Ukraine Accepts Terms of Peace Agreement
- After talks in Geneva, Zelensky said the path to peace had become “realistic” and that they saw new opportunities.
- Russia announced that three people were killed and ten wounded in Ukraine’s attack on Rostov.
- Ukraine, meanwhile, announced that seven people were killed and many others wounded in a Russian nighttime bombardment of Kiev.
- Media reports indicated that a U.S. military official would meet with Ukrainian and Russian delegations in Abu Dhabi.
- European allies cautiously welcomed the revision of the U.S. peace plan, which had been criticized for favoring Russia in its initial draft.
US CPI and Retail Sales – September Data
- The US CPI rose 0.3% month-on-month in September, in line with market expectations and rebounding from the previous -0.1% level.
- Retail sales rose 0.2% month-on-month, falling short of the 0.4% expectation.
- This indicates that while producer prices are normalizing, consumer demand remains weaker than expected.
- The weak sales data could strengthen the Fed’s hand on the “growth risk” side heading into its December meeting.
U.S. Bureau of Economic Analysis – Q3 GDP on December 23
The U.S. Bureau of Economic Analysis (BEA) announced that third-quarter 2025 GDP data will be released on December 23. This means that the data calendar, which was disrupted after the government shutdown, is back on track. Third-quarter growth will be one of the key indicators shaping both year-end economic momentum and the 2026 interest rate path. In particular, consumption and investment items will directly inform the “cut or wait-and-see?” debate within the Fed.
Statements from Fed Members
Fed Governor Milan said the economy needs a significant rate cut and that weak employment data could convince other members to agree. Treasury Secretary Bessant, meanwhile, implied that it is “time for the Fed to step back,” emphasizing that rising living costs are creating political and economic pressure. Bessant also noted that it is highly likely Trump will announce his new Fed chair nominee before Christmas. With today’s final interviews, the selection is said to have narrowed down to five strong candidates.
Metaplanet – $130 Million BTC-Collateralized Loan
Metaplanet announced that it has secured a new $130 million loan using its Bitcoin assets as collateral. It was stated that these funds will primarily be used to increase Bitcoin purchases, expand the BTC yield business, and buy back shares under favorable conditions. As of the end of October, the company held 30,823 BTC, with a market value of approximately $3.5 billion. So far, $230 million of the $500 million credit line has been utilized, indicating that Metaplanet is continuing its BTC leverage strategy.
Michael Saylor’s “Top Gun” Reference
Michael Saylor responded to Bitcoin’s recent rally with a “Turn and ₿urn” post on X. This phrase was interpreted as a Bitcoin adaptation of the “Turn and burn” line from the movie Top Gun. Saylor is trying to maintain the long-term bullish theme despite recent price volatility. The timing of the post coincided with a period when Strategy was maintaining its buying appetite, so it was read as a morale-boosting message in the market.
US Senator: JPMorgan Accused of Closing Strike CEO’s Account
Senator Cynthia Lummis strongly criticized JPMorgan for closing Strike CEO Jack Mallers’ personal account without justification. She described the incident as a continuation of the crypto-hostile banking crackdown she dubbed “Operation Chokepoint 2.0.” According to Lummis, such practices undermine trust in traditional banking while pushing the crypto sector outside the US. The debate has brought the financial access issues of crypto companies back into the spotlight.
Alibaba Q2 – Exceeded Expectations but Profits Were Weak
Alibaba’s second-quarter revenue for fiscal year 2026 exceeded market expectations at 247.8 billion RMB, showing a 4.8% year-on-year growth. Cloud and artificial intelligence revenues also exceeded forecasts, reaching 39.82 billion RMB. Ant Group’s profit rose 10.3% year-on-year, painting a supportive picture. However, adjusted net profit fell well short of expectations; the company said profitability fluctuations could continue in the short term and that it would increase AI and consumer investments.
