7 million TRX were transferred to Binance; the Coinbase BTC premium index is currently at 0.0246%.

Headline

▌7 Million TRX Transferred to Binance, Worth Approximately $2.03 Million

According to Arkham data, at 00:15, 7 million TRX (worth approximately $2.03 million) were transferred from an anonymous address (starting with TURTTU...) to Binance.

▌Coinbase Bitcoin Premium Index Currently Reported at 0.0246%

According to Coinglass data, the Coinbase Bitcoin Premium Index is currently reported at 0.0246%. It is understood that the Coinbase Bitcoin Premium Index is an indicator that measures the percentage difference between the price of Bitcoin on Coinbase Pro (USD pair) and its price on Binance (USDT trading pair).

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Policy

▌European Commission proposes expanding the powers of the European Securities and Markets Authority (ESMA), raising licensing concerns

On Thursday, the European Commission released a package of plans proposing “direct regulation” of key market infrastructure, including crypto asset service providers (CASPs), trading venues, and the ESMA’s central counterparty. If adopted, the ESMA’s role in regulating EU capital markets will be closer to the centralized framework of the US Securities and Exchange Commission, a concept initially proposed by European Central Bank (ECB) President Christine Lagarde in 2023.

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Policy

▌European Commission proposes expanding the powers of the European Securities and Markets Authority (ESMA), raising licensing concerns

▌US SEC Chairman: The entire financial system will shift to Bitcoin and cryptocurrencies within a few years

According to market news: The chairman of the US Securities and Exchange Commission stated that the entire financial system will shift to Bitcoin and cryptocurrencies within a few years: "This is the future direction of the world."

▌Coinbase CEO: Bitcoin and Cryptocurrencies Can Hold Bad Governments Accountable

According to market news: Coinbase CEO stated that Bitcoin and cryptocurrencies can hold bad governments accountable, emphasizing their role as "people's currency."

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Blockchain Applications

▌Solana Community Questions Jupiter Lend's Risk Disclosure; Kamino Suspends One-Click Migration Tool

The Solana community recently questioned Jupiter Lend's risk disclosure. Fluid co-founder Samyak Jain admitted that Jupiter Lend's vaults would double-pledge to improve capital efficiency and were "not completely segregated." Kamino co-founder Marius recently announced the blocking of the Jupiter Lend migration tool, arguing that users were misled about the protocol design and risks.

The Solana community recently questioned Jupiter Lend's risk disclosure. Fluid co-founder Samyak Jain admitted that Jupiter Lend's vaults would double-pledge to improve capital efficiency and were "not completely segregated." Kamino co-founder Marius recently announced the blocking of the Jupiter Lend migration tool, citing that users were misled about the protocol design and risks.

▌The average Bitcoin production cost for public miners reached $746,000

In the second quarter of 2025, the average Bitcoin production cost for public miners reached $746,000, with total costs reaching $1,378,000.

▌Early December Bitcoin spot ETF fund flow data shows signs of inflows recovering

After four consecutive weeks of net outflows from Bitcoin spot ETFs (and a large monthly outflow in November), early December fund flow data shows signs of inflows recovering.

▌CZ: Will continue to tweet as usual; tweets do not represent endorsement of any meme or symbol

Binance founder CZ retweeted He Yi's "Finding angles in tweets to launch a coin is a community behavior viewpoint" and stated, DOYR=DOYouRMeme? Even if someone turns our commonly used words into memes, it cannot stop us from using those words again. Will continue to tweet as usual; any words in tweets do not represent our endorsement of any emoji or symbol

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Important Economic Developments

▌Analyst: Bitcoin should not be compared to the tulip bubble

Analyst Eric Balchunas pointed out that Bitcoin should not be compared to the tulip bubble.

Unlike the tulip mania that collapsed after only three years, Bitcoin has existed for 17 years and has recovered to historical highs after 6-7 major setbacks. While Bitcoin, like gold and art, is a non-productive asset, it still possesses value. Central bank officials from various EU countries have pointed out that dollar-backed stablecoins could pose a threat to their monetary policy-making capabilities. The stablecoin market has experienced explosive growth over the past year, largely thanks to the legal certainty in the United States. The total market capitalization of stablecoins has hit record highs every month, but European Central Bank policymakers worry that increased adoption of these dollar assets during crises could trigger a series of problems. Issuers of euro- and pound-backed stablecoins also acknowledge these risks, but they believe that proposed solutions such as a digital euro cannot quickly provide viable alternatives and question whether central bank digital currencies are the right choice. Conversely, issuers believe that the key to solving the problem of Eurodollarization lies in building a thriving European stablecoin ecosystem. Monetary policymakers are already advancing the Eurozone's digital currency project. According to the European Central Bank, the project aims to reduce the Eurozone's dependence on non-European providers, help integrate the fragmented payments sector, and support innovation and competition. Significant uncertainties remain: it is unclear whether the digital euro will operate on blockchain or other proprietary systems; the proposed holding limits will offset many of the inherent advantages of private stablecoins, such as scalability and decentralized access. Whether it's a private stablecoin or a digital euro closely overseen by the European Central Bank, the sovereignty of European monetary policy depends on the development of digital currencies.