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不追热点,不猜短期,不骄不躁。保持研究,记录思考,只等属于自己的那阵风。
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There is a lot of noise in the market, filled with endless "opinions". Professional traders shouldn't even look at news, but rely solely on data for decision-making. The difficulty in trading lies in the fact that making mistakes can lead to profits, while doing the right thing can often result in losses. Without a systematic risk control mechanism, trading actually introduces risks, and operational risks far exceed volatility risks. It may seem like a lot of effort is put in daily, but it's actually a negative cycle. The correct approach is to maintain a positive cycle, continue researching, and keep accumulating. Not all pain has value; true "effective pain" must be built within a framework of scientific methodology.
There is a lot of noise in the market, filled with endless "opinions".

Professional traders shouldn't even look at news, but rely solely on data for decision-making.

The difficulty in trading lies in the fact that making mistakes can lead to profits, while doing the right thing can often result in losses.

Without a systematic risk control mechanism, trading actually introduces risks, and operational risks far exceed volatility risks.

It may seem like a lot of effort is put in daily, but it's actually a negative cycle. The correct approach is to maintain a positive cycle, continue researching, and keep accumulating.

Not all pain has value; true "effective pain" must be built within a framework of scientific methodology.
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No More Carving a Boat to Seek a Sword: Using 'Not Walking When Seeing the Road' to Expose the Illusion of Bitcoin's Four-Year Cycle Using the core idea of 'not walking when seeing the road' (seeking truth from facts, based on conditions), deconstruct the four-year cycle theory of Bitcoin. Here, the 'road' is still the 'halving calendar' that people use to carve a boat to seek a sword, while 'not walking' means jumping out of the calendar and judging trends based on the new market conditions dominated by Wall Street. 1. Core Logic Reconstruction: From 'Code-Determined Cycles' to 'Liquidity-Determined Cycles' In the old era dominated by retail investors, the cycle of Bitcoin seemed to be determined by Satoshi Nakamoto's code (halving every 4 years). However, in the new era with Wall Street entering the scene, this causal relationship has been disproven or reconstructed.

No More Carving a Boat to Seek a Sword: Using 'Not Walking When Seeing the Road' to Expose the Illusion of Bitcoin's Four-Year Cycle

Using the core idea of 'not walking when seeing the road' (seeking truth from facts, based on conditions), deconstruct the four-year cycle theory of Bitcoin.

Here, the 'road' is still the 'halving calendar' that people use to carve a boat to seek a sword, while 'not walking' means jumping out of the calendar and judging trends based on the new market conditions dominated by Wall Street.

1. Core Logic Reconstruction: From 'Code-Determined Cycles' to 'Liquidity-Determined Cycles'

In the old era dominated by retail investors, the cycle of Bitcoin seemed to be determined by Satoshi Nakamoto's code (halving every 4 years). However, in the new era with Wall Street entering the scene, this causal relationship has been disproven or reconstructed.
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Cryptocurrency Information Gap on December 6, 2025 1. Polymarket data shows that the market bets on a 25 basis point rate cut in December have risen to 93%, while the probability of no rate cut has fallen to 8%. 2. Bitcoin spot ETF saw a net outflow of $195 million yesterday. Ethereum spot ETF had a net outflow of over $41 million yesterday. Solana spot ETF had a total net inflow of $4.59 million for the day. 3. BlackRock CEO Larry Fink stated that Bitcoin is a 'panic asset', and people buy it out of concern for currency devaluation, financial turmoil, and geopolitical crises. He pointed out that Bitcoin does not belong to traditional 'hope-based assets', but is favored when market uncertainty increases.

Cryptocurrency Information Gap on December 6, 2025

1. Polymarket data shows that the market bets on a 25 basis point rate cut in December have risen to 93%, while the probability of no rate cut has fallen to 8%.

2. Bitcoin spot ETF saw a net outflow of $195 million yesterday. Ethereum spot ETF had a net outflow of over $41 million yesterday. Solana spot ETF had a total net inflow of $4.59 million for the day.

