1. CZ: Currently focusing primarily on Giggle Academy, YZi Labs, BNB Chain, and government consulting work.
Binance founder CZ stated in his year-end AMA that he is currently focusing his time on four main areas: Giggle Academy, YZi Labs, the BNB Chain ecosystem, and providing advice to governments worldwide. Regarding prediction markets, he stated that the relatively certain criteria for judgment are: ease of use, capital efficiency, transaction fees, security, and a certain level of profitability. However, the true determinants of success remain long-term execution and the team's willingness to continuously invest.
2. Coinbase Institutional releases "2026 Crypto Market Outlook," proposing the "DAT 2.0" institutional model.
The report argues that while the US economy remains resilient, uncertainty remains high, and the crypto market environment in the first half of 2026 is more similar to that of 1996 than 1999. Regarding institutional participation, Coinbase proposes the "DAT 2.0" model, suggesting that institutions will shift from simple asset allocation to more specialized trading, custody, and blockchain space acquisition. At the technology and application level, with increased institutional adoption, the demand for privacy technologies such as zero-knowledge proofs and fully homomorphic encryption is rising. Automated agents combining AI and encryption, applied blockchains and cross-chain interoperability, and tokenized assets (including tokenized stocks) are considered important directions.
3. Crypto market turmoil impacts hedge funds, making 2025 the worst year since 2022.
Crypto hedge funds performed poorly overall in 2025, marking their worst year since the industry crisis of 2022. As of November, directional strategy funds had fallen by approximately 2.5% year-to-date, while strategies focused on fundamentals and Altcoin had declined by about 23%. Only market-neutral strategies achieved a year-to-date gain of approximately 14.4%. The influx of institutional funds into ETFs and structured products compressed traditional arbitrage opportunities. Coupled with the rapid decline triggered by Donald Trump's campaign rhetoric on October 10th, issues such as liquidity depletion, collateral mismatch, and systemic lag were exposed, prompting many funds to reduce Altcoin exposure and shift towards areas like DeFi where structural opportunities still exist. Crypto hedge fund strategies are undergoing adjustments.
4. Shenyang police cracked a money laundering case involving underground currency exchange and cryptocurrency, with the amount involved exceeding 16 million yuan.
Shenyang police have successfully cracked a suspected money laundering case reported by the US. The case stemmed from a tip-off from the US alleging that a Chinese national, Tong, was involved in money laundering for drug traffickers. After cross-provincial evidence collection and data verification, police arrested him in May 2024. The investigation revealed that Tong had been engaged in underground currency exchange since 2017, using methods such as "counter-trading" to transfer funds across borders. He also exchanged cryptocurrencies such as Bitcoin and USDT for US dollars, with the amount involved exceeding 16 million RMB. In 2025, the court sentenced him to one year and seven months and one year and four months in prison respectively for illegal business operations, along with a fine. Police remind the public to exchange currency through legitimate channels and to be wary of being exploited by underground currency exchange and cryptocurrency money laundering activities.
5. South Korean police bust counterfeit money exchange ring.
South Chungcheong Provincial Police in South Korea have busted a case involving an attempt to conduct offline cryptocurrency transactions using counterfeit money. A gang produced 9,188 counterfeit 50,000 won banknotes (approximately 459 million won) and attempted to exchange cash for cryptocurrency with investors near Cheonan Asan Station last year. However, the counterfeit banknotes were detected due to their poor quality and the police were alerted. Police subsequently tracked down and arrested three individuals, one of whom had previously fled overseas but was later apprehended and extradited. The suspect claimed he committed the crime due to unemployment and a lack of funds. Two individuals have been indicted, while the third is still under further investigation.
6. Wu Blockchain Zhou's Picks: Mainland companies' RWA business in Hong Kong plummets; Hong Kong cracks down on cross-border cryptocurrency tax evasion; JPMorgan Chase does not believe the market has turned bearish; and Top 10 news items.
Top 10 News Stories This Week
1. US November CPI significantly lower than expected .
The US November overall and core CPI were significantly lower than expected and the previous value. The overall year-on-year growth rate was 2.74%, compared with the consensus expectation of 3.06% and the previous value of 3.01%; the core year-on-year growth rate was 2.63%, compared with the consensus expectation of 3.03% and the previous value of 3.02%.
White House economic advisor Kevin Hassett welcomed the latest Consumer Price Index (CPI) report on Thursday. He stated, "I'm not saying we can declare victory on the price issue, but this CPI report is shockingly good. Wage growth is outpacing price increases, American taxpayers will receive substantial tax refunds next year, and the government will help push mortgage rates down. The Federal Reserve has significant room to cut interest rates."
2. The Bank of Japan raised its interest rate to 0.75% as expected, a 30-year high .
The Bank of Japan raised its benchmark interest rate to its highest level in 30 years. BOJ Governor Kazuo Ueda stated that the bank's policy board unanimously decided to raise the rate by 0.25 percentage points to 0.75%, citing an increasing likelihood that its economic outlook would be realized. Shortly after the announcement, the yen weakened against the dollar, trading around 156 yen, indicating that the market had fully priced in the rate hike.
3. Mainland companies' RWA business in Hong Kong has completely cooled down .
Mainland companies' RWA (Real Estate Exploration and Development) business in Hong Kong has cooled significantly. Several consulting firms revealed that inquiries from mainland companies have plummeted by over 90% in the past two months, and most projects already under negotiation have been asked to be postponed. The share prices of listed companies related to RWA have also fallen accordingly, with stocks such as Langxin Group (300682.Sz) and GCL Energy Technology (002015.SZ) experiencing a 50% drop from their peak.
