Cryptocurrency Weekly Report: CZ Increases Holdings in ASTER, Vitalik Converts to Cash for Hedging, $76 Million in Tokens Unlocking This Week, 2026 Investment Mainline Finalized💥
In mid-December, the cryptocurrency and financial markets are intertwined with bullish and bearish sentiments, with major players' movements, regulatory policies, market risks, and macro signals converging, outlining a new direction for the industry.
1. Major Players' Polarized Operations
Binance founder CZ clarified that the amount invested in ASTER far exceeds $2 million and is still ongoing; previously, he publicly showcased his holdings and trading records twice, strongly boosting market confidence. Ethereum founder Vitalik, on the other hand, took a contrarian approach, selling UNI, KNC, and other altcoins within 5 hours for over 16,000 USDC, interpreted as a short-term hedging signal.
2. Tightening and Loosening of Regulations and Products
The UK Treasury finalized new cryptocurrency regulations for 2027, requiring crypto companies to accept strict FCA oversight, aligning standards with traditional finance, aiming to protect consumer rights and enhance industry transparency. The cryptocurrency wallet Phantom launched early services for crypto debit cards in the US, supporting Apple Pay, Google Pay, and allowing free access to fiat and crypto assets, accelerating the everyday application of crypto assets.
3. Market Risks and 2026 Mainline
This week, popular tokens such as ZRO, ARB, and STRK are facing significant unlocks, with a total value exceeding $76 million, which may trigger selling pressure and price volatility. The blockchain investment mainline for 2026 is clear, focusing on seven major directions, including application chain design, market prediction innovations, DeFi agent curation, and RWA tokenization, with a core emphasis on modularity, user experience, and real application value.
4. Macroeconomic Signals Linked to the Market
State Street recommends increasing gold holdings, believing it still holds significant allocation value in 2025. The White House emphasizes that the Federal Reserve's interest rate decisions remain independent, alleviating market concerns about political interference. Young Americans are facing economic difficulties and a trust crisis, which may affect their investment preferences in crypto assets.
Conclusion: In the short term, be wary of token unlocking risks; in the long term, focus on high-quality projects that comply with regulations and have real application scenarios, seizing the core trends of the industry in 2026.
JPMorgan Chase issued $50 million in short-term bonds on Solana, settled in USDC: JPMorgan Chase issued $50 million in U.S. commercial paper for Galaxy Digital on the Solana blockchain, with Coinbase and Franklin Templeton participating in the subscription. Payment and redemption were both completed in USDC. This milestone transaction validates the efficiency of on-chain bond issuance, and JPMorgan Chase plans to expand to more securities categories in the future.
The SEC has approved the DTCC tokenization plan, enabling stocks, bonds, and government bonds to be tokenized on the blockchain: The U.S. Securities and Exchange Commission (SEC) has officially approved the DTCC's plan to tokenize stocks, bonds, and government bonds. SEC Chairman Paul Atkins emphasized that "the U.S. financial market is moving towards blockchain operation," and regulators are actively promoting the integration of traditional finance and blockchain.
US OCC confirms: Banks can engage in risk-free principal cryptocurrency trading: The Office of the Comptroller of the Currency (OCC) has issued an interpretive letter 1188, clarifying that national banks have the authority to engage in risk-free principal cryptocurrency asset trading. Banks act as intermediaries, conducting offsetting transactions simultaneously with customers, without holding cryptocurrency inventory, similar to a brokerage role, and must comply with safe and sound operation requirements. The EU finalizes capital market reforms for 2027, with cryptocurrencies included under ESMA regulation: The EU Commissioner for Financial Services has announced plans to launch a capital market integration reform in 2027, transforming the European Securities and Markets Authority (ESMA) into a centralized regulatory body, with cryptocurrency companies falling under its jurisdiction. The reform requires approval from the European Parliament and Council, with some member states opposed. The European Central Bank will announce a proposal to simplify bank regulation on Thursday.
CFTC launches pilot program, BTC/ETH/USDC can be used as collateral for derivatives: The U.S. Commodity Futures Trading Commission (CFTC) has officially launched a pilot program allowing Bitcoin, Ethereum, and USDC to be used as collateral in the derivatives market, open to approved futures commission merchants, with strict custody, reporting, and regulatory requirements. At the same time, the guidelines for tokenized assets have been updated according to the (GENIUS Act), revoking outdated restrictions. SEC ends two-year investigation of Ondo, no charges filed: The U.S. SEC has announced the conclusion of its two-year investigation into the tokenized company Ondo Finance, with no charges recommended. The investigation focused on the compliance of Ondo's tokenized U.S. Treasury products and whether the ONDO token constitutes a security. This case closure marks the overturning of several crypto regulatory cases during the Biden administration, with the pro-crypto SEC chair having closed most related investigations since taking office.