3. BlackRock CEO Larry Fink stated that Bitcoin is a 'panic asset', and people buy it out of concern for currency devaluation, financial turmoil, and geopolitical crises. He pointed out that Bitcoin does not belong to traditional 'hope-based assets', but is favored when market uncertainty increases.
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Web3's 'Coming of Age Ceremony': From Regulatory Crackdown to Nasdaq's EntryIntroduction: Farewell to the Wild Grass If the DeFi Summer of 2020 is likened to the 'adolescence' of Web3, filled with restlessness, rebellion, and contempt for the old order; then in 2025, Web3 finally welcomes its 'coming of age ceremony.' This year, two parallel lines collide violently: one is the regulatory red line - the world's first case of DAO (Ooki DAO) completely shatters the illusion of 'decentralization equals immunity.' The other is the commercial golden line - Nasdaq steps on the gas, trying to tokenize trillions of dollars in U.S. stock assets, turning blockchain into Wall Street's backyard. At this moment, 'Code is Law' officially gives way to the dual-track new order of 'Code + Law.'

Web3's 'Coming of Age Ceremony': From Regulatory Crackdown to Nasdaq's Entry

Introduction: Farewell to the Wild Grass

If the DeFi Summer of 2020 is likened to the 'adolescence' of Web3, filled with restlessness, rebellion, and contempt for the old order; then in 2025, Web3 finally welcomes its 'coming of age ceremony.'

This year, two parallel lines collide violently: one is the regulatory red line - the world's first case of DAO (Ooki DAO) completely shatters the illusion of 'decentralization equals immunity.' The other is the commercial golden line - Nasdaq steps on the gas, trying to tokenize trillions of dollars in U.S. stock assets, turning blockchain into Wall Street's backyard.

At this moment, 'Code is Law' officially gives way to the dual-track new order of 'Code + Law.'
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2025 DAO Survival Chronicles and Project Life and Death LedgerIntroduction As the Ooki DAO case completely changed regulatory winds in 2025, the romantic era of 'Code is Law' officially came to an end. The Web3 world is undergoing a brutal 'great species divergence': on one side are the 'endangered species' facing legal crackdowns due to refusal to evolve, and on the other side are the 'new species' dominating the market through the integration of RWA (real-world assets) and compliant frameworks. Which DAOs will perish? Which will become trillion-dollar giants? Here are specific project case analyses. Chapter One: Endangered List (Red Alert)

2025 DAO Survival Chronicles and Project Life and Death Ledger

Introduction As the Ooki DAO case completely changed regulatory winds in 2025, the romantic era of 'Code is Law' officially came to an end. The Web3 world is undergoing a brutal 'great species divergence': on one side are the 'endangered species' facing legal crackdowns due to refusal to evolve, and on the other side are the 'new species' dominating the market through the integration of RWA (real-world assets) and compliant frameworks.

Which DAOs will perish? Which will become trillion-dollar giants? Here are specific project case analyses.

Chapter One: Endangered List (Red Alert)
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The biggest Alpha in the interest rate down cycle: why I am optimistic about Curve's 'yield inversion' in 2026?At the end of 2025, the crypto market seems to have made Curve (CRV) an embarrassing topic. Watching the price of CRV linger at low levels for a long time, the community is filled with a sentiment: 'Curve is old, belongs to the previous cycle, liquidity is being eaten away by Uniswap V4.' This voice is loud, but if you're willing to block out the noise and look at the real data on-chain, you'll find an extremely bizarre **'value gap'**: while the market is paying a high premium for 'air narratives', one of the most profitable machines in the DeFi space is being sold off as scrap at a discount.

The biggest Alpha in the interest rate down cycle: why I am optimistic about Curve's 'yield inversion' in 2026?

At the end of 2025, the crypto market seems to have made Curve (CRV) an embarrassing topic.

Watching the price of CRV linger at low levels for a long time, the community is filled with a sentiment: 'Curve is old, belongs to the previous cycle, liquidity is being eaten away by Uniswap V4.'

