Headlines
▌US SEC Chairman: Entire US Financial Market May Move On-Chain Within Two Years
Paul Atkins, Chairman of the US Securities and Exchange Commission, stated that it is expected that within the next two years, the entire US financial market could migrate to blockchain technology, which underpins Bitcoin and cryptocurrencies. In an interview with Fox Business, Atkins said, “This will not only be a trend for the next 10 years, but could become a reality in just two years. The next step will come with digital assets, market digitization, and tokenization, which will bring ‘tremendous benefits’ for transparency and risk management.” Tokenization refers to representing stocks and assets with tradable blockchain-based tokens, an idea hailed as a potential revolution in financial markets.
▌Binance Responds to “Alleged Employee Early Token Issuance” Incident, Promises Zero Tolerance Investigation
Binance Customer Service officially responded to the “alleged employee early token issuance” incident, stating, “We are aware of the relevant feedback and are conducting an internal review. We maintain a zero-tolerance attitude toward any behavior involving token listings and other corruption. Once the investigation results are confirmed, we will promptly update the community.” Widely circulated community information suggests a suspected Binance official Twitter employee or insider issued a certain meme coin at 13:29:45 today, while the official Twitter account only released the related promotional copy at 13:30:00, both with the same theme. Multiple users have provided suspicious on-chain addresses as evidence of potential insider trading. The community is still speculating about this event, and the truth awaits the official Binance investigation results.
Market
As of press time, according to CoinGecko data:
BTC price is $89,981.98, 24-hour change +0.9%;
ETH price is $3,048.86, 24-hour change +0.4%;
BNB price is $892.33, 24-hour change +0.2%;
SOL price is $131.32, 24-hour change -0.6%;
DOGE price is $0.1381, 24-hour change -1.0%;
XRP price is $2.04, 24-hour change +0.4%;
TRX price is $0.2868, 24-hour change -0.3%;
WLFI price is $0.1481, 24-hour change -1.9%;
HYPE price is $29.38, 24-hour change -4.9%.
Policy
▌South Korea Proposes “Strict Liability Compensation” for Crypto Exchanges, Upbit Hack Sparks Legislation
The South Korean government is advancing legislation to introduce “strict liability compensation” rules, similar to those in the banking sector, for major crypto exchanges. The Financial Services Commission (FSC) is reportedly considering requiring virtual asset service providers to bear compensation responsibility for user losses caused by hacks or system failures, even if they are not at fault. Currently, such mandatory compensation only applies to traditional financial institutions and electronic payment companies. This policy move stems from a security incident on the Upbit platform, where about 44.5 billion KRW (approximately $30.1 million) in assets were transferred to external wallets within 54 minutes, while regulators could not force the platform to compensate users under current laws. Regulators also noted that system failures have been frequent in the crypto trading industry in recent years. Data shows that from 2023 to September this year, the five largest exchanges suffered 20 system failures, affecting more than 900 users and causing cumulative losses of about 5 billion KRW, with Upbit accounting for 6 incidents and losses of about 3 billion KRW. The draft also aims to raise technical security requirements and increase the maximum fine for hacking incidents to 3% of annual revenue, in line with traditional financial institutions and higher than the current fixed cap of 5 billion KRW. In addition, the Upbit incident sparked “delayed reporting” controversy: the platform detected the anomaly at 5 a.m. but did not report it to regulators until 10:58 a.m., leading some lawmakers to question whether it intentionally waited for the parent company Dunamu to complete its merger with Naver Financial before disclosure. Regulators are investigating, but under the current framework, severe penalties are unlikely.
▌Analysis: US SEC May Evaluate Regulatory Weight Given to Crypto Privacy Projects in Rulemaking Process
The US Securities and Exchange Commission (SEC) will hold a roundtable on December 15 about cryptocurrency, financial surveillance, and privacy, with crypto privacy project Zcash founder Zooko Wilcox and others participating. CryptoSlate editor Liam Wright analyzed that the SEC may use this meeting to assess how much regulatory weight can be given to crypto privacy projects in its rulemaking process. If there is consensus that zero-knowledge proofs can satisfy compliance obligations, such flexibility could be incorporated into rules for digital asset broker-dealers, alternative trading systems, and custodians. However, if the meeting divides into “privacy is a right” versus “privacy enables crime,” the current surveillance-focused framework may persist and push privacy advocates toward court litigation.
