Gate Daily (December 2): Vanguard opens Crypto Assets ETF trading this week; MicroStrategy establishes $1.4 billion cash reserve.

Bitcoin (BTC) continues its weak falling trend, currently reported at around $87,250 on December 2. Vanguard has made a rare announcement, opening cryptocurrency ETF trading this week, supporting mainstream assets such as BTC and ETH. MicroStrategy has established a cash reserve of $1.4 billion and increased its Bitcoin holdings to 650,000 coins. Republicans are urging action on the market structure bill in response to calls to cancel banking operations.

Macro Events & Coin Circle Hotspots

On December 1, House Financial Services Committee Chairman French Hill and Oversight Subcommittee Chairman Dan Meuser claimed in a notice that the regulatory agencies during the administration of former U.S. President Joe Biden “used vague rules, excessive discretion, informal guidance, and aggressive enforcement actions to force banks to stop providing services to digital asset customers” — many Republicans referred to these actions as “Operation Choke 2.0.”

2. MicroStrategy (MSTR) is establishing a reserve of $1.44 billion to support dividend payments on its preferred stock and interest on outstanding debt. MicroStrategy announced the establishment of a dollar reserve, funded by proceeds from the sale of Class A common stock under its market issuance plan. “MicroStrategy's current intention is to maintain sufficient dollar reserves to pay at least twelve months of dividends, and the company plans to strengthen its dollar reserves over time, with the ultimate goal of covering 24 months or more of dividends,” the company stated. Along with the launch of the reserve, MicroStrategy also revealed additional purchases of 130 Bitcoins.

3. According to a report by Bloomberg, Vanguard, the world's second-largest asset management firm, announced that it will allow trading of ETFs and mutual funds that primarily hold Crypto Assets such as Bitcoin, Ethereum, XRP, and Solana on its platform, breaking its previous long-standing refusal to engage with Crypto Assets. This move enables its over 50 million brokerage account users to access compliant crypto fund products, but it still excludes funds related to “meme coins” and currently has no plans to launch its own crypto products.

News Dynamics

1. Vanguard opens trading for Crypto Assets ETF, supporting BTC, ETH and other mainstream assets.

2. The FDIC plans to announce the first regulatory draft for the issuance of GENIUS stablecoins this month.

3. DeepSeek releases V3.2 official version, enhancing reasoning and tool invocation capabilities.

4. SEC Chairman Paul Atkins will deliver a speech tonight at the New York Stock Exchange, focusing on the vision for reforming the 250th anniversary of the U.S. capital markets.

5. Kalshi will put thousands of prediction markets on-chain to Solana.

6. The probability of the Federal Reserve lowering interest rates by 25 basis points in December is 87.6%.

7. Bloomberg: Stablecoin company First Digital plans to go public through a SPAC merger.

8. Polygon Co-founder: Hope MicroStrategy does not become the LUNA of this cycle.

9. Jared Grey announced his resignation from the leadership position at Sushi and will transition to an advisory role, and Sushi received a large investment from Synthesis.

10. Bitnomial will launch the first CFTC-regulated spot Crypto Assets trading platform.

Market Trends

1. Latest news on Bitcoin: $BTC continues its weak falling trend, currently reported at around 87,250 USD, with a liquidation of 280 million USD in the past 24 hours, mainly from long positions;

2. The U.S. stock market closed lower on December 1, with the Dow Jones dropping more than 400 points, as encryption assets resumed their fall. Furthermore, following the Bank of Japan's hint at an interest rate hike this month, U.S. Treasury yields surged, coupled with economic data showing that tariffs continue to weigh on the manufacturing sector, undermining investor confidence. The Dow Jones Industrial Average closed down 427.09 points, a drop of 0.90%, at 47,289.33 points; the S&P 500 index fell 36.46 points, a decline of 0.53%, to 6,812.63 points; and the Nasdaq index decreased by 89.76 points, a fall of 0.38%, closing at 23,275.92 points. The Philadelphia Semiconductor Index closed nearly flat, down only 4.62 points, a decline of 0.06%, at 7,020.53 points.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 86,504.10 USDT, if it falls to around 83,413 USDT, the cumulative liquidation amount for long positions exceeds 660 million USDT; if it rises to around 87,216 USDT, the cumulative liquidation amount for short positions exceeds 304 million USDT. The liquidation amount for shorts is significantly lower than that for longs, suggesting a reasonable control of leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 3.66 billion USD, outflow was 3.99 billion USD, with a net outflow of 330 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $BTC, $ETH, $PIPPIN, $MERL, and $TRADOOR have seen net outflows, indicating trading opportunities.

X KOL Selected Insights

Phyrex Ni（@Phyrex_Ni）: “Today's market is tough; although I don't know the main reason for the fall, I think it has something to do with China's continued crackdown on Crypto Assets and the rising interest rates in Japan. The former is manageable and will pass with some adjustment, but the latter is the biggest trouble right now, especially since Japan's real interest rates have already risen, and today the Bank of Japan's Ueda also hinted at the pros and cons of interest rate hikes, stating that they would appropriately raise rates when conditions are ripe.”

“The Japanese yen has long served as the world's largest low-interest financing pool, providing invisible liquidity for risk assets such as U.S. tech stocks, AI assets, and BTC. When Japan enters a rate hike cycle, it means that the cost of financing is elevated, forcing cross-border institutions, quantitative funds, and risk parity strategies that originally relied on yen carry trades to deleverage. The narrowing of the U.S.-Japan interest rate differential will cause funds to flow back to Japan, potentially compressing the valuation premium of U.S. assets.”

“Moreover, Japan's interest rate hikes and real interest rate actions may have just begun. As interest rates increase, the potential liquidity damage could be greater. However, the current global focus remains on AI-driven tech stocks, and the current cost of borrowing in yen is still not high. If the Federal Reserve can enter a rapid rate-cutting phase, it could hedge against some of the negative impacts of the yen's interest rate hikes.”

“Looking at the data for Bitcoin, today's price fall has still caused panic, but the main body of the panic is mainly the investors who bought the dip in the last two days. Those holding positions around 90,000 dollars are the largest part of today's trading volume, while investors at other positions are still showing normal sentiment, with no obvious signs of panic. The restoration of confidence may still depend on the Federal Reserve. However, from the perspective of the chip structure, it is still stable, and there are no signs of a large number of loss-making investors changing hands, especially for investors whose holding costs are above 100,000 dollars. This remains the range with the most recent holdings, and there has been no collapse due to the price drop.”

Today’s Outlook

1. Eurozone November Consumer Price Index preliminary value (year-on-year), previous value was 2.1%

2. Eurozone November Consumer Price Index preliminary (month-on-month), previous value was 0.2%

3. Eurozone unemployment rate for October, previous value was 6.3%.