This voice is loud, but if you're willing to block out the noise and look at the real data on-chain, you'll find an extremely bizarre **'value gap'**: while the market is paying a high premium for 'air narratives', one of the most profitable machines in the DeFi space is being sold off as scrap at a discount.
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Cryptocurrency Information Gap on December 5, 20251. Ethereum's 17th major upgrade "Fusaka" successfully launched on December 3, and by 2026, Ethereum is expected to release the next major upgrade called "Glamsterdam." 2. Yesterday, there was a net outflow of $14.9 million from the Bitcoin spot ETF. The Ethereum spot ETF had a net inflow of $138.96 million. Solana's spot ETF had a total net outflow of $32.19 million in one day. 3. In the week ending November 29, the number of initial unemployment claims in the U.S. was 191,000, expected to be 220,000, with the previous value revised from 216,000 to 218,000. 4. The SEC Chairman stated in an interview that the Bitcoin market structure bill is about to be passed.

Cryptocurrency Information Gap on December 5, 2025

1. Ethereum's 17th major upgrade "Fusaka" successfully launched on December 3, and by 2026, Ethereum is expected to release the next major upgrade called "Glamsterdam."

2. Yesterday, there was a net outflow of $14.9 million from the Bitcoin spot ETF. The Ethereum spot ETF had a net inflow of $138.96 million. Solana's spot ETF had a total net outflow of $32.19 million in one day.

3. In the week ending November 29, the number of initial unemployment claims in the U.S. was 191,000, expected to be 220,000, with the previous value revised from 216,000 to 218,000.

4. The SEC Chairman stated in an interview that the Bitcoin market structure bill is about to be passed.
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SEC Appoints 'Smart Access': How ERC-3643 Will Ignite the Next RWA Bull Market?Core Summary On December 2, 2025, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), announced a plan called 'Project Crypto', scheduled to launch in January 2026. This marks a historic turning point for the SEC from 'crackdowns' to 'rule-making'. In this plan, Atkins specifically mentioned the technical standard ERC-3643. This is not just a code rule; it is key to allowing traditional financial assets (such as stocks and real estate) to be legally traded on the blockchain. This presents a huge opportunity for compliant RWA (Real World Assets) sectors.

SEC Appoints 'Smart Access': How ERC-3643 Will Ignite the Next RWA Bull Market?

Core Summary

On December 2, 2025, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), announced a plan called 'Project Crypto', scheduled to launch in January 2026. This marks a historic turning point for the SEC from 'crackdowns' to 'rule-making'.

In this plan, Atkins specifically mentioned the technical standard ERC-3643. This is not just a code rule; it is key to allowing traditional financial assets (such as stocks and real estate) to be legally traded on the blockchain. This presents a huge opportunity for compliant RWA (Real World Assets) sectors.
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Ethereum Fusaka Upgrade Successfully Launched#ETH #Fusaka 1. The biggest trump card: PeerDAS (Data Sampling) What is this? Previously, nodes on Ethereum (which are computers that maintain the network) acted like a group of extremely serious but inefficient librarians. Every time Layer 2 (such as Arbitrum or Base) needed to upload a data packet (Blob), each librarian had to read the entire book (data) from beginning to end, store it, and confirm that there were no issues. This made everyone very tired, and they could only handle a few books. What has it turned into now? With PeerDAS, it has now become 'random sampling.' The books are torn into many small fragments, and each librarian only needs to randomly sample and save a few fragments. As long as the fragments in everyone's hands can be pieced together to restore a book, it is considered passed.

Ethereum Fusaka Upgrade Successfully Launched

#ETH #Fusaka

1. The biggest trump card: PeerDAS (Data Sampling)
What is this? Previously, nodes on Ethereum (which are computers that maintain the network) acted like a group of extremely serious but inefficient librarians. Every time Layer 2 (such as Arbitrum or Base) needed to upload a data packet (Blob), each librarian had to read the entire book (data) from beginning to end, store it, and confirm that there were no issues. This made everyone very tired, and they could only handle a few books.

What has it turned into now? With PeerDAS, it has now become 'random sampling.' The books are torn into many small fragments, and each librarian only needs to randomly sample and save a few fragments. As long as the fragments in everyone's hands can be pieced together to restore a book, it is considered passed.
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USDT is trading at a negative premium Multiple exchanges' OTC show 1 USDT ≈ 6.98 RMB, but the current exchange rate shows 1 USD = 7.07 RMB. Core reason: The cost of capital inflow and outflow risks has increased ("safe funds" premium) The People's Bank held a meeting last week to crack down on stablecoins.
USDT is trading at a negative premium
Multiple exchanges' OTC show 1 USDT ≈ 6.98 RMB, but the current exchange rate shows 1 USD = 7.07 RMB.

