PA Daily | Coinbase plans to invest in four major areas including RWA Perptual Futures; Texas becomes the first state in the U.S. to officially purchase Bitcoin.

Today's News Highlights:

The selection process for the Federal Reserve Chairman is nearing its end, and Hassett is reportedly the front-runner.

Ministry of Industry and Information Technology and six other departments: Support platform enterprises in applying AI, blockchain, and other technologies to create multi-scenario, immersive consumption experiences.

Coinbase plans to invest in four major areas by 2026, including RWA perpetual contracts, specialized trading terminals, and more.

Texas in the United States launches a Bitcoin reserve program, with the first purchase of $5 million in BlackRock's IBIT.

Europe's largest asset management company Amundi sold approximately $135 million in Strategy stocks in Q3.

The MegaETH pre-storage event ended in failure due to technical issues, abandoning the plan to expand the fundraising scale to 1 billion USD.

Analyst Murphy: The resistance for BTC to return to $90,000 is relatively small, with the key pressure point at $92,000.

Macroeconomics

The South African central bank has classified cryptocurrencies and stablecoins as new financial risks.

According to a report by Bloomberg, the South African Reserve Bank has warned that crypto assets and stablecoins have become a new risk threatening the country's financial sector due to the lack of comprehensive regulation. In its semi-annual Financial Stability Assessment Report, it pointed out that the digitization and cross-border nature of cryptocurrencies allow them to bypass current foreign exchange control laws, and digital assets have not yet been included in regulation. The central bank's chief macroprudential expert, Herco Steyn, stated that the risk arises from the “incomplete regulatory framework.” He expects progress next year but warns that if progress stagnates, “regulation will be powerless.” Currently, the South African Reserve Bank is working with the Treasury to formulate new regulations to oversee cross-border crypto asset transactions and amend foreign exchange control laws to include digital assets. The central bank emphasizes that as the adoption rate of crypto assets increases, the domestic regulatory framework needs to continuously adjust with market developments and risks. Data shows that the South African crypto industry is dominated by three major platforms: Luno, VALR, and Ovex. As of July, there were nearly 7.8 million registered users; by December 2024, total assets are expected to reach 25.3 billion rand.

The Ministry of Industry and Information Technology and five other departments: Support platform enterprises in applying AI, blockchain, and other technologies to create multi-scenario, immersive consumer experiences.

According to Jinshi reports, six departments including the Ministry of Industry and Information Technology issued the “Implementation Plan for Enhancing the Adaptability of Supply and Demand for Consumer Goods and Further Promoting Consumption”. Among them, it proposes to orderly develop platform consumption. Orderly development of new formats such as live e-commerce, instant retail, curated retail, and circular e-commerce. Encourage platform enterprises to legally and compliantly use artificial intelligence technology to explore user demands, matching and pushing products and services. Support platform enterprises to apply digital technologies such as virtual reality, metaverse, artificial intelligence, and blockchain to create multi-scenario, immersive consumption experiences. Guide platform enterprises to carry out brand quality promotion activities to stimulate consumption. Press the main responsibility of platform enterprises, strengthen the qualification review of operators and the verification of product information, and improve the rapid processing mechanism for consumer disputes.

Spain plans to increase the tax burden on cryptocurrency gains by amending its laws.

According to Criptonoticias, the Sumar parliamentary group in Spain has submitted an amendment to the House of Representatives aimed at modifying three tax laws related to cryptocurrencies in the country.

OpenAI co-founder Sam Altman's ex-boyfriend was robbed at home, losing $11 million in cryptocurrency.

According to the New York Post, the San Francisco police and informed sources revealed that a tech investor who once dated OpenAI CEO Sam Altman was the victim of an armed robbery on the night of November 22, with $11 million worth of cryptocurrency assets stolen. At the time of the incident, the robber disguised as a UPS delivery person entered the victim's residence on Dolan Street with a white package box. Surveillance footage shows that after the victim opened the door, the robber threatened him with a gun to hand over his electronic devices and stole the cryptocurrency assets from his phone and laptop by binding the victim. According to informants, the suspect tortured the victim after binding him, beating him while on a hands-free call, with a foreign accent on the other end continuously reporting the victim's personal information. After receiving the report that night, the police found the victim with minor injuries and are currently tracking the path of the digital currency transfer made by the robber through the stolen devices. It is reported that the 31-year-old homeowner Lachy Groom is a venture capitalist and the former boyfriend of 40-year-old Sam Altman. Property records show he purchased the house from the Altman brothers for $1.8 million in 2021.

