PA Daily | Changpeng Zhao predicts that the crypto market may enter a "supercycle"; SpaceX plans to raise more than $30 billion in IPO, which may be the largest in history

Today’s news tips:

Silk Road-linked wallets transferred $3.14 million worth of Bitcoin to an unknown address after a decade of silence

SpaceX plans to raise more than $30 billion in IPO, which may be the largest in history

Octra will conduct a $20 million public token sale on Sonar on December 18 at a valuation of $200 million

Michael Saylor: Bank of New York Mellon, JPMorgan and many other large banks have begun to issue credit collateralized by Bitcoin

Changpeng Zhao: The crypto market may enter a “super cycle”, and Bitcoin’s “four-year cycle” may no longer be applicable

He Yi: The WeChat account has been recovered, and it is suspected that the bad guy has changed the password through external verification

Macro

Japan will require crypto exchanges to hold liability reserves or purchase insurance

According to Cointelegraph, Japan will require crypto exchanges to hold liability reserves or purchase insurance to ensure that customers can be compensated in the event of a hack, a major regulatory change that could reshape the industry’s landscape.

France plans to relax retail cryptocurrency trading rules, following the UK’s EU-wide transformation

According to Cryptopolitan, the French Financial Markets Authority (AMF) will update the regulations to allow the sale of certain crypto investment products to retail investors. France follows the UK’s Financial Conduct Authority (FCA) also proposing plans to ease restrictions on retail investment in cryptocurrency ETNs. For the first time since the ban was implemented in October 2025, the French AMF will allow retail marketing of crypto index ETNs and remove the warning label requirements for eligible products. The adjusted rules of the French AMF concern the nature of crypto assets, such as Bitcoin, Ethereum and other crypto assets that meet the requirements of market capitalization, average trading volume and the level of regulation of trading platforms. It plans to review this policy change in the first half of 2027.

He Yi’s WeChat account is suspected of being stolen and promoting a certain Meme coin

According to crypto KOL AB Kuai.Dong, Binance co-CEO He Yi’s WeChat account was suspected of being stolen and posted on Moments to promote the meme coin Mubarakah.

The U.S. Senate version of the Crypto Market Structure Act is expected to be unveiled this week, with hearings and votes held next week

Senator Kirsten Gillibrand, D-New York, and Cynthia Lummis, R-Wyoming, spoke at the Blockchain Association Policy Summit in Washington, D.C. on Tuesday, detailing the direction lawmakers are heading toward pushing for a bill to fully regulate the crypto industry, known as the Crypto Market Structure Act, as reported by The Block. Gillibrand revealed that negotiations between Democrats and Republicans on the crypto bill have been progressing, and the first bipartisan meeting last week went very smoothly, with nothing hindering the bill’s progress. After Democrats met on Monday night to deliberate, she presented the final request to Republican staff that she wanted to include in the bill and said she had submitted the request to the other party. She also said that she and Lummis and others will further discuss some of the requirements, and is very optimistic that the completed bill will be very complete because the House of Representatives has not addressed all the issues to be dealt with in their draft, such as how to regulate decentralized finance exchanges. Lummis, as a member of the Senate Banking Committee, noted that the current goal is to share the draft bill this weekend, and hold a hearing next week to amend and vote on the bill. She also mentioned that the negotiations extend to the White House level, and while the Democrats and Republicans are negotiating, they are also working with industry and the White House, which is like the next three-dimensional chess game. In addition, Lummis said that she and Democratic Senator Ruben Gallego negotiated the ethics clause and sent the content of the clause to the White House, but the White House returned the clause, saying it could be done better, and she plans to try to communicate with the White House again.

SEC Chairman: Many types of cryptocurrencies IC0 are not under the jurisdiction of the SEC

According to The Block, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins said at the Blockchain Association’s annual policy summit on Tuesday that many types of initial coin offerings (IC0) should be considered non-securities transactions and are not under the jurisdiction of Wall Street regulators. He explained that this is exactly what the SEC wants to encourage, and by its definition, such things do not fall under the category of securities. Atkins specifically referred to the token taxonomy he launched last month, which divides the crypto industry into four broad categories of tokens. He noted last month that the three categories of network tokens, digital collectibles and digital tools should not be considered securities per se. On Tuesday, he also stated that initial coin offerings involving these three types of tokens should also be considered non-securities transactions, i.e. not regulated by the SEC. Atkins also mentioned that in the case of initial coin offerings, the only token category that the SEC believes its agency should regulate is tokenized securities, which are tokenized forms of securities that have been regulated by the SEC and traded on-chain. He further explained that the initial coin offering spans four themes, three of which fall under the jurisdiction of the U.S. CFT, and the SEC will let the CFTC handle related matters, while it itself focuses on regulating tokenized securities.

