Crypto Briefing: HashKey Group, the parent company of Hong Kong's licensed exchange HashKey Exchange, has disclosed its public offering details, aiming to raise up to HK$1.67 billion with trading expected to begin on December 17. In regulatory developments, the U.S. SEC has closed its two-year investigation into Ondo Finance without filing charges, continuing a trend of dropped cases under its current leadership. Meanwhile, the CFTC launched a digital asset pilot program allowing Bitcoin, ETH, and USDC as collateral in derivatives markets. Major U.S. bank CEOs are set to meet with senators to discuss crypto legislation, focusing on stablecoin regulations. In other news, Bittensor will undergo its first token halving on December 14, reducing daily TAO issuance to 3,600. Binance confirmed an employee misused internal information for personal gain and has suspended them. MicroStrategy purchased an additional 10,624 BTC, bringing its total holdings to 660,624 BTC. Ripple completed a $500 million share sale with special investor protection clauses. Market commentary included a UAE official calling Bitcoin a key pillar of future finance, while Chinese media warned against risks in currency innovation.

<html><head></head><body>Author: Shenchao TechFlow
<h2>Yesterday's Market Dynamics</h2>
Hassett: Trump to Announce a Wave of Economy-Boosting News
Kevin Hassett, Director of the White House National Economic Council: Trump will announce a wave of news beneficial to the economy. The 10-year Treasury yield may see a decline similar to the trend in the 1990s.
Additionally, Hassett stated that Powell might also consider a rate cut prudent. When discussing potential Fed appointees for President Trump, Hassett said, "If I were asked to serve in that role, I would be delighted to do so for him."
US CFTC Launches "Digital Asset Pilot," Allowing Bitcoin, ETH, and USDC as Collateral in Derivatives Markets
According to The Block, acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Caroline Pham, announced the launch of a "Digital Asset Pilot Program," allowing specific cryptocurrencies to be used as collateral in derivatives markets.
The pilot program will initially be limited to Bitcoin, ETH, and the stablecoin USDC. Pham stated that embracing responsible innovation ensures U.S. markets remain world leaders, unlocking American economic growth. Futures Commission Merchants (FCMs) participating in the crypto collateral program must report the total value of digital assets held in customer accounts weekly, including futures and cleared swaps, and report any significant operational or system issues affecting the digital asset collateral.
Bloomberg: Top US Bank CEOs to Meet with Senators Thursday to Discuss Crypto Market Legislation
According to Bloomberg, Bank of America CEO Brian Moynihan, Citigroup CEO Jane Fraser, and Wells Fargo CEO Charlie Scharf plan to meet with bipartisan senators on Thursday to discuss upcoming cryptocurrency market legislation.
Organized by the large bank coalition Financial Services Forum, the discussion is expected to focus on bankers' opposition to allowing stablecoins to pay interest, banks' competitive capabilities in the crypto space, and preventing the use of crypto for illicit activities.
US SEC Concludes Two-Year Investigation into Ondo Finance, Brings No Charges
According to Crypto in America, the U.S. Securities and Exchange Commission (SEC) has concluded its two-year investigation into tokenization company Ondo Finance without recommending any charges. The investigation, which began in October 2023, primarily examined whether Ondo complied with U.S. securities laws regarding its tokenized U.S. Treasury product and whether the ONDO token should be classified as a security. An Ondo spokesperson stated the company received formal notice in late November confirming the investigation's closure. This marks another reversal of Biden-era regulatory actions against digital asset companies. Since the pro-crypto SEC Chairman Paul Atkins took office, the agency has closed most crypto-related investigations and dropped several high-profile cases against companies like Coinbase, Ripple, and Kraken.
Bittensor's First Halving Scheduled for December 14, TAO Token Daily Issuance to Halve to 3,600
According to Cointelegraph, the decentralized machine learning network Bittensor is set to experience its first token halving event around December 14. At that time, the daily issuance of its native token TAO will halve from the current 7,200 to 3,600.