Trump Family’s Crypto Wealth Falls Below $1 Billion
The Trump family’s crypto wealth fell below $1 billion during the recent market downturn. The losses are said to be concentrated in Trump’s official memecoin, Eric Trump’s Bitcoin mining venture, and Trump Media’s BTC-related assets. The report highlights that the decline accelerated in the last month and that the market sell-off hit the family portfolio hard. This picture also serves as a reminder of how exposed crypto projects associated with political figures are to broader market risks.
VanEck – BNB Spot ETF (VBNB) S-1 Update
VanEck submitted an updated S-1 filing for its BNB spot ETF to the SEC on November 21, confirming that the ticker symbol will be VBNB. The staking option has been completely removed from the new form; thus, the ETF will not generate additional returns by staking BNB. The company therefore acknowledges that the ETF’s performance may be lower than holding BNB directly. This move is interpreted as an attempt to comply with the SEC’s sensitivity on staking.
ADP – Private Sector Employment
According to ADP’s weekly data, the private sector experienced an average weekly loss of 13,500 jobs over the four weeks ending November 8. This figure points to a more pronounced weakening compared to earlier periods of the year. While the ADP series alone is not as decisive as official nonfarm payrolls, it supports the trend of a cooling labor market. This picture has become one of the data sets fueling expectations of a rate cut ahead of the December Fed meeting.
Deutsche Bank – Expects 25bp Cut in December
Deutsche Bank continues to forecast a 25-basis-point rate cut by the Fed in December. The bank expects the Fed to enter a holding pattern until the third quarter of 2026 following this cut. It also notes that an additional 25-basis-point cut could be on the table in September 2026 after the new Fed chair takes office. Even though mixed messages are coming from Fed members, the bank’s macro scenario has not changed.
Aster – 197,350 ASTER Airdrop
Aster announced that a total of 197,350 ASTER was distributed to 7,710 addresses that participated in the recent HEMI, AT, B2, and NB token events. Distribution amounts ranged from 15 to 60 ASTER, depending on user activity. This airdrop appears to be designed to increase platform usage and encourage participation in multiple events. Expectations of larger incentive waves in subsequent phases remain high within the community.
dYdX – Liquidation Fee Refund Pilot Plan
dYdX management has taken into consideration a one-month liquidation fee refund pilot program starting December 1. A points-based mechanism is proposed to reward liquidated investors. A maximum of 1,000,000 DYDX is planned to be allocated for the program. The goal is to reduce user loss caused by liquidations and increase platform loyalty during market stress.
Coinbase – MON Withdrawals Will Not Trigger Anti-Dump
Coinbase announced that users participating in the Monad token sale will not be penalized by the anti-dump mechanism for withdrawing MON to the chain. This means users can freely transfer and use their tokens on the Monad network. The announcement was well received, particularly as it guarantees that on-chain usage will not be restricted after the sale. This stance is seen as a clear message aimed at boosting confidence within the community.
Tether x Crystal Intelligence – RWA Compliance Partnership
Tether has signed an agreement with Crystal Intelligence to strengthen the compliance infrastructure of its Hadron platform, which it uses for the tokenization of real-world assets. This partnership aims to create a stronger framework for analyzing, monitoring, and ensuring regulatory compliance of RWA transactions. It is seen as one of Tether’s moves signaling its more aggressive entry into the RWA space. This step could increase competition in the corporate tokenization market.
Polyhedra – Ocash Privacy Transfer Engine
Polyhedra introduced Ocash, its new product that enables on-chain privacy transfers. The system targets instant privacy transfers and prevents transaction graph leaks. It also offers a selective disclosure mechanism on the compliance side, positioning itself as “not full privacy, but privacy compliant with regulations.” Use cases such as payroll payments, corporate transfers, and cross-border remittances are particularly highlighted.
Cycle Network – CycleUnit Multi-Chain Exchange Network
Cycle Network announced its decentralized storage and multi-chain exchange infrastructure called “CycleUnit.” The platform aims to provide DEXs with native multi-chain transaction and unified exchange capabilities. The “One DEX, One Unit” vision is based on bringing together liquidity and transaction experiences across different chains under one roof. Such infrastructures are becoming crucial in the race to consolidate fragmented DeFi liquidity.
