Compiled by: Nona, Techub News
TinTinLand
Fear & Greed Index: 16 (Extreme Fear) Bitcoin Price: $87,611 BTC/ETH Spot ETF Fund Flows (12.16) BTC Net Outflow: $75.17 M ETH Net Inflow: 0
Hong Kong
BTC/ETH Spot ETF Fund Flows (12.16)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
Hong Kong SFC Adds "Hong Kong Stablecoin Exchange" to Suspicious Virtual Asset Trading Platform Alert List
The Hong Kong Securities and Futures Commission (SFC) has added "Hong Kong Stablecoin Exchange" to the category of suspicious virtual asset trading platforms. The SFC pointed out that this entity claims to operate a virtual asset trading platform on its related website and is suspected of conducting unlicensed activities and/or engaging in fraudulent activities related to virtual assets; it also falsely claims to be "co-established by Hong Kong's three major exchanges: HKEX, SEHK, and HKFE." The SFC emphasized that there is, in fact, no connection.
Animoca Brands Plans to Acquire Stake in GROW's Licensed Hong Kong Entity, Up to 15% Ownership
Animoca Brands has signed a term sheet with Chinese investment and asset management platform GROW Investment Group, planning a strategic investment in its Hong Kong licensed subsidiary GROW Digital Wealth related entities (including the licensed asset management company GROW Asset Management (HK) Limited), with a stake of up to 15%. This transaction is still subject to the execution of definitive agreements and obtaining relevant regulatory approvals.
Charles Schwab Announces Platform Upgrade to Support Purchases of Solana and Micro Solana Futures Products
Charles Schwab announced a latest upgrade to its trading platform today. It is reported that its retail trading volume has exceeded 7 million trades per day for three consecutive quarters. Clients trading futures on Charles Schwab can now purchase 17 new futures products, including: 1 OZ Gold (/1OZ), Solana (/SOL), and Micro Solana (/MSL).
Selected Hong Kong Events for December 2025
We have specially compiled a list of noteworthy events in the crypto field in Hong Kong for December, which will open a window to the future of Web3 for you.
Regulation/Macro
UK FCA Launches Consultation on New Crypto Regulatory Rules
The UK Financial Conduct Authority (FCA) launched a broad consultation on a series of proposed rules for the crypto industry on December 16. Previous news indicated that the UK Treasury will bring the crypto industry into the regulatory framework starting October 2027.
US SEC Chair: Crypto Assets Could Become a "Financial Panopticon," Regulation Should Balance National Security and Privacy
US Securities and Exchange Commission (SEC) Chair Paul Atkins, speaking at an SEC crypto working group roundtable, stated that he believes there is a path forward that can address national security concerns without sacrificing individual privacy, but excessive government involvement could tip the balance. Atkins warned that if regulation is misguided, cryptocurrency could become the most powerful financial surveillance architecture ever, turning the ecosystem into a "financial panopticon."
Project/Company News
Cosmos Ecosystem L1 Pryzm to Gradually Cease Operations, Targeting Completion by January 2026
Cosmos ecosystem yield-optimizing L1 Pryzm tweeted that it will gradually cease operations, targeting completion by January 2026. The team stated that maintaining the L1 is no longer financially sustainable and urged users to withdraw their assets as soon as possible within the next two to three days. Subsequent processes will be carried out in phases until shutdown.
New York State Retirement Fund Increases Its Holdings in MicroStrategy to $50 Million
The New York State Retirement Fund has increased its holdings in bitcoin financial company MicroStrategy (ticker: MSTR) to $50 million.
BiSwap Website Suspected of Malicious URL Injection, Possibly Redirecting to Gambling Sites
According to CertiK monitoring information, the website of BSC cross-chain trading platform BiSwap was found to be at risk of malicious URL infection, with related links potentially redirecting users to gambling websites. Users are advised to avoid accessing the BiSwap website via search or unfamiliar links recently, not to connect wallets or sign any authorization transactions, and to consider checking and revoking suspicious authorizations for already connected wallets to reduce asset risk.
Russia's Largest Bank Sberbank Tests Multiple DeFi Products, Says Traditional Banking and DeFi Will "Merge Soon"
Russia's largest bank, Sberbank, stated that it is testing various decentralized finance (DeFi) products to meet the growing demand from clients for trading and holding crypto assets. Anatoly Popov, Deputy Chairman of the Management Board of Sberbank, said the bank will work with regulators to develop digital asset products and believes traditional financial services and DeFi "will merge soon."
SBI Holdings Partners with Startale to Advance Regulated Yen Stablecoin
Japanese blockchain infrastructure company Startale Group and Japanese financial group SBI Holdings plan to launch a fully regulated, yen-pegged stablecoin for global settlement and institutional scenarios by the second quarter of 2026.
CME Group Launches XRP and SOL Futures Contracts with Spot Pricing
CME Group announced the launch of XRP and SOL futures contracts with spot pricing, supplementing its existing spot-priced Bitcoin and Ethereum futures products. CME stated that these contracts, priced based on the spot price and featuring longer expiration dates, can reduce the need for frequent rolling. The contract sizes are the smallest in its crypto product line, targeting a broader range of retail and professional traders. CME disclosed that spot-priced Bitcoin and Ethereum futures have seen cumulative trading volume of over 1.3 million contracts since their launch in June, with demand continuing to grow.
In-Depth & Forward-Looking
Grayscale | 2026 Digital Asset Outlook: The Dawn of the Institutional Era
We expect asset valuations to rise in 2026, ending the so-called "four-year cycle" theory, which suggests crypto market movements follow a repeating four-year pattern. We believe Bitcoin prices are likely to reach new all-time highs in the first half of the year.
Concentrated Shutdowns of Mining Farms Reappear in Xinjiang, Policy and Gray Zone Game Emerges
This also explains a seemingly contradictory phenomenon: the ban has not disappeared, but mining still periodically surfaces. It's not because the red line has loosened, but because the constraints of real-world assets never stop: electricity, data centers, power distribution, depreciation, and cash flow will constantly push participants to test the boundaries.
Opinion
Why Has the Growth of Non-USD Stablecoins Stalled?
My core view is: structural failures in the global foreign exchange market outside the G7 have created a "liquidity vacuum" in non-USD cross-border settlements. Therefore, to solve the liquidity problem of non-USD stablecoins, a DeFi-native approach must be adopted for liquidity bootstrapping. Any on-chain FX solution that relies on traditional forex markets is doomed to fail.
Big Pancake Falls Back to $10k?! A Bloomberg Expert Gives the Most Pessimistic Prediction
The Fed sent an unusual signal at its December 10 interest rate meeting: not only did it cut rates by 25 basis points, but there were also three dissenting votes, and Powell bluntly stated that job growth in previous months may have been overestimated.
