Expectations are rising that Japan may conduct large-scale sell-offs of U.S. Treasuries, and this potential shock is spreading from traditional financial markets to the crypto industry, especially Tether (USDT), which is deeply tied to U.S. Treasuries. Japan currently holds $1.189 trillion in U.S. Treasuries, making it the largest foreign holder globally, but as Japanese government bond yields hit multi-year highs, the attractiveness of holding U.S. Treasuries is declining. Analysis indicates that the U.S.-Japan yield spread has narrowed from 3.5% to 2.4% within six months. If it drops to around 2%, it will significantly boost the incentive for capital to flow back to Japan, potentially prompting Japanese institutions to sell as much as $500 billion in U.S. Treasuries. The broader yen carry trade amounts to $1.2 trillion; if interest rates rise and the yen strengthens, this structure could quickly unravel, triggering a chain of global asset liquidations.

POP MART's stock price has recently plummeted by 8.49%, marking its largest six-week decline, as market concerns over its overseas sales performance intensify, especially due to disappointing Black Friday sales data. Despite a significant surge in third-quarter earnings, analysts have expressed concerns about its future growth momentum.

The latest weekly report from Glassnode points out that the current market conditions are similar to the early stages of the 2022 bear market. ETF demand has weakened, IBIT has experienced six consecutive weeks of outflows, totaling over $2.7 billion. Derivatives data shows a reduced risk appetite in the market, with cautious sentiment in the options market and investors more inclined to sell.

In recent years, Chinese crypto investors have long relied on USDT and other USD stablecoins to hedge against market volatility, but recent currency movements have prompted them to reassess risk. Over the past six months, the offshore RMB/USD rate has climbed from 7.4 to 7.06, the highest level in a year, meaning investors holding USD stablecoins have seen their asset value quietly shrink when calculated in RMB. For example, if you exchanged RMB 100,000 for USDT in April, you would now only get about RMB 95,400 if you exchanged it back, a loss of about 4.6%—without touching any volatile crypto assets. A weakening dollar and a strengthening yuan have created double pressure. This year, the US dollar index has fallen nearly 10%, with weak US employment data and Federal Reserve rate-cut policies triggering large-scale unwinding of arbitrage trades. At the same time, a rebound in the Shanghai stock market has attracted foreign capital, further supporting the yuan’s appreciation. RMB settlements between companies are also on the rise, and increased financial hedging demand has pushed RMB demand beyond just speculation. According to Goldman Sachs research, for every 1% appreciation in the RMB, Chinese stock market returns increase by about 3%, creating a self-reinforcing cycle.

After several consecutive months of decline, the pessimistic sentiment in the Bitcoin market may be approaching a turning point. Bitwise Chief Investment Officer Matt Hougan stated in a recent discussion with investors that Bitcoin is currently at the bottom range of a six-month adjustment period, with "limited downside left," and that the current selling pressure may be nearing its end. As of Thursday, the price of Bitcoin hovered around $92,000, down more than 25% from the highs above $120,000 reached in October. Despite the deep pullback, Bitwise still maintains its prediction that Bitcoin will break above $200,000 by the end of the year, though it acknowledges that its previous market expectations were "right in direction, but wrong in timing."

Bank of America economist Kudo predicts that the Bank of Japan will raise interest rates to 0.75% in December, and expects an additional rate hike every six months until June 2026. This expectation is based on changes in factors such as corporate earnings and wage negotiations.

Odaily Planet Daily News: According to official sources, Gate has once again teamed up with the F1 Red Bull Racing Team to launch the fourth installment of the "IN THE MOMENT" digital collectible series. As the final chapter of the series, this issue will be available for free for a limited three-day period from December 5, 08:00 to December 7, 08:00 (UTC+8). During the event, two brand new NFTs will be released each day in limited quantities, on a first-come, first-served basis for global users. Building on the 3.2 million cumulative mints from the first three installments, users who collect all six collectibles from this issue will be eligible to participate in a site-wide lottery, and those who collect all 24 collectibles from all four issues will have a chance to win the ultimate grand prize. The fourth installment continues the series' digital art style, showcasing the Red Bull Racing Team's highlights from six iconic F1 race weekends in history. Additionally, to lower the participation threshold, the Gate platform will subsidize users who participate through its official channels during the event period.