SpaceX plans to raise more than $30 billion in IPO, which may be the largest in history

According to the Financial Associated Press, SpaceX is moving forward with its initial public offering (IPO) plan, which is expected to raise more than $30 billion, making it the largest IPO in history. The company’s target valuation is about $1.5 trillion, far exceeding Saudi Aramco’s record of raising $29 billion in 2019. The funds raised will be used to develop space data centers and purchase related chips. SpaceX expects revenue of $15 billion in 2025, and executives revealed that it will go public as soon as mid-to-late 2026, but may be delayed to 2027 due to market conditions. Previously, SpaceX planned to sell its internal shares at a valuation of $800 billion and planned to go public in the second half of next year.

Perspective

He Yi: The WeChat account has been recovered, and it is suspected that the bad guy has changed the password through external verification

Binance CEO He Yi said that his account has just been recovered and suspects that criminals are lurking by adding friends under the guise of feedback questions and asking for help. She reminded everyone to strengthen external verification, change passwords in a timely manner, and tell each other to avoid more people being deceived.

Analyst: PSIP below 50% is usually a bear market bottom area, and $62,000 may be a reference for a bearish bottom for Bitcoin

According to analyst Murphy’s analysis, BTC’s profitable supply percentage (PSIP) fell below the 65% “boom and bust line” from November 22 to 23, indicating that market sentiment is more dangerous. At present, PSIP has rebounded to 67.6%, but it is still in the key range of 65%-70%, which may restore confidence upwards and cause panic downwards. Historical data shows that when PSIP is below 50%, it is usually a bear market bottom area. Previously, it was predicted that BTC would need to fall below $59,000 to reach that level, while the latest estimate has been adjusted to below $62,000. Analysts believe that BTC below $62,000 may be a cost-effective layout opportunity, but it is still necessary to wait patiently for market changes. Related Reading: Trading Moment: FOMC Decision Imminent, Bitcoin at $91,500 as Key Support, Ethereum Targeting the $3,500 Mark

Michael Saylor: Bank of New York Mellon, JPMorgan and many other large banks have begun to issue credit collateralized by Bitcoin

According to Cointelegraph, Strategy’s founder and executive chairman Michael Saylor said that a number of large banks, including BNY Mellon, Wells Fargo, Bank of America, Charles Schwab, JPMorgan Chase and Citigroup, have begun lending credit against Bitcoin.

Changpeng Zhao: The crypto market may enter a “super cycle”, and Bitcoin’s “four-year cycle” may no longer be applicable

According to Bloomingbit, Binance founder Changpeng Zhao said at the Bitcoin Middle East conference in Abu Dhabi that Bitcoin’s “four-year cycle” may no longer be applicable, and mentioned that the market may enter a “supercycle” as institutional participation increases. The so-called supercycle refers to the impact of institutional and regulatory capital flows on the market, which is stronger than the price cycle with the traditional halving event as the core. Changpeng Zhao also said that discussions about Bitcoin reserves at the national level may spread. He suggested that if the U.S. discussions on strategic reserves come true, other countries may follow suit.

Coinbase: Cautious optimism about the current market as speculative bubble clears

Coinbase Institutional posted on the X platform that the market turmoil in November may lay the foundation for the December market. In November, the open interest of BTC, ETH, and SOL perpetual contracts decreased by 16% month-on-month; U.S. spot ETFs outflowed $3.5 billion in BTC and $1.4 billion in ETH; The BTC perpetual contract funding rate once fell to 2 standard deviations below the 90-day average and then rebounded. The agency believes that cautious optimism about the market is because the speculative bubble has cleared, and as systematic leverage has fallen from about 10% of the total market capitalization in the summer to 4%-5%, the market structure is healthier and less prone to a sharp correction before the end of the year.

