Texas purchased $10 million worth of Bitcoin this week for its strategic reserves. （The Bitcoin Historian）

[BTC Largest Short Address Experiences Weekly Unrealized Loss of Over $5 Million, Still Holds Approximately 1,101 BTC] Hyperbot data shows that the largest short address for BTC on HyperLiquid incurred a weekly loss of approximately $5.041 million after partially reducing its short position this week. This address had previously shorted BTC at the $120,000 peak, with unrealized gains once exceeding $30 million. It currently still holds 1,101.9 BTC, with a liquidation price of $99,116.1. Last week, two limit buy orders totaling 1,300 BTC placed by this address in the $67,244-$67,844 range remain unfilled.

[Peter Schiff: The Divergence Between Bitcoin and Gold/Silver May Continue Into Next Year] Economist and cryptocurrency critic Peter Schiff stated on the X platform that despite aggressive promotion and accumulation of Bitcoin by MicroStrategy (MSTR) and other Bitcoin reserve companies in 2025, Bitcoin has fallen 4% this year, while gold and silver, without corporate buying or hype, have risen 60% and 95%, respectively. He believes this divergence trend may persist through December and into 2026.

[Alliance DAO Co-Founder: Fee/Revenue Ratio is a Key Metric for Evaluating L1 Moats] Alliance DAO co-founder QwQiao posted on the X platform, stating that the fee/revenue ratio is an objective metric for evaluating the moat of Layer 1 (L1) blockchains, while other metrics are relatively less objective. He believes that if a project has a strong competitive advantage and operates in a growing market, its revenue should increase over time. Conversely, projects lacking a moat may lose market share or maintain their share through price wars, leading to fees remaining stagnant or declining over the long term. He also pointed out that a lack of a moat does not equate to being valueless, as such projects may transfer value to customers rather than retaining it for themselves. Previously, QwQiao mentioned that the L1 sector lacks moats, making it difficult to capture long-term value, and that betting on the application layer might be a more certain direction. He noted that his current holdings are all assets with long-term competitive advantages and are in fields experiencing exponential growth.

[Nasdaq Head of Crypto Business Says Proposal to Accelerate Stock Tokenization Will Be Advanced] The head of Nasdaq's crypto business stated that the U.S. Nasdaq Stock Exchange has prioritized the proposal to provide tokenized versions of listed stocks, which has been approved by the U.S. Securities and Exchange Commission (SEC). Matt Savarese, Nasdaq's Head of Digital Asset Strategy, said in an interview on Thursday that the related process will be advanced as soon as possible. He noted that public feedback must first be evaluated, and questions raised by the SEC will be addressed one by one, while expressing hope to collaborate with the SEC promptly.