion in foreign reserves.
Deutsche Bank analysts project that Bitcoin could appear on central bank balance sheets by 2030, coexisting with gold as a complementary hedge against inflation and geopolitical risk. As nations race to secure both traditional and digital safe-haven assets, the global reserve landscape may be on the verge of a historic transformation.
Ethereum has successfully activated the Fusaka upgrade on mainnet, marking its second major network enhancement in 2025.
With PeerDAS now live, ETH has surged past the critical $3,200 resistance zone, and traders are watching whether the rally can sustain and even extend further.
Fusaka Goes Live
Ethereum confirmed the Fusaka mainnet activation on December 3 at 22:04 UTC. The upgrade introduces PeerDAS technology, which unlocks up to 8x data throughput for rollups, raises the gas limit from 45 million to 60 million units, and adds R1 curve support for improved user experience. Currently, Ethereum processes between 1.3 and 1.8 million transactions daily and holds over $73 billion in value locked in DeFi.
For L2 and Layer 2 rollups, Fusaka is even more relevant. PeerDAS increases the available space for blobs and prepares gradual capacity increases in future forks focused solely on data. The goal is clear: to maintain very low fees on networks like Arbitrum, Base, or Optimism, even if demand continues to grow.
Community members will monitor the network for issues over the next 24 hours.
Fusaka is live on Ethereum mainnet!
– PeerDAS now unlocks 8x data throughput for rollups – UX improvements via the R1 curve & pre-confirmatons – Prep for scaling the L1 with gas limit increase & more
Community members will continue to monitor for issues over the next 24 hrs.
ETH is trading at $3,231, up 7.38% over the last 24 hours. The price has cleared the $3,154-$3,200 supply cluster that marked strong resistance, a move that traders see as a bullish signal.
The pattern echoes the pre-Pectra phase in May 2025, when Ethereum surged 56% in just seven days following that upgrade. Technical charts show a classic bullish divergence: while price marked a lower low between November 4 and December 1, RSI printed a higher low—a setup that often signals weakening selling pressure.
On-chain data supports the bullish case. Addresses holding at least $1 million in ETH have increased from 13,322 to 13,945, representing roughly $623 million in additional accumulation by large holders.
Key Levels to Watch
With the $3,200 zone now cleared, the next target sits at $3,653. If the rally extends 56% from Pectra, a move toward $4,262 comes into view.
On the downside, $3,200 now serves as the first support to hold. A break below $2,996 would weaken the bullish structure, exposing $2,873 and potentially $2,618.
For now, sustaining above $3,200 will determine whether Fusaka marks the beginning of a new bullish phase.
From Nov. 24 to Dec. 2, 2025, JPMorgan launched leveraged notes tied to BlackRock’s Bitcoin ETF, Vanguard reversed its crypto ban, and Nasdaq quadrupled IBIT options limits. Three moves in nine days created one outcome: Bitcoin’s absorption into traditional finance and institutions.
Analyst Shanaka Anslem Perera describes that this rapid convergence marked a foundational change in how institutional capital accesses digital assets. Leading banks and asset managers expanded crypto offerings, distribution channels, and regulatory frameworks, redefining Bitcoin’s role in global finance.
The November Convergence: Coordinated Infrastructure Expansion
Traditional finance long observed Bitcoin from a distance. By late 2025, however, digital asset infrastructure reached a tipping point. The transformation began with SEC approval of spot Bitcoin ETFs in January 2024, offering a regulated path for institutional investment.
JPMorgan’s Nov. 24 filing detailed leveraged structured notes providing up to 1.5x returns on BlackRock’s iShares Bitcoin Trust ETF through 2028. These securities targeted sophisticated investors seeking amplified exposure while retaining legal protections. Notably, the notes exposed investors to significant downside, risking principal loss if IBIT declined by roughly 40 percent or more.
That same week, Nasdaq announced on Nov. 26 that it would raise IBIT options position limits from 250,000 to 1,000,000 contracts. This acknowledged the growth in both market capitalization and volume, supporting the need for volatility-hedged products for institutional portfolios. As Perera’s structural analysis noted, broader options infrastructure allowed institutions to manage Bitcoin volatility, aligning digital assets with standard risk controls.
On Dec. 2, Vanguard completed the picture. The world’s second-largest asset manager reversed its long-standing opposition and opened Bitcoin and crypto ETFs to clients holding around $11 trillion in assets. Vanguard’s move, made during a market correction, signaled strategic timing rather than speculative chasing.
This turning point coincided with a wave of retail exits. Bitcoin ETF redemptions soared as individual investors sold amid price drops. Meanwhile, institutional capital took the other side. Abu Dhabi Investment Council and similar sovereign entities increased their Bitcoin allocations as retail sentiment reversed.
Bank of America authorized 15,000 financial advisers to allocate Bitcoin to wealth clients starting Jan. 5, 2026. Advisers recommended a 1 to 4 percent exposure for clients able to stomach volatility, highlighting four ETFs: the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund, the Grayscale Bitcoin Mini Trust, and the BlackRock iShares Bitcoin Trust. This guidance marked a significant shift for an institution with $2.67 trillion in assets across more than 3,600 branches.
“2024: Vanguard CEO says they will not offer Bitcoin ETFs 2025: Vanguard offers Bitcoin ETFs to 50 million clients Vanguard and JPMorgan have bent the knee,” eOffshoreNomad posted.
Similarly, BlackRock recommended allocating up to 2 percent of portfolios to Bitcoin, citing risk levels comparable to those of the “Magnificent 7” technology stocks. The unified approach across institutions suggested coordinated messaging, if not formal cooperation. Advisers received consistent direction on allocations, risk communication, and client selection from competing firms.
Goldman Sachs took a different approach by acquiring Innovator Capital Management for about $2 billion. This gave Goldman instant distribution and compliance pathways for crypto products, saving years of internal development and providing an established network.
MSCI Index Exclusion: Eliminating Competing Models
While financial institutions expanded ETF infrastructure, other models faced obstacles. On Oct. 10, 2025, MSCI announced a consultation to exclude firms with substantial digital asset treasury holdings from major indices. The preliminary list included Strategy Inc., Metaplanet, and similar companies that pioneered corporate treasury Bitcoin adoption.
