[Coin World] On Tuesday, news from the White House Cabinet meeting revealed that Trump stated that next year might welcome the strongest tax refund season in history. He indicated that the government has collected several trillion dollars from tariffs and plans to return this money in the form of tax refunds. If this operation materializes, it will significantly impact the wallets of ordinary people and the overall economic direction, and the capital market is also expected to fluctuate.

[Coin World] A big move has been made in the UAE — ADI Chain has secured the position of the settlement infrastructure for the Dirham stablecoin. This stablecoin is not just a casual play; it is jointly issued by First Abu Dhabi Bank and IHC, and is directly regulated by the Central Bank of the UAE.
ADI Chain itself is a Layer 2 chain created by the ADI Foundation, primarily targeting institutional-level applications. Its compliance, efficiency, and security are designed according to the standards of enterprises and governments, essentially catering specifically to major players in emerging markets who have requirements for infrastructure.
In addition to stablecoin settlement, they are also promoting RWA tokenization. They have now partnered with ADREC for a real estate project in Abu Dhabi - moving physical assets onto the blockchain, and this path seems to be widening.

[Coin World] Just noticed that Tether Treasury has made big moves again.
A total of 100 million USDT was directly transferred from the Bitfinex exchange to its own treasury wallet, which is roughly equivalent to 100 million USD at the current price. Transfers of this magnitude generally attract market attention.
The specific operational intent is currently unclear; it may be a routine fund allocation or related to subsequent issuance or destruction. In any case, the flow of funds between Tether Treasury and Bitfinex has always been a key focus of on-chain data monitoring.

[Block Rhythm] Interesting movement on December 3: on-chain data shows that a large investor has deposited 1.01 million USDC into Hyperliquid for the first time, directly opening a 10x leverage position to go long on HOOD. What's even more aggressive is that this guy is continuously increasing the position, indicating a strong bullish sentiment. The combination of such a large amount of capital with high leverage to get on board is worth paying attention to in the subsequent market movements.

[比推] In the past month, this pullback of Bitcoin has already started to affect the speculative zones.
The mining company American Bitcoin Corp (ABTC) is a typical case. On Tuesday, in less than half an hour during trading, the company's stock price was halved, with such severe fluctuations that it triggered multiple trading halts. At one point, the drop reached as much as 51%.
As of now, the stock price of American Bitcoin is reported at $2.07, with a daily decline of 42.18%. By the way, one of the co-founders of this mining company is Eric Trump.

A leading decentralized trading platform has partnered with a European financial application, allowing users to directly purchase Crypto Assets using the latter's balance or debit card, enhancing deposit speed, covering 28 countries, and dropping the threshold for ordinary people to access on-chain assets.

[Coin World] Nasdaq's Upexi(UPXI) has just completed a round of private sale. This time they issued more than 3.28 million shares of common stock, along with subscription warrants—meaning that investors can subsequently buy an equal number of shares at a price of $3.04 per share.
First, let's talk about the money at hand: this round has directly brought in about 10 million USD. If all those subscription warrants are exercised (if cash is used to exercise), we can expect an additional 13 million or so. Of course, this is all before deducting intermediary fees and various other expenses.
How to spend the money? The company mentioned three directions: daily operations, regular business expenses, and—here's the key—they are running an internal SOL maximum return strategy. It seems Upexi plans to make some big moves in the Solana ecosystem.

The Chicago Mercantile Exchange plans to launch a securities clearing service in the second quarter of 2026, marking a new advancement in clearing infrastructure within TradFi. This will enhance market trading efficiency, drop risks, and is expected to have a long-term impact on the entire industry.

[Coin World] The three-day RSI of BTC has dropped below 10. Flipping through historical records, the last time such extreme values appeared was during the bottoms of the bear markets in 2018 and 2022.
Interestingly, the long-short ratio has been behaving somewhat strangely lately—throughout the month of November, prices have been falling, yet this ratio has remained high, which is really rare. Technical indicators do show significant overselling, but the bulls may need to be cautious; the current situation cannot be considered stable.
As of the publication date, the price of Bitcoin is $87,498.

[Coin World] Recently, the DAT gameplay is quite interesting - putting encryption assets into a SEC-regulated securities shell, allowing traditional investors to participate as well. It sounds great, but we need to look deeper to see how deep the water really is.
The core issue lies in the mNAV indicator, which can be summarized as the ratio of a company's market value to the value of its held encryption assets. Macquarie Investment Bank bluntly pointed out: whether DAT can survive depends entirely on whether the equity premium can hold up. Once the premium disappears or even turns into a discount, this model is basically collapsed.
The more dangerous time is when the market corrects. What does it mean when mNAV falls below 1? The company's stock price is cheaper than the coins held, and at this time, DAT may be forced to sell coins for liquidity, which is a typical panic selling logic.
Professor Carol from Sussex University Finance

