[1/2] [Crypto/TradFi Merge Update] 2025-12-19 16:00 (Beijing Time) ━━ Important News ━━ 1. The Bank of Japan raised interest rates to 0.75% and signaled further rate hikes, causing Japanese government bond yields to briefly touch/break through 2%: The Bank of Japan raised its policy rate from 0.50% to 0.75% (approximately a 30-year high, with a 9-0 vote). Governor Kazuo Ueda stated that if the economy and prices improve as expected, further rate hikes will continue, with subsequent decisions depending on the assessment of the impact of this rate hike; USD/JPY briefly rose about 60 points to around 156 during the speech; some market interpretations suggest that this has been "fully priced in." (CoinDesk | PANews | BlockBeats | TechFlow) 2. Terraform Labs' bankruptcy administrator sues Jump Trading, seeking approximately $4 billion in damages: accusing Jump and related executives of "fueling" the collapse of the Terraform system and profiting from it during the 2022 events; multiple media outlets are reporting on this simultaneously. (The Block | WSJ | Foresight News) 3. The U.S. "CLARITY" Crypto Market Structure Act: Confirmed to enter Senate review and amendment process in January 2026 (markup): White House AI and Crypto Affairs Director David Sacks and the Senate committee chairman confirmed the timeline; the bill aims to clarify the securities/commodities attributes of crypto assets and the boundaries of the SEC and CFTC's authority, and still needs to be voted on by the Senate and then returned to the House of Representatives to complete the process. (The Block | Cointelegraph | TechFlow) 4. Coinbase sues three states for control over prediction markets: Coinbase has filed lawsuits against Michigan, Illinois, and Connecticut, arguing that prediction markets should be under the exclusive jurisdiction of the CFTC, not state gambling regulations. This move follows its announcement of a partnership with Kalshi and plans to enter the prediction market in January 2026. (The Block | PANews | TechFlow) 5. FT: Tether-related parties advance asset transactions and M&A chain surrounding Northern Data: Reports indicate that Northern Data plans to sell its Bitcoin mining business, Peak Mining, for up to $200 million to a company controlled by core Tether executives; days later, Rumble, in which Tether holds nearly 50% of the shares, agreed to acquire Northern Data for approximately $767 million; Northern Data had previously been the subject of a surprise EU investigation (which the company denied and stated it cooperated with). (PANews | TechFlow | BlockBeats) 6. The U.S. Department of Justice and the FBI, in conjunction with European law enforcement, dismantled the transnational cryptocurrency money laundering platform E-Note: The platform allegedly handled over $70 million in illicit funds since 2017; suspects have been charged with conspiracy to launder money, and related servers, applications, and domains have been seized. (BlockBeats | PANews) 7. ECB: Digital Euro Technology "Ready," Next Step Depends on EU Legislative Approval: Lagarde stated that preparations are complete, but issues such as sovereignty and privacy still require legislative advancement; some reports mention or point to a later implementation window in 2026. (Decrypt | PANews) 8. ICE reportedly in talks to invest in MoonPay, with a target valuation of approximately $5 billion: Intercontinental Exchange (ICE), the parent company of the NYSE, is said to be involved in discussions regarding an investment in MoonPay. (TechFlow | Odaily) Market Analysis 1. ETF Fund Flow Divergence: BTC spot ETFs saw a net outflow of $161 million in a single day; ETH spot ETFs experienced net outflows for the sixth consecutive day. On December 18th (Eastern Time), only IBIT recorded a net inflow for BTC, while FBTC saw the largest net outflow; ETH saw a net outflow of approximately $96.62 million that day, with ETHA experiencing a significant net outflow. (SoSoValue | Foresight News | TechFlow) 2. Sentiment and Volatility: The Fear & Greed Index is 16 (Extreme Fear), with approximately $541 million in margin calls across the internet in the past 24 hours: Market risk appetite remains weak, and prices are fluctuating wildly. (Foresight News | Odaily)