Core reason: The cost of capital inflow and outflow risks has increased ("safe funds" premium)

The People's Bank held a meeting last week to crack down on stablecoins.
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The GameFi sector has now dropped out of the top 100 by market value. Remember how popular GameFi was back in the day, with everyone talking about getting rich through "gold farming"? With the bubble burst, what remains?
The GameFi sector has now dropped out of the top 100 by market value.

Remember how popular GameFi was back in the day, with everyone talking about getting rich through "gold farming"? With the bubble burst, what remains?
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Cryptocurrency Information Gap on December 4, 20251. After the ADP release: The probability of the Federal Reserve cutting rates by 25 basis points in December remains roughly the same as before the release, with a probability of 88.8%. 2. Yesterday, Bitcoin spot ETF saw a net inflow of $58.01 million. Ethereum spot ETF had a net outflow of $10.69 million. Solana spot ETF had a total net inflow of $45.77 million in a single day. The first LINK spot ETF in the U.S. was listed, with a net inflow of $37.05 million on its first day. 3. Announcement: The Ethereum Fusaka upgrade will activate in approximately 9 hours (UTC time December 3, 21:49:11, Beijing time December 4, 05:49:11). 4. Binance launches Binance Junior, a product designed specifically for children and teenagers aged 5 to 17, positioned as a digital financial education and usage platform.

Cryptocurrency Information Gap on December 4, 2025

1. After the ADP release: The probability of the Federal Reserve cutting rates by 25 basis points in December remains roughly the same as before the release, with a probability of 88.8%.

2. Yesterday, Bitcoin spot ETF saw a net inflow of $58.01 million. Ethereum spot ETF had a net outflow of $10.69 million. Solana spot ETF had a total net inflow of $45.77 million in a single day. The first LINK spot ETF in the U.S. was listed, with a net inflow of $37.05 million on its first day.

3. Announcement: The Ethereum Fusaka upgrade will activate in approximately 9 hours (UTC time December 3, 21:49:11, Beijing time December 4, 05:49:11).

4. Binance launches Binance Junior, a product designed specifically for children and teenagers aged 5 to 17, positioned as a digital financial education and usage platform.
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Crypto Information Gap on December 3, 20251. Bitcoin spot ETF had a total net inflow of $847.92 million yesterday, continuing a net inflow for 4 days. Ethereum spot ETF had a net outflow of $79.13 million. Solana spot ETF had a total net outflow of $13.55 million in a single day. XRP spot ETF had a total net inflow of $89.65 million in a single day. 2. SEC Chairman: The innovation exemption for cryptocurrency companies will take effect in January next year. 3. Franklin Crypto Index ETF adds ADA, LINK, DOGE, SOL, XLM, and XRP tokens. Previously, the Franklin Crypto Index ETF only held ETH and BTC simultaneously. 4. Goldman Sachs acquires ETF issuer Innovator Capital for $2 billion, which may expand its footprint in the digital asset space.

Crypto Information Gap on December 3, 2025

1. Bitcoin spot ETF had a total net inflow of $847.92 million yesterday, continuing a net inflow for 4 days. Ethereum spot ETF had a net outflow of $79.13 million. Solana spot ETF had a total net outflow of $13.55 million in a single day. XRP spot ETF had a total net inflow of $89.65 million in a single day.

2. SEC Chairman: The innovation exemption for cryptocurrency companies will take effect in January next year.

3. Franklin Crypto Index ETF adds ADA, LINK, DOGE, SOL, XLM, and XRP tokens. Previously, the Franklin Crypto Index ETF only held ETH and BTC simultaneously.