Bittensor is a decentralized, open-source machine learning network built around specialized "subnets," creating a market for AI services through incentive mechanisms. Grayscale Research analyst William Ogden Moore called the event a "key milestone in the network's maturation" as Bittensor moves towards its 21 million token supply cap, adopting a fixed supply model similar to Bitcoin.
Binance: Confirms Employee Used Internal Information for Personal Gain, Suspended and Pursuing Legal Action
Binance officially announced on December 8 that it confirmed an employee used internal information to post content on social media for personal gain. The investigation revealed the employee launched a token on-chain on December 7 at 05:29 UTC and, less than a minute later, posted a related tweet via the official @BinanceFutures account. Binance has immediately suspended the employee involved and will cooperate with relevant judicial authorities to take legal action. Simultaneously, Binance announced it will split a $100,000 reward equally among five whistleblowers who provide valid tips through the official reporting channel.
HASHKEY Discloses IPO Details: Plans to Raise Up to HK$1.67 Billion, Expected to List on December 17
According to the Hong Kong Economic Times, HASHKEY HLDGS (New Listing No.: 03887) will offer shares from December 9 to 12. Hashkey Exchange, the parent company of the licensed Hong Kong virtual asset exchange, plans to issue 240 million shares, with 10% offered publicly in Hong Kong. The offer price is between HK$5.95 and HK$6.95, aiming to raise up to HK$1.67 billion. Each lot consists of 400 shares, with a board lot entrance fee of HK$2,808. HASHKEY is expected to list and begin trading on December 17. J.P. Morgan, Haitong International, and Guotai Junan International are the joint sponsors.
As of October 31, the company had HK$1.48 billion in cash and cash equivalents, and digital assets worth HK$570 million. Among the digital assets, mainstream tokens accounted for 89%, including ETH, BTC, USDC, USDT, and SOL.
As of the end of September, platform assets exceeded HK$19.9 billion, with 3.1% stored in hot wallets and 96.9% in cold wallets. Cumulative spot trading volume on the exchange reached HK$1.3 trillion. The main business is trade facilitation services, accounting for nearly 70% of revenue. Over the past three years, HASHKEY reported losses of HK$590 million, HK$580 million, and HK$1.19 billion, respectively. For the first six months of this year, the company's loss attributable to equity shareholders was HK$510 million, a year-on-year decrease of 34.8%, while revenue fell 26.1% to HK$280 million.
Regarding equity, HASHKEY investor Lu Weiding, Chairman of Wanxiang Group, is a controlling shareholder holding 43.2% of shares, with additional voting rights over 22.9% via an employee stock ownership plan platform; Hashkey founder Xiao Feng holds 16.3% equity; other investors hold 17.6%. HASHKEY has introduced nine cornerstone investors: UBS AM Singapore, Fidelity Funds, CDH, Cindicate Fund, Infini, Zhiyuan Holdings (00990), Litong, Space Z PTE. LTD., and Shining Light Grace Limited, with a total investment of $75 million (approx. HK$590 million).
Use of net proceeds:
<ul>
<li>
40%: Technology and infrastructure iteration
</li>
<li>
40%: Market expansion and ecosystem partnerships
</li>
<li>
10%: Operations and risk management
</li>
<li>
10%: Working capital and general corporate purposes
</li>
</ul>
UAE National Security Official: Bitcoin Has Become a Key Pillar of Future Financing
According to Bitcoin Magazine, Mohammed Al Shamsi, Director-General of the UAE National Security Agency, recently made a significant statement, saying "Bitcoin has become a key pillar of future financing," and indicated the UAE is actively preparing for this.
Beijing Business Today: Beware of Disorderly Innovation in the Virtual Currency Sector, Domestic Space Further Effectively Compressed
Beijing Business Today published an article titled "Behind the Joint Risk Warning from 7 Associations: Beware of Disorderly Innovation in the Virtual Currency Sector." It pointed out that the joint risk warning from 7 associations emphasized the risks of innovative activities in the virtual currency field. Wang Peng, Associate Researcher at the Beijing Academy of Social Sciences, stated that virtual currency-related activities like stablecoins and real-world asset tokenization, under the guise of innovation, harbor potential risks that cannot be ignored, easily becoming tools for illegal financial activities and posing substantive threats to financial security. Therefore, clear definition and strengthened crackdowns on such innovative activities are imperative. The survival space for virtual currencies and related activities within China is further effectively compressed, and future efforts require continuous improvement of cross-sector regulatory frameworks.