Chainlink (LINK) experienced a significant market correction this Monday, dropping to as low as $11.74. However, the price quickly rebounded and, as of press time, has risen approximately 24% from the low, currently trading at $14.61. Although the short-term recovery has been strong, the technical structure and liquidity distribution indicate that LINK’s upside potential may be limited. Recently, LINK surged 15% within six days, reaching a high of $13.57, driven by ETF-related news and spot buying. However, the rapid reversal also revealed that its long-term trend remains weak. Although the daily chart turned bullish after breaking above $13.57, the overall trend has yet to fully reverse.

According to a report by Jinse Finance, the Institute for Supply Management (ISM) announced on Wednesday that the US services index rose slightly by 0.2 to a nine-month high of 52.6. A reading above 50 indicates the sector is in expansion. The ISM services and materials prices paid index showed the slowest growth rate in seven months. Although still at historically high levels, this figure suggests inflationary pressures have eased somewhat. The overall services index was supported by longer supplier delivery times and further improvement in business activity. The supplier deliveries index rose by 3.3 points, reaching its highest level in over a year. This increase may reflect challenges businesses face with tariffs as they seek product sources in a complex trade environment. The business activity index climbed to a three-month high of 54.5. Meanwhile, order growth slowed from a one-year high. Employment in the services sector showed further signs of stabilizing. The employment index rose to a six-month high of 48.9, indicating a slower pace of job declines. According to an ISM survey

Franklin Templeton's Solana ETF has received official approval from the New York Stock Exchange Arca (NYSE Arca) and is about to enter the trading phase. This means the fund will soon become one of the newest Solana (SOL) spot ETFs on the US market, competing with six existing SOL funds for the attention of institutional and retail investors. According to the latest filing submitted to the US Securities and Exchange Commission (SEC), NYSE Arca has approved the ETF's listing application, which is the final key step before the product begins trading. Franklin Templeton had previously submitted its final regulatory documents, which typically means the fund can be launched on the market within a few days. Notably, the company recently successfully launched an XRP ETF, and the advancement of this SOL ETF is seen as an important move in its proactive strategy to expand into crypto assets.

Golden Finance reports that Bubblemaps posted on the X platform that the PIPPIN project started in 2024, but due to a big dump in price, the community has almost forgotten about the project. However, in the past two weeks, the price of PIPPIN Token has risen by about 10, and the market capitalization increased from 20 million dollars to 220 million dollars. During this period, the team provided no updates and there has been no project progress, with their social media remaining inactive for six months. Tracking on-chain data reveals that 26 Addresses have withdrawn PIPPEN Tokens worth 96 million dollars from CEX within two months, with most withdrawals occurring on October 24 and November 23. The timing, amounts, and funding patterns indicate that these wallets are operating in coordination, and further investigation will be conducted.

Odaily News Gold prices fell on Tuesday from a more than six-month high, with Spot gold losing the $4200 per ounce mark during the day. This was partly due to the rise in U.S. Treasury yields and profit-taking that weighed on prices, while investors awaited U.S. economic data to assess the Fed's policy path. The Benchmark 10-year U.S. Treasury yield remained near a two-week high, diminishing the appeal of non-yielding assets like gold. KCM Trade chief market analyst Tim Water noted: "Gold has performed weakly today, but the fundamentals remain unchanged— including the expected Fed rate cuts, which should support gold prices from a yield perspective." Market sentiment is cautious, with expectations that the core PCE price index, a favored inflation indicator by the Fed, will remain moderate when released on Friday. Additionally, key U.S. data this week includes the November ADP employment report on Wednesday. (Jin10)

ChainCatcher news, the Taiyuan City Wanbailin District Prosecutor's Office has recently successfully handled a case involving the use of Virtual Money to conceal and disguise criminal proceeds. The criminal suspects Chen and Li assisted fraudsters in transferring criminal proceeds of 1.47 million yuan through the method of "cash → USD → USD". The court adopted the sentencing recommendations from the prosecution, sentencing the two to two years and six months and one year and six months in prison, respectively, and imposing fines. This case reveals a new type of criminal method of "investment eyecatching + Virtual Money Money Laundering". The prosecution has joined relevant units to carry out anti-fraud publicity, reminding the public to be vigilant against such covert cross-border fund transfer crimes.