The proposal targeted companies in which Bitcoin or other digital assets accounted for an outsized share of the balance sheet. Removal from the MSCI Global Investable Market Indices would force these firms out of passive investment funds and major benchmark-tracking ETFs. The consultation is open until Dec. 31, 2025, with final decisions coming by Jan. 15, 2026.
The timing was notable. Strategy Inc., for example, attracted those wanting Bitcoin exposure without financial intermediaries or ETF fees. But, as MSCI proposed exclusion, major banks introduced new fee-generating ETF options. This created pressure on alternative exposure approaches.
Regulatory clarity accelerated institutional adoption through 2025. Laws such as the GENIUS Act and related orders defined the treatment of digital assets and reduced legal risks for large financial firms. These rules aligned digital assets with existing securities compliance, encouraging institutional entry.
Fee-Based Capture and the End of Alternative Exposure
The nine-day convergence was about more than new products. It firmly established Bitcoin as a fee-earning asset class for traditional finance. Leveraged notes, options, and ETF allocations each bring recurring revenue, while direct treasury and self-custody models now face obstacles such as index exclusions and higher regulatory requirements.
With expanded options, institutions can now manage volatility, making Bitcoin suitable for risk-parity portfolios and mandates with strict limits. The infrastructure shift means Bitcoin now acts as a portfolio component, not just a speculative asset. Yet, this shifts price discovery to derivatives, not spot trading.
The institutional system mirrors other asset classes. Allocations and risk disclosures are harmonized. Licensed advisers guide clients, and products feature standardized fees and messaging. Bitcoin, initially meant to circumvent the system, is now absorbed into the very architecture it once challenged.
Precious metals rally to multi-week and all-time highs as Fed easing expectations climb, but crypto markets tell a different story amid ETF outflows and macro headwinds.
Gold prices touched a six-week high on Monday while silver struck a record, buoyed by growing expectations of US interest rate cuts and a weakening dollar.
Silver Shines on Supply Squeeze
Spot gold climbed to $4,241 per ounce, its highest level since late October, while silver soared to a record $58.83 before retreating slightly. The white metal has more than doubled in value this year, far outpacing gold’s impressive 60% gain.
The primary driver behind this rally is growing expectations for Federal Reserve rate cuts. According to CME FedWatch data, traders are now pricing in an 87.6% probability of a 25-basis-point rate cut at the Federal Reserve’s December 10 meeting, with only a 12.4% chance of rates remaining unchanged.
Beyond monetary policy expectations, silver is benefiting from acute supply constraints. A historic squeeze in London during October drew record amounts of the metal into the trading hub, subsequently draining inventories elsewhere. Shanghai Futures Exchange-linked warehouses recently hit their lowest levels in nearly a decade, while one-month borrowing costs for silver remain elevated.
Source: CME FedWatch
The dollar’s slide to a two-week low has further enhanced the appeal of precious metals for holders of other currencies. Dovish remarks from Fed officials, including Governor Christopher Waller and New York Fed President John Williams, have reinforced expectations for continued monetary easing.
Bitcoin Bucks the Trend
Yet Bitcoin, often touted as “digital gold,” has moved in the opposite direction. The leading cryptocurrency plunged to around $86,000, down roughly 30% from its October all-time high near $126,000.
Several factors explain this divergence. US-listed Bitcoin ETFs recorded approximately $3.4 billion in net outflows in November, reversing earlier inflows. A $9 million Yearn Finance hack on December 1 rattled DeFi sentiment, while Bank of Japan Governor Kazuo Ueda’s hints at a potential rate hike sparked fears of global carry trade unwinding. Additionally, over $1 billion in leveraged crypto positions were liquidated during the recent selloff.
Those who said that the bitcoin chart will follow gold in the future.
Although gold, silver, and Bitcoin are all non-yielding assets, precious metals are benefiting from independent bullish drivers—namely, physical supply shortages. Bitcoin, by contrast, remains far more sensitive to ETF fund flows and leverage liquidations.
While rate-cut expectations should be favorable for Bitcoin over the medium to long term, short-term headwinds are currently exerting greater influence.
China’s yuan is on track for its strongest annual performance in five years, gaining nearly 4% against the dollar in 2025.
While the rally has captured headlines in traditional finance, its implications for cryptocurrency markets are complicated by Beijing’s increasingly hawkish regulatory stance.
Reduced Capital Flight, Tighter Enforcement
Several factors are driving the yuan’s appreciation: the People’s Bank of China’s supportive daily fixing, renewed inflows into Chinese equities, and a roughly 7% decline in the dollar index. Central investment banks remain bullish, with Goldman Sachs projecting the currency could reach 6.85 per dollar within a year.
For crypto investors, yuan strength is not inherently bullish. Historically, periods of yuan weakness—such as 2018-2019—prompted Chinese capital to seek refuge in Bitcoin as a hedge against currency depreciation. A stronger yuan reverses this dynamic, reducing capital flight incentives and making dollar-denominated assets, including Bitcoin, relatively less attractive to Chinese investors.
Adding to the bearish undertone for China-linked crypto flows, the PBOC last week reaffirmed its crackdown on virtual currencies. At a regulatory coordination meeting on November 29, the central bank warned that crypto speculation has recently resurged, presenting new challenges for risk control. It reiterated that virtual currency-related business activities remain “illegal financial activities” in China.
The PBOC also flagged specific concerns about stablecoins, citing failures to meet customer identification and anti-money-laundering requirements. Authorities warned that stablecoins risk facilitating money laundering, fraud, and unauthorized cross-border fund transfers—signaling that Beijing views dollar-pegged tokens as potential loopholes for capital flight even as the yuan strengthens.
Macro Tailwinds Persist for Yuan
Yet the broader macro backdrop remains supportive for crypto. The same forces driving yuan appreciation—dollar weakness, anticipated Federal Reserve rate cuts, and improving global risk sentiment—are traditionally favorable for risk assets. Bitcoin’s rally since August has coincided with the yuan’s rebound, suggesting both are responding to the same liquidity-driven tailwinds.