Metaplanet to Issue New Share Class, Similar to Strategy's $STRC
According to Bitcoin Magazine, Japanese listed company Metaplanet announced it will issue a new class of shares similar to Strategy's $STRC, specifically for purchasing more Bitcoin.
Strategy Increases Holdings by 10,624 Bitcoin, Total Holdings Reach 660,624
According to an official announcement, Strategy announced the purchase of 10,624 Bitcoin for approximately $962.7 million (approx. $90,615 per coin). As of December 7, 2025, the company's total Bitcoin holdings have reached 660,624, with a cumulative investment of approximately $49.35 billion and an average holding cost of $74,696 per coin.
Additionally, Strategy CEO Phong Le stated the company will hold its Bitcoin until at least 2065, maintaining a long-term accumulation strategy. Despite the rise of spot ETFs, MSTR stock continues to serve as a key proxy for BTC.
Ripple Completes $500 Million Share Sale, Investors Get Special Safeguard Clauses
According to Bloomberg, Ripple completed a $500 million share sale in November at a $40 billion valuation, setting a new record for private digital asset companies. Wall Street giants like Citadel Securities and Fortress Investment Group participated in the investment. Notably, the transaction included special safeguard clauses allowing investors to sell shares back to Ripple for a guaranteed return and receive preferential treatment in major events like bankruptcy or acquisition.
<h2>Market Dynamics</h2>
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<h2>Recommended Reading</h2>
Luo Yonghao's Crossroads: Podcasts, Young People, and the AI Wave
This article centers on Luo Yonghao's podcast "Luo Yonghao's Crossroads," exploring his thoughts and practices regarding podcasts, the AI wave, and his exchanges with young entrepreneurs. Luo Yonghao shares lessons learned from failure, his persistence in innovation, observations of the younger generation of entrepreneurs, and his outlook on future technological developments.
Bloomberg: Stablecoins May Not Help US Escape Debt and Deficit Quagmire
This article explores the potential impact of stablecoins on U.S. debt and deficit issues. Although the stablecoin market may expand in the future, its actual effect on boosting demand for Treasury bonds is debated. Analysts hold differing views on the prospect of stablecoins supporting the dollar's status, and their risks and limitations are also of significant concern.
Crypto Mining Profits Under Pressure, Is Tax Planning a Way Out?
This article discusses how crypto mining profits continue to decline due to multiple factors, and the global mining industry is entering a new cycle. It explores the reasons for shrinking miner profits and their coping strategies, particularly the possibility of using tax planning to alleviate pressure and enhance competitiveness.
BNB Chain Annual Review: Daily Active Addresses Top Among L1s, Stablecoin Supply Doubles
This article details how 2025 was a milestone year for BNB Chain, marking an important phase of transition from rapid growth to ecological deepening. BNB Chain achieved significant results in multiple areas, including daily active users, DEX trading volume, stablecoin supply, RWA tokenization, and Meme coin ecosystem.
Espresso Co-founder's Decade in Crypto: I Wanted to Disrupt Wall Street's Ills, But Witnessed a Casino-Like Transformation
This article is a retrospective by Espresso co-founder Jill Gunter on the ten-year development of the crypto industry. The author shares her personal journey from Wall Street to the crypto industry, her original intentions, and her observations and reflections along the way. The article analyzes crypto's potential to transform monetary mismanagement, financial barriers, and outdated financial systems, while also addressing challenges and problems faced by the industry, such as volatility, regulatory uncertainty, and economic "casino-ization".
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Crypto Morning Brief: HashKey Discloses IPO Details, SEC Concludes Two-Year Investigation into Ondo

深潮

Bitcoin's price appears stable but is under significant structural pressure, with investors facing nearly $500 million in daily losses and over 6.5 million BTC held at unrealized losses. This coincides with a potential shift in U.S. monetary policy, as the Federal Reserve ends its quantitative tightening program—which reduced its balance sheet by $2.4 trillion—and signals a move toward "Reserve Management Purchases." This could inject over $400 billion annually in liquidity by reinvesting in short-term Treasuries.

