Zombit
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The viewpoint of "public chains lacking moats" sparks controversy! Dragonfly partner criticizes it as "absurd to the extreme", QW: Stop talking nonsense, let's bet on it.
Alliance DAO co-founder Qiao Wang (QW) recently published a tweet ranking the "moat strength" of tech companies and the cryptocurrency industry, sparking widespread discussion in the crypto community. He rated traditional tech giants like Microsoft, Apple, and TSMC at the highest score of 10/10, while the best companies in the crypto industry were rated only 5/10, and the moat of public chains (L1 protocols) was rated at the lowest of 3/10, causing significant controversy. In particular, QW's rating of public chains was seen as a direct denial of Ethereum's market leadership over the past decade, prompting rebuttals from several industry figures, including Dragonfly Capital partner Haseeb Qureshi.
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Powell's post-meeting remarks weaken the bullish sentiment of rate cuts! Bitcoin surged to $94,000 before retreating, and the market is once again caught in volatility.
The Federal Reserve (Fed) announced on Wednesday its third interest rate cut of the year by 25 basis points, in line with market expectations, adjusting the federal funds rate range to 3.5% to 3.75%. However, Chairman Jerome Powell released both dovish and hawkish signals during the post-meeting press conference, causing a rapid shift in market sentiment, leading to significant volatility in Bitcoin (BTC).
Powell expressed a cautious attitude towards easing policies
After the announcement, Bitcoin briefly surged to $94,400, but as Powell emphasized that inflation is still not truly under control and that the pace of future easing remains uncertain, short-term market sentiment weakened, and the price quickly fell back to around $90,000 at the time of writing, down about 2.2% in the past 24 hours.
Powell expressed a cautious attitude towards easing policies
After the announcement, Bitcoin briefly surged to $94,400, but as Powell emphasized that inflation is still not truly under control and that the pace of future easing remains uncertain, short-term market sentiment weakened, and the price quickly fell back to around $90,000 at the time of writing, down about 2.2% in the past 24 hours.
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Alliance DAO co-founder comments on the tech industry's moat: Microsoft and TSMC are hard to replace, L1 public chains lack defensive power
Alliance DAO co-founder QW (Qiao Wang) recently shared his ratings of the strength of the 'moat' of various tech companies and blockchain projects, sparking widespread discussion in the crypto community and the tech industry. A moat is generally seen as the ability of a company or protocol to fend off competition and maintain a long-term competitive advantage.
QW places traditional tech giants generally in the high score range (full score of 10 points), while crypto companies and public chains receive lower overall scores, reflecting his structural judgment that the crypto market is 'highly competitive and easily replicated.'
10 points: almost unshakeable moat
QW places traditional tech giants generally in the high score range (full score of 10 points), while crypto companies and public chains receive lower overall scores, reflecting his structural judgment that the crypto market is 'highly competitive and easily replicated.'
10 points: almost unshakeable moat
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Just criticized Bitcoin as a tulip bubble, famous bear Michael Burry claims he is studying 'tokenization'
The main character of the movie (The Big Short), hedge fund manager Michael Burry, retweeted an article discussing tokenization on social media platform X on Wednesday, adding a classic line from (Finding Nemo) with the tag 'Just keep swimming,' indicating that he is 'learning' about tokenization concepts.
I am learning. #justkeepswimming Beyond crypto: how tokenization is quietly rewiring markets | The Paypers https://t.co/y7zaveTruz
— Cassandra Unchained (@michaeljburry) December 9, 2025
This article published by (The Paypers), titled "Beyond Cryptocurrency: How Tokenization is Quietly Reshaping Markets" discusses how tokenization technology is becoming an important force in the global financial system, developing into a market worth billions of dollars. The author also explains how tokenized dollars and stablecoins will strengthen the role of the dollar globally, and reveals how interoperability pilots can practically validate the immediate transfer capabilities of tokenized assets.