4. Hong Kong launches public consultation on CARF/CRS: Proposed automatic exchange of encrypted tax information starting in 2028.
The Hong Kong Special Administrative Region Government has launched a public consultation on revisions to the Crypto Asset Reporting Framework (CARF) and the Common Reporting Standard (CRS). Secretary for Financial Services and the Treasury Christopher Hui stated that the Inland Revenue Ordinance (Chapter 112) will be amended to implement CARF and the new CRS, with local legislation planned for completion by 2026. The goal is to automatically exchange tax information related to crypto asset transactions with appropriate partner tax jurisdictions on a reciprocal basis from 2028, and to implement the revised CRS from 2029. Exchange partners must meet data confidentiality and security standards to combat cross-border tax evasion and safeguard Hong Kong's reputation as an international financial and commercial center.
5. The Bhutanese government has allocated 10,000 BTC from its Bitcoin reserves to advance the construction of the Gelephu Mindfulness City (GMC) in southern Bhutan .
The Bhutanese government announced it will allocate 10,000 Bitcoins from its reserves to fund the development of the Gelephu Mindfulness City (GMC) in southern Bhutan. Launched in 2024, the project is positioned as a new special economic zone aimed at attracting investment and mitigating youth outflow by developing industries such as finance, tourism, green energy, technology, healthcare, and agriculture. Data shows that Bhutan currently holds approximately 11,286 Bitcoins, worth about $986 million, making it the fifth largest known national holder of Bitcoin globally, primarily through mining.
6. Strategy acquired 10,645 BTC for approximately $980.3 million .
Strategy has stated that it has acquired 10,645 BTC at a price of approximately $980.3 million, with an average purchase price of approximately $92,098. As of December 14, 2025, Strategy holds a total of 671,268 BTC, with a cumulative investment of approximately $50.33 billion and an average cost of approximately $74,972.
7. Michael Saylor: Quantum computing will not destroy Bitcoin; instead, it will drive network upgrades .
Michael Saylor recently stated that the threat of quantum computing will not destroy Bitcoin; instead, it will drive network upgrades, making it more robust. The network will upgrade, active coins will migrate, and lost or dormant coins will be permanently frozen. Security will improve, and the actual circulating supply will decrease. Saylor's view is based on discussions within the Bitcoin community regarding the quantum threat: by introducing post-quantum cryptography, active users can migrate funds to new addresses, while approximately 20–25% of dormant or lost Bitcoins (including early P2PK addresses) will be immobilized, effectively reducing supply and improving network security. This statement has sparked heated debate within the community. Some agree with his optimistic outlook, believing it will further solidify Bitcoin's scarcity; others worry about the increased consensus difficulty and potential centralization risks.
8. Vitalik: Ethereum needs to simplify the protocol to improve user "trustlessness" (link)
Ethereum co-founder Vitalik Buterin stated that true "trustlessness" lies not only in the automatic execution of rules by code, but also in maximizing the size of the population that can understand the entire protocol from beginning to end. If the protocol is so complex that only a few people can understand and maintain it, it will still evolve into a situation where trust is placed on that small group. Vitalik pointed out that Ethereum needs to improve this by "making the protocol simpler."
9. JPMorgan Chase: Does not believe the market will enter a new Crypto Winter .
A recent research report from JPMorgan Chase states that despite Bitcoin's dip to $81,000 last month and its first year-over-year decline since 2023, they do not believe the market is entering a new Crypto Winter and remain bullish on the crypto market trend. The report calls this pullback "significant but does not change the bullish structure," and points out that the total size of stablecoins has grown for 17 consecutive months, with no signs of structural deterioration in the ecosystem. Previously, Standard Chartered lowered its 2025 BTC price target to $100,000.
10. Bitwise releases multiple predictions for the crypto market in 2026: Bitcoin will break its four-year cycle .
Bitwise released several predictions for the crypto market in 2026, including: Bitcoin will break its four-year cycle and reach a new all-time high; Bitcoin's overall volatility will be lower than Nvidia's; ETF purchases of Bitcoin, Ethereum, and Solana will exceed 100% of the new supply; crypto-related stocks will outperform tech stocks; stablecoins may be accused of undermining the stability of a certain emerging market currency; the assets under management of on-chain vault products will double; Ethereum and Solana will reach new all-time highs if the US passes the Clarity Act; approximately half of Ivy League university endowments will allocate to crypto assets; the US will launch more than 100 crypto-related ETFs; additional predictions include a decline in the correlation between Bitcoin and the stock market.
Key Financing Events
ICE, the parent company of the NYSE, is in talks to invest in crypto payment company MoonPay, valuing the company at approximately $5 billion.
Decentralized wireless protocol DAWN completes $13 million Series B funding round .
Fuse Energy announced the completion of a $70 million Series B funding round, led by Lowercarbon and Balderton.
Ethereum blockchain derivatives project ETHGas completes $12 million seed funding round .
Stablecoin payment fintech company RedotPay announced the completion of a $107 million Series B funding round.
Tether led an $8 million funding round for payment infrastructure company Speed1.
YO Labs completes $10 million Series A funding round, led by Foundation Capital.
For more industry funding events, please visit crypto-fundraising.info .