Market attention is focused on Fed Chair Powell’s upcoming remarks regarding labor market softening and the timing of liquidity expansion. A clear signal toward reserve rebuilding could push Bitcoin above the $92k–$93.5k resistance, while a cautious tone may keep it range-bound between $75k–$82k.

Despite miner capitulation and weak short-term holder sentiment, large wallets are accumulating Bitcoin, exchange reserves are declining, and stablecoin inflows suggest latent demand. This combination of pressure and accumulation often precedes a market bottom. Bitcoin’s next major move hinges on the Fed’s liquidity signals and broader macroeconomic conditions.

<html><head></head><body>Written by: Oluwapelumi Adejumo
Compiled by: Saoirse, Foresight News
Bitcoin's price movement is fluctuating alongside the Fed's final policy decision of the year, showing almost no significant surface-level changes, yet the deep market structure presents a completely different picture.
Beneath the seemingly stable price range lies a period of concentrated pressure: on-chain data shows investors are facing daily losses nearing $500 million, leverage in the futures market has significantly decreased, and nearly 6.5 million Bitcoin are currently in an unrealized loss position.
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Bitcoin Realized Loss Level, Source: Glassnode
This situation resembles the final stages of past market contractions more than a healthy consolidation phase.
However, structural adjustments occurring beneath a calm surface are not uncommon for Bitcoin, but the timing of this adjustment is noteworthy.
The internal market "capitulation selling"恰好 coincides with an external inflection point in US monetary policy. The Federal Reserve has ended its most aggressive balance sheet reduction phase in over a decade, and the market expects its December meeting to outline a clearer framework for a "turn towards reserve rebuilding."
Given this, the on-chain market pressure and the pending liquidity shift together form the backdrop for this week's macro events.
<h2>Liquidity Shift</h2>
According to the Financial Times, Quantitative Tightening (QT) officially ended on December 1st. During this period, the Fed reduced its balance sheet by approximately $2.4 trillion.
This move pushed bank reserve levels down into a range historically associated with funding stress, while the Secured Overnight Financing Rate (SOFR) repeatedly tested the upper limit of the policy rate band.
These changes indicate that the market system is no longer flush with liquidity but is gradually entering a phase of "concern triggered by scarce reserves."
Against this backdrop, the most critical signal from the Federal Open Market Committee (FOMC) is not the widely anticipated 25 basis point rate cut, but rather the direction of its balance sheet strategy.
The market expects the Fed to clarify its transition plan to "Reserve Management Purchases (RMP)" through an explicit statement or policy implementation document.
According to analysis by investment research firm Evercore ISI, this plan could launch as early as January 2026, involving monthly around $35 billion in purchases of short-term Treasury bills — funds recouped from maturing mortgage-backed securities will be reallocated into short-term assets.
The details of this mechanism are crucial: although the Fed is unlikely to define RMP as "stimulus policy," continuous reinvestment into short-term Treasury bills will steadily rebuild bank reserves and shorten the asset maturity structure of the System Open Market Account (SOMA).
This operation will gradually increase the scale of reserves, ultimately leading to an annualized balance sheet growth exceeding $400 billion.
Such a shift would mark the first sustained expansionary policy signal from the Fed since the start of quantitative tightening. Historical data suggests Bitcoin's sensitivity to these types of liquidity cycles is far greater than its sensitivity to changes in policy rates.
Meanwhile, broader monetary aggregate data indicates that the liquidity cycle may have already begun to turn.
Notably, the M2 money supply has reached a historical peak of $22.3 trillion, surpassing the high of early 2022 after a prolonged period of contraction.
(Note: M2 is a core measure of money supply, falling under the "broad money" category. It has a wider scope than base money (M0) and narrow money (M1), providing a more comprehensive reflection of the overall liquidity situation in society.)
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US M2 Money Supply, Source: Coinbase
Therefore, if the Fed confirms the start of "reserve rebuilding," Bitcoin's sensitivity to balance sheet dynamics could quickly rebound.