BlockBeats news, on December 2, the Taiyuan City Wanbailin District Prosecutor's Office in Shanxi Province, China, recently announced the first-instance verdict on the case of Chen and Li, who were prosecuted for concealing and hiding criminal proceeds. The court accepted the sentencing recommendation from the prosecutor's office, sentencing the two to two years and six months, and one year and six months of fixed-term imprisonment respectively, and imposing fines. In May of this year, Ms. Zhang met "Lin Hao" (who is still at large) on a short video platform. "Lin Hao" falsely claimed that his comrade worked for a well-known company and had access to information about the company's stock rise and fall, stating that profits could be made by signing up for an account on the company’s internal website to "buy rise" (claiming a return of 5% per period). However, it required trading in US dollars and exchanging cash for US dollars with designated merchants, which would then be transferred to his comrade's US dollar account, and then transferred to the company's account. On May 21, Ms. Zhang, following "Lin Hao"'s instructions, brought 1.47 million yuan in cash to a hotel in Wanbailin District to prepare for the exchange of US dollars. Under the guidance of the upper source, Chen...

Vanguard will allow customers to trade cryptocurrency ETFs and mutual funds starting this week, covering assets such as Bitcoin, Ether, and others, marking a significant shift in its strategy. This change is driven by pressure from retail and institutional clients, with over 100 new crypto ETFs expected to be launched in the next six months.

Gate News bot message, A notable swing trader identified as 0xa96b executed a substantial purchase of 422,064 LINK tokens at $12.72 per token, investing 5.37M USDT in the transaction seven hours ago. Data shows that since October 10, the trader has engaged in six swing trades involving LINK. Despit

Golden Finance reports that Cathie Wood, the CEO and Chief Investment Officer of ARK Invest, stated that the company's prediction of a $1.5 million price for Bitcoin during the bull run remains unchanged. She pointed out that since the end of the U.S. government shutdown, $70 billion has flowed back into the market, and with the normalization of the Treasury's general account, an additional $300 billion is expected to flow back in the next five to six weeks.

On Thursday, the price of Bitcoin surged to $91,000, with investor enthusiasm warming up. Market observers expect its price to potentially break through the $100,000 barrier. Bitcoin has risen for six consecutive days, and analysts predict that the overall market capitalization of Crypto Assets may rebound by 25%, returning to above $4 trillion. Industry expert Farzam Ehsani stated that this rise "is enough to push Bitcoin back above $100,000" and may bring double-digit increases for high beta altcoins. He also warned that it is still too early to assert a trend reversal; Bitcoin must stabilize at the $90,000 mark with increased retail participation to establish a new pump cycle.

Golden Finance reported that on November 27, Ark Invest stated that U.S. market liquidity finally began to rebound after hitting a multi-year low of $5.56 trillion on October 30. A six-week government shutdown caused a liquidity loss of $621 billion, but with the government reopening, $70 billion has already flowed back into the market. It is expected that over the next 5-6 weeks, with the normalization of the Treasury's general account, another $300 billion will flow back. The improvement in the liquidity environment coincides with the Fed's shift to a dovish stance. New York Fed President John Williams, California Governor Waller, and San Francisco Fed President Daly have all expressed support for interest rate cuts, raising the implied probability of an upcoming rate cut to about 90%. Ark Invest believes that as liquidity is restored, Quantitative Tightening (QT) will end on December 1 and monetary policy will shift to a supportive stance, indicating that the market is forming conditions.

BlockBeats news, on November 27, according to Onchain Lens monitoring, this week's Whale players with a win rate of 100.00% have made a profit of $11,291,237 in just 50 days. Six hours ago, this Whale shorted BTC three times, with Holdings amounting to $90.3 million, and an average get on board price of $89,765.6.

