Headline
▌The US government address transferred 19,800 BTC, about $1.92 billion
According to Arkham data, the US government address transferred 19,799.99 BTC, about $1.92 billion.
▌Informed sources: SpaceX discussed selling insider shares at a valuation of approximately $350 billion
According to informed sources, Musk's Space Exploration Company (SpaceX) discussed selling insider shares at a valuation of approximately $350 billion.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $95,869.81, with a daily increase or decrease of -1.4%;
ETH's latest transaction price is $3,645.37, with a daily increase or decrease of -1.7%;
BNB's latest transaction price is $647.50, with a daily increase or decrease of -1.2%；
SOL's latest transaction price is 225.69 US dollars, with a daily increase or decrease of -4.8%；
DOGE's latest transaction price is 0.4244 yuan, with a daily increase or decrease of -3.5%；
XPR's latest transaction price is 2.71 US dollars, with a daily increase or decrease of +18.9%。
Policy
▌Musk: The last step of DOGE is to cut itself off
Vivek Ramaswamy, another head of the Department of Government Efficiency (DOGE) appointed by Trump, posted that most government projects should have clear deadlines. That's why we also set one for the Department of Government Efficiency: July 4, 2026. Musk forwarded the post saying that the last step of the Department of Government Efficiency is to cut itself off. Earlier, Trump said at Mar-a-Lago in Florida that the "Department of Government Efficiency" will release its last report on July 4, 2026. In the view of Newsweek, although the "Department of Government Efficiency" led by Musk has taken the lead at the moment, its biggest role is to serve the US mid-term elections and give a "big gift package" to the 250th anniversary of the founding of the United States in 2026.
Blockchain Applications
▌Sonic Labs Mainnet Generates First Block, Token Airdrop Snapshot Completed
Layer1 blockchain project Sonic Labs (formerly Fantom) announced that its mainnet has generated its first block, marking the completion of the "Genesis" phase, and is expected to be officially launched soon. A few days ago, the project also launched an upgraded testnet "Blaze".
In addition, Sonic Labs has completed the S token airdrop allocation snapshot, supports 1:1 exchange with Fantom's FTM tokens, and introduced Sonic Gateway to achieve cross-chain bridging function.
▌Coinbase integrates Apple Pay into its deposit and withdrawal services
According to developer documentation, US crypto exchange Coinbase is integrating Apple Pay into its fiat-to-cryptocurrency deposit and withdrawal services. The product, called Coinbase Onramp, offers a one-click purchase feature designed to reduce the red tape that users need to go through when replenishing their self-hosted wallets. Using cryptocurrencies often involves "a lot of friction, which leads users to give up," Coinbase said in a statement. Formerly known as Coinbase Pay, Onramp is essentially a software development kit (CDK) and a series of APIs that enable programmers to embed fiat-to-crypto conversion functionality into their mobile or web applications and browser extensions.
▌Nike's NFT entity RTFKT announced that it will gradually shut down operations
Nike's NFT entity RTFKT announced on the X platform that it will gradually shut down operations, and its Web3 service will end at the end of January 2025. It is reported that RTFKT plans to launch an updated website to showcase the pioneering work that defines the RTFKT journey. Before the transition period of this operation closure, RTFKT will launch another innovation in December this year: MNLTH X, using BLADE DRoP, committed to breaking boundaries and integrating the world's commitment. Other information about specific collections, websites and services will be communicated through its Discord and official channels.
Cryptocurrency
▌Bernstein: US Ethereum ETF may soon launch a staking income function
According to Bernstein's report on December 2, the US Ethereum exchange-traded fund (ETF) may soon launch a staking income function. Bernstein analysts said: "We believe that under the leadership of the new crypto-friendly [U.S. Securities and Exchange Commission] Trump 2.0, the ETH staking yield feature is likely to be approved." Data shows that as of December 2, the annualized percentage return (APR) of ETH staking denominated in ETH was about 3.1%. Bernstein said: "We believe that as the level of activity on the Ethereum blockchain network increases, the ETH yield can rise further to 4-5%." ▌ Research: Trump's inauguration may become a short-term high in the crypto market. US President-elect Trump will officially take office on January 20, 2025. Market research shows that cryptocurrency prices may usher in a correction thereafter. According to data from Bloomberg and Macrobond Financial, the market in the U.S. presidential election year usually performs strongly after the election and tends to cool after the president takes office.
▌Yesterday, GBTC had a net outflow of 28.1 million US dollars, and ETHE had a net outflow of 44.4 million US dollars
According to Farside Investors monitoring data, the funding data of the US spot Bitcoin ETF and spot Ethereum ETF yesterday (December 2) are as follows:
Spot Bitcoin ETF: GBTC had a net outflow of 28.1 million US dollars, EZBC had a net inflow of 5.6 million US dollars, BTCW had a net inflow of 6.9 million US dollars, and BTC had a net inflow of 6.4 million US dollars.
Spot Ethereum ETF: ETHE had a net outflow of 44.4 million US dollars, and EZET and ETH had no inflow or outflow of funds.
▌CryptoQuant CEO: Bitcoin trading volume on Coinbase drops on weekends
CryptoQuant CEO Ki Young Ju posted on the X platform that Bitcoin trading volume on Coinbase drops on weekends because institutional brokers mainly trade on weekdays. Users can measure institutional activity by comparing the average of weekdays and weekends. This gap has widened significantly over the past two years. Unless this trend reverses, avoid shorting BTC (because it will be liquidated by Michael Saylor and ETFs).
Important Economic Dynamics
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in December has risen to 74.5%
According to CME's "Fed Watch", the probability of the Federal Reserve maintaining the current interest rate unchanged by December is 25.5%, and the probability of a cumulative interest rate cut of 25 basis points is 74.5%. The probability of maintaining the current interest rate unchanged by January next year is 20.6%, the probability of a cumulative 25 basis point rate cut is 65.1%, and the probability of a cumulative 50 basis point rate cut is 14.3%.
▌Fed Williams: The Fed is expected to cut interest rates further
The Federal Reserve may further lower its interest rate target as inflation pressures continue to cool, New York Fed President Williams said on Monday. "Monetary policy remains in a restrictive range to support a sustainable return to the 2% target for inflation," Williams said in a speech at a meeting of the Queens Chamber of Commerce in New York. Looking ahead, "I expect it will be appropriate to continue to move to a more neutral policy setting over time," Williams said, and the policy path will depend on the data. If we have learned anything over the past five years, it is that the outlook remains highly uncertain. Williams did not give clear guidance on the timing of rate cuts and whether he thinks the Fed will lower its interest rate target at this month's FOMC meeting.
▌The probability of the Fed cutting interest rates in December increases, and the US dollar falls
The two-year US Treasury yield fell 2 basis points in the short term, and the latest reported 4.18%. The US dollar index fell 15 points in the short term. US interest rate futures slightly increased the probability of the Fed cutting interest rates by 25 basis points this month to 70%. On the news, Fed Governor Waller tends to cut interest rates in December.
Golden Encyclopedia
▌What is chain abstraction?
Chain abstraction is a concept that simplifies the user experience of blockchain technology and unifies transactions across multiple networks. Blockchain chain abstraction aims to solve this problem by hiding or "abstracting" the technology from users. This means that people don't know that they are using a blockchain or which blockchain they are using. Chain abstraction works by providing a single interface that enables users and developers to interact with multiple blockchains without having to manage the complexity of each individual chain.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for informational reference only and is not intended as actual investment advice. Please establish the correct investment philosophy and be sure to raise your risk awareness.
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