While a stronger yuan and tighter Chinese enforcement may reduce one historical source of Bitcoin demand, global liquidity conditions and dollar weakness continue to serve as more significant drivers for crypto market direction.
Japan’s 2-year government bond yield surged to 1% on December 1, its highest since 2008. Bank of Japan Governor Kazuo Ueda signaled a possible interest rate hike at the December 18-19 monetary policy meeting, sending ripples through global financial markets.
This development could mark the end of three decades of ultra-low interest rates that fueled the yen carry trade. As borrowing costs rise and the yen strengthens, global markets now brace for significant deleveraging across asset classes.
Bond Yields Climb as Rate Hike Expectations Grow
Japan’s bond market moved sharply following Ueda’s recent statements. The 2-year note yield rose by one basis point to 1%. Longer-dated bonds also saw gains: five-year yields rose about four basis points to 1.35%, and 10-year yields climbed to 1.845%, according to Bloomberg data.
During trading, 10-year government bond yields reached 1.850%, their highest level since June 2008. This 17-year high highlights market belief that the BOJ will tighten policy soon. The shift in yields underscores the rapid change in investor sentiment on the central bank’s next move.
Source: investing.com
Markets responded quickly. The yen gained as much as 0.4% against the dollar, trading at 155.49 on December 1. This reversal from November’s levels reflects growing expectations of higher Japanese interest rates, which are making yen assets newly attractive.
Inflation and Fiscal Policy Drive Shift Toward Tightening
The government’s expansionary fiscal policy has added to inflation pressures, building a case for monetary tightening. Yen depreciation has lifted import prices, fueling consumer inflation and raising questions about the sustainability of price stability. Governor Ueda highlighted the growing impact of a weaker yen on import costs and warned that expectations could affect core inflation.
Market forecasts now suggest the BOJ’s policy rate could reach 1.4% following three 25-basis-point hikes from the current 0.5% rate. Based on Overnight Indexed Swap rates and 1-year forward rates, expectations are clearly rising. Katsutoshi Inatome of Mitsui Sumitomo Trust said that a hike in December would push future rate estimates even higher.
The BOJ faces a careful balance. While lifting rates tackles inflation and supports the currency, it could disrupt financial flows that have relied on cheap Japanese funding. Ueda emphasized that any hike would be measured in an accommodative manner, not as a sharp break. He added that Japanese policy has revived a system where both wages and prices can rise moderately.
Global Markets React as Yen Carry Trade Nears End
The possible unwinding of the yen carry trade marks a significant change for global finance. For 30 years, investors borrowed yen at low rates to seek higher returns elsewhere, supporting asset prices from US stocks to emerging market bonds. This provided leverage that fueled many market rallies.
As Japanese rates climb, the economics of the carry trade shift. Borrowers who locked in 1% funding with a stable yen now face repayment at 3% and a currency that has appreciated by 10%. This raises the effective borrowing cost to around 13%, making such trades far less attractive. The August 2024 flash crash previewed the turmoil that can occur when carry trade positions unwind quickly.
“For 30 years, the Yen Carry Trade subsidized global arrogance — zero rates… free leverage… fake growth… entire economies built on borrowed time and borrowed money. Now Japan has reversed the switch. Rates climbed. Yen strengthened. And the world’s favourite ATM just turned into a debt-collector.” – AlgoBoffin
The Nikkei 225 fell 1.88% as deleveraging began, and analysts warn that this could start a cycle of forced asset sales. When cheap yen financing vanishes, markets must rely on fundamental strength instead of leverage. The ripples stretch beyond Japan, impacting financial hubs like Wall Street and Shanghai that benefited from yen-driven liquidity.
Cryptocurrency markets are especially vulnerable to tighter global liquidity. Bitcoin and other digital assets respond sharply to changes in funding. Typically, risk assets absorb the first wave of volatility when liquidity dries up, potentially causing swings in crypto valuations.
These **three charts together (Japan 10Y + Silver + Bitcoin)** are telling one of the **clearest macro stories of our lifetime**.
## **1️⃣ Japan 10-Year Yield (The Beginning of the End of “Free Money”)**
Some analysts argue that this transition exposes underlying market dynamics that have been masked by years of loose monetary policy. As liquidity tightens and rates normalize, asset prices may be judged more on intrinsic value than on cheap financing. This shift could benefit some commodities and hard assets, but challenge growth sectors that flourished with ultra-low rates.
The coming weeks are pivotal as the BOJ considers its December decision. Markets are set for tightening, but the exact pace is unknown. Whether Japan chooses gradual or sharper rate increases will shape how quickly and severely global deleveraging unfolds. The era of free Japanese money seems to be ending, ushering in a period of higher volatility and greater scrutiny of market fundamentals worldwide.
Bitcoin briefly plunged below $87,000, wiping out a week’s gains in one session.
The fast selloff triggered $400 million in liquidations within just 60 minutes and pushed the global crypto market capitalization down 4% to $3.04 trillion. Trading activity surged as both retail and institutional investors reacted swiftly to price pressure.
Market Turmoil Sparks Massive Liquidations
Liquidations surged across leveraged positions, reflecting the speed of the downturn. Market data noted $400 million liquidated in just one hour. This rapid wave of losses highlights the risks for traders during sharp price moves.
BREAKING: Bitcoin falls -$4,000 in 2 hours as mass liquidations return.
$400 million worth of levered longs have been liquidated over the last 60 minutes. pic.twitter.com/qKB7MYJapu
Trading volume spiked to over $110 billion as investors adjusted their holdings. Bitcoin’s dominance stood at 57.1%, while Ethereum held 11.3%, according to CoinGecko data.
The Kobeissi Letter attributed the crash to thin weekend liquidity and record-high leverage, saying, “This crypto bear market is still structural in nature. We do NOT view this as a fundamental decline.” The analyst noted that Bitcoin fell $4,000 in minutes with no news. This triggered a domino-effect selloff amplified by mass liquidations of leveraged positions.