Golden Finance reports that the head of digital assets at Franklin Templeton expects a series of diversified crypto portfolio ETFs to emerge following this wave of single asset ETFs. The company launched the XRP ETF this week. Bloomberg predicts that over 100 new crypto asset ETFs will be launched in the next six months.

BlockBeats news, on November 25, although Trump will not appear on the ballot for next November's midterm elections, he is fully committed with a do-or-die attitude because this election is crucial to his presidential term and political life. According to nine Republican strategists involved in the election, he is calling candidates, endorsing them early, formulating strategies, and pushing economic messages in an attempt to keep Congress in Republican hands. "Presidents usually start acting late in the campaign," said Bill Galston, a former senior advisor in the White House under Democratic President Bill Clinton, "Such engagement at this stage is extremely rare." Six Republican insiders told Reuters that Trump wants party candidates to use his tax cut plan as the campaign theme. The plan was introduced in July by the Republicans.

The US Spot Solana exchange-traded fund (ETF) achieved net inflows for the 20th consecutive trading day on Monday, continuing the sustained rise since its launch in late October. According to data from SoSoValue, the Spot Solana ETF had a net inflow of 58 million USD yesterday, with the Bitwise BSOL fund leading the way with a net inflow of 39.5 million USD. This is the third largest net inflow for the Solana fund report and the largest net inflow since November 3.

Strategy did not increase its holdings of Bitcoin last week, breaking a six-week streak of increases. It currently holds 649,870 Bitcoins, with the stock price down about 70% from its peak, and the current trading price is slightly above 1.2 times the net asset value.

A recent study by Redstone revealed a significant structural flaw in the crypto economy: in the $3.2 trillion crypto market, only 8% to 11% of the funds are able to generate returns, while in TradFi, this percentage is as high as 55% to 65%. This five to six times disparity highlights the profound impact of interest-bearing products on the traditional market, while the returns of Crypto Assets mainly still rely on their appreciation. Max Sandy, the product head of Ramp Network, stated that this gap is not just a statistical anomaly, but a fundamental barrier to institutional adoption of Crypto Assets.

Gate News Bot news, on November 24, according to CoinMarketCap, as of the time of writing, TAO (Bittensor) is currently priced at 297.34 USD, having pumped 7.47% in the last 24 hours, with a high of 336.96 USD and a low of 261.81 USD. The 24-hour volume reached 236 million USD. The current market capitalization is approximately 3.082 billion USD, an increase of 214 million USD compared to yesterday. TAO is currently ranked 32nd in the global Crypto Assets market capitalization. Important recent news about TAO: 1️⃣ **TAO ETP listed on the Swiss Stock Exchange** The physical-backed and staked TAO exchange-traded product (ETP) launched by the cryptocurrency exchange Safello has been listed on the SIX Swiss Exchange.

PANews, November 24, reported by Jin10, Barclays Research points out that there remains uncertainty regarding the Fed's interest rate decision next month, but Chairman Powell is likely to push the FOMC to make a rate cut decision. Based on recent speeches, Barclays believes that governors Mulan, Bowman, and Waller may support a rate cut, while regional Fed presidents Musalem and Schmidt tend to favor keeping interest rates unchanged. Governors Barr and Jefferson, as well as Goolsbee and Collins, have shown that their stance is still unclear but leans more towards maintaining the status quo. Governors Cook and Williams rely on data but seem to support a rate cut more. Barclays stated: "This means that before considering Powell's position, there may be six voters inclined to keep interest rates unchanged and five inclined to cut rates." The bank added that Powell will ultimately dominate this decision, as the threshold for governors to publicly oppose his stance is very high.

BlockBeats news, on November 22, the London-based ETF issuer LeverageShares will launch the world's first 3x go long/shorting Bitcoin and Ether ETF in Europe next week. Four new products (Bitcoin 3x go long, Bitcoin 3x shorting, Ether 3x go long, Ether 3x shorting) will be listed on the Swiss SIX exchange, further expanding the company's existing lineup of leveraged products.