I am learning. #justkeepswimming Beyond crypto: how tokenization is quietly rewiring markets | The Paypers https://t.co/y7zaveTruz
— Cassandra Unchained (@michaeljburry) December 9, 2025
This article published by (The Paypers), titled "Beyond Cryptocurrency: How Tokenization is Quietly Reshaping Markets" discusses how tokenization technology is becoming an important force in the global financial system, developing into a market worth billions of dollars. The author also explains how tokenized dollars and stablecoins will strengthen the role of the dollar globally, and reveals how interoperability pilots can practically validate the immediate transfer capabilities of tokenized assets.
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'Tether's favorite son' plummets on the first day of issuance; can Stable reverse the downturn?
Author: Jae, PANews
Another stablecoin dubbed 'Tether's favorite son' has officially launched, but the market seems unconvinced.
On the evening of December 8, the much-anticipated stablecoin dedicated public chain Stable officially launched its mainnet and STABLE token. As a Layer 1 deeply incubated by the core teams of Bitfinex and Tether, the narrative of 'Tether's favorite son' also attracted widespread attention from the market upon its launch.
However, against the backdrop of tightening market liquidity, Stable did not launch as beautifully as its competitor Plasma, facing not only a sluggish price but also a trust crisis involving mouse warehouses. Is Stable's script aiming to rise after a fall or continue to open low and walk low?
Another stablecoin dubbed 'Tether's favorite son' has officially launched, but the market seems unconvinced.
On the evening of December 8, the much-anticipated stablecoin dedicated public chain Stable officially launched its mainnet and STABLE token. As a Layer 1 deeply incubated by the core teams of Bitfinex and Tether, the narrative of 'Tether's favorite son' also attracted widespread attention from the market upon its launch.
However, against the backdrop of tightening market liquidity, Stable did not launch as beautifully as its competitor Plasma, facing not only a sluggish price but also a trust crisis involving mouse warehouses. Is Stable's script aiming to rise after a fall or continue to open low and walk low?
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Hundreds of Silk Road-related wallets awaken after years of dormancy, transferring Bitcoin to unmarked addresses
On-chain data shows that hundreds of crypto wallets associated with the now-closed dark web 'Silk Road' suddenly moved after being 'dormant' for over a decade, transferring Bitcoin (BTC) to the same unmarked address.
According to data from Arkham Intelligence, about 312 Silk Road-related wallets transferred a total of 3.14 million dollars worth of Bitcoin to an address starting with 'bc1q' on Tuesday, and it remains unclear why these wallets suddenly became active. Data shows that as of today, these Silk Road-related wallets still hold approximately 41.3 million dollars worth of Bitcoin.
According to data from Arkham Intelligence, about 312 Silk Road-related wallets transferred a total of 3.14 million dollars worth of Bitcoin to an address starting with 'bc1q' on Tuesday, and it remains unclear why these wallets suddenly became active. Data shows that as of today, these Silk Road-related wallets still hold approximately 41.3 million dollars worth of Bitcoin.
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Ark Invest buys Bitcoin ETF, Cathie Wood: Four-year cycle pattern will be broken
The asset management company Ark Invest, led by Cathie Wood, purchased Bitcoin spot ETFs through its two funds on Tuesday, further betting on its highly optimistic cryptocurrency layout.
According to data tracked by Ark Invest Tracker, Ark Invest bought its jointly issued ARK 21Shares Bitcoin ETF (ticker: ARKB) through the 'ARK Fintech Innovation ETF' (ARKF) and 'ARK Next Generation Internet ETF' (ARKW) together with 21Shares, with ARKF acquiring 5,754 shares; ARKW acquiring 49,246 shares. Based on ARKB's closing price of $30.92 on that day, the total value of this transaction is approximately $1.7 million.
According to data tracked by Ark Invest Tracker, Ark Invest bought its jointly issued ARK 21Shares Bitcoin ETF (ticker: ARKB) through the 'ARK Fintech Innovation ETF' (ARKF) and 'ARK Next Generation Internet ETF' (ARKW) together with 21Shares, with ARKF acquiring 5,754 shares; ARKW acquiring 49,246 shares. Based on ARKB's closing price of $30.92 on that day, the total value of this transaction is approximately $1.7 million.
