Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 87,813.0 | −0.74% |
| Ethereum (ETH) | 2,916.94 | −1.21% |
| Bitcoin Spot ETF | +9.70M | Net Inflow |
| Ethereum Spot ETF | +3.30M | Net Inflow |
| Nasdaq (NAS100) | 24,838.3 | −0.21% |
| S&P 500 (SPX) | 6,705.11 | +1.55% |
| Russell 2000 (RUT) | 2,413.5 | −0.09% |
| U.S. Dollar Index (DXY) | 99.777 | −0.05% |
| VIX Volatility Index (VIX) | 20.52 | −12.42% |
| U.S. 10-Year Treasury Yield (US10Y) | 4.038 | −0.60% |
| Brent Crude Oil (BRENT) | 63.060 | −0.59% |
| LBMA Gold (XAU) | 4,135.82 | +0.02% |
| LBMA Silver (XAG) | 51.275 | +0.01% |
“Prepared at UTC 07.43 am”
Today’s Key Events
- President Trump and his wife attend the Thanksgiving Turkey Pardon Ceremony.
- Alibaba, Dells, HP, CleanSpark Earnings Reports
- US September Inflation Data to be Released
- US September Retail Sales to be Released
- Plasma (XPL) – 88.89MM Token Unlock
Probability of a Rate Cut in December Rises to 85%
- San Francisco Fed President Daly (non-voting, neutral until 2025): Supports a rate cut in December and is concerned about a sudden deterioration in the labor market. Daly said the labor market is already fragile and she is wary of a scenario where the Fed may not be able to respond in time. She emphasized that the risk could be non-linear, meaning a sudden acceleration of deterioration. She added that she sees a lower risk of a sudden spike in inflation because tariff-related cost pressures are more moderate compared to the beginning of the year. He stated that the high level of disagreement within the Fed stems from genuine uncertainty, not dysfunction.
Fed Governor Waller (2025 voter, moderate): Supports a rate cut in December. He said recent data shows the labor market remains weak and the likelihood of a significant improvement within 6–8 weeks is low. Therefore, he argues that a cut in December would be the right move. He said that the heavy flow of data coming in January will make the meeting more complex, so decisions will need to be made on a meeting-by-meeting basis. He added that if there is a sudden rebound in inflation or employment, the Fed should be more cautious and even open to reassessment.
US Q3 GDP and PCE Release Schedule Postponed Again
Due to the US government shutdown, the BEA has again postponed its data release schedule. The preliminary estimate for Q3 2025 GDP has been moved to December 23. The second GDP estimate and October PCE report, previously expected on November 26, have been postponed to December 5, along with the September PCE and personal income report. These delays mean that critical growth and inflation data will be missing ahead of the Fed’s December meeting.
China-US Leaders Talked on the Phone, Taiwan Emphasis Differed in Statements
The Chinese and US presidents held a phone call, and afterwards, the two sides used different language regarding Taiwan in their statements. The Chinese side emphasized that Taiwan is “part of the post-war international order,” clearly reiterating its principled stance. In the US statement, however, Trump made no mention of Taiwan; instead, he highlighted the trade agreement, bilateral relations, and the Russia-Ukraine agenda. The call itself is seen as a positive signal in terms of keeping communication channels open amid rising regional tensions in recent times.
China’s Statement: Taiwan Issue and Message of Stability in Relations
In its post-meeting text, Beijing stated that Taiwan’s return to China is an important component of the post-war order. It was reported that Trump acknowledged China’s role in World War II and understood the importance of the Taiwan issue for China. China also emphasized that relations have been stable and improving since the Busan talks. The overall tone of the text was based on a call to increase areas of cooperation and reduce problems.
US Statement: No Taiwan, Trade and Ukraine
Trump made no mention of Taiwan in his post on Truth Social and announced that he had agreed to visit Beijing in April. He also stated that he had invited President Xi for an official visit next year. It was reported that the two leaders discussed the Russia-Ukraine conflict and that Xi expressed hope for a binding peace agreement. White House Spokesperson Levitt said the meeting lasted an hour and focused primarily on the trade agreement and how to move relations onto positive ground.
Japan: Trump–Takaichi Phone Call Planned
According to Fuji News Network, Japanese Prime Minister Sanae Takaichi and US President Trump are expected to hold a phone call today. Although no details about the content of the conversation have been shared, the timing is significant, as tensions between China and Japan have escalated in recent days. This contact is being closely watched in terms of Washington’s balancing role in the region. Furthermore, coming immediately after the US-China leaders’ meeting, it signals a busy week in terms of diplomatic traffic.
Russia–Ukraine Peace Talks: Drafts Stalled, Deadline Uncertain
While revisions to the peace agreement are being negotiated back and forth, the process currently appears to be stalled. Although Trump is optimistic about the possibility of a ceasefire, it is considered unlikely that a final agreement will be reached by Thursday. Rubio implied that Ukraine could be given more time, saying that a firm deadline would not be imposed. The White House stated that no Trump-Zelensky meeting is planned for this week.
Ukraine’s Red Lines
Ukraine has declared that it will never recognize the official annexation of its territory in the negotiations. Other key conditions include no restrictions on its defense capabilities and no constraints on its future alliance preferences. Kiev particularly emphasizes that decisions on frozen Russian assets are vital. It also states that the prospect of EU and NATO membership, along with security guarantees, must be part of any peace plan.
