Fed Member Waller: Inflation is Trending Downward, but There is No Need to Rush
Fed member Christopher Waller said that inflation is still above target but that they expect it to fall in the coming months. Noting that interest rate cuts have supported the job market, Waller emphasized that current employment growth remains weak. Waller said inflation has stabilized at around 2% and that the labor market signals that interest rate cuts should continue. However, he stated that there is no need to rush to cut rates under the current outlook.
Fed’s Bond Purchase Tools Eased Repo Market Concerns
Liquidity concerns in the US bond market regarding the end of the year have eased significantly. The Fed’s short-term Treasury bill purchase plan limited seasonal cash tightness, causing repo rate expectations to fall. Interest rate spikes at the end of the period due to banks’ balance sheet adjustments are expected to be more limited this year. Bob Savage of New York Mellon emphasized that the Fed now has the tools to prevent excessive interest rate fluctuations. The market agrees that sharp repo shocks like those seen in 2019 will not be repeated.
Derivatives Market Points to Near-Term Volatility in Bitcoin
Bitcoin’s 30-day implied volatility is running at low levels, indicating that the market remains calm ahead of macro data. However, positioning in the derivatives market points to the possibility of sharp price movements in the near term. Long positions in BTC on Bitfinex have reached their highest level since February. On Deribit, there is significant interest in $85,000 put options and $95,000 and $100,000 call options. Analysts note that Bitcoin must rise above $95,000 to break the downtrend.
CZ: No Meeting with Trump Yet
Binance founder CZ announced on the X platform that he has not yet had any meetings with US President Trump. He previously emphasized that individuals and organizations offering to broker listings are scammers. CZ also recalled that he explicitly rejected a listing request from a country’s president. The statement came after increased speculation in recent times. CZ stressed that unofficial contacts should not be trusted.
DTCC Selects Canton Network for Tokenization of U.S. Treasury Bonds
DTCC announced that it will collaborate with Canton Network for the tokenization of U.S. Treasury bonds. The project, in collaboration with Digital Asset, aims to transfer bonds held by DTC to the blockchain. In the first phase, the MVP is planned to be launched in the first half of 2026 in a controlled environment. The system aims to meet institutional needs with its privacy-focused structure. Gradual scaling is anticipated based on demand.
Metaplanet Files with SEC for ADR Registration in the US
Japan-based Metaplanet has filed Form F-6 with the US SEC for ADR registration. Deutsche Bank Trust Company Americas will serve as the depositary bank. The goal is to register a total of 200 million ADSs, with each ADS representing one common share. The nominal size of the application was announced as approximately $10 million. The move aims to expand the company’s access to U.S. capital markets.
Japan to Adopt Separate Taxation System for Crypto Assets
The Japanese government plans to implement a separate declaration-based taxation system for crypto assets in January 2028. Under the current system, crypto gains are taxed at rates of up to 55% when combined with other income. The new model aims to reduce this rate to 20%, similar to stocks. Although the regulation is expected to come into force in 2027, it is noted that the process may take longer. The sector believes the change will improve the investment environment.
Commerzbank: Market Does Not Expect Interest Rate Cut in January
According to Commerzbank, markets are not convinced that the Fed will cut interest rates in January. The dollar index, which declined after the employment data, recovered some of its losses. Deutsche Bank analyst Antje Praefcke noted that the threshold for an interest rate cut has risen. This has led to a reduction in pressure on the dollar. Market pricing points to a more cautious Fed expectation.
Hut 8 Signs $7 Billion Data Center Lease Agreement
Bitcoin mining company Hut 8 announced a 15-year data center lease agreement with Fluidstack. The agreement covers 245 megawatts of capacity at the River Bend campus and is valued at $7 billion. It was also noted that up to 1,000 megawatts of additional capacity could be provided in later phases. The expansion timeline will depend on the campus’s installed capacity. The move is seen as part of Hut 8’s long-term infrastructure strategy.
Phantom Introduces “Phantom Connect” SDK
Phantom has launched a free SDK called Phantom Connect to enhance the cross-application account experience. The tool enables Phantom accounts to be recognized and used across different applications. Cross-application fund portability and built-in security features are highlighted. The goal is to significantly simplify the integration process for developers. Phantom states that this step will increase adoption of the ecosystem.
