Headline
▌Wall Street Prepares to Launch New Generation of Crypto-related ETFs
With the crypto-friendly Trump returning to the White House, on this $3.2 trillion industry, Wall Street is preparing to launch a new generation of high-risk products to fully cater to the tastes of various investors, from institutional newcomers to stubborn retail investors. Executives and lawyers involved in ETFs say the products they describe include both defensive-leaning ETFs, aimed at professional fund managers curious about cryptocurrencies, and all-out speculative bets targeting self-proclaimed degenerate gamblers. Industry investors and lawyers say the high-risk crypto ETFs are likely to focus on various digital tokens, sometimes using leverage, options or quantitative strategies.
▌pump.fun: Will Suspend Live Streaming Function on the Website Indefinitely
pump.fun issued an official announcement stating: "The recent events that have occurred during the platform's live streams have raised concerns. We are sorry to hear about some users' experiences and take this opportunity to openly and directly address these issues... To ensure absolute user safety, we will indefinitely suspend the live streaming function on the website until the review infrastructure is ready to handle higher-level activities. In the future, we will release guidelines to make the website's rules and regulations more transparent. We will also provide creators and users with more visibility into individual review decisions to ensure everyone understands the process and outcomes".
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $93,244.10, with a daily change of -4.6%;
ETH's latest trading price is $3,416.85, with a daily change of +1.8%;
BNB's latest trading price is $635.56, with a daily change of -3.6%;
SOL's latest trading price is $234.88, with a daily change of -7.0%;
Doge's latest trading price is $0.3943, with a daily change of -7.3%;
XRP's latest trading price is $1.42, with a daily change of +0.1%.
Policy
▌Wall Street's "Top Cop" Announces Resignation, Paving the Way for Trump to Deregulate
Damian Williams, the U.S. Attorney for the Southern District of New York, announced that he plans to resign on December 13, with his deputy Edward Kim temporarily taking over his other duties. After Trump was elected President of the United States on November 5, he announced that he would nominate former SEC Chairman Jay Clayton to manage the U.S. Attorney's Office for the Southern District of New York. The Southern District of New York is known as a sovereign territory due to its independent status and has handled many high-profile financial fraud cases. During his tenure, Williams completed the prosecution of FTX founder SBF and Archegos founder Bill Hwang.
▌U.S. Special Counsel Drops Case Against Trump for Attempting to Overturn Election
According to CNN, U.S. Special Counsel Jack Smith said on Monday that he will drop the case against President-elect Trump for attempting to overturn the election, and will seek to dismiss the case in a court filing. Trump had previously stated that if he took office, he would fire Smith, breaking with the previous precedent regarding special counsel investigations. In a six-page document, Smith wrote: "The Department of Justice's position is that, in accordance with the Constitution, the case must be dismissed before the defendant is sworn in." Smith's criminal prosecution of Trump over the past two years, on charges of attempting to overturn the 2020 presidential election and his mishandling of classified documents, is a very unique chapter in American history: never before has a former White House occupant faced federal criminal charges.
▌Market News: U.S. Customs and Border Protection Detains Certain Imported Bitmain Miners
According to market news, The Mining Pod blog program revealed that the U.S. Customs and Border Protection (CBP) is detaining certain imported Bitmain Antminer S21 and T21 series miners at U.S. entry ports. Sources said that the FCC and CBP have not taken action against other ASIC manufacturers such as MicroBT or Canaan. In addition to revealing the FCC's request for freezing, the U.S. Customs and Border Protection did not provide the specific reasons for taking this action to the affected parties, nor did it indicate how long the goods would be detained.
Blockchain Applications
▌Ripple and Archax Launch First Tokenized Money Market Fund on the XRP Ledger
Ripple announced the launch of the first tokenized money market fund on the XRP Ledger, starting with the tokenization of abrdn's $4.77 billion liquidity fund.
Ripple has partnered with Archax, the first UK crypto exchange, broker and custodian regulated by the Financial Conduct Authority, to enable the use of abrdn's money market fund.
Ripple said in a statement on November 25 that the tokenization of abrdn's $4.77 billion money market fund on XRPL shows that real-world assets are being moved on-chain to achieve operational cost savings and improved settlement efficiency.
