December 2nd: Bitcoin briefly dropped below $84,000, experiencing a more than 8% decrease within 24 hours. The total crypto market capitalization fell below $3 trillion, with a total of $974 million liquidated across the entire network in the past 24 hours. Of this amount, long positions liquidated amounted to $851 million, leading to over 260,000 forced liquidations. In response to this crypto market crash, Arthur Hayes posted, citing the reason as the Bank of Japan hinting at a possible interest rate hike in December. The USD to JPY exchange rate fluctuated in the 155-160 range, indicating a hawkish stance by the Bank of Japan. Maclane Wilkison, the co-founder of Threshold Network, stated, "The Bank of Japan's signal of an impending rate hike has tightened global liquidity expectations and shaken risk assets."Additionally, Strategy's CEO, Phong Le, mentioned that they would only consider selling Bitcoin when the company's stock price falls below net asset value and they are unable to obtain new funds. Market concerns arose due to Bitcoin's price weakening, potentially leading Strategy to be forced to sell due to a lack of cash to pay dividends. In response, Strategy issued an announcement last night declaring the establishment of a $1.44 billion USD reserve fund specifically designated for paying preferred stock dividends and existing debt interest. The funds were derived from the proceeds of selling Class A common stock based on the market issuance plan. The current plan aims to maintain a reserve size covering at least 12 months of dividend payment requirements, with the ultimate goal of having a buffer fund pool covering 24 months or more of dividend payments.Previously, S&P Global Ratings downgraded Tether's USDT stability rating from "Restricted" to "Weak" and warned that a Bitcoin price decline could lead to undercollateralization risks for the stablecoin. Arthur Hayes posted, mentioning that a roughly 30% drop in the "gold + BTC position" would wipe out their equity capital, potentially rendering USDT theoretically insolvent. In response to this, Tether CEO Paolo Ardoino countered the "Tether FUD" by stating that the group's equity is close to $30 billion USD. S&P's analysis did not consider additional group equity nor did it account for the approximately $500 million monthly basic income that only U.S. Treasury yield could bring.Boris Revsin, General Partner and Managing Director at Tribe Capital, described this as a "leverage cleanse" that triggered a chain reaction throughout the market. Additionally, the macro environment has become less favorable: short-term rate cut expectations have diminished, inflation has remained stubborn, the job market has weakened, geopolitical risks have increased, and consumer pressures are rising. These factors have collectively contributed to the weak performance of most risk assets over the past two months. William Stern, the founder of Cardiff, stated, "With just over a week until the Fed meeting and unclear inflation data, institutional investors are actively reducing risk. They are reluctant to hold assets with high volatility, such as Bitcoin, to avoid any hawkish remarks from Powell."

December 2nd, according to Coinbob Popular Address Monitor, in the past 7 hours, the "Calm Whale" newly opened long positions for BTC, ETH, and SOL around $84,900, with a total position size of $13.61 million. In addition, at 10 PM yesterday, this address closed a short position for BTC at a slight profit of $50,000, and previously closed short positions for MON, ZEC, and SOL.According to monitoring, since the 27th, this address has repeatedly deposited around $200,000 into Hyperliquid and opened multiple positions, increasing the account balance to $780,000. The current major positions are: 40x BTC long position at $6.51 million, with a floating profit of $100,000 (62%); 20x SOL long position at $3.52 million, with a floating profit of $60,000 (35%); 25x ETH long position at $3.50 million, with a floating profit of $58,000 (41%).Previously, the "Calm Whale" account had a floating profit of nearly $10 million but did not close the position, and subsequently experienced five rounds of significant liquidation, resulting in an actual loss of over $18 million. This trader started with a $3 million principal in September, once making a profit of over $30 million within two months due to accurate predictions, attracting significant attention. In November, multiple mistakes led to a loss of almost all profits.

