null source: https://x.com/angrycryptoshow/status/2005779353628533149

According to PANews, CoinGlass data reveals that the cryptocurrency derivatives market in 2025 experienced forced liquidations amounting to $150 billion. While this may appear as a crisis throughout the year, it is actually a structural norm in the marginal price market dominated by derivatives. Forced liquidation due to insufficient margin resembles a cyclical fee imposed on leverage. Within the context of an annual derivatives trading volume of $85.7 trillion (averaging $264.5 billion daily), liquidation is merely a byproduct of the price discovery mechanism led by perpetual swaps and basis trading. As derivatives trading volume increased, the open interest rebounded from the deleveraging trough of 2022-2023. On October 7, the nominal open interest in Bitcoin reached $235.9 billion, with Bitcoin prices touching $126,000 during the same period. However, record open interest, crowded long positions, and high leverage in small altcoins, combined with global risk aversion triggered by U.S. President Donald Trump's tariff policies, led to a market turning point. Between October 10-11, forced liquidations exceeded $19 billion, with 85%-90% being long positions. Open interest decreased by $70 billion within days, ending the year at $145.1 billion, still higher than at the beginning of the year. The core issue of this volatility lies in the risk amplification mechanism. Regular liquidation relies on insurance funds to absorb losses, while extreme market conditions trigger the automatic deleveraging (ADL) emergency mechanism, which inversely amplifies risk. During liquidity shortages, frequent ADL activation forces the reduction of profitable short and market maker positions, causing market-neutral strategies to fail. The long-tail market suffered the most, with Bitcoin and Ethereum plummeting 10%-15%, and most small asset perpetual contracts dropping 50%-80%, creating a vicious cycle of "liquidation - price drop - further liquidation." The concentration of exchanges exacerbated the spread of risk, with the top four platforms, including BN, accounting for 62% of global derivatives trading volume. In extreme conditions, synchronized risk reduction and similar liquidation logic led to concentrated sell-offs. Additionally, infrastructure such as cross-chain bridges and fiat channels faced pressure, hindering cross-exchange fund flows and rendering cross-exchange arbitrage strategies ineffective, further widening price disparities. Despite the $150 billion in liquidations throughout the year, it is not a symbol of chaos but rather a record of risk avoidance in the derivatives market. The 2025 crisis has not yet triggered a chain reaction of defaults but has exposed structural limitations reliant on a few exchanges, high leverage, and certain mechanisms, with the cost being concentrated losses. In the coming year, more positive mechanisms and rational trading are needed to prevent a recurrence of the October 10-11 events.

XRP is trading below critical technical levels after losing the $2 mark, a breakdown that has shifted market sentiment decisively toward fear. Bulls are struggling to find reliable support as price action weakens, and recent attempts at stabilization have failed to attract sustained demand. The loss of this psychological and structural level has left XRP vulnerable, with traders increasingly positioning defensively amid broader uncertainty across the altcoin market. Related Reading: Why $100,000 Is Bitcoin’s Most Important Resistance Level According to analysis shared by Darkfost, selling pressure on XRP has intensified materially over recent weeks source: https://www.newsbtc.com/xrp-news/xrp-selling-pressure-returns-investors-shift-from-holding-to-distribution/

null source: https://x.com/angrycryptoshow/status/2005775559180042423

Meta 以数十亿美元收购开发 AI 应用 Manus 的公司蝴蝶效应。这是 Meta 成立以来第三大收购，花费仅次于 WhatsApp 和 ScaleAI。我们了解到，在 Meta 收购前，Manus 正以 20 亿美元估值进行新一轮融资。“快到还怀疑过这是不是一个假的 offer。”真格基金合伙人、蝴蝶效应公司天使投资人刘元说，这次收购谈判在极短时间完成，前后不过十余天。

据 CME“美联储观察”：美联储明年 1 月降息 25 个基点的概率为 16.1%，维持利率不变的概率为 83.9%。到明年 3 月累计降息 25 个基点的概率为 45.4%，维持利率不变的概率为 47.7%，累计降息 50 个基点的概率为 6.9%。

