ETH falls below the $3000 mark

Farcaster co-founder Dan Romero announced that the platform will undergo a strategic adjustment, abandoning the "social-first" approach followed for over four years and shifting to a wallet-centric growth model. The team stated that the in-app wallet functionality is currently the module closest to product-market fit and will adopt the approach of "using tools first, then building the network." Romero emphasized that the Farcaster protocol will remain open and decentralized, while the official app will focus on expanding capabilities in the intersection of wallets and social features. Additionally, Farcaster had previously acquired the token issuance platform Clanker.

**["BTC OG Insider Whale" Once Again Bottoms ETH Long Position Last Night, Holding Over $160 Million]** BlockBeats reports that on December 8, according to Coinbob's popular address monitoring, after ETH dipped to $2,900 last night and began to rise steadily, the "BTC OG Insider Whale" (0xb31) seized the opportunity to bottom ETH long positions, continuously increasing holdings to $166 million at an average price of $3,048, with unrealized gains of $940,000. The current liquidation price is $1,795.34. Starting from 11 PM yesterday, the whale transferred $70 million from its Binance wallet to Hyperliquid and subsequently opened a 5x leveraged ETH long position, marking the largest position opening in the past 30 days. Previously, the "BTC OG Insider Whale" conducted swing trading on ETH on November 25 and November 29, first going long and then short, achieving small profits before fully closing positions on November 30. Additionally, monitoring shows that on December 1, addresses associated with the "BTC OG Insider Whale" (0xf6f, 0xF74, 0x411) cumulatively borrowed $220 million USDT from Aave and sent it to Binance wallets. Among them, the 0xf6f address collateralized over 126,000 ETH. On that day, ETH hit a 10-day low of approximately $2,718 before steadily rising. The "BTC OG Insider Whale" is a BTC OG address that had been dormant for 8 years and once held over 50,000 BTC. Its operations have repeatedly aligned closely with statements from Trump and U.S. policy trends. For instance, hours before the major drop on "10.11," the whale positioned $500 million in BTC shorts, profiting nearly $100 million and drawing significant market attention. BitForex CEO Garrett Jin has admitted to being associated with this address.

[Robinhood to Enter Indonesian Market Through Acquisition of Brokerage Business and Crypto Trading Platform] According to Reuters, Robinhood stated in a blog post on Sunday that it will acquire Indonesian brokerage firm Buana Capital Sekuritas and licensed digital asset trader Pedagang Aset Kripto, marking the retail trading platform's official entry into one of Southeast Asia's major cryptocurrency hubs. Indonesia boasts over 19 million capital market investors and 17 million cryptocurrency traders, highlighting its appeal in stock and digital asset trading. Acquiring a brokerage firm helps companies meet regulatory requirements and establish a foothold, facilitating smoother entry into new markets; acquiring a licensed digital asset trader accelerates access to cryptocurrency product channels. Robinhood did not disclose the financial terms of the transaction, which is expected to be completed in the first half of 2026. The company stated that Pieter Tanuri, the major shareholder of the two Indonesian companies, will continue to serve as Robinhood's strategic advisor.

An 'insider whale' has seen their ETH holdings surpass $165 million, turning from profit to loss. The address currently holds 54,277.33 ETH (approximately $165 million) with an average entry price of $3,048.31, resulting in an unrealized loss of $294,000. Additionally, the address has placed a limit order to buy 20,000 ETH at the $3,000 level, valued at $60 million. If executed, the total holdings will reach $225 million.

[Coinbase Resumes User Registration in India and Plans to Launch Fiat Access Channels by 2026] Cryptocurrency exchange Coinbase has reopened app registration in India after suspending operations in the country for over two years. Users can now conduct cryptocurrency-to-cryptocurrency transactions. Coinbase's Asia-Pacific Director, John O’Loghlen, stated at India Blockchain Week (IBW) that the company plans to enable fiat deposit channels by 2026. Coinbase initially launched services in India in 2022 but ceased support for the UPI payment network after the Unified Payments Interface (UPI) operator, the National Payments Corporation of India (NPCI), refused to acknowledge its operations. Later in 2023, Coinbase halted all services for Indian users.