<h2>Macro Trap</h2>
The core rationale for this policy shift stems from changes in employment data.
Nonfarm payrolls have declined in 5 out of the past 7 months; simultaneously, job openings, the hiring rate, and the quits rate have all shown signs of slowing, shifting the employment market narrative from "highly resilient" to "fragile and under pressure."
As these indicators cool, the theoretical framework of an "economic soft landing" becomes increasingly difficult to sustain, and the Fed's policy options continue to narrow.
While current inflation has receded, it remains above the policy target; meanwhile, the cost of "maintaining restrictive policy for longer" is rising.
The potential risk is that weakness in the labor market could intensify further before inflation fully returns to target levels. Therefore, the informational value of the Fed press conference this week might exceed that of the rate decision itself.
The market will focus intently on how Fed Chair Powell balances the dual objectives — maintaining labor market stability while ensuring credibility in the inflation path. His remarks on "reserve adequacy," "balance sheet strategy," and the "timing of RMP launch" will dominate market expectations for 2026.
For Bitcoin, this means its price movement won't be a binary outcome of simply rising or falling, but will depend on the specific direction of the policy signals.
If Powell acknowledges labor market weakness and clearly outlines the reserve rebuilding plan, the market might perceive the current range-bound price as disconnected from the policy direction — a break above the $92k - $93.5k range would indicate traders are anticipating liquidity expansion.
Conversely, if Powell emphasizes policy caution or delays clarifying RMP details, Bitcoin could remain within the lower consolidation range of $82k - $75k — a zone that concentrates ETF holding bottoms, corporate treasury reserve thresholds, and historical structural demand areas.
<h2>Will Bitcoin See 'Capitulation Selling'?</h2>
Meanwhile, Bitcoin's internal market dynamics further corroborate the view that "the asset is undergoing a reset beneath the surface."
Short-term holders continue to sell tokens during market weakness; as mining costs approach $74k, mining economics have significantly deteriorated.
Simultaneously, Bitcoin mining difficulty saw its largest single drop since July 2025, indicating marginal miners are scaling back operations or shutting down rigs entirely.
However, these pressure signals coexist with early signs of "supply tightening."
Research firm BRN Research disclosed to CryptoSlate: large wallets have accumulated approximately 45,000 BTC over the past week; Bitcoin exchange balances continue to decline; stablecoin inflows show that capital is poised to re-enter the market should conditions improve.
Furthermore, supply metrics from asset manager Bitwise show that despite retail sentiment being in "extreme fear," wallets of all types are accumulating Bitcoin. Tokens are moving from high-liquidity platforms to long-term custody accounts, further reducing the proportion of supply available to absorb sell-offs.
This pattern of "forced selling, miner pressure, and selective accumulation" often forms the foundation for a long-term market bottom.
Bitwise further added:
"Bitcoin's capital expansion continues to contract, with the 30-day realized cap growth rate falling to just 0.75% per month. This suggests profit-taking and stop-loss selling in the current environment are roughly balanced, with losses only slightly outweighing profits. This rough balance indicates the market has entered a 'calm period,' with neither bulls nor bears holding clear dominance."
<h2>Technical Perspective</h2>
From a market structure perspective, Bitcoin remains constrained by two key ranges.
A sustained break above $93.5k would push the asset into a zone where "momentum models are more easily triggered," with subsequent targets at $100k, $103.1k (the short-term holder cost basis), and long-term moving averages.
Conversely, failure to break resistance in the face of cautious Fed signals could see the market retreat to the $82k - $75k range — an area that has repeatedly acted as a "reservoir" for structural demand.
BRN Research notes that cross-asset performance also confirms this sensitivity: ahead of the Fed meeting, gold and Bitcoin showed inverse correlations, reflecting asset rotation driven by changes in liquidity expectations, rather than purely risk sentiment-driven volatility.
Therefore, if Powell's comments reinforce the expectation that "reserve rebuilding is the core of the next policy phase," capital could quickly rotate towards assets that respond positively to "liquidity expansion."
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