7 million TRX transferred to Binance
Coinbase BTC premium index reports 0.0246%

Headlines

▌7 million TRX transferred to Binance, worth about $2.03 million

According to Arkham data, at 00:15, 7 million TRX (worth about $2.03 million) was transferred from an anonymous address (starting with TURTTU…) to Binance.

▌Coinbase Bitcoin premium index currently at 0.0246%

According to Coinglass data, the Coinbase Bitcoin premium index is currently at 0.0246%. The Coinbase Bitcoin premium index measures the percentage difference between the price of Bitcoin (USD pair) on Coinbase Pro and the price on Binance (USDT pair). Coinbase is a popular crypto exchange among US investors (especially large institutions), while Binance has a broader global user base. This means the price difference between BTC on the two platforms can indicate whether US investors are exerting more buying pressure on the market than global investors.

Market

As of press time, according to CoinGecko data:

BTC price is $92,303.51, 24h change -1.3%;

ETH price is $3,139.76, 24h change -1.3%;

BNB price is $902.33, 24h change -1.7%;

SOL price is $139.09, 24h change -3.9%;

DOGE price is $0.1477, 24h change -2.9%;

XRP price is $2.10, 24h change -4.6%;

TRX price is $0.2858, 24h change +1.9%;

WLFI price is $0.1533, 24h change -4.7%;

HYPE price is $33.58, 24h change -3.5%.

Policy

▌European Commission proposes expanding the powers of the European Securities and Markets Authority (ESMA), raising licensing concerns

On Thursday, the European Commission released a package of proposals suggesting “direct supervision” over key market infrastructures, including crypto asset service providers (CASP), trading venues, and the European Securities and Markets Authority (ESMA) central counterparties. If passed, the European Securities and Markets Authority (ESMA)’s role in regulating EU capital markets would more closely resemble the centralized framework of the US SEC, a concept initially proposed by European Central Bank (ECB) President Christine Lagarde in 2023.

▌US SEC Chair: The entire financial system will shift toward Bitcoin and crypto within a few years

According to market sources: The Chairman of the US Securities and Exchange Commission stated that the entire financial system will shift toward Bitcoin and cryptocurrencies within a few years: “This is the direction the world is heading.”

▌Coinbase CEO: Bitcoin and crypto can hold bad governments accountable

According to market sources: The Coinbase CEO stated that Bitcoin and cryptocurrencies can hold bad governments accountable, emphasizing their role as “the people’s money.”

Blockchain Applications

▌Solana community questions Jupiter Lend’s risk disclosures, Kamino suspends one-click migration tool

The Solana community has recently questioned Jupiter Lend’s risk disclosures. Fluid co-founder Samyak Jain admitted Jupiter Lend’s vaults engage in rehypothecation to improve capital efficiency and are “not fully isolated.” Kamino co-founder Marius recently announced blocking the Jupiter Lend migration tool, citing users being misled about protocol design and risks. The controversy centers on Jupiter Lend claiming to have “isolated vaults,” but in reality using rehypothecation technology to increase capital efficiency, making the vaults not fully isolated.

Cryptocurrency

▌An AAVE whale re-enters, buys 80,000 tokens in half a month

According to analyst Yu Jin’s monitoring, an AAVE whale who was liquidated for 32,000 AAVE at $101 during the market crash has re-entered since November 24. In half a month, the investor has spent 14 million USDC to purchase 80,900 AAVE at an average price of $173. Currently, through leveraged loans, the whale holds a total of 333,000 AAVE (worth about $62.59 million) with an average cost of $167 and a liquidation price at $117.7. Over the past two years, this whale has continuously accumulated AAVE tokens through a looping loan strategy.

▌Bloomberg ETF analyst: Bitcoin still maintains an annual average increase of about 50% in 2025

Bloomberg ETF analyst Eric Balchunas posted on X, saying that reviewing Bitcoin’s performance over the past year, it has really only retraced last year’s extreme surge (up 122%, five times more than any other asset). So even if Bitcoin’s performance in 2025 is flat or slightly down, as long as it still maintains an average annual increase of about 50%, occasional cooling is normal—stocks are no exception. In my view, people are reading too much into it.

▌Average Bitcoin production cost for public miners reaches $746,000

In the second quarter of 2025, the average Bitcoin production cost for public miners reached $746,000, with total costs reaching $1.378 million.

▌Early December Bitcoin spot ETF flows show signs of recovery

After four consecutive weeks of net outflows from Bitcoin spot ETFs (and significant monthly outflows in November), early December fund flows show signs of inflows resuming.

▌CZ: Will keep tweeting as usual, tweets do not represent endorsement of any meme or symbol

Binance founder CZ retweeted He Yi’s “issuing coins based on tweet angles is a community behavior” viewpoint and commented, DOYR=DOYouRMeme? Even if someone makes our commonly used words into memes, it won’t stop us from using those words again. I’ll keep tweeting as usual, and any words in my tweets do not represent endorsement of any meme or symbol.

Major Economic Developments

▌Analyst: Bitcoin should not be compared to the tulip bubble

Analyst Eric Balchunas pointed out that Bitcoin should not be compared to the tulip bubble. Unlike tulips, which burst after only 3 years, Bitcoin has existed for 17 years and has recovered to all-time highs after 6-7 major setbacks. Although Bitcoin, like gold and art, is a non-productive asset, it still holds value.

Jinse Encyclopedia

▌How euro stablecoins address EU concerns over the dollar

Central bank officials across the EU have noted that dollar-backed stablecoins could threaten their ability to set monetary policy. Over the past year, the stablecoin market has boomed, largely thanks to legal certainty in the US. The total market cap of stablecoins hits record highs every month, but European Central Bank policymakers worry that increased adoption of these dollar assets during crises could trigger a series of problems. Stablecoin issuers backed by the euro and pound also recognize these risks, but believe that proposed solutions like the digital euro cannot provide a viable alternative quickly enough and question whether central bank digital currencies are the right choice. Instead, issuers believe the key to addressing Europe’s dollarization problem is building a thriving European stablecoin ecosystem.

Monetary policymakers are moving forward with the eurozone’s digital currency project. According to the European Central Bank, the project aims to reduce the eurozone’s reliance on non-European providers, help integrate the fragmented payments sector, and support innovation and competition. Significant uncertainties remain: it is still unclear whether the digital euro will run on blockchain or other proprietary systems; proposed holding limits would offset many of the inherent advantages of private stablecoins, such as scalability and decentralized access. Whether private stablecoins or a digital euro closely supervised by the European Central Bank, the sovereignty of European monetary policy depends on the development of digital currencies.