Analyst: It is expected that the ETH position opened by Yilihua at $2,700 has risen by 22.2%

According to on-chain analyst @ai_9684xtpa monitoring, Liquid Capital founder Yi Lihua @Jackyi_ld the ETH position opened at $2,700 has risen by 22.2%. From November 23rd to November 27th, Yilihua clearly stated on Twitter that its position was full, and 5 of the six tokens mentioned were on the rise, of which ETH rose the most (22.2% ), followed by BTC(7.11% ), the only floating loss is ASTER(-19.78%) but because the position is not announced, the floating profit cannot be calculated. It should also be noted that except for the clear disclosure of the cost of ETH, the cost of the rest of the tokens is estimated through the time of Boss Yi’s tweet (i.e., 14:30 on November 23), which is not the real cost and is for reference only.

Changpeng Zhao: I haven’t used WeChat for many years, and I won’t directly promote any meme coins

In response to the theft of He Yi’s WeChat, Changpeng Zhao posted on the X platform: “I hope the next one is not my number.” I haven’t used WeChat for many years. I won’t directly push any meme CAs. Please be safe. ”

Cathie Wood: Bitcoin is entering a new phase with a smaller drawdown

According to Cryptobriefing, ARK Invest CEO Cathie Wood believes that Bitcoin is entering a phase and institutional adoption of Bitcoin may prevent its price from falling sharply. In a recent interview with “Mornings with Maria”, she said, "Bitcoin’s role as a risk-on asset may break its historical four-year boom and bust cycle, with Bitcoin often plummeting 75% to 90% in the early days. And its volatility is declining, currently falling by more than 30%. Although Bitcoin has played the role of a safe-haven asset in past crises, including the European sovereign debt crisis and the US regional banking crisis, today it is showing characteristics of a risk-loving asset. There are concerns about Bitcoin’s four-year cycle pattern, but institutional involvement in this asset class could prevent it from falling further. A few weeks ago, the Bitcoin price may have bottomed out. Bitcoin has fallen 20% in the past three months, while gold prices have climbed nearly 60% this year. Wood predicts that this trend could reverse next year, with gold prices likely to pull back and Bitcoin expected to rise. “Today, gold is more of a safe-haven asset, and its rise proves that we are in a state of concern and investors are using gold as a hedge against geopolitical risks,” Wood said. Looking back at the early 80s to the end of the 90s of the 20th century, as we entered a real golden age of innovation and ended with the Internet era, the price of gold continued to fall. We believe that the same situation may happen again today, and Bitcoin will continue to be active as a risk-loving asset and become active again.

Project dynamics

Binance Alpha will list RaveDAO (RAVE)

According to the official announcement, Binance Alpha will list the RaveDAO (RAVE) on December 12. Eligible users can use Binance Alpha points to claim airdrops on the Alpha event page after trading opens. More details will be announced soon.

Binance will remove several spot trading pairs such as CHR/BTC and ENJ/BTC

According to the official announcement, based on the results of the recent review, Binance will remove the following spot trading pairs and stop trading at 11:00 on December 12, 2025 (East Eighth District time): CHR/BTC, ENJ/BTC, HAEDAL/FDUSD, LISTA/BNB, POWR/BTC, PROVE/BNB, UMA/BTC, and ZRX/BTC.

Hyperliquid Co-Creation: ADL does not transfer profit and loss to HLP, and its treatment of users and HLP is completely symmetrical

Hyperliquid co-founder Jeff issued an article refuting the view that “ADL (automatic deleveraging mechanism) transfers profits and losses to HLP”. Jeff said that the ADL mechanism does not transfer profits and losses to HLP (Hyperliquidity Provider), its treatment of users and HLP is completely symmetrical, and ADL will not destroy $653 million in revenue.

