Here is a summary of opinions on a December rate cut by the Federal Reserve, with the "no rate cut" camp currently holding the upper hand: 1. Wasif Latif, President and Chief Investment Officer of Sarmaya Partners, stated that the US September non-farm payroll data far exceeded expectations. The market is adjusting accordingly and reassessing the Fed's "rate cut tug-of-war," but the game is not over. There are still variables between now and the Fed's December interest rate decision, and this tug-of-war will continue as data is released. The September data itself was acceptable, but the real key is the October data, as most layoff announcements occur in that month. If the October data is available, it is likely to show that the job market is weaker than in September, which would significantly push the market towards rate cut expectations. Unfortunately, we do not yet have this information, so we must judge based on the available data. 2. Florian Ielpo, an analyst at Lombard Odier Asset Management, commented on the US September non-farm payroll data: This report is old news, and given its timeliness, the market is unlikely to pay too much attention to the numbers. However, this may not be "insignificant" data for the Federal Reserve. The key message is that the US job market did indeed rebound in September 2025, which has an impact on the Fed, and the market needs to digest this. 3. Art Hogan, an analyst at B. Riley Wealth, stated that the problem lies in the significant lag in this September US non-farm payroll report, with the next report not expected until after the Fed's December interest rate decision. This puts the Fed in a decision-making dilemma and does not significantly increase the probability of a rate cut in any direction. The market rally was mainly driven by solid earnings reports from Nvidia and Walmart, so the market reaction stemmed more from corporate profits than economic data. 4. Ali Jaffery, an analyst at CIBC Capital Markets, commented on the September US non-farm payroll: The Fed's pause in rate hikes in December largely depends on insufficient data, thus postponing the policy decision until next year to act when complete data is available. This may be a wiser choice, especially given the legal challenges facing tariffs. 5. Institutional analysts commented on the September US non-farm payroll: Assessing the probability of a Fed rate cut in December is difficult. With market pricing nearing a 50% probability again, the Beige Book may once again be the deciding factor, as no new CPI or employment reports will be available before the December meeting. For long-term interest rates, if the Fed directs market attention to a January rate cut at its meeting, then a December rate cut will be irrelevant. Therefore, in my view, all concerns surrounding a December rate cut are only meaningful for short-term rate traders. 6. Interactive Brokers analyst Steve Sosnick's comment on the September US non-farm payrolls: Although this report "may be outdated," it's currently the only one the market can rely on. For economists who like to "have a two-pronged approach," this report couldn't be more suitable. On the one hand, better-than-expected non-farm payroll data indicates a healthy labor market; but on the other hand, higher continuing jobless claims and the unemployment rate provide the Fed with reasons to support the employment component of its dual mandate. Of course, on yet another front, the rise in the unemployment rate is partly due to an increase in the labor force participation rate.

B. Riley Wealth analyst Art Hogan stated that the problem lies in the significant lag in the September US non-farm payroll report, with the next report not expected until after the December Fed interest rate decision. This puts the Fed in a decision-making dilemma and does not significantly increase the probability of rate cuts in any direction. The market rally was primarily driven by solid earnings reports from Nvidia and Walmart, thus the market reaction was more driven by corporate profits than economic data. (Jinshi)

Metaplanet plans to raise ¥21. 25 billion (about $135 million) through the new Class B preferred share issuance. source: https://www.theblock.co/post/379683/metaplanet-mercury-preferred-shares-bitcoin?utm_source=rss&utm_medium=rss

Metaplanet announced a $150 million raise through Class B perpetual preferred equity on November 20. source: https://coinpaprika.com/news/metaplanet-150m-raise-perpetual-preferred-equity-bitcoin

Ali Jaffery, an analyst at CIBC Capital Markets, commented on the September US non-farm payrolls: The Federal Reserve's pause in rate hikes in December largely depended on insufficient data, thus postponing policy decisions until next year to act when complete data is available again. This may be a wiser choice, especially given the legal challenges facing tariffs. (Jinshi)

Core and Maple Finance are locked in a dispute over competing BTC yield products, with an injunction secured against the launch of syrupBTC. source: https://protos.com/from-sweet-to-sour-core-slaps-maple-with-injunction-over-syrupbtc/

According to BlockBeats, analysts are evaluating the U.S. September nonfarm payrolls data, highlighting the difficulty in assessing the likelihood of a Federal Reserve rate cut in December. Market pricing indicates a nearly 50% probability of such a cut, with the Beige Book potentially playing a decisive role, as no new CPI or employment reports will be available before the December meeting. For long-term interest rates, if the Fed directs market attention to a potential rate cut in January, the December decision becomes less significant. Therefore, concerns about a December rate cut are primarily relevant to short-term rate traders.

World App has kicked off a new pilot program in the United States that lets users receive their salaries directly in USDC, marking one of the first major attempts to link traditional payroll systems with stablecoin payments. The initiative gives participants a virtual bank account number inside the app, allowing standard direct-deposit payroll systems to […] The post World App Launches U. S source: https://www.ethnews.com/world-app-launches-u-s-pilot-letting-workers-receive-payroll-directly-in-usdc/

These key crypto trends will make you think differently about the threat of a bear market. source: https://cryptonews.com/exclusives/unmissable-crypto-trends-exposed-in-new-report/

CME Group and CF Benchmarks announced plans to launch two new Bitcoin volatility indices on December 2nd: the CME CF Bitcoin Volatility Index - Real Time (BVX) and the CME CF Bitcoin Volatility Index - Settlement (BVXS). These indices are forward-looking market indicators used to measure market expectations of Bitcoin price volatility over a fixed 30-day expiration period. These indices are not tradable futures products, but they serve as transparent indicators reflecting the implied volatility in CME-regulated Bitcoin futures and micro Bitcoin futures contract options. (PRNewswire)

In previous years, Vitalik focused on discussing technology, but this year he shifted his focus to discussing Ethereum's "value," reflecting that Ethereum is moving from the infrastructure phase to positioning its influence on the chain.

Jinse Finance launches the "Jinse Web3.0 Daily," providing you with the latest and fastest news on MEME, DeFi, DAO, NFT, and the metaverse industry.

The $1 billion Ethereum DAT project led by Li Lin and others was shelved and funds were returned due to the bear market. Their "going with the flow" may reflect consideration of investor sentiment.

This article primarily discusses the role of Bitcoin and AI in the future economy and their impact on risk asset markets, and forecasts market trends for 2026.

What conditions are needed for Nvidia, BTC, and Bitcoin to rise? Jinse Finance: Will December be a turning point?

A new era of digital assets, driven by consensus among the world's top capital markets, has officially begun.

Those Chinese tycoons who made their fortunes overnight with Bitcoin have long since turned their attention to gold, the oldest safe-haven asset in human history.

Recommended reading tonight: 1. Ethereum privacy explosion? What messages were conveyed at the Ethereum Developer Conference?; 2. BTC plummeted from 120,000 to 90,000: Who was selling and who was buying?; 3. Deconstructing DAT: Building in-depth analysis beyond mNAV;

Naver plans to acquire Dunamu, the operator of South Korea’s largest crypto exchange Upbit, through a stock swap, making Dunamu a wholly owned subsidiary. The merger could create a single digital finance platform combining payments, crypto trading, and blockchain services, while Dunamu’s management becomes the dominant voice in the combined company.

DAT is neither an angel nor a devil; neither a savior nor a culprit.