[BNP Paribas: If Trump's Tariffs Are Overturned, the Dollar May Weaken] BNP Paribas stated in its 2026 outlook report that if the U.S. Supreme Court rules that President Trump's use of emergency powers to impose comprehensive tariffs is unconstitutional, the dollar may weaken following the decision. Analysts noted that this would impact key fiscal revenues and trigger market doubts about the sustainability of the U.S. fiscal deficit, potentially leading investors to demand higher premiums to hold dollar assets. The report also mentioned that the Trump administration might resort to alternative tariff measures to fill the fiscal gap.

[Swiss AMINA Bank Integrates Paxos Stablecoin USDG and Joins Global Dollar Network] Swiss AMINA Bank, regulated by the Swiss Financial Market Supervisory Authority (FINMA), has announced the integration of Paxos' USD stablecoin USDG for custody, trading, and rewards programs, and its participation in the Global Dollar Network (GDN). Following this integration, AMINA Bank will provide professional and institutional clients with a digital dollar interoperability and liquidity network among globally regulated financial institutions. Current GDN participants include platforms such as Robinhood, Kraken, OKX, Galaxy, Anchorage, and Bullish. AMINA Bank stated that the integration of USDG will expand its range of stablecoin services.

[China's Central Bank Net Injects 50 Billion Yuan into the Open Market in November] China's central bank announced the liquidity injection for November 2025, with a net injection of 50 billion yuan through open market government bond transactions. This marks the second consecutive month of government bond trading operations.

The cumulative trading volume of US stock futures on the Bitget platform has exceeded $10 billion, with Tesla trading volume of $2.72 billion, Meta trading volume of $2.14 billion, and Strategy trading volume of $1.45 billion. （Cointelegraph）

**[Bitcoin Price Falls Below Network Value, Recovery Probability Predicted at 96%]** The price of Bitcoin has dropped 31.4% from its all-time high of $126,000 set on October 6, marking the first time in two years that it has fallen below its network value (Metcalfe Value). Economist Timothy Peterson pointed out that, based on historical data, this typically signals a recovery in Bitcoin's price. Metcalfe's Law suggests that Bitcoin's price is positively correlated with the growth of active addresses and transaction volume, with network expansion generally increasing its fair value. The current divergence between price and network value may indicate that Bitcoin is undervalued, a phenomenon often observed after speculative excesses. Peterson wrote on the X platform that this does not necessarily mean the price has bottomed out, but it does indicate that leverage has significantly decreased and the "bubble" has burst. He added that the Metcalfe Value Ratio is an effective predictive tool, with data showing a 96% probability of positive returns one year after the price falls below network value.