Gate Research: Tether Data Launches QVAC Fabric LLM｜Bitcoin Mining Profits Hit Historic Lows

Crypto Market Overview

• BTC (+0.25% | Current Price 91,878 USDT): After bottoming out near $83,800, BTC began a gradual rebound on December 2, rising into the $91,000–$93,000 range. The short-term structure has clearly strengthened. In terms of moving averages, the MA5 and MA10 quickly crossed above the MA30, forming a short-term bullish alignment, indicating the market is entering a rhythmic recovery phase after a sharp decline. Although the rebound slope is steep, it has not yet broken through the resistance zone above $93,000. The price needs to hold steadily at $91,500–$92,000 to consolidate short-term bullish momentum. The MACD showed a strong golden cross on December 2, with the red bars expanding significantly, indicating much improved buying momentum compared to before. However, as BTC approached the $93,000 high, the red bars started to shrink, showing that buyers are becoming more cautious. If BTC can continue to consolidate at high levels and hold above $90,500, it still has a chance to challenge $94,000. If it loses the $89,500–$90,000 zone, the short-term rebound structure may weaken, retesting the $87,500 support.
• ETH (+0.23% | Current Price 3,010 USDT): After dropping to the $2,720–$2,750 range, ETH quickly saw buying support and started to recover steadily from December 2. The price has reclaimed the key $3,000 level, indicating improved sentiment. In terms of moving averages, the MA5 and MA10 have started to turn upwards and have both crossed above the MA30, suggesting ETH’s short-term trend has shifted from weakness to a recovery phase, moving in sync with BTC. The MACD also showed a golden cross, with the red bars expanding sharply and maintaining momentum, indicating strengthening bullish energy. However, as it neared the $3,090 short-term resistance, the bars started to contract moderately, suggesting the market is in a wait-and-see mode and short-term consolidation is possible. If ETH can hold steady at the $2,980–$3,000 range, the recovery can continue; if it falls below $2,950, it may retest the $2,880 support area.
• Altcoins: With the Fear Index holding at 28, overall market sentiment remains cautious. Although it has improved slightly from the extreme fear seen yesterday and last week, risk appetite is still low. In this context, mainstream altcoins have seen moderate recoveries, with SOL up 8.99% in a single day, leading major assets, and XRP also posting a notable rebound. This shows some funds are making structural re-entries at low levels.
• Macro: On December 2, the S&P 500 rose 0.25% to 6,829.37; the Dow Jones rose 0.39% to 47,474.46; and the Nasdaq rose 0.59% to 23,413.67. As of December 3, 10:15 AM (UTC+8), spot gold is priced at $4,210 per ounce, up 0.10% over 24H.

Trending Token Opportunities

PIEVERSE Pieverse (+78.22%, Circulating Market Cap $112M)

According to Gate data, the current PIEVERSE token price is $0.62320, up 78.22% in 24 hours. Pieverse is an interactive Web3 entertainment and application ecosystem built around “on-chain AI Agents,” aiming to integrate AI companions, NFT identities, and an expandable on-chain behavior system to create a sustainably evolving virtual social and gamified world. Core products include ERC-8004 standard Agent NFTs, a cross-application interaction identity system, and an AI Agent toolkit for developers, enabling users to own trainable, upgradable, and task-executable AI characters on the blockchain.

The recent surge is mainly attributed to the official launch of the Purr-Fect Agent campaign, recruiting the first 1,000 NFT holders, which has drawn significant market attention. The announcement quickly spread on social media, and the related NFT series, serving as the initial identity and feature entry for on-chain AI Agents, has notably increased token demand. Additionally, Pieverse adopts the x402b on-chain execution standard and is set to open up more AI Agent features, including automated tasks, ecosystem interactions, and cross-app behaviors, boosting community expectations for rapid application adoption and future scalability. The project also enjoys strong social traction, and its relatively low market cap at lower levels has attracted concentrated funds, amplifying the price increase.

LIGHT Bitlight Labs (+44.35%, Circulating Market Cap $67.36M)

According to Gate data, the current LIGHT token price is $1.6412, up 44.35% in 24 hours. Bitlight Labs is an infrastructure project focused on Bitcoin scaling and the RGB protocol application layer, aiming to provide composable, scalable trading and application environments between Bitcoin, the Lightning Network, and the RGB protocol.

Recently, Bitlight Labs announced a key breakthrough in native RGB DEX experience, officially launching a cross-chain/cross-layer trading mechanism combining PayJoin + RGB20 assets, enabling unified liquidity and asset interactions across Bitcoin, Lightning, and the RGB ecosystem. This news has significantly increased market attention on the RGB ecosystem and the Bitcoin scaling sector, making LIGHT a focal point for capital. Additionally, the RGB narrative has been heating up lately, and the Bitcoin ecosystem (BRC20, Runes, Ordinals) is providing a strong synergistic effect, accelerating demand for “Bitcoin L2 + BTC native asset trading.”

PARTI Particle Network (+33.05%, Circulating Market Cap $32.3M)

According to Gate data, the current PARTI token price is $0.14032, up 33.05% in 24 hours. Particle Network is a modular account system and chain abstraction platform focused on building native Web3 infrastructure, with the core aim of allowing users to enter the multi-chain world with a Web2-level smooth experience. Its flagship product, Universal Accounts, unifies asset balances, abstracts gas across chains, and eliminates the need to switch networks, enabling users to seamlessly send, receive, and trade multi-chain assets across EVM, Solana, and more, all from a single account.

