[CoinShares Claims DAT Bubble Has Burst, Structural Reform Becomes Key] James Butterfill, Head of Research at cryptocurrency asset management firm CoinShares, pointed out in a report that the Digital Asset Treasury (DAT) bubble has essentially burst. By the summer of 2025, some companies that were trading at 3 to 10 times their market net asset value (mNAV) have now fallen back to around 1x or lower levels. The trading model that once relied on token treasuries as a growth engine has undergone a sharp correction. The future market may face scenarios of price declines triggering sell-offs or companies holding positions while waiting for a rebound. Butterfill leans toward the latter and mentioned that an improved macroeconomic environment and potential interest rate cuts in December could benefit the cryptocurrency market. Butterfill emphasized that the core challenge facing DAT lies in structural issues. Some companies have accumulated large treasury assets through public markets but lack sustainable business models, leading to damaged credibility. Investors are becoming less tolerant of equity dilution and excessive asset concentration, while some stronger companies have incorporated Bitcoin into stricter treasury and foreign exchange management strategies, showcasing a healthier development direction. He believes the concept of digital asset treasuries has not disappeared but is being redefined. The new generation of companies must have fundamental support, credible business models, stricter governance structures, and reasonable expectations, treating digital assets as tools rather than the entirety.

Binance ZEC is currently priced at $385.38, with a 24-hour increase of 10.04%. 24-hour transaction volume of 3.6 billion US dollars, an increase of 8.14%, for reference only

[Core PCE Inflation Falls Below 3% in September, Fed May Discuss Rate Cuts Next Week] Data from the U.S. Department of Commerce shows that the monthly rate of the PCE Price Index in September was 0.3%, with the annual rate rising from 2.7% in August to 2.8%. The annual rate of core PCE fell from 2.9% to 2.8%. The monthly price increase was in line with market expectations. Due to the government shutdown delaying the release of October inflation and November employment data, the Federal Reserve will discuss its next steps at next week's meeting based on outdated economic indicators, focusing on balancing inflation and the cooling labor market.

[University of Michigan December Consumer Sentiment Index Recorded at 53.3, Exceeding Expectations] The University of Michigan December Consumer Sentiment Index recorded at 53.3, higher than the expected 52.0.

[Ethereum Fusaka Upgrade Causes Blob Base Fee to Skyrocket by 15 Million Times] Liquid Capital posted on Platform X, stating that after Ethereum's Fusaka upgrade, the blob base fee surged by 15 million times. The core reason is that EIP-7918 introduced a 'minimum mechanism' for blob fees. Before the upgrade, blob fees had no lower limit and were maintained at 1 wei for a long time, resulting in nodes bearing costs without reasonable returns. After the upgrade, blob fees must be ≥ 1/15.258 of the L1 execution base fee, reflecting the true network cost, regulating blob traffic, and preventing congestion. Additionally, PeerDAS technology has enhanced blob storage capacity. Furthermore, blob fees are now included in the ETH burn mechanism, with future ETH burn volume expected to increase by 8 times, potentially accounting for 30-50% of total burn volume by 2026.