Wu Shuo learned that recently the Bitcoin-dev mailing list has been engaged in heated debates over the UTXO set explosion caused by Ordinals and Stamps. Developers proposed the "The Cat" draft, which aims to set specific non-monetary UTXOs below 1000 satoshis as permanently unspendable through a soft fork, potentially reducing the UTXO set size by 30%-50%. Another proposal, "Lynx," advocates automatically invalidating dust UTXOs that have remained untouched for 4 years during the halving cycle, implementing automated cleanup with a more neutral logic. Currently, discussions between supporters and opponents have reached a stalemate. Legendary developer Greg

1. The preliminary annualized quarterly GDP growth rate for the United States in the third quarter is recorded at 4.3%, and the preliminary annualized quarterly core PCE price index is 2.9%.
The annualized quarter-on-quarter real GDP in the United States for the third quarter was recorded at 4.3%, far exceeding the expected 3.3% and the previous value of 3.8%. The annualized quarter-on-quarter Core PCE Price Index preliminary value was 2.9%, in line with market expectations and higher than the previous value of 2.6%. Additionally, the preliminary value of real personal consumption expenditures quarter-on-quarter was 3.5%, significantly higher than the expected 2.7% and the previous value of 2.5%.
2.QCP: Holiday liquidity weakens, institutions de-leveraging at year-end, BTC may remain volatile.
QCP analysis indicates that the approach of the Christmas holiday has led to weakened liquidity and institutions are de-leveraging at the end of the year, with BTC maintaining a range-bound fluctuation; BTC and ETH perpetual.

Protos released a survey stating that the reserve structure of the exchange HTX, owned by Justin Sun, has multiple anomalies and potential risks. Its public PoR tool and on-chain Snapshot show: a large portion of the BTC reserves is in the BTC-TRC20 tokenized version, reaching a scale of up to 18,000 BTC, with its true collateral location linked to Poloniex, which has yet to complete its PoR; the ETH reserves have significantly shrunk, from a peak of about 392,000 coins in May 2025 to only about 118,000 coins now, of which only about 8.8% are native ETH, while the majority has been lent out or is staked assets; over 80% of the USDT reserves have been lent out to Aave and JustLend, and there have been frequent occurrences of rapid back-and-forth movements of funds at the billion-dollar level; HT turns.

According to Wu, as reported by Tokenomist, in the next 7 days, there will be single large unlocks (amount greater than 5 million USD) for H XPL JUP SOON MBG UDS; in the next 7 days, there will be linear large unlocks (daily unlock amount greater than 1 million USD) for RAIN SOL TRUMP WLD DOGE AVAX.

Wu said that this week he analyzed macroeconomic indicators, pointing out that the unemployment rate and CPI in the U.S. for November were lower than expected, while the Bank of Japan raised interest rates to a 30-year high. The focus is on the upcoming U.S. GDP and core PCE data, as well as the trends of other major economic indicators.

Written by: ZHIXIONG PAN
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In the second decade of blockchain technology development, the industry is facing a fundamental philosophical and technical paradox: while Ethereum has successfully established a trustless value settlement layer as a "world computer", its radical transparency is evolving into an obstacle to large-scale adoption. Currently, every interaction, asset allocation, salary flow, and even social relationships of on-chain users are exposed in a permanently immutable public panoramic prison. This "glass house" living state not only infringes on personal sovereignty but also rejects the vast majority of institutional capital due to the lack of protection for trade secrets.

Wu learned that Grayscale released the "2026 Digital Asset Outlook" stating that 2026 will be a year of accelerated "institutional era" in crypto, driven by two core factors: the rising macro demand for store of value and significant regulatory improvements. The report predicts that Bitcoin is expected to reach new highs in 2026, with the U.S. likely advancing bipartisan-supported market structure legislation in 2026, promoting the deep integration of stablecoins, RWA, on-chain securities, and traditional finance; at the same time, asset tokenization may reach a turning point, with the potential for 1000 times growth by 2030. Grayscale pointed out that stablecoins, DeFi, on-chain income, and sustainable cash flow will become the core indicators of institutional focus, and structural differentiation in the industry will further intensify.

Fundstrat co-founder Tom Lee responds to Bitcoin forecast controversies, stating that conflicting predictions stem from research conclusions based on different roles and cycles, with no internal disagreements. He analyzes Sean Farrell's conservative forecast in comparison to his own view of Bitcoin's appreciation, emphasizing the diversity of analytical perspectives.

Interview: Kaori @0x35\_kaori Beating
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How was your 2025? As the founder of Infini, Christian, born after 2000, straightforwardly hopes it will pass quickly.
For a fintech startup that has been established for only a year, whether it experienced a trust crisis caused by a theft or chose to transform by personally dismantling old solutions, these are not minor setbacks that can be easily brushed off.
Rewinding three years back, in 2022, Christian was still