According to ChainCatcher, on-chain data analyst Murphy has reported that Bitcoin options with a nominal value of approximately $23.8 billion are set to expire on December 26. This includes quarterly options, annual options, and a significant number of structured products. The expiration is expected to lead to a 'concentrated clearing and repricing of risk exposure' in the BTC derivatives market at the end of the year. While prices may be structurally constrained before expiration, uncertainty is likely to increase afterward. Data indicates that there is a substantial accumulation of open interest (OI) near the current BTC spot price at two key positions: a put option at $85,000 with 14,674 BTC and a call option at $100,000 with 18,116 BTC. This activity is not typical of retail investors but rather large-scale, long-term funds, likely including ETF hedging positions, BTC treasury companies, and large family offices that hold significant amounts of BTC. The put option at the $85,000 strike price reflects a strong demand for downside risk hedging at this level, with buyers taking the initiative. Similarly, the large accumulation of call OI at the $100,000 strike price does not necessarily indicate market optimism but rather shows that long-term funds are willing to forgo potential upside beyond this level in exchange for current cash flow and controlled risk. By purchasing lower puts and selling higher calls, BTC's return distribution is compressed into a manageable range. With OI already highly developed, this options corridor between $85,000 and $100,000 is expected to exert a structural influence on BTC prices, creating 'implicit suppression above, passive buffering below, and fluctuating within the middle range' before December 26.

Alternative 数据显示，今日加密货币恐慌与贪婪指数降至 21（昨日为 23），市场仍处于 “极度恐慌 ”态势。注：恐慌指数阈值为 0-100，包含指标：波动性（25%）＋市场交易量（25%）＋社交媒体热度（15%）＋市场调查（15%）＋比特币在整个市场中的比例（10%）＋谷歌热词分析（10%）。

Venezuela has continued to see a rise in stablecoin adoption and usage as the country's economic instability continues to worsen. source: https://www.cryptopolitan.com/venezuela-records-rise-in-stablecoin-usage/

金色周刊是金色财经推出的一档每周区块链行业总结栏目，内容涵盖一周重点新闻、矿业信息、项目动态、技术进展等行业动态。

China promotes digital RMB while maintaining a ban on stablecoins amid global crypto policy changes. source: https://coincu.com/news/china-digital-rmb-crypto-legislation/

That change in tone, more than the details themselves, marks a meaningful inflection point in the agency’s relationship with the […] The post SEC Stuns Crypto Community With Investor-Friendly Guidance appeared first on Coindoo. source: https://coindoo.com/sec-stuns-crypto-community-with-investor-friendly-guidance/

According to ChainCatcher, a report by KB Financial Group titled '2025 South Korea Wealth Report' reveals significant growth in the country's high-net-worth individuals. The report, based on data from ETNews, analyzes individuals with financial assets and real estate exceeding 1 billion Korean won. It indicates that the number of high-net-worth individuals in South Korea is increasing at an annual rate of 9.7%, rising from 130,000 in 2011 to an estimated 476,000 by 2025. The total financial assets of these individuals are also growing at an average annual rate of 7.2%, expanding from 1,158 trillion won in 2011 to 3,066 trillion won by 2025. This year marks the first time their financial assets have surpassed the 3,000 trillion won threshold. The report also highlights a shift in asset composition among South Korea's wealthy. While the proportion of real estate assets has decreased, there is an increase in the share of physical assets such as gold and jewelry, as well as crypto assets.

Paxos has posted one of the strongest growth runs in its history, with the total market cap of assets issued across its ecosystem soaring from $1 billion to $6. 6 billion since the start of 2025. The latest data from Token Terminal highlights a rapid expansion driven by rising demand for regulated stablecoins and tokenized assets […] The post Paxos Hits $6 source: https://www.ethnews.com/paxos-hits-6-6b-in-issued-assets-as-institutional-demand-accelerates/

中国银行原副行长王永利撰文《把握本质、开拓创新，切实加快数字人民币发展》，其中指出：中国坚定推进数字人民币发展，坚决遏制虚拟货币的政策取向已经完全明确，这一政策取向超出了不少人的强烈预期，还存在很大社会争议。为此，需要讲明坚决遏制虚拟货币的理由，同时必须切实加快数字人民币的创新发展和国内外广泛应用，尽快形成其在国际支付上的独特优势，走出数字货币成功发展的中国之路。

According to Odaily, Charlie Noyes, a general partner at the crypto venture capital firm Paradigm, announced on the X platform that he has resigned from his position. Despite stepping down, Noyes will continue to work alongside Paradigm founder Matt Huang as a board observer for Kalshi. He will also support Paradigm's portfolio companies and their founders. Noyes joined Paradigm at the age of 19 as its first employee and was promoted to general partner in February of this year.

US prosecutors expanded charges against Rodney Burton, a 56-year-old crypto promoter known as “Bitcoin Rodney,” over the $1. 8 billion HyperFund scheme. source: https://cryptonews.com/news/crypto-promoter-bitcoin-rodney-faces-up-to-20-years-on-new-charges/

金融体系,黄金,白银危机——当纸面体系开始失灵 金色财经,当音乐停止时，只有拿着真金白银的才能安然入座。

注意力一旦在链上形成可计量、可分配的结构，就具备转化为资产的基础。

本周共有 24 家区块链初创公司完成融资，总金额达 1.913 亿美元。

监管,SEC,法律,监管博弈新阶段：解读 SEC 创新豁免对全球加密行业的影响 金色财经,监管竞速时代，资金与创新将流向哪里。

大多数团队只是利用叙事炒作，而没有给予底层系统和实际开发者应有的认可。

终于，构建应用链（Appchains）变得有意义了。

2025年12月1日，一则重磅新闻落地：据港交所披露，HashKey作为首批香港持牌虚拟资产服务提供者（VATP）之一，正式通过了港交所的上市聆讯。

以太坊正在转向 L1 扩容和隐私，美股后台引擎 DTCC 手握 100 万亿美元开始向链上迁移，似乎一个美好的加密新浪潮即将到来。

BTC,技术,当发币变成流水线有人在给比特币开发者发工资 金色财经,给比特币“操作系统”发工资的人。