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Summary
6時間サマリー: 仮想通貨全面急落と大量ロング清算、極端なリスクオフセンチメント顕在化
12/01/2025, 21:15
Over the past six hours, crypto markets extended a sharp deleveraging move, with total market cap dropping below $3T and BTC trading in the mid‑$80Ks alongside ETH below $2,800. Nearly $1B of long liquidations were recorded across derivatives, highlighted by close to $300M wiped on Hyperliquid alone and multiple large leveraged positions in ETH and HYPE under pressure. The Bitcoin Fear & Greed Index slid to 24, marking “extreme fear” as traders compared the drawdown to prior cycle stress periods.
Macro data and policy expectations remained a key backdrop, with Bank of America and prediction markets now assigning very high odds to a 25 bps Fed rate cut next week, even as BOJ officials signal coming rate hikes and Japan’s JGB yields push to 2008 highs. U.S. equities saw mixed price action, with the S&P 500 and Nasdaq Composite closing lower, while the Nasdaq 100 staged an intraday reversal, and commodities like gold and silver printed historic highs, pointing to broader cross‑asset risk rotation.
On the structural and regulatory side, Ripple prepared to expand XRP and RLUSD payments in Singapore after licensing, Kalshi launched tokenized event markets on Solana with Coinbase handling USDC custody, and stablecoin issuance continued to grow with another $750M USDC minted and First Digital pursuing a SPAC listing. Coinbase announced new spot listings (Rayls, Plasma) and released a transparency report showing rising global government data requests, while Solana and Arbitrum ecosystems saw new products from liquid staking (axiSOL) and privacy‑focused intent tooling (Anoma), alongside governance debates and ecosystem funding, showing ongoing building despite market volatility.
Crypto market cap falls below $3T as BTC nears $84k and ETH drops under $2,800
・Crypto markets saw a broad selloff, with total market capitalization dropping below $3T and BTC sliding toward $84k–85k while ETH fell under $2,800.
・Solana traded below $125 during the move, and roughly $966M of derivatives positions were liquidated, with about $875M coming from longs and $91M from shorts.
・More than 267,000 traders were affected by the leverage flush, and no single clear catalyst has been identified in current reporting.
関連
Derivatives flush: nearly $1B in long liquidations, Hyperliquid takes a leading share
・Around $966M of long and short liquidations hit crypto derivatives in the last 24 hours, dominated by long positions.
・On Hyperliquid alone, nearly $300M of long liquidations occurred during the BTC‑led drawdown, underscoring its growing role in leveraged trading.
・Additional data show a crypto market flash crash erased about $140B in value and triggered roughly $600M in liquidations in a shorter window.
関連
Sentiment turns to 'extreme fear' as Bitcoin logs third straight red month
・The Bitcoin Fear & Greed Index fell to 24, entering the 'extreme fear' zone after the latest market‑wide selloff.
・Reporting notes BTC has now recorded a third consecutive monthly loss, turning its year‑to‑date performance negative.
・Commentary compares the current behavior to 2018 drawdowns, with BTC testing key support amid diverging global monetary policies.
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Macro backdrop: Fed cut odds surge while BOJ and JGB yields pressure risk assets
・Bank of America and prediction markets now see very high odds of a 25 bps Fed rate cut at next week’s meeting, with estimates near 83–90%.
・At the same time, BOJ Governor Ueda has signaled potential rate hikes, and Japan’s 10‑year JGB yield has climbed to around 1.84%, the highest since 2008.
・U.S. manufacturing PMIs showed mixed signals, and U.S. equities saw the S&P 500 and Nasdaq Composite close down while the Nasdaq 100 reversed intraday from losses to gains.
関連
Japan and China tighten crypto‑related rules as tax and enforcement frameworks shift
・Reports say Chinese authorities are renewing efforts to curb domestic crypto trading and reaffirming bans, with a focus on stablecoins and illegal FX use.
