Today's News Highlights:
1. Seven Chinese authorities including the National Internet Finance Association of China have issued a risk warning on preventing illegal activities involving virtual currencies.
2. US September core PCE fell short of expectations, giving the Federal Reserve a green light for further rate cuts.
3. Coinbase: The crypto market is expected to recover in December.
4. Jupiter: HumidiFi (WET) token public sale will restart at 23:00 on December 8.
5. Glassnode: The current crypto market rebound remains fragile due to a lack of dedicated catalysts.
6. BlackRock's Bitcoin ETF has recorded the longest streak of weekly net outflows, totaling $2.7 billion over five weeks.
7. Metaplanet raised $50 million by collateralizing Bitcoin to purchase more Bitcoin.
Macro
Europol: International operation dismantled a crypto scam network allegedly laundering over €700 million
Europol

Binance
Compiled & organized by: Yuliya, PANews
On December 4, at Binance Blockchain Week, renowned Wall Street analyst and BitMine Chairman Tom Lee delivered a keynote speech titled "The Crypto Supercycle Still Exists." He pointed out that the true golden age of crypto is just beginning, and not only gave a 2026 price target of $300,000 for Bitcoin and $20,000 for Ethereum, but also explained in detail why Ethereum's value is severely underestimated and why the traditional four-year Bitcoin cycle is no longer applicable.
The golden age of crypto is not over yet, and tokenization is the core narrative this year
At the beginning of his speech, Tom Lee reviewed the investment returns over the past decade and emphasized the astonishing growth potential of cryptocurrencies.
He pointed out that if you invested in the S&P 500 Index in December 2016, your capital would have grown by about three times; if you invested in gold

Compiled & Edited by: TechFlow
Guest: Murad
Podcast Source: MustStopMurad
Original Title: 116 Reasons why Crypto BULL MARKET is NOT OVER
Broadcast Date: November 27, 2025
Key Takeaways
Do you remember Murad, the top signal caller from the last cycle? The one who proposed the Meme Supercycle theory.
Now he’s back.
In this podcast episode, Murad shares 116 bullish reasons, data analyses, and on-chain signals, all indicating that the crypto bull market could last until 2026.
Murad believes this market cycle might break the previous four-year pattern and last even longer.
Highlights Summary
Compared to

On the evening of December 5, the National Internet Finance Association of China, together with several other associations, jointly issued the "Risk Warning on Preventing Illegal Activities Involving Virtual Currencies and Related Matters." The warning addresses risks associated with "air coins," real-world asset tokens, mining, and other activities involving cryptocurrencies. It urges the public to genuinely enhance their awareness of risks and their ability to identify them, to safeguard their own "wallets," and not to participate in activities related to virtual currencies, real-world asset tokens, or illegal fundraising and illegal securities issuance activities under the guise of cryptocurrency "mining."
The full text of the risk warning is as follows:
Recently, concepts related to virtual currencies have rapidly gained popularity. Some lawbreakers have taken this opportunity to hype related trading and speculative activities, using the banners of stablecoins, air coins (such as Pi Coin), real-world asset (RWA) tokens, and "mining" to carry out illegal fundraising, pyramid schemes, and other illegal activities. They have also used virtual currencies to transfer criminal proceeds, which seriously infringes on the property safety of the general public and disrupts

Recently, Lighter's trading volume in the decentralized perpetual contract DEX market has risen rapidly, with its daily, weekly, and monthly cumulative trading volumes surpassing those of Hyperliquid, making it the fastest-growing decentralized perpetual contract DEX during this period. However, from a capital structure perspective, Lighter's TVL and open interest have not expanded in sync with its trading volume, indicating a significant divergence between trading activity and capital retention. This also reflects the current stage-specific characteristics of its user base and trading behavior. At the same time, Lighter completed a $68 million financing round in November, supported by institutions such as Founders Fund, Ribbit Capital, and Robinhood. Driven by the influx of capital and the upcoming TGE, its points mechanism and airdrop expectations have become the main drivers of increased user activity on Lighter.

Starknet is developing rapidly, with DeFi TVL growing to $300 million and the stablecoin market cap reaching an all-time high. It builds its ecosystem through unique technology, supports various staking and cross-chain functions, emphasizes privacy and quantum security, and possesses strong market potential.

