PA Daily | OpenSea denies news of $150 million Token sale; Central Bank holds a meeting to coordinate efforts in combating speculation in Virtual Money trading.

Today's news reminder:

1. The People's Bank of China held a coordinating mechanism meeting to combat the speculation of virtual currency trading.

2. The three major US stock indices have risen collectively for five consecutive days, with Circle (CRCL) up over 10%.

3. Turkmenistan's cryptocurrency regulation bill will take effect in 2026.

4. The regulation “Individuals must register the source of funds for cash withdrawals exceeding 50,000 yuan” has been canceled.

5. The UK requires cryptocurrency exchanges to collect and report transaction records of UK customers starting from 2026.

6. OpenSea executives deny Coinbase leaked news of $150 million token sale.

7.CoinShares cancels plans to launch XRP, SOL, and LTC ETFs in the US.

macro

Turkmenistan has passed a cryptocurrency regulatory bill, effective from 2026.

According to a report by Reuters, the President of Turkmenistan signed a new law on November 28, officially establishing a licensing mechanism for cryptocurrency mining and exchanges, which will take effect on January 1, 2026. The new regulations clarify the legal and economic status of virtual assets, aiming to promote the digitalization process and attract foreign investment.

Spot gold and silver continue to rise, standing at 4200 USD/oz and breaking through the 55 USD mark, respectively.

Spot gold continues to rise, standing above $4200/ounce for the first time since November 14, with a daily increase of over 1%. Meanwhile, spot silver has surpassed $55/ounce, setting a new historical high, with a daily increase of over 3%.

The UK requires cryptocurrency exchanges to collect and report transaction records of UK customers starting from 2026.

The UK’s HM Revenue and Customs (HMRC) has issued new regulations requiring cryptocurrency exchanges operating in the UK to begin collecting complete transaction records of all their UK customers starting January 1, 2026, and to share this information with HM Revenue and Customs (HMRC) the following year. HMRC will use the collected data to verify tax returns, ensure compliance, and penalize violations. The new guidance from HMRC aligns the UK with the OECD’s Crypto-Asset Reporting Framework (CARF), which aims to enhance the transparency of the rapidly growing digital asset market and is currently being promoted in countries and regions such as the EU, Canada, Australia, Japan, and South Korea.

The three major U.S. stock indices have collectively risen for five consecutive days, with Circle (CRCL) up over 10%.

According to Caixin, US stocks closed three hours early due to the Thanksgiving holiday, with the three major indices rising collectively for the fifth consecutive trading day. The Nasdaq rose by 0.65%, the Dow Jones increased by 0.61%, and the S&P 500 gained 0.54%. The Nasdaq has accumulated a rise of 4.91% this week, the Dow Jones has increased by 3.18%, and the S&P 500 has gained 3.73%.

Most tech stocks rose, with Intel closing up 10%, marking the largest single-day gain since September 18; Meta rose over 2%, and AMD, Amazon, Netflix, and Microsoft rose over 1%. Blockchain concept stocks saw a broad increase, with Circle (CRCL) rising 10.04%; Coinbase (COIN) up 2.96%; Strategy (MSTR) rising 0.88%.

The regulation that “individual cash withdrawals exceeding 50,000 yuan must register the source of funds” has been canceled.

According to a report by Cai Lian She, three departments (the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission) jointly issued the “Management Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Retention of Financial Institutions” yesterday. Among them, the regulation that “individual cash deposits and withdrawals exceeding 50,000 yuan must register the source of funds” has been canceled, which is consistent with the previous draft for public comments. According to the new regulations, when withdrawing cash, banks will no longer uniformly ask everyone, but will decide whether to “ask a few more questions” based on the risk situation: in cases of higher money laundering risk, banks will “enhance investigation” to understand the source and use of funds; for low-risk situations, simplified measures will be taken.

The People's Bank of China held a meeting to coordinate efforts in combating speculation in virtual currency trading.

