[Block Rhythm] A senior financial journalist from Germany, Holger, recently put forward an interesting viewpoint.
He noticed that after Japan started raising interest rates, the mindset of investors engaging in yen arbitrage trading in the market changed. The strategy of borrowing yen to invest in other assets for interest rate differentials now needs to be reconsidered.
What's more critical? The movement of Bitcoin is now almost tied to the Japanese yen. When you see the yen move, BTC follows suit; this level of synchronicity is somewhat absurd.
In simple terms: once Japan adjusts its monetary policy, the pricing logic of global risk assets will be restructured. The crypto market has not been able to remain unaffected and has instead become a sensitive indicator in this round of macro narrative.

Since its launch, a leading DEX protocol has accumulated a trading volume of over $4 trillion, with an accelerated growth rate, rising from $1 trillion to $4 trillion within six months. This change may reflect an expanding user base in DeFi and a shift in on-chain trading habits, demonstrating the rapid development in the decentralized trading space.

[Coin World] There are big moves on-chain again.
Just detected a massive USDT transfer: over 111 million USD (specifically, 111,231,396 USDT) flowing from an unknown wallet into a leading exchange.
Is this amount of capital entering the market preparing to buy at the bottom or to dump? During this sensitive period of market sentiment, the direction of this money is worth watching.

On December 2, the Japanese government took significant action - launching a domestic version of the "Efficiency Reform Department." The first meeting went straight to the point: to identify those inefficient tax policies and subsidy programs, cutting what needs to be cut and optimizing what needs to be optimized.
Finance Minister Katsuya Nakayama said frankly in an interview after the meeting: "We need to spend every penny wisely and draw a clear line from the previous government's practices. This is not just about saving money, but also about everyone’s confidence in the country, in the yen, and in the entire market." It sounds like this government is serious about making changes.
Interestingly, after the Governor of the Bank of Japan, Kazuo Ueda, signaled that "the economic outlook is good, and interest rates may need to be raised," Minister of State for Economic Growth, Saito Katsuya, specifically emphasized that there is no divergence between the government and the central bank in economic judgment. This was reiterated by Minister of State for Economic Growth, Ueno Masaru, following the same line—clearly a unified statement from the Cabinet, aimed at reassuring the market.
Finance reform

Recently, the crypto market has experienced severe fluctuations, with multiple large investors' accounts suffering significant losses. Well-known investor Huang Licheng has a heavy position in ETH with unrealized losses of 120,000, having previously lost 1.25 million due to getting liquidated; another account shows a long order in ETH with unrealized losses as high as 21.22 million, and XRP also lost 10.49 million. On the other hand, the largest short position in ZEC has been relatively successful, with a profit of 2.2 million. Although the market is brutal, investors' fates vary.

[Coin World] A Bitcoin ancient wallet that has been dormant for over 15 years has suddenly awakened! This old miner address from the Satoshi Nakamoto era has just transferred 50 BTC on-chain, which is approximately $4.33 million at current prices. Interestingly, this fund did not take the usual route and was directly split into 5 brand new addresses. With the old players making a move, will the market stir up again?

A leading exchange in South Korea has implemented regulatory measures on Groestlcoin(GRS), suspending deposits and marking trading with caution starting from December 2, due to GRS not meeting standards in information disclosure and operations. The review period will last until the 16th, and subsequent handling methods are yet to be determined.

The 【币界】 has an Address that has been silent for one or two years and suddenly became active. 6.2 million LDO coins were directly transferred to a major exchange, amounting to about 3.6 million dollars at the current price.
This batch of coins was originally obtained from the Anchorage Digital custody wallet, valued at 9.86 million dollars at that time. Now? There is a paper loss of 6.26 million dollars. Whether to cut losses or buy the dip can only wait for further actions.

In the past 7 hours, two Wallet Addresses transferred a total of 13,356 ETH to the Kraken exchange, which is approximately 36.69 million dollars at the current price.
Interestingly, both addresses first exchanged stETH for ETH before recharging. More importantly, their holding time has exceeded 5 years, with a ridiculously low cost price of around 1000 dollars. It is still uncertain whether these two addresses are operated by the same big whale, but this wave of activity is indeed worth paying attention to. After all, sudden large transfers by old players often indicate something.

[Chain News] On December 2nd, on-chain data showed that an old Whale finally took action. This Address had been hoarding synthetic Ethereum (SETH) for over 100 days and recently converted it all into 10,176 ETH - which, based on current prices, is approximately 28.69 million dollars.
What's even more ruthless is that this batch of coins went directly to Kraken. By checking the historical records, it can be seen that this wallet started operating five years ago, when it withdrew 21,086 ETH for 7.35 million dollars. After that, it has flowed back to the exchange several times.
The scale of this operation is not small. Are veteran players cashing out? Or are they waiting to sell at a high point? The market may need to pay attention to short-term fluctuations.

