Headline
▌Wall Street prepares to launch a new generation of cryptocurrency-related ETFs
With the crypto-friendly Trump returning to the White House, Wall Street is preparing to launch a new generation of risky products in this $3.2 trillion industry to cater to all types of investors, from institutional novices to stubborn retail investors. Executives and lawyers involved in ETFs said they described products ranging from defensive ETFs for professional fund managers curious about cryptocurrencies to all-round speculative bets for people who call themselves degenerate gamblers. Investors and lawyers in the industry said that riskier cryptocurrency ETFs may focus on various digital tokens, sometimes using leverage, options or quantitative strategies.
▌pump.fun: The live broadcast function on the website will be suspended indefinitely
pump.fun issued an official announcement stating: "Recent events in the platform's live broadcast have caused concern. We are sorry to hear about the experiences of some users and take this opportunity to address these issues publicly and directly... In order to ensure the absolute safety of users, we will suspend the live broadcast function on the website indefinitely until the review infrastructure is ready to handle higher levels of activity. In the future, we will make the website's rules and regulations more transparent by publishing guidelines. We will also provide creators and users with more visibility into individual review decisions to ensure that everyone understands the process and results."
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $93,244.10, with a daily increase or decrease of -4.6%;
ETH's latest transaction price is $3,416.85, with a daily increase or decrease of +1.8%;
BNB's latest transaction price is $635.56, with a daily increase or decrease of -3.6%；
SOL's latest transaction price is 234.88 US dollars, with a daily increase or decrease of -7.0%；
DOGE's latest transaction price is 0.3943 yuan, with a daily increase or decrease of -7.3%；
XPR's latest transaction price is 1.42 US dollars, with a daily increase or decrease of +0.1%。
Policy
▌Wall Street's "top cop" announced his resignation to make way for Trump's deregulation
Damian Williams, the U.S. Attorney for Manhattan, announced that he plans to resign on December 13, and his deputy Edward Kim will temporarily take over other positions. After Trump was elected as the President of the United States on November 5, he announced that he would nominate Jay Clayton, the former Chairman of the U.S. Securities and Exchange Commission (SEC), to manage the Manhattan Prosecutor's Office. The Southern District of New York is known as the sovereign district for its independent status and has handled many well-known financial fraud cases. During Williams' tenure, he completed the prosecution of SBF, the founder of the former cryptocurrency exchange FTX, and Bill Hwang, the founder of the family office Archegos.
▌U.S. Special Prosecutor Drops the Subversion of the Election Case Against Trump
According to CNN, U.S. Special Prosecutor Jack Smith said on Monday that he would drop the subversion of the election case against President-elect Trump and sought to drop the case in a court document filed with the judge. Trump has said he would fire Smith once he takes office, breaking with previous practice regarding special prosecutor investigations. "The Justice Department's position is that the Constitution requires that this case be dismissed before the defendant is sworn in," Smith wrote in a six-page document. Smith's criminal pursuit of Trump over the past two years for alleged attempts to subvert the 2020 presidential election and his mishandling of classified documents is a very unique chapter in American history: never before has a former White House occupant faced federal criminal charges.
▌Market News: U.S. Customs and Border Protection Detains Certain Imported Bitmain Miners
According to market news, The Mining Pod blog show revealed that the U.S. Customs and Border Protection (CBP) is detaining certain imported Bitmain Antminers at U.S. ports of entry. The equipment involved is Bitmain's Antminer S21 and T21 series, which is Bitmain's latest ASIC mining machine series. Sources said the FCC and CBP did not target other ASIC manufacturers such as MicroBT or Canaan. In addition to revealing that the FCC requested the freeze, U.S. Customs and Border Protection did not provide the affected parties with specific reasons for the action or how long the shipments would be detained.
Blockchain Applications
▌Ripple and Archax Debut Tokenized Money Market Fund on XRP Ledger
Ripple announced the launch of the first tokenized money market fund on the XRP Ledger. As a start, Ripple's XRP Ledge will tokenize asset manager abrdn's $4.77 billion liquidity fund.
Ripple has established a partnership with Archax, the first cryptocurrency exchange, broker and custodian regulated by the Financial Conduct Authority in the UK, which will give Archax access to abrdn's money market fund.
The tokenization of abrdn’s $4.77 billion money market fund on XRPL shows that RWA is being moved on-chain to achieve operational cost savings and settlement efficiency improvements, Ripple said in a statement on November 25.
