According to BlockBeats, data released by KobeissiLetter indicates that U.S. margin debt surged by $30 billion in November, reaching a record $1.21 trillion. This marks the seventh consecutive month of increases, with a total rise of $364 billion over seven months, representing a 43% increase. Adjusted for inflation, margin debt grew by 2% month-over-month and 32% year-over-year, hitting an all-time high. The proportion of margin debt to the M2 money supply has climbed to approximately 5.5%, the highest since 2007. This ratio surpasses levels seen during the 2000 internet bubble, highlighting the extreme leverage in the U.S. investment market. Margin debt refers to the total amount investors borrow from brokers to purchase stocks or other securities, allowing them to amplify their investment size with less personal capital. While this can increase potential returns, it also heightens risk.

Bitwise has officially submitted a Form S-1 registration statement to the U. S. Securities and Exchange Commission, seeking approval to launch a spot SUI exchange-traded fund. The filing marks another step in the firm’s broader strategy to expand regulated ETF access beyond Bitcoin and Ethereum into emerging Layer-1 assets source: https://www.ethnews.com/bitwise-files-for-spot-sui-etf-as-altcoin-etf-race-intensifies/

A cryptocurrency trader has suffered a devastating loss of nearly $50 million after falling victim to a sophisticated address poisoning attack, marking one of the largest individual incidents of its kind to date. The attack highlights how even experienced users can be exploited through subtle wallet manipulation techniques. source: https://www.ethnews.com/trader-loses-nearly-50-million-in-one-of-the-largest-address-poisoning-attacks-on-record/

金色周刊是金色财经推出的一档每周区块链行业总结栏目，内容涵盖一周重点新闻、矿业信息、项目动态、技术进展等行业动态。

null source: https://x.com/wublockchain/status/2002643081754259677

According to Cointelegraph, U.S. lawmakers have introduced a draft proposal aimed at reducing the tax burden on everyday cryptocurrency users. The proposal, presented by Representatives Max Miller of Ohio and Steven Horsford of Nevada, seeks to amend the Internal Revenue Code to accommodate the increasing use of digital assets in payments. The draft aims to exempt small stablecoin transactions from capital gains taxes and offers a new deferral option for staking and mining rewards. The draft specifies that users would not need to recognize gains or losses on stablecoin transactions up to $200, provided the asset is issued by a permitted issuer under the GENIUS Act, pegged to the US dollar, and maintains a stable trading range around $1. The bill includes safeguards to prevent misuse, such as excluding brokers or dealers from the benefit and retaining Treasury's authority to issue anti-abuse rules and reporting requirements. Beyond payment transactions, the proposal addresses concerns about "phantom income" from staking and mining. It allows taxpayers to defer income recognition on staking or mining rewards for up to five years, rather than being taxed immediately upon receipt. This provision is described as a compromise between immediate taxation upon dominion and control and full deferral until disposition. Additionally, the draft extends existing securities lending tax treatment to certain digital asset lending arrangements, applies wash sale rules to actively traded crypto assets, and permits traders and dealers to elect mark-to-market accounting for digital assets. In related developments, the Blockchain Association recently sent a letter to the US Senate Banking Committee, signed by over 125 crypto companies and industry groups. The letter opposes efforts to extend restrictions on stablecoin rewards to third-party platforms, arguing that such measures would stifle innovation and increase market concentration in favor of large incumbents. The group compared crypto rewards to incentives commonly offered by banks and credit card companies, warning that banning similar features for stablecoins would undermine fair competition.

According to BlockBeats, the crypto community expressed regret over Senator Cynthia Lummis's decision not to seek re-election next year, acknowledging her contributions to the industry. David Sacks, the White House's AI and crypto affairs director, described Lummis as a 'great ally in the crypto space.' Collin McCune, head of government affairs at a16z, stated that the crypto industry would not have reached its current level without Lummis's efforts in Congress. Bitcoin advocate and 'Coin Stories' host Greg Xethalis thanked Lummis for her service and efforts in advancing Bitcoin, wishing her well in her future endeavors. Lummis announced on Friday that she will not seek re-election next year. As the chair of the U.S. Senate Banking Subcommittee on Digital Assets, she introduced the Bitcoin Strategic Reserve Act and was a key proponent of the CLARITY Act (Crypto Market Structure Act) and the Responsible Financial Innovation Act. During the Biden administration, Lummis openly criticized former SEC Chairman Gary Gensler's punitive enforcement approach to cryptocurrency regulation.

