Gate Research: Tether Data Launches QVAC Fabric LLM | Bitcoin Mining Margins Fall to Historic Lows

Crypto Market Overview

• BTC (+0.25% | Last: 91,878 USDT): After finding support near $83,800, BTC began a steady rebound on December 2, climbing into the $91,000–93,000 range with a clear improvement in short-term structure. The MA5 and MA10 have quickly crossed above the MA30, forming a short-term bullish alignment that indicates the market has entered a rhythmic recovery phase following the sharp pullback. Although the rebound slope is relatively steep, BTC has not yet broken above the $93,000 resistance zone. Price needs to remain firmly above $91,500–92,000 to solidify near-term bullish momentum. MACD formed a strong bullish crossover on December 2, with expanding green bars signaling markedly improved buying pressure. However, as price neared $93,000, the histogram began to contract, suggesting reduced appetite for chasing highs. If BTC can consolidate at elevated levels and defend $90,500, it may still challenge $94,000; if it loses the $89,500–90,000 band, the rebound structure may weaken and revisit support near $87,500.
• ETH (+0.23% | Last: 3,010 USDT): ETH saw strong dip-buying interest after falling into the $2,720–2,750 area, then began recovering steadily from December 2. It has reclaimed the $3,000 psychological level, reflecting improving sentiment. MA5 and MA10 have turned upward and moved above MA30, signaling a clear shift from weakness to short-term recovery, largely in sync with BTC. MACD also flashed a bullish crossover with rapidly expanding green bars, indicating strengthening momentum. However, upon approaching the $3,090 short-term resistance, the histogram began to narrow, showing that buyers are becoming more cautious and short-term consolidation is possible. ETH needs to hold $2,980–3,000 to preserve its recovery trend; if it breaks below $2,950, price may return to retest support near $2,880.
• Altcoins: With the Fear & Greed Index remaining at 28, overall market sentiment is still cautious—though slightly improved from prior “extreme fear” readings. Under this backdrop, major altcoins have staged a mild recovery. SOL surged 8.99%, leading the broader altcoin group, while XRP also recorded a notable rebound, suggesting selective capital rotation into oversold assets as markets stabilize at low levels.
• Macro: On December 2, the S&P 500 Index rose 0.25% to 6,829.37 points; the Dow Jones Index increased 0.39% to 47,474.46 points; and the NASDAQ Index gained 0.59% to 23,413.67 points. As of 02:15 AM (UTC) on December 3, the price per ounce of spot gold is temporarily reported at $4,210, with a 24-hour increase of 0.10%.

Trending Tokens

PIEVERSE Pieverse (+78.22%, Circulating Market Cap: $112M)

According to Gate market data, the PIEVERSE token is now priced at $0.62320, marking a 24-hour increase of 78.22%. Pieverse is an interactive Web3 entertainment and application ecosystem built around on-chain AI Agents, aiming to merge AI companions, NFT identities, and extensible on-chain behavior systems to create an evolving virtual social and gamified world. Its core products include ERC-8004-based Agent NFTs, a cross-application interaction identity system, and a full AI Agent developer toolkit, enabling users to own trainable, upgradable, and task-executing AI characters on-chain.

The latest surge is likely driven by the official launch of the Purr-Fect Agent recruitment campaign for the first 1,000 NFT holders, which quickly gained traction across social channels. As these NFTs serve as initial identity anchors and functional gateways for AI Agents, demand for the token rose significantly. Pieverse also leverages the x402b execution standard and has highlighted upcoming AI Agent features—such as automated tasks, ecosystem interactions, and cross-app behaviors—enhancing community expectations for product rollout speed and long-term scalability. Combined with strong social momentum and a relatively small circulating market cap, capital rapidly concentrated on the token, amplifying its short-term rally.

LIGHT Bitlight Labs (+44.35%, Circulating Market Cap: $67.36M)

Gate data shows that LIGHT is currently trading at $1.6412, up 44.35% over the past 24 hours. Bitlight Labs focuses on Bitcoin scalability and RGB-based application infrastructure, aiming to enable composable and scalable transactions across Bitcoin, the Lightning Network, and the RGB protocol.

Recently, Bitlight Labs announced a major breakthrough in native RGB DEX functionality, launching a unified transaction mechanism that integrates PayJoin with RGB20 assets, enabling seamless cross-chain and cross-layer asset flows between Bitcoin, Lightning, and RGB ecosystems. This development significantly boosted market attention toward the RGB sector and Bitcoin scalability themes, positioning LIGHT as a key beneficiary. Additionally, rising interest in the broader Bitcoin ecosystem—including BRC20, Runes, and Ordinals—has reinforced demand for “Bitcoin L2 + native asset trading,” accelerating capital inflows into LIGHT.

PARTI Particle Network (+33.05%, Circulating Market Cap: $32.3M)

The PARTI token is now priced at $0.14032, reflecting a 33.05% increase in the past 24 hours, according to Gate data. Particle Network is a modular account system and chain-abstraction platform focused on building Web3-native infrastructure, with the goal of offering Web2-level user experience across multiple chains. Its flagship product, Universal Accounts, unifies asset balances, abstracts cross-chain gas, and eliminates chain-switching, enabling users to send, receive, and transact across EVM, Solana, and other ecosystems from a single account.