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Surge in demand for Bitcoin $20,000 put options! Open interest value nearing $200 million, are traders betting on a BTC crash?
Deep out-of-the-money (OTM) Bitcoin put options are seeing significant trading volume in long-dated expiration contracts, as traders are buying these cheap contracts with 'explosive return' potential, betting that Bitcoin will experience extreme volatility, yielding huge profits akin to winning the lottery.
At the major cryptocurrency options exchange Deribit, the $20,000 strike price put option expiring in June 2026 is the second most popular option underlying for that month, with an open interest value exceeding $191 million.
In addition to the $20,000 put options, the $30,000, $40,000, $60,000, and $75,000 strike price put options expiring in June 2026 are also showing notable activity.
At the major cryptocurrency options exchange Deribit, the $20,000 strike price put option expiring in June 2026 is the second most popular option underlying for that month, with an open interest value exceeding $191 million.
In addition to the $20,000 put options, the $30,000, $40,000, $60,000, and $75,000 strike price put options expiring in June 2026 are also showing notable activity.
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The U.S. Senate accelerates the advancement of the CLARITY Act! Advocates claim 'no obstacles,' and the banking committee warns that it will be difficult to complete before the end of the year.
The U.S. Congress is intensifying negotiations to push forward a comprehensive cryptocurrency regulation bill, hoping to ultimately send the bill to President Donald Trump for signature. However, despite some senators holding an optimistic view on the legislative timetable, the actual progress of deliberations still faces multiple variables such as White House language, ethical clauses, and procedural arrangements, leading to uncertainties about whether the committee review can be completed before Christmas.
Bipartisan: The bill is close to completion and is progressing smoothly.
New York Democratic Senator Kirsten Gillibrand and Wyoming Republican Senator Cynthia Lummis stated this week at the Blockchain Association policy summit in Washington, D.C. that the Senate version of the cryptocurrency market clarity bill (the CLARITY Act) is progressing rapidly.
Bipartisan: The bill is close to completion and is progressing smoothly.
New York Democratic Senator Kirsten Gillibrand and Wyoming Republican Senator Cynthia Lummis stated this week at the Blockchain Association policy summit in Washington, D.C. that the Senate version of the cryptocurrency market clarity bill (the CLARITY Act) is progressing rapidly.
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SpaceX plans to create the largest IPO in history! Expected to raise over $30 billion to invest in building a space data center.
SpaceX is accelerating its plan for an initial public offering (IPO), with insiders indicating that if this financing is successful, it will become the largest IPO in history.
Target to go public by the end of 2026, timeline may still change.
According to Bloomberg reports, the company led by Musk is targeting a total valuation of $1.5 trillion. If SpaceX sells 5% of its shares in the IPO at a $1.5 trillion valuation, it will need to sell $40 billion worth of stock, a figure that far exceeds Saudi Aramco's IPO amount of about $29 billion in 2019, making it the largest IPO in history. In contrast, Saudi Aramco only sold 1.5% of its shares at that time, which is much lower than the shareholding ratio typically released by public companies.
Target to go public by the end of 2026, timeline may still change.
According to Bloomberg reports, the company led by Musk is targeting a total valuation of $1.5 trillion. If SpaceX sells 5% of its shares in the IPO at a $1.5 trillion valuation, it will need to sell $40 billion worth of stock, a figure that far exceeds Saudi Aramco's IPO amount of about $29 billion in 2019, making it the largest IPO in history. In contrast, Saudi Aramco only sold 1.5% of its shares at that time, which is much lower than the shareholding ratio typically released by public companies.
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Standard Chartered significantly lowers Bitcoin target price: 2025 target price halved to $100,000, with the disappearance of DAT buy orders as the main reason
As Bitcoin's performance deteriorates in the fourth quarter and the upward momentum is hindered, the British multinational bank and wealth management company Standard Chartered has significantly lowered its long-term price forecast for this top cryptocurrency. In its latest report, Standard Chartered pointed out that Bitcoin is currently trapped in a narrow range without any obvious bullish catalysts, making it difficult to break through in the short term.