Other analysts have warned that Bitcoin’s price pattern resembles earlier bearish cycles. Following a recovery above $90,000 after a drop on November 20, Bitcoin hovered around $91,208.85 on November 28 and maintained support at $90,000 for six days.
Korbot Labs describes that the current price action echoes April 2024, when Bitcoin bounced back above $70,000 only to drop to $57,000 by May and later to $67,000 by June. This pattern suggests that further sideways movement or another correction is possible.
“Bitcoin not a good open to start the week! Much closer to becoming 2-1-2d as a measured move. This tends to cause a ‘wipe out’ type move if we successfully break through 80.00. Could see as low as 48k if we see the sellers stick around into the end of this year.”
Technical analysis also points to crucial support zones. Should selling persist, prices could slip much further. A drop to $48,000 would mark a dramatic 45% decline from current levels, but such a move would likely require sustained bearish sentiment.
Asset Rotation Narrative Shapes Sentiment
Some analysts see Bitcoin’s selloff as part of a broader shift in asset allocation. The move came as traditional safe-haven assets like precious metals outperformed. This suggests some investors are reconsidering their risk exposure.
Source: silverprice.org
This argument states that capital is flowing from digital assets to “hard money” alternatives. Silver, for example, surged even as Bitcoin fell. Some analysts see this as a sign of changing investor preferences.
“While #Bitcoin just erased most of the last week gain in a single candle, #Silver is breaking out vertically like there’s no tomorrow. Money is choosing real assets over speculative assets. The rotation is screaming loud: Paper wealth → Hard money, Digital risk → Monetary metals” – Macrobysunil
This theory remains hotly debated. Bitcoin has repeatedly rebounded from steep selloffs. Its 57.1% market dominance shows it still attracts most digital asset flows, despite volatility.
Meanwhile, on the first day of December, Bitcoin briefly dipped below $87,000 before quickly recovering. At the time of writing, Bitcoin is trading in the $87,200–$87,400 range, with market participants closely watching whether the $87,000 support level will hold.
MicroStrategy Chairman Michael Saylor’s cryptic post, “What if we start adding green dots?” to his well-known Bitcoin accumulation chart, has fueled widespread speculation across crypto circles.
The signal emerges just as CEO Phong Le publicly acknowledged, for the first time, that the company may sell Bitcoin under certain stress conditions. This dual narrative could mark a turning point for the corporate world’s most aggressive Bitcoin treasury strategy.
Decoding the Green Dots Mystery
Saylor’s Sunday post on X displayed the company’s Bitcoin portfolio chart. It outlined 87 purchase events totaling 649,870 BTC, valued at $59.45 billion, with an average cost of $74,433 per Bitcoin. Orange dots mark each acquisition since August 2020, while a dashed green line shows the average purchase price.
The crypto community quickly interpreted the green dots as a signal for accelerated Bitcoin purchases. One analyst summarized the bullish case, noting MicroStrategy has capital, conviction, substantial net asset value, and cash flow to support continued acquisitions. However, some offered alternative theories, including the possibility of stock buybacks or asset restructuring.
This ambiguity reflects Saylor’s history of cryptic messages. Supporters view his posts as deliberate signals of strategy, while skeptics question if they are merely for engagement. Still, the timing of this signal, along with financial disclosures, points to more than mere commentary.
First Admission: Bitcoin Sales Remain an Option
In a significant shift from MicroStrategy’s “never sell” philosophy, CEO Phong Le publicly admitted the company may sell Bitcoin if certain crisis conditions arise. MicroStrategy would consider a sale only if two triggers occur: the stock trades below 1x modified Net Asset Value (mNAV) and the company cannot raise new capital through equity or debt.
Modified Net Asset Value measures the company’s enterprise value divided by its Bitcoin holdings. As of November 30, 2025, the mNAV was near 0.95, close to the threshold. If it drops below 0.9, MicroStrategy could be pressured to liquidate Bitcoin to meet its $750 to $800 million annual preferred share dividend obligations.
The company issued perpetual preferred stock throughout 2025 to fund Bitcoin acquisitions. According to official press releases, the 8.00% Series A Perpetual Strike Preferred Stock requires quarterly dividends starting on March 31, 2025. These ongoing obligations add new liquidity pressure, especially as equity markets become less receptive to new issuances.
This policy change introduces a measurable risk threshold. Analysts now consider MicroStrategy much like a leveraged Bitcoin ETF: benefiting from appreciation in bull markets, but exposed to amplified risks when liquidity tightens.
Bitcoin Price Movement and Strategic Implications
Bitcoin’s recent price movement adds essential context to both Saylor’s message and Le’s admission.
MicroStrategy’s portfolio showed a 22.91% gain ($11.08 billion) as of November 30, 2025, bringing its valuation to $59.45 billion. However, its stock declined by more than 60% from recent highs, revealing a gap between Bitcoin gains and shareholder returns. This gap impacts the mNAV calculation and raises questions about the strategy’s sustainability.
green dots = more btc acquisitions. microstrategy proved treasury strategy works in bull markets. real test is holding through -80% drawdowns without forced liquidation. conviction has a price denominated in shareholder patience
Some community members acknowledge this tension. One observer commented on X that green dots may suggest more Bitcoin acquisitions, but the key issue is whether MicroStrategy can hold through deep drawdowns without forced liquidation. This underscores the strategy’s challenge: strong in bull markets but unproven in downturns.
According to the company’s third-quarter 2025 financial results, it held roughly 640,808 bitcoins as of October 26, 2025, with an original cost basis of $47.4 billion. The subsequent growth to 649,870 BTC by November 30 highlights ongoing accumulation despite volatility.
A South Korean expert has suggested that the recent Upbit breach may have originated from a high-level mathematical exploit targeting flaws in the exchange’s signature or random-number generation system.
Rather than a conventional wallet compromise, the attack appears to have leveraged subtle nonce-bias patterns embedded in millions of Solana transactions—an approach requiring advanced cryptographic expertise and significant computational resources.