Bitwise DOGE ETF has received listing certification from NYSE Arca and could be listed as early as Wednesday.

According to The Block, NYSE Arca, a subsidiary of the New York Stock Exchange Group, certified the listing and registration application of the Bitwise Dogecoin ETF on Tuesday, with the Bitwise Dogecoin ETF (ticker BWOW) potentially listing as soon as Wednesday. According to the previous registration statement, the Bitwise Dogecoin ETF aims to provide investors with exposure to the value of this meme coin, with Coinbase Custody serving as the custodian for the fund.

The fifth largest bank in the United States, Meihézhòng Bank, is testing its developed stablecoin on the Stellar platform.

According to The Block, U.S. Bancorp has stated that the company is testing its self-developed stablecoin on the Stellar blockchain. The bank's choice of the Stellar blockchain seems to be based on considerations of transaction security and control. Mike Villano, Senior Vice President of Corporate Innovation at the bank, stated: “For bank customers, we must consider additional protective measures around the 'Know Your Customer (KYC)' principle, such as the ability to revoke transactions. After conducting further R&D work on the Stellar platform, we found that a significant advantage of the platform is that its underlying operating layer can freeze assets and suspend online transactions.” According to data from the Federal Reserve, as of September 30, U.S. Bancorp is the fifth largest bank in the United States, managing assets totaling $671 billion.

Polymarket announces its approval from the CFTC to re-enter the U.S. market.

According to a report by PR Newswire, the prediction market platform Polymarket has announced that the Commodity Futures Trading Commission (CFTC) has issued a revised designation order, allowing Polymarket to operate an intermediary trading platform while adhering to all applicable federal regulatory requirements. Once approved, Polymarket will be able to directly engage brokerage firms and clients, facilitating trading in U.S. trading venues. Currently, Polymarket is authorized to introduce an intermediary access model, allowing users to trade through futures commission merchants and utilize traditional market infrastructure, custody, and reporting channels.

The selection process for the Federal Reserve Chair is nearing its end, and it is reported that Hasset has become the top choice.

According to Jinshi reports, sources reveal that as the selection process for the new Federal Reserve Chairman enters its final weeks, Kevin Hassett, the Director of the White House National Economic Council, is seen as the top candidate for the next Fed Chairman in the eyes of President Trump's advisors and allies. Sources indicate that if Hassett is appointed, Trump will be able to place a close ally he knows and trusts within the Fed. Some also say Hassett is viewed as someone who can bring Trump's interest rate cut philosophy into the Fed, which is the direction Trump has long sought to control. However, they also point out that Trump is known for making unexpected personnel and policy decisions, so nothing is certain until it is officially announced. Hassett is considered to be highly aligned with Trump in economic views, including the belief that interest rates need to be lowered. In an interview with Fox News on November 20, he stated that if he were the Fed Chairman, “he would lower rates now” because “the data indicates we should do so.”

opinion

Analyst Murphy: BTC's return to $90,000 faces less resistance, with the key pressure point at $92,000.

Analyst Murphy pointed out that based on current data observations, it is not difficult for BTC to return to $90,000, and $90,000 is not a strong resistance level. The average cost of short-term holders shows that BTC may only encounter significant selling pressure when entering the range of $92,000 to $99,000. At the same time, options market data indicates that the call activity at the $92,000 strike price is significantly higher than that at $90,000, especially the sold calls at $92,000 far exceed those at $90,000, which will lead the market to form strong resistance. Murphy emphasized that the key battle for BTC above $92,000 is the core area that determines the trend, especially close to the $98,000 position, which is the “fair price” line for BTC in the past decade. However, the recent market has seen confidence undermined due to a large amount of realized losses, making it difficult to form effective purchasing power in the short term. The future trend of BTC still needs to pay attention to market sentiment and the performance of key resistance ranges.

Tom Lee: ETH may drop back to $2500 in the short term, but is expected to rise to $7000–9000 by January next year.

Tom Lee, co-founder of Fundstrat and chairman of BitMine, stated in a video that ETH could drop back to $2500, but he believes that this slight decline is insignificant compared to the upcoming super cycle of massive increases. He suggests that the future upside potential for ETH could be 3-4 times, meaning ETH could reach $7000-9000 in January.

Eric Trump denies predicting that Ethereum would rise to $8000 within 38 days.