During the Q&A session at Binance Blockchain Week, someone asked CZ:
“If you could make 5 wishes to God, what would you choose?”
CZ said that 5 wishes are too many, one is enough.
He admitted that he doesn’t have many wishes, because the excitement of life comes from uncertainty:
“If the game is destined for you to win from the very beginning, then it’s no fun.”
His only wish is:
“I hope everyone has good health, and I also hope that God doesn’t give me too many unfortunate situations.”

At the Binance Blockchain Week event, when asked, "What is the one thing you want to tell the world? Why is it always Bitcoin?" Michael Saylor gave a highly representative answer:
"Think about how to leverage digital technology to bring better value to your products, services, company, and investors. Don't be afraid of new things, and don't be scared by volatility—because volatility means it's strong, dynamic, and it's the most useful thing in the entire capital market."
"This may be the most extraordinary force of our lifetime."

Highlights of this Issue
The statistical period for this issue covers November 28, 2025 to December 5, 2025. This week, due to adjustments in statistical methods, RWA market data showed some changes: the total on-chain market cap declined slightly, but the number of holders continued to grow, indicating a steadily strengthening user base. The total stablecoin market cap surpassed $300 billion, but both transfer volume and monthly active addresses decreased compared to the previous period, suggesting that the market may be transitioning from previous high-growth phases to a "new normal" focused on user penetration and ecosystem consolidation. On the regulatory front, the UK's FCA has opened a regulatory sandbox for stablecoin companies, the US FDIC plans to release an implementation draft of the GENIUS Act, and the Bank of Israel has signaled intentions to strengthen oversight—major global economies are accelerating efforts to bring stablecoins under prudent regulatory frameworks. On the project side, tokenized assets continue their global expansion trend: Europe's largest asset manager Amundi launched its first tokenized money market fund, and Japan Post Bank is advancing the application of DCJPY in real estate.

Daily Market Key Data Review and Trend Analysis, produced by PANews.
1. Market Observation
The U.S. labor market has recently shown conflicting signals. Last week, initial jobless claims unexpectedly fell to 191,000, the lowest since last September, indicating resilience in the job market; however, continuing claims remain at a high level of 1.94 million, reflecting structural challenges for the unemployed to find new jobs. Against this backdrop, the market's expectation for a Fed rate cut at the December 10 meeting has risen to 87%. National Economic Council Director Kevin Hassett predicts the Fed may cut rates by 25 basis points. In addition, the Federal Reserve's quantitative tightening policy has ended, and the market expects the launch of a "reserve management purchase" plan as early as January next year, buying about $35 billion per month to supplement liquidity. Although officials emphasize that this is not a new round of quantitative easing, investors still see it as a dovish signal. Meanwhile, the U.S. Treasury market regu

HumidiFi—the largest dark pool protocol on Solana, has become the DEX with the highest trading volume on Solana within just half a year of launch, accounting for over 50% of the market share, with plans for TGE on December 5th.
Let's talk about the somewhat "cloudy and foggy" litepaper that HumidiFi has already released and see what exactly HumidiFi is doing.
People are used to categorizing HumidiFi as part of the "dark pool" sector, while HumidiFi refers to its own DEX model as "Prop AMM"—a proprietary automated market maker.
Compared to the traditional AMM k = x \ y passive order matching, Prop AMM

While major economies around the world are still debating how to regulate cryptocurrencies, the UK has quietly made a key institutional move.
On December 3 local time, John McFall, Speaker of the House of Lords, officially announced that the “Property (Digital Assets, etc.) Act” had been approved. This means that, with the assent of King Charles, the bill has officially become law. From now on, under the legal framework of England and Wales, cryptocurrencies, stablecoins, and other digital assets are clearly recognized as a form of property.
A Key Leap from “Case Law Recognition” to “Codification”
This legislation is not created out of thin air, but is a confirmation and elevation of existing judicial practice. Previously, UK case law had already established the principle that digital assets constitute property through several court rulings. However, such case-by-case recognition has always lacked the clarity and stability of written law.
The core of this act is to incorporate the recommendations of the UK Law Commission in 2