4. Goldman Sachs acquires ETF issuer Innovator Capital for $2 billion, which may expand its footprint in the digital asset space.
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Continuously seeing large institutions, banks, listed companies, and even countries starting to turn towards and break their previous stance to accept cryptocurrency assets. Essentially, it is voting with real money, and the long-term allocation value significantly increases. This transformation has just entered the 'second half' #加密市场观察
Continuously seeing large institutions, banks, listed companies, and even countries starting to turn towards and break their previous stance to accept cryptocurrency assets.

Essentially, it is voting with real money, and the long-term allocation value significantly increases.

This transformation has just entered the 'second half'
#加密市场观察
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The "planned dollar depreciation" promoted by the Trump administration in collaboration with the Federal Reserve will trigger epic market fluctuations that surpass those of 2008. Normal State: Negative Correlation (Dollar falls, US stocks rise). Danger State: Positive Correlation (Dollar falls, US stocks also fall) If we see the dollar index drop while US stocks fall without any significant negative news. Unlike the traditional belief that "a falling dollar is good for US stocks," due to the high proportion of foreign capital in US assets, a significant depreciation of the dollar will force foreign investors to sell US stocks on a large scale due to exchange rate losses. This will disrupt market balance, trigger capital flight and liquidity exhaustion, leading to a vicious cycle where "dollar collapse" and "stock market crash" occur simultaneously. Of course, this may not necessarily happen. There is a certain probability that it will occur. If foreign investors sell US stocks and dollars, where does the money go? This is the biggest flaw in this theory. Large institutional investors typically use derivatives to hedge against exchange rate risks rather than directly selling the underlying assets.
The "planned dollar depreciation" promoted by the Trump administration in collaboration with the Federal Reserve will trigger epic market fluctuations that surpass those of 2008.

Normal State: Negative Correlation (Dollar falls, US stocks rise).
Danger State: Positive Correlation (Dollar falls, US stocks also fall) If we see the dollar index drop while US stocks fall without any significant negative news.

Unlike the traditional belief that "a falling dollar is good for US stocks," due to the high proportion of foreign capital in US assets, a significant depreciation of the dollar will force foreign investors to sell US stocks on a large scale due to exchange rate losses.

This will disrupt market balance, trigger capital flight and liquidity exhaustion, leading to a vicious cycle where "dollar collapse" and "stock market crash" occur simultaneously.

Of course, this may not necessarily happen. There is a certain probability that it will occur.

If foreign investors sell US stocks and dollars, where does the money go? This is the biggest flaw in this theory.

Large institutional investors typically use derivatives to hedge against exchange rate risks rather than directly selling the underlying assets.
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U.S. President Trump: I know who I want to choose as the Federal Reserve Chairman, and I will announce it soon. The next Federal Reserve Chairman will directly influence monetary policy, stablecoin regulation, and the degree to which banks are open to the cryptocurrency industry, thereby determining whether crypto can integrate into the mainstream financial system. The popular candidate, Kevin Hassett, is a former advisor to Coinbase, holds its stock, and advocates for an inclusive attitude toward crypto innovation, making him perceived as friendly to the industry by the market. If he takes office, he may push for interest rate cuts and loosen liquidity, paving the way for stablecoins and institutional participation, which would benefit the long-term development of risk assets like BTC. According to Polymarket data, in the prediction of "Who will Trump nominate as the Federal Reserve Chairman?", the market currently bets that Kevin Hassett has the highest probability of being elected, rising to 73%.
U.S. President Trump: I know who I want to choose as the Federal Reserve Chairman, and I will announce it soon.

The next Federal Reserve Chairman will directly influence monetary policy, stablecoin regulation, and the degree to which banks are open to the cryptocurrency industry, thereby determining whether crypto can integrate into the mainstream financial system.

The popular candidate, Kevin Hassett, is a former advisor to Coinbase, holds its stock, and advocates for an inclusive attitude toward crypto innovation, making him perceived as friendly to the industry by the market.

If he takes office, he may push for interest rate cuts and loosen liquidity, paving the way for stablecoins and institutional participation, which would benefit the long-term development of risk assets like BTC.

