Author: GodotGodot; Source: @GodotSancho
Recently, I've seen a lot of discussions about Monad $MON and the moat of public chains. As a contributor to L2, I genuinely feel that the so-called "building an ecosystem" has already been debunked.
If you build a public chain or L2 from scratch with complete sincerity, wanting to create a great project, the first thing you need to consider is where the users and on-chain funds will come from.
When you reach out everywhere for cooperation, you'll find that no one pays attention to you; even if you pay KOLs for promotion, you might still be rejected.
At this point, you realize that the most basic need for everyone is to be sure you won't rug, not to care about your public chain's performance or technology. You need strong VC funding to serve as brand endorsement.
The problem is, what do VCs look for when investing? You need to have a background from a prestigious university or a big tech company, and ideally a background in cryptography, or at least a partner with such a background.
Suppose you happen to have all of these, and you also found a cryptographer...

Author: James Butterfill, Source: CoinShares Research, Translation: Shaw Jinse Finance
Over the past two years, Digital Asset Treasury (DAT) companies have become one of the most closely watched sectors in the cryptocurrency market. As CoinShares operates a blockchain equities index, this is also a topic we frequently delve into. With the rapid growth of the DAT sector and its credibility, its positioning has become increasingly blurred. The recent market correction has put pressure on some large DATs, making it necessary for us to re-examine the original intent, development trajectory, and what the recent market downturn and shrinking net asset values mean for the future of DATs.
The Original Purpose and Core Positioning of DATs
To understand the current situation, we need to look back at the original motivation for creating DATs. The core goal of DATs is to serve entities with multi-currency revenue sources

Author: Matt Hougan, Chief Investment Officer at Bitwise; Translation: Jinse Finance
There are many things to worry about in the cryptocurrency space, but Michael Saylor and Strategy selling Bitcoin is definitely not one of them.
My inbox is flooded with questions about the Bitcoin treasury company Strategy (stock code: MSTR, formerly MicroStrategy). Specifically, people mainly want to know two things:
1. Will it be removed from MSCI indices, resulting in forced selling of the stock?
2. Will it be forced to sell its Bitcoin holdings?
Let’s answer these one by one.
MSCI and Strategy
On October 10, MSCI announced that it is considering whether to remove Strategy

Author: Xiao Yanyan, JIN10 Data
Bond investors have informed the U.S. Treasury Department that they are concerned about the possible nomination of Kevin Hassett as Federal Reserve Chair, fearing that he would aggressively cut interest rates to appease Trump.
According to several sources familiar with the matter, Treasury officials solicited feedback on Hassett and other candidates during one-on-one conversations with senior executives from major Wall Street banks, asset management giants, and other key participants in the U.S. bond market.
These sources said the discussions took place in November, before Treasury Secretary Yellen launched the second round of interviews to find a successor to Powell. The Treasury stated that it "regularly communicates with a wide range of market participants and investors about important developments and trends in the U.S. Treasury market and the broader financial markets." It added: "In discussions with key stakeholders, the market’s views on the possible impact of the five potential Federal Reserve Chair candidates..."

Author: Zhang Feng
On December 3, 2025, Leung Fung-yee, CEO of the Hong Kong Securities and Futures Commission, delivered a keynote speech at the 4th ASEAN Plus Three Economic Cooperation and Financial Stability Forum. Centered on "Reshaping Finance—Regulation Seeking Progress Amidst Uncertainty in an Era of Change," she systematically expounded on the profound transformations facing current financial markets, the accompanying risks, and the response strategies that regulators and market participants should adopt.
Against the backdrop of a global wave of digitization, geopolitical restructuring, and technology empowering finance, her speech not only set the tone for financial regulation in Hong Kong and even Asia, but also provided a clear roadmap for the regulated development of emerging fields such as digital assets.
Let us review the connotations of "changes in the times" highlighted by Leung Fung-yee, summarize the underlying risks, distill the paths for change she proposed, and thus infer the development trends of the digital asset industry, as well as explore how the industry can achieve innovation and progress amid risks.
I. Era of Change: Four

