The yield on Japanese government bonds has surpassed 1% for the first time, marking the end of its extreme easing era. This change will affect global capital flows, Arbitrage trading, and the performance of risk assets. U.S. stocks and Asia-Pacific stock markets may face pressure from capital withdrawal, while the appreciation of the yen could aid in the rise of gold prices. Overall, the global market is entering a new Intrerest Rate cycle, and asset values are facing reevaluation.

China's regulation of Virtual Money will exhibit a more precise crackdown strategy by 2025, with the number of participating departments increasing to 13, reflecting an upgrade in regulatory scope and strategy. Notably, the risks and potential violations associated with stablecoins have been explicitly defined for the first time, leading to stricter regulation of related activities in the future. This signifies that China's Virtual Money regulation has become a routine measure aimed at preventing financial and socio-economic security risks.

On November 26, 2025, a level five fire broke out in Hong Kong's Tai Po Wong Fuk Court, causing significant losses. The AB Charity Foundation quickly donated 12 million HKD for rescue and reconstruction efforts, calling on society to jointly support the affected residents, continuing the spirit of unity and mutual aid, and will continue to follow the post-disaster reconstruction needs.

Author: Lin Wanwan
Recently, the holders of MSTR (Strategy) might have trouble sleeping.
The "Bitcoin Central Bank" that was once revered has experienced a bloodbath in its stock price. As Bitcoin rapidly corrected from its historical high of $120,000, MSTR's stock price and market value plummeted significantly in a short period, dropping more than 60%, and there is even a possibility that Strategy could be removed from the MSCI stock index.
The price of cryptocurrencies has pulled back, and stock prices have plummeted, but these are merely superficial signs. What truly makes Wall Street anxious is the growing number of indications that MSTR is caught up in a battle for monetary power.
This is not an exaggeration.
In the past few months, many seemingly unrelated events have started to connect: JPMorgan has been accused of significantly increasing its short-selling pressure on MSTR; users have encountered delivery issues when transferring MSTR shares from JPM.

The author recalls their experience of studying in Hong Kong five years ago during the great fire, reflecting on the changes in Hong Kong and their own mindset. Nowadays, Hong Kong has become a springboard for mainland people to develop outward. Despite facing challenges, Hong Kong remains an important gateway in fields such as finance and education. The author also observes that Hong Kong needs to innovate itself to address deep-seated governance issues and hopes to grow together with the city.

Author: Andrej Antonijevic, Source: Bitcoin Treasury, Translated by: Shaw Golden Finance
Introduction
Banks have existed in various forms for hundreds of years. Their business model is typically based on a simple economic mechanism: they absorb deposits and use this funding base to provide financial products such as mortgages, business loans, payment services, and credit facilities. The difference between asset returns and liability costs forms the basis of their profitability.
Due to the widespread, regulated, and measurable nature of this business model, capital markets have developed clear valuation methods for banks. One of the most widely used methods is the Price-to-Book (P/B) ratio framework, which directly connects the valuation of banks with their long-term return on equity, cost of capital, and sustainable growth rate.
Entering the twenty-first century, a new type of balance sheet entity has emerged: Bitcoin treasury.

The IRS submitted a proposal to the White House aimed at implementing the OECD's Crypto Asset Reporting Framework (CARF) to achieve international tax transparency for encryption assets. CARF requires encryption asset service providers to submit user information and build a cross-border information exchange network to combat tax evasion. The global acceptance and implementation of CARF mark a forward movement in the trend of transparency in crypto taxation.

Since the launch of the Bitcoin ETF in the United States, the price-driving logic of Bitcoin has shifted from on-chain signals to off-chain funds and leverage, with 5 signals collectively determining the direction of this round of bull and bear markets.
Firstly, the flow of ETF funds is the core incremental engine. Data from Gemini and Glassnode shows that the total holdings of the Spot ETF exceed 515,000 Bitcoins, which is 2.4 times the issuance of miners during the same period. Research confirms that the inflow of ETF funds has a far greater explanatory power for prices than traditional crypto variables.
In the first quarter of 2024, there was a net inflow of 12.1 billion USD, directly driving Bitcoin to break its historical high; in November 2025, there was a net redemption of 3.7 billion USD (the largest monthly outflow since launch), which caused the price to drop from 126,000 USD to the 80,000 USD range. Now, a single-day outflow of 500 million USD from IBIT has an impact comparable to that of on-chain whales.
Second, perpetual financing and futures basis reveal the leverage cycle. The current annualized

Author: Chloe, ChainCatcher
The Ethereum Devconnect developer conference was held on Monday in Buenos Aires, Argentina, where Vitalik Buterin elevated the discussion of technical practice frameworks to explore the value of Ethereum across the entire crypto industry, alongside the Ethereum Foundation's co-executive director Tomasz.