[Coin World] Recently noticed that Alpha Capital has launched a quite interesting project - the VIXO protocol. This is a decentralized system focusing on stable assets, and the most special aspect is that it allows users to choose whether or not to have privacy protection.
To put it simply, the stablecoin sector is already quite competitive, but the VIXO team has a different approach. They have gathered a group of experts in cryptography and financial engineering to build the architecture, with the core gameplay being selective disclosure using zero-knowledge proof technology. In simple terms: if you want transparency, you can have it; if you want to protect your privacy, you can encrypt it; it's completely up to the user to decide. This flexibility is indeed valuable in the increasingly complex regulatory environment.
The logic behind Alpha Capital's investment this time is quite clear—they believe that the next generation of stable assets must address three issues simultaneously: stability must be verifiable, governance must be decentralized, and privacy must be adjustable. VI

On December 2nd, news came that Circle did something quite interesting - it established a dedicated foundation.
This foundation is not something to be taken lightly. Its initial funding comes from Circle's commitment to the "Pledge 1%" equity, a global initiative that has gathered thousands of companies, all willing to contribute a portion of their equity and resources to do something meaningful. The foundation's goal is clear: to make the financial system more resilient and inclusive. Whether it is domestically in the U.S. or globally, it is all part of their plan.
What exactly should be done? They will support organizations that truly help ordinary people—such as groups that support small businesses in American communities, as well as international agencies that aim to modernize humanitarian aid.
In the first stage, the focus was on small businesses in the United States. Why? The data is here: small businesses support nearly half of the private sector in the United States.

Hyperscale Data (stock code $GPUS) recently increased its holdings by 38.74 Bitcoins, bringing its total holdings to 421.67 BTC, demonstrating confidence in the long-term value of Bitcoin. An increasing number of publicly listed companies are incorporating Bitcoin into their asset allocation, indicating that this trend is continuing.

[Bitu] A certain NASDAQ-listed company recently made a big move - the board approved an encryption asset investment plan, preparing to get on board Web3 with real money.
This time it's not small, the total allocation reached a maximum of 1 billion dollars. However, it's not all going in at once, but in batches, paying attention to market trends and risk assessments to determine the specific pace. The first phase is focused on a few directions: AI concept tokens, projects related to original data on the blockchain, and assets with a mix of tokens and equity play. If we want to explore other categories later, it will require another meeting of the risk committee to make a decision.
Interestingly, they explicitly stated that they would not engage in self-custody, and all assets would be managed by professional institutions. An encryption asset risk committee was specifically established internally, led personally by the CFO, responsible for monitoring position allocation and controlling risks, and regularly reporting progress to the board.
This situation looks serious - with a limit on the amount, phased deployment, and a professional risk control team, it's typical.

[Coin World] Recently noticed that a leading platform has quietly listed RLS's USDT perpetual futures.
The product design is quite conventional, supporting leverage adjustments from 1 to 20 times, which is sufficient for most contract players — conservative users can open low leverage for steady operations, while aggressive users can fully leverage to seek profits. It is worth mentioning that their trading BOT feature has also been integrated with this coin pair, meaning that quantitative strategy enthusiasts can directly deploy automated trading programs.
The benefits of U-based settlement are self-evident; profits and losses are directly priced in USDT, eliminating the extra risks associated with coin-based price fluctuations. For traders who want to participate in the RLS market but do not wish to hold spot, this provides an additional derivative tool option.

[Coin World] Today, the Ethereum Spot ETF saw a net outflow of $79 million, breaking the previous record of five consecutive days of net inflow. Market sentiment seems to have undergone some subtle changes, with investors beginning to take profits or reallocate their assets. This shift in capital flow may indicate that ETH's performance will face certain pressure in the short term. However, daily data alone cannot provide a complete picture; it is still necessary to continuously observe the capital trends in the following days to determine whether this is a short-term adjustment or a trend reversal.

The Venus digital finance project aims to create the world's first "encryption bank", targeting to provide liquidity for commodities and small to medium enterprises in Southeast Asia. By tokenizing physical assets and using them as collateral, they can quickly provide small loans. At the same time, the project ensures transparency and Compliance, positioning itself as an efficient intermediary between TradFi and technology.

The yield on the US 10-year Treasury bond fluctuated due to signals of interest rate hikes from the Bank of Japan, rebounding to 4.086%. Japanese investors are reducing their investments in US Treasuries and shifting towards domestic bonds, resulting in the dumping of US Treasuries, falling prices, and rising yields, putting pressure on global markets.

On December 2, before the US stock market opened, encryption concept stocks generally rose, with Strategy, the small platform Circle, and Coinbase all performing well. Mining stocks also did not lag behind, with Bitmine Immersion showing outstanding gains, and market sentiment was significantly optimistic.

On December 2, Polish President Karol Nawrocki slammed the brakes and directly vetoed the "Crypto Asset Market Act," which had been criticized for being overly broad. This news caused a stir in the crypto community—supporters cheered, while the government was left looking pale.
The reason provided by the presidential palace is quite hardcore: certain provisions of this bill "really threaten the freedoms and property of Poles, and even national stability." It sounds pretty scary, but upon closer inspection, there are indeed some points to critique.
First, the bill contains a provision that allows authorities to easily shut down encryption websites. Once this power is given, who knows if it will be misused? Secondly, the entire bill is written too complicatedly, with a bunch of rules and regulations piled up constituting excessive regulation. What's worse is that those high compliance costs are simply unbearable for small companies, ultimately benefiting foreign giants and traditional banks.
Nawrocki also pointed out a reality: with such strict regulation, why are Polish companies still doing it?