Headline
▌US Congressman Warren Davidson Introduces "Bitcoin for America Act"
US Congressman Warren Davidson has introduced the "Bitcoin for America Act," which aims to codify the executive order on strategic Bitcoin reserves and eliminate capital gains tax on Bitcoin payments.
▌SoftBank to Invest Up to $3 Billion in OpenAI Data Center Factory
According to two people familiar with the plans, SoftBank plans to invest up to $3 billion to renovate an electric vehicle factory in Lordstown, Ohio, which will produce equipment for OpenAI's upcoming data center. The Japanese conglomerate is one of OpenAI's largest investors.
Blockchain Applications
▌Kalshi's Valuation Rises to $11 Billion After $1 Billion Funding Round
Kalshi, a regulated U.S. prediction market platform, has completed a $1 billion funding round, bringing its valuation to $11 billion.
This funding round was led by existing investors Sequoia Capital and CapitalG, with participation from Andreessen Horowitz, Paradigm, Anthos Capital, and Neo. This valuation increase brings Kalshi closer to its competitor Polymarket's target valuation of $12 billion to $15 billion. Furthermore, just a month ago, Kalshi announced the completion of a $300 million funding round, valuing the company at $5 billion, highlighting strong investor interest in the booming prediction market sector. According to Bloomberg, prediction market Polymarket is seeking a new funding round at a valuation of $12 billion, up from its previous $10 billion valuation. Cryptocurrency ▌Bridgewater Founder: Bitcoin Investment Accounts for About 1% of Personal Portfolio Ray Dalio, founder of Bridgewater Associates, stated, “I have long held a small amount of Bitcoin, which accounts for about 1% of my portfolio, and has always been the case. My view on Bitcoin has always been the same. I think the problem with Bitcoin is that it will not become a reserve currency for major countries because it is traceable and theoretically could be controlled by quantum computing, hacked, and other such risks.” ▌BlackRock Transfers 14,513 ETH to Coinbase, Worth $43.7 Million According to Arkham, BlackRock transferred a total of 14,513 ETH, worth $43.7 million, to a Coinbase Prime address. Metaplanet Announces $150 Million Class B Perpetual Preferred Stock Issuance to Increase Bitcoin Holdings Japanese Bitcoin Crypto Treasury (DAT) company Metaplanet announced the issuance of $150 million worth of Class B perpetual preferred stock with a fixed dividend rate of 4.9% and a conversion price of 1,000 yen, which will be used to continue acquiring Bitcoin. DDC Enterprise to Purchase 300 Bitcoins, Increasing Total Holdings to 1,383 Bitcoins US-listed company DDC Enterprise announced a purchase agreement to buy 300 Bitcoins. This is reportedly the company's largest single Bitcoin acquisition to date. After the transaction, DDC Enterprise's total Bitcoin holdings will increase to 1,383 Bitcoins, and the company expects a 99% Bitcoin return in the second half of 2025.
▌ETHZilla Discloses ETH Holdings of 94,060 ETH, Worth $285 Million
ETHZilla, the Ethereum treasury company, disclosed its treasury holdings data on the X platform. As of this week, its ETH holdings are 94,060 ETH, worth $285 million, with an mNAV of 0.74.
▌Japanese Listed Company ANAP Holding Increases Holdings by 20.44 Bitcoins, Total Holdings Reach 1145.68 Bitcoins
According to market news: Japanese listed apparel company ANAP Holding (3139.T) has purchased an additional 20.44 Bitcoins, bringing its total holdings to 1145.68 Bitcoins.
▌Ark Invest Invests Over $42 Million Again to Increase Holdings in Circle, Bullish, and BitMine Stocks
Ark Invest increased its holdings in cryptocurrency-related stocks again on Wednesday, with a total investment exceeding $42 million. Specifically, Ark Invest purchased $17.7 million worth of Circle stock, $16.9 million worth of Bullish stock, and $7.6 million worth of BitMine stock.
▌A Whale Sells 725.8 WBTC in Half a Month to Complete Deleveraging
According to Ember Monitoring, a whale that used a revolving loan to go long on 1.320 WBTC sold 175 WBTC in the past 5 hours, obtaining $16,180 in USDC, completing its deleveraging operation.