Blockchain Applications
▌ZKsync Announces End of Support for ZKsync Lite in 2026
According to official news via Jinse Finance, ZKsync has announced plans to end support for ZKsync Lite (aka ZKsync 1.0)—the first ZK-rollup launched on Ethereum—in 2026. All operations remain normal for now; users do not need to take immediate action. ZKsync Lite will continue to operate as usual. Funds remain safe, and L1 withdrawals will be supported throughout the deprecation process. ZKsync will publish a detailed sunset plan within the next year, with specific details, timelines, and migration guides coming soon.
▌Prediction Market DeFi Layer Protocol Gondor Completes $2.5 Million Pre-Seed Round
Prediction market DeFi layer protocol Gondor has completed a $2.5 million pre-seed round, with participation from Prelude, Castle Island Ventures, and Maven 11. Gondor will launch a protocol next week that allows users to borrow against Polymarket positions as collateral and trade with up to 2x leverage.
Cryptocurrency
▌USDT Total Supply Surpasses 190 Billion, Market Cap Hits New High Above $185 Billion
According to the latest Coingecko data, the total supply of USDT issued by Tether has surpassed 190 billion, currently reaching 191,099,037,578 (with a circulating supply of 185,632,100,913), and a market cap of $185,680,551,074, hitting a new record high.
▌BlackRock Currently Holds 775,715.2 BTC
BlackRock’s official spot Bitcoin ETF holdings update shows that as of December 5, BlackRock IBIT holds 775,715.2 BTC, more than 2% of total Bitcoin supply. Its position value exceeds $69.452 billion.
▌Current US Spot Bitcoin ETF On-Chain Holdings at 1.332 Million BTC
According to Dune data, current US spot Bitcoin ETF on-chain holdings are 1.332 million BTC, accounting for 6.67% of current BTC supply, with an on-chain holding value of $135.3 billion.
▌Bank of America to Open Crypto Asset Recommendation Channel for Advisors
Reuters reports that Bank of America will, starting January 5, 2026, allow wealth advisors at its Private Bank, Merrill, and Merrill Edge divisions to recommend crypto asset-related ETPs/ETFs to clients, with no account asset threshold. Previously, only qualifying clients could access Bitcoin ETFs from early 2024; this upgrade moves from “executing client instructions” to “providing allocation advice.”
▌Strategy CEO: Company’s US Dollar Reserves Can Sustain at Least 21 Months Without Selling Bitcoin
Strategy CEO Phong Le recently explained on CNBC’s “Power Lunch” the correlation between $MSTR stock and Bitcoin price, how the company’s dollar reserves handle market FUD (fear, uncertainty, and doubt), key drivers of market volatility, and why the long-term outlook for Bitcoin remains strong. Le clarified that the company’s dollar reserves can support at least 21 months without selling Bitcoin, which received positive investor feedback and recognition for transparent communication and long-term strategy.
▌cbBTC Market Cap Surpasses $6.8 Billion, Circulating Supply Reaches 73,951
According to Dune data, Coinbase’s wrapped Bitcoin, Coinbase WrappedBTC (cbBTC), has a circulating supply of 73,951, with a current market cap exceeding $6.8 billion, ranking second in the wrapped Bitcoin market with a 24.8% share, just behind wBTC.
▌Current El Salvador Bitcoin Holdings at 7,493.37 BTC
Data shows that El Salvador currently holds 7,493.37 BTC, worth about $672 million.
▌Michael Saylor Posts Bitcoin Tracker Again, May Announce Additional Purchases
Strategy (formerly MicroStrategy) founder and executive chairman Michael Saylor posted the Bitcoin Tracker update again on X, writing “₿ack to Orange Dots?” Based on past patterns, Strategy usually discloses additional Bitcoin purchases the day after Saylor posts this tracker.
▌K33 Research: Market More Likely to Rise Sharply Than Fall Again, December May Be a Good Entry Opportunity
K33 Research analyst Vetle Lunde said December may be a turning point for the crypto market, creating structural room for upside. Bitcoin’s current valuation reflects market panic more than fundamentals, and the chance of a sharp rise is much greater than an 80% drop. December may offer a bold entry opportunity. Furthermore, the market is overreacting to distant threats like quantum computing risk and Strategy (MSTR) possibly selling Bitcoin, while ignoring strong recent signals such as the potential approval of crypto in 401(k) retirement accounts and the Federal Reserve shifting to support crypto.
