PA Daily | Upbit plans to merge and go public on Nasdaq; Wall Street recently reduced its holdings of MSTR stock by $540 million.

Today's news highlights:

South Korean cryptocurrency exchange Upbit plans to list on Nasdaq after the merger.

Wall Street recently reduced its holdings of Strategy stocks by approximately $540 million, with the value of institutional holdings in MSTR decreasing by about 14.8% during Q3.

The U.S. government's Efficiency Department has been disbanded.

Analyst Ali: If BTC further pulls back, pay attention to support levels at $75,740, $56,160, and $52,820.

Bitmine has bought another 28,625 ETH, worth 82.11 million dollars.

The pump.fun project team has transferred 405 million USDC to Kraken in the past week.

Hyperliquid will unlock $308 million HYPE for the first time on November 29, accounting for 2.66% of the circulating supply.

Port3 launches token migration plan and destroys over 160 million tokens

Macroeconomic

The South Korean cryptocurrency exchange Upbit plans to go public on NASDAQ after the merger.

According to a report by Bloomberg, South Korea's largest cryptocurrency exchange Upbit plans to seek a listing on Nasdaq after the merger is completed.

Franklin Templeton's XRP ETF has been approved for listing on the NYSE.

According to Cryptobriefing, the New York Stock Exchange Arca has approved the listing of Franklin Templeton's XRP ETF and has officially submitted the relevant documents for certification to the SEC. This means that the fund has met all the requirements of the exchange and is not far from its official launch. According to the latest disclosure from Franklin, the Franklin XRP Trust ETF will be listed under the trading code XRPZ and will charge an annual sponsor fee equivalent to 0.19% of the net asset value. The sponsor plans to waive this fee entirely for the initial $5 billion in assets until May 31, 2026.

Wall Street recently reduced its holdings of Strategy stocks by about $540 million, and the institutional holding value of MSTR decreased by about 14.8% during Q3.

According to a report by cryptoslate, Wall Street recently reduced its holdings in Strategy (MSTR) stock by about $540 million, marking a gradual fade of its role as a Bitcoin proxy. MicroStrategy had become a popular choice among institutional investors due to its Bitcoin holdings, but with the rise of Bitcoin spot ETFs and other direct holding tools, institutional investors are turning to more direct Bitcoin exposure. Data shows that during Q3, the institutional holding value of MSTR decreased by about 14.8%, involving major fund managers like Capital International, Vanguard, BlackRock, and Fidelity. Nevertheless, MSTR still has over $30 billion in institutional market exposure, which may be used more as a tactical hedge or leverage tool in the future.

South Korean financial authorities will consecutively sanction multiple cryptocurrency exchanges, and significant penalties may be unavoidable.

According to Newsis, South Korean financial authorities are expected to impose sanctions on the country's cryptocurrency exchanges for violating anti-money laundering obligations consecutively. After completing penalties against Dunamu (the operator of Upbit), the FIU plans to take action sequentially against other exchanges such as Korbit, Gopax, Bithumb, and Coinone. The Financial Supervisory Service has completed on-site inspections of the aforementioned exchanges since last year and is currently in the legal review and sanction deliberation stage.

The U.S. government's Efficiency Department has been dissolved.

According to Jinshi reports, the Department of Government Efficiency (DOGE), which was established by President Trump with great fanfare to reduce the size of the government after he took office in January this year, has already been dissolved, despite having eight months left in its term. When asked about the status of the Department of Government Efficiency, U.S. Office of Personnel Management Director Cooper said, “It doesn't exist at all.” Cooper added that the Department of Government Efficiency is no longer a “centralized agency.” This is the first confirmation from the Trump administration that the Department of Government Efficiency has been dissolved. This agency led by Musk, established in January this year, conducted sweeping reforms in Washington, quickly reducing the size of federal agencies, cutting their budgets, or shifting their focus to Trump's priorities. According to the executive order signed by Trump after taking office, the Department of Government Efficiency was supposed to operate until July 2026.

opinion

Xie Jiayin: The current market is similar to the best bottom-fishing opportunity in March to April 2025, when the BTC price was $75,000.

Bitget's Chinese head, Xie Jiayin, pointed out that the total market value of cryptocurrencies has returned to 3.3 trillion USD, with Bitcoin spot ETFs seeing a net inflow of 456 million USD in a single day. Meanwhile, the crypto fear and greed index has dropped to 10, hitting a two-year low. He noted that the current market is in a state of extreme fear, similar to the best buying points in March-April 2025 when Bitcoin was priced at 75,000 USD. This year, the main theme of the market has not changed: projects related to the Trump family, DATs, continue to see significant buying; Bitcoin and Ethereum ETFs are showing a weekly net inflow; the market capitalization of stablecoins is rapidly increasing, and institutional long-term capital has gradually entered the market. After the black swan event on October 11, leveraged funds were significantly cleared, and the market is considered to be in the 'cleanest bottom area.' Analysts suggest paying attention to the daily net inflow of BTC and ETH spot ETFs, MicroStrategy's accumulation trends, and the total curve of stablecoins. Historical data shows that 6-12 months after extreme fear often accompanies a strong market rebound.