Technical Analysis of the Breach
On Friday, Upbit operator Dunamu’s CEO Kyoungsuk Oh issued a public apology regarding the Upbit incident, acknowledging that the company had discovered a security flaw that allowed an attacker to infer private keys by analyzing a large number of Upbit wallet transactions exposed on the blockchain. His statement, however, raised immediate questions about how private keys could be stolen through transaction data.
The next day, Professor Jaewoo Cho of Hansung University provided insight into the breach, linking it to biased or predictable nonces within Upbit’s internal signing system. Rather than typical ECDSA nonce-reuse flaws, this method exploited subtle statistical patterns in the platform’s cryptography. Cho explained that attackers could examine millions of leaked signatures, infer bias patterns, and ultimately recover private keys.
This perspective aligns with recent studies showing that affinely related ECDSA nonces create a significant risk. A 2025 study on arXiv demonstrated that just two signatures with such related nonces can expose private keys. As a result, private key extraction becomes far easier for attackers who can gather large datasets from exchanges.
The level of technical sophistication suggests an organized group with advanced cryptographic skills conducted this exploit. According to Cho, identifying minimal bias across millions of signatures requires not only mathematical expertise but also extensive computational resources.
In response to the incident, Upbit moved all remaining assets to secure cold wallets and halted digital asset deposits and withdrawals. The exchange has also pledged to restore any losses from its reserves, ensuring immediate damage control.
Extent and Security Implications
Evidence from a Korean researcher indicates that hackers gained access not only to the exchange’s hot wallet but also to individual deposit wallets. This may point to the compromise of sweep-authority keys—or even the private keys themselves—signaling a grave security breach.
Another researcher points out that, if private keys were exposed, Upbit could be forced to comprehensively overhaul its security systems, including its hardware security modules (HSM), multi-party computation (MPC), and wallet structures. This scenario raises questions about internal controls, indicating possible insider involvement and placing Upbit’s reputation at risk. The extent of the attack highlights the need for robust security protocols and strict access controls across major exchanges.
The incident illustrates that even highly engineered systems can conceal mathematical weaknesses. Effective nonce generation must ensure randomness and unpredictability. Detectable bias creates vulnerabilities that attackers can exploit. Organized attackers are increasingly capable of identifying and leveraging these flaws.
Research into ECDSA safeguards stresses that faulty randomness in nonce creation can leak key information. The Upbit case shows how theoretical vulnerabilities can translate into major real-world losses when attackers have the expertise and motivation to exploit them.
Timing and Industry Impact
The attack’s timing has fueled community speculation. It occurred exactly six years after a comparable Upbit breach in 2019, which was attributed to North Korean hackers. Furthermore, the hack coincided with the announcement of a major merger involving Naver Financial and Dunamu, Upbit’s parent company.
Online, some conspiracy theories about coordination or insider knowledge, while others suggest the attack could mask other motives, such as internal embezzlement. Although the clear technical evidence of a complex mathematical exploit points to a highly advanced attack by cybercriminals, critics say the pattern still mirrors longstanding concerns about Korean exchanges:
“Everyone knows these exchanges massacre retail traders by listing questionable tokens and letting them die with no liquidity,” one user wrote. Others noted, “Two overseas altcoin exchanges recently pulled the same stunt and disappeared,” while another accused the company directly: “Is this just internal embezzlement and plugging the hole with company funds?”
The 2019 Upbit case showed that North Korea-aligned entities had previously targeted major exchanges to evade sanctions through cyber theft. Although it’s unclear if the current incident involved state-sponsored actors, the advanced nature of the attack remains concerning.
Soneium, a Layer-2 blockchain platform by Sony Block Solutions Labs, announced a partnership with IRC APP, the official app for one of Japan’s largest idol and fashion festivals, Idol Runway Collection (IRC).
The collaboration will bring the IRC onto Soneium’s AI-powered IPFi infrastructure to transform global fan engagement through measurable, rewarding on-chain contributions. Asia’s entertainment industry has become a trailblazer in fan participation, a trend that is now taking hold in Western markets.
Sony’s Blockchain Infrastructure for Entertainment
The IRC, Japan’s largest idol and fashion hybrid festival, is hosted by YOAKE entertainment and has expanded its scale through a collaboration with Tokyo Girls Collection (TGC). IRC has already established itself as a success, attracting approximately 11,800 attendees and 107 idol groups to its 2025 event.
The core goal of the partnership is redefining fan engagement by valuing and rewarding measurable on-chain contributions across the J-Pop fandom. This collaboration will unlock the creative community’s economic potential, starting with the world’s second-largest music market.
The core of fan engagement is within the IRC mobile app. This AI-powered app evaluates positive, consistent, supportive posts made by fans on platforms such as X (formerly Twitter). The measured engagement is converted into “IRC Score,” which is automatically claimed to fans’ on-chain wallets without gas fees.
The first wave of IRC 2026 performers, including Nogizaka46, has been announced by YOAKE Entertainment. Source: YOAKE Entertainment
This accumulated score determines a user’s Membership rank—Regular, Bronze, Silver, or Gold—with each tier offering progressively enhanced real-world benefits for IRC 2026, scheduled for March 15, 2026, in Tokyo, including early ticket access, priority entry, and premium venue invitations. It also enables the on-chain Fan Vote, which directly shapes tangible aspects of the IRC 2026 event. This measurable fandom contribution system will expand beyond idol culture into new creative frontiers such as anime and fashion.
Sony launched its Soneium blockchain mainnet on January 14, 2025, setting a new standard for production-grade Web3 services focused on entertainment, gaming, and intellectual property protection. This public Layer-2 network uses Ethereum’s OP Stack, inheriting its security while offering lower transaction fees and higher throughput. Sony Block Solutions Labs designed Soneium to support scalable applications for digital communities and creative industries.
Asian Entertainment Companies Pioneer Fan Ownership Models
This is not the first time Asian entertainment companies have tried Web3-related projects. In Korea, girl group tripleS has made blockchain a core source of revenue. Produced by Modhaus and formed as a 24-member group, tripleS lets fans use NFTs and utility tokens to influence unit composition and song selection. Fans purchase NFT objects to gain Komos token voting power in the COSMO app, creating a system of transparent, participatory governance.
