In the fourth quarter of 2025, a certain compliance trading platform adjusted the COIN50 index, adding 6 digital assets that cover areas such as public chains, Layer2, and the internet of things, attracting market attention.

[Block Rhythm] The Web3 bot project XMAQUINA has received new funding.
The lead investor in this round of financing is Borderless, with follow-on investments from Waterdrip Capital, vVv, and Clairvoyant Labs. Additionally, strategic angels from Arkstream Capital, LD Capital, and KuCoin Ventures also contributed funds. The financing terms are similar to those of the previous Genesis.

[Coin World] The Ethereum ecosystem in November is a bit explosive. According to on-chain monitoring by GrowThePie, the total network TPS of Ethereum has set a historical record—peaking directly at 32,950 transactions per second.
What does this number mean? It is important to know that the Ethereum mainnet itself is actually not fast; it is the L2 networks that truly handle the traffic. Data shows that there is a Layer 2 project called Lighter, where one person accounts for about 90% of the daily TPS of the entire Ethereum L2 ecosystem. Even more outrageous is that the cost it pays to the Ethereum mainnet every day is only 685 dollars - supporting the throughput ceiling of the entire ecosystem at a bargain price.
This indeed aligns with the original intention of L2 design: moving computation off-chain and only packaging the final results on-chain for settlement. However, a project occupying ninety percent of the market share raises some curiosity about what its actual business scenarios are.

[Coin World] Recently, discussions about the crypto market on social media have been quite lively.
On the BTC side, the most discussed topics are still the timing for bottom fishing, HODLer strategies, and how to view volatility. MicroStrategy's continued craze for accumulating coins is also a hot topic—some are calculating the gap between their market value and net assets, while others are speculating whether they will suddenly sell off one day, and there are even rumors of leveraged buyouts.
Tether, the big brother of stablecoins, has always been a hot topic of discussion. From fiat currency exchanges to exchange collaborations, and various payment scenarios, the presence of USDT remains very strong.
The DENT token has been a bit anxious lately as a leading exchange has put it on the watchlist, and the market is starting to worry about whether it will be delisted. On the other hand, Chainlink has good news—its cross-chain oracle services continue to be stable, and Grayscale has just launched the first spot ETF in the U.S., which is considered a milestone.
Polkadot

[Coin World] The stablecoin big brother Tether has recently come under scrutiny again. Arthur Hayes, the founder of a certain exchange, directly fired shots, stating that if BTC and gold prices collapse, the assets Tether holds may not withstand it, and the equity buffer could be breached in an instant. However, former Citigroup analyst Joseph Ayoub quickly jumped in to counter—are you only seeing the tip of the iceberg? Their complete balance sheet is laid out there, with equity plus a large pile of government bonds, which gives them a strong capacity to absorb losses.
The real dilemma is actually the old problem of liquidity. Most of Tether's reserves are not in cash; if there is a bank run, can these assets be quickly liquidated? Although the company has thrown out a report showing over $2 billion in redemptions in a single day in 2022 to prove itself, the market is still not very reassured. After all, in extreme situations, the numbers on paper and actual redemption capability may be two different things.

Ms. Zhang from Taiyuan, Shanxi was scammed on a short video app, believing it to be a genuine investment in USD. As a result, 1.47 million yuan in cash was transferred by a money laundering gang using USDT. After investigation, the police confirmed that the suspects were accomplices, and they were ultimately sentenced separately. A risk warning was issued. This case reveals the link between fraudulent investment platforms and virtual money laundering.

A Bitcoin address that had been dormant for 16 years suddenly activated, with 50 BTC worth approximately $4.32 million in the wallet. The last activity of this address was in 2009, and the market is closely watching this development, which could impact prices.

Republican lawmakers in the United States released a report criticizing the previous government's regulatory measures, stating that they led banks to restrict crypto currency customers. The report calls on Congress to pass the "Digital Asset Market Structure Act" in hopes of providing clear regulatory rules for the industry, which could improve the compliance environment in the crypto market.

[On-chain] There has been another major development on-chain today. A certain wallet address linked to Paradigm directly transferred 6300 ETH to a centralized platform, which, if calculated at the current coin price, is worth approximately 17.6 million dollars.
Transfers of this magnitude are generally either institutions rebalancing their portfolios or preparing to cash out. Paradigm, as a well-known investment institution in the industry, has always been seen as a barometer for on-chain activities. However, it is still uncertain whether they are looking to offload or simply changing wallets for storage; we need to continue monitoring subsequent transaction records.

【比推】This morning at 09:06, there was a significant unusual on-chain movement. Arkham data shows that a wallet from a major exchange transferred 4683.39 BTC to an anonymous address, which is approximately 406 million USD at current prices. Interestingly, after the funds arrived, a portion was split and transferred to another anonymous address. Is this whale activity a reallocation by an institution, or is there some other strategy at play? It is worth continuing to observe the subsequent movements.