Eric Trump, the second son of U.S. President Donald Trump, responded on the X platform to rumors regarding his prediction that “Ethereum will break through $8000 in the next 38 days,” stating that people should not spread fake news. He has never made such comments and mentioned that while he hopes to see this happen, he has not made any related predictions.

Strategy stated that even if BTC falls to its average cost price of $74,000, its BTC assets would still be 5.9 times that of convertible bonds.

Strategy stated on platform X: “If the price of Bitcoin falls to our average cost price of $74,000, we still have assets equivalent to 5.9 times our convertible debt, which we refer to as the Bitcoin rating of the debt. If the price of Bitcoin falls to $25,000, that ratio would be 2.0 times.”

Project Updates

Binance Alpha has launched PORT3, reaching a maximum of $0.0129.

According to the official page, Binance alpha has launched PORT3. It peaked at $0.0129 and is currently hovering around a market cap of $6-8 million. Previously, it was reported that Port3 Network was exploited by hackers through a BridgeIn vulnerability, resulting in a 77.4% drop in PORT3 over 24 hours. Subsequently, Port3 initiated a token migration plan and destroyed over 160 million tokens.

Binance wallet has added on-chain stock trading.

According to official news, Binance Wallet has added on-chain stock trading. Open the Binance App, go to Wallet, click on “Market” and select “On-chain Stocks” to trade, with a minimum fee of 0%.

Coinbase plans to invest in four major areas by 2026, including RWA perpetual contracts and specialized trading terminals.

According to official news, Coinbase Ventures has released its investment outlook for 2026, focusing on four cutting-edge areas next year: RWA perpetual contracts, specialized trading terminals, next-generation DeFi protocols, and AI and robotics technology. The specialized trading terminals will focus on areas such as Prop AMMs and prediction market trading terminals; the next-generation DeFi protocols will focus on areas such as perpetual market composability, unsecured lending/credit, and on-chain privacy; AI and robotics technology will focus on areas such as human identity verification, AI-enabled on-chain development and security. Coinbase Ventures stated that its team is actively seeking investments in these areas and welcomes relevant projects to discuss with them.

Upbit will launch the PLUME token on the Korean won market.

According to the official announcement, the South Korean cryptocurrency exchange Upbit will list the PLUME token on the KRW market.

Polygon co-founders are collecting community opinions on “whether the POL token code should be changed back to MATIC.”

Sandeep Nailwal, co-founder of Polygon and CEO of the Polygon Foundation, posted on the X platform stating that due to repeated feedback from the community, the MATIC token code is perceived to be more recognizable than POL, regarding whether to request trading platforms to change the token code back from POL to MATIC. Sandeep mentioned that he personally leans towards maintaining the status quo and insists on using POL. However, the feedback received indicates that project decisions should not be based solely on the views of the crypto community, as the crypto community accounts for less than 5% of the total number of cryptocurrency traders. He expressed a desire to understand the opinions of a broader user community, but does not guarantee that trading platforms will agree to this change.

SKALE collaborates with Base to launch the L3 network “SKALE on Base,” designed specifically for AI agent workloads.

According to The Block, Layer1 blockchain SKALE has partnered with Layer2 network Base to launch an Ethereum Layer3 network. According to project representatives, the network is called “SKALE on Base” and is “designed specifically for workloads of AI agents,” particularly suited for application scenarios such as the x402 payment protocol, which is incubated by Coinbase and designed for AI. They stated: “Agents need higher quality block space to operate on-chain, and SKALE Expand allows the SKALE Manager (the core smart contract that facilitates the operation of the SKALE chain) to be deployed on any EVM blockchain, bringing SKALE's gasless transactions, instant finality, and privacy protection to other EVM ecosystems.” SKALE on Base enables AI agents to leverage SKALE's scalable infrastructure along with Base's liquidity, users, entry points, and distribution channels. The network will also introduce a computing resource credit system, meaning AI agents and users will not need to manage gas fees while using on-chain applications. Users can pre-purchase credit limits using USDC or SKL on Base. Tuesday's launch marks the first deployment of the SKALE Expand multi-chain initiative. This initiative aims to build SKALE into “an AI agent layer capable of supporting multiple Layer1 and Layer2 networks while allowing users and liquidity to remain on their original chains.”

The MegaETH pre-storage event ended in failure due to technical issues, abandoning the plan to expand the fundraising scale to 1 billion USD.