Octra will conduct a $20 million public token sale on Sonar on December 18 at a valuation of $200 million

According to The Block, Octra Labs, the organization behind the privacy blockchain project Octra, will hold a public token sale event on the Sonar by Echo platform on December 18. Octra said on Tuesday that the week-long offering plans to sell 10% of the OCT token supply at a fully diluted valuation (FDV) of $200 million, with a goal of raising $20 million. The sale is a fixed-price, commitment-based offering where any number of participants can deposit funds and receive tokens in proportion, designed for maximum decentralization. Octra said that if demand is strong, the share of the sale may increase, unsold tokens will be burned, and all sold tokens will be unlocked for distribution shortly after the sale ends. Octra said that early investors hold 18% of the OCT token supply, Octra Labs holds 15%, and 67% is allocated to the community, including early users, validators, grantees, Echo participants, and IC0 buyers, and no investor holds more than 3% of the tokens. Octra co-founder Alex revealed that the $200 million valuation is twice the valuation of Octra’s previous financing on Echo. Earlier this year, Octra raised $4 million on Echo, in addition to a $4 million Pre-Seed round from investors such as Big Brain Holdings, Finality Capital Partners, Karatage and Presto Labs.

TRUMP Official: Mobile Game “Trump Billionaires Club” will be launched using TRUMP tokens

The official X account of meme coin TRUMP announced that it plans to launch a “Trump Billionaires Club” mobile game powered by OpenLoot. The game will use TRUMP tokens for in-game activities.

Coinbase has launched Humidifi(WET) and Jupiter(JUPITER), And postpone the launch time of Plume(PLUME)

According to the official announcement, Coinbase has launched Humidifi(WET) and Jupiter(JUPITER) spot trading, And postpone the launch time of Plume(PLUME). If liquidity conditions are met and trading is supported, the PLUME-USD trading pair will start trading on or after 01:00 Beijing time on December 11.

Important data

SpaceX transferred 1,021 BTC to a new wallet, worth $94.48 million

According to Onchain Lens monitoring, SpaceX has transferred 1,021 BTC (approximately $94.48 million) to a new wallet address.

Analyst Ali: 6 out of 7 FOMC meetings this year have led to a correction in BTC prices

According to the analysis of well-known crypto analyst Ali, 6 out of 7 FOMC meetings this year have led to a correction in BTC prices, and only 1 has seen a short-term rebound. Among them, the largest decline reached 27%, and only after the May 7 meeting recorded a 15% increase. The market expects the FOMC meeting on December 10 to announce a rate cut, with an 87.4% probability. However, statistics show that BTC usually faces volatility and downward pressure during FOMC meetings, and investors need to be wary of market reactions. The FOMC announcement will be held at 3 a.m. on December 10 (Beijing time), and the Fed Chairman’s press conference will be held at 3:30 a.m., which may cause sharp market volatility.

The total net inflow of Ethereum spot ETFs yesterday was $178 million, with Fidelity FETH leading the way with a net inflow of $51.4727 million

According to SoSoValue data, the total net inflow of Ethereum spot ETFs yesterday (December 9) was $178 million. The Ethereum spot ETF with the largest single-day net inflow yesterday was Fidelity ETF FETH, with a single-day net inflow of $51.4727 million, and the current total historical net inflow of FETH is $2.674 billion. This is followed by Grayscale Ethereum Mini Trust ETF ETH, with a single-day net inflow of $45.1899 million, and the current total historical net inflow of ETH has reached $1.513 billion. As of press time, the total net asset value of Ethereum spot ETFs was US$21.036 billion, and the ETF net asset ratio (market capitalization compared to Ethereum’s total market capitalization) reached 5.24%, with a cumulative net inflow of US$13.092 billion in history.

Bitcoin spot ETFs had a total net inflow of $152 million yesterday, with Fidelity FBTC leading the way with a net inflow of $199 million

According to SoSoValue data, the total net inflow of Bitcoin spot ETFs yesterday (December 9, EST) was $152 million. The Bitcoin spot ETF with the largest single-day net inflow yesterday was Fidelity (Fidelity) ETF FBTC, with a single-day net inflow of $199 million, and the current total historical net inflow of FBTC has reached $12.250 billion. This is followed by Grayscale (Grayscale) Bitcoin Mini Trust ETF BTC, with a single-day net inflow of $33.7888 million, and the current total historical net inflow of BTC has reached $1.993 billion. The Bitcoin spot ETF with the largest net outflow in a single day yesterday was BlackRock (Blackrock) ETF IBIT, with a net outflow of $135 million in a single day, and the total historical net inflow of IBIT has reached $62.411 billion. As of press time, the total net asset value of Bitcoin spot ETFs was US$122.104 billion, the ETF net asset ratio (market capitalization ratio to the total market capitalization of Bitcoin) reached 6.57%, and the cumulative net inflow in history has reached US$57.709 billion.

