Headlines
▌Amazon to Invest $50 Billion to Expand AI and Supercomputing Infrastructure for US Government Agencies
Amazon will invest up to $50 billion to expand AI and supercomputing infrastructure for US government agencies. The investment plan is scheduled to begin in 2026.
▌Revolut Completes New Funding Round at $75 Billion Valuation
Fintech company Revolut Ltd. has reached a valuation of $75 billion in its latest stock sale, a significant increase from $45 billion last year. This funding round was led by Coatue, Greenoaks, Dragoneer, and Fidelity Management & Research Company, with participation from Nvidia's venture capital arm NVentures, Andreessen Horowitz, Franklin Templeton, and accounts managed by T. Rowe Price.
According to Bloomberg, South Korea's largest cryptocurrency exchange, Upbit, plans to seek a Nasdaq listing after its merger.
▌Crypto Wallet Provider Exodus Acquires W3C Corp for $175 Million
US-listed cryptocurrency wallet provider Exodus Movement (NYSE American: EXOD) announced that it has acquired W3C Corp, the parent company of crypto card and payment companies Baanx and Monavate, for $175 million. Exodus stated that the transaction consists of "its own cash and financing provided by Galaxy Digital, secured by Exodus's Bitcoin holdings." Baanx and Monavate have previously partnered with companies like Visa, Mastercard, and MetaMask on crypto cards and self-custodied Web3 payments. Exodus notes that this acquisition makes it "one of the few self-custodied wallets with complete control over the end-to-end payment experience, from wallet to card." Bitkub may launch its IPO in Hong Kong as early as next year to raise approximately $200 million. Market news: Thai cryptocurrency exchange Bitkub is considering an initial public offering (IPO) in Hong Kong. Bitkub may launch its IPO in Hong Kong as early as next year to raise approximately $200 million. OpenAI strengthens its response to competition from Google's AI. OpenAI CEO Sam Altman recently admitted in an internal memo that Google's progress in artificial intelligence may bring "short-term economic headwinds" to the company. According to The Information, Altman acknowledged that Google's newly launched AI model may have temporarily taken the lead, stating, "We know we still have work to do," and that public opinion "may be quite severe for a while." Altman specifically praised Google's "outstanding achievements" in the model pre-training phase, while OpenAI is developing a new model called Shallotpeat to address technical challenges. Despite OpenAI's valuation still reaching $500 billion, competitors including Anthropic and Google are accelerating their catch-up, with the latter gradually narrowing the usage gap with ChatGPT through the Gemini chatbot. Cryptocurrency ▌CME Crypto Futures and Options Daily Trading Volume Reaches 795,000 Contracts, a Record High Driven by market volatility, demand for compliant crypto derivatives from institutional and retail investors surged. The Chicago Mercantile Exchange (CME) saw a record high of 795,000 crypto futures and options contracts traded on November 21st. CME's daily average trading volume in crypto derivatives has reached 271,000 contracts this year, with a notional value of $12 billion, a surge of 132% year-on-year. Open interest has also increased by 82%, indicating that investors are actively managing risk through compliant tools. Currently, Bitcoin is trading at $88,845 and Ethereum at $2,977. CME's Global Head of Crypto Products pointed out that market uncertainty has driven demand for highly liquid, regulated crypto risk management tools. CoinShares: Net Outflow of $1.94 Billion from Digital Asset Investment Products Last Week CoinShares released its latest weekly report stating that digital asset investment products experienced a net outflow of $1.94 billion last week, marking the fourth consecutive week of outflows. The cumulative outflow has reached $4.92 billion, representing 2.9% of total assets under management (AuM). Bitcoin saw a significant outflow of $1.27 billion last week, but also experienced its largest rebound on Friday, with an inflow of $225 million. Shorting Bitcoin remains popular, with $19 million flowing in, bringing the total inflow over the past three weeks to $40 million, representing 23% of its assets under management (AUM) and causing its AUM to surge by a staggering 119%. Ethereum saw a total outflow of $589 million last week. The previous week, Ethereum's outflow represented 7.3% of its AUM, a larger drop. However, Ethereum also saw a slight rebound on Friday, with $57.5 million flowing in. Solana experienced an outflow of $156 million, while XRP bucked the trend, seeing an inflow of $89.3 million last week.
▌Grayscale Launches Grayscale XRP Trust ETF on NYSE Arca
Digital asset investment platform Grayscale announced that the Grayscale XRP Trust ETF (ticker symbol: GXRP) has begun trading as an exchange-traded product (ETP) on the NYSE Arca. GXRP is an exchange-traded product and is not registered under the Investment Company Act of 1940 (“Act 40”), and therefore is not subject to the same regulatory and protectional provisions as ETFs and mutual funds registered under Act 40. Investing in GXRP involves significant risks, including the potential loss of principal. GXRP holds XRP; however, investing in GXRP is not a direct investment in XRP.
