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Summary
24h Summary: Vanguard Enters Crypto as Market Suffers $1B Flush
12/02/2025, 00:39
The crypto market faced a severe correction, with Bitcoin falling to the mid-$80k range and nearly $1 billion in liquidations flushing out over-leveraged longs. This "Extreme Fear" sentiment was amplified by macro divergence, as the Bank of Japan signaled rate hikes while traders priced in a 90% chance of a Federal Reserve cut.
Despite the price drop, institutional adoption took a major leap forward as Vanguard reversed its long-standing ban to offer crypto ETFs by late 2025. Simultaneously, Grayscale secured approval for a Chainlink ETF, and Kalshi integrated with Solana and Coinbase to launch tokenized prediction markets.
Regulatory landscapes showed sharp contrast, with Japan proposing a favorable 20% flat tax on crypto while China intensified its crackdown on stablecoins. Meanwhile, on-chain activity remained high with Hyperliquid capturing significant volume during the crash and Bitmine accumulating a massive 3% of the total Ethereum supply.
Vanguard Reverses Stance, To Offer Crypto ETFs in Late 2025
・Vanguard will allow clients to trade crypto ETFs and funds starting December 2, 2025.
・The offering includes spot and futures products for Bitcoin, Ether, XRP, and Solana.
・This marks a significant institutional shift given the firm's previous strict refusal to support crypto products.
関連
BTC Dips Below $85k, Triggering Nearly $1B in Liquidations
・BTC dropped to mid-$80ks with ETH under $2,800, erasing $140B in market cap.
・Leverage flush hit $1B in 24h, with Hyperliquid alone seeing ~$300M in long liquidations.
・Sentiment hit "Extreme Fear" amid BOJ rate hike signals contrasting with Fed cut expectations.
関連
Kalshi Launches Tokenized Event Contracts on Solana
・Kalshi integrated with Solana to enable on-chain trading of its regulated prediction markets.
・Coinbase will provide USDC custody for the platform, bridging centralized regulation with DeFi rails.
・This follows a record month where Kalshi and Polymarket combined for nearly $10B in volume.
関連
Regulatory Divergence: Japan Proposes Tax Cut, China Tightens Ban
・Japan is moving to unify crypto taxes at a flat 20%, aligning them with traditional stock assets.
・Conversely, Chinese authorities renewed crackdowns on stablecoins and illegal forex trading.
・Sony Bank simultaneously announced plans for a US dollar-pegged stablecoin by FY2026.
関連
Grayscale Chainlink ETF Approved for Trading
・Grayscale's LINK fund received approval to begin trading as the first Chainlink-focused ETF.
・The product provides traditional investors with regulated exposure to the Chainlink network.
・This continues the trend of asset managers expanding product suites beyond BTC and ETH.
関連
Bitmine Accumulates 3% of Total Ethereum Supply
・BitMNR (Bitmine) reportedly added nearly 100k ETH, bringing holdings to ~3.73 million ETH.
・This position represents roughly 3% of the total circulating supply, valued around $10 billion.
・The accumulation positions the entity as the second-largest corporate crypto treasury.
関連
Yearn Finance Recovers $2.4M After yETH Pool Exploit
・Yearn's yETH pool suffered a $9 million loss due to an "unchecked arithmetic" bug.
・The team has since recovered $2.4 million of the affected assets.
・Stolen funds were traced to Tornado Cash, with phishing attempts also targeting users during the chaos.