News Preview:
The stablecoin public chain Stable will launch its mainnet at 21:00 (Beijing time) on December 8;
At 3:00 a.m. (Beijing time) on December 10, the US Federal Reserve FOMC will announce its interest rate decision and summary of economic projections;
HashKey Holdings may begin accepting investor subscription orders for its Hong Kong IPO as early as next week;
Rainbow will announce the specific time of its TGE early next week;

Today's Key News Alerts:
1. Next Week's Macro Outlook: The Federal Reserve's highly controversial rate cut is approaching, gold enters a phase of extreme volatility
2. South Korea plans legislation requiring virtual asset operators to assume 'no-fault compensation' liability for hacker attacks
3. "China's first GPU stock" Moore Threads co-founder Li Feng exposed for launching a token to raise funds and failing to repay a loan of 1,500 BTC
4. Analyst: Bitcoin on-chain activity is rising, demand remains positive, this cycle may not be over yet
5. Jupiter COO admits that its lending product Jupiter Lend's claim of "zero contagion risk" was false advertising
6. Binance responds to doubts regarding the timing of its official Twitter post and token launch, stating that an internal review has been initiated
Macro
Next Week's Macro Outlook: The Federal Reserve's highly controversial rate cut is approaching, gold enters a phase of extreme volatility
As the US economic data such as "ADP Nonfarm Employment" and PCE generally support expectations for a Fed rate cut next week, Wall Street

Compiled by: Felix, PANews
The JPMorgan analyst team, led by senior strategist Nikolaos Panigirtzoglou, released a research report on December 4. The report pointed out that despite the downward pressure on Bitcoin caused by a decline in Bitcoin hashrate and rising mining costs, the actions of Strategy (formerly MicroStrategy, stock code MSTR) are crucial to Bitcoin's near-term outlook.
The analysts stated that the recent decline in Bitcoin hashrate and mining difficulty has exerted downward pressure on Bitcoin’s price. The reasons for the decline can be attributed to the People’s Bank of China reiterating its ban on Bitcoin mining and trading, as well as high-cost miners exiting due to rising electricity prices and falling Bitcoin prices, which have reduced profitability. Some miners have been forced to sell Bitcoin.
The mining cost of Bitcoin has risen from last month’s 9

Author: Zen, PANews
As Trump has repeatedly hinted in public that he has decided on the next Federal Reserve Chair, White House National Economic Council (NEC) Director Kevin Hassett has been regarded by major media outlets and prediction markets as one of the most likely candidates to succeed Powell.
There are three intertwined narratives surrounding him: a typical Republican conservative economist, an official with substantial interests and policy overlaps with crypto assets, and, in the controversy over “Fed independence,” a figure labeled by some media as “Trump’s shadow chair.”
How did Hassett come to the forefront as the “next chair” candidate?
Born in 1962 in Greenfield, Massachusetts, Hassett is a standard mainstream macroeconomist with Republican leanings. He earned a bachelor’s degree in economics from Swarthmore College and then a master’s degree in economics from the University of Pennsylvania.

Author: Azuma, Odaily Planet Daily
On December 2, BlackRock, the world's largest asset management company, released its 2026 Investment Outlook report. Although the report does not have much direct relevance to the cryptocurrency market (only one page out of the 18-page PDF mentions stablecoins), as the "king of global asset management," BlackRock outlines the current environment and variables facing the global economy. With the increasing interconnection between the cryptocurrency market and mainstream financial markets, this may offer some guidance for future macro changes. Additionally, BlackRock provides its allocation strategy under the new market environment, which may serve as a reference for users looking to expand their investment horizons.
The full report is quite lengthy. In the following text, Odaily Planet Daily will attempt to provide a concise summary of BlackRock's 2026 outlook.

Author: Zhou, ChainCatcher
Over the past year, beneath the volatile surface of the crypto market and the rapid shifts in narrative, there have been only a handful of projects that have truly proven their value.
However, when we look at the most talked-about projects recently—whether it's the high-performance blockchains MegaETH and Monad, the popular yield-generating protocol Ethena, or the pioneer in prediction markets Polymarket—Dragonfly, the investment fund, is almost always on the list of early or key investors.
As a seasoned industry investor put it, Dragonfly is the biggest winner of this cycle.
Dragonfly’s Investment Profile and Background: Driven by Trading Instincts
Dragonfly is a venture capital fund focused on the crypto space, founded by Bo Feng.