Bitcoin price outlook worsens
In its latest report, Standard Chartered has halved its target price for Bitcoin in 2025 to $100,000 and postponed the target price of $500,000 by two years to 2030. According to the updated forecast, the bank now expects Bitcoin to reach $150,000 in 2026, $225,000 in 2027, $300,000 in 2028, and $400,000 in 2029.
Bitcoin price outlook worsens
In its latest report, Standard Chartered has halved its target price for Bitcoin in 2025 to $100,000 and postponed the target price of $500,000 by two years to 2030. According to the updated forecast, the bank now expects Bitcoin to reach $150,000 in 2026, $225,000 in 2027, $300,000 in 2028, and $400,000 in 2029.
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BMW adopts JPMorgan blockchain platform to automate part of foreign exchange transfers
According to a report by Bloomberg, German automaker BMW has started using a blockchain system to automate some foreign exchange transactions, reflecting the business community's accelerated adoption of the underlying technology of crypto assets to expedite and simplify cross-border payments worth billions of dollars.
According to a statement released on Tuesday, BMW is using JPMorgan's Kinexys platform to automatically draw funds from its euro account in Frankfurt when the balance of its New York dollar account falls below a specific threshold.
Kinexys global co-CEO Naveen Mallela stated in an interview that Kinexys has high-speed and programmable characteristics, which can reduce the capital buffer that BMW must reserve due to the risk of insufficient funds. Through this system, transfers can be completed around the clock within seconds without the need for human intervention, no longer limited by traditional bank operating hours.
According to a statement released on Tuesday, BMW is using JPMorgan's Kinexys platform to automatically draw funds from its euro account in Frankfurt when the balance of its New York dollar account falls below a specific threshold.
Kinexys global co-CEO Naveen Mallela stated in an interview that Kinexys has high-speed and programmable characteristics, which can reduce the capital buffer that BMW must reserve due to the risk of insufficient funds. Through this system, transfers can be completed around the clock within seconds without the need for human intervention, no longer limited by traditional bank operating hours.
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Circle obtains Abu Dhabi regulatory license, plans to expand payment and clearing business in the UAE
The issuer of the US dollar stablecoin USDC, Circle, announced on Tuesday a significant regulatory advancement in the United Arab Emirates, having obtained a Financial Services Permission (FSP) issued by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), allowing it to operate as a money service provider within the financial free zone.
Circle stated in a declaration that, with the FSP license now in place, the company plans to expand compliant payment and clearing application scenarios for businesses, developers, and financial institutions in the UAE.
ADGM is a special economic zone and international financial center located in the capital of the United Arab Emirates, operating under an independent legal and regulatory system. The Financial Services Regulatory Authority (FSRA) is the main regulatory and licensing body for businesses in the area.
Circle stated in a declaration that, with the FSP license now in place, the company plans to expand compliant payment and clearing application scenarios for businesses, developers, and financial institutions in the UAE.
ADGM is a special economic zone and international financial center located in the capital of the United Arab Emirates, operating under an independent legal and regulatory system. The Financial Services Regulatory Authority (FSRA) is the main regulatory and licensing body for businesses in the area.
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Polymarket's trading volume questioned for "double counting," Paradigm report ignites controversy over prediction market data
The data officer of the cryptocurrency venture capital firm Paradigm, Storm, recently pointed out in a post that there is an issue with the on-chain data structure of the prediction market Polymarket, where "trading volume is being double-counted," leading to an exaggerated transaction volume displayed on many data dashboards in the past. This research quickly sparked heated debates in the community, involving not only the design of on-chain events and the interpretation of data but also the competitive sensitivity between the two major prediction platforms, Polymarket and Kalshi.
Does Polymarket have a fake trading volume issue?
