Headlines
▌Over 80,000 BTC have flowed out of exchange wallets in the past 30 days
According to the latest data, 9,335.34 BTC have flowed out of exchange wallets in the past 24 hours, 3,335.07 BTC have flowed into exchange wallets in the past 7 days, and 80,989.21 BTC have flowed out of exchange wallets in the past 30 days. As of the time of writing, the total balance of exchange wallets is 2,243,869.39 BTC.
▌A large ETH whale transferred 3,370 ETH to Kraken 9 hours ago
According to on-chain analyst Yujin, a whale that received 200,000 ETH from the Ethereum Genesis Block in 2015 transferred 3,370 ETH (USD 11.37 million) to Kraken 9 hours ago. This year, he has transferred 48,687 ETH (USD 171.78 million) to Kraken, with an average transfer price of USD 3,528. However, after 8 years of gradual selling, he has now sold most of his ETH. He currently has only 7,594 ETH (USD 25.72 million) left, and will likely sell the remaining 1-2 times to clear it all out.
Market
As of the time of writing, according to Coingecko data:
BTC last traded at USD 94,836.25, with a daily change of +0.5%;
ETH last traded at USD 3,377.90, with a daily change of +1.4%;
BNB last traded at USD 715.35, with a daily change of +2.9%;
SOL last traded at USD 192.49, with a daily change of +4.0%;
DOGE last traded at USD 0.3218, with a daily change of +2.5%;
XRP last traded at USD 2.17, with a daily change of +1.3%.
Policy
▌Galaxy Digital Research Head: If the IRS ultimately classifies DeFi front-ends as brokers, the industry will face a difficult choice
Alex Thorn, Head of Research at Galaxy Digital, stated that if the IRS' rule to classify DeFi front-ends as brokers is not revoked, the DeFi industry will face three choices: comply with the IRS' reporting requirements and accept the broker designation, attempt to block users from the US, or abandon smart contract upgrades and revenue generation. Yesterday, it was reported that the IRS has issued final regulations requiring brokers to report digital asset transactions, bringing DeFi platforms into the existing tax framework. This rule, which will take effect in 2027, will mandate brokers to disclose transaction details, including total proceeds and taxpayer information. Brokers must start collecting and reporting data from 2026. The IRS estimates that 650 to 875 DeFi brokers may be affected, potentially impacting up to 2.6 million taxpayers. These regulations primarily target transaction front-end service providers, such as DEXes that facilitate digital asset trading. According to the IRS, these platforms play an intermediary role, and classifying them as brokers will help ensure tax compliance.
▌CryptoQuant Founder: Trump's Bitcoin policy depends on the US's economic standing
Ki Young Ju, CEO and Founder of CryptoQuant, stated that the Bitcoin policy of President-elect Donald Trump may depend on global investors' perception of the strength of the US economy and the US dollar. Ju believes that when investors perceive a threat to US economic hegemony, the prices of store-of-value assets like gold and BTC will surge. However, if investors continue to have confidence in the US economy and view the US dollar as a safe-haven currency, this advantageous position may make the Trump administration less likely to adopt a Bitcoin reserve strategy to protect the dollar's dominance, and could lead the President-elect to backtrack on pro-Bitcoin policies.
▌Magic Eden General Counsel: David Sacks only has 2 years to push crypto-friendly policies
Joe Doll, General Counsel of Magic Eden, recently stated that before the 2026 US midterm elections, David Sacks only has 2 years to push crypto-friendly policies. The threat of government gridlock could stifle regulation, and the current administration must push crypto-friendly policies while still controlling both the House and Senate. "The House majority is very slim, and it's likely to flip, because the House almost always flips. So you may end up with a divided government, and you've got to get things done in 2 years. So we have 24 months to drive some important things."
Blockchain Applications
▌Sophon completes mining migration and opens mainnet mining
Sophon, a modular blockchain based on ZKsync, has announced the completion of its mining migration and the opening of the second phase, with mainnet mining now available. Previously, Sophon had announced a mining migration timeline: the L1 mining withdrawal window will be closed on December 27th at 7:59; all remaining assets will be automatically cross-chained to the Sophon mainnet on December 27th, marking the end of the first phase of SP point accumulation; and mainnet mining will be opened on December 28th.
