Headline
▌Robinhood Tokenizes Stock on Arbitrum
Token Terminal reported on the X platform that Robinhood has tokenized its stock on Arbitrum, and the total market capitalization of the tokenized shares recently exceeded $13 million. Johann Kerbrat stated, "Ethereum provides us with native security, while Arbitrum gives us the engineering flexibility we need."
▌SpaceX Launches IPO Process, Seeks Advisory from Wall Street Investment Banks
Sources revealed that SpaceX executives are initiating the process of selecting Wall Street banks to advise on its initial public offering (IPO). The sources said that investment banks are scheduled to conduct preliminary presentations next week, representing the most concrete step the rocket manufacturer has taken towards what could be a blockbuster IPO.
SpaceX informed employees last Friday that it is preparing for a possible public offering next year. Earlier this month, the Wall Street Journal reported that SpaceX is also seeking a secondary stock sale that would value the company at approximately $800 billion, up from $400 billion earlier this summer. As of press time, according to CoinGecko data: BTC price is $87,787.79, a 24-hour change of -2.7%; ETH price is $3,049.73, a 24-hour change of -2.0%; BNB price is $874.09, a 24-hour change of -2.4%. The price of SOL is $129.22, a 24-hour change of -2.8%; the price of DOGE is $0.1338, a 24-hour change of -3.7%; the price of XRP is $1.98, a 24-hour change of -2.1%; and the price of TRX is $0.2767, a 24-hour change of +2.1%. The price of WLFI is $0.1368, a 24-hour change of -5.1%; the price of HYPE is $28.75, a 24-hour change of -1.6%.
Policy
▌Wu Jiezhuang: Hong Kong's Stablecoin Development Will Not Undergo Major Changes and Will Continue to Move Steadily Forward
Hong Kong Legislative Council member Wu Jiezhuang posted on social media, stating, "There were many questions regarding Hong Kong's development of Web3, including the future direction of stablecoins and the development of RWA. Since I didn't address each one carefully during the election process, I would like to share my views here: I believe that Hong Kong's stablecoin development will not undergo major changes and will continue to move steadily forward. The Stablecoin Ordinance Bill was passed by the seventh Legislative Council after a long period of deliberation and discussion. I believe the entire development will align with the actual international and Hong Kong financial environment, moving steadily forward, starting with the local market as a trial, with the goal of developing the international market and leveraging Hong Kong's position as a financial and innovation center.
RWA is a widely discussed topic in both traditional and Web3 industries. Hong Kong has already implemented a regulatory sandbox, which will hopefully explore the importance of compliant development and the future direction of regulation. I believe different industries can boldly experiment with Web3 technology, which will likely drive the development of numerous real-world applications. Developer demand is rapidly increasing. Over the past three years, Hong Kong has attracted a large number of Web3 companies through its open policies, leading to a continuous rise in related development needs. The Hong Kong SAR government has consistently strived to promote the development of the Northern Metropolitan Area and the Lok Ma Chau Shenzhen-Hong Kong Loop Area, attracting not only businesses but also talent. More and more companies involved in Web3 public chains, compliant exchanges, and underlying infrastructure are establishing operations in Hong Kong. Having started my own business as a developer, I deeply understand the inseparable link between developers and the success of innovative technology companies. In the future, I will assist the industry in building a talent ecosystem and encouraging more developers and professionals to settle in Hong Kong. Earlier this month, South Korea's ruling party called on all ministries and the Financial Services Commission (FSC) to submit a bill regulating the won-denominated stablecoin by December 10th, but the FSC failed to submit the bill on time. An FSC spokesperson stated that the FSC needed more time to coordinate its position with relevant agencies, and rather than rushing to complete the proposal before the deadline, it was better to publish its proposal while submitting it to the National Assembly. The FSC stated that this move was to protect the public's right to know. ▌Polish Cabinet Approves Bitcoin and Cryptocurrency Regulations Awaiting Presidential Signature According to market news, the Polish cabinet has formally approved regulations for Bitcoin and cryptocurrencies, and the bill will be submitted to the president for signature.
Blockchain Applications
▌Ethereum Community Proposes “Associated Accounts” Identity Standard ERC-8092
According to Merlijn The Trader, the Ethereum community has proposed ERC-8092: a brand new “Associated Accounts” identity standard. This standard will enable accounts to: publicly associate and verify account relationships through signatures; create sub-accounts; securely delegate permissions; and build portable on-chain reputation for seamless collaboration across different blockchains and Layer 2. Currently, the proposal is available on Ethereum Magicians and GitHub.
