[Coin World] The old asset management giant Franklin Templeton recently made a big move regarding their encryption index ETF (code EZPZ) - directly expanding their investment portfolio from originally only BTC and ETH to eight coins in one go.
The newly joined lineup of six members is quite interesting: there are ADA (the native token of Cardano), LINK (the leader in oracle), DOGE (the original meme coin), SOL (the challenger to Ethereum), XLM (the veteran in cross-border payments), and XRP (the one suing the SEC).
This adjustment actually illustrates the problem quite well. Traditional financial giants are increasingly diversifying their product offerings, no longer just focusing on the two "big brothers" Bitcoin and Ethereum, but are starting to layout Layer 1 public chains, oracle infrastructure, and even Meme coins in these niche sectors. For ordinary investors, being able to hold a basket of mainstream encryption through an ETF is a significant advantage.

The yield on Japan's two-year government bonds has surged above 1% for the first time, triggering severe fluctuations in global markets, with stock markets and the crypto market experiencing significant declines. Bitcoin and Ethereum have both fallen sharply, and XRP is facing serious downward pressure, with the critical support level of $2 precariously at risk, as market risk sentiment rises.

[Block Rhythm] Franklin Templeton has just updated the latest Holdings of their XRP Spot ETF - as of December 1st, the open interest has stacked up to 53.21 million XRP, which is approximately 107 million USD in market capitalization.
I looked at the overall size of this ETF, the total net asset scale is now 78.67 million USD, and there are 3.15 million shares circulating in the market. The open interest is increasing quite rapidly, it seems that institutions' enthusiasm for allocating XRP is still on the rise.

[Chain Text] The Swedish Central Bank recently released a study, which is quite interesting—while the United States and Europe appear to be pursuing separate regulations on stablecoins, they are actually getting closer and closer.
They focused on three key points: Can the stablecoin issuer connect to the Central Bank's settlement system? Can they use Central Bank reserves as collateral? Can they obtain liquidity support? The current situation is that, according to legal texts, both the US and Europe say it's possible to use Central Bank reserves, but when it comes to actual operation? There are still quite a few hurdles.
The European Central Bank has indeed opened the door for some non-bank payment institutions, allowing them to open accounts at the Central Bank to hold some balances for transaction flows. However, speaking of which, wanting to use this money to back stablecoins? That's not possible, that line hasn't been loosened yet.

[Block Rhythm] Let me share an interesting story. A mining company called Cango recently delivered an impressive report card. In Q3 2025, they directly achieved $225 million in revenue, rising more than 60% compared to the previous quarter, with an operating profit of $43.5 million and a net profit of $37.32 million. It's worth noting that they were still in the red during the same period last year, making this turnaround quite remarkable.
The more critical aspect is the computing power—global deployment has now reached 50 EH/s, firmly placing it in the industry’s top tier. In the third quarter, 1930.8 bitcoins were mined, averaging 21 coins per day, with the cost per coin controlled at 99383 dollars. How did they achieve this? They replaced all equipment with the T21 and S21 series new mining machines and directly acquired a 50 megawatt mining farm in Georgia, pushing the computing power utilization rate to over 90%. In October, the operating computing power surged again to 46.09 EH/s.
Another new trend worth paying attention to: they have started to lay out

[Block Rhythm] On December 2, news has emerged regarding more details about the candidates for the next Fed chairman.
It is understood that the final candidates have already spoken with Bencet. This week they will also meet with Vance and other members of the White House team, after which they will meet with Trump himself. Bencet previously revealed that the nomination may be officially announced before Christmas.
Although Trump said he already had a number in mind, and various signals pointed to Hassett, those familiar with the situation indicated that it is still uncertain. Last week, Trump was discussing with those around him who should take this position. It is said that he asked everyone to present facts and reasons, discussing why Hassett or Walsh should be chosen.
Someone pointed out a key point to Trump: Wachtel is not as close to him as Hassett. Moreover, if Hassett is chosen, the National Executive Committee will have to be replaced. The weight of this position is not small, making it a dilemma.
Ultimately, the position of the Fed Chairman is related to currency