US SEC Chairman: The entire financial system will shift to crypto within a few years: The SEC Chairman publicly stated, "The entire financial system will shift to Bitcoin and cryptocurrencies in a few years; this is the future direction of the world," sending a clear signal of optimism for the long-term development of the crypto industry. The EU proposes to expand ESMA's powers, with crypto regulation becoming more centralized: The European Commission has released a regulatory reform plan, proposing that the European Securities and Markets Authority (ESMA) directly oversee core entities such as crypto asset service providers (CASP) and trading venues. If implemented, ESMA will create a centralized regulatory framework comparable to the US SEC, a concept first introduced by ECB President Lagarde in 2023, raising industry concerns about regulatory standards.
Texas Lieutenant Governor Announces Bitcoin Purchase to Build Digital Future Center: Texas Lieutenant Governor Dan Patrick publicly stated that Texas has officially purchased Bitcoin, becoming the first state in U.S. history to buy Bitcoin. He emphasized his support for President Trump and the goal to make Texas the 'center of America's digital future.' It is reported that Texas has previously promoted legislation related to Bitcoin strategic reserves and is the area with the highest concentration of Bitcoin miners in the country. Texas Small Bank Monet Transitions to Crypto-Focused Bank: Texas community bank Monet (formerly Beal Savings Bank) has officially entered the cryptocurrency loan business, positioning itself as a digital asset 'infrastructure bank.' The bank is owned by a billionaire supporter of Trump, has assets of less than $6 billion, holds a state-chartered license, and is regulated by the FDIC. This year, it has changed its name twice to adapt to its new strategy.
December 4-5, 2025 ⚠️ Latest 24-hour blockchain news and consensus (Chain News) 👇
Base launches Solana cross-chain bridge, Chainlink CCIP provides support: Coinbase's incubated Ethereum L2 network Base officially launches a cross-chain bridge, supporting cross-chain transfers between Solana and Base ecosystem assets, with security provided by Chainlink's cross-chain interoperability protocol, significantly enhancing interoperability between the two ecosystems. CFTC acting chair: Spot crypto can be traded on CFTC-registered exchanges: Acting chair Caroline D. Pham of the U.S. Commodity Futures Trading Commission announced that spot cryptocurrency products can be traded on futures exchanges registered with the CFTC. This implementation follows the recommendations of the presidential task force and simultaneously promotes the activation of tokenized collateral and revisions of blockchain technology regulatory rules.
Ethereum Fusaka upgrade officially takes effect, development pace accelerates: Around 5:50 AM Beijing time on Thursday, Ethereum's 17th major upgrade 'Fusaka' was activated on the mainnet, just 7 months after the May Pectra upgrade. This upgrade includes 9 core EIPs and 4 supporting EIPs, introducing key technologies such as PeerDAS data sampling, optimizing UX and scalability. Consensys confirms that Ethereum will aim for 'two hard forks a year' as a development goal, significantly accelerating from the previous pace of one per year. UK legislation recognizes crypto as protected personal property: The UK passed legislation related to the property rights of crypto assets and received royal assent, clarifying that cryptocurrencies and stablecoins are legally considered personal property, applicable to property law regulations, laying a legal foundation for industry development.
🚀Topic: On-chain governance as the core, multi-scenario empowerment as the wings —— The new generation of RWA and DeFi on-chain ecological practice 📉
⏰2025.12.05 20:30(UTC+8)
🔥Hot Focus:
✅Topic 1: Although the pre-on-chain ecology shows a prosperous trend of performance improvement and scenario expansion, it also faces practical challenges such as developer experience bottlenecks, cross-chain barriers, and compliance disputes. How should we view the current on-chain ecology's coexistence of 'opportunities and dilemmas'? In the next 3-5 years, trends like AI integration, RWA tokenization, and modular architecture will bring what core changes to the on-chain ecology?