Storm pointed out in the report that for each transaction on Polymarket, a set of OrderFilled events is issued for both the maker and the taker, representing different aspects of the same transaction. However, most industry data dashboards sum up all OrderFilled events directly when calculating trading volume, resulting in the same transaction amount being "double-counted," leading to a situation where the trading volume is inflated by two times or even more.
Does Polymarket have a fake trading volume issue?
Storm pointed out in the report that for each transaction on Polymarket, a set of OrderFilled events is issued for both the maker and the taker, representing different aspects of the same transaction. However, most industry data dashboards sum up all OrderFilled events directly when calculating trading volume, resulting in the same transaction amount being "double-counted," leading to a situation where the trading volume is inflated by two times or even more.
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Tether has gained regulatory approval in Abu Dhabi, expanding the compliant use of USDT across multiple mainstream public chains.
Stablecoin issuer Tether announced on Monday that its USD stablecoin USDT issued on multiple major blockchains has been recognized as an 'Approved Fiat Reference Token' (AFRT) within the Abu Dhabi Global Market (ADGM), further driving the company's expansion in the region.
Tether announced on Monday that the recognition allows authorized institutions with an ADGM Financial Services Regulatory Authority (FSRA) license to provide regulated business related to USDT on blockchain networks such as Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON. This will shape a multi-chain operational infrastructure and simultaneously enhance liquidity and interoperability at the levels of trading, settlement, and decentralized applications.
Tether announced on Monday that the recognition allows authorized institutions with an ADGM Financial Services Regulatory Authority (FSRA) license to provide regulated business related to USDT on blockchain networks such as Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON. This will shape a multi-chain operational infrastructure and simultaneously enhance liquidity and interoperability at the levels of trading, settlement, and decentralized applications.
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The Zcash community proposes a dynamic fee solution to ensure users do not exit due to excessively high fees.
The core developers of the privacy coin Zcash recently released the first complete design blueprint for a dynamic fee market, sparking discussions in the community about how this blockchain, which has been running for over a decade, should price transactions as ZEC prices, user activity, and institutional interest rise simultaneously.
The proposal released by Shielded Labs advocates for moving away from the fixed fee model that Zcash has long adopted—initially set at 10,000 zatoshi and later reduced to 1,000—this design can function during periods of low demand but ultimately fosters so-called 'sandblasting' type spam attacks, causing wallet lag and severe congestion in the blockchain network.
The proposal released by Shielded Labs advocates for moving away from the fixed fee model that Zcash has long adopted—initially set at 10,000 zatoshi and later reduced to 1,000—this design can function during periods of low demand but ultimately fosters so-called 'sandblasting' type spam attacks, causing wallet lag and severe congestion in the blockchain network.
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CoinShares 2026 Outlook: Digital assets transition from market disruption to integration, with 'Hybrid finance' becoming the main theme
The cryptocurrency asset management company CoinShares stated that as large institutions begin to build services on public blockchains, digital assets are shifting from being experiments outside the system to the core of financial infrastructure. In the outlook report released on Monday for 2026, the company believes that the next phase will be defined by 'integration' rather than disruption, referring to it as 'Hybrid finance'—the fusion of crypto tracks and traditional finance reshaping the underlying architecture of the market.
CoinShares CEO Jean-Marie Mognetti stated that digital assets no longer operate solely outside the traditional economic system; they are increasingly embedded within it to strengthen core financial infrastructure, rather than merely attempting to replace it.
CoinShares CEO Jean-Marie Mognetti stated that digital assets no longer operate solely outside the traditional economic system; they are increasingly embedded within it to strengthen core financial infrastructure, rather than merely attempting to replace it.
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Halving no longer dominates the market! Grayscale breaks the 'four-year cycle' narrative: Bitcoin's trend is shifting towards macro dominance
The traditional narrative of the four-year cycle is gradually losing its explanatory power.
Since its birth in 2009, the price of Bitcoin has long been regarded as closely linked to the 'four-year halving cycle.' Whenever the block reward halves, the new supply significantly decreases, and the market usually experiences a strong upward trend in the following year; the bull markets of 2013, 2017, and 2021 have all validated this pattern.