[Block Rhythm] Recently, a case was judged in Taiyuan, Shanxi, where two individuals were sentenced to prison for helping scammers with money laundering. The key point is the money laundering tool they used - USD ( USDT ).
Here's the thing: In May of this year, a woman named Zhang met a person called "Lin Hao" on a short video platform. The other party spun a story, claiming that his comrade works at a well-known company and can get insider information for stock trading, guaranteeing a 5% return each period. However, there was a "special requirement"—transactions had to be made in USD, and cash had to be exchanged for USD through a specified merchant.
Ms. Zhang believed it and went to the hotel on May 21 with 1.47 million cash to exchange for USD. As a result, the contacts Chen and Li played a trick: they first transferred the so-called "USD account" ( provided by "Lin Hao," which was actually a USDT wallet address ), to the supplier. The supplier transferred a total of 202,328 SD in three installments, which was exactly 1.47 million RMB. Then these two took the cash and handed it over to the supplier.

Anthropic tested multiple AI models for their performance in detecting vulnerabilities in smart contracts, and the results showed that three models identified vulnerabilities worth $4.6 million. In particular, Sonnet 4.5 and GPT-5 each discovered two zero-day vulnerabilities in new contracts, with a theoretical loss of $3,694. However, the testing costs for GPT-5 nearly offset the value of the identified vulnerabilities, sparking discussions about the costs of AI audits.

[Chain News] According to the latest tracking by DeFiLlama, the total Lock-up Position in the entire DeFi sector has experienced a significant pullback. From the peak of nearly $172 billion at the beginning of October, it has slid down to only about $114.264 billion now. This amounts to an evaporation of $57.7 billion, with a fall of around 34%. This pullback is indeed substantial, and the liquidity in the entire ecosystem has contracted quite noticeably.

A certain Perptual Futures trading platform has launched a December trading 20% points bonus activity aimed at helping users who have recently been played people for suckers by the market to alleviate their losses. The platform was founded by the former COO of FTX and has developed rapidly, demonstrating strong execution capability. For investors, this is a glimmer of warmth amidst market Fluctuation.

[Block Rhythm] Latest data shows that the market's expectations for the Fed's December interest rate meeting have been slightly adjusted again. According to CME interest rate futures data, the probability of a 25 basis point rate cut currently stands at 87.6%, up slightly from 87.4% the previous day.
In other words, more than 80% of market participants are betting that there will be action. As for maintaining the status quo? The probability is only 12.4%.
Although this number does not change much, the signal released is very clear - Wall Street generally believes that this interest rate cut is basically a done deal.

[Bitpush] Market sentiment continues to be low. Today's Fear and Greed Index has dropped to 23, down one point from yesterday's 24. It's worth noting that last week's average was only 20, and now the entire market remains trapped in extreme fear.
How is this index calculated? It's actually quite scientific—volatility and trading volume each account for a quarter of the weight, social media discussion heat and market surveys each account for 15%, plus Bitcoin market share and Google search trends each contribute 10%. The full score is 100, and now it's 23 points; just think about how heavy the atmosphere is.
To put it simply, the lower the index, the more panic in the market. At this position, it is either a bottom-fishing opportunity or a precursor to further declines. Everyone should weigh this for themselves.

On December 2nd, a significant on-chain transaction worth following occurred.
A new wallet just deposited 3.448 million U into HyperLiquid and immediately opened a BTC short position with 20x leverage. This is quite a significant move—holding a position size of 38.6 million dollars, with an opening average price of 86,373.6 dollars.
However, the risk is also there: the liquidation price is $92,885.8. This means that if BTC rises by about 7% more, this position will be liquidated.
The timing of this operation is quite subtle, just as BTC is fluctuating at a high level. Is it a preemptive layout for a pullback, or a gamble on a short-term peak? The market will provide the answer.