・In parallel, Japan is reported to be moving toward a unified 20% flat tax on crypto, aligning it with traditional financial assets.
・Additional coverage notes that PBoC reinforced its stance on stablecoins used for illegal forex, and that global regulators remain active across multiple fronts.
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U.S. political and regulatory scrutiny of crypto banking access intensifies
・A 50‑page report from U.S. House Financial Services Committee Republicans alleges an 'Operation Chokepoint 2.0' targeting lawful businesses including crypto firms.
・The document cites around 30 entities reportedly debanked via informal guidance from regulators such as the Fed, FDIC, and OCC.
・Separately, U.S. SEC Chair Paul Atkins is scheduled to deliver a 'major speech' tomorrow, with no advance details on content.
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Stablecoin ecosystem expands: $19B post‑crash issuance and new public‑market plans
・Circle has 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.
・Additional reporting highlights Tether’s strong Q3 2025 financials and data on its liquidity resilience relative to traditional banks.
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Ripple expands APAC footprint with Singapore payments license and product rollout
・Ripple is preparing to scale XRP and RLUSD‑based payment services in Singapore following receipt of a relevant local payments license.
・The planned rollout will broaden access to Ripple‑powered crypto payments for users and partners in the Singapore market.
・Additional topic listings reference Ripple Markets APAC expanding its license scope in Singapore, reinforcing the region’s role in Ripple’s strategy.
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Coinbase listings and transparency: Rayls (RLS), Plasma (XPL), and rising government requests
・Coinbase is listing Rayls (RLS) for spot trading on December 1, 2025, with the RLS‑USD pair opening later the same day subject to liquidity and regional eligibility.
・The exchange will also list Plasma (XPL) with XPL‑USD spot trading planned to start on or after 9:00 AM PT on December 2, 2025, with warnings to use the correct network only.
・Coinbase’s 2025 Transparency Report shows 12,716 government and law‑enforcement information requests, up 19% year‑on‑year, with 53% now coming from outside the U.S.
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Solana ecosystem: mobile growth, liquid staking, treasury shake‑up, and fan engagement
・Solana Mobile’s Seeker platform is reported to be driving early user and volume growth for new apps, with Anatoly Yakovenko urging developers to treat it as a core launchpad.
・Axiom Exchange launched axiSOL, a liquid staking token on Solana that lets users stake SOL while retaining a liquid asset for DeFi use.
・The largest Solana‑focused ecosystem treasury reportedly hired a former ParaFi Capital executive after a drawdown of more than 40%, while Solana also launched a fan vote to name Alfreton Town FC’s stadium via the AlphaFC platform.
関連
Governance debates: Vitalik critiques token voting in Zcash and broader crypto
・Vitalik Buterin warned that token‑voting incentives could act as a 'dark hand' over Zcash governance, potentially diverging from the project’s privacy goals.
・He also drew parallels between token voting in crypto and shareholder voting in corporations in a separate exchange with Anatoly Yakovenko.
・Yakovenko argued that token holders cannot directly enforce decisions on node operators, refocusing attention on limitations of token‑based governance systems.
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Ethereum accumulation: institutional‑scale players reportedly hold ~3% of supply each
・BitMNR reportedly added 96,798 ETH (~$280M) over the last week, bringing its holdings to around 3.73M ETH valued near $10.1B.
・Separate coverage states that Tom Lee’s Ethereum DAT BitMine fund also holds roughly 3% of total ETH supply as a large institutional position.
・Another report notes Bitmine’s accelerated accumulation of ETH amid recent market liquidations, framing it as the second‑largest corporate crypto treasury after the move.
関連
Leveraged whales on Hyperliquid: large ETH and HYPE longs under scrutiny
・A whale deposited 10M USDC to Hyperliquid and opened a 20x leveraged long on 12,000 ETH (~$32.8M), with a reported liquidation price of $1,990.1 per ETH.
・Another new wallet accumulated $2M of Kinetiq and then took a ~$24.7M long in HYPE (about 839K tokens) with liquidation near $22.296 per token.
