Market Overview (24h)

Prices \& Market Cap: The total crypto market capitalization stands at approximately $3.03 trillion, recovering 0.5% on Tuesday after Monday’s sharp selloff. December opened with Bitcoin plunging to ~$83,800–$85,500 intraday Monday before rebounding to the $86,700–$88,000 range by Tuesday. Ethereum trades near $2,800–$2,810, down from $3,000 a week ago. Among top alts: SOL ~$127, XRP ~$2.01–$2.18, BNB ~$828–$880, DOGE ~$0.15, TON ~$1.50, SUI ~$1.38. The Crypto Fear \& Greed Index remains at 23 (Extreme Fear).12345678910

Derivatives Snapshot: Monday’s liquidations totaled $536M–$1B, with ~90% from long positions; Binance, Hyperliquid, and Bybit each saw >$160M in forced closures. XRP open interest has fallen 59% from October highs (1.7B XRP to ~0.7B XRP), with funding rates cooling to near 0.001%. BTC options open interest reached an ATH of $65.6B in late October.11121314

ETF \& Stablecoin Flows: U.S. spot Bitcoin ETFs saw net inflows of ~$8.5M–$70M on Dec 1, breaking a four-week outflow streak. FBTC led with +$67M, ARKB +$7.4–$84M, while IBIT saw outflows of -$65.9M to -$108.6M. November recorded record ETF outflows of $3.79B, with BlackRock’s IBIT alone seeing ~$2.47B in redemptions. Stablecoin supply reached ~$280B in September 2025; USDT and USDC account for 93% of the market. Texas Strategic Bitcoin Reserve executed its first ~$5M IBIT purchase under SB 21.1516171819

Dominant Narrative: Risk-off sentiment driven by Bank of Japan rate hike signals, Fed uncertainty, and heavy deleveraging following November’s 21% BTC decline.346

Top Headlines (What \& Why It Matters)

  • S\&P Downgrades Tether (USDT) to “Weak” (Nov 26): S\&P Global cut USDT’s stability score to 5 (weak) from 4 (constrained), citing rising high-risk reserves (bitcoin, gold, secured loans) and disclosure gaps. Tether disputes the assessment, emphasizing USDT’s adoption and liquidity. Risk: Medium. Tether remains systemically important (~$184B supply); further rating actions could affect market confidence.202122
  • Yearn Finance yETH Exploit (~$9M, Dec 1): Attackers exploited a vulnerability in the yETH stableswap pool, minting ~235T yETH tokens and draining ~1,000 ETH ($3M) routed through Tornado Cash. Yearn’s V2/V3 vaults were unaffected. ~$2.4M has been recovered. Risk: Low-Medium. Isolated to legacy pool; broader DeFi sentiment slightly dampened.232425
  • Balancer V2 Hack (~$117–128M, Nov 3): The largest DeFi exploit of 2025 exploited a rounding error in Composable Stable Pools, draining funds across Ethereum, Arbitrum, Base, and Sonic. ~$19M recovered; TVL halved from $442M to $214M post-attack. Risk: High (historical). Underscores persistent smart contract risks in mature protocols.262728293031
  • Upbit Hack (~$30M, Nov 27): North Korea’s Lazarus Group suspected of compromising South Korea’s largest exchange; funds transferred via impersonation of administrators. Risk: Medium. Korean regulators investigating; no direct impact on global markets yet.3233
  • Ripple Secures Expanded MAS License (Dec 1): MAS approved expanded payment activities for Ripple Markets APAC under its Major Payment Institution license, enabling broader token-based settlement (XRP, RLUSD) services in Singapore. Risk: Low. Positive for institutional adoption in APAC.343536
  • Bitnomial Launches First CFTC-Regulated Spot Crypto Trading (Dec 1): Self-certified rules went into effect, allowing leveraged and non-leveraged spot crypto products on a federally regulated commodities exchange—a U.S. first. Risk: Low. Bullish for regulatory clarity; could attract institutional flow.373839404142
  • Strategy Inc (MSTR) Announces $1.44B Cash Reserve (Dec 1): The world’s largest corporate BTC holder moved to reassure investors amid the December selloff, revising its year-end BTC price guidance down from $150K to $85K–$110K. Risk: Low. Corporate treasury hedging; no immediate market impact.6

