Arthur Hayes stated that by the end of 2026, the pricing of the largest stocks in the United States will shift towards on chain trading, and the market will focus on perpetual contract charts rather than the Nasdaq index, due to the characteristics of on chain trading such as 24/7, globalization, and disintermediation. （Cointelegraph）

[Ethereum Top 1% Address Holdings Ratio Rises to 97.6%] According to Glassnode data, as of Wednesday, November 28, the proportion of Ethereum supply held by the top 1% of addresses has risen to 97.6%, up from 96.1% a year ago. Nexo strategist Iliya Kalchev stated that the market response remains 'restrained,' with stable capital inflows and increased derivatives trading activity indicating that investors are selectively rebuilding their portfolios.

[S&P 500 and Nasdaq 100 Futures Edge Higher] S&P 500 futures rose 0.2%, Nasdaq 100 futures rose 0.3%, both resuming trading after a halt.

[CME System Outage May Cause Volatility at U.S. Market Open] Scope Markets analyst Saul Knapps stated that due to the CME system outage, the U.S. stock market might face turbulence when it reopens after the Thanksgiving holiday. Futures trading for indices such as the S&P 500 and Nasdaq 100 were frozen, leading to a backlog of unfulfilled orders, which could result in a surge of concentrated orders when trading resumes. He noted that the suspension of futures trading temporarily deprived the market of a critical price reference tool. Prior to the system outage, U.S. stock index futures were performing positively, with Nasdaq futures frozen at a 0.2% increase, while Dow Jones Industrial Average and S&P 500 futures both rose by 0.1%.

[CME Globex Futures and Options Market to Resume Trading at 21:30 (UTC+8)] The Chicago Mercantile Exchange (CME) announced that the CME Globex futures and options market will begin pre-opening at 7:00 Central Time (UTC+8 21:00) and officially open at 7:30 Central Time (UTC+8 21:30). The CME Globex platform supports a wide range of product categories, including metals (such as gold and silver), energy (such as crude oil), interest rates, agricultural products, stock indices, foreign exchange, as well as real estate and weather-related futures and options. Currently, over 90% of CME futures contracts can be electronically traded and matched through this platform.