・Additional coverage highlights repeated liquidations of ETH longs by trader Machi Big Brother on Hyperliquid, including realized losses of about $21.28M while still holding a 2,701 ETH long.
関連
Bitcoin and ETH flows: ETFs see mixed activity as large on‑chain moves emerge
・Reports indicate November saw significant outflows from some spot Bitcoin and Ethereum ETFs even as U.S. crypto ETFs overall maintained net inflows.
・Digital asset ETPs collectively recorded about $1.07B of inflows, led by record demand for XRP products.
・On‑chain data highlight a fresh whale wallet withdrawing $120M in ETH from Binance and another address depositing $511M ETH to Aave to borrow $220M USDT for transfer to Binance.
関連
Event and prediction markets: Kalshi tokenizes contracts on Solana; Robinhood and others scale up
・Kalshi launched tokenized versions of its regulated event contracts on Solana, enabling on‑chain trading of its real‑world prediction markets.
・Solana now serves as the settlement layer for thousands of tokenized Kalshi markets, while Coinbase will custody USDC for the platform.
・Separate reporting notes Robinhood processed 3B prediction contracts in November and will host a 'YES/NO' event unveiling new AI and prediction markets features, while Kalshi and Polymarket together recorded nearly $10B in November volume.
関連
LayerZero’s usdt0 model flagged as potential USDT liquidity unifier
・LayerZero’s usdt0 is highlighted as a cross‑chain model that charges fees on every transaction to help unify fragmented USDT liquidity.
・Bybit’s reported 15M users now have zero‑fee access to usdt0 on Mantle at the protocol level.
・Estimates suggest that if 10% of USDT volume moved to usdt0, LayerZero’s ZRO token could see roughly $50B in monthly fee‑processing volume.
関連
Zcash accumulation and concerns: Winklevoss stake plus governance 'dark hand' warning
・On‑chain analysis suggests the Winklevoss twins have accumulated about 664,000 ZEC, roughly 4% of circulating supply, at prices between $20 and $40.
・The position is estimated at around $40M and is compared to their early Bitcoin accumulation by scale.
・In parallel, Vitalik Buterin has warned that token‑voting dynamics could undermine Zcash’s original privacy‑focused goals by skewing incentives.
関連
Solana DeFi and tokens: HumidiFi WET tokenomics debate and DeFi revenue leadership
・HumidiFi published full tokenomics for its Solana‑based WET token, including a 1B total supply and 10% allocated to ICO/DTF across Wetlist, Jupiter stakers, and a public sale on December 3, 2025.
・WET staking for trading fee rebates is presented as a key utility, and Solana DeFi users are split, with many criticizing the allocation design ahead of launch.
・Another report notes that Solana dApps have generated higher monthly revenue than other chains, emphasizing Solana’s current fee and usage profile.
関連
Security incidents: Yearn Finance yETH exploit and broader November exploit tally
・A Yearn Finance yETH pool was exploited for roughly $9M due to a vulnerability in a custom contract, according to current analysis.
・Follow‑up reporting states that some of the stolen funds have since been moved to Tornado Cash, a privacy‑focused mixer.
・Aggregate data indicate that total crypto exploits in November reached about $194M, and a separate Yearn‑related message circulating was later confirmed as phishing.
関連
Wallets and custody: Binance seedless MPC wallets and Hats Finance UI shutdown
・Binance Wallet now allows each user to create up to five 'Keyless Wallets' secured by seedless MPC technology instead of traditional seed phrases.
・The feature is designed to give users more flexibility in managing multiple self‑custody‑style wallets within the Binance environment.
・Separately, Hats Finance announced it will shut down its centralized, custodial UI and hosted servers by December 31, 2025, while the on‑chain protocol remains under DAO governance and accessible via alternative front ends.