▌JPMorgan Chase has sold over 772,400 shares of Strategy stock
According to BitcoinTreasuries.NET, JPMorgan Chase, with assets of $4.6 trillion, disclosed that it has sold 772,453 shares of Strategy stock, worth $134 million.
▌BitMine's Ethereum holdings have a paper loss of $4.25 billion
According to Lookonchain monitoring data, BitMine purchased 69,822 ETH (approximately $197.25 million) last week and currently holds 3,629,701 ETH (approximately $10.25 billion).
The average purchase price was approximately $3,997, and BitMine currently has unrealized losses of $4.25 billion. BitMine increased its holdings by approximately 70,000 ETH last week, bringing its total holdings to over 3.62 million ETH. As of 8 PM Eastern Time on November 23, BitMine's cryptocurrency holdings included: 3,629,701 ETH (an increase of 69,822 ETH from the previous week), worth approximately $11.2 billion at current prices; 192 BTC; $38 million worth of shares in Eightco Holdings (NASDAQ: ORBS); and $800 million in uncollateralized cash. BlackRock Transfers 2,822 BTC and 36,283 ETH to Coinbase Prime According to Lookonchain, BlackRock transferred 2,822 BTC (approximately $244 million) and 36,283 ETH (approximately $102 million) to Coinbase Prime. Franklin Templeton Launches XRP Trust (XRPZ) on NYSE Arca Franklin Templeton launched its XRP exchange-traded fund on Monday on the New York Stock Exchange's Arca platform, providing investors with a regulated channel to invest in XRP tokens. This move places one of Wall Street's oldest financial institutions into the growing ranks of XRP fund issuers, an area already including Bitwise, Grayscale Investments, and Canary Capital. This offering expands Franklin Templeton's crypto product line. The company currently manages ETFs linked to Bitcoin, Ethereum, and XRP, as well as its diversified digital asset fund, allowing traditional investors to access a wider range of crypto assets without self-custody. Ondo Finance Invests $25 Million in Figure to Boost OUSG Stablecoin According to official news, Ondo Finance announced a $25 million investment in Figure's yield-generating stablecoin YLDS to enhance the yield profile and diversify the portfolio of its flagship tokenized fund, OUSG. OUSG currently has a TVL of over $780 million and is backed by institutional products from BlackRock, Fidelity, Franklin Templeton, WisdomTree, FundBridge Capital, and others. **Justin Sun Transfers $150 Million Worth of BTC to Personal Wallet** According to Bubblemaps on-chain data monitoring, Justin Sun transferred $150 million worth of Bitcoin from his BitGo escrow account to his personal wallet. **A Whale That Profited $200 Million from Short Selling Invests $40 Million in ETH Long Position** According to Arkham data monitoring, a well-known whale that profited $200 million from short selling before the market crash on October 10th recently transferred $10 million to the Hyperliquid platform and established a long position in Ethereum. On-chain data shows that the whale currently holds a $44.5 million long position in ETH, and within an hour of establishing the position, it had already made a profit of over $300,000. This purchase comes at a time of volatility and adjustment for Ethereum. The address's previous record of generating huge profits through contrarian trading makes this bullish move a significant market indicator. The current price trend of Ethereum and the subsequent actions of this whale remain to be seen.
▌AVAX One invests approximately $110 million to acquire 9,377,475 AVAX tokens, bringing its total holdings to over 13.8 million tokens
Nasdaq-listed AVAX treasury company AVAX One disclosed that it invested approximately $110 million to acquire 9,377,475 AVAX tokens between November 5th and 23rd, 2025, at an average purchase price of $11.73. As of now, its total AVAX token holdings exceed 13.8 million. In addition, the company stated that its board of directors had previously approved a $40 million stock buyback program.
▌Enlivex Plans to Raise $212 Million to Build Rain Token Treasury
Nasdaq-listed Enlivex plans to raise $212 million to build the Rain token treasury. The company says it will become the first DAT company built on a prediction market token. Rain is a decentralized prediction market protocol on the Arbitrum network that allows anyone to create markets and trade custom options on any event in any language. The results are solved by artificial intelligence and include a buyback and burn mechanism pegged to the RAIN token.
▌He Yi Confirms Binance's Recovery of Illegally Profits from Alpha Airdrop Violations
November 24th news: In response to community reports that "Binance has begun recovering ill-gotten gains from Alpha airdrop violations. Several Alpha airdrop hunter accounts, suspected to be from studios, have had over $10,000 in assets frozen," He Yi confirmed the incident and stated that ordinary users are not affected.