✅Topic 2: What are the core features of the pure on-chain operation mechanism of SOLARCOIN (SLR), and how do these features ensure the system's perpetual autonomy and decentralization attributes? ✅Topic 3: In the SLR on-chain ecology, what ecological roles do the three core applications: SOLAR Swap, SOLAR Social, and SOLAR Vault play, and how does each achieve value binding with the SLR token through their designs? ✅Topic 4: In the UBO project's on-chain ecology, how does the Melex token achieve value growth through which deflationary mechanisms, and how do these mechanisms collaborate with scenarios like financial mining and microtransactions within the ecology? ✅Topic 5: What are the key components of the core architecture of the on-chain ecology constructed by UBO relying on the ENI public chain, and how do different parts (such as investor networks, RWA project ecology, smart aggregation engines, etc.) achieve bidirectional empowerment and value transfer?
Goldman Sachs acquires for $2 billion, Grayscale's new ETF launches, giants bottom-fishing ETH 💥
Recently, the crypto industry has been filled with exciting developments: traditional financial giants ramping up their layouts, compliant platforms seeing skyrocketing trading volumes, institutions bottom-fishing core assets, and new ETFs being launched intensively. Each action is affecting the market's nerves. Below, we present these key dynamics in the most understandable way! I. Traditional finance strikes again: Goldman Sachs acquires for $2 billion, Strategy invests $1.44 billion to stabilize dividends. Traditional institutions are increasingly deepening their layout in the crypto field, with one side acquiring and expanding, while the other side is reserving dividends, filling confidence. Goldman Sachs acquires a Bitcoin-linked ETF for $2 billion: Goldman Sachs Group officially announced the acquisition of Innovator Capital Management for approximately $2 billion. This institution's core product includes a structured fund linked to Bitcoin and also focuses on 'defined income' ETFs. The transaction is expected to be completed in the second quarter of 2026, at which point Goldman Sachs' asset management department will add approximately $28 billion in regulated assets, effectively adding a 'heavyweight weapon' to its crypto product line.
Vanguard opens crypto ETF trading from Tuesday: Vanguard announced that from December 2, customers will be allowed to trade compliant crypto ETFs and mutual funds on brokerage platforms, with support methods consistent with other niche assets like gold. The company has clearly stated that it does not plan to launch its own crypto products at this time. Goldman Sachs acquires Innovator for $2 billion, obtains Bitcoin-linked ETF: Goldman Sachs has agreed to acquire Innovator Capital Management for $2 billion, incorporating it into its asset management landscape, adding a Bitcoin structured ETF and $28 billion in regulated assets. The transaction is expected to close in the second quarter of 2026. Grayscale Chainlink ETF listed today on NYSE Arca: The New York Stock Exchange announced that the Grayscale Chainlink Trust ETF has been approved and will officially trade on December 2. Recently, the U.S. has intensively launched several cryptocurrency ETFs including Litecoin, XRP, and SOL.
The 5 Major Signals of Bitcoin Determine the Trend of This Bull-Bear Cycle
Since the launch of the spot Bitcoin ETF in the United States, the price-driving logic of Bitcoin has shifted from on-chain signals to off-chain funds and leverage, with five signals collectively determining the trend of this bull-bear cycle. First, ETF fund flows are the core incremental engine. Data from Gemini and Glassnode show that spot ETFs have accumulated holdings of over 515,000 Bitcoins, which is 2.4 times the miners' issuance during the same period. Research confirms that ETF fund inflows have a much greater explanatory power for price changes than traditional crypto variables. In the first quarter of 2024, there was a net inflow of $12.1 billion, directly driving Bitcoin to break historical highs; in November 2025, a net redemption of $3.7 billion (the largest monthly outflow since inception) caused the price to drop from $126,000 to the $80,000 range. Now, a daily outflow of $500 million from IBIT has an impact comparable to that of large on-chain whale operations.
BlackRock increased its holdings of crypto assets by over $580 million in three days: On-chain monitoring shows that in the past 10 minutes, BlackRock received 300 BTC ($27.51 million) and 16,600 ETH ($50.64 million) from Coinbase. Over the past three days, they have cumulatively increased their holdings by 4,044 BTC ($354 million) and 80,100 ETH ($235 million), with significant institutional buying.
A mysterious address deposited $41.06 million in ETH to Binance in two weeks: An address that previously built up WBTC at a low price and took profits at a high point deposited 5,000 ETH ($15.36 million) to Binance 10 hours ago, and has cumulatively deposited 13,400 ETH ($41.06 million) over the past two weeks. This address still holds 15,000 ETH and has interacted with a GalaxyDigital address, ownership is not yet clear.