Korea’s girl group tripleS took the stage at the 2024 Korea Blockchain Week. Source: Factblock
This model enabled tripleS to generate revenue even before its debut, providing members with compensation comparable to that of large companies. Production exceeded 10 billion KRW ($6.8 million), and early NFT sales helped cash flow, offering a fairer distribution than typical idol group contracts. TripleS stands out as a case where blockchain drives fan co-creation and transparent value sharing in entertainment.
China’s entertainment platforms are rapidly adopting superfan-driven community models that resemble Web3 economics even without blockchain. HYBE’s expansion through Tencent Music and Alibaba shows how direct messaging, authenticated merchandise, and integrated fan services strengthen ownership-like engagement. This environment naturally supports large-scale Web3-style participation economies.
Tencent Music’s superfan ecosystem illustrates this shift with Bubble surpassing 2.3 million paying subscribers. G-DRAGON’s Macau shows drew 36,000 attendees and 7 million simultaneous online viewers, proving the power of hybrid fan engagement. Merchandise, tiered subscriptions, and the expansion of long-form audio show China building a multi-channel superfan economy aligned with Web3 principles.
Lessons From Failed Web3 Entertainment Experiments
Failures have existed, too. Momentrica, an NFT platform by Dunamu and HYBE, closed on July 2, 2025, after posting an operating loss of 13 billion KRW ($8.88 million USD)and a net loss of 12.3 billion KRW in the last reported year. Although HYBE artists’ digital collectibles sparked initial interest, Momentrica struggled due to a lack of long-term utility or sustained fan participation amid the broader NFT market downturn. Precisely, the platform only offered NFTs as static digital goods, not as engagement tools.
The contrast between Momentrica and tripleS highlights a key difference in Web3 entertainment. Momentrica provided digital collectibles without voting rights, participation, or ongoing utility. In contrast, tripleS used blockchain at its core, granting fans voting rights and engagement options. The lesson is clear: successful Web3 in entertainment requires participation architectures, not just digital merchandise.
Sony’s Soneium appears poised to avoid Momentrica’s pitfalls by supporting high-volume, participation-based applications. Its scalable Layer-2 network is built for voting, reward distribution, and community engagement. Whether entertainment companies create effective participation models on this infrastructure will determine if Sony’s blockchain strategy succeeds where others have failed.
Bitcoin’s sharp correction from $110,000 to around $80,000 is linked to heavy selling by early whales with cost bases near $16,000. CryptoQuant CEO Ki Young Ju notes that on-chain metrics indicate Bitcoin is now in the “shoulder” phase of its cycle, suggesting limited short-term upside potential.
This selling is overwhelming institutional demand from ETFs and MicroStrategy, shaping the cryptocurrency’s 2025 outlook. In an interview with Upbit’s Upbitcare, Ju provides a data-driven look at the shifting landscape for Bitcoin investors and the forces affecting its current market structure.
Early Bitcoin Whales Fuel Selling Pressure
Ki Young Ju explains that today’s market is shaped by a contest between two main whale groups. Legacy whales, holding Bitcoin with an average cost basis near $16,000, have begun to realize hefty profits, selling at a rate measured in hundreds of millions of USD each day. This persistent selling has exerted intense downward pressure on Bitcoin’s price.
At the same time, institutional whales via spot Bitcoin ETFs and MicroStrategy have accumulated significant positions. Yet, their buying power has not matched the scale of early whales’ sell-offs. According to Ju, wallets holding over 10,000 BTC for more than 155 days typically have an average cost basis of around $38,000. Binance traders entered positions around $50,000, so many market participants are in profit and can sell if needed.
Cost basis comparison across different Bitcoin holder categories. Source: CryptoQuant
The CryptoQuant CEO points out that spot ETF and MicroStrategy inflows had boosted the market earlier in 2025. However, those flows have now declined. Outflows have started to dominate the market landscape. For example, data from Farside Investors showed Bitcoin ETFs recorded $42.8 million in net inflows on November 26, 2025, lifting cumulative inflows to $62.68 billion. Despite these figures, the sustained selling from early whales outweighs institutional accumulation.
Market Cycle Analysis Signals Limited Upside
On-chain profit-and-loss metrics offer crucial insights into market cycles. Ju’s analysis using the PnL index with a 365-day moving average reveals that the market has entered a “shoulder” phase. This late-cycle status indicates constrained growth potential and increased risk of a correction.
The valuation multiplier reflects a neutral-to-flat outlook. In previous cycles, each new dollar drove amplified market-cap growth. Now, that multiplier effect has faded. This suggests market leverage is less efficient, and the structure does not support significant gains.
PnL index showing Bitcoin’s current cycle position. Source: CryptoQuant
Ju does not expect a dramatic 70-80% crash. Still, he considers corrections up to 30% reasonable. A drop from $100,000 could mean Bitcoin falling to about $70,000. He uses data from OKX futures long-short ratios, exchange leverage ratios, and buy-sell flow patterns to support this view.
Ju underscores the importance of a data-driven approach. In a recent post, he urged traders to use metrics for conviction, not speculation. His focus remains on interpreting on-chain data, exchange activity, and market structure.
This comprehensive analysis provides a grounded assessment based on on-chain evidence. As early Bitcoin whales continue to sell at profits, institutions face a harsh climate. With high leverage ratios, neutral valuation multipliers, and a late-cycle stance, the market has limited potential for a major rally in the near future.
Story Protocol’s native token soared 21.48% to $2.98 in 24 hours as the blockchain introduced its first prediction markets and launched Confidential Data Rails. This privacy-focused upgrade secures encrypted data on-chain.
The surge mirrors multiple feature rollouts and rising institutional attention, positioning the Layer 1 blockchain as a critical driver in the growing $80 trillion intellectual property economy.
Price Jumps with New Features and Market Momentum
As of 2:00 am UTC on Wednesday, Story Protocol’s IP token traded at $2.98—a 21.48% increase over the previous day. The token saw $145.63 million in trading volume across leading exchanges. Its market cap reached $975.42 million, placing it #104 among global cryptocurrencies.
