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Summary
24h Summary: BTC Flush to Mid‑$80Ks, Nearly $1B Longs Liquidated and Market Cap Below $3T
12/01/2025, 22:00
Over the past 24 hours, crypto markets saw a sharp deleveraging as Bitcoin fell into the mid‑$80Ks, ETH dropped below $2,800, and total market capitalization slipped under $3T. A flash crash erased around $140B in value at one point, with hourly liquidations peaking near $400–600M and 24h liquidations approaching $1B, pushing the Bitcoin Fear & Greed Index down to 24 (“extreme fear”). This correction coincided with record highs in gold and silver, spot BTC/ETH ETF outflows in November, and diverging macro signals from global central banks.
Structurally, the past day highlighted both regulatory tightening and institutional build‑out. China escalated enforcement against domestic crypto trading and stablecoins, while Japan moved toward a flat 20% crypto tax and faced surging JGB yields as the BOJ signaled rate hikes, even as prediction markets and banks priced in high odds of a near‑term Fed cut. At the same time, large entities such as BitMine/BitMNR and other funds accumulated roughly 3% of ETH supply each, stablecoin issuers like Circle and First Digital expanded issuance and public‑market plans, and major exchanges including Binance and Coinbase adjusted derivatives, listings, and transparency disclosures.
On‑chain and protocol‑level developments remained active despite the drawdown. Yearn Finance’s yETH pool was exploited for about $9M as November exploit totals hit $194M, while TON’s “Cocoon” decentralized AI network launched, Ethereum’s “Fusaka” upgrade and Bittensor’s halving were scheduled for December, and new UX/privacy tools came online via Aztec, Anoma on Arbitrum, and seedless MPC wallets on Binance. Ecosystems such as Solana, Arbitrum, and Monad continued to ship products, governance debates over token voting and identity systems intensified, and prediction and event markets on Solana grew rapidly through Kalshi and Polymarket integration and Robinhood’s tokenized stock rollout for the EU.
BTC drops to mid‑$80Ks, total crypto cap below $3T and nearly $1B longs wiped
・Bitcoin fell toward $84k–85k while ETH traded below $2,800, pulling total crypto market capitalization under $3T.
・A flash crash phase erased about $140B in value with $400–600M in hourly liquidations, and roughly $966M positions were liquidated over 24h, mostly longs.
・Layer 2s and high‑beta names led the decline, and traders like “Machi Big Brother” on Hyperliquid suffered large realized losses amid the move.
関連
Derivatives flush concentrates on Hyperliquid with oversized BTC, ETH and HYPE positions
・Hyperliquid saw nearly $300M of long liquidations during the BTC‑led drawdown, a large share of total market liquidations.
・Whales opened aggressive leveraged positions including a 20x long on 12,000 ETH and a ~$24.7M long in HYPE, alongside repeated ETH long liquidations for Machi Big Brother.
・Additional synthetic and HIP‑3 products such as Eli Lilly stock and permissionless markets drove Hyperliquid daily volume toward $500M despite the volatility.
関連
Sentiment flips to 'extreme fear' as BTC posts third straight red month
・The Bitcoin Fear & Greed Index dropped to 24, entering the 'extreme fear' zone following the latest market‑wide selloff.
・Reports note Bitcoin has logged a third consecutive monthly loss, turning year‑to‑date performance negative and drawing comparisons to 2018 drawdowns.
・Spot BTC and ETH ETFs saw significant outflows in November even as overall digital asset ETPs recorded about $1.07B of inflows led by XRP products.
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Macro divergence: BOJ hike signals vs. rising Fed cut odds pressure risk assets
・BOJ Governor Ueda signaled potential rate hikes with Japan’s 10Y JGB yield around 1.84% and the 2Y at 1%, both near 2008 highs.
・Prediction markets and Bank of America reports indicated roughly 83–90% odds of a 25 bps Fed rate cut at the upcoming meeting amid mixed U.S. manufacturing PMIs.
・Chinese data showed Caixin manufacturing PMI slipping to 49.9 while global equities like the S&P 500 and Nasdaq closed lower and the Nasdaq 100 reversed intraday.
関連
Policy split: China tightens crypto bans while Japan moves to flat 20% tax
・Chinese regulators renewed efforts to curb domestic crypto trading and illegal FX use, reaffirming bans and focusing on stablecoins with expanded inter‑agency oversight.