According to Polymarket data, in the prediction of "Who will Trump nominate as the Federal Reserve Chairman?", the market currently bets that Kevin Hassett has the highest probability of being elected, rising to 73%.
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Cryptocurrency Information Gap on December 2, 20251. The probability of the Federal Reserve cutting rates by 25 basis points in December is 87.4% 2. BitMine announced last week that it increased its holdings by 96,798 ETH, bringing its total holdings to 3,726,499 ETH. Additionally, the company disclosed it holds 192 BTC, shares of Eightco Holdings worth 36 million USD, and 882 million USD in cash without liabilities. 3. Following comments from Bank of Japan Governor Kazuo Ueda, expectations for a rate hike in Japan have increased. 4. According to Nikkei News, Sony Bank is expected to issue a USD-pegged stablecoin in the fiscal year 2026 in the United States, and plans to use it for payments related to games and anime content within its ecosystem.

Cryptocurrency Information Gap on December 2, 2025

1. The probability of the Federal Reserve cutting rates by 25 basis points in December is 87.4%

2. BitMine announced last week that it increased its holdings by 96,798 ETH, bringing its total holdings to 3,726,499 ETH. Additionally, the company disclosed it holds 192 BTC, shares of Eightco Holdings worth 36 million USD, and 882 million USD in cash without liabilities.

3. Following comments from Bank of Japan Governor Kazuo Ueda, expectations for a rate hike in Japan have increased.

4. According to Nikkei News, Sony Bank is expected to issue a USD-pegged stablecoin in the fiscal year 2026 in the United States, and plans to use it for payments related to games and anime content within its ecosystem.
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After observing, let's summarize the reasons for the drop this morning 1. Poor liquidity over the weekend + monthly options contract settlement, dropped exactly at 0:00 UTC 2. After the speech by Bank of Japan Governor Kazuo Ueda, expectations for a rate hike in Japan increased, and the yen's trend reversed (it dropped once for the same reason last year at 805, a widely discussed risk that is likely to be continuously digested, not a big issue) 3. The drop is related to the People's Bank of China holding a meeting to coordinate efforts to combat speculation in virtual currency trading #加密市场观察
After observing, let's summarize the reasons for the drop this morning

1. Poor liquidity over the weekend + monthly options contract settlement, dropped exactly at 0:00 UTC

2. After the speech by Bank of Japan Governor Kazuo Ueda, expectations for a rate hike in Japan increased, and the yen's trend reversed (it dropped once for the same reason last year at 805, a widely discussed risk that is likely to be continuously digested, not a big issue)

3. The drop is related to the People's Bank of China holding a meeting to coordinate efforts to combat speculation in virtual currency trading
#加密市场观察
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Crypto Information Gap on December 1, 20251. Nasdaq's Head of Digital Assets Strategy, Matt Savarese, stated that the exchange has prioritized the SEC approval of its tokenized stock program and will 'accelerate the process as much as possible'; the team now needs to focus on evaluating public feedback. 2. According to KOL crypto fearless revelations, the SAHARA price plummeted abnormally last night due to active market makers being recently liquidated. 3. Michael Saylor has once again released Bitcoin Tracker information, and data on increased holdings may be disclosed next week. 4. The dYdX community will launch a one-month liquidation rebate pilot program starting on December 1, 2025, through a new proposal under the 'Liquidation Rebate Pilot Program'. This program will reward traders who experience liquidation events with points and rebates, up to a maximum of $1 million.

Crypto Information Gap on December 1, 2025

1. Nasdaq's Head of Digital Assets Strategy, Matt Savarese, stated that the exchange has prioritized the SEC approval of its tokenized stock program and will 'accelerate the process as much as possible'; the team now needs to focus on evaluating public feedback.

2. According to KOL crypto fearless revelations, the SAHARA price plummeted abnormally last night due to active market makers being recently liquidated.

3. Michael Saylor has once again released Bitcoin Tracker information, and data on increased holdings may be disclosed next week.