Today's News Highlights:
1. Seven Chinese authorities including the National Internet Finance Association of China have issued a risk warning on preventing illegal activities involving virtual currencies.
2. US September core PCE fell short of expectations, giving the Federal Reserve a green light for further rate cuts.
3. Coinbase: The crypto market is expected to recover in December.
4. Jupiter: HumidiFi (WET) token public sale will restart at 23:00 on December 8.
5. Glassnode: The current crypto market rebound remains fragile due to a lack of dedicated catalysts.
6. BlackRock's Bitcoin ETF has recorded the longest streak of weekly net outflows, totaling $2.7 billion over five weeks.
7. Metaplanet raised $50 million by collateralizing Bitcoin to purchase more Bitcoin.
Macro
Europol: International operation dismantled a crypto scam network allegedly laundering over €700 million
Europol

Binance
Compiled & organized by: Yuliya, PANews
On December 4, at Binance Blockchain Week, renowned Wall Street analyst and BitMine Chairman Tom Lee delivered a keynote speech titled "The Crypto Supercycle Still Exists." He pointed out that the true golden age of crypto is just beginning, and not only gave a 2026 price target of $300,000 for Bitcoin and $20,000 for Ethereum, but also explained in detail why Ethereum's value is severely underestimated and why the traditional four-year Bitcoin cycle is no longer applicable.
The golden age of crypto is not over yet, and tokenization is the core narrative this year
At the beginning of his speech, Tom Lee reviewed the investment returns over the past decade and emphasized the astonishing growth potential of cryptocurrencies.
He pointed out that if you invested in the S&P 500 Index in December 2016, your capital would have grown by about three times; if you invested in gold

Compiled & Edited by: TechFlow
Guest: Murad
Podcast Source: MustStopMurad
Original Title: 116 Reasons why Crypto BULL MARKET is NOT OVER
Broadcast Date: November 27, 2025
Key Takeaways
Do you remember Murad, the top signal caller from the last cycle? The one who proposed the Meme Supercycle theory.
Now he’s back.
In this podcast episode, Murad shares 116 bullish reasons, data analyses, and on-chain signals, all indicating that the crypto bull market could last until 2026.
Murad believes this market cycle might break the previous four-year pattern and last even longer.
Highlights Summary
Compared to

On the evening of December 5, the National Internet Finance Association of China, together with several other associations, jointly issued the "Risk Warning on Preventing Illegal Activities Involving Virtual Currencies and Related Matters." The warning addresses risks associated with "air coins," real-world asset tokens, mining, and other activities involving cryptocurrencies. It urges the public to genuinely enhance their awareness of risks and their ability to identify them, to safeguard their own "wallets," and not to participate in activities related to virtual currencies, real-world asset tokens, or illegal fundraising and illegal securities issuance activities under the guise of cryptocurrency "mining."
The full text of the risk warning is as follows:
Recently, concepts related to virtual currencies have rapidly gained popularity. Some lawbreakers have taken this opportunity to hype related trading and speculative activities, using the banners of stablecoins, air coins (such as Pi Coin), real-world asset (RWA) tokens, and "mining" to carry out illegal fundraising, pyramid schemes, and other illegal activities. They have also used virtual currencies to transfer criminal proceeds, which seriously infringes on the property safety of the general public and disrupts

Recently, Lighter's trading volume in the decentralized perpetual contract DEX market has risen rapidly, with its daily, weekly, and monthly cumulative trading volumes surpassing those of Hyperliquid, making it the fastest-growing decentralized perpetual contract DEX during this period. However, from a capital structure perspective, Lighter's TVL and open interest have not expanded in sync with its trading volume, indicating a significant divergence between trading activity and capital retention. This also reflects the current stage-specific characteristics of its user base and trading behavior. At the same time, Lighter completed a $68 million financing round in November, supported by institutions such as Founders Fund, Ribbit Capital, and Robinhood. Driven by the influx of capital and the upcoming TGE, its points mechanism and airdrop expectations have become the main drivers of increased user activity on Lighter.