Blockchain Applications
▌Ethereum Community Proposes “Associated Accounts” Identity Standard
▌Aave Governance Forum Sparks Heated Debate Over CoW Swap Fees
The Aave DAO, which manages the Aave protocol, and Aave Labs, the core development company of the Aave product suite, have disagreed on the distribution of fees generated from their recently announced integration with the decentralized exchange aggregator CoW Swap. The controversy continues to escalate. The issue was raised by EzR3aL, an anonymous member of the Aave DAO. He pointed out that the fees generated from cryptocurrency exchanges via CoW Swap did not go into the Aave DAO's treasury, but instead flowed into a designated on-chain address. In fact, these fees ultimately flowed to a private address controlled by Aave Labs. EzR3aL raised several questions, including why the DAO was not consulted before the fee flow adjustment, and argued that the ownership of these fees should belong to the DAO.
▌YO Labs Completes $10 Million Series A Funding Round, Led by Foundation Capital
YO Labs, the development team behind the YO Protocol, announced the completion of a $10 million Series A funding round, led by Foundation Capital, with participation from Coinbase Ventures, Scribble Ventures, and Launchpad Capital. This brings their total funding to $24 million. The company plans to use the funds to expand its yield-optimizing protocol to more blockchains and improve its infrastructure.
▌10x Research: Disagrees with the view that "Bitcoin's four-year cycle has been broken," but the market may no longer be anchored to the halving event
Markus Thielen, Head of Research at 10x Research, stated in a recent interview that Bitcoin's "four-year cycle" has not disappeared; it's just that the core driving factor is no longer anchored to the halving event. The Bitcoin market reached historical peaks in 2013, 2017, and 2021. This year, despite the recent interest rate cuts by the Federal Reserve, Bitcoin has not regained its strong upward momentum. This is because institutional investors have become the dominant force in the crypto market, but their decision-making is more cautious. With the Fed's policy signals still wavering and overall liquidity tightening, the pace of capital inflows has slowed significantly, weakening the momentum needed for a sustained price breakout. Before liquidity improves significantly, Bitcoin is more likely to maintain range-bound trading and consolidation rather than quickly entering a new round of parabolic upward movement.
▌Michael Saylor Releases Bitcoin Tracker Information Again, Possibly Hinting at Further BTC Accumulation
Strategy founder Michael Saylor has released information related to Bitcoin Tracker again. Based on past patterns, Strategy always discloses its Bitcoin accumulation information the day after the initial announcement.
▌Cathie Wood: Crypto Market May Have Bottomed Out, Bitcoin Remains Institutional Choice
ARK Invest founder Cathie Wood stated that during the 10/11 flash crash, Bitcoin was the most liquid of all crypto assets, typically being the first to be sold off and dragging down other cryptocurrencies. Other cryptocurrencies experienced even larger declines. With the relevant information now digested, the market may have bottomed out.
Analyst: Bitcoin's key support level is at $86,000; a break below this level could trigger a deeper correction
Bitcoin fell below the $90,000 mark this Sunday, and the overall cryptocurrency market remains weak.
Analyst Ali Martinez points out that $86,000 remains a crucial price level for Bitcoin to hold; a breach of this support level could lead to a more significant pullback. The market is pausing briefly ahead of a series of macroeconomic data releases in the coming days. Investors will be closely watching a range of employment indicators, including the unemployment rate, ADP employment data, and weekly initial jobless claims, as well as November inflation data and the yen's interest rate hike. Currently, the cryptocurrency market remains range-bound with low trading volume and limited market confidence.
▌Data: The total market capitalization of tokenized commodities has reached approximately $3.8 billion, a record high
According to Token Terminal, the total market capitalization of tokenized commodities has reached approximately $3.8 billion, a record high.
Bitwise Advisor: Current Market Structure Unfavorable for Bitcoin Price Increases, Bitcoin OG Whales Continue Selling Off Bitwise advisor Jeff Park stated that the current market structure is fundamentally unfavorable for a substantial price increase in Bitcoin. This is because, on the one hand, Bitcoin OG holders continue to sell off, while on the other hand, demand from ETFs and DAT is slowing down. At the same time, Jeff Park emphasized that for Bitcoin to break out of its current pattern, it must return to significantly higher implied volatility levels in a sustained manner, especially upward volatility. In November, I stated "Volatility or Death" and shared the first unusual breakout signal at that time, finally seeing volatility begin to rise, rekindling some hope. However, unfortunately, implied volatility has been completely suppressed again in the past two weeks. From a high of 63% in late November, it has now fallen back to 44%. **Analysts: Bitcoin May Retrace to $70,000 if Bank of Japan Raises Rates as Expected** Some macro analysts believe that if the Bank of Japan raises interest rates as expected on December 19th, Bitcoin may further retrace to the $70,000 level. Analyst AndrewBTC, tracking historical data, states that since 2024, every rate hike by the Bank of Japan has been accompanied by a Bitcoin price drop of over 20%, such as a drop of approximately 23% in March 2024, approximately 26% in July 2024, and approximately 31% in January 2025. If the Bank of Japan raises rates next week, similar downside risks may reappear. **Tom Lee: Bitmine Will Never Sell Its ETH Holdings** Tom Lee, Chairman of Ethereum treasury company BitMine, stated that Bitmine holds nearly 4% of the total Ethereum supply, and he believes the