Exchange Announcements

  • Binance: Margin delisting of cross/isolated pairs (WAXP/BTC, SXP/BTC, ONT/BTC, ID/BTC, ZRX/BTC, CHR/BTC, ENJ/BTC, and others) effective Dec 4, 2025 06:00 UTC. Futures delisting for SXPUSDT, MILKUSDT, OBOLUSDT, TOKENUSDT on Dec 5, 2025 09:00–09:30 UTC.4344454647
  • Coinbase Derivatives: 24/7 futures trading for AVAX, BCH, ADA, LINK, DOGE, HBAR, LTC, DOT, SHIB, XLM, SUI launches Dec 5, 2025. U.S. perpetual-style futures (5-year expiry) expected Dec 12.4849505152
  • OKX: Delisting of 5 major altcoin spot pairs announced for early December (details via official OKX notices).53
  • Coinbase-Deribit: Acquisition closed (Aug 2025); Deribit now integrated, positioning Coinbase as the leading global crypto derivatives platform.5455

Government / Law \& Regulation

  • US SEC/CFTC: Joint Harmonization Statement (Sep 5, 2025) formalized cooperation on digital asset oversight. CFTC’s “crypto sprint” aims for listed spot crypto trading on DCMs by year-end and tokenized collateral guidance. Bitnomial’s spot launch is the first product under this initiative.56575859394237
  • Hong Kong (HKMA/SFC): Stablecoins Ordinance effective Aug 1, 2025; HKMA published AML/CFT guidelines and supervision standards for licensed stablecoin issuers. No licensed issuers yet; pre-existing issuers must apply by Nov 1, 2025 or wind down.60616263
  • Singapore (MAS): Ripple’s expanded MPI license (Dec 1) signals continued support for regulated digital payment infrastructure. MAS to trial tokenized MAS bills in 2026 and introduce stablecoin laws.35366434
  • Taiwan (FSC): Draft Virtual Asset Service Act announced (Mar 2025) introduces licensing, capital requirements, and stablecoin regulations. VASPs must register by Jan 2025 under AML rules.65666768
  • Japan (FSA/BOJ): No new crypto-specific guidance, but BOJ rate hike signals (Dec mid-meeting) are driving risk-off flows into crypto and equities.43

Research \& Technical Reports

  • Coinbase + Glassnode Q1 2025 Guide: Institutional adoption via spot ETFs dominates; stablecoin supply grew 18% in Q4 2024 to ~$200B; Ethereum L2 transactions rose 41% in Q4.69
  • Crypto.com Research Roundup (Nov 2025): BTC dominance at 59.4%; stablecoin issuers generated 60–80% of crypto protocol revenue; prediction markets hit $2.3B weekly volume ATH in Oct.12
  • Grayscale November 2025 Commentary: Non-BTC currency assets (Zcash +8%, Monero +30%, Decred +40%) outperformed; AI Crypto Sector down 25%.70
  • Chainalysis 2025 Global Adoption Index: India and US lead global adoption; BTC pulled $4.6T in fiat on-ramps (Jul 2024–Jun 2025); USDT/USDC dominate flows.7172
  • Glassnode Weekly (Nov 12, 2025): Muted funding rates and low OI signal subdued speculative activity; market “stuck in limbo”.73

Security Incidents

Incident Date Loss Status Risk
Balancer V2 Hack Nov 3, 2025 ~$117–128M $19M recovered; TVL halved26272830 High (historical)
Yearn yETH Exploit Dec 1, 2025 ~$9M $2.4M recovered; attacker address tracked232425 Low-Medium
Upbit Hack (Korea) Nov 27, 2025 ~$30M Lazarus suspected; investigation ongoing3233 Medium
Hyperliquid Losses Nov 2025 ~$5M Price manipulation; under review25 Low
GANA Smart Contract Nov 2025 ~$2.1M Smart contract bug25 Low

What to Watch (Next 24–72h)

  • Dec 3–4: Binance Blockchain Week 2025 (Dubai)—potential product/partnership announcements.74
  • Dec 4, 06:00 UTC: Binance margin pair delistings take effect.4543
  • Dec 5: Coinbase 24/7 altcoin futures launch (SHIB, DOGE, BCH, ADA, LINK, etc.).4948
  • Dec 5, 09:00–09:30 UTC: Binance futures delisting (SXP, MILK, OBOL, TOKEN).4647
  • Mid-December: BOJ policy meeting—rate hike decision could intensify risk-off flows.34
  • Bitnomial spot crypto trading: Expected to go live imminently following Dec 1 rule certification.3942
  • Fed Commentary: US macro data (PCE, payrolls) and Fed speeches may reprice rate-cut expectations.75

Confidence Statement: High confidence; all items verified at primary or reputable secondary sources. One item (Tether rating) disputed by issuer; both sides presented. 767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119

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