Odaily News As Powell's four-year term is set to end in May next year—just six months away—the search for the next Fed chair is in full swing, with five candidates currently vying for what could be the most significant position in the U.S. economy. Powell has endured months of relentless attacks from Trump. Trump has consistently called for a drop in interest rates and has tried to reshape the Fed into a subservient institution. This week, Trump reiterated his desire to fire Powell, stating he 'really wants to get rid of him.' The next Fed chair may need to arm themselves to resist Trump's scorched-earth policy approach—unless that person is Hassett. Hassett has already hinted that he would support Trump's desire for a massive rate cut. (Jin10)

BitCapital announced plans to launch the first BONK ETP on the Swiss SIX exchange and confirmed collaboration with the Bonk.inu team. This fund will provide European investors with a fully regulated investment channel for BONK tokens, with trading set to begin on November 27, 2025, on the Swiss SIX exchange. The product will use real assets. BitCapital states that this will help showcase its performance in the market without using high-risk tools. The product is updated daily, including data such as net asset value.

Japan's six major asset management companies plan to launch Crypto Assets funds, with a total Assets Under Management of $2.5 trillion. Companies such as Mitsubishi UFJ, Nomura, and SBI have expressed interest, aiming to launch new products targeting both retail and institutional investors.

The UK's National Crime Agency (NCA) has revealed a Money Laundering network used by Russian intelligence agencies to convert cash into Crypto Assets to support the espionage organization of former Wirecard executive Jan Marsalek. The organization, consisting of six Bulgarian nationals, was involved in espionage activities and assassination plots and had previously been dismantled by the British police.

PANews, November 20 news, reported by SolanaFloor, Bitcoin Capital announced that its regulated BONK ETP will be listed on the SIX Swiss Exchange on November 27, 2025, which will provide European investors with an investment exposure linked 1:1 to the Solana ecosystem Meme coin BONK.

Odaily News Bitcoin Capital launches BONK ETP on the SIX Swiss Exchange in Switzerland, expected to officially list on October 27.

Golden Finance reports that the US dollar index DXY has risen to a six-month high, reaching a maximum of 100.35.

Foresight News reported that according to Santiment monitoring, Bitcoin whales have been increasingly active during the price fall over the past six weeks, with over 102,900 transactions worth more than $100,000 and over 29,000 transactions worth more than $1,000,000 this week. Santiment stated that this week is expected to become the most active week for whales since 2025.

PANews, November 20 news, China's Central Bank has kept the one-year and five-year Loan Prime Rate (LPR) unchanged at 3% and 3.5% respectively, maintaining the unchanged rate for six consecutive months.

Golden Finance reported that NVIDIA's Chief Financial Officer stated that the Rubin chip is expected to start mass production in the second half of 2026. The A100 GPU, which was dumped six years ago, is still running at full capacity.

PANews reported on November 19 that a recent report by research firm K33 indicates that the Bitcoin derivation market is showing a "dangerous" and concerning structural trend, as traders are increasing aggressive leverage amid a deepening pullback. Data shows that open interest in perpetual futures surged by over 36,000 BTC last week, marking the largest weekly increase since April 2023, while the funding rate continues to rise, indicating that traders are using high leverage to buy the dip. Vetle Lunde, the company's research director, stated that these leveraged long positions have become a potential source of selling pressure in the market, significantly increasing the risk of heightened fluctuation due to liquidation. Historical data shows that there have been seven similar market structures in the past five years, six of which continued to fall in the following month, with an average decline of -16%. The report also pointed out that Bitcoin is facing ETF funding.

Golden Finance reports that the crypto asset exchange Safello has announced that its physically backed and staked TAO exchange-traded product (ETP) has been listed on the Swiss Stock Exchange (SIX Swiss Exchange). This ETP is now being traded on European trading platforms and online brokers. The product Safello Bittensor Staked TAO ETP is issued by DDA ETP AG according to a cooperation agreement signed earlier this year, and is now listed on the Swiss Stock Exchange, traded in US dollars. Trading starts at market open, with the trading code being

ChainCatcher message, SIP-033 and SIP-034 proposals have officially activated at Bitcoin Block Height 923222, and the Bitcoin smart contracts layer Stacks has synchronized the launch of the Clarity 4 smart contract language. This upgrade adds six core functions for developers: on-chain contract code hash retrieval and verification, custom post-condition settings for contracts, simple value to ASCII string conversion, current block timestamp retrieval, secp256r1 signature verification (supporting native key integration), and a dimensioned resource term extension mechanism. These features will lower the development threshold for native DeFi applications on Bitcoin, helping to build safer and more flexible financial protocols, further strengthening Stacks' position as the liquidity layer of the Bitcoin ecosystem. All transactions on Stacks are settled on the Bitcoin blockchain, relying on transfer proofs.