1. MicroStrategy's $6.6 Billion Discount: The First Stall of the Bitcoin Perpetual Motion Machine
Currently, MSTR holds 650,000 bitcoins with a fair value of $55.6 billion, yet its total market capitalization is only $49 billion, reflecting a $6.6 billion discount (11.9%), far exceeding the so-called "$1 billion." This is the first time since Saylor launched the Bitcoin treasury strategy in 2020 that there has been a sustained and significant NAV discount. The mNAV ratio has dropped to 0.88, just one step away from the MSCI index exclusion threshold. If excluded, passive funds will dump approximately $2.8 billion worth of shares, officially triggering a death spiral. In November, $1.44 billion in preferred shares were issued to fill the interest gap, further diluting equity. The bitter fruit of high beta has finally been tasted as Bitcoin fell from $108,000 to $85,500. Some people still insist, "Even if Bitcoin drops to $1, we won't sell." But

Musk recently pointed out that the US debt of over $38.3 trillion may lead to Bitcoin price fluctuations. He emphasized Bitcoin's scarcity and its energy-based nature, suggesting that energy could replace currency in the future, and hinted that Bitcoin is more stable than fiat currency. Currently, Bitcoin is gradually entering the mainstream financial market.

In mid-to-late November 2025, an RWA project based on the accounts receivable of US small and medium-sized enterprises (SME)) collapsed due to a large-scale default of its underlying assets, causing the value of its on-chain tokens to plummet. In the past, the market viewed “asset tokenization” as a solution to the pain points of traditional asset investment due to the blockchain’s transparency and efficiency, which enhanced credibility. However, investment risk does not disappear; essentially, it is also “risk on-chain.” It instantaneously injects the slowly brewing credit risk of the off-chain world—without attenuation—into the 24/7 operating on-chain financial world.
Today, the Sa Sister team will not discuss asset innovation with our old friends, but will instead focus solely on risk governance. Through this project, which marks the industry's first major “blow-up,” we will thoroughly analyze the complete transmission path of risk from off-chain to on-chain, as well as the RWA risk management framework.
II. The Illusion of Blockchain Transparency: Compliance Is the Ultimate Line of Defense
The high transparency of blockchain is one of the main advantages of RWA.

Article Author: Alex Krüger
Article Translation: Block Unicorn
Preface
The Federal Reserve as we know it will come to an end in 2026.
The most important driver of asset returns next year will be the new Federal Reserve, especially the regime shift brought about by Trump's new Fed chair.
Hassett has become Trump’s top pick to lead the Federal Reserve (with a 71% probability on Polymarket). Currently serving as Director of the National Economic Council, he is a supply-side economist and a long-time loyal supporter of Trump, advocating a “growth-first” philosophy. He believes that, with the war on inflation basically won, maintaining high real interest rates is a political stubbornness rather than an act of economic prudence. His potential appointment marks a decisive regime shift: the Federal Reserve will move away from the technocratic caution of the Powell era and toward a clear priority of lowering borrowing costs to drive overall

In the noise-filled cryptocurrency market, news headlines often serve as amplifiers of sentiment. Recently, a news screenshot about MicroStrategy has been widely circulated across major communities. The headline strikingly reads: "MicroStrategy says it may be forced to sell Bitcoin if faced with a 'literally sustained three-year downturn.'"
At first glance, this seems like unsettling news—the largest corporate holder of Bitcoin, famous for its "only buy, never sell" diamond hands, has actually mentioned the possibility of "selling." However, once we peel back the layers of emotion and take a closer look at the financial data in the screenshot ($1.44 billion in cash reserves) and the extremely unlikely scenario they've set, we realize that this is not a "surrender statement," but rather a carefully designed "stress test report."
The most striking aspect of the screenshot is not the phrase about "selling coins," but rather

Author: Ye Zhen, Wallstreetcn
On Tuesday, Bitcoin and other cryptocurrencies led a rebound in risk assets, driven by a major shift from global asset management giant Vanguard Group.
After Monday’s sharp decline, Bitcoin strongly regained the $90,000 level on Tuesday, rising more than 6% in a single day, while Ethereum climbed back above $3,000. At the same time, Trump hinted that his economic adviser Kevin Hassett is a potential candidate for Federal Reserve Chair. Coupled with stabilization in Japanese bond auctions, this put pressure on US Treasury yields and the US dollar index, which both edged down. As market liquidity concerns eased, global risk assets rallied significantly.
On Tuesday, Vanguard Group confirmed that clients can now purchase third-party cryptocurrency ETFs and mutual funds, such as BlackRock’s iShares Bitcoin Trust ETF, through its brokerage platform. This marks the first time the asset management giant, renowned for its conservative investment philosophy, has opened cryptocurrency investment channels to its 8 million self-directed brokerage clients.