Summary
gm, Bitcoin retreated from its all-time high of $124,000 to around $118,000, triggered by higher-than-expected U.S. Producer Price Index data which dampened hopes for an aggressive Federal Reserve rate cut. Meanwhile, institutional interest in Ethereum continues to strengthen, with JPMorgan highlighting ETH's position to benefit from "meteoric" stablecoin growth on its network, as Ethereum ETF inflows outpaced Bitcoin's for the fifth consecutive day. On the innovation front, Jack Dorsey's Block unveiled a modular Bitcoin mining rig designed to last 10 years instead of the standard 3-5 years, while traditional financial institutions like Citigroup, Charles Schwab, and Fidelity are actively expanding their crypto services amid improving regulatory clarity.

News Headlines
📉 NEAR Protocol Tumbles 7% as Korean Exchanges Suspend Operations

  • NEAR suffered a 7% drop due to heavy institutional selling and Korean exchange deposit suspensions during a network upgrade, with peak sell volumes reaching nearly 20 million tokens.
  • Despite falling to a low of $2.75, the token managed to stabilize around $2.82, showing slight recovery amid above-average trading volume and ongoing volatility.

🚀 Solana-Compatible Star Atlas to Launch Its Own L1 in December

  • ATMTA, the studio behind space game Star Atlas, will launch Zink, an Solana VM-compatible L1 blockchain in December 2025 to enhance scalability.
  • The chain will feature zero-knowledge proofs, user identity through "zProfiles," and initially centralized governance with plans for decentralization over 18-24 months.

📱 TeraWulf Secures $3.7B Google-Backed AI Hosting Deal, Shares Surge 48%

  • Bitcoin mining company TeraWulf landed a $3.7 billion colocation agreement with Fluidstack, backed by Google, marking a strategic shift toward AI infrastructure hosting.
  • Google is providing financial backing and acquiring 8% ownership (41 million warrants) of TeraWulf shares, while the company plans to expand its data center capacity by 200+ megawatts.

🏦 Citigroup Exploring Crypto Custody Services for ETFs and Stablecoins

  • Citigroup is exploring cryptocurrency custody services focusing on high-quality assets underlying stablecoins and crypto-linked ETFs.
  • The move follows increased regulatory clarity from recent U.S. initiatives like the GENIUS Act, encouraging traditional financial institutions to engage more with the crypto sector.

💱 OKX Burns $26 Billion Worth of OKB Tokens in Supply Restructuring

  • OKX destroyed $26 billion worth of its OKB tokens, reducing total supply from 300 million to 21 million to align tokenomics with Bitcoin.
  • The price surged to an all-time high following the announcement as part of OKX's strategic focus on its Ethereum-based X-Layer network.

Market Metrics

Fundraising & VC
1. Hyperbeat (Seed, $5.2M) - DeFi-native infrastructure protocol
2. XMAQUINA (Public Token Sale, $315K) - DePIN platform for tokenized autonomous robots

Regulatory
🏛️ Fed Ends Special Oversight Program for Banks' Crypto Activities

  • The Federal Reserve has disbanded its specialized program that monitored U.S. banks involved in cryptocurrency services, integrating oversight into standard supervisory processes.
  • This shift reflects the Trump administration's more accommodating approach to crypto regulation and follows the Fed's statement that it has developed a better understanding of the associated risks.

🔐 Hong Kong Mandates Stricter Crypto Custody Standards

  • Hong Kong's Securities and Futures Commission has implemented rigorous new custody requirements for licensed virtual asset trading platforms, including mandatory cold wallets and prohibition of smart contracts in custody solutions.
  • The regulations require air-gapped hardware, strict whitelisting controls, and 24/7 security monitoring following increased cybersecurity incidents affecting centralized platforms globally.

💀 BIS Proposes System to Track and Flag "Dirty" Crypto

  • The Bank for International Settlements has proposed a compliance scoring system to assess crypto transactions based on their association with illicit activities, potentially restricting off-ramps to fiat.
  • The system would evaluate crypto holdings using on-chain transaction history, creating significant implications for users attempting to cash out assets with questionable origin.

📊 New York Lawmaker Proposes 0.2% Crypto Transaction Tax

  • New York Assemblymember Phil Steck has introduced legislation for a 0.2% excise tax on all cryptocurrency transactions within the state, projected to generate $158 million annually.
  • The proposed funds would support substance abuse treatment programs in upstate New York, targeting various digital assets including NFTs and stablecoins.

🔓 SEC Chair Signals Intent to Expand Retail Access to Private Equity

  • SEC Chairman Paul Atkins announced plans to broaden retail investors' access to private equity investments, addressing the current regulatory imbalance that favors large financial institutions.
  • The initiative responds to a recent executive order from President Trump aimed at creating more inclusive investment opportunities, potentially including early-stage crypto projects.

Technical Analysis
Bitcoin - Bitcoin is in a rising trend channel in the short term. Rising trends indicate that the currency experiences positive development and that buy interest among investors is increasing. The price has reacted back after meeting the objective at 122416 after a break of rectangle formation. A significant penetration of 118077 will again give new positive signals to the currency, while a break on the opposite side of the formation will be a strong negative signal. The currency has support at points 113500 and resistance at points 120700. The RSI curve shows a rising trend, which supports the positive trend. The currency is overall assessed as technically positive for the short term.

Ethereum - Investors have paid higher prices over time to buy Ethereum and the currency is in a rising trend channel in the short term. This signals increasing optimism among investors and indicates continued rise. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 3870 points. RSI is above 70 after a good price increase the past weeks. The currency has strong positive momentum and further increase is indicated. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the short term.