Starknet is developing rapidly, with DeFi TVL growing to $300 million and the stablecoin market cap reaching an all-time high. It builds its ecosystem through unique technology, supports various staking and cross-chain functions, emphasizes privacy and quantum security, and possesses strong market potential.

During the Q&A session at Binance Blockchain Week, someone asked CZ:
“If you could make 5 wishes to God, what would you choose?”
CZ said that 5 wishes are too many, one is enough.
He admitted that he doesn’t have many wishes, because the excitement of life comes from uncertainty:
“If the game is destined for you to win from the very beginning, then it’s no fun.”
His only wish is:
“I hope everyone has good health, and I also hope that God doesn’t give me too many unfortunate situations.”

At the Binance Blockchain Week event, when asked, "What is the one thing you want to tell the world? Why is it always Bitcoin?" Michael Saylor gave a highly representative answer:
"Think about how to leverage digital technology to bring better value to your products, services, company, and investors. Don't be afraid of new things, and don't be scared by volatility—because volatility means it's strong, dynamic, and it's the most useful thing in the entire capital market."
"This may be the most extraordinary force of our lifetime."

Highlights of this Issue
The statistical period for this issue covers November 28, 2025 to December 5, 2025. This week, due to adjustments in statistical methods, RWA market data showed some changes: the total on-chain market cap declined slightly, but the number of holders continued to grow, indicating a steadily strengthening user base. The total stablecoin market cap surpassed $300 billion, but both transfer volume and monthly active addresses decreased compared to the previous period, suggesting that the market may be transitioning from previous high-growth phases to a "new normal" focused on user penetration and ecosystem consolidation. On the regulatory front, the UK's FCA has opened a regulatory sandbox for stablecoin companies, the US FDIC plans to release an implementation draft of the GENIUS Act, and the Bank of Israel has signaled intentions to strengthen oversight—major global economies are accelerating efforts to bring stablecoins under prudent regulatory frameworks. On the project side, tokenized assets continue their global expansion trend: Europe's largest asset manager Amundi launched its first tokenized money market fund, and Japan Post Bank is advancing the application of DCJPY in real estate.

Daily Market Key Data Review and Trend Analysis, produced by PANews.
1. Market Observation
The U.S. labor market has recently shown conflicting signals. Last week, initial jobless claims unexpectedly fell to 191,000, the lowest since last September, indicating resilience in the job market; however, continuing claims remain at a high level of 1.94 million, reflecting structural challenges for the unemployed to find new jobs. Against this backdrop, the market's expectation for a Fed rate cut at the December 10 meeting has risen to 87%. National Economic Council Director Kevin Hassett predicts the Fed may cut rates by 25 basis points. In addition, the Federal Reserve's quantitative tightening policy has ended, and the market expects the launch of a "reserve management purchase" plan as early as January next year, buying about $35 billion per month to supplement liquidity. Although officials emphasize that this is not a new round of quantitative easing, investors still see it as a dovish signal. Meanwhile, the U.S. Treasury market regu

HumidiFi—the largest dark pool protocol on Solana, has become the DEX with the highest trading volume on Solana within just half a year of launch, accounting for over 50% of the market share, with plans for TGE on December 5th.
Let's talk about the somewhat "cloudy and foggy" litepaper that HumidiFi has already released and see what exactly HumidiFi is doing.
People are used to categorizing HumidiFi as part of the "dark pool" sector, while HumidiFi refers to its own DEX model as "Prop AMM"—a proprietary automated market maker.
Compared to the traditional AMM k = x \ y passive order matching, Prop AMM

While major economies around the world are still debating how to regulate cryptocurrencies, the UK has quietly made a key institutional move.
On December 3 local time, John McFall, Speaker of the House of Lords, officially announced that the “Property (Digital Assets, etc.) Act” had been approved. This means that, with the assent of King Charles, the bill has officially become law. From now on, under the legal framework of England and Wales, cryptocurrencies, stablecoins, and other digital assets are clearly recognized as a form of property.
A Key Leap from “Case Law Recognition” to “Codification”
This legislation is not created out of thin air, but is a confirmation and elevation of existing judicial practice. Previously, UK case law had already established the principle that digital assets constitute property through several court rulings. However, such case-by-case recognition has always lacked the clarity and stability of written law.
The core of this act is to incorporate the recommendations of the UK Law Commission in 2