Backcomio - Rebates Trading Fee - Flash News

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Sam Bankman is on vacation for 25 years, so Do Kwon at least must get half, right bro? 😁
Prosecutors said: “The collapse of the Terraform market has caused a series of widespread crises in the cryptocurrency markets and contributed to what later became known as the 'Crypto Winter'.
Losses related to the Terraform incident have surpassed losses from the collapse of #FTX of Sam Bankman-Fried, #Celsius of Alex Mashinsky, and #OneCoin combined.

#US #M2 (nominal money supply) is still hitting new highs, showing that money in the system continues to increase.
🔸 However, Real M2 - the amount of money after deducting inflation, is still clearly weaker than the 2021 peak.
The Fed is no longer tightening the money supply, but the real purchasing power of money has not yet recovered accordingly.
🔸 So the market may rise in the short term, but there is not yet a strong enough liquidity foundation for a sustainable bull cycle.
*Gray areas are periods of market downturn.
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Do Kwon (Founder Terra) will be tried on Dec 11, 2025 in the US for fraud related to the $40 billion collapse in 2022. $USTC
🔸 ​​Some traders saw this as the “end” to the legal drama, creating hope for recovery for the Terra ecosystem, leading to increased futures open interest and a price pump ahead of the event.
🔸 ​​Additionally, the $LUNC community has burned over 849 million tokens in the past 7 days, and a total of 426.79 billion tokens since May 2022 (nearly 8% of total supply).
➡️ Binance will support the Terra network upgrade (v3.6.0 for $LUNC and v2 for $LUNA) on December 8, 2025 at block height 18,660,000.

🚨 Net Total -$231.9M, of which:
🔸 BTC Spot ETF: -$194.6M
🔸 ETH Spot ETF: -$41.5M
🔸 SOL Spot ETF: +$4.2M
Blackrock and Grayscale dump BTC (-$113M) and ETH (-$52M) 😄

The CFTC has just announced a historic milestone: for the first time ever, spot crypto assets will be traded on federally regulated exchanges in the United States.

This is a major breakthrough, as the U.S. spot crypto market has long operated outside the federal regulatory framework. Now, it will fall under the same gold-standard protections that futures markets have followed for nearly a century.
According to Acting Chair Caroline Pham, this move marks “a new Golden Age of innovation in America”, giving both retail and institutional investors access to safer and more transparent crypto markets, especially after recent incidents on offshore exchanges.
🔥 The U.S. is signaling its ambition to reclaim the position of the world’s crypto capital by establishing a standardized, regulated playing field with strong customer protections.

According to Burry, the current market strength is an “illusion,” because the entire rally is based on a handful of mega-cap stocks. The top 10 companies now account for 37% of the US market value – the highest concentration in half a century, even more extreme than the period before the Great Depression of 1929.
👉 When the market depends on too few stocks, history shows that the risk of a crash is always greater than the possibility of entering a new growth cycle.
Meanwhile, the financial health of American households is deteriorating rapidly despite the economic surface remaining “fine.”
– Student debt overdue nearly 10%
– Credit card more than 3%
– Car debt over 5%
– Office real estate more than 11%
🔸 The rising level of debt repayment delays is a quiet signal that Income-Expenditure stress is spreading, and it will reflect in corporate profits after a delay.
🔸 The biggest bottleneck? By 2026, about $460 billion in commercial real estate debt will mature, most of which was borrowed during the low-interest-rate era. Now that the cost of capital is so high, many businesses will have difficulty refinancing.
🔸 ​​At the same time, the US government's interest costs have skyrocketed, causing budget tightening amid weaker growth - an unhealthy combination for the economic cycle.
🔸 Burry wants to emphasize that: the conditions that have fueled market growth over the past 10 years have disappeared.
- Lower potential growth
- Weaker consumers
- Debt costs are more expensive
- The market is too dependent on a few stocks.
When the fundamentals change, the market doesn't crash overnight. It loses momentum, becomes more volatile, becomes harder to profit from, and exhausts investors quarter after quarter.
That's exactly the kind of "tired" market Burry is describing.

🔸 Michael Saylor’s Strategy has to pay around $0.75–0.8B per year just for preferred dividends - which is why the company previously had to continuously issue new shares to fund these payments.
🔸 If Strategy cannot raise capital through equity markets, they would be forced to sell BTC to cover dividend obligations.
The creation of this $1.44B Reserve Fund significantly reduces the short-term risk of #Strategy being forced to sell $BTC

Market Update –

(1/12/2025)

The Bank of Japan (BOJ) unexpectedly signaled an interest rate hike on December 19, blowing away last week's stabilization and triggering a wave of market-wide deleveraging. Crypto was heavily impacted due to its sensitivity to USD funding and weak liquidity after the holiday.

The most notable point: the market structure is… HEALTHIER 🍀
🔸 What just happened?
- The sell-off occurred during the thinnest liquidity period of the year (Thanksgiving).

ETF cash flow $BTC and $ETH in the first 2 months of Q4/2025 fluctuated strongly, when October attracted capital significantly thanks to #BlackRock but in November there was a deep net withdrawal across the market.
A. Total net ETF BTC
🔸 October: $3,424.9, notable
IBTC (BlackRock): $3,931.20
FBTC (Fidelity): $163.8
GBTC (Grayscale): -$732.0
BTC (Grayscale): $20.7
🔸 November: -$3,466.7, notable
IBTC (BlackRock): -$2,336.1
FBTC (Fidelity): -$412.7
GBTC (Grayscale): -$333.1
BTC (Grayscale): $14.7

The Upbit team has confirmed that the exchange was attacked by a serious security vulnerability $SOL
🔸 With $36.8M withdrawn from the network #Solana a few hours before the exchange went public
🔸 Currently, the #hacker are conducting cross-chain bridges and distributing stolen assets
🔸 Notably, this is the second largest attack on Upbit since 2019, #Upbit currently holding over $11B in user assets

#Tether , The issuing company #USDT – Currently holds about 116 tons of physical gold, becoming the largest private gold holder globally. This reserve is valued at nearly 13 billion USD, primarily stored in Switzerland. $BTC
The shift towards real assets (gold) opens up a more diversified future for stablecoins: gold, precious metals, commodities…
🔸 Tether demonstrates the trend of tokenizing gold with XAUT, making gold no longer a traditional asset reserved for banks or investment funds, but a part of the crypto ecosystem, more accessible.