Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 92,460.0 | -0.06% |
| Ethereum (ETH) | 3,248.97 | +0.36% |
| Bitcoin Spot ETF | -73.58M | Net Outflow |
| Ethereum Spot ETF | -44.40M | Net Outflow |
| Nasdaq (NAS100) | 25,651.9 | -0.61% |
| S&P 500 (SPX) | 6,901.01 | +0.21% |
| Russell 2000 (RUSSELL) | 2,601.1 | +0.21% |
| U.S. Dollar Index (DXY) | 97.952 | -0.05% |
| VIX Volatility Index | 14.85 | -5.83% |
| U.S. 10-Year Yield | 4.14207671 | 0.00% |
| Brent Crude Oil (BRENT) | 61.946 | +0.06% |
| LBMA Gold (XAU) | 4,287.97 | +0.19% |
| LBMA Silver (XAG) | 63.627 | +0.34% |
“Prepared at UTC 07.52 am”
Today’s Key Events
- President Trump to Attend EXIM Bank CEO’s Swearing-In Ceremony
- FOMC Members Paulson, Hammack, and Goolsbee to Speak
- US 30-Year Treasury Auction
- UK GDP to be Released
Germany CPI Data to be Released
Trump Administration – “Beautiful Law”
The Trump administration is preparing a new corporate tax model that will bring back R&D incentives for large companies. The proposal is expected to be announced next week. This regulation aims to circumvent the 15% minimum corporate tax rule from the Biden era. The goal is to bring R&D expenditures back into full deduction coverage.
Bank of Japan
The Bank of Japan will maintain its message of continuing its interest rate hike path next week. Markets have almost fully priced in the possibility of a rate increase from 0.5% to 0.75% in December. The bank states that future hikes will be shaped by their impact on the economy. Officials believe that several more increases are possible due to real interest rates still being very low.
China Central Economic Work Conference
China’s December 10-11 meeting highlighted the theme of “progress while maintaining stability” with a growth target of around 5% for 2026. Fiscal policy is expected to remain more proactive, with the budget deficit expected to remain around 4%. In monetary policy, it was emphasized that there is room for RRR cuts and additional easing measures. Household income support and sector-specific subsidies are planned to be reorganized to boost demand.
Russia–Ukraine Peace Talks
Russia-Ukraine peace talks continue to make limited progress. Zelenskyy announced that they had presented a revised peace plan to the US, which is still in draft form. Ukraine also proposed two additional agreements covering security guarantees and post-war reconstruction. The parties will meet in Paris over the weekend to discuss these proposals.
Trump – Ukraine Statement
Donald Trump stated that he is willing to assist with Ukraine’s security in the peace agreement process. This statement was interpreted as potentially strengthening the US’s role as a mediator. Trump said that security commitments must be a fundamental part of peace. The statement drew attention in terms of ongoing diplomatic contacts.
US Congress – Crypto 401(k) Request
The US Congress is calling on the SEC to allow Bitcoin and other cryptocurrencies to be used in 401(k) retirement plans. Members of Congress sent a letter requesting that digital assets be recognized as an alternative investment class. This step creates significant pressure for the integration of crypto into the US corporate retirement system. It remains unclear how the SEC will respond.
U.S. SEC Chairman – On-Chain Finance Statement
SEC Chairman Paul Atkins said the U.S. financial market is very close to transitioning to an on-chain infrastructure. He stated that the SEC is taking an approach that encourages innovation and actively embraces new technologies. He said that the ability to transfer tokenized securities directly between participant wallets will bring transparency and speed to the markets. He emphasized that this transition will be carried out in a manner consistent with investor protection.
Japan Revenue Agency – 31% Increase in Crypto Tax Audits
The National Tax Agency of Japan conducted 613 on-site audits of crypto transactions between July 2024 and June 2025, collecting a total of 4.6 billion yen in additional taxes. This figure represents a 31.4% increase compared to the previous year. The undeclared amount reaching 15.6 billion yen is particularly noteworthy. The biggest risks were highlighted as exchange consolidation errors, DeFi transactions, airdrop taxation, and mining/staking timing. It was announced that if concealment is detected, the tax penalty could be up to 40%.
Bitcoin – Focus on Hash-Based Signatures for Quantum Resistance
Blockstream researchers are exploring hash-based signature systems to strengthen Bitcoin against quantum computer threats. Hash-based signatures stand out as the solution closest to Bitcoin’s current security model. Researchers note that this method offers a high level of security in the post-quantum era. This topic has become more critical with the increase in quantum risks. This approach could become a significant upgrade for the Bitcoin protocol in the future.
Aave – Liquidation Engine Being Renewed with V4 Update
Aave announced that it has cleared more than $3.3 billion in bad debt from the protocol by performing more than 295,000 liquidations since its inception. These liquidations play a critical role in maintaining the health of the protocol. It was stated that the liquidation engine will be made more efficient and secure in V4. The update aims to optimize risk management. The Aave team emphasizes that the new version will enhance both user experience and system security.
Phantom – Prediction Market Hint
The Phantom wallet app shared a screenshot of the question “Will Phantom launch a prediction market this year?” on Polymarket. The phrase “just a look” was added below the post, creating strong anticipation within the community. This move was interpreted as Phantom potentially entering the prediction market space. Prediction markets are a growing category in the Web3 ecosystem, making this a strategic move. An official announcement is expected soon.
VanEck – Degen Economy ETF Coming
VanEck announced it will launch the Degen Economy ETF, which focuses on digital games, prediction markets, and similar high-risk areas. This ETF was restructured and launched following the failure of a previous gaming-focused ETF. Analyst Eric Balchunas noted that this ETF demonstrates the rising influence of the “gambling economy.” The product targets investors with a high appetite for risk. VanEck is combining crypto and gaming-based economies under a new theme.
Arbitrum DAO – $1.5 Million Delegate Reward Program Up for Vote
Arbitrum DAO is voting on a $1.5 million incentive program to reward active voting delegates. The proposal was submitted on November 19 and aims to increase participation rates. Reluctance to vote within the DAO has become a significant issue recently. This program is expected to encourage broader participation in governance. The outcome of the vote could shape the DAO’s long-term governance model.
Sei – Details of Xiaomi Partnership Revealed
Sei officials made an official announcement regarding the pre-installation of the Sei app on Xiaomi phones. It was stated that the focus of the partnership is to increase mobile access to the Sei-based finance app. This step is seen as a strategic integration aimed at increasing the number of Web3 users. It was stated that features specific to the application will be offered in the future. It appears that the Sei ecosystem is targeting growth, particularly on the mobile side.
RWA Derivatives – Open Interest Exceeds $600 Million
On-chain RWA derivative products have seen a significant surge in interest recently, with total open interest exceeding $600 million. Lighter leads with $280 million in OI, accounting for 16% of the platform’s total positions. Its market share jumped from 29% to 50% last month. Hyper liquid increased its share from 15% to 30% with HIP-3. Ostium remains one of the main players but is beginning to lose its leadership advantage.
Jupiter – JupUSD Stablecoin Coming Next Week
Jupiter announced at the Solana Breakpoint stage that the JupUSD stablecoin will be launched next week. This token is being developed in collaboration with Ethena, specifically for the Solana ecosystem. Jupiter stated that the $750 million in USDC in the liquidity pool will be gradually converted to JupUSD. JupUSD was planned to be launched in the last quarter of the year, and the process is proceeding according to schedule. This step will significantly strengthen Solana’s native stablecoin ecosystem.
