Bitcoin may be sliding into a new bear phase unless fresh macro liquidity – particularly through spot ETFs – returns to the market, according to CryptoQuant CEO Ki Young Ju. Bitcoin Bear Market Incoming? Sharing a composite on-chain dashboard overlaid on the BTC price, Ju wrote on X: “Most Bitcoin on-chain indicators are bearish. Without macro liquidity, we enter a bear cycle. ” The chart stacks ten CryptoQuant metrics behind the price in a red-to-green heatmap from 2021 to 2025, highlighting how regime shifts in prior cycles coincided with clusters of bearish source: https://www.newsbtc.com/bitcoin-news/bitcoin-bear-market-one-thing-flip-it-cryptoquant-ceo/

我们不再培养“只有半边大脑”的人，而是培养能在 AI 时代与机器协同、同时驾驭人文与理性的“新型通才”。

SEC meeting reveals divisions regarding the regulation of tokenization and oversight of DeFi. source: https://www.cryptopolitan.com/sec-meeting-exposes-rifts-on-tokenization/

加密市场可能将进入“央行主导合规化”的新阶段。理解美联储的战略意图与政策逻辑，适应其推动的规则体系，是在数字金融时代把握机遇、应对挑战的关键。

According to Odaily, the total sovereign debt issued by the U.S. Treasury has exceeded $30 trillion for the first time, more than doubling since 2018. Data released on Thursday indicates that as of November, the U.S. government's outstanding Treasury bills, notes, and bonds have reached $30.2 trillion. This amount constitutes the primary component of the federal total debt, which stands at $38.4 trillion, including obligations to Social Security trust funds and savings bond holders. The Securities Industry and Financial Markets Association reports that in 2020, the U.S. raised $4.3 trillion through the issuance of these three types of government securities, with the fiscal deficit surpassing $3 trillion that year. Although the deficit has narrowed since then, projected to decrease to approximately $1.78 trillion by the 2025 fiscal year, interest payments alone amount to $1.2 trillion. Jason Williams, a rate strategist at Citigroup, highlighted the significant challenge posed by interest expenses. He noted that even if tariff revenues reach $300-400 billion, they fall short of covering the interest payments on existing debt. Williams likened the situation to being trapped in quicksand, where tariffs might slow the descent but cannot prevent it entirely.

null source: https://x.com/solidintel_x/status/1996733126513774987

IMF report warns of stablecoins' impact on emerging markets, recommending robust legal frameworks to maintain monetary sovereignty. source: https://coincu.com/news/imf-warns-stablecoins-emerging-currencies/

Central banks purchased a net 53 tonnes of gold in October 2025, a 36% month-over-month surge that brought the monthly total to 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 source: https://beincrypto.com/central-banks-gold-bitcoin-reserves-2025/

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当工具层、服务层的基础设施逐渐成熟，Facilitator 和 Launchpad 的竞争才会进入真正有价值的阶段。

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过去一年一次的大型升级已转变为半年一次，证明基金会在经历人事变动后，仍保有强大执行力。

美军或许堪称全球最剽悍的投资俱乐部，在这场牛市中正所向披靡。

EIL 是以太坊账户抽象团队给出的最新答案，也是互操作路线图「加速」阶段的核心。

随着美国 Ooki DAO 案处罚落地，这层「去主体化」的隐身衣正被监管机构层层刺破。

今日晚间推荐阅读：1.YZi Labs宣布孵化17个项目 看看CZ和何一押注了哪些硬核赛道；2.别担心 Strategy绝不会出售其持有的比特币；3.链上价格发现；