[Chain News] Iren, the company in Sydney that specializes in AI and high-performance computing data centers, has been quite active recently. They are preparing to issue two convertible bonds, each worth $1 billion, maturing in 2032 and 2033, with a very low coupon rate between 0 and 1 percent.
Moreover, they are also engaging in private equity financing and plan to repurchase the old convertible bonds maturing in 2029 and 2030. It is said that part of the raised funds will be used for structured hedging transactions.
Market reaction? The stock price dropped directly by 6.4% after hours. It seems that investors are not buying into this operation.

[Bitu] Breaking news! The new chairman of the US SEC, Paul Atkins, is about to ring the bell at the New York Stock Exchange.
The time is set for December 2nd at 10:15 PM (Beijing time), where he will first ring the opening bell at the New York Stock Exchange, followed by a major event at 11 o'clock - delivering a keynote speech titled "Revitalizing the American Capital Markets on the 250th Anniversary."
This speech is full of highlights. Atkins will elaborate on his overall vision for the future of the U.S. capital markets over the next hundred years. More importantly, he will disclose the specific measures currently being promoted by the SEC. For those who are concerned about regulatory trends, this speech may reveal many important signals. After all, the first systematic statement after the new chairman takes office often sets the tone for the upcoming regulatory approach.

On December 2, a particular Address caught attention, receiving 7,080 ETH transferred from FalconX, equivalent to approximately 19.89 million USD. According to on-chain data analysis, this Wallet is likely related to Bitmine or Sharplink Gaming.
What is more noteworthy is that this address currently holds a total of 23,772 ETH, which amounts to 6.677 million USD at the current price. Such a significant change in holdings may have a certain impact on the market trend of ETH.

[Coin World] Just detected a large transfer: 4,683 BTC (approximately 405 million USD) transferred from Kraken to an unknown Address. The scale of this transfer raises questions about whether it is an institution adjusting its holdings or a Whale positioning itself, making it worth following the subsequent movements.

[Coin World] Just detected a significant on-chain activity: 4670 BTC was transferred between two unknown Addresses, amounting to approximately $404 million at current prices.
Transfers of this magnitude usually attract market attention. It could be institutions adjusting their positions, or large holders moving coins between different wallets. The specific intent is unclear, but such a volume of fund movement is often worth noting—sometimes it is a precursor to selling pressure, and sometimes it is purely internal operations.
Recently, Bitcoin has been quite volatile, so it's never a bad idea to keep an eye on the movements of these whales.

[Coin World] Fundstrat's Tom Lee recently made a bold prediction: BTC may hit a new all-time high in January next year. What is the core logic behind his bet? The Fed's quantitative tightening is nearing its end.
The analyst's thinking is as follows – once liquidity starts to shift, those fund managers will activate the "chase the rise mode". Lee specifically drew a comparison to the end of 2019, when the market also surged by 17% under a similar backdrop.
He also mentioned an interesting point: the sell-off in November was actually a good thing. The pullback cleaned up the floating capital and instead accumulated energy for the subsequent explosion. It now seems that this retracement may be paving the way for a strong rebound.

【Coin World】The team token unlock of Hyperliquid is quite interesting. About 1.75 million $HYPE were released this weekend, which is approximately 60 million US dollars at the current price.
Interestingly, on-chain actions can explain the issue well — of the batch of coins unlocked, less than a quarter (23.4%) flowed into OTC channels, while instead, 40% were directly re-staked. Team members have complete control over their own tokens, and the pace of unlocking varies among them.
However, what everyone is more concerned about now is another issue: the team holds a total of 238 million $HYPE. According to the data from this unlocking, the overall release period is likely to far exceed the 24 to 48 months that were initially stated. The specific extent of this time discrepancy has not yet been clearly answered by the on-chain data, but it is obviously inconsistent with the initial commitment.
Token unlocking has always been a sensitive topic, especially involving

[Coin World] On-chain monitoring data shows that the HTX exchange has just completed a large transfer operation—transferring 1.42 billion USDT to the Aave protocol Address, worth approximately 1.421 billion USD at the current Exchange Rate. The flow of these funds is worth following.

[Coin World] BTC just fell below 85,000 USD, and someone really enjoyed it.
This "ultimate short" has been shorting with 20x leverage all the way down, and now the unrealized profit has soared to over 30 million USD. Even more astonishing, just from the funding rate, he has made over 9.4 million.
He has already secured 17.23 million dollars in this position, and with the unrealized gains, the total profit has directly surpassed the 60 million dollar mark.
When the market is falling, there are always people counting money in the dark. This wave of operations can be called a textbook-level reverse harvesting.

Recently, the US Dollar Index (DXY) has continued to fall, dropping over 6%, currently situated between 97-98, and has dropped out of the top seven. The main reasons are inflationary pressures and weak employment data, with a projected mid-year decline of up to 11%. The weakening of the dollar may lead to funds flowing into other assets.