December 2nd, according to an official announcement from the perpetual contract trading platform Pacifica, in order to help users who were liquidated during the recent market volatility regain confidence in trading, users who were liquidated between October 1st and December 1st (UTC 04:00) will enjoy a 20% bonus points reward for trading throughout December.This activity is mainly aimed at active users who were liquidated due to market fluctuations but have not given up trading, aiming to help users rebuild their trading momentum through actual rewards.Pacifica was co-founded in January 2025 by three founders, including former FTX COO Constance Wang. The platform has developed rapidly, launching its testnet in just two months and officially launching its mainnet on June 10th this year.

December 2nd: Federal Reserve Chair Powell did not comment on the economy and monetary policy in the prepared remarks for his speech at Stanford University.

December 2nd, according to on-chain analyst Ai Yi (@ai_9684xtpa), two addresses have deposited a total of 13,356 ETH into Kraken in the past 7 hours, with a total value of $36.69 million.Both addresses have exchanged stETH for ETH, and their holdings have been held for over 5 years, with a cost basis as low as $1,000. It is uncertain whether they belong to the same whale or entity.

November 30th, according to GMGN data, some meme and altcoin tokens have surged significantly, including:Rude Penguin with a current market value of $9.3 million, a 24-hour increase of 50.64%;ALCH with a current market value of $140 million, a 24-hour increase of 48.5%;PIPPIN with a current market value of $110 million, a 24-hour increase of 40.5%;PINGPONG with a current market value of $7.4 million, a 24-hour increase of 30.98%;LSK with a current market value of $62 million, a 24-hour increase of 30.5%;DGRAM with a current market value of $15.6 million, a 24-hour increase of 30.26%;FIR with a current market value of $4.4 million, a 24-hour increase of 26.7%.

November 30th, according to Crowdfundinsider, the Wyoming Stablecoin Committee has launched the stablecoin Frontier Stable Token (FRNT) testnet faucet. Anyone with a digital wallet can now connect to their website and request up to 1000 "tFRNT" tokens to their public address every 24 hours.

November 30th, Arthur Hayes engaged in a war of words with Monad co-founder Keone Hon over "Monad as a high FDV low circulating supply VC coin." In response to Keone Hon inviting Arthur Hayes to experience the Monad mainnet, Arthur Hayes once again responded, stating, "Unlock all tokens now, and you'll be very different from all the so-called Ethereum killers before. I bet you will definitely succeed."Previously, Arthur Hayes stated in an interview that Monad (MON) is "another high FDV (Fully Diluted Valuation), low circulating supply VC coin." This token structure itself poses a huge risk to retail investors, potentially facing a 99% crash. Early pumps usually occur, followed by a brutal sell-off after the token unlocks for insiders. It will become another "bear chain." Arthur Hayes believes that most new Layer-1 networks will eventually fail, with only a very few surviving in the long term.

November 30th, Nasdaq's Head of Digital Assets Strategy, Matt Savarese, stated that they consider the SEC approval of their tokenized stock plan a top priority and will "move it forward as quickly as possible." The team now needs to focus on evaluating public feedback. Nasdaq's goal is not to overturn the existing securities system but to enable everyone to participate in this journey and bring tokenization into the mainstream. Nasdaq hopes to advance all of this in a responsible and investor-centric manner within the SEC's regulatory framework.Previously, Nasdaq had formally submitted a rule change proposal to the SEC, seeking to allow regulated trading platforms to support tokenized stocks and ETF trading on its exchange. If approved, this proposal would make the U.S. mainstream securities exchange the first to legitimately offer on-chain securities trading alongside traditional stocks.

November 30th, according to CME's "FedWatch" data, the probability of a 25 basis point Fed rate cut in December is currently at 86.4%, with a 13.6% probability of the rates remaining unchanged. Since the unexpected drop in U.S. initial jobless claims on November 26th, the probability of a rate cut has remained high.The probability of the Fed holding rates steady until January 2026 is 10%, with a 67% probability of a cumulative 25 basis point rate cut, and a 23% probability of a cumulative 50 basis point rate cut.The next two FOMC meeting dates for the Fed are December 10th and January 28th, 2026.