Top Highlights
• Japan launches its national “DOGE” Government Efficiency Unit
• FDIC to continue advancing the implementation of the GENIUS Act
• Bitcoin mining industry faces the most severe profitability squeeze in 15 years
Macro & Policy Outlook
Today’s Key Events
• NVIDIA attends the UBS Global Technology & AI Conference
• OECD releases its latest economic outlook
• Amazon’s annual cloud computing conference opens
Macro Headlines
1. Japan launches its national “Government Efficiency Unit (DOGE)”
The Japanese government has officially launched its own version of the “Government Efficiency Unit” (DOGE). At its first meeting, the unit outlined plans to identify and eliminate inefficient tax measures and subsidies. After the DOGE meeting, Finance Minister Satsuki Katayama said that despite BOJ Governor Kazuo Ueda expressing confidence in the economic outlook and hinting at potential rate hikes, there is no divergence between the government and BOJ regarding economic assessment.
2. FDIC to continue advancing the implementation of the GENIUS Act
FDIC Acting Chairman Travis Hill stated in testimony submitted to the U.S. House Financial Services Committee that the FDIC will release the first regulatory proposals for stablecoin issuers in December as part of implementing the “U.S. Stablecoin National Innovation and Clarity Act (GENIUS Act).” The initial proposals will clarify the federal registration process for stablecoin issuers. Early next year, the FDIC will issue prudential requirements for FDIC-supervised payment stablecoin issuers, including capital standards, liquidity requirements, and reserve asset quality rules.
3. Riksbank: U.S. and EU regulatory approaches are converging
A research report from Sweden’s Riksbank notes that despite structural differences, U.S. and EU policies on stablecoins are gradually converging in practice. While both jurisdictions legally permit certain entities to hold central-bank reserve balances, actual use remains limited. The European Central Bank has allowed select non-bank payment institutions to hold central-bank account balances for settlement, but this does not extend to use as stablecoin reserve backing.
Traditional Market Cross-Asset Reference
• U.S. equities fell following the Thanksgiving holiday: Nasdaq -0.38%, S&P 500 -0.53%, Dow Jones -0.9%.
• As of December 2 at 15:00 HKT: spot gold -0.48% (4,210 USD/oz); WTI crude (USOIL) -0.15% (59.41 USD/barrel).
Crypto Market Snapshot
1. Top Cryptocurrency Spot Prices (as of December 2, 2025, 15:00 HKT)
2. Futures Capital Flow Analysis
According to Coinglass data on December 2, the past 24 hours saw notable net outflows in derivatives trading for SOL, DOGE, XRP, ASTER, and LINK, indicating potential trading opportunities in these assets.
3. Bitcoin Liquidation Map
Based on Coinglass data (December 2), with Bitcoin currently around 87,037 USD, a drop below 83,000 USD would push cumulative long liquidations on major CEXs to 1.65 billion USD. Conversely, a breakout above 89,000 USD would bring cumulative short liquidations to 1.14 billion USD. Proper leverage control is advised to reduce risks of large-scale liquidations under volatile price conditions.
4. Bitcoin Long/Short Ratio
As of 15:00 HKT on December 2, Coinglass shows the global Bitcoin long/short ratio at 0.6396, with long positions accounting for 39.01% and short positions 60.99%.
5. MEME Monitoring
According to the latest Coinglass data (December 2), the MEME sector displayed overall bullish sentiment. PIPPIN, FARTCOIN, and ZEREBRO saw daily gains of approximately 17–34%. PIPPIN recorded a surge of over 40% in OI despite lower trading volume, while funding rates sharply flipped negative, indicating intensified two-way positioning. JELLYJELLY and TSLA saw trading volumes grow more than 10x and nearly 30x respectively, alongside rising OI, reflecting concentrated short-term speculation. Overall, the sector is in a high-volatility, fast-rotation phase, with activity focused on mid- and small-cap meme tokens. Caution is advised due to increased risk of rapid reversals.
6. On-Chain Monitoring
• According to Lookonchain, ten newly created wallets accumulated a total of 2,612 BTC in the past week (worth around 231 million USD). All wallets were recently created, and their subsequent actions remain worth monitoring.
• According to OnchainLens, an early-era Satoshi-age miner wallet moved 50 BTC (around 4.33 million USD) after more than 15 years of inactivity, distributing the funds into five newly generated addresses.
Blockchain Headlines
• BitMine: currently holds more than 3% of total ETH supply
• DeepSeek releases V3.2 with upgraded reasoning and tool-use capabilities
• Kalshi migrates thousands of prediction markets onto Solana
• Sushi leader Jared Grey steps down, moves into advisory role; Sushi receives major investment from Synthesis
• Huang Licheng’s ETH long position liquidated again, losing around 400 ETH
• Gleec acquires Komodo’s cross-chain DeFi stack for 23.5 million USD
• Strategy establishes 1.44 billion USD reserve for dividends
• PeckShield: Yearn recovers 2.4 million USD by burning hacker-held pxETH
• Europol: cross-border operations in Germany and Switzerland shut down 1.4 billion USD crypto mixer
• Zama to begin public auction on January 12, 2026, selling 10% of ZAMA tokens
• CoinShares: digital asset investment products saw 1.06 billion USD of net inflows last week
• Polygon co-founder: hopes Strategy does not become “the LUNA of this cycle”
Institutional Insights · Daily Picks
• TheMinerMag: Bitcoin mining industry is undergoing the most severe profitability squeeze in 15 years. Hash price has fallen to roughly 35 USD/PH/s, new-generation miners now require more than 1,000 days to break even, and the next halving is only about 850 days away.
• Greeks.live: sentiment among traders is broadly bearish, with many believing that Bitcoin has entered a bear-market rhythm. The key support at 80,000 USD is under close watch; many expect it to break, with potential downside to the 65,000–74,000 USD range.
BTCC Exclusive Market Analysis
On December 2, the 4-hour chart shows BTC remaining within a medium-term downtrend channel. After rebounding from around 84,000 USD, BTC has been oscillating within the 87,000–89,000 USD zone. Price has retaken the MA10 but remains below the MA20, indicating that the rebound is corrective rather than impulsive. MACD negative bars have narrowed but remain below the zero axis; ROC stays negative; PVT is flat near lows — signaling that while selling pressure has eased somewhat, strong new long momentum is still lacking. The key short-term levels to watch are support at 85,000 USD and resistance at 89,000–91,000 USD.
From a fundamental perspective, the FDIC’s commitment to advancing the GENIUS Act suggests tighter oversight of financial institutions’ exposure to high-volatility assets, which may constrain leverage expansion in the crypto market over the medium term. Japan’s DOGE launch reflects domestic fiscal and administrative efficiency reforms and is liquidity-neutral globally. Meanwhile, the mining industry faces severe cash-flow stress due to rising electricity costs and increased network difficulty, potentially accelerating miner capitulation and short-term sell pressure on BTC.
Given the convergence of negative technical and fundamental signals, aggressive long entries are not recommended. If BTC holds 85,000 USD with rising volume, small-sized long attempts toward the 89,000–91,000 USD region may be considered. However, repeated rejection near the MA20 favors light short positioning around resistance, with stop losses above 92,000 USD. For futures trading, tight leverage control and short-cycle “range trading with fast entries and exits” is advised, as the market remains in a weak consolidation phase dominated by stock-driven flows rather than a clear trend reversal.
Risk Warning: The above information is for reference only and does not constitute investment advice or trading guidance. Cryptocurrency trading carries risks. Please manage your positions prudently.
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