[2/2] 3. JPMorgan Chase: Stablecoin Market Size May Reach $500-600 Billion in 2028, Does Not Support "$1 Trillion" Expectation: JPMorgan Chase reiterated that it does not expect the stablecoin market to reach $1 trillion by 2028, believing that growth will still be mainly driven by crypto transactions; the expansion of payment scenarios may not lead to a proportional increase in supply (increased circulation velocity may reduce the required stock). (The Block | wublockchain (quoted)) 4. Macroeconomics and Asset Classes: Interest Rate Cut Expectations, Stock Market Rebound, and Record Gold Prices: CME's FedWatch tool indicates a 26.6% probability of a 25bp rate cut in January; US stock market risk appetite rebounded (Nasdaq +2%, S&P +1.4%); gold futures reportedly broke through $4,400/ounce for the first time. (BlockBeats | BlockBeats | KobeissiLetterX) 5. Institutional Long-Term Framework: CF Benchmarks proposes a $1.4 million target price model for BTC by 2035: The institution believes Bitcoin will become a "standard" in investment portfolios and provides a long-term forecast framework with a target price of $1.4 million by 2035. (CoinDesk) ━━ Project Updates ━━ 1. A "BTC OG whale" deposited 5,152 BTC (approximately $445 million) into Binance: On-chain monitoring shows that this address deposited 5,152 BTC into Binance; related reports also mentioned that its ETH/BTC/SOL 5x leveraged long positions suffered significant unrealized losses. (BlockBeats | PANews | |_2024111120230_) 2. Whalepension-usdt.eth Switches to BTC Long Position: Increases position to 1000 BTC, currently showing a slight unrealized loss: After incurring losses on its previous ETH short position, this whale switched to a BTC long position and gradually increased its position to 1000 BTC, currently showing an unrealized loss of approximately $716,000; its historical total profit on HyperLiquid is approximately $23.15 million. (PANews) 3. Polymarket: Polygon network outage issues resolved, site functionality restored: Polymarket stated that the issues caused by the Polygon network outage have been fixed and services restored, and the team will move forward with stability improvements; the community is discussing whether "building its own L2" will be a priority, but no official timeline has been given. (Polymarket Discord (quoted) | wublockchain (quoted)) 4. Near Protocol: NEAR's native token is now listed on the Solana network: Through NEAR Intents and Orb Markets, cross-chain support is provided, allowing users to directly deposit and withdraw NEAR on Solana, reducing the cost of switching between multiple wallets and gas fees. (PANews | TechFlow TechFlow) 5. Decentralized wireless protocol DAWN raises $13 million: The funds will be used to expand its decentralized broadband network, with plans to expand in the US and advance international deployment. (CoinDesk) ━━ Other ━━ 1. Japan's November CPI met expectations: Overall CPI rose 2.9% year-on-year, core CPI rose 3.0% year-on-year, and CPI excluding fresh produce and energy rose 3.0% year-on-year. (dbnewsdelayed | BWEtradfi) 2. Federal Reserve's Goolsby: Uneasy about "premature and concentrated rate cuts": Goolsby stated that he does not want policy decisions to rely solely on single-month data; interest rates could be lowered if inflation weakens more clearly, but he remains cautious about "premature and concentrated rate cuts." (BWEtradfi | trad_fin) 3. US stock markets will remain open as scheduled on December 24th and 26th: Despite Trump's executive order shutting down the federal government on December 24th and 26th, Nasdaq and the NYSE have stated that they will still be open on both days. (BlockBeats | Kobeissi Letter)