▌Past 24 Hours: CEX Net Outflow of 1,991.53 ETH
According to Coinglass data, in the past 24 hours, CEXs saw a net outflow of 1,991.53 ETH, with Binance accounting for 1,972.45 ETH outflow.
▌Analysis: $1,800 ETH Price Range Is Among Best Accumulation Zones
According to analyst @ali_charts and Ethereum cost basis heatmap analysis, the $1,800 ETH price range appears to be one of the best accumulation zones before a bull run to $10,000.
▌Analysis: Ethereum Exchange Balances Drop to Lowest Since 2015, May Trigger Supply Squeeze
Ethereum holdings on centralized exchanges have dropped to 8.7%, a historic low since the network’s 2015 launch. Since July this year, exchange ETH balances have dropped 43%, mainly flowing into staking, restaking, Layer-2 networks, digital asset treasuries (DAT), and long-term custody. Analysts point out this unprecedented supply squeeze could drive prices higher.
▌"1011 Insider Whale" Continues to Add Long ETH Positions, Places Limit Buy of 11,450 ETH
According to AI Aunt monitoring, the “1011 Insider Whale” continues to long Ethereum, with total positions growing to 22,827.14 ETH worth $69.16 million, with an average entry price of $2,989.51 and an unrealized profit of $1.19 million. Ten minutes ago, another $10 million in margin was deposited, and a limit buy order for 11,450 ETH ($34.39 million) was placed; if filled, positions will exceed $100 million.
▌"Machi" Closes ETH Long at Loss, Then Re-Longs 2,100 ETH
According to on-chain analyst AI Aunt, when ETH fell to $2,900, “Machi” closed his long ETH position at a loss of $738,000, but soon after opened a new long position of 2,100 ETH ($6.18 million). His account balance briefly recovered to $3 million, but now is down to just $227,000.
Key Economic Developments
▌US Treasury Secretary Bessent: US GDP Growth to Reach 3% This Year
On December 8, US Treasury Secretary Bessent stated that the US GDP growth rate this year will reach 3%.
▌Fed December Rate Cut by 25 Basis Points Probability is 86.2%
According to CME “FedWatch”: the probability of a 25 basis point Fed rate cut in December is 86.2%, with a 13.8% chance of no change. The probability of a total 25 basis point rate cut by January next year is 65.4%, 9.8% for no change, and 24.8% for a 50 basis point cut.
Jinsepedia
▌How a Weak US Labor Market Puts Pressure on Crypto Prices
The US labor market is clearly cooling. The US unemployment rate has risen to around 4%, the highest in recent years. Data from the Bureau of Labor Statistics (BLS) and the Federal Reserve Economic Data (FRED) series show that monthly nonfarm payroll growth has slowed to a more moderate six-figure increase since the post-pandemic period. Job openings and quits have also declined from their 2021-2022 peaks. Changes in the labor market affect risk appetite and liquidity conditions, which are often reflected in the price trends of Bitcoin and the broader crypto market. If labor market data remain stable while inflation stays high, investors may assume interest rates will remain elevated for longer. If the unemployment rate rises and nonfarm payroll growth slows, the case for rate cuts strengthens.
Today, cryptocurrencies are traded within the same ecosystem. When strategists discuss labor market pressure on Bitcoin and crypto, they usually describe two overlapping channels. First is the growth channel. Rising unemployment, slowing hiring, and sluggish wage growth make markets more cautious about future earnings and default risk. In this environment, investors typically reduce the riskiest portions of their portfolios, such as small-cap stocks, Bitcoin, and volatile altcoins. Second is the liquidity and interest rate channel. Similarly, weak economic data may trigger investor panic and prompt central banks to adopt looser monetary policy. For Bitcoin and crypto, the key is that a weak labor market means lower prices, and labor data helps predict macroeconomic conditions. These figures affect growth expectations, interest rate trends, and liquidity, which in turn impact the level of risk investors are willing to take.