Silk Road-linked wallets transferred $3.14 million worth of Bitcoin to an unknown address after a decade of silence

Hundreds of cryptocurrency wallets linked to the “Silk Road” that have been dormant for more than a decade became active on Tuesday, transferring Bitcoin to an unidentified address, The Block reported. According to data from Arkham Intelligence, 8 hours ago, about 312 wallets associated with the now-closed dark web marketplace “Silk Road” collectively sent a message to the address “bc1q… GA54” transferred $3.14 million worth of Bitcoin. It is unclear why these wallets suddenly became active. According to Arkham, as of now, wallets linked to the “Silk Road” still hold about $41.3 million in Bitcoin.

A whale once again withdrew 13.44 million ASTER from Binance, having previously sold at a high loss of $34.5 million

According to Lookonchain monitoring, whale addresses 0xFB3B withdrew 13.44 million ASTER (worth $13.04 million) from Binance again 8 hours ago. Previously, the whale withdrew 64.53 million ASTER (worth $133.68 million) from Gate.io when the price was close to a high of $2.07, and then deposited 64.53 million ASTER (worth $99.14 million) into Binance at $1.54, resulting in a loss of $34.5 million.

Ethena Labs withdrew 1.59 billion ENA from Coinbase Prime, worth approximately $443 million

According to Onchain Lens monitoring, Ethena Labs withdrew 1.59 billion ENA from Coinbase Prime, worth $443.33 million.

Investment, financing/acquisition

RWA tokenization network Real Finance announced a $29 million private round of financing

Real Finance, a real-world asset (RWA) tokenization network, announced that it has secured a $29 million private round of funding to build an RWA infrastructure layer. The round includes a $25 million capital commitment from digital asset investment firm Nimbus Capital, with participation from Magnus Capital and Frekaz Group.

Cascade launches round-the-clock brokerage service covering crypto perpetual contracts and has raised $15 million to date

According to CoinDesk, New York-based startup Cascade has launched a new 24/7 brokerage service. The service is built on a unified margin account with account-linked perpetual markets covering cryptocurrencies, major U.S. stocks, and private companies such as OpenAI, SpaceX, and Stripe. Currently, some invited depositors can access the platform, which is expected to be available to the public in early 2026. The platform will provide more than 10 perpetual markets in the early stage, and the product lineup will be gradually expanded in the future. To date, Cascade has raised $15 million from investors including Polychain Capital, Variant, Coinbase Ventures, and Archetype, among others.

Institutional holdings

Strive launches $500 million SATA stock ATM financing plan, with a portion of the net proceeds going to buy Bitcoin

According to Globenewswire, Bitcoin asset reserve company Strive (NASDAQ: ASST; SATA) announced that it has signed a sales agreement. Under the Agreement, Strive may issue and sell its Series A variable rate perpetual preferred shares with a par value of US$0.001 per share (the “SATA Shares”) for an aggregate offering price of up to US$500 million (the “ATM Plan”). Strive intends to use the net proceeds from the ATM Program for general corporate purposes, including, but not limited to, purchasing Bitcoin and Bitcoin-related products, using it for working capital, purchasing income-generating assets to expand the Company’s business, making other capital expenditures, repurchasing shares of the Company’s Class A common stock, and/or paying off debt. Strive may also use these proceeds to fund the acquisition of businesses, assets, or technologies that complement its current business.

Bitcoin treasury company Twenty One shares drop 20% after merger with Cantor Equity

Twenty One Capital Inc. merged with special purpose acquisition firm Cantor Equity Partners Inc. to become the latest cryptocurrency company to go public, with its shares falling 20% on its first day of listing, according to Bloomberg. The Bitcoin treasury company opened at $10.74 per share on Tuesday, below Cantor SPAC’s closing price of $14.27. The stock closed at $11.42, giving the company a market capitalization of approximately $4 billion based on outstanding shares listed in the filing. Twenty One Capital Inc., a Bitcoin company co-founded by Cantor Fitzgerald LP’s affiliates, Tether and SoftBank, also plans to work on the cryptocurrency’s financial infrastructure and create media and educational resources about Bitcoin. Twenty One holds about $3.9 billion in Bitcoin, which will be controlled by Tether and Bitfinex, and SoftBank will hold a large minority stake.