・Mainland measures included PBoC statements against stablecoins used for illicit forex, contributing to declines in related Hong Kong stocks.
・Japan advanced a proposal to unify crypto taxation at a flat 20% rate, aligning it with stocks and signaling moves toward a more standardized framework.
関連
Safe‑haven rotation: gold and silver hit historic highs as crypto sells off
・Gold prices climbed above $4,250 while silver traded around $57–58/oz, marking historic levels and the strongest 12‑month gain since 1979.
・The move coincided with sharp crypto drawdowns and rising JGB yields, with reports highlighting capital rotation into traditional safe‑haven assets.
・Silver prices roughly doubled over 2025, and both metals outperformed major risk assets during the latest volatility window.
関連
Large ETH accumulation: BitMine, BitMNR and funds each control ~3% of supply
・BitMine/BitMNR and related entities amassed about 3.73M ETH (~3% of supply), adding roughly 96,798 ETH (~$280M) in the last week.
・Reports state BitMine aims to launch a validator network targeting around $500M in future staking revenue, positioning as one of the largest corporate crypto treasuries.
・Separate coverage notes Tom Lee’s Ethereum fund also holds roughly 3% of total ETH supply, highlighting multiple institutional‑scale accumulators.
関連
On‑chain flows: whales shift large ETH positions and leverage across venues
・A fresh whale wallet withdrew about $120M in ETH from Binance, while another address deposited $511M in ETH to Aave to borrow $220M USDT for transfer to Binance.
・Government‑linked wallets such as a Bhutan address moved ETH to an entity suspected to be QCP Capital, indicating continued sovereign‑related activity.
・Additional reports highlighted wake‑up of an Ethereum ICO participant and new ETH accumulation behavior during the recent volatility.
関連
DeFi security: Yearn yETH exploit and November hacks total $194M
・Yearn Finance’s yETH pool was exploited via a custom contract vulnerability, resulting in losses of around $9M confined to that pool.
・Stolen funds linked to the Yearn incident were traced moving to Tornado Cash, and a separate on‑chain message was later confirmed as a phishing attempt.
・Aggregate November data showed crypto exploits surged to about $194M, led by large incidents at Balancer and Upbit in addition to the Yearn attack.
関連
Stablecoins expand: $19B post‑crash issuance and First Digital SPAC listing plan
・Circle minted an additional $750M USDC, bringing combined new issuance from Tether and Circle since the October 11 crash to about $19B.
・Stablecoin issuer First Digital announced plans to go public via a SPAC merger with CSLM Digital Asset Acquisition Corp III.
・Tether reported strong Q3 2025 financials with about $7B in excess equity and data emphasizing 103% backing and liquidity resilience versus traditional banks.
関連
Sony Bank and Ripple drive Asia‑focused payments and stablecoin initiatives
・Sony Bank announced plans to launch a US dollar‑pegged stablecoin by FY2026 focused on its gaming and anime intellectual property ecosystem.
・Reports describe the bank’s planned issuance in the U.S. to support global payments within Sony’s entertainment‑centric economic zone.
・Ripple received licensing approvals to expand XRP and RLUSD‑based payment services in Singapore through Ripple Markets APAC.
関連
Institutional products: ETFs, tokenization and regulated spot trading expand
・BlackRock executives identified their Bitcoin ETF as the firm’s most profitable product line, with AUM nearing $100B.
・Grayscale prepared to launch a spot Chainlink ETF, while Rex Shares listed 2x leveraged Solana and XRP ETFs under tickers SOLX and XRPK.
・Additional developments included CFTC‑regulated spot crypto trading plans from Bitnomial and Vanguard enabling client access to crypto ETFs and crypto‑focused funds.
関連
Exchanges adjust derivatives, monitoring tags and network upgrade schedules
・Binance Futures announced automatic settlement and delisting of SXP, MILK, OBOL and TOKEN perpetual contracts on December 5, alongside additional contract removals.
・The exchange added monitoring tags to tokens including CHESS, DENT, DF, GHST and SXP, requiring traders to complete 90‑day risk quizzes.
・Major networks like Optimism, Arbitrum and Polygon scheduled upgrades on December 2–3, during which deposits and withdrawals will be temporarily halted on multiple exchanges.
・Binance Wallet rolled out support for up to five seedless MPC‑based 'Keyless Wallets' per user, replacing traditional seed phrases for those accounts.
・The feature aims to let users manage multiple self‑custody‑style wallets within the Binance environment using multiparty computation security.