Recently, Particle Network has released several key updates, which have been the main drivers behind the token’s rally. On one hand, the team announced that Universal Accounts now officially support Monad, allowing users to directly manage and trade without network switching, making Particle a key entry component for the Monad ecosystem. At the same time, Magic Labs announced that its API wallet is fully compatible with Universal Accounts, enabling developers to create cross-chain wallets with unified asset and gas logic, further expanding Particle’s developer network. The combination of multiple positive developments, ongoing ecosystem partnerships, and the strengthening narrative of chain abstraction has boosted market demand and expectations for PARTI.

Alpha Insights

Bitcoin Mining Profits Hit All-Time Lows, Miners Face Comprehensive Squeeze

Due to the ongoing decline in hashprice, Bitcoin mining profits have dropped to rare historical lows, with current hashprice around $35/PH/s, far below this year’s highs and severely compressing the profit margins for most miners. As many listed mining companies have median hashcosts around $44/PH/s, the market has generally entered a “near break-even” tension. The cost squeeze is mainly due to rising energy prices, surging difficulty, and increasingly concentrated hashrate competition, resulting in fewer BTC being produced per unit of hashrate. Mining firms must now rely on scale, low electricity costs, and high-efficiency machines to maintain their edge.

Against this backdrop, the industry is seeing clear stratification: well-capitalized miners are accelerating the replacement of old equipment, securing long-term low-cost electricity, and investing in air/liquid-cooled data centers to further reduce marginal costs; meanwhile, small to mid-sized miners, faced with deteriorating cash flow, are at risk of shutdowns, selling equipment, or even liquidation, hastening industry consolidation. If BTC prices don’t rebound soon or if difficulty continues to rise, the mining industry will enter an even deeper clearing phase, forcing miners to rely on secondary income (such as leasing AI computing power, hosting services, energy arbitrage) to maintain financial stability. Overall, current mining profits are at historic lows, and the market is entering a deep reshuffle period characterized by high costs and fierce competition.

Tether Data Launches QVAC Fabric LLM, Redefining Low-Barrier Local AI Development

Tether Data has announced the launch of QVAC Fabric LLM, a new integrated large language model inference runtime and fine-tuning framework designed for “everyday hardware AI.” Unlike traditional solutions that rely on specialized compute resources, QVAC Fabric LLM can run, train, and customize large language models directly on consumer GPUs, laptops, and even smartphones, making local AI development accessible to the masses. The framework further extends the capabilities of the llama.cpp ecosystem, adding fine-tuning support for popular models such as Llama3, Qwen3, and Gemma3, enabling developers to build dedicated models in a lightweight way without relying on cloud GPUs or closed hardware ecosystems.

On the hardware compatibility front, QVAC Fabric LLM supports AMD, Intel, NVIDIA, Apple Silicon, and mobile chips, stressing that AI training and inference need not be limited to specific vendors. Tether Data has released the project under the Apache 2.0 open-source license and provides cross-platform binaries and ready-to-use adapters on Hugging Face, allowing developers to begin fine-tuning with just a few commands and significantly lowering the technical barrier for model customization. Overall, this is not only a positive addition to the open-source AI community but also marks the growing importance of local compute and lightweight AI in the ecosystem’s future.

Flow Accelerates Native Protocol Development, Moves into Credit Markets and Derivatives

The Flow Foundation recently stated that the team is developing a series of key native protocols, with the credit market as the core focus of the first phase. Compared to its previous focus on NFT and entertainment, this move signals Flow’s active expansion into deeper financial infrastructure, seeking to fill longstanding gaps in its DeFi landscape. The team also revealed that perpetual contracts, prediction markets, and other high-demand protocol modules will be gradually added in the future, enabling Flow to build a comprehensive on-chain financial system covering spot, lending, and derivatives, thus improving the ecosystem’s capital efficiency and retention—crucial for Flow, which currently has low on-chain activity.

Meanwhile, Dapper Labs has launched Peak Money, a consumer finance flywheel application, aiming to integrate multi-chain yield opportunities and provide users with an easier yield entry point. The launch of Peak Money not only strengthens ecosystem cooperation between Flow and Dapper, but also seeks to target a broader user base with the “cross-chain yield integration + consumer finance application” combination. Overall, Flow is transitioning from a “content-driven chain” to a “financial infrastructure chain.” By combining native protocols and application-layer products, Flow is expected to boost ecosystem activity and attract more developers and liquidity in the next cycle.

**References:** - Gate, [https://www.gate.com/trade/BTC_USDT](https://www.gate.com/trade/BTC_USDT) - Farside Investors, [https://farside.co.uk/btc/](https://farside.co.uk/btc/) - Gate, [https://www.gate.com/trade/ETH_USDT](https://www.gate.com/trade/ETH_USDT) - Farside Investors, [https://farside.co.uk/eth/](https://farside.co.uk/eth/) - Gate, [https://www.gate.com/crypto-market-data](https://www.gate.com/crypto-market-data) - Investing, [https://investing.com/indices/usa-indices](https://investing.com/indices/usa-indices) - Investing, [https://investing.com/currencies/xau-usd](https://investing.com/currencies/xau-usd) - X, [https://x.com/Cointelegraph/status/1995946125136719920?s=20](https://x.com/Cointelegraph/status/1995946125136719920?s=20) - Tether, [https://tether.io/news/tether-data-introduces-qvac-fabric-llm-the-edge-first-llm-inference-runtime-and-generalized-llm-lora-fine-tuning-framework-for-modern-ai-models-on-heterogeneous-gpus-smartphones-laptops-and-server/](https://tether.io/news/tether-data-introduces-qvac-fabric-llm-the-edge-first-llm-inference-runtime-and-generalized-llm-lora-fine-tuning-framework-for-modern-ai-models-on-heterogeneous-gpus-smartphones-laptops-and-server/) - X, [https://x.com/flow_blockchain/status/1995855508780011770?s=20](https://x.com/flow_blockchain/status/1995855508780011770?s=20)
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