Analyst Ali: If BTC further retraces, pay attention to support levels of $75,740, $56,160, and $52,820.

According to renowned crypto analyst Ali, Bitcoin has shown 5 sell signals over the past month. First, the monthly MACD for Bitcoin $BTC has turned bearish for the first time since January 2022. Additionally, the 50-day moving average has crossed below the 200-day moving average on the daily chart, forming a “death cross.” Bitcoin has also lost support at the 50-week moving average, a level that historically often indicates a significant correction. At the same time, the SuperTrend indicator on the weekly chart has issued a sell signal, which has long-term reliability in trend reversals. Furthermore, the bi-weekly TD Sequential indicator has also issued a sell signal for Bitcoin, with the last two similar signals triggering corrections of 78% and 32%, respectively. If Bitcoin further corrects, key support levels may be at $75,740, $56,160, and $52,820.

Project Updates

Upbit will launch MON trading pairs with KRW, BTC, and USDT.

The South Korean cryptocurrency exchange Upbit announced that it will launch MONAD trading in the three major markets of KRW, BTC, and USDT (MON).

The Solana community has initiated a new governance proposal SIMD-0411 to accelerate the reduction of inflation.

According to Finance Feeds, the Solana community has initiated a new governance proposal, SIMD-0411, aimed at significantly accelerating the network's deflation timeline and reshaping the long-term economic model of the SOL token. This proposal will increase Solana's annual deflation rate from -15% to -30%, reducing the time to reach the long-term inflation floor from about six years to just over three years. Current predictions suggest that this change will result in a reduction of over 22 million SOL tokens in future issuance—equivalent to nearly $3 billion at current market valuations—making it one of the most significant monetary policy adjustments in the ecosystem's history. The existing token economic framework for Solana sets an annual inflation rate of about 4.18%, gradually decreasing to a final inflation rate of 1.5%. SIMD-0411 accelerates this process, locking in a faster decline in token issuance. Supporters believe this will improve supply-demand dynamics, support stronger price stability, and align Solana's economic model with the behavioral expectations of institutional investors entering the ecosystem. This marks a shift towards a more scarcity-oriented design philosophy for a chain that has traditionally emphasized growth, throughput, and incentive-driven expansion.

Agentic FoF was compromised due to a security vulnerability, with approximately $531,000 in funds leaked.

BasisOS announced on platform X: “Due to a security vulnerability, Agentic FoF has been compromised, and approximately $531,000 in funds have been leaked. All vaults have currently been suspended, and the withdrawal function of Agentic FoF has also been paused, pending the results of an internal investigation. The Basis vault is currently secure, but has also been suspended for security reasons; the withdrawal function is still available. An update will be released within 24 hours.”

Port3 has launched a token migration plan and burned over 160 million tokens.

According to official news, Port3 will launch a token migration plan, with all tokens migrating at a 1:1 ratio. A snapshot was taken immediately after the attack occurred. The team will distribute the tokens via batch sending, providing each user affected by the attack as of UTC time 20:56 with 200 to 500 tokens as compensation. The team is still confirming the distribution method on CEX, and the new tokens will only be issued on the BNB Chain. By burning team tokens, the excess supply generated by the exploit will be completely offset, with a total of 162,750,000 PORT3 tokens to be destroyed to ensure that the total supply remains unchanged. The team has patched the vulnerability, and hackers will not be able to obtain any new tokens or issue any new tokens from the new contract address (CA). Previously, it was reported that Port3 Network was exploited by hackers using the BridgeIn vulnerability to issue new tokens, causing PORT3 to plummet by 77.4% in 24 hours.

Monad Alliance clarifies that it has not issued any Meme coins or NFTs related to its pet Anago, reminding users to pay attention to safety.

Regarding the Meme coin Anago that has appeared in the market, Eunice Giarta, co-founder of Monad Labs, stated on the X platform: “To avoid suspicion, @AnagoBarks is the official account of the real Anago, there will be no Meme coin and no NFT. Everyone should do their own research and stay safe.” The Anago referred to by Giarta is her pet, a French bulldog.

Aster: Due to an incorrect pricing feed for gold, the market price of XAUUSDT has deviated, and affected users will be fully compensated.

Aster posted on platform X: “During the period from 22:00 to 23:00 UTC (from 06:00 to 07:00 Beijing time on November 24), one of the gold price feeds experienced an error, causing the XAUUSDT market price to deviate from the actual price. This was a global error that affected many platforms, including Aster and goldprice.org, among others. The market has now returned to normal. Full compensation will be provided to all affected users. Specific details will be announced once confirmed.”

The video sharing platform Rumble has enabled tips using BTC, XAUT, and USDT, and the Rumble wallet is officially launched.