越来越多的美国富豪开始设立家族办公室。这类机构可为超级富豪提供全方位服务，既包括财富投资管理，也涵盖个人事务打理。它们规模庞大且行事低调，其对华尔街乃至整个美国经济的影响力正不断攀升。德勤数据显示，当前美国家族办公室管理的财富规模约为5.5万亿美元，较五年前增长67%；预计该规模今年将升至6.9万亿美元，到2030年更是会突破9万亿美元。德勤还预测，未来几年内，家族办公室管理的资产规模将超过对冲基金公司。德勤数据显示，目前全球单一家族办公室数量已超8000家，较2019年的6130家增长约三分之一，预计到2030年这一数字将突破1万家。各大银行及其他金融机构正迫切希望满足家族办公室的各类需求，而企业家与投资经理们也在争相分食这些富豪家族手中的巨额财富蛋糕。

According to Odaily, U.S. President Donald Trump has announced that he is contemplating legal action against Federal Reserve Chair Jerome Powell, citing 'incompetence' as the reason. Trump also mentioned that his preferred candidate for the Federal Reserve Chair remains unchanged, with an announcement for the new appointee expected in January next year.

South Korea's BC Card partners with Base to test USDC payments, settling in Korean won through QR systems. source: https://coincu.com/news/bc-card-usdc-payment-test/

美国证券交易委员会（SEC）企业融资部副主任 Cicely LaMothe 宣布退休。她过去一年在加密监管方向上发挥重要作用，包括发布澄清声明指出 Meme 币不属于证券，并说明 SEC 对质押业务的监管立场。LaMothe 2002 年加入 SEC，曾参与起草注册申报政策等关键工作。 她的离任恰逢 SEC 在加密行业上采取更友好新方向的第二年。期间，SEC 已批准部分加密资产相关 ETF 上市标准、撤销多起针对知名加密公司的执法案件，并推进“加密项目”（Project Crypto）以更新数字资产监管框架。 此外，SEC 还确认执法部门东南区副主任 Nekia Hackworth Jones 已于12月底完成任期。

Japan is moving forward with a major overhaul of its crypto taxation framework, proposing a flat 20% tax on profits from digital assets under its 2026 tax reform plan. While this marks a significant reduction from the current 55% rate, the new policy currently applies only to a limited set of “specified” crypto assets, leaving many to wonder what that means.

OpenAI is facing lawsuits after a 16-year-old died by suicide, with claims that ChatGPT repeatedly discussed hanging and may have worsened his distress. The company is now introducing stronger teen protections, including safety alerts, age-specific guidance, and parental controls, to prevent harm and ensure younger users have safer, age-appropriate interactions.

The Stellar Development Foundation (SDF) has partnered with LayerZero, a leading interoperability protocol, to enable native connectivity between Stellar and more than 150 blockchain networks. The integration allows assets—most notably USDC and other stablecoins—to move seamlessly across chains without relying on centralized bridges or intermediaries.

Hackers took control of Rainbow Six Siege, giving players billions of in-game credits and rare items, forcing Ubisoft to shut down the servers. The company is rolling back the affected accounts while allowing players to keep any items they used, and is gradually reopening the game.

Bitmine has made one of the most aggressive treasury moves in recent crypto history, committing hundreds of millions of dollars to Ethereum while simultaneously embracing staking as a long-term income strategy.

Mirae Asset Group is in talks to buy South Korea’s fourth-largest crypto exchange, Korbit, in a deal worth about 100 to 140 billion won ($70–$100 million).

Over $35 million in cryptocurrency stolen from LastPass users since 2022 has been traced to Russian cybercriminals using weak master passwords and laundering funds through mixers and Russian exchanges. TRM Labs found the thefts continued for years, showing that even encrypted vaults can be compromised if security practices are weak.

Coinbase has finally made its first arrest of one of the masterminds behind the exchange's customer data breach that exposed nearly 70,000 user accounts.

Global online interest in cryptocurrencies has fallen to its lowest levels as we approach the new year, with Google search data signaling a sharp pullback in retail attention as the market heads into 2026.

The Atlas memecoin, themed around US Vice President JD Vance’s pet dog, has nearly half of its supply controlled by 68 wallets showing signs of coordinated buying and potential insider activity. The token was heavily promoted by the influencer Whale Insider, raising concerns that retail investors could be at risk from price manipulation.