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.

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.