On November 28, the People's Bank of China convened a meeting of the coordination mechanism for combating speculation and trading in virtual currencies. The meeting pointed out that, influenced by various factors, speculation in virtual currencies has recently risen, and related illegal activities occur from time to time, facing new situations and challenges in risk prevention and control. The meeting emphasized that virtual currencies do not have the same legal status as legal tender, do not have legal compensation, and should not and cannot be circulated and used as currency in the market. Activities related to virtual currencies fall under illegal financial activities. Stablecoins are a form of virtual currency that currently cannot effectively meet customer identification, anti-money laundering, and other requirements, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers.

The meeting requires the continued adherence to the prohibitive policy on virtual currencies and ongoing crackdowns on illegal financial activities related to virtual currencies. All units should deepen collaboration, improve regulatory policies and legal foundations, focus on key areas such as information flow and capital flow, enhance information sharing, further improve monitoring capabilities, strictly combat illegal activities, protect the property safety of the people, and maintain the stability of the economic and financial order.

Officials from the Ministry of Public Security, the Central Cyberspace Affairs Commission, the Central Financial Work Commission, the Supreme People's Court, the Supreme People's Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the People's Bank of China, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange attended the meeting.

Two police officers in South Korea have been indicted for accepting bribes to assist in a $186 million crypto money laundering scheme.

According to Solid Intel, two police officers in South Korea have been formally charged with accepting bribes and assisting the operation of a cryptocurrency money laundering network worth 250 billion KRW (approximately 186 million USD).

opinion

CZ: It's best to sell at the peak of market greed and buy at the peak of fear.

CZ tweeted, “Although this view is not very popular, it's best to sell when market greed reaches its peak and to buy when market fear reaches its peak.”

Alliance DAO Co-founder: We will not short L1 tokens; we just believe that L1 tokens are not quality investments.

Alliance DAO co-founder QwQiao stated in a post on platform X that they will not short L1 tokens, but they cannot convince themselves that they qualify as “great investments”. However, L1 tokens are not considered to be “bad investments” either. With thousands of assets to choose from, one can always find some quality assets. QwQiao claims that every asset they currently hold has a lasting competitive advantage and operates in exponentially growing fields.

QwQiao previously pointed out that L1 tokens lack a moat, are easily commoditized, and find it difficult to capture meaningful value, suggesting that betting on the application layer might be a way out.

Project Updates

Bitget has fulfilled its donation commitment: HKD 12 million has been fully allocated to support donations in Tai Po, Hong Kong.

Bitget previously announced a donation of HKD 12 million to Hong Kong to support emergency relief, assistance to affected families, and post-disaster reconstruction efforts following the fire at Tai Po Wong Fuk Court. The donations will be managed and executed by three reputable local charitable organizations.

Currently, HKD 12 million has been fully disbursed, allocated as follows: HKD 5 million donated to the Yan Chai Hospital in Hong Kong; HKD 3.5 million donated to The Salvation Army Hong Kong; HKD 3.5 million donated to the Po Leung Kuk in Hong Kong.

Cobo donated 1 million HKD and activated a blockchain wallet to support the Tai Po fire rescue.

Cobo announced a donation of 1 million HKD equivalent stablecoins for fire rescue and community reconstruction in Tai Po, Hong Kong, and collaborated with the Hong Kong Red Cross to launch a dedicated “compliant blockchain charity wallet,” ensuring that the donations are open, transparent, and verifiable throughout the process. The wallet is now open to the public, allowing individuals to directly transfer donations to the wallet, with all contributions being used for related rescue efforts. Cobo stated that it will continue to monitor the flow of donations and the progress of post-disaster reconstruction, and is willing to provide free technical support to charitable foundations in need of blockchain donation channels.

Crypto.com donated HKD 10 million to support the fire rescue in Tai Po, Hong Kong.