▌Avalanche Launches Avalanche9000 Upgrade on Testnet and Launches $40 Million Grant Program
The team behind the layer 1 blockchain network Avalanche launched its major upgrade on the testnet on Monday, which is called “Avalanche9000” and contains a number of technical improvements that aim to reduce the cost of blockchain deployment by 99.9%. These improvements include community proposals ACP-77 (making Avalanche layer 1 validators more flexible) and ACP-125 (aims to reduce Avalanche’s base fee by 96%).
According to the press release, the upgrade was also launched with Retro9000, a $40 million grant program to reward builders who develop layer 1 blockchains and other tools on the Avalanche9000 testnet.
▌FLOKI: Valhalla mainnet launch will be postponed to the first quarter of 2025
FLOKI announced on the X platform that based on audit feedback, the mainnet launch of Valhalla will be postponed to the first quarter of 2025. Valhalla is Floki's flagship utility project and metaverse blockchain game, which took three years to build. It is reported that in order to ensure the absolute security of assets and users in the Valhalla ecosystem, FLOKI commissioned two auditing agencies, Hacken and OpenZeppelin, to review the Valhalla contract before the mainnet launch. They recently made some suggestions that will help further enhance the security of the platform and the security of users and assets in the Valhalla ecosystem. The implementation and testing of these changes will take at least a few weeks, and the launch of the mainnet will be postponed out of caution.
Cryptocurrency
▌Online video platform Rumble will purchase $20 million in Bitcoin
The online video platform Rumble adopts a Bitcoin financial strategy and will purchase up to $20 million in Bitcoin.
▌BlackRock and Fidelity's spot Bitcoin ETFs traded $4.37 billion on November 25
BlackRock and Fidelity's spot Bitcoin ETFs traded a combined $4.37 billion on November 25.
▌Wintermute analysts: Funds are moving from BTC to ETH, and derivatives market activity is surging
Wintermute analysts said that funds are moving from BTC to ETH, and derivatives market activity is surging. Ethereum's open interest surged over the weekend, while implied volatility also rose, and demand for call options also increased significantly, indicating that derivatives traders are growing in confidence.
Analysts say the shift from Bitcoin to Ethereum is characterized by a sharp rise in Ethereum implied volatility, with the bearish-bullish bias reaching its highest level in 12 months, indicating that investors have a very strong appetite for upside risk. According to Wintermute analysts, traders are actively pushing the market higher by buying on the upside. "Funds have flowed to Ethereum over the past few trading days as open interest on exchanges pushed to an all-time high over the weekend," Wintermute analysts noted in their weekly cryptocurrency market update.
▌Glassnode: Monthly selling by long-term Bitcoin holders hits highest level since April
Data tracked by Glassnode shows that recently long-term Bitcoin holders (LTH) have begun to sell off on a large scale, with monthly selling reaching its highest level since April 2024, reaching 366,000 BTC.
Data shows that in LTH, the group with a holding period of 6 to 12 months leads, selling an average of 25,600 BTC per day, and most of the recent selling activity comes from this specific group of investors.
Important Economic Dynamics
▌Fed Kashkari: It is reasonable to consider cutting interest rates in December
Fed Kashkari said that it is reasonable to consider cutting interest rates in December. The neutral interest rate may be higher and policy restrictions will not be as strict. Geopolitical risks are the primary consideration for the economic outlook. No comment on the Treasury nominees. The government is needed to put the United States on a sustainable fiscal path.
Golden Encyclopedia
▌What is an airdrop?
Airdrops are the cryptocurrency equivalent of surprise gifts. Imagine opening a box and discovering coins inside! This is similar to receiving an announcement about free coins or tokens from a new blockchain project. Crypto airdrops involve distributing digital assets to users' wallets for free, or in exchange for completing simple tasks, such as following a project on social media or joining their online community.
In the crypto ecosystem, airdrops play a vital role. New projects use airdrops as a marketing strategy to increase awareness and build a user base. They are like free samples in a supermarket, enticing users to try new products. From a user's perspective, airdrops offer an opportunity to get new cryptocurrencies with minimal effort, and with the potential for huge gains. These tokens are more than just freebies, they are a way to participate in the growing digital economy.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for informational reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.
Miyuki
Weiliang
Alex