Ultra-low fees kept monetization in the basis-point range, leaving revenue unable to offset steep losses despite surging Hong Kong trading volumes.

[An address failed to bottom BTC, losing approximately $316,000] Monitoring data shows that an address spent 6 million USDC to purchase 65.65 WBTC at an average price of $91,384 during the market drop in the early hours of November 29. Within the past 5 hours, all holdings have been liquidated at a selling price of $86,563, resulting in a final loss of approximately $316,000.

[The Industry Believes Clear Definition of Stablecoins Will Help Integrate Them into the Financial Regulatory System] Beijing Business Today published an article pointing out that industry insiders believe that after the People's Bank of China clearly defines stablecoins, they will not be regarded as legal tender or payment instruments but will instead be included in the virtual asset regulatory framework, aligning them with similar assets like Bitcoin and Ethereum. This provides a logical basis for their subsequent inclusion in financial regulatory systems such as anti-money laundering and cross-border capital flows. At the same time, the article highlights the root causes of compliance risks associated with stablecoins, noting that underlying risks and asset quality remain difficult to guarantee, with "blow-up" incidents occurring from time to time.

[Economist Krugman Warns Trump Allies of Weakening Financial Regulations] Economist Paul Krugman has warned that Trump's allies are dismantling the regulatory measures established after the 2008 financial crisis to prevent future crises. He pointed out that Federal Reserve Governor Bowman, appointed by Trump, is advocating for the relaxation of bank capital requirements, which may increase short-term bank profits but heighten the risk of crises. Additionally, Krugman mentioned that the Trump administration is promoting the development of stablecoins through the 'GENIUS Act,' warning that inadequate regulation of stablecoins issued by companies like Tether could pose systemic risks.

[Matrixport: Bitcoin Faces Resistance at $92,000, Upward Momentum Slows] Matrixport stated that Bitcoin has once again faced resistance at the critical $92,000 level, with upward momentum weakening. Despite market expectations that the Federal Reserve may cut interest rates next week, related ETFs have seen only slight net inflows, and overall liquidity remains weak. Signals of tighter monetary policy in Japan have heightened market anxiety, with the 2-year Japanese government bond yield surpassing 1% for the first time since 2008. The inconsistent pace of monetary easing among major global central banks, coupled with a tightening policy bias, has increased institutional investors' reluctance to expand their Bitcoin exposure.