According to PANews, Garrett Jin, known as the '1011 Insider Whale,' recently shared insights on the X platform regarding the Ethereum (ETH) and Nasdaq 100 index ratio. Jin noted that the ratio has repeatedly hit a low near 0.11, suggesting that ETH is in a bottom range. He predicts that ETH has a higher chance of outperforming the Nasdaq 100 in the coming months, with a target ratio between 0.16 and 0.22, indicating a potential increase of 50% to 100%. Given the strong correlation between Ethereum and the Nasdaq 100 index, significant deviations are unlikely to persist. Mean reversion is expected, especially in the context of broader policy developments such as the potential restart of quantitative easing in the U.S., direct cash stimulus to households, and U.S. Securities and Exchange Commission Chairman Paul Atkins accelerating the migration of U.S. stocks onto the Ethereum blockchain.

According to PANews, the tokenization of U.S. stocks has sparked debate regarding its impact on the cryptocurrency market. Some believe that the influx of funds into tokenized stocks could detract from crypto investments. However, this perspective only considers one side of the coin. The tokenization of assets such as the U.S. dollar, Treasury bonds, stocks, and physical gold is expected to significantly increase on-chain asset volume. The financial composability inherent in the crypto sector could lead to a surge in on-chain transactions, especially if Ethereum successfully addresses scalability and privacy issues. This could attract funds from traditional stock markets into the crypto space, enhancing overall liquidity. Moreover, the circulation of U.S. stocks on the blockchain is not a one-way street; it could be reciprocal. Concerns about the revenue potential of crypto projects are valid, but the wealth effect is not solely dependent on income. There are industries with low market value despite having revenue. The era of widespread altcoin seasons may be over, but demand for quality altcoins and blockchain infrastructure, including public chains like Ethereum, DeFi, oracles, privacy technologies, digital identities, and wallets, remains. The potential for new innovations, such as crypto AI agents and asset tokenization, could lead to the emergence of new sectors akin to prediction markets or perpetual contracts. The key takeaway is that the tokenization of U.S. stocks does not spell doom for the crypto market. Once tokenized assets are on-chain, they will not remain idle; liquidity will be activated, leveraging crypto's composability. With compelling narratives and projects, both crypto and non-crypto funds could flow into the market. High-quality crypto projects, once they establish a narrative, may offer returns comparable to U.S. stocks. The next cycle is likely to see projects with unique crypto characteristics, similar to prediction markets or perpetual contracts, which are absent in traditional finance. The potential for increased liquidity and composability on-chain is significant. The previous cycles of widespread altcoin seasons are unlikely to return, even without the tokenization of U.S. stocks. However, select quality crypto projects, particularly those supporting tokenized stocks, still have opportunities. Each cycle brings its own standout projects, and the next cycle will be no different. The crypto sector is transitioning from its golden era to a phase of financial innovation, driven by institutional involvement. Opportunities for substantial returns still exist, albeit with lower probabilities than during the golden era. The standout projects of the next cycle may currently be in development or recovering from losses, waiting for their moment to shine.

Tether 旗下 AI 数据中心公司 Northern Data 将其比特币挖矿业务 Peak Mining 以最高 2 亿美元价格出售给由 Tether 创始人 Giancarlo Devasini 及 CEO Paolo Ardoino 控制的公司（Highland Group Mining、2750418 Alberta ULC 等）。该交易宣布数日后，Tether 持股近 50% 的保守派社交平台 Rumble 同意以约 7.67 亿美元收购 Northern Data。Northern Data 今年曾遭欧盟突击调查，被指涉嫌大规模税务欺诈，公司否认并称在配合调查。 （FT）

According to BlockBeats, Northern Data, an AI data center company under Tether, has sold its Bitcoin mining business, Peak Mining, for up to $200 million. The buyer is a company controlled by Tether's founder Giancarlo Devasini and CEO Paolo Ardoino, including Highland Group Mining and 2750418 Alberta ULC. Following the announcement of this transaction, Tether, which holds nearly 50% of shares in the conservative social platform Rumble, agreed to acquire Northern Data for approximately $767 million. Earlier this year, Northern Data was subject to a surprise investigation by the European Union over allegations of large-scale tax fraud, which the company has denied, stating that it is cooperating with the investigation.