PANews November 2025 Columnist Influence Ranking TOP5 and Column Article Popularity Ranking TOP10 (hereinafter referred to as the "Double Rankings") were released today. We conducted a comprehensive evaluation of all columnists' publications and the popularity of all column articles on the PANews platform in November to create the Double Rankings.
Columnist Influence Ranking TOP5
Based on publication frequency, article quality, and readership, we have compiled the TOP5 most influential columnists for November. As shown in the image above, the 5 columnists on the list are:
No.1

Bitmine suspected of buying 41,946 ETH again about 5 hours ago, worth approximately $130 million
According to Lookonchain, Bitmine, a suspected institution under Tom Lee, bought approximately 41,946 ETH again about 5 hours ago, with a transaction value of about $130.78 million.
JPMorgan: Whether Strategy can hold may be the key to Bitcoin’s short-term trend
According to The

On December 4, 2025, Japan's government bond market suddenly entered an abnormal state. The 30-year yield broke through its all-time high of 3.445% in one fell swoop, the 20-year government bond returned to levels last seen at the end of the last century, and the 10-year yield, which serves as the policy anchor, also rose to 1.905%, marking the first time it has reached this range since 2007.
Surprisingly, this loss of control over long-term rates was not triggered by a sudden change in macro data, but rather by the market's accelerated pricing of a rate hike at the Bank of Japan's meeting on the 18th to 19th of this month.
Currently, the implied probability of a rate hike in interest rate derivatives has climbed to over 80%, with market sentiment entering a "countdown mode" ahead of the official policy statements.
The Invisible Channel of YCC: The Yen Engine Behind Global Liquidity
To understand this round of turmoil, we still need to return to the Bank of Japan's core policy framework of the past decade—Yield Curve Control (YCC). Since 2016, the Bank of Japan has adopted an extremely

Author: Deep Tide TechFlow
It's the end of the year again, and it’s foreseeable that major institutions’ 2026 crypto predictions and outlooks will be released one after another over the next month.
But before looking at the new predictions, why not first review what these institutions said last year; after all, anyone can make predictions, but accuracy is what truly matters.
Looking back to the end of 2024, market sentiment was high, BTC had just broken through $100,000, and most predictions were optimistic:
For example, BTC would hit $200,000, the stablecoin market would double, AI agents would ignite on-chain activity, crypto unicorns would flock to IPOs... Now a year has passed—did those predictions come true?
We selected some typical views from last year's various prediction reports by institutions and individuals for a detailed review, to see whose predictions were more accurate.
1. VanEck: Accuracy rate 10%, only pre

Author: Deng Tong, Jinse Finance
On December 2, 2025, according to Nikkei News, video game and technology giant Sony Group plans to issue a US dollar-denominated stablecoin next year for purchasing games and anime within its digital ecosystem.
Japan also has a relevant stablecoin regulatory framework, so why did Sony choose to issue the stablecoin in the US rather than in Japan?
1. Where will Sony issue its stablecoin?
Since the US passed the GENIUS Act earlier this year, it has become a very good option. Previously, Sony's banking division, Sony Bank, submitted an application in October seeking a US national banking license. This license would allow its subsidiary trust bank to engage in "certain specific activities involving cryptocurrencies."
According to reports from October, this bank will operate as a trust company in the US and provide cryptocurrency services, including issuing USD-backed stable...

Author: Frank, PANews
In the closing session of Binance Blockchain Week, Binance founder Changpeng Zhao (CZ) engaged in a face-to-face in-depth debate with renowned "Bitcoin skeptic" and gold advocate Peter Schiff. During this conversation, the two fiercely discussed gold and Bitcoin from multiple dimensions, including store of value, transactional attributes, and forms of currency.
Surprisingly, Peter Schiff, the economist who has long criticized cryptocurrencies, actually took the stage with his own "tokenization project."
Bitcoin Opponent Moves Toward the "Tokenization" Track
The opening of the debate was quite dramatic. Despite being in what CZ referred to as his "home court advantage," with an audience full of cryptocurrency supporters, Peter Schiff did not show any signs of stage fright. Even more interestingly, the debate did not begin with intense