4. The dYdX community will launch a one-month liquidation rebate pilot program starting on December 1, 2025, through a new proposal under the 'Liquidation Rebate Pilot Program'. This program will reward traders who experience liquidation events with points and rebates, up to a maximum of $1 million.
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According to the RootData calendar page, next week includes project dynamics, macroeconomic news, token unlocks, incentive activities, and pre-sale events. The details are as follows: December 1: The opening date for the Aster Phase 3 airdrop checker is December 1; EIGEN unlocks 38.3544 million tokens, worth $22.6475 million, accounting for 8.646% of the circulation; 50% of the trading fees generated by the Giggle trading pair on Binance will be automatically converted to GIGGLE and allocated to Giggle Academy for partial destruction; Lighter plans to achieve EVM scalability early next year and share collateral with exchanges; The Lido network economic support system NEST is expected to be delivered in December 2025; Bank of Japan Governor Kazuo Ueda gave a speech in Nagoya, central Japan, and met with business leaders. December 2: ENA unlocks 110.9531 million tokens, worth $31.166 million, accounting for 1.495% of the circulation; Aztec will conduct a public sale from December 2 to 6, 2025; Eurozone November CPI year-on-year preliminary value; Eurozone November CPI month-on-month preliminary value; Eurozone October unemployment rate; Federal Reserve Chairman Powell delivered a speech at a commemorative event. December 3: Avant USD will update the MAX exchange mechanism starting December 3; HumidiFi will launch an ICO event on the JupiterDTF platform on December 3; Eurozone October PPI month-on-month; Ethereum will release the Fusaka upgrade on December 3; Binance will hold Binance Blockchain Week in Dubai on December 3. December 5: XION unlocks 43.1553 million tokens, worth $17.5752 million, accounting for 97.990% of the circulation; The second destruction of Renzo's repurchased tokens will take place on December 5; The destruction time for Aster's Phase 3 repurchased tokens is December 5; BNB Hack will be held from December 5 to 6; Eurozone third-quarter GDP year-on-year revised value; U.S. December one-year inflation rate expected preliminary value. December 7: Beldex is preparing for the Obscura hard fork upgrade at block height 4,939,540, expected to be completed on December 7 at 05:30 UTC; HFT unlocks 11.6942 million tokens, worth $419.2 thousand, accounting for 1.801% #加密市场观察
According to the RootData calendar page, next week includes project dynamics, macroeconomic news, token unlocks, incentive activities, and pre-sale events. The details are as follows:

December 1:

The opening date for the Aster Phase 3 airdrop checker is December 1;
EIGEN unlocks 38.3544 million tokens, worth $22.6475 million, accounting for 8.646% of the circulation;
50% of the trading fees generated by the Giggle trading pair on Binance will be automatically converted to GIGGLE and allocated to Giggle Academy for partial destruction;
Lighter plans to achieve EVM scalability early next year and share collateral with exchanges;
The Lido network economic support system NEST is expected to be delivered in December 2025;
Bank of Japan Governor Kazuo Ueda gave a speech in Nagoya, central Japan, and met with business leaders.
December 2:

ENA unlocks 110.9531 million tokens, worth $31.166 million, accounting for 1.495% of the circulation;
Aztec will conduct a public sale from December 2 to 6, 2025;
Eurozone November CPI year-on-year preliminary value;
Eurozone November CPI month-on-month preliminary value;
Eurozone October unemployment rate;
Federal Reserve Chairman Powell delivered a speech at a commemorative event.
December 3:

Avant USD will update the MAX exchange mechanism starting December 3;
HumidiFi will launch an ICO event on the JupiterDTF platform on December 3;
Eurozone October PPI month-on-month;
Ethereum will release the Fusaka upgrade on December 3;
Binance will hold Binance Blockchain Week in Dubai on December 3.
December 5:

XION unlocks 43.1553 million tokens, worth $17.5752 million, accounting for 97.990% of the circulation;
The second destruction of Renzo's repurchased tokens will take place on December 5;
The destruction time for Aster's Phase 3 repurchased tokens is December 5;
BNB Hack will be held from December 5 to 6;
Eurozone third-quarter GDP year-on-year revised value;
U.S. December one-year inflation rate expected preliminary value.
December 7:

Beldex is preparing for the Obscura hard fork upgrade at block height 4,939,540, expected to be completed on December 7 at 05:30 UTC;
HFT unlocks 11.6942 million tokens, worth $419.2 thousand, accounting for 1.801%

#加密市场观察
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