On November 5th, when BTC fell to the $100,000 mark, this whale's position was close to the liquidation line, and it subsequently began reducing its holdings to avoid liquidation. Within half a month, the whale sold a total of 725.8 WBTC, obtaining $71,810 USDC for repayment, with an average selling price of $98.939. It currently still holds 618.2 WBTC (approximately $57 million). Coinbase will launch spot trading for BOB (BOBBOB). If liquidity conditions are met, the BOBBOB-USD trading pair will open later today. **Important Economic Developments** Morgan Stanley: No Longer Expects a December Rate Cut from the Fed. Market News: Morgan Stanley analyst Michael Gapen stated that strong employment has reduced the risk of rising unemployment, and he no longer expects the Fed to cut rates in December. He now anticipates three rate cuts in January, April, and June of next year, thus maintaining the final interest rate expectation at 3-3.25%. **Goursby Expresses Unease Over December Rate Cut, Unwilling to Over-Bet on "Temporary Inflation"** Fed official Goolsby hinted that he remains uneasy about another rate cut at the Fed's December meeting. Goolsby said on Thursday that the decline in inflation "seems to have stalled, and could even be seen as a warning sign of going in the wrong direction. So that makes me a little uneasy." A growing number of policymakers are concerned about cutting interest rates too much while inflation remains high. Minutes from last month's meeting showed that despite officials cutting rates for the second consecutive time, many were inclined to oppose another rate cut in December. The consumer price index rose 3% in September, still above the Fed's 2% target. Inflation had slowed earlier this year but prices rose again after the introduction of new tariffs. Goolsby said, "The economy is quite strong, and I think we'll eventually get back to a point where 'interest rates can fall significantly.' But in the near term, I'm a little uneasy about cutting rates too early and expecting 'this will be temporary and inflation will fall back.'" At the US-Saudi Investment Forum held at the Kennedy Center on November 20, Trump stated that he wanted to fire Federal Reserve Chairman Jerome Powell, but Treasury Secretary Scott Bessant was preventing him from doing so. Trump urged Bessant to "convince" Powell to lower interest rates as soon as possible, threatening to fire Bessant if the Fed didn't. "You have to convince him, the only thing Scott messed up is the Fed. Because the Fed's interest rates are too high, Scott. If you don't fix this soon, I'm firing you." Bridgewater Associates founder: Venture capital is facing difficulties. Bridgewater Associates founder Ray Dalio warned that the venture capital sector is facing difficulties, with a large amount of private lending and the private equity market deeply intertwined. The current bubble level has reached 80%. US non-farm payrolls increased by 119,000 in September, exceeding expectations. US non-farm payrolls increased by 119,000 in September, exceeding market expectations of 52,000 and the previous month's increase of 22,000.
▌US September Non-Farm Payrolls Surprise 119,000, Complicating Fed Rate Cut Decision
British Financial Commentary: The US September non-farm payroll report indicates an unexpected rebound in the US labor market, which will complicate the Federal Reserve's decision on whether to cut interest rates next month. The report, released Thursday, showed an increase of 119,000 non-farm jobs in September, exceeding not only the 50,000 predicted by economists surveyed by institutions but also significantly higher than the revised 22,000 in August. The unemployment rate rose to 4.4% from 4.3% in August, a new high since 2021. This report is the first economic health indicator released by the US Bureau of Labor Statistics since the record-breaking shutdown of the US federal government led to a halt in official data releases. The unexpectedly positive data will reinforce the stance of hawkish members of the Federal Open Market Committee, who have consistently warned the Fed against cutting interest rates too quickly. Following the data release, US Treasury yields and the dollar index both fell.
Despite long-term pressure from US President Trump for the Federal Reserve to cut interest rates, a deep division has emerged within the central bank: one faction advocates for further rate cuts at the December meeting to support the labor market, while the other is concerned about the potential for increased inflation risks. The government shutdown has further complicated the Fed's decision-making process—regular economic reports have been interrupted, and the Bureau of Labor Statistics announced on Wednesday that due to the stagnation of data collection during the shutdown, it will no longer release a separate October employment report, with some data being combined into the November report. According to CME's "FedWatch," the probability of the Fed cutting rates by 25 basis points in December is 39.6%, while the probability of keeping rates unchanged is 60.4%. The probability of the Fed cumulatively cutting rates by 25 basis points by January next year is 50.2%, the probability of keeping rates unchanged is 29.7%, and the probability of cumulative rate cuts of 50 basis points is 20.2%.
▌Polymarket's prediction of a 25 basis point rate cut by the Federal Reserve in December has fallen to 30%
Polymarket data shows that the probability of a "25 basis point rate cut by the Federal Reserve in December" has fallen to 30%, while the probability of keeping rates unchanged has risen to 68%. The trading volume for this prediction event has reached $123.6 million.
Golden Encyclopedia
▌What is RISC-V and why does Vitalik want to use it for smart contracts?
RISC-V, pronounced "risk five," is a modern open-source instruction set architecture (ISA) based on the principles of Reduced Instruction Set Computer (RISC). Simply put, it's like a blueprint defining a set of instructions that a processor can execute. RISC-V is designed to be highly modular, efficient, and flexible.
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