PARTI’s latest rally is driven by a series of major updates. First, Universal Accounts officially added support for Monad, allowing users to manage and trade assets without switching chains—making Particle a core infrastructure component of Monad’s ecosystem. Meanwhile, Magic Labs announced full API-wallet integration with Universal Accounts, enabling developers to create multi-chain wallets with unified asset and gas logic. The combination of multiple ecosystem partnerships, continuous product rollouts, and the strengthening narrative around chain abstraction has significantly boosted demand and market expectations for PARTI.

Alpha Insights

Bitcoin Mining Profitability Falls to Historic Lows as Miners Enter a Deep Compression Cycle

Bitcoin mining profitability has dropped to one of the lowest levels on record as hashprice continues its downward trend, currently sitting near $35 per PH/s—well below this year’s highs. This sharp decline has significantly squeezed miners’ margins, especially as many publicly listed mining firms report median hashcosts around $44 per PH/s, pushing the sector broadly into near break-even territory. Rising energy prices, surging network difficulty, and increasing hashrate concentration have all contributed to a decline in BTC produced per unit of compute, forcing miners to rely on scale, lower electricity contracts, and high-efficiency rigs to maintain competitiveness.

Against this backdrop, the mining industry is undergoing clear bifurcation. Well-capitalized miners are accelerating equipment upgrades, securing long-term low-cost power, and deploying advanced air-cooling and liquid-cooling data centers to further reduce marginal costs. Meanwhile, smaller miners face mounting cash-flow stress, leading to shutdowns, machine liquidations, or even bankruptcy—speeding up industry consolidation. Without a recovery in BTC price or a reversal in difficulty growth, the mining sector may enter an even deeper cleansing phase. Miners may increasingly depend on auxiliary income streams such as AI compute leasing, hosting services, and energy-arbitrage operations to stabilize financial performance. Overall, current mining profitability sits at historical lows, marking the onset of a high-cost, high-competition restructuring cycle.

Tether Data Launches QVAC Fabric LLM, Redefining Low-Barrier Local AI Development

Tether Data has introduced QVAC Fabric LLM, a comprehensive runtime and fine-tuning framework for large language models designed specifically to run AI directly on everyday hardware. Unlike traditional approaches requiring specialized compute, QVAC Fabric LLM enables running, training, and customizing LLMs on consumer GPUs, laptops, and even smartphones—shifting local AI development from a high-cost, high-barrier domain toward mass accessibility. The framework extends the capabilities of the llama.cpp ecosystem by adding fine-tuning support for modern models such as Llama3, Qwen3, and Gemma3, enabling developers to build specialized models without relying on cloud GPUs or vendor-locked hardware ecosystems.

QVAC Fabric LLM provides broad hardware compatibility, supporting AMD, Intel, NVIDIA, Apple Silicon, and mobile chip architectures, emphasizing that meaningful AI development no longer requires dependence on a single hardware supplier. Released under the Apache 2.0 open-source license, the framework includes multi-platform binaries and ready-to-use adapters on Hugging Face, allowing developers to begin fine-tuning with just a few commands. This marks a significant enhancement for the open-source AI community and underscores the growing importance of local compute and lightweight AI systems in future development stacks.

Flow Accelerates Native Protocol Expansion, Leading with Credit Markets and Moving Toward Derivatives

The Flow Foundation recently announced that it is developing a suite of native, built-in protocols, beginning with credit markets as the first major initiative. This marks a strategic shift from Flow’s earlier focus on NFTs and entertainment, signaling an active push into deeper-layer financial infrastructure to fill long-standing gaps in its DeFi ecosystem. The foundation also revealed plans to introduce high-demand modules such as perpetual futures and prediction markets, building a full on-chain financial stack that spans spot, lending, and derivatives—an important step for improving capital efficiency and liquidity retention on a chain that has historically seen lower on-chain activity.

In parallel, Dapper Labs launched Peak Money, a consumer-finance–oriented flywheel application that aggregates yield opportunities across multiple chains to deliver a more accessible user experience. This rollout strengthens the strategic alignment between Flow and Dapper, aiming to attract a broader user base through the combination of cross-chain yield aggregation and financial applications. Overall, Flow appears to be transitioning from a “content-driven chain” toward a “financial-infrastructure chain.” The integration of native protocols with application-layer products positions Flow to improve ecosystem activity and attract more developers and liquidity in the next market cycle.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• X, https://x.com/Cointelegraph/status/1995946125136719920?s=20
• Tether, https://tether.io/news/tether-data-introduces-qvac-fabric-llm-the-edge-first-llm-inference-runtime-and-generalized-llm-lora-fine-tuning-framework-for-modern-ai-models-on-heterogeneous-gpus-smartphones-laptops-and-server/
• X, https://x.com/flow_blockchain/status/1995855508780011770?s=20

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