【Block Rhythm】Big news is here! The new chairman of the U.S. SEC, Paul Atkins, is planning a major move at the New York Stock Exchange.
At 10:15 PM Beijing time tonight, he will personally ring the opening bell. Following that, there will be an important speech at 11 o'clock, with a rather interesting theme - "Revitalizing the American Capital Market on the 250th Anniversary."
It is understood that this speech will reveal a lot of valuable information. Atkins will talk about his overall ideas on strengthening the U.S. capital markets, as well as the SEC's upcoming specific actions. After all, a new official has taken office, and everyone wants to know what changes this chairman will bring to the market.
The time is set, and there are plenty of highlights. For friends who are paying attention to regulatory trends, tonight is worth noting.

On December 2nd, CEO Tom Lee from BitMine made quite an interesting observation.
He said the market is a bit strange right now - just look at those hard indicators on the chain, the number of wallets is increasing, on-chain interactions are active, Gas fees are being collected as they should, and the progress of asset tokenization is quite smooth. Logically speaking, with such a stable fundamental, the coin price shouldn't be dropping, right?
But the reality is that the prices of crypto assets are still declining.
So Tom Lee concluded: in this misalignment state, the risk-reward ratio of BTC and ETH has actually become quite enticing. Simply put, with such good data, the price has instead dropped, so doesn't that improve the cost-performance ratio for buying?
This wave actually provides a different perspective - sometimes market sentiment and fundamentals can disconnect in the short term, it really depends on which one you believe.

There are明显分歧 within the Fed, with at least 5 voting members opposing a rate cut, while 3 firmly support it, which could lead to a 7:5 split vote at the December rate cut meeting. This division makes it difficult for the market and risk assets to respond, making the future trend of interest rates even harder to predict.

Recently, 【币界】 noticed an interesting phenomenon - the number of active Bitcoin addresses, a fundamental metric, can vary so much across three major data platforms.
Glassnode has reported approximately 605,000 Addresses, Santiment's data is around 711,000, while CryptoQuant directly provided 745,000. For the same metric, the difference between the highest and lowest can be as much as 140,000 Addresses, which is quite significant.
To be honest, this really illustrates the current state of on-chain analysis—everyone is looking at data to make decisions, but the statistical standards and cleaning methods of the data itself may be completely different. So sometimes, before looking at the conclusions of the reports, you might need to first clarify where the data comes from.

[Coin World] There has been another major development in the news. Insider sources reveal that Trump is set to announce a new Fed chairman candidate this week, and the individual has already been decided. Now traders at Kalshi are placing wild bets—the probability of National Economic Council Director Kevin Hassett receiving the nomination has been pushed to 75%.
This is not a small matter for the coin circle. The market generally expects that the new chairman will accelerate the rate of interest rate cuts after taking office. It should be noted that the Fed has just stopped tapering. If it really shifts to easing, the prices of crypto assets may welcome a boost. After all, liquidity is crucial for this market.
However, Charles Hoskinson, the founder of Cardano, poured cold water on the situation. He reminded everyone not to rely too much on traditional institutions to predict the economic direction, and that developers should focus their energy on products that can truly be used by ordinary people. This is quite practical advice—rather than fixating on every move of the Fed, it's better to work on practical applications.

[币界] VIRTUAL has fallen quite hard this time. It has already dropped 45% this year, and in the last 24 hours, it has fallen another 15%. It is currently struggling between 0.78 and 0.68 USD.
This week, the spot trading amounted to $1.23 million, but the bears clearly have the upper hand. Just look at the liquidation data — the short positions closed out $1.3 million, while the longs only $7,500, which are completely not in the same league. Even more exaggerated is that $13.97 million was directly withdrawn from the derivatives market.
From a technical perspective, the accumulation/distribution indicator is still positive, but it has been declining, indicating that there are more sellers than buyers.
Next, let's see if this demand zone can hold. It will either stabilize and rebound here, or continue to probe downward. The market is waiting for an answer.

[Block Rhythm] On December 2, news came that BTC has once again returned to the $85,000 mark today! The current price is hovering around $85,263, and it seems that long positions are working hard to hold this position. This rebound has come quite timely, but it's uncertain whether it can continue to push upwards.

[Coin World] Silver performed explosively today, soaring over 3% in a single day, directly reaching a new high of $58.23/ounce. The momentum in the precious metals market is quite strong, and risk aversion sentiment may be rising again.

Hong Kong's stablecoin company First Digital Group plans to go public through a merger with CSLM Digital Asset Acquisition Corp III's SPA, marking an increasingly blurred line between encryption and TradFi.

[Chain News] Huang Licheng recently invested another 250,000 U in HyperLiquid, continuing to increase the position on his 25x leveraged ETH long order.
So what’s the result? He still can’t escape the fate of liquidation. After this operation, his paper loss has already exceeded 21.2 million dollars. High-leverage trading is indeed thrilling, but the cost is really painful.