ETH breaks through the $3300 mark

A peer-reviewed study by Harvard University suggests including Bitcoin in the central bank's foreign exchange reserves, indicating an increase in academic attention to Bitcoin. （The Bitcoin Historian）

Several cryptocurrency companies are urging US President Trump to instruct relevant agencies to advance regulatory guidance work that has stalled due to unforeseen circumstances. （Decrypt）

[Tom Lee: Recent Sell-Off Related to Market Makers Affected by the 1011 Incident] BitMine Chairman Tom Lee stated in an interview that the recent sell-off is partially due to several market makers impacted by the 1011 incident. These market makers, facing balance sheet deficits and needing to replenish funds, are scaling down their balance sheets, reducing trading activities, and selling tokens. He also mentioned that if the prices of mainstream tokens continue to decline, these market makers may need to sell more tokens to maintain cash flow.

[Independent Researcher Warns of $610 Billion AI Funding Chain Collapse Risk] On November 21, independent financial market researcher Pereira stated that Nvidia's stock price briefly rose by 5% after its earnings report but sharply declined within 18 hours. Pereira pointed out anomalies in Nvidia's financial data: accounts receivable grew by 89% in one year to $33.4 billion, payment cycles extended to 53 days, and chip inventory increased by 32% to $19.8 billion; $19.3 billion in profits only translated into $14.5 billion in cash flow, with a conversion rate of 75%, lower than the industry average of 95%. Pereira revealed issues within the AI ecosystem's funding loop: funds circulating among Nvidia, xAI, Microsoft, OpenAI, and Oracle are accounted for as revenue, but the cash has not materialized. He mentioned that Peter Thiel and SoftBank have sold off large amounts of Nvidia stock, while Michael Burry has purchased put options. Bitcoin's price has dropped from $126,000 to $86,000, and if Nvidia's stock price falls another 40%, it could trigger $23 billion in forced Bitcoin liquidations. Pereira predicts that by 2026, Nvidia may face an AI bubble collapse due to bad debt exposure and credit rating downgrades. He advises investors to focus on assets driven by 'thermodynamics and game theory.'

[Vanguard: Fed Rate Cuts May Be Smaller Than Wall Street Expects] Global asset management company Vanguard stated that the large-scale capital expenditure boom in the field of artificial intelligence is driving economic growth, and the Federal Reserve's rate cuts are expected to be smaller than Wall Street's general expectations. Sara Devereux, head of fixed income managing $2.8 trillion in assets, predicts that after two consecutive 25 basis point rate cuts by the Fed this fall, there may be one or two more rate cuts next year. This contrasts with the market's general expectation of three to four rate cuts by the end of 2026. Sara Devereux believes the Fed may reach a "neutral rate" level by mid-next year.