company will never sell these ETH. Tom Lee stated, "If we stake these ETH now, we'll generate over $1 million in net income daily." Moonbirds plans to issue its BIRB token on Solana in Q1 2026. Spencer, CEO of Moonbirds' parent company Orange Cap Games, stated at the Solana Breakpoint conference that Moonbirds plans to issue its BIRB token on the Solana network in the first quarter of 2026. Spencer also proposed that the team aims to build Moonbirds into the "Pop Mart of the Web3 industry," with a strategic focus on the development of collectible assets, including a combination of on-chain and real-world (IRL) digital and physical collectibles. Important Economic Developments: Trump: The new Fed Chair may be inclined to push for interest rate cuts. US President Trump: A new Fed Chair will be chosen soon, and the new Fed Chair may be inclined to push for interest rate cuts. Inflation is completely under control, and we do not want deflation. Deflation is worse than inflation in many ways. The debate surrounding the extent of future Fed rate cuts in the US Treasury market is intensifying with the release of a series of key economic data. Bond traders are betting on two rate cuts by the Fed next year, one more than the Fed has hinted at. If market expectations are correct, this will lay the foundation for another strong year for US Treasuries, which are currently on track for their best year since 2020. George Catrambone, head of fixed income at DWS Americas, said: "The direction of interest rates will depend on the direction of the labor market, so I'm only focusing on Tuesday's non-farm payroll data." However, Kevin Flanagan of WisdomTree stated, "This week's jobs report may carry less weight because the government shutdown has complicated data collection, shifting his focus to the report released early next month, ahead of the Fed's policy decision on January 28th." Traders, based on swap market proxy indicators, believe the Fed will end its current easing cycle at around 3.2%. If the Fed remains largely inactive in the face of stubborn inflation, this would suggest that Treasury bonds will likely trade within a range in the future. The Financial Times analysis points out that the US non-farm payrolls report, to be released next Tuesday, will include data from October and November, finally providing policymakers and investors with a more complete picture of the US labor market, ending months of partial uncertainty. Following a contentious meeting this week, the Federal Reserve lowered interest rates to a three-year low, with several officials dissenting, the debate centered on whether to prioritize high inflation or a weak job market. Citigroup economists point out that the upcoming jobs report may release more conflicting signals. The bank expects a loss of about 45,000 jobs in October, but an increase of 80,000 in November. Citigroup economists say this rebound may be more related to seasonally adjusted data rather than a “real improvement in worker demand.” They also predict the unemployment rate will rise from 4.4% to 4.52%, while a Reuters poll of economists shows an unemployment rate of 4.4%. The Fed’s own quarterly forecasts indicate a median unemployment rate of about 4.5% by the end of this year. Glassnode co-founder Negentropic wrote that the Bank of Japan's interest rate hike trade is currently the most crowded trading instrument in the market. Numerous accounts on social media platform X are circulating similar information. The 25 basis point rate hike is already priced into current asset prices. The only scenario that could trigger a negative market reaction is a hawkish forward guidance from the Bank of Japan. Given that Japan is carefully balancing its current account deficit, inflation, and yen appreciation, it has no intention of acting rashly. The Bank of Japan's subsequent policy decisions will be based on economic data and will follow the model of the US Federal Open Market Committee, treating each policy meeting with caution. According to CME's "FedWatch": The probability of the Federal Reserve cutting interest rates by 25 basis points in January next year is 24.4%, and the probability of keeping rates unchanged is 75.6%. By March next year, the probability of a cumulative rate cut of 25 basis points is 41.9%, the probability of keeping rates unchanged is 49.8%, and the probability of a cumulative rate cut of 50 basis points is 8.3%. Prediction markets like Kalshi and Polymarket are booming, with trading volumes reaching billions of dollars. But observers are concerned about the ethical issues and potential credit risks posed by large prediction betting platforms. In recent weeks, concerns about false reporting and insider trading have intensified, with some analysts arguing that this is further exacerbating credit risk. Prediction markets open up a wide range of possibilities for betting events, from specific moments in sports to the outcome of wars. In some cases, this has led to insider manipulation of the market for specific purposes. Allegations of market manipulation are not limited to insider trading. A report released in November by researchers at Columbia Business School showed that false trading—that is, "buying and selling securities to artificially inflate trading volume without holding actual net positions"—had rebounded to nearly 20% of total trading volume by October 2025, and averaged 25% of all trading volume on Polymarket. This year, prediction platforms have received several significant regulatory approvals. Others argue that this could pose a risk to the financial and credit system. These risks could put pressure on credit quality, and the online gambling market "presents a new kind of risk to lenders that they have never encountered before, and underwriting models may need to be adjusted." In addition to the lack of proper gambling licenses, these platforms also pose a "serious risk" to consumers, who may not realize that betting on these illegal platforms does not guarantee the security of their funds or information.
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