Headline
▌Trust Wallet: Browser Extension Version 2.68 Has a Security Vulnerability
Trust Wallet issued a statement saying, "We have discovered a security vulnerability in Trust Wallet browser extension version 2.68. Users of version 2.68 should disable this version and upgrade to version 2.69. Mobile device users and all other browser extension versions are not affected."
▌Mentions of Blockchain Surge in US SEC Filings in 2025
Throughout 2025, the number of mentions of blockchain in US Securities and Exchange Commission (SEC) filings surged, reaching approximately 8,000 by August, and this high level remained until November. Bitcoin-related content dominated the increase in mentions in the filings, accounting for the largest proportion of all filing-related statements.
This concentrated trend stems from the significant increase in the number of related filings and revisions following the successful launch of several spot Bitcoin ETFs in early 2024; and throughout 2025, traditional asset management institutions continued to expand their cryptocurrency-related product lines. As of press time, according to CoinGecko data: BTC price is $87,126.36, a 24-hour change of -0.6%; ETH price is $2,904.16, a 24-hour change of -1.5%; BNB price is $829.87, a 24-hour change of -2.0%. The price of SOL is $121.05, a 24-hour change of -1.4%; the price of DOGE is $0.1236, a 24-hour change of -3.9%; the price of XRP is $1.84, a 24-hour change of -1.3%; and the price of TRX is $0.2784, a 24-hour change of -0.6%. The price of WLFI is $0.1369, with a 24-hour change of +3.3%; the price of HYPE is $24.30, with a 24-hour change of -3.3%. Policy: Hong Kong adjusts its virtual asset licensing system, proposing to add two new types of licenses. The Hong Kong Financial Services and the Treasury Bureau (FSB) and the Securities and Futures Commission jointly announced that, in addition to licensing "virtual asset trading" and "virtual asset custody" under the Anti-Money Laundering Ordinance (AMLO) according to the original regulatory framework, they are also preparing to add two new types of licenses. The new licenses will regulate "providing advice on virtual assets" and "virtual asset management," and a one-month public consultation will begin immediately. The Hong Kong Financial Services and the Treasury Bureau and the Securities and Futures Commission issued two consultation summaries related to virtual asset legislation and the aforementioned new public consultation proposals on December 24, 2025. They intend to finalize legislative proposals for the four licenses after further gathering market feedback, aiming to formulate the relevant draft ordinances in 2026 and submit them to the Hong Kong Legislative Council for deliberation.
▌The Japanese government plans to announce a record budget exceeding 120 trillion yen for fiscal year 2026>
The government led by Japanese Prime Minister Sanae Takaichi plans to announce a record preliminary budget for the new fiscal year starting in April, with spending growth exceeding the inflation rate. Takaichi stated on Thursday that the total budget for the fiscal year starting in April 2026 is approximately 122.3 trillion yen (approximately US$786 billion).
Blockchain Applications
▌ZachXBT: Numerous Trust Wallet Addresses Stolen, At Least $6 Million Loss
Chain detective ZachXBT posted an update on social media regarding the "Trust Wallet theft incident," stating, "At least over $6 million has been stolen, with losses coming from hundreds of Trust Wallet users. If Trust Wallet is ultimately found responsible for this incident, we hope they will provide compensation to all victims. Due to the large number of addresses involved, it is difficult to fully ascertain the extent of the losses." Previously reported, ZachXBT stated that multiple Trust Wallet users reported funds being stolen from their wallet addresses.
Blockchain Applications
▌ZachXBT: Numerous Trust Wallet Addresses Stolen, At Least $6 Million Loss
Samsung Electronics plans to launch an application processor (AP) equipped with its own GPU as early as 2027, according to the Korea Economic Daily. This marks a significant step in its efforts to build an end-to-end device-side AI ecosystem. According to the latest data from Coingecko, the stablecoin USD1, launched by the Trump family's crypto project WLFI, has surpassed $3 billion in market capitalization, currently reaching $3,087,835,913, a new all-time high. Its trading volume in the past 24 hours reached $1,407,170,085.
▌Crypto Derivatives Trading Volume Hits Record High in 2025
According to CoinGlass statistics, the global cryptocurrency derivatives trading volume reached approximately $85.7 trillion in 2025, with an average daily contract trading volume of approximately $264.5 billion, indicating continued active market activity. Binance, with approximately $25.09 trillion, accounted for nearly 29.3% of the global market share, becoming the platform with the highest trading concentration.
▌Crypto Market Liquidation Exceeds $150 Billion in 2025
According to CoinGlass data, the total liquidation amount in the cryptocurrency market exceeded $150 billion in 2025, with an average daily liquidation amount of $400 million to $500 million.
