1. This week's large-scale token unlocking
Over the next 7 days, single large unlocks (unlocking amount greater than US$5 million) include HYPE SUI EIGEN KMNO OP ENA ZORA SVL, etc.; over the next 7 days, linear large unlocks (single-day unlocking amount greater than US$1 million) include RAIN SOL TRUMP WLD DOGE AVAX ASTER, etc., with a total unlocking value exceeding US$585 million.
2. California's proposed 5% wealth tax for billionaires faces opposition from crypto industry executives.
California's proposed 5% wealth tax on billionaires with a net worth exceeding $1 billion, intended to fund healthcare and state aid programs, has sparked opposition from crypto industry executives. Among those advocating for the tax are Bitwise CEO Hunter Horsley, Castle Island Ventures founding partner Nic Carter, and Kraken co-founder Jesse Powell, who argue that the tax could lead to an outflow of entrepreneurs and capital, and result in inefficient use of funds. The tax would be partially based on unrealized gains, potentially requiring the sale of stocks or business shares to pay the tax, payable either in a lump sum or over five years. Supporters include California Democratic Representative Ro Khanna, who believes the tax could improve childcare, housing, and education, and promote innovation in the United States.
3. QCP: BTC maintained range-bound trading amid thin liquidity during the holiday, with upward movement influenced by the Gamma structure.
QCP Capital analysis indicates that BTC rose approximately 2.6% in early trading, but holiday liquidity was thin, with prices driven more by spot and perpetual buying than by liquidation. The perpetual funding rate for BTC on Deribit rose above 30%, suggesting traders are in a short-gamma state regarding the upward direction. If the price stabilizes above $94,000, it could amplify hedging buying. On the downside, the December $85,000 put options were not rolled over, and open interest decreased by about 50% after option expiration, reflecting market caution. A directional move may require a return to liquidity.
4. Bitmine purchased an additional 44,463 ETH, bringing its total holdings to 4,110,525 ETH.
Bitmine Immersion announced that it purchased an additional 44,463 ETH in the past week. As of December 28, Bitmine held a total of 4,110,525 ETH, representing approximately 3.41% of the total Ethereum supply. Bitmine has staked 408,627 ETH and plans to launch its own validator network, MAVAN, in the first quarter of 2026.
5. Strategy increased its holdings by 1,229 BTC, bringing its total holdings to 672,497 BTC.
Strategy announced that it has acquired 1,229 BTC for approximately $108.8 million, at an average price of approximately $88,568. As of December 28, 2025, Strategy holds a total of 672,497 BTC, with a cumulative investment of approximately $50.44 billion and an average cost of approximately $74,997.
6. Wu Blockchain Macroeconomic Indicators and Analysis This Week: Fed Meeting Minutes and Fed Chair Nominee May Be Revealed
summary
Last week, US Q3 GDP far exceeded expectations, core PCE met expectations, and the Bank of Japan's October meeting minutes indicated the possibility of an interest rate hike. This week, the focus will be on the Federal Reserve's monetary policy meeting minutes and the potential announcement of the Fed Chair.
Last week's review
The Bank of Japan's October meeting minutes stated that it will continue to raise interest rates if economic and price forecasts are met as expected.
Cleveland Federal Reserve President Beth Hammack stated that with inflation still above target and data distorted, there is no need to adjust interest rates in the coming months. She noted that the cooling of the November CPI may have been underestimated due to data issues caused by the government shutdown, and that actual inflation may be closer to 2.9%–3.0%. She favors maintaining the policy rate in the 3.5%–3.75% range until at least next spring, until a clearer assessment of the impact of tariffs on prices and the economy is available, and believes that current interest rates may already be close to or even slightly below neutral levels.
The initial estimate for the annualized quarterly rate of US real GDP in the third quarter was 4.3%, far exceeding the expected 3.3% and the previous value of 3.8%. The initial estimate for the annualized quarterly rate of the core PCE price index was 2.9%, in line with market expectations and higher than the previous value of 2.6%. In addition, the initial estimate for the quarterly rate of real personal consumption expenditure was 3.5%, significantly higher than the expected 2.7% and the previous value of 2.5%.
The Bank of Canada's December Board of Governors meeting minutes revealed that members believed the global economy, despite pressure from US protectionism, had shown some resilience, but inflation still faced upside risks. The Canadian economy, after recent data revisions, remained in a state of oversupply, and trade policy uncertainty was considered a major risk factor, particularly the upcoming review of the USMCA (Canada-Mexico-Canada Agreement), which could impact business investment and the economic outlook. Against this backdrop, following a cumulative 100 basis point rate cut this year, the Bank of Canada decided to maintain the policy rate at 2.25%, deeming the current rate level broadly appropriate.
The number of Americans filing for initial jobless claims for the week ending December 20 was 214,000, compared with expectations of 224,000 and the previous week's figure of 224,000.
Key events & indicators this week
December 29
The Bank of Japan released a summary of comments from policymakers at its December monetary policy meeting (07:50).
December 31
The Federal Reserve releases the minutes of its monetary policy meeting (03:00).
China's official manufacturing PMI for December (09:30)
US initial jobless claims for the week ending December 27 (in thousands) (21:30)
January 1
US President Trump may nominate a new Federal Reserve chairman in the first week of January (pending).
Warren Buffett has officially stepped down, and Abel will take over as Berkshire Hathaway CEO (subject to change).
