🌞STKDAO Crypto Financial Report——2025.11.20

1. The U.S. Bureau of Labor Statistics canceled the October non-farm payroll report;

2. U.S. President Trump signed a bill approving the release of Epstein documents;

3. Nvidia announced third-quarter revenue of $57 billion;

5. BlackRock registered iShares Ethereum Staking ETF in Delaware;

6. Kraken @krakenfx announced it has submitted an IPO registration statement draft to the SEC;

7. Ripple's Chief Technology Officer proposed a new model to explore native $XRP staking;

8. SFOX and Nomura Group's digital asset division Laser Digital announced a joint institutional liquidity solution;

9. Winter @wintermute_t submitted a letter to the SEC suggesting adjustments to on-chain settlement and DeFi proprietary trading regulations;

10. Social engineering defense platform Doppel @DoppelHQ completed a $70 million Series C financing, led by Bessemer Venture;

📌 Summary:

Last night's Federal Reserve meeting was hawkish, and the U.S. Bureau of Labor Statistics canceled the October non-farm payroll report, leaving no basis for a rate cut in December. Although expectations for a rate cut have sharply declined from 50% to around 30%, we still maintain that a rate cut is inevitable, and liquidity will continue to be injected. Nvidia's earnings report also exceeded market expectations, directly boosting the NASDAQ. Trump signed a bill to approve the release of Epstein documents, but just two days ago, there was a rush to delete sensitive content from the documents, and the release can be seen as a form of accountability.

BlackRock has started to play curve rescue, and the SEC is holding back the ETH staking ETF due to pressure from traditional banks. If staking is approved, $ETH would have the function of earning interest as bank deposits. BlackRock first applies at the state level to complete regional facts. Then, it will gradually work towards getting the ETF approved, aiming to carve out liquidity from the monetary storage area and U.S. Treasury market after a rate cut.

The market says there is a lack of liquidity, but traditional market-making giants are now flocking in. Wintermute does not want to go through CEX or other intermediaries for settlement; it wants to settle on-chain itself to prevent liquidity from being maliciously extracted.