Chris Pavlovski, the CEO of the video sharing platform Rumble, recently announced on the X platform that the Rumble platform now supports tips in BTC, XAUT, and USDT. The testing is only open to Android users and limited to a few thousand participants, and the Rumble wallet has officially launched. He also stated, “In the creator economy, the Rumble wallet has achieved for the first time that creators' income can never be canceled, and tips will permanently exist on the blockchain, unaffected by any cancellation mechanisms.” According to Tether CEO Paolo Ardoino, the Rumble wallet will also support the upcoming new stablecoin USAT and is set to support the Lightning Network soon. In news from October, Tether plans to launch the new stablecoin USAT on the video platform Rumble, aiming to capture the U.S. market; Tether's CEO revealed that USAT is scheduled to launch in December this year; there are also reports that Rumble is collaborating with Tether to launch Bitcoin tipping features in early December.

Important Data

Analyst: Unknown entity suspected of shorting HYPE through 54 wallets, with a floating profit of $5.34 million.

According to analyst MLM monitoring, over the past few days, an unknown entity shorted a total of 1.6775 million HYPE(5165 at an average price of $34.2087 through 54 different wallets, with a closing price of only $34.6703, which is 12% higher than the current price (as of around 3:40 AM today). This entity also contributed to the 9% closing flash crash on November 9. The entity operated with high leverage, with a total margin of $9 million in the wallets, and its short position has realized unrealized profit and loss (UPNL) of $5.34 million.

Bubblemaps: Sun Yuchen transferred $150 million BTC to personal wallet today.

According to on-chain data monitoring by Bubblemaps, Justin Sun transferred $150 million worth of Bitcoin from a BitGo custody account to his personal wallet today.

Hyperliquid will unlock $308 million HYPE for the first time on November 29, accounting for 2.66% of the circulating supply.

According to Tokenomist, the first token unlock plan for the Hyperliquid project is scheduled to take place on November 29 at 15:30 Beijing time, with an expected unlock of $308 million worth of $HYPE tokens, accounting for 2.66% of the circulating supply. This will be the first unlock since the TGE in November 2024. According to the official Medium article, core contributor tokens are locked for one year after the TGE, with most vesting scheduled to be completed between 2027 and 2028. Meanwhile, @mlmonchain discovered that the team unstaked 2.6 million $HYPE (worth approximately $85.8 million) about 29 hours ago, but no official statement regarding the unlock process has been released yet. It is important to note that unstaking does not equate to selling, but market sentiment has already shown panic and bearish reactions.

The 1inch team has withdrawn 7.56 million 1INCH from Binance again, worth 1.37 million USD.

According to on-chain analyst @ai_9684xtpa, the 1inch team withdrew 7.56 million 1INCH from Binance 11 minutes ago, worth 1.37 million USD. The team's holdings of 1INCH have now increased to 119 million, worth 21.74 million USD.

SEAL members: North Korean agents have infiltrated 15% to 20% of cryptocurrency companies.

According to DL News, Pablo Sabbatella, founder of Web3 auditing firm opsek and member of the Security Alliance (SEAL), revealed at the Devconnect conference that the infiltration situation from North Korea is far beyond imagination, with 15% to 20% of cryptocurrency companies harboring North Korean infiltrators, and 30% - 40% of job applications possibly coming from North Korean agents attempting to infiltrate. Due to international sanctions, most North Korean agents are unable to apply for jobs directly, so they are looking for remote workers globally, especially from developing countries like Ukraine and the Philippines as cover. They ask these workers to hand over account credentials or to allow them to remotely use their identity, with the workers receiving 20% of the income and the agents taking 80%. North Korean agents also seek to have Americans act as “fronts,” disguising themselves as non-English speakers from China in interviews, implanting malware on the other party's computer to obtain US IPs and bypass restrictions to access more content. Once hired, they are often retained long-term due to their diligent work and lack of complaints. To identify them, one could ask their opinion on Kim Jong-un; they are forbidden from speaking ill of him. Sabbatella stated that the cryptocurrency industry has poor operational security, making founders easy victims of social engineering and computers susceptible to malware.

The pump.fun project team has transferred 405 million USDC to Kraken in the past week.

According to on-chain analyst Yu Jin's monitoring, in the past week, the pump.fun project team transferred 405 million USDC into Kraken. During the same period, 466 million USDC was transferred from Kraken to Circle, which is likely a withdrawal. This money was raised by pump.fun through a private placement to institutions in June, when they sold to institutions at a price of $0.004. Now it has broken the issue price.

) Institutional Holdings

Wintermute withdrew $4.1 million AAVE from Kraken 10 hours ago.

According to on-chain analyst The Data Nerd, Wintermute withdrew 24,124 AAVE from Kraken 10 hours ago, worth approximately 4.1 million dollars.

Bitmine has purchased 28,625 ETH again, worth 82.11 million USD.

According to Lookonchain monitoring, Bitmine has just bought 28,625 ETH again, worth 82.11 million USD.