The cryptocurrency exchange Crypto.com announced that it has donated 10 million Hong Kong dollars to the Hong Kong Red Cross to support residents affected by the Tai Po fire and related rescue efforts, expressing its support and care for the affected community.

OpenSea executives deny the news of Coinbase leaking $150 million token sale.

Regarding the “Coinbase allegedly leaking OpenSea's $150 million ICO information” exposed by Doomer, OpenSea's Chief Marketing Officer Adam Hollander responded in a comment that it is “fake,” denying the related rumors.

Bubblemaps: IRYS airdrop suspected of being manipulated by a cluster of 900 wallets, has cashed out 4 million USD

According to Bubblemaps, IRYS was launched two days ago and airdropped 8% of its tokens to early users, but about 20% of that was claimed by a group of 900 newly created wallets. These addresses were funded in batches by Bitget before the launch and have no on-chain activity records. Currently, these addresses have transferred $IRYS to new wallets and sent it to Bitget, cashing out approximately $4 million.

CoinShares cancels plans to launch XRP, SOL, and LTC ETFs in the US

According to market news, CoinShares has terminated its plan to launch three single-asset cryptocurrency ETFs in the United States. This cancellation involves the proposed funds for Solana (including staking features), XRP, and Litecoin.

Due to the Converge chain not being launched as scheduled, Terminal Finance has terminated the launch of the Terminal project.

According to the official announcement, Terminal Finance has terminated the launch of the Terminal project. The initial design goal of Terminal was to become the liquidity hub for Converge. Although the development of the entire codebase has been completed and it was ready to launch in the first quarter of 2025, the Converge chain did not go live as scheduled, and there seems to be no launch plan in the near future. Terminal Finance explored various transformation options, but none were convincing enough. Each option faced substantial obstacles: limited support, low asset launch potential, and bleak long-term prospects, leading to the decision not to proceed with the launch.

Terminal Finance states that all users' principal is preserved and will remain at a 1:1 collateral ratio, allowing for deposits to be withdrawn at a 1:1 ratio. Each current Pendle position is entitled to earn Ethena Sats, associated sUSDe rewards, and etherfi points.

Coinbase has included Rayls (RLS) in its listing roadmap.

According to the official announcement, Coinbase will include Rayls (RLS) in its listing roadmap. Coinbase stated that the launch of trading for the related asset depends on market-making support and the technical infrastructure being in place. An additional announcement will be made regarding the start of trading once the conditions are met.

Binance: Hold over 256 Alpha points to claim 400 GaiAi (GAIX) airdrop.

According to the official announcement, the Binance Alpha GaiAi (GAIX) trading will start on November 29 at 16:00 (UTC+8). Users holding at least 256 Binance Alpha Points can claim the token airdrop. Claim 400 GAIX tokens airdrop on the Alpha event page. If the event has not ended, the score threshold will automatically decrease by 5 points every five minutes. Claiming the airdrop will consume 15 Binance Alpha Points. Users need to confirm their claim on the Alpha event page within 24 hours, otherwise it will be considered a forfeiture of the airdrop.

Important Data

BlackRock received $354 million in BTC and $235 million in ETH from Coinbase within three days.

According to Onchain Lens monitoring, BlackRock received 300 Bitcoins (worth $27.51 million) and 16,629 Ethereums (worth $50.64 million) from Coinbase about 8 hours ago. In the past three days, BlackRock has received a total of 4,044 Bitcoins (worth $354 million) and 80,121 Ethereums (worth $235 million).

A whale that previously built a position in WBTC and made over $100 million has started selling ETH, having sold a total of $41.06 million in ETH over the past two weeks.