November 28 ⚠️ Latest news in blockchain in the last 24 hours 👇
Vitalik announces core strategy for Gas adjustments: Ethereum co-founder Vitalik Buterin stated that in the future, the block Gas limit will be increased by 5 times, while imposing a 5-fold Gas cost on inefficient operations. Key adjustment targets include new storage creation (SSTORE), non-elliptic curve precompiles, large contract calls, etc., with Calldata costs also being fine-tuned. Currently, the block Gas limit has doubled from last year's 30M to 60M, and the related EIP is being developed for the "Glamsterdam" or "H*" upgrade. Vitalik clarifies: No planned economy, transactions are still determined by the market: In response to the question of "whether to implement a planned economy," Vitalik stated that the total block Gas is set by validator votes, but transaction selection fully follows market mechanisms. Validators usually refer to developer suggestions, but which transactions are ultimately included in the blockchain is still freely filtered by the market, "not the Bitcoin way."
RWA (Real World Asset Tokenization), simply put, is about giving real assets like houses, bonds, and gold a "blockchain ID", allowing them to circulate across regions, at low cost, and around the clock. The core is to make assets more flexible, transactions cheaper, and lower the participation threshold. In 2025, this sector will experience an explosion, with total on-chain RWA (excluding stablecoins) reaching $35 billion, a surge of 150%, as giants like BlackRock and Franklin Templeton enter the market.
1. The core logic and development history of RWA
- Essence: It is not about creating new assets, but about giving traditional assets a "speed boost", like moving offline stores to e-commerce, with vastly different circulation efficiency. For example, on-chain short-term rentals and transferring remaining lease terms, with automatic rent settlement.
November 22-23, 2025 ⚠️ Latest 24-hour blockchain news and consensus (Chain News) 👇
WLFI increases nearly 10% in 24 hours breaking through $0.15: the market shows WLFI currently quoted at $0.1545, with a 24-hour increase of 9.8%. Recent market fluctuations have been significant, and risk control should be noted.
XMR's increase exceeds 12% breaking through $370: currently quoted at $372.27, with a 24-hour increase of 12.9%, making it one of the standout mainstream crypto assets today.
BNB steadily rises above $830: currently reported at $830.34, with a 24-hour increase of 1.57%, maintaining a relatively stable trend amid market fluctuations.
PORT3 suffers a hacker attack, with the token plummeting by 77%: hackers exploited a BridgeIn vulnerability to illegally mint 1 billion PORT3 tokens and sell them off en masse, earning $166,000 (equivalent to 199.5 BNB). The project team has removed on-chain liquidity, and some exchanges have suspended deposits. Subsequently, the hacker destroyed the remaining 837 million tokens. The project team advises users to suspend trading and is in communication with the hacker.
Bitcoin's $84,000 support level is under pressure, with Grayscale ETF and Federal Reserve rate cuts becoming key variables.
Bitcoin's $84,000 critical support level is precarious, with Bitwise's Chief Investment Officer stating that we are currently closer to the bottom, and institutions like the Harvard Endowment Fund have begun tentative positions. On the positive side, Grayscale's Dogecoin and XRP spot ETFs are set to debut on the New York Stock Exchange on November 24, with several asset management giants following suit, potentially injecting incremental funds into the altcoin market.
On the policy front, the Federal Reserve's December rate cut vote is caught in a "1 vote determines life and death" deadlock, with Governor Cook's stance being crucial; his voting outcome will directly influence the trajectory of risk assets like cryptocurrencies, and the cancellation of the October CPI data adds uncertainty to policy decisions. Additionally, the unemployment rate among American white-collar workers has reached its highest level since 1992, with AI replacement effects causing structural unemployment, further exacerbating the Federal Reserve's policy game.
In the short term, market focus will be on the capital flow after the Grayscale ETF listing and the latest statements from Federal Reserve officials, while in the medium term, attention should be paid to the implementation of interest rate cuts, and in the long term, we need to observe the structural adjustments in the U.S. economy and the ongoing impact of AI on employment. #比特币波动性
🚀Theme: "Focusing on RWA, How to Build the Cornerstone of a Trillion-Level Market" 📉
⏰2025.11.22 20:30(UTC+8)
🔥Hot Topics:
✅Topic 1: How big is the market potential of RWA? What stage is it currently in?
✅Topic 2: As a public chain designed specifically for RWA, what key trade-offs and innovations have you made at the technical level to support regulated real assets?
✅Topic 3: In an era of information explosion, why is an aggregation platform an indispensable part of the RWA ecosystem? Are you "aggregating traffic" or "aggregating credit"?
✅Topic 4: How does RWA change the investment methods of ordinary people? / How can ordinary people participate in RWA to profit?