However, as the circulating supply of Bitcoin approaches its fixed cap, the relative impact of each halving on overall supply and demand is diminishing. Grayscale's latest research indicates that the supply shock caused by halving is no longer as pronounced as in the past, and the market is no longer entirely driven by retail sentiment, causing the traditional four-year cycle narrative to gradually lose its ability to dominate the market.
Since its birth in 2009, the price of Bitcoin has long been regarded as closely linked to the 'four-year halving cycle.' Whenever the block reward halves, the new supply significantly decreases, and the market usually experiences a strong upward trend in the following year; the bull markets of 2013, 2017, and 2021 have all validated this pattern.
However, as the circulating supply of Bitcoin approaches its fixed cap, the relative impact of each halving on overall supply and demand is diminishing. Grayscale's latest research indicates that the supply shock caused by halving is no longer as pronounced as in the past, and the market is no longer entirely driven by retail sentiment, causing the traditional four-year cycle narrative to gradually lose its ability to dominate the market.
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HashKey reveals IPO details: plans to raise up to 1.67 billion HKD, to officially list on December 17
HashKey, a licensed virtual asset group in Hong Kong, officially announces the details of its IPO, becoming the first Web3 fintech company to be listed on the main board of the Hong Kong Stock Exchange since the implementation of the virtual asset licensing system in Hong Kong. According to the latest disclosed prospectus, HashKey aims to raise up to 1.67 billion HKD in a global offering and is expected to officially list for trading on December 17.
HashKey plans to raise up to 1.67 billion HKD
According to public documents, HashKey plans to issue 240 million shares, with 10% available for public sale in Hong Kong, with an offer price ranging from 5.95 HKD to 6.95 HKD, aiming to raise up to 1.67 billion HKD. The company stated that the funds from this fundraising will mainly be used for: expanding regulatory licenses and operational capabilities, strengthening institutional custody and clearing infrastructure, as well as investing in stablecoin infrastructure and cross-border payment markets.
HashKey plans to raise up to 1.67 billion HKD
According to public documents, HashKey plans to issue 240 million shares, with 10% available for public sale in Hong Kong, with an offer price ranging from 5.95 HKD to 6.95 HKD, aiming to raise up to 1.67 billion HKD. The company stated that the funds from this fundraising will mainly be used for: expanding regulatory licenses and operational capabilities, strengthening institutional custody and clearing infrastructure, as well as investing in stablecoin infrastructure and cross-border payment markets.
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BitMine buys another 138,000 ETH in one week, Ethereum holdings surpass 3.2% of supply; MicroStrategy simultaneously makes a large purchase of Bitcoin
The US Ethereum reserve company BitMine Immersion Technologies (BMNR) disclosed in its latest 8-K filing that it has significantly accelerated its accumulation of Ethereum (ETH) over the past week. The company bought a total of 138,452 ETH last week, bringing its total holdings to 3,864,951 ETH, which is over 3.2% of the total ETH supply. This marks a significant rebound in BitMine's purchasing momentum after a slowdown in November, moving closer to its target of accumulating 5% of the total ETH supply.
BitMine bought another 138,000 ETH in one week
As of December 7, BitMine's latest asset composition is as follows: 3,864,951 ETH, 193 BTC, 1 billion USD in cash, and shares of Eightco worth 36 million USD (Worldcoin Reserve Company). BitMine's average cost for Ethereum is 3,925 USD, and its total holdings currently have an unrealized loss of approximately 3.095 billion USD.
BitMine bought another 138,000 ETH in one week
As of December 7, BitMine's latest asset composition is as follows: 3,864,951 ETH, 193 BTC, 1 billion USD in cash, and shares of Eightco worth 36 million USD (Worldcoin Reserve Company). BitMine's average cost for Ethereum is 3,925 USD, and its total holdings currently have an unrealized loss of approximately 3.095 billion USD.
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