According to Odaily, Yi Lihua has expressed that Japan's recent interest rate hike marks the last significant downturn. The fluctuations observed in recent days are primarily driven by contracts, with short positions making their final efforts. However, these are considered short-term actions in the face of a future bull market trend. For investors, rather than traders, the current period remains an optimal spot investment opportunity. Next year is expected to bring substantial benefits to the crypto industry, particularly in terms of crypto policies, interest rate cuts, liquidity easing, and financial blockchain integration. To achieve substantial returns, investors must endure market volatility, overcoming human weaknesses to succeed in the financial market.

币安 Alpha 将上线 RateX (RTX)，Alpha 交易将于 2025 年 12 月 19 日 9:00 (UTC) 正式开启。拥有至少 226 个币安 Alpha 积分的用户可按先到先得的方式领取 25 枚 RTX 代币的空投。如果奖励池未全部发放完毕，积分门槛将每 5 分钟自动降低 5 点。请注意，领取空投将消耗 15 点币安 Alpha 积分。用户必须在 24 小时内于 Alpha 活动页面确认领取，否则将被视为放弃领取。

易理华发文表示，日本加息后是最后一个大利空出尽，这几天的波动也是合约主导，尤其是空头还在最后的努力，但是在未来牛市趋势面前，这些都是短期行为。对于投资而不是交易来说，现在依旧是最佳现货投资区，明年加密行业都是大利好，尤其是加密政策，降息放水和金融上链这三大决定性因素。如果你想获得几千刀的回报，就必须忍受几百刀的波动，金融市场的赢家首先得人性弱点的克服。

The U. S. Senate has appointed Mike Selig as Chairman of the Commodity Futures Trading Commission, succeeding Caroline Pham. source: https://www.cryptopolitan.com/michael-selig-as-cftc-chair-apprioved/

Arthur Hayes 于 X 发文表示，其家族投资办公室 Maelstrom 正在大举抄底高质量山寨币。

null source: https://x.com/cointelegraph/status/2001889155689615437

Taiwan’s authorities are holding 210.45 Bitcoin and other cryptocurrencies seized from criminal cases. The assets remain under judicial control, with no plans yet announced for sale, conversion, or use in national reserves.

对许多人来说，Magic Eden是Solana平台上领先的NFT交易平台。然而，Magic Eden早已超越了交易平台的范畴，发展成为一个加密娱乐平台。

监管的完善不是行业发展的终点，而是"黄金十年"的新起点。

AI基建真正的危机在于深层的金融结构错配——当高折旧的算力资产、高波动的矿工抵押物，与刚性的基础设施债务被强行捆绑时，一条隐秘的违约传导链已经形成。

Trump Media is embarking on one of the most ambitious moves in its history, signaling a shift far beyond social media with a landmark partnership aimed at building a utility-scale fusion power plant by 2026.

PayPal is partnering with USD.AI to offer PYUSD stablecoin loans to AI companies, helping them fund GPUs, data centres, and other infrastructure. The programme also includes a one-year incentive offering 4.5% yield to attract institutional investors and support the growth of AI projects.

Messari,加密货币：从资产类别到技术领域的转变 金色财经,加密货币从交易型资产类别向底层科技赛道演进

​加密货币仍是一项新兴且迅速发展的实验。要驾驭当下，我们必须在数据与信念、宏观认知与技术乐观之间找到平衡。

Meta is developing two proprietary AI models, Mango for image and video generation and Avocado for text and reasoning, expected to launch in the first half of 2026. The company created Meta Superintelligence Labs, hired over 50 AI specialists, and shifted away from its Llama open-source models to compete with Google’s Gemini and OpenAI’s AI tools.

美国11月CPI到底准不准？“前期数值结转”（Carry Forward）到底在多大程度上影响了政府数据统计？