Spot Bitcoin ETF investors continued to pour billions into BlackRock’s IBIT in 2025 despite negative returns, signaling growing long-term conviction. <p>The post BlackRock’s Spot Bitcoin ETF IBIT Stands Out as Inflows Rise Despite Market Losses first appeared on Ecoinimist. </p> source: https://ecoinimist.com/2025/12/21/blackrock-spot-bitcoin-etf-shines/?utm_source=rss&utm_medium=rss&utm_campaign=blackrock-spot-bitcoin-etf-shines

Key TakeawaysBitcoin price trades below the 365-day moving average, signaling weakened trend supportBitcoin ETF holdings fall by 24,000 BTC in Q4 2025, showing reduced institutional interestOn-chain data shows slowing Bitcoin demand growth since October 2025Bitcoin Price Weakens As Demand SlowsBitcoin has remained under pressure after falling below its 365-day moving average near $98,172, a key long-term support. Analysts at CryptoQuant say Bitcoin demand growth dropped below trend in early October 2025, removing a major source of bullish momentum.On-chain data shows apparent Bitcoin demand contracted through Q4 2025, reinforcing concerns about declining buying pressure. BTC currently trades near $88,350, well below its annual trend level. ETF Outflows Signal Cooling Institutional InterestThe latest Bitcoin ETF update shows a sharp shift in behavior from large investors. Total BTC held in ETFs declined by about 24,000 BTC in Q4 2025, according to CryptoQuant.This marks a “sharp contrast” to Q4 2024, when ETFs accumulated aggressively following U.S. spot ETF approvals. Analysts say falling ETF balances reflect reduced institutional interest and weaker conviction. Market Indicators Flash Bearish SignalsPerpetual futures funding rates have dropped to their lowest levels since December 2023, suggesting muted leverage demand and lower trader confidence. CryptoQuant views this as another confirmation of a developing bear cycle.Source: CoinMarketCapMeanwhile, the Crypto Fear & Greed Index remains in Extreme Fear, scoring 20, while the Altcoin Season Index shows it is now Bitcoin Season with a reading of 17/100. These metrics indicate risk-off positioning across the broader crypto market. Bitcoin VS. Gold Is Key BattlegroundBitcoin’s ratio against gold has fallen to around 20 ounces, a level historically linked to bull-bear transitions. Some analysts warn that losing this support could confirm a longer-term downtrend.However, analyst Michaël van de Poppe notes a potential bullish divergence in the BTC/gold RSI, arguing Bitcoin may be undervalued while gold appears stretched. Weekly RSI near 29.5 signals conditions not seen in nearly three years. Bitcoin Outlook in 2026: Caution Or RecoveryOutlooks for Bitcoin forecast 2026 remain divided. Santiment founder Maksim Balashevich says social sentiment lacks sufficient fear, leaving room for a drop toward $75,000. Fidelity’s Jurrien Timmer has suggested a deeper retracement toward $65,000.In contrast, analysts like Bitwise CIO Matt Hougan expect 2026 to be an “up year,” citing potential rate cuts and renewed demand for digital assets. Much depends on macro policy shifts, ETF flows, and whether selling pressure stabilizes.

Bitcoin is approaching a decisive technical inflection point as its 14-period Relative Strength Index (RSI) falls toward levels not seen in nearly three years. The attached chart shows RSI sliding to the high-30s, placing momentum near the lower boundary of its long-term range and signaling rising downside exhaustion. source: https://www.ethnews.com/bitcoin-approaches-a-critical-make-or-break-moment-as-rsi-nears-3-year-low/

A viral X debate over Fundstrat’s Bitcoin outlook prompted Tom Lee to signal that differing analyst views reflect separate mandates, not conflicting forecasts. <p>The post Are Fundstrat’s Bitcoin Calls Conflicting? A Viral X Post Says No first appeared on Ecoinimist. </p> source: https://ecoinimist.com/2025/12/21/are-fundstrat-bitcoin-calls-conflicting/?utm_source=rss&utm_medium=rss&utm_campaign=are-fundstrat-bitcoin-calls-conflicting

在本周，共有24 家区块链初创公司获得融资，融资总额达 3.351 亿美元。RedotPay 在 B 轮融资 中筹集 1.07 亿美元，为本周最大融资。

主题包括Cryptomoney、TradFi、Chains、DeFi、AI、DePIN 以及消费级应用。

我的职业生涯见证了三支风投基金和一支对冲基金从无到有。

金色财经推出加密货币和区块链行业早报《金色早8点》2915期，为您提供最新、最快的数字货币和区块链行业新闻。

Arthur Hayes：一旦市场意识到储备管理购买（RMP）与量化宽松（QE）本质相同，BTC将迅速回升至12.4万美元，并快速向20万美元发起冲击。

加密市场,行情,放弃幻想——准备迎接加密市场最煎熬的时刻 金色财经,祝大家好运。

2025年11月28日，中国人民银行联合公安部、最高人民法院、最高人民检察院等十三部门召开“打击虚拟货币交易炒作工作协调机制会议”。

2025年10月27日，中国人民银行行长潘功胜在金融街论坛上再次明确，2017年以来关于防范与处置虚拟货币交易炒作风险的政策持续有效。