OKX-BTC/USDT is currently trading at $88981.20, with a 5-minute drop of 0.37%. Please be aware of the market fluctuations.

On December 5th, the Bitcoin ETF had a net outflow of 2599 BTC (approximately $237 million) on the 1st and 1084 BTC (approximately $98.63 million) on the 7th; The Ethereum ETF had a net inflow of 18300 ETH (approximately $57.09 million) on the 1st and 44200 ETH (approximately $138 million) on the 7th; Solana ETF had a net inflow of 31700 SOLs (approximately $4.32 million) on the 1st and 422200 SOLs (approximately $57.42 million) on the 7th. （Lookonchain）

JPMorgan Chase, with assets of $4 trillion, stated that Bitcoin is undervalued compared to gold and expects its price to reach $170000 next year. （The Bitcoin Historian）

[Blockchain Bank N3XT Raises $72 Million in Three Funding Rounds] Blockchain-based bank N3XT has completed three funding rounds, raising a total of $72 million. The most recent round was completed in October, with investors including Paradigm, HACK VC, and Winklevoss Capital. N3XT was founded by Signature Bank's founder and former chairman Scott Shay, while former Signature Bank's Digital Assets and Web3 Strategy Director Jeffrey Wallis will serve as CEO.

[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.