According to on-chain analyst Ai Yi, the address that built up a position of 1074 WBTC at an average price of 10708 USD four years ago seems to have started selling ETH after selling all its WBTC. It had previously taken profit on 1000 BTC at an average price of 118011 USD in July this year, earning 107 million USD. About 10 hours ago, it deposited 5000 ETH to Binance, worth 15.36 million USD, and has cumulatively deposited 13403.28 ETH to exchanges over the past two weeks, totaling 41.06 million USD in value. The address currently still holds 15,000 ETH and interacts with addresses associated with Galaxy Digital, but the wallet ownership cannot be confirmed at this time.

Circle minted 1 billion USDC on the Solana network within 24 hours.

According to Onchain Lens monitoring, Circle minted USDC worth 1 billion dollars on the Solana network in the past 24 hours. Since October 11, it has cumulatively minted 12.25 billion dollars of USDC on the Solana network.

A whale that bought ETH in 2017 has deposited 18,000 ETH to Bitstamp, currently making a profit of approximately 270 million dollars.

According to monitoring by Lookonchain, an Ethereum OG deposited 18,000 ETH (worth 54.78 million USD) into Bitstamp 8 hours ago. Since 2017, this OG has accumulated 154,076 ETH (worth 79.7 million USD) at an average price of 517 USD, and then sold 87,824 ETH (worth 148.8 million USD) at an average price of 1,694 USD each. Currently, he still holds 66,252 ETH (worth 201 million USD), with a total profit of about 270 million USD.

The Bitcoin spot ETF saw a net inflow of 71.371 million USD yesterday, continuing a net inflow for 3 days.

According to SoSoValue data, yesterday (Eastern Time November 28) the total net inflow of Bitcoin spot ETFs was $71.371 million.

The Bitcoin spot ETF with the highest net inflow yesterday was the ARK ETF from Ark Invest and 21Shares, with a daily net inflow of $88.044 million. Currently, the historical total net inflow of ARKB has reached $1.828 billion.

The second is the Fidelity ETF FBTC, with a net inflow of $77.4532 million in a single day, and the total historical net inflow of FBTC currently reaches $12.029 billion.

The Bitcoin spot ETF with the highest net outflow yesterday was the Blackrock ( ETF IBIT, with a net outflow of 114 million USD in a single day. Currently, the historical total net inflow of IBIT has reached 62.566 billion USD.

As of the time of publication, the net asset value of Bitcoin spot ETFs is $119.391 billion, with an ETF net asset ratio (market capitalization relative to Bitcoin's total market capitalization) reaching 6.56%. The historical cumulative net inflow has reached $57.705 billion.

The Ethereum spot ETF saw a net inflow of 76.5491 million USD yesterday, continuing a 5-day net inflow.

According to SoSoValue data, the total net inflow of Ethereum spot ETFs yesterday (November 28, Eastern Time) was $76.5491 million.

The Ethereum spot ETF with the highest net inflow yesterday was the Blackrock ETF ETHA, with a net inflow of $68.2659 million for the day. Currently, the total historical net inflow of ETHA has reached $13.147 billion.

Secondly, the Grayscale Ethereum Trust ETF (ETHE) had a net inflow of $8.2832 million in a single day, and the total historical net outflow of ETHE has reached $4.932 billion.

As of the time of writing, the total net asset value of the Ethereum spot ETF is $19.155 billion, the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 5.19%, and the historical cumulative net inflow has reached $12.945 billion.

( investment and financing/acquisition

Indico Capital Partners launched a €125 million venture capital fund, with investment scope covering AI, blockchain/Web3, and other fields.

According to Mailchi, the European venture capital firm Índico Capital Partners has officially announced the launch of its sixth venture capital fund, Indico VC Fund III, with a target of 125 million euros. The European Investment Fund (EIF) plans to commit 30 million euros to the fund, which will focus on single investments ranging from 1 to 10 million euros and will concentrate on sustainable economic models in areas such as artificial intelligence, deep technology, blockchain/Web3, fintech, and digital markets. Índico Capital Partners' investment portfolio in the Web3 space includes luxury NFT platform Exclusible and metaverse startup Sound Particles.