▌Ethena's Berachain Incentivized Pre-Deposit Vault is now live
Ethena Labs has announced that Ethena's Berachain Incentivized Pre-Deposit Vault is now live, accepting deposits of USDe, sUSDe, and USDC/USDT. Concrete has launched 2 Ethena pre-deposit vaults to kick off the deposit program on Berachain, which are the first to allow users to maintain a USD exposure while earning Berachain rewards and participating in its ecosystem. After the Berachain mainnet launch, the pre-deposit vaults will be deployed across whitelisted protocols in the Berachain ecosystem to provide liquidity. Deposits of USDe and sUSDe will be eligible for Ethena rewards, Concrete Points, BERA, and native ecosystem rewards.
Cryptocurrencies
▌A dormant address containing 357 BTC (around $34 million) was activated after 11.0 years
According to the on-chain data tracking service Whale Alert, a dormant address containing 357 BTC (USD 34,070,177) was just activated after 11.0 years of inactivity.
▌The probability of a Solana spot ETF being approved by the US SEC before July 31, 2023 has risen to 71% on Polymarket
The probability of the US SEC approving a Solana spot ETF application by July 31, 2025 has risen to 71% on Polymarket. Yesterday, it was reported that VolatilityShares has filed an application with US regulators to launch a leveraged Solana futures ETF, and Bloomberg senior ETF analyst Eric Balchunas commented on X platform that the approval of such a Solana futures ETF could pave the way for a Solana spot ETF.
▌US spot Bitcoin ETFs have bought 511,314 BTC this year, currently holding 1.13 million BTC
According to monitoring by HODL15Capital, US spot Bitcoin ETFs have purchased 511,314 BTC this year, and currently hold 1.13 million BTC, accounting for 5.4% of all Bitcoin.
▌El Salvador currently holds 6,000 BTC
According to a post on X platform by Bitcoin Magazine, El Salvador currently holds 6,000 BTC, worth over USD 569 million.
Important Economic Dynamics
▌Analysis: The correlation between the Korean stock index and BTC price has been broken, with capital flowing from the stock market to the crypto market
Against the backdrop of a strong US dollar, Asian stock markets have seen mixed performance this year, with some achieving bull markets in local currency terms at the cost of currency depreciation, while others sacrificed some stock market gains with relatively stable exchange rates, with South Korea being an exception. In won terms, the KOSPI composite index in South Korea has accumulated a 10.0% decline this year, and considering the won's depreciation, the KOSPI in US dollar terms has fallen 18.9%, the weakest in Asia. From the perspective of capital flows, since the second half of this year, only institutions in South Korea have maintained net buying in the stock market, while the household sector has been continuously reducing their purchases. It is analyzed that a large portion of the money that South Korean households have taken out of the stock market has been used to "speculate on cryptocurrencies". Data from the Bank of Korea (BOK) shows that as of November, the number of cryptocurrency investors in South Korea has reached 15.59 million, an increase of 610,000 from the previous month. Currently, 30% of South Korea's 51 million citizens are trading cryptocurrencies. The daily trading volume of South Korea's top 5 cryptocurrency exchanges - UPbit, Bithumb, Coinone, Korbit, and GOPAX - has surged from 3.4 trillion won in October to 14.9 trillion won in November, an increase of more than four times. South Koreans have always been enthusiastic about investing in cryptocurrencies. During the first cryptocurrency bull market in 2017, about 5% of the population participated; during the second bull market in 2021, 10% of the population participated; and now this proportion has expanded to 30%. However, historically, the South Korean stock index and Bitcoin prices have been positively correlated overall, until this positive correlation was completely broken in October this year. (Wall Street Journal)
Jinse Finance
▌What is Ripple Labs' RLUSD stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, is intended to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD is equivalent to 1 US dollar. Each RLUSD is maintained at a 1:1 peg. These collateral assets are either US dollar deposits or cash equivalents.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for informational reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and improve risk awareness.
