[Glassnode: Over 25% of Bitcoin Supply is in a Loss State, Market Structure Similar to Early 2022] On-chain analytics firm Glassnode reports that over 25% of Bitcoin's supply is currently in a loss state, with the market structure resembling the first quarter of 2022, which marked the early stages of the crypto winter. Glassnode noted that demand in the ETF, spot, and futures markets has weakened, and Bitcoin has fallen to near the 'realized market mean' over the past two weeks, finding support at this level. This level represents the cost basis of non-dormant tokens and typically serves as the dividing line between a mild bearish phase and a deep bear market. Glassnode believes that Bitcoin maintaining the $96,000 to $106,000 range is crucial for stabilizing the market structure and reducing downside risks toward the end of the year.

[Trader Opens 3x Leveraged BTC Short Position, Approximately $92.75 Million] Monitoring data shows that 12 hours ago, trader 0x0dd opened a 3x leveraged Bitcoin (BTC) short position, with a scale of approximately $92.75 million.

[CZ on the Crypto Treasury Model: Feasibility is Clear, Management Team and Execution Capability are Key] On December 4, during the 'KOL and Media Interaction' session, CZ stated that the basic logic of the Crypto Treasury (DAT) model is feasible, and its purpose is to help traditional companies gain exposure to crypto assets. CZ pointed out that the sustainability of the DAT model depends on the management team, organizational structure, and management philosophy, with lower management fees being preferable. Although an overheated market may lead to the failure of some treasury companies, stable companies still have room for growth. He emphasized that holding high-quality crypto assets has been one of the near-optimal investment strategies over the past 10-15 years.

[Changpeng Zhao Displays Gold Bar During Debate, Claims Bitcoin Verification is Simpler] During the 'Bitcoin vs. Tokenized Gold' debate between Changpeng Zhao and Peter Schiff, Zhao displayed a gold bar from Kyrgyzstan labeled '1000g 999.9' and asked Peter Schiff to verify its authenticity. Schiff stated that he could not confirm its authenticity as he was unfamiliar with the mint's markings and that it would need to be tested. He also noted that the color of the gold bar was slightly different from his 24K gold jewelry. Zhao argued that gold is difficult to authenticate easily, whereas Bitcoin verification is much simpler.

[Solana Ecosystem DeFi Protocol Drift Launches v3 Version, Trading Speed Increased Tenfold] The perpetual contract trading platform Drift, part of the Solana ecosystem, has announced the launch of its upgraded Drift v3. The new version enhances trading execution speed to ten times the original by restructuring its backend system. The team stated that approximately 85% of market orders can now be completed within half a second, liquidity has been significantly improved, and slippage for large trades has been reduced to around 0.02%, optimizing the on-chain derivatives trading experience for users. Future plans include addressing issues such as auto-signing, convenient deposits, and isolated margin, as well as launching a mobile application. Additionally, the team is testing a new Drift liquidity provider pool aimed at simplifying the process for users to provide liquidity to perpetual contracts and spot markets while earning returns.