On most trading days, the scale of long and short liquidations remained in the range of tens of millions to hundreds of millions of US dollars, mainly reflecting daily margin adjustments and short-term position clearing under high leverage, with limited medium- to long-term impact on prices and structure. Truly systemic pressure was concentrated in a few extreme event windows, with the deleveraging event of October 10-11 in mid-October being the most typical. On October 10, 2025, the total liquidation scale reached an extreme peak within the sample period, with total liquidations exceeding $19 billion, far exceeding the single-day highs of previous liquidation events. Based on the disclosure schedules of some platforms and feedback from market makers, the actual nominal liquidation scale may be close to $30-40 billion, several times that of the second-highest event in the previous cycle. Structurally, the liquidation height on that day was heavily biased towards the long side, with long liquidations accounting for approximately 85-90%, indicating that the BTC and related derivatives market was in an extremely crowded long leveraged state before the event. Liquid Capital founder Yi Lihua stated on the X platform: "Floating losses are short-term; the long-term trend is a bull market. Firstly, from buying the dip this year, to selling at the top before October 11th, and now buying the dip again, we have been transparent and consistent in our words and actions. Secondly, we are not blindly confident in large-scale bottom-fishing because our previous operations were correct. The team's daily research results all indicate that we are currently in the bottom range, and 2026 will be a major bull market. Finally, as I said before, we don't want to miss out on thousands of dollars in gains due to a few hundred dollars of fluctuation; we will continue to buy ETH on dips with $1 billion." Ethereum's net supply increased by 18,614 coins in the past 7 days, according to Ultrasound. According to money data, Ethereum's net supply increased by 18,614 ETH in the past 7 days, bringing the total Ethereum supply to 121,318,655 ETH, with a current supply growth rate of 0.8% per year.
▌Suspected Multicoin Capital address buys $30 million worth of WLD
According to on-chain analyst Yu Jin's monitoring, the address 0xf000 (suspected to belong to Multicoin Capital) transferred 30 million USDC to the Worldcoin team wallet. Then, 7 hours ago, it received 60 million $WLD ($29.06 million) from the Worldcoin team wallet.
▌Japanese listed company ANAP Holdings increases its holdings of Bitcoin by 127.73
According to market news, Japanese listed company ANAP Holdings disclosed that it has increased its holdings of Bitcoin by 127.73, bringing its total Bitcoin holdings to 1,346.58, worth approximately $118 million.
Important Economic Developments
▌Tom Lee predicts: Fed will turn dovish in 2026, traditional industries and fintech will benefit
Tom Lee, co-founder of Fundstrat and chairman of BitMine, recently stated in an interview with CNBC that the Federal Reserve may adopt a more dovish monetary policy in 2026, which is expected to boost business confidence and push the ISM Purchasing Managers' Index back above 50, bringing benefits to traditional industries such as industry, energy, and basic materials.
Lee believes the financial services industry will reduce labor intensity and increase profit margins due to AI and blockchain applications, predicting that leading banks such as JPMorgan Chase and Goldman Sachs may behave more like tech stocks and have the potential to become the next batch of "tech giants." Although the market may experience significant volatility in 2026, Lee points out that historical data shows a 50% chance of better performance in the fourth year after three consecutive years of gains exceeding 20%. He warns that the main risk is over-complacency, but current investor caution may mitigate this problem.
▌US Economist Predicts: 2026 Will See the "Most Severe Market Crash in History"
Harry Dent, founder of HS Dent Investment Firm, recently warned that the most severe market crash in history will arrive in 2026. Dent predicts that the current market bubble, which has lasted for nearly 17 years, will burst, causing the stock market to fall by 90%. He describes it as the worst market environment since the Great Depression. Notably, Dent refuted the view that "overheated speculation is limited to artificial intelligence (AI)."
▌Bank of Japan Governor: Bank of Japan Likely to Continue Raising Interest Rates
Bank of Japan Governor Kazuo Ueda stated that if the baseline forecast is realized as the economy and prices improve, the Bank of Japan is likely to continue raising interest rates.
Golden Encyclopedia
▌The Real Impact of Quantitative Easing on Cryptocurrencies
If we are to discuss whether "quantitative easing (QE) is beneficial to cryptocurrencies," we must first acknowledge a disturbing fact: the entire history of cryptocurrencies has been within environments of very limited liquidity, and only a portion of these have conformed to the traditional sense of quantitative easing since 2008. The conclusion so far is that since cryptocurrencies became a true market, we have only had a few relatively "clean" liquidity environments to study—and the most influential one (2020) was also the most unusual.
This does not mean that the claim of quantitative easing is wrong. Rather, it is probabilistic: loose financial conditions tend to favor long-term, high-beta assets, and cryptocurrencies are often the purest manifestation of this phenomenon. However, when we delve into the data, we need to distinguish between four factors: (1) balance sheet expansion, (2) interest rate cuts, (3) the dollar's performance, and (4) risk sentiment—because they do not always change in sync. Markets rarely wait for liquidity to arrive. They often begin trading policy direction long before the policy mechanisms are reflected in the data. This is especially true for cryptocurrencies, which tend to react to expectations—such as shifts in policy tone, signals from balance sheet policy, and anticipated changes in the interest rate path—rather than to the slow, gradual impact of actual asset purchases. This is why cryptocurrency price movements often precede yield declines, dollar weakening, and even any substantial expansion of the Fed's balance sheet. In the short term, cryptocurrency prices remain influenced by market sentiment and position fluctuations, and their movements depend not only on macroeconomic policy but also on positions and leverage. Liquidity certainly helps, but it cannot override all other influencing factors.
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