関連
Arbitrum integrates Anoma to enable intent‑based UX and programmable privacy
・Arbitrum applications can now integrate Anoma’s toolkit for intent‑based user experience and programmable privacy.
・The integration exposes Anoma’s native intents and privacy mechanism (ARM) to more than 1,000 Arbitrum dApps.
・This setup enables one‑click, intent‑based flows and privacy‑enhanced transactions for Arbitrum users.
関連
Monad mainnet completes first week post‑launch
・Monad announced its high‑performance EVM‑compatible L1 mainnet has now been live for one week.
・The network is described as being in its early post‑launch phase with observers monitoring throughput and integration metrics.
・Market participants are watching for data on developer adoption and ecosystem build‑out following mainnet activation.
関連
DeFi and DEX incentives: Aster DEX buybacks, listings, and airdrop‑linked campaigns
・Aster DEX will begin its Stage 4 ASTER token buyback on December 2, eight days earlier than originally planned.
・The platform also launched Trade Arena spot campaigns for BIO and AVL tokens, requiring at least 444 ASTER holdings for participation.
・In addition, Aster DEX listed PIPPIN perpetual contracts with up to 5x leverage and a 1.2x trading points promotion running until December 8, 23:59 UTC.
関連
Binance and other exchanges adjust listings, tags, and network maintenance
・Binance Wallet changes were accompanied by futures announcements to delist several perpetual contracts such as SXP, MILK, OBOL, and TOKEN on December 5, 2025.
・The exchange also added monitoring tags to tokens including CHESS, DENT, DF, GHST, and SXP, indicating heightened oversight.
・Additional exchange updates mention that network upgrades will temporarily halt deposits for several major chains on December 2–3, and that ShareToken and Rayls received new listings on other venues.
関連
Trump‑linked and TradFi products: CRO treasury vehicle and leveraged SOL/XRP ETFs
・Decrypt reports that Trump Media and a partner are preparing a publicly traded treasury vehicle focused on Cronos (CRO) as its primary asset.
・The structure is intended to allow public market investors to gain exposure to CRO through the listed treasury.
・Separately, Rex Shares launched 2x leveraged ETFs for Solana and XRP, with tickers SOLX and XRPK, offering amplified exposure via traditional stock exchanges.
関連
idOS, xmaquina and MetaDAO advance tokenized identity, DePIN, and ICO allocations
・idOS Network raised $500K in a community sale to fund its decentralized Web3 identity layer project, with token structure details yet to be published.
・xmaquina closed a funding round for its DePIN initiative involving tokenized autonomous robots, backed by investors including Borderless Capital and Waterdrip Fund.
・MetaDAO finalized and locked its Rangers Season 1 points distribution, stating that the 500k allocated points correspond to guaranteed allocation in its upcoming ICO.
関連
KyberSwap integrates with MevX to access 100+ DEXs liquidity
・KyberSwap’s routing engine has been integrated into MevX, a third‑party trading platform.
・MevX users can now tap into liquidity across more than 100 decentralized exchanges via Kyber’s aggregator to seek improved execution.
・The integration extends KyberSwap’s reach and embeds its routing into external trading interfaces.
関連
Bitcoin mixer 'Cryptomixer' shut down by European authorities in €1.3B laundering case
・European authorities have reportedly shut down the crypto mixer service 'Cryptomixer' in connection with an alleged money‑laundering operation.
・The case involves approximately €1.3B (about $1.4B) in laundered Bitcoin handled through the service.
・The enforcement action underscores continued regulatory focus on mixing services used in illicit fund flows.
関連
Hats Finance to close centralized UI while keeping protocol on‑chain and DAO‑governed
・Hats Finance announced it will shut down its centralized, custodial user interface and hosted servers by December 31, 2025, citing unsustainable operating conditions.
・Users must submit withdrawal requests via the current UI by December 17, 2025, before the shutdown date.
・After closure of the hosted UI, access to the Hats Protocol will require third‑party front ends or direct interaction with the underlying smart contracts under DAO governance.