According to Cointelegraph, on Tuesday, the MegaETH pre-staking event ended in failure due to a series of technical issues. The event was originally planned to provide a controlled window for verified users to lock in MEGA token allocations. The team noted on the X platform that the technical issues stemmed from misconfigurations in the KYC system and rate limiting problems. Meanwhile, a Safe multi-signature transaction intended for subsequent increments was executed prematurely, leading to new deposits that caused the total fundraising to exceed the original cap of $250 million. The protocol parties indicated that this amount was obtained by users who continuously refreshed the page and happened to access the system when it randomly opened. Ultimately, MegaETH froze the total deposit amount at $500 million and abandoned its original plan to expand the fundraising scale to $1 billion. The team stated that they would soon release a retroactive plan and withdrawal options, reaffirming that user assets are always safe, but acknowledged that this operation did not meet their own standards and that no excuses are necessary.

Coinbase has launched Irys ( IRYS ) spot trading.

According to the official announcement, Coinbase has launched Irys (IRYS) spot trading, which is now available on coinbase.com and the Coinbase App. Coinbase users can log in to buy, exchange, send, receive, or store Irys assets.

( Important Data

Ethena Labs is suspected of extracting ENA tokens worth $34.15 million from CEX through two new wallets.

According to Onchain Lens monitoring, Ethena Labs is withdrawing ENA from exchanges. The newly created wallet “0xa19” received 105.35 million ENA from Coinbase Prime, worth 28.7 million dollars. The wallet “0x631” further withdrew 20 million ENA from Bybit, worth 5.45 million dollars. Currently, this wallet holds 305.15 million ENA, with a total value of 88.67 million dollars.

The total net inflow of Bitcoin spot ETFs yesterday was $129 million, with Fidelity's FBTC leading the way with a net inflow of $171 million.

According to SoSoValue data, yesterday (Eastern Time, November 25), the total net inflow of Bitcoin spot ETFs was $129 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was Fidelity ) ETF FBTC, with a single-day net inflow of $171 million, and the historical total net inflow of FBTC has reached $11.984 billion. The second was Blackrock ### ETF IBIT, with a single-day net inflow of $83.088 million, and the historical total net inflow of IBIT has reached $62.637 billion. The Bitcoin spot ETF with the highest single-day net outflow yesterday was the ETF ARKB from Ark Invest and 21Shares, with a single-day net outflow of $75.9213 million, and the historical total net inflow of ARKB has reached $1.734 billion. As of the time of publication, the total net asset value of Bitcoin spot ETFs was $114.072 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 6.54%, and the historical cumulative net inflow has reached $57.613 billion.

The WLFI official has spent a total of 7.79 million USD1 to purchase 46.56 million WLFI tokens in the past 5 hours.

According to monitoring by Lookonchain, the WLFI official is currently repurchasing WLFI tokens on-chain. In the past 5 hours, they have spent 7.79 million USD1 to purchase 46.56 million WLFI tokens at an average price of 0.1674 USD.

A wallet suspected to be linked to Fenbushi Capital deposited 10,400 ETH to Binance 10 hours ago.

According to Lookonchain monitoring, a wallet suspected to be associated with Fenbushi Capital deposited 10,400 ETH to Binance 10 hours ago, worth $29.88 million.

USDe TVL has dropped to 7.6 billion USD, a decline of over 50% compared to the data from October.

According to a report by The Block, the total locked value (TVL) of Ethena's synthetic stablecoin USDe has dropped from $14.8 billion in October to $7.6 billion currently, a decline of over 50%. Affected by a weak market environment and reduced leverage demand, the perpetual funding rate has compressed, and the current annualized yield of this stablecoin is approximately 5.1%, down from double-digit returns at the beginning of the year. Despite the decrease in TVL, the usage of USDe is on the rise, with on-chain trading volume exceeding $50 billion last month. The sharp contraction in TVL is largely attributed to the unwinding of prevalent leverage looping strategies within DeFi protocols, particularly in lending markets like Aave. These arbitrage strategies involve repeatedly using staked USDe (sUSDe) as collateral to borrow USDC at a high loan-to-value ratio, then swapping back for sUSDe, and repeating the process to achieve effective leverage of 10 times or higher. As long as the annualized yield of USDe exceeds the borrowing cost of USDC, these trades can continue to be profitable; however, as yields decline, it has now fallen below the 5.4% cost of borrowing USDC on AAVE, causing some to unwind their arbitrage trades.