Russia: Rejects Europe’s New Proposal
Russia has announced that it rejects the new peace proposal put forward by Europe. Deputy Presidential Chief of Staff Ushakov described the plan as “not constructive.” This stance shows that the gap in the negotiations remains significant. It appears that Moscow maintains a tougher position, particularly on security guarantees and the lifting of sanctions.
UK–France–Germany Joint Peace Plan
The three countries presented a new plan that puts forward as a key demand that the US provide Ukraine with a defense guarantee similar to NATO’s Article 5. The plan opposes limiting the size of the Ukrainian army and demanding territorial concessions. It also calls for all frozen Russian assets to be used entirely for Ukraine’s reconstruction. This approach clearly contradicts the US’s idea of converting the assets into investments and taking a share of the profits.
VanEck Plans BNB ETF with VBNB Symbol
According to VanEck Digital Assets’ filing with the SEC, the company aims to launch a spot BNB ETF. The fund will directly hold BNB tokens and track the price performance of BNB after deducting expenses. The ETF is expected to be listed on Nasdaq under the symbol VBNB. This step is seen as a new sign of the expansion of altcoin-based spot ETFs in the US.
Capital B Purchases 5 More BTC, Bringing Total to 2,823 BTC
French publicly traded company Capital B announced it has purchased 5 more Bitcoin. With this purchase, the company’s total Bitcoin holdings have risen to 2,823 BTC. The move signals the continuation of the trend of institutional Bitcoin accumulation in Europe. The company’s strategy appears to be to grow its reserves through small but regular purchases.
Pendle Included in Bloomberg Galaxy DeFi Index
Pendle announced that it has been added to the Bloomberg Galaxy DeFi Index. Inclusion in such indices is an important threshold for a DeFi project in terms of institutional visibility and legitimacy. Indices are generally created based on criteria such as liquidity, market value, and ecosystem weight. Therefore, this inclusion can be interpreted as Pendle strengthening its position in the DeFi yield and derivatives space.
Strategy (MSTR) Fails to Enter S&P 500 Again
Strategy Inc. has once again failed to be included in the S&P 500. This time, the company entering the S&P 500 is Sandisk (SNDK), replacing Interpublic Group. Sandisk shares appear to have strongly met the index entry criteria, having risen approximately 400% over the past three months on the artificial intelligence theme. Strategy’s exclusion shows that both the company’s volatile structure and its Bitcoin-heavy balance sheet model remain controversial for index providers.
Strategy Halts Six-Week Buying Streak; Stock Down 70% From Peak
Strategy reportedly did not make any new Bitcoin purchases last week, ending its six-week uninterrupted buying streak. The company currently holds a total of 649,870 BTC at an average cost of $74,400, making it the largest Bitcoin holder among publicly traded companies. Despite this, MSTR stock is trading approximately 70% below its peak. The stock price’s multiple relative to net asset value (NAV) has fallen to around 1.2x, indicating that the market is taking a more cautious approach to the Bitcoin leveraged company model.
SEC Issues “No-Action Letter” to Fuse Crypto Limited
The SEC issued a “no-action letter” to Fuse Crypto Limited regarding the $FUSE token. Such letters imply that the SEC will not take enforcement action against token activities under certain conditions. The FUSE token aims to reward users participating in electricity sustainability programs. The SEC’s approach can be interpreted as a desire to provide a clearer framework for certain “utility-focused” token models.
Monad Launchpad Nad.fun Completes $1.1 Million Funding
Nad.fun, the on-chain launchpad platform in the Monad ecosystem, announced that it has raised a total of $1.1 million in funding to date. Neoclassic Capital led the latest seed round, with angel investors including the Monad community and on-chain investors. Nad.fun positions itself around community-focused meme coin mining and leveraged prediction markets. This funding signals the growth of the native application layer on Monad.
Sui: rcUSD and rcUSDp Tokens with RWA Yields Now Live with R25
The Sui team announced that with the R25 update, RWA-backed yield tokens rcUSD and rcUSDp are now available. These tokens aim to generate yields backed by compatible and diversified real-world assets. The RWA trend is growing as an extension of the search for more stable returns in DeFi. Sui’s move can be seen as an effort to pull the ecosystem towards “institutional-grade DeFi.”
World Liberty Finance Deposits 40.59 Million TRX to HTX
It has been reported that the Trump family’s crypto project, World Liberty Finance, has deposited 40.59 million TRX to the HTX exchange. This amount is said to be worth approximately $11.25 million. It is said that the project previously acquired these TRX at a cost of $9.84 million and is currently at a profit of approximately $1.40 million. The transfer may have been made for position management or liquidity/trading purposes; the net intent will be better understood by post-transfer movements.
Bank of America: Gold Could Reach $5,000 by 2026
Bank of America strategists predict that gold could reach $5,000 per ounce by 2026. The team’s argument is that even though gold is technically in an “overbought” zone, it is still underweighted in portfolios. It is believed that the US’s extraordinary economic policies and the environment of uncertainty will continue to support gold. This forecast reflects a strong bullish view, particularly based on long-term inflation/geopolitical risk scenarios.
Hoskinson: Cardano Chain Split Was a Deliberate Attack
Cardano founder Charles Hoskinson said the chain split on the network was not a simple mistake but a targeted attack. According to him, the transaction that triggered the split was deliberately exploited by a well-known figure within the ecosystem. This statement amplifies discussions about security and internal threats beyond the technical aspects of the incident. It will be critical for the Cardano side to deepen the investigation and share details in order to restore market confidence.