・Separately, Hats Finance announced it will shut down its centralized custodial UI and hosted servers by December 31, 2025, with withdrawals via the current UI accepted until December 17.
関連
TON, Aztec, Anoma and Monad push new privacy, AI and high‑performance L1 features
・Telegram founder Pavel Durov announced 'Cocoon,' a decentralized AI computing network on the TON blockchain focused on privacy‑preserving AI requests.
・Privacy L2 Aztec launched its 'Ignition' mainnet, while Anoma integrated with Arbitrum to provide intent‑based UX flows and programmable privacy to over 1,000 dApps.
・Monad reported its high‑performance EVM‑compatible L1 mainnet had completed its first week since launch, with observers tracking throughput and ecosystem adoption.
関連
Ethereum roadmap: 'Fusaka' upgrade and Bittensor (TAO) halving set for December
・Ethereum’s 'Fusaka' hard fork was scheduled for early December, targeting improvements in data processing on the mainnet.
・Bittensor (TAO) announced a halving event on December 13 that will reduce daily emissions to 3,600 TAO.
・Reports also flagged major token unlocks for ENA and EIGEN during the same week, clustering several supply and protocol events.
関連
Solana ecosystem: mobile, DeFi revenue, liquid staking and governance moves
・Solana Mobile’s Seeker platform continued to gain traction as a launchpad for new apps, with updated in‑app rewards and fan engagement initiatives like the AlphaFC stadium naming vote.
・Solana dApps reportedly generated higher monthly revenue than other chains, and Axiom Exchange introduced axiSOL as a new liquid staking token for SOL on Solana.
・The largest Solana ecosystem treasury hired a former ParaFi Capital executive after a drawdown of over 40%, while WET tokenomics from HumidiFi and other initiatives sparked active DeFi debates.
関連
Governance and identity: Vitalik critiques token voting and Zcash accumulation grows
・Vitalik Buterin publicly warned that token‑voting incentives could act as a 'dark hand' over Zcash governance, potentially diverging from its privacy objectives.
・Debate with Solana’s Anatoly Yakovenko compared token voting in crypto to shareholder voting, and Yakovenko argued token holders cannot directly enforce decisions on node operators.
・On‑chain data indicated the Winklevoss twins accumulated about 664,000 ZEC (~4% of circulating supply) ahead of a 2025 scaling upgrade, while projects like idOS advanced decentralized identity funding.
関連
Event and prediction markets: Kalshi on Solana, Polymarket volume and Robinhood tokenization
・Kalshi launched tokenized versions of its regulated event contracts on Solana, using Coinbase for USDC custody and Solana as the settlement layer.
・Combined Kalshi and Polymarket volumes reached nearly $10B in November, highlighting growth in on‑chain prediction activity.
・Robinhood reported handling 3B prediction contracts in November and tokenized 1,000 stocks on Arbitrum for the EU market, while teasing a 'YES/NO' AI and prediction markets event.
関連
LayerZero’s usdt0 and KyberSwap integrations seek to unify and route liquidity
・LayerZero’s usdt0 model was highlighted as a cross‑chain mechanism designed to unify fragmented USDT liquidity across about 50 chains by charging fees on each transaction.
・Bybit’s reported 15M users gained zero‑fee protocol‑level access to usdt0 on Mantle as part of the rollout.
・KyberSwap integrated with MevX so that MevX users can route swaps via Kyber’s aggregator and access liquidity from over 100 decentralized exchanges.
関連
U.S. oversight: Operation Chokepoint 2.0 claims and Coinbase transparency report
・A 50‑page report from U.S. House Financial Services Committee Republicans alleged an informal 'Operation Chokepoint 2.0' targeting lawful businesses including crypto firms.
・The document cited around 30 entities said to have been debanked via guidance from regulators such as the Fed, FDIC and OCC.
・Coinbase’s 2025 Transparency Report recorded 12,716 government and law‑enforcement information requests, up 19% year‑on‑year, with 53% originating outside the U.S.
関連
Law enforcement: European authorities shut down 'Cryptomixer' in €1.3B case
・European authorities reportedly shut down the Bitcoin mixing service 'Cryptomixer' in connection with an alleged money‑laundering operation.
・The case involves approximately €1.3B (about $1.4B) in laundered Bitcoin processed through the service over its operation period.
・The action adds to the series of enforcement moves against mixing and privacy services linked to illicit fund flows in recent years.