An ancient giant whale is suspected to have sold 20,000 ETH after eight months, worth 58.14 million USD.

According to on-chain analyst @ai_9684xtpa's monitoring, “the ancient giant whale of 254,900 ETH” is suspected to have sold 20,000 ETH after eight months, worth $58.14 million, with a cost as low as $0.31. Ten hours ago, he deposited 20,000 ETH into FalcoinX at a deposit price of $2,906.79. The last time this giant whale transferred tokens to an exchange, the price was only $1,452.04. Currently, he still holds 3,070 ETH on-chain, worth $9.07 million.

Multicoin Capital has once again purchased 60,000 AAVE, worth 10.68 million USD.

According to on-chain analyst Yu Jin's monitoring, Multicoin Capital purchased 60,000 AAVE(1068 million USD( again through Galaxy Digital OTC 4 hours ago. In a month and a half, they have accumulated purchases of 338,000 AAVE(6046 million USD), with an average price of 219 USD. They are facing a floating loss of 13.5 million USD. After the sharp decline on October 11, they purchased 210,000 AAVE(5132 million USD) at a price of 244 USD; on November 25, they bought 61,637 AAVE(1094 million USD) at 177 USD; and on November 26, they purchased 60,000 AAVE(1068 million USD) at 178 USD.

( Investment and Financing / Acquisition

Robinhood and Susquehanna are acquiring a majority stake in MIAXdx (formerly LedgerX) to deepen their involvement in the prediction market.

According to Bloomberg, Robinhood and the hedge fund Susquehanna International Group are taking over a regulated exchange that was previously associated with the now-bankrupt crypto company FTX, allowing both companies to gain a new foothold in the prediction market space. The two companies are acquiring a majority stake in MIAXdx (formerly LedgerX). LedgerX was originally a derivatives exchange based in the United States that was owned by FTX and is now operated by Miami International Holdings (MIH). The financial details of the transaction were not disclosed, but MIH stated that it would sell 90% of the exchange's equity to a group led by Robinhood. Robinhood has indicated that it will become the “controlling partner” of the new joint venture, while Susquehanna will serve as the “first-day liquidity provider” to ensure customers have a counterparty for trades. The two acquirers have already had close ties to the prediction market. Susquehanna has stated that it is a market maker for the prediction market Kalshi. Robinhood, on the other hand, provides event contracts from Kalshi to its retail investment clients. This new deal will allow Robinhood and Susquehanna to directly control the infrastructure needed to list and clear event contracts on their own terms.

The digital asset lending platform CreatorFi has secured a strategic investment of 2 million USD.

The digital asset lending platform CreatorFi announced a strategic partnership with the Aptos Foundation and Aptos Labs. As part of the collaboration, CreatorFi will launch its platform on Aptos and receive a total of $2 million in strategic funding to accelerate its development. According to the introduction, CreatorFi, developed by Insomnia Labs, is a fintech platform that transforms digital media revenue into lendable assets, providing risk-adjusted pre-approved financing for creators, studios, and media businesses.

) Institutional Holdings

Europe's largest asset management company Amundi sold about $135 million worth of Strategy stocks in Q3.

According to BitcoinTreasuries.NET, Europe’s largest asset management company Amundi disclosed that it sold 772,620 shares of Strategy (MSTR) stock in the third quarter, worth $135 million.

Texas, USA launches Bitcoin reserve program, with the first purchase of $5 million of BlackRock's IBIT.

According to a report by The Block, a post from the Texas Blockchain Council shows that the state has made its first funding allocation for the Texas Strategic Bitcoin Reserve, purchasing approximately $5 million of the BlackRock Bitcoin Spot ETF (IBIT) last week. This transaction appears to be the first use of authorized funds under the SB 21 bill issued by Greg Abbott in June. The bill establishes a state-level Bitcoin reserve operated by the Texas Treasury Trust Company. Lee Bratcher, chairman of the Texas Blockchain Council, revealed on Twitter that the purchase occurred on November 20, marking both the first funding allocation for the reserve and the first case of a state government in the U.S. purchasing Bitcoin. However, state officials have not yet released any documents or statements to confirm the transaction. According to the latest 13F filing submitted by the Texas Treasury Trust Company, the company holds approximately $667 million in SPY (S&P 500 Index ETF) and $34 million in Janus Henderson funds. If according to Lee Bratcher, the $5 million purchase of IBIT (as part of a $10 million Bitcoin allocation) will become the third-largest holding in that portfolio.