▌Avalanche Launches Avalanche9000 Upgrade on Testnet and Introduces $40 Million Grants Program
The team behind the Layer 1 blockchain network Avalanche launched its major upgrade, dubbed "Avalanche9000", on the testnet on Monday. The upgrade includes multiple technical improvements aimed at reducing the cost of deploying blockchains by 99.9%. These improvements include community proposals ACP-77 (making Avalanche Layer 1 validators more flexible) and ACP-125 (aiming to reduce Avalanche's base fees by 96%).
The press release also stated that a $40 million Retro9000 grants program has been launched alongside the upgrade to reward builders developing Layer 1 blockchains and other tools on the Avalanche9000 testnet.
▌FLOKI: Valhalla Mainnet Launch Delayed to Q1 2025
FLOKI posted on the X platform that based on audit feedback, the Valhalla mainnet launch will be delayed to Q1 2025. Valhalla is Floki's flagship utility project and metaverse blockchain game, which has been in development for three years. Reportedly, to ensure absolute security of assets and users in the Valhalla ecosystem, FLOKI commissioned two audit firms, Hacken and OpenZeppelin, to review the Valhalla contracts before the mainnet launch. They recently provided some recommendations that will further enhance the platform's security and the safety of users and assets in the Valhalla ecosystem, and implementing and testing these changes will take at least a few weeks, so the mainnet launch has been postponed out of prudence.
Cryptocurrencies
▌Online Video Platform Rumble to Purchase $20 Million in Bitcoin
Online video platform Rumble is adopting a Bitcoin treasury strategy, planning to purchase up to $20 million in Bitcoin.
▌BlackRock and Fidelity Spot Bitcoin ETFs Trade $4.37 Billion on November 25
The BlackRock and Fidelity spot Bitcoin ETFs traded a combined $4.37 billion on November 25.
▌Wintermute Analyst: Funds Shifting from BTC to ETH, Derivatives Market Activity Surges
Wintermute analyst said that funds are shifting from BTC to ETH, and derivatives market activity is surging. Over the weekend, Ethereum's open interest spiked, and implied volatility also rose, with increased demand for call options, indicating growing confidence among derivatives traders.
The analyst said the shift from Bitcoin to Ethereum is characterized by a sharp rise in Ethereum's implied volatility, with the put-call skew reaching its highest level in 12 months, indicating a strong preference among investors for upside risk. Wintermute analyst noted in their weekly crypto market update that "over the past few trading days, flows have been directed towards Ether as weekend exchange open interest has pushed to all-time highs".
▌Glassnode: Monthly sales volume of long-term Bitcoin holders reaches the highest level since April 2024
Data tracked by Glassnode shows that long-term Bitcoin holders (LTH) have recently started to sell on a large scale, with monthly sales volume reaching the highest level since April 2024, reaching 366,000 BTC.
The data shows that among LTH, the group holding for 6 to 12 months is leading, with an average daily sale of 25,600 BTC, and most of the recent sales activity has come from this specific investor group.
Important Economic Dynamics
▌Fed's Kashkari: Considering a rate cut in December is reasonable
Fed's Kashkari said that considering a rate cut in December is reasonable. The neutral rate may be higher, and policy constraints will not be as tight. Geopolitical risks are the primary consideration for the economic outlook. No comment on the nomination of the Treasury Secretary. The government needs to put the US on a sustainable fiscal path.
Jinse Encyclopedia
An airdrop is like a surprise gift of cryptocurrency. Imagine opening a box and finding coins inside! This is similar to receiving a notification about free tokens or coins from a new blockchain project. Crypto airdrops involve the free distribution of digital assets to users' wallets, or in exchange for completing simple tasks, such as following the project on social media or joining their online community.
Airdrops play a crucial role in the crypto ecosystem. New projects use airdrops as a marketing strategy to increase awareness and build a user base. They are like free samples in a supermarket, attracting users to try new products. From the user's perspective, airdrops provide an opportunity to acquire new cryptocurrencies with minimal effort, and the potential for significant gains. These tokens are not just freebies, but a way to participate in the evolving digital economy.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept, and must improve risk awareness.