Story hit an all-time high of $14.78 on Sept. 21, 2025, and has traded between $1.00 and $14.78 since. Institutional confidence is rising as publicly traded IP Strategy (Nasdaq: IPST) holds 53 million tokens on its balance sheet. These tokens are valued at about $731 million.
Source: BeInCrypto
The price rally arrived alongside three major launches: Story’s first prediction markets, integration with Dune Analytics for on-chain data, and a technical paper outlining Confidential Data Rails. These updates expand Story’s capabilities beyond IP registration, demonstrating it can support a broader range of decentralized applications.
Story Protocol Debuts On-Chain Prediction Markets
Story Protocol unveiled its first prediction markets with MusicByVirtuals, allowing users to trade on outcomes linked to cultural and financial events. These markets enable bets on topics like K-pop chart positions and cryptocurrency prices, with settlements processed on Story’s blockchain.
The first prediction markets on Story are live.@MusicByVirtuals is betting that culture is as tradable as price, and now there’s a platform to prove it.
Zcash price. Kpop charts. Predictions settled on Story.
These markets highlight how cultural trends and financial predictions can be tokenized and traded on-chain, showcasing Story’s versatility beyond IP management. It underscores Story’s aim to capture both IP ownership and the speculation surrounding cultural assets.
Confidential Data Rails: Privacy Upgrade for On-Chain Assets
Last Thursday, Story Protocol released its technical paper on Confidential Data Rails (CDR). This upgrade transforms encrypted data into programmable on-chain assets. The technology enables secure storage and automated management of sensitive assets within Story’s IP vaults. These assets include AI datasets, biomedical records, and API keys.
The official Story Foundation announcement describes CDR as a cryptographic foundation that combines confidentiality, automation, and programmability. Decentralized trusted execution environments (TEEs) and smart contracts on the Story chain enforce permissions. This system allows data owners to control confidential assets without exposing sensitive details.
Programmable confidentiality is here.
Confidential Data Rails (CDR) turns encrypted data into onchain building blocks, paving the way for new privacy use-cases on Story and beyond.
CDR helps solve a persistent blockchain challenge: ensuring privacy while maintaining transparency. Public blockchains are excellent for auditability but lack strong data protection. CDR lets creators and enterprises tokenize sensitive IP while maintaining strict access controls—a feature essential for sectors such as pharmaceuticals, entertainment, and AI, where confidential information must remain protected even as rights are managed on-chain.
Meanwhile, Story Protocol’s partnership with Dune Analytics enables real-time visualization of on-chain IP data, covering registrations, licenses, royalties, and derivative chains. Andrea Muttoni, President and Chief Product Officer, noted that the integration fosters transparency and deeper analytics in on-chain IP. The collaboration grants developers and institutions SQL access to Story’s data, promoting research into IP tokenization and licensing trends.
Creator Incentives Lead Platform Growth
Chase Chaisun Chang, Head of Korea at PIP Labs—the operator of Story Protocol—stressed at a South Korean conference on Tuesday that creator incentives are vital for consistent, high-quality content.
He explained how one dance video can generate 100,000 remixes within 24 hours, making traditional licensing impossible. AI consumes this content and endlessly produces secondary creations, while the boundary between creators and consumers has completely blurred.
Chang emphasized that, following the principle “garbage in, garbage out,” AI requires high-quality training data to function correctly. Proper attribution and ownership tracking are essential to combat misinformation and verify the authenticity of AI-generated content.
He concluded that digital transformation means individuals will increasingly own more intangible assets. Everyone is becoming both creator and consumer simultaneously in this new era. Better IP infrastructure is crucial to protect everyone’s digital assets in this rapidly evolving landscape.
The combination of price strength, feature launches, and institutional support positions Story Protocol as crucial infrastructure for decentralized IP management. Still, the token trades 80% below its all-time high. Ongoing adoption of CDR, prediction markets, and Dune-powered analytics will be decisive in whether the protocol can capture significant market share. As Story expands, the key question is whether creators and enterprises will move IP operations on-chain at a scale that justifies the protocol’s ambition.
SanDisk Corp. will join the S&P 500 on Friday, November 28, 2024, replacing Interpublic Group of Companies Inc., according to S&P Dow Jones Indices. After the announcement on Monday, shares of the computer storage maker surged by more than 9% in after-hours trading.
This milestone signals SanDisk’s rapid rise, while Strategy (formerly MicroStrategy) faces another setback, remaining excluded from the S&P 500 despite holding more than 640,000 Bitcoin.
SanDisk’s Rapid Ascent to the S&P 500
SanDisk’s move from the S&P SmallCap 600 to the S&P 500 reflects its strong market performance over the past few months. Driven by demand from artificial intelligence applications, the company’s market capitalization has reached approximately $33 billion. This surpassed typical small-cap index thresholds, making the switch to the S&P 500 a logical step.
The announcement arrived just before the Thanksgiving holiday trading session, highlighting the urgency of the rebalancing. The replacement is occurring outside the usual quarterly rebalance, suggesting strong market momentum. The stock closed up 13.33% on the day of the announcement before the after-hours surge.
Joining the S&P 500 usually attracts significant passive inflows, as index-tracking funds buy shares to maintain their weightings. This change boosts SanDisk’s institutional investment appeal and liquidity. It also raises the company’s profile among investors focused on large-cap equities in the index.
SanDisk’s rise is fueled by optimism around AI infrastructure. As businesses use more advanced machine learning models, storage solutions are increasingly critical—driving investor enthusiasm and boosting SanDisk’s valuation over the past year.
Strategy’s Continued S&P 500 Challenge
While SanDisk celebrates, Strategy remains on the outside looking in, even after meeting several technical requirements. The company, led by executive chairman Michael Saylor, holds 640,808 BTC, valued ataround $72.3 billion, making it the world’s largest corporate holder of Bitcoin. However, this asset concentration is seen as a liability by index decision makers.
Strategy was not included in the S&P 500’s September reshuffle, which selected Robinhood, AppLovin, and Emcor. Analysts put the company’s chances of inclusion in December at 70% following strong Q3 results. The firm reported $3.8 billion in Q3 earnings, showing profitability tied to Bitcoin’s price movements.