▌Coinbase to List FLUID and WMTX
Spot trading of Fluid (FLUID) and World Mobile Token (WMTX) on Coinbase will launch on November 25, 2025. If liquidity conditions are met, the FLUID-USD and WMTX-USD trading pairs will open at or after 9:00 AM Pacific Time in supported trading regions.
**Important Economic Developments** Barclays Research points out that while uncertainty remains surrounding the Federal Reserve's interest rate decision next month, Chairman Powell is likely to push the FOMC to cut rates. Based on recent speeches, Barclays believes that Governors Milan, Bowman, and Waller are likely to support a rate cut, while regional Fed presidents Mussallem and Schmid prefer to keep rates unchanged. Recent statements from Governors Barr and Jefferson, as well as Goolsby and Collins, indicate that their stance is not yet clear, but they are more inclined to maintain the status quo. Governors Cook and Williams rely on data but appear to be more supportive of a rate cut. Barclays stated, "This means that before considering Powell's position, there may be six voters who prefer to keep rates unchanged and five who prefer a rate cut." The bank added that Powell will ultimately lead the decision, as the threshold for governors to publicly oppose his position is very high.
▌Federal Reserve Official Daly Supports December Rate Cut
Federal Reserve official Daly supports a December rate cut. Daly believes the Fed can reduce the inflation rate to its 2% target, and that a sudden deterioration in the job market is more likely.
▌US September PCE Release Rescheduled to December 5; Q3 GDP Preliminary Report Cancelled
Information from the US Bureau of Economic Analysis (BEA) shows that the data release arrangements affected during the US government shutdown are as follows: ① The preliminary GDP estimate for Q3 2025 has been cancelled and was originally scheduled for release on October 30. ② The September PCE (Personal Consumption Expenditures) and Personal Income reports will be released at 10:00 AM (Beijing time) on December 5, originally scheduled for October 31.
▌The probability of a 25 basis point rate cut by the Federal Reserve in December rises to 80%
According to CME's "FedWatch": the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 82.9% (69.4% yesterday), and the probability of keeping interest rates unchanged is 17.1%. The probability of the Federal Reserve cumulatively cutting interest rates by 25 basis points by January next year is 65.4%, the probability of keeping interest rates unchanged is 12.5%, and the probability of cumulatively cutting interest rates by 50 basis points is 22%.
Golden Encyclopedia
▌Can Artificial General Intelligence Really Think Like Humans?
When the boundary between humans and machines becomes blurred, we see Artificial General Intelligence (AGI).
Unlike Artificial Intelligence in the Narrow Sense (ANI), which uses AI to solve single problems, AGI refers to AI that can understand, learn, and apply knowledge in a way that is difficult to distinguish from human cognition. AGI is still in the theoretical stage, but the prospect of AI fully replacing human input and judgment has naturally attracted widespread attention, and researchers, technology experts, and academics are working hard to turn the concept of AGI into reality. Although AGI is still in the theoretical stage, its enormous potential makes it a science fiction version of AI. While existing models (such as ChatGPT) are constantly being developed and improved, the journey to making AGI a reality still requires overcoming significant technical challenges. The question of whether general AI can think like a human delves into the core of human cognition. Human thinking is characterized by consciousness, emotional depth, creativity, and subjectivity. While general AI can simulate some aspects of human thinking, replicating the full range of human cognition is a formidable challenge. The touchstone of general AI lies in whether it can fully replicate human experience. Once achieved, its potential benefits will be immense, benefiting all walks of life and impacting every aspect of daily life. Despite its limitations, artificial general intelligence (AGI) is increasingly seen as a positive force across various industries. AGI could create computers as intelligent as humans, revolutionizing fields like cryptocurrency trading and market analysis. However, AGI requires trust and fairness to benefit everyone. Blockchain, the technology behind Bitcoin and Ethereum, offers a secure and transparent way to achieve this. However, persistent challenges such as slow blockchain speeds, crypto transaction latency, and limited storage capacity may hinder AGI from processing data quickly or handling large datasets. To prepare blockchain for AGI, researchers are exploring off-chain storage, sharding and danksharding, and data pruning. AGI represents the pinnacle of AI development, promising capabilities comparable to human intelligence. While AGI can simulate certain aspects of human thought, achieving truly human-like cognition remains a distant goal. Consciousness, emotional depth, and creativity are inherent properties of human experience and pose significant challenges to AGI. Nevertheless, the pursuit of general artificial intelligence continues to drive innovation and reshape our understanding of intelligence.
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