PANews November 18 news, according to Decrypt, the Bitcoin vault company KindlyMD (NASDAQ: NAKA) fell nearly 10% on Monday due to its inability to submit its third quarter financial report on time, closing at $0.55. The stock has dropped 25% in the past week, with a cumulative decline of over 95% compared to six months ago. The company submitted a notice to the US SEC last Friday, stating that due to the complex accounting treatment from the NAKA merger transactions, more time is needed to complete the financial report.

According to Jinse Finance, with UK government bonds leading the way, US Treasury bonds have recovered some ground lost last week. Despite an early setback in the corporate bond market at the start of this week—Amazon issued $12 billion in dollar-denominated bonds (its first dollar bond issuance since 2022)—the rebound in Treasury bonds has been maintained. Similarly, on Monday, the index measuring factory activity in New York unexpectedly increased, reaching its highest level in a year. Nevertheless, most Treasury yields still fell by 1 to 3 basis points. Earlier predictions suggested that with the end of the six-week government shutdown last week, the final restoration of federal economic statistics would boost the prospects of the Fed cutting rates again next month. Morgan Stanley's interest rate strategist predicts that by mid-2026, the yield on the US 10-year Treasury bond will fall to 3.75%, and in the most bullish scenario, it could even reach 2.40%. Although during the shutdown, there was no...

ChainCatcher message, RootData has released a compilation of zombie projects and will continue to update it. This compilation aims to help investors identify potential risks and promote the healthy development of the industry ecosystem. It is reported that the first batch of 76 "zombie projects" has been exposed in this compilation, covering fields such as DeFi, NFT, GameFi, and infrastructure. These projects mostly originated from the bull-bear transition period of 2022-2023, when the financing boom subsided, and the projects fell into an inactive state, with no updates on product features or operational activities in the past six months, becoming "zombie" projects.

Japan's economy contracted for the first time since 2024 in the third quarter, with real GDP decreasing by 0.4% quarter-on-quarter and a year-on-year contraction of 1.8%. The main reasons are the decline in external demand and housing investment. Economists expect this contraction to be a temporary phenomenon, with the market likely to recover in the future.

PANews, November 17 news, the Nikkei 225 index fall has expanded to 1%, reported at 49,864.87 points. The Japanese Cabinet Office stated in a preliminary report on Monday that after adjusting for price and seasonality, Japan's real GDP annualized growth rate for the third quarter recorded -1.8%, marking the first contraction in six quarters, while the median market forecast was a decline of 2.5%.

Golden Finance reported that Caixin disclosed Qian Zhimin's diary, which shows that she has formulated a "six-year plan" related to Bitcoin from 2018 to 2023, expecting to sell a total of 5,500 Bitcoins at set prices in different years.

Gate News Bot news, on November 14, according to CoinMarketCap data, as of the time of writing, TRUMP (OFFICIAL TRUMP) is currently priced at 7.07 USD, down 8.72% in the last 24 hours, with a high of 9.50 USD and a low of 7.01 USD. The 24-hour volume reached 591 million USD. The current market capitalization is approximately 1.415 billion USD, a decrease of about 135 million USD compared to yesterday. TRUMP currently ranks 54th in the crypto assets market capitalization leaderboard. Important news about TRUMP recently: 1️⃣ **Government shutdown ends, market focus shifts to data vacuum and policy fog** U.S. President Trump signed a temporary funding bill, officially ending a government shutdown that lasted six weeks. The bill will provide funding for the federal government until January 30, 2026, avoiding a short-term economic.