[Bitu] The crypto market has been quite interesting lately - prices are going down, but the fundamental data is actually improving.
Tom Lee from BitMine noticed that whether it's the growth of wallets, on-chain activity, changes in Gas fees, or the progress of tokenization, these hard indicators are all steadily climbing. Yet the price of coins just won't cooperate; it still drops as it pleases.
In this state of divergence, he feels that the risk-reward ratio of BTC and ETH is quite tempting right now. The fundamentals are there to support it, but the price has been unfairly beaten down, which could be a good window of opportunity for those looking to invest.

[Coin World] Recently noticed an interesting phenomenon - the discussion heat of Crypto Assets is continuously declining, and retail investors' attention to this year's hot topics is obviously not as high as before. From the perspective of market sentiment indicators, this indifference might actually be a signal: we may be approaching a potential price bottom area. After all, historical experience tells us that when everyone stops talking about coins, opportunities often quietly arise.

[Coin World] The regulated prediction market platform Kalshi recently did something quite interesting - it directly moved its political and macro data market to the Solana blockchain.
The technical implementation is not simple. They connected the off-chain order book system with Solana's liquidity pool through the two DeFi protocols DFlow and Jupiter. John Wang, who is in charge of the cryptocurrency business, said this can bring "billions of dollars worth of liquidity" and also allow third-party developers to build their own front-end interfaces.
The timing was just right. Kalshi is currently operating around 3,500 trading markets, and its recent valuation has jumped directly to $11 billion. The prediction market segment is clearly growing, and they need deeper pools of capital to support trading depth while keeping an eye on competitors like Polymarket. This move towards tokenization can attract native crypto users and also enhance their position.

[Coin World] The AI concept has heated up the market, leading to inflated valuations and investors' fear of missing out (FOMO) emotions running high - does this scene seem familiar?
Economist Dambisa Moyo recently offered an interesting perspective: instead of getting hung up on "is this a bubble?", the key is to look at "what stage the bubble is in". Her point is clear - bubbles definitely exist, but a crash? It may still be too early.
The market is indeed a bit crazy right now, with various AI concept stocks being driven up to the sky, and valuations have long deviated from the fundamentals. However, Mo Yue believes that to judge the turning point, one cannot only look at the heat and price; it is necessary to analyze the internal logic of the evolution of the bubble. Is it just beginning to expand? Or is it approaching the edge of collapse? Different stages require completely different operational strategies.
This idea is actually quite suitable for the current crypto market - with the AI + Web3 narrative being so hot, should we get on board or get off? Perhaps the answer lies not in "whether it will crash," but in "which stage we are currently in."

[Coin World] ICP has fallen quite sharply today, plunging 7.3% in one go, and is now hovering around $3.70. The most critical point is that it has directly breached the support line of $3.99 to $4.00 — this was a key position that had held for several days before.
It is also worth noting the trading volume. The turnover of 1.83 million tokens has surged nearly 300% compared to the daily average. Such a volume fall is usually not a good sign.
From a technical perspective, the token has barely managed to hold its ground in the range of 3.55-3.65 USD, but that's just a level to catch its breath. Currently, the overall trend is bearish, and the previously broken support zone at 4 USD has now turned into a new resistance band. It will be quite challenging to rebound back in the short term.

[Coin World] BTC has broken through again? Some traders have observed a phenomenon—the market is becoming more "professional"; it has become difficult for retail investors to make a quick profit through short-term trading, and many people are starting to flock towards alts to take risks.
How to play in this situation? His idea is quite practical: don’t chase highs and sell lows, invest in BTC gradually; casually participate in airdrop projects; the key is to spend time improving your understanding, rather than staring at K lines and guessing price movements. After all, the market is becoming more professional, and you need to evolve along with it.