Yet, earnings volatility remains the main hurdle. Strategy’s results fluctuate each quarter with Bitcoin’s price, creating inconsistency with S&P 500 requirements. For instance, Q2 2024 delivered $10 billion in revenue and $14 billion in unrealized gains, while Q1 saw a $4.2 billion loss. The index requires four straight quarters of positive earnings—a threshold that has eluded Strategy due to its Bitcoin-heavy approach.
S&P Dow Jones Indices gave Strategy a ‘B-‘ credit rating, citing high Bitcoin exposure, low USD liquidity, and a narrow business model. These contribute to traditional finance skepticism about digital asset treasury companies. The rating shows the committee sees Bitcoin-based volatility as incompatible with the stability expected in S&P 500 members.
Even if Strategy meets the criteria for market capitalization and liquidity, the committee also considers business model diversity, financial stability, and sector representation. While some advocate for evolving index methodologies to include innovative treasury approaches, traditionalists insist on consistent, proven earnings, especially for benchmarks like the S&P 500.
Traditional Finance Meets Digital Asset Reality
The paths of SanDisk and Strategy highlight a broader divide between traditional finance and digital asset business models. Some crypto-exposed companies like Robinhood have entered the S&P 500, yet Strategy’s concentrated Bitcoin position poses unique challenges. The company’s stock is down 35% from its July high of $434, reflecting disappointment over exclusion and credit rating concerns.
Nasdaq’s scrutiny of digital asset treasury firms adds further obstacles for Strategy. As industry analysis notes, traditional finance’s skepticism extends beyond earnings volatility to concerns about long-term business models and regulatory compliance. This unease endures, even as Strategy has occasionally outperformed both Bitcoin and the S&P 500, as Saylor has highlighted.
On the other hand, MSCI’s recent consultation that Strategy could be removed from its key equity indices has sharpened investor focus on whether similar pressure might eventually extend to the S&P 500. While the company’s inclusion in MSCI USA and MSCI World has long funneled billions in passive capital into the stock, analysts now argue that its increasingly bitcoin-centric profile may no longer fit traditional index methodologies.
This has raised questions in the broader market about whether the valuation premium tied to expected index stability is at risk — and whether Strategy’s future index eligibility, including any long-shot hopes of S&P 500 admission, could be further complicated by the growing scrutiny.
Crypto mining stocks jumped as much as 20% led by BitMine and Cipher Mining, after Amazon unveiled plans to invest up to $50 billion in AI infrastructure for U.S. government agencies.
This shift comes as Bitcoin miners face declining profitability following the 2024 halving event. Meanwhile, demand for AI compute capacity is soaring. Tech giants now view miners’ established power infrastructure as key to rapid data center growth.
Mining Stocks Post Double-Digit Gains as Focus Shifts to Infrastructure
The crypto mining sector saw a broad rally on Monday, notching a 13.84% sector-wide gain according to SoSoValue data. BitMine soared nearly 20%, while Cipher Mining rose more than 18%.
The rally followed Amazon’s announcement of an investment of up to $50 billion in AI infrastructure for US government agencies. The plan will add 1.3 gigawatts across multiple data centers, with construction set for 2026. Agencies will gain access to AWS tools, Anthropic’s Claude AI, Nvidia chips, and Trainium chips developed by Amazon.
Amazon also announced a $15 billion investment in Northern Indiana for new data center campuses, supporting 1,100 high-skilled jobs and 2.4 gigawatts of data capacity. This expansion underscores the scale of infrastructure required for AI workloads.
Meta has intensified its AI infrastructure efforts, seeking federal approval to trade electricity alongside Microsoft for long-term energy supply. Meta’s Louisiana campus alone is expected to require three new gas-fired plants.
Bitcoin Miners Evolve Into AI Power Players
The substantial stock gains reveal how bitcoin miners are transforming operations. Declining profits after Bitcoin’s April 2024 halving prompted miners to seek new revenue streams. AI data center developers, who now face electricity shortages, see miners’ grid-integrated facilities as strategic partners.
IREN, formerly Iris Energy, signed a $9.7 billion data center deal with Microsoft, granting the tech giant early access to Nvidia GPUs. IREN’s stock has shot up 580% this year since its rebrand. Other miners showed strong performance: Riot Platforms gained 100%, TeraWulf 160%, and Cipher Mining 360%.
The combined 14 gigawatts of power capacity among US miners has become key for tech firms seeking rapid scale. Favorable US policies, including Nvidia export restrictions to China, give domestic miners a competitive edge. In contrast, Chinese miners face more regulation and import barriers.
AI data center developers are now targeting bitcoin miners. These teams are approaching mining operations already running high-capacity, grid-integrated sites. Locations like Childress, Texas, have become major hubs for combined data and mining infrastructure.
Global tech firms are raising around $100 billion in bond offerings to fuel new AI and cloud capabilities. Amazon, Microsoft, Google, Oracle, and Meta could spend $400 billion this year on AI and data center investments. According to Deutsche Bank, total AI-related investment could reach $4 trillion by 2030.
The move signifies a shift from cash reserves to debt financing. Meta has launched its largest-ever bond sale, totaling $30 billion, for AI infrastructure. Amazon issued a $15 billion US bond, its first in three years, attracting $80 billion in demand. Amazon holds $69.29 billion in debt and $66.92 billion in cash.
Alphabet issued a $17.5 billion US bond and a €6.5 billion European bond, bringing its total debt to $48.78 billion. The aggressive borrowing reflects the immense capital needs for AI infrastructure.
The need for energy to power AI, however, surpasses grid expansion. With slow grid development, tech companies are securing direct energy sources. Apple already has federal approval to trade electricity wholesale, reflecting a trend of tech firms managing their own energy for AI infrastructure.
The merging of crypto mining infrastructure with AI compute demand signals a major strategic shift for both sectors. As bitcoin miners pivot to AI compute, their built-in power capacity and grid-ready sites enable tech giants to deploy quickly and compete in the fast-evolving AI landscape.
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