[BlockBeats] Recently, Bitcoin's price correction has caused some panic, but a latest research report from a major Wall Street firm has reassured the market—this decline is not a sign of an upcoming crypto winter, but rather a "healthy correction."
They broke down several short-term factors behind this sell-off. First, there has been capital outflow from ETFs, mainly related to basis trading liquidations. Then, over-leveraged longs were liquidated and sold off, a chain reaction that everyone understands. Additionally, with liquidity already tight at the end of the year, market depth is insufficient, naturally amplifying volatility. The most critical point is that the Federal Reserve's interest rate meeting is imminent, and the macroeconomic outlook remains weak, causing investors to stay on the sidelines.
However, the report emphasizes one point: these are surface phenomena; the underlying demand in the crypto market has not collapsed. Institutional funds are still entering, progress is being made in the tokenization of real-world assets, and the hype around this track remains.
Their conclusion is very clear—the current situation is a phase.

【链文】Compound那位创始人Robert Leshner搞的新项目Superstate最近整了个大动作——推出所谓的「直接发行计划」。简单说就是让上市公司能直接发代币化股票融资，投资者拿稳定币付款，秒到账那种。
整个流程跑在以太坊和Solana上，但得先过KYC验证才能参与。关键是这套玩法完全绕开了传统承销商，直接让公司和投资者对接。按他们的说法，这套机制是严格按照SEC那套监管框架来设计的，预计2026年会有第一批项目上线。
说白了就是想把传统资本市场那套东西搬到链上来，让股票发行这事儿变得更直接、更透明。至于能不能真的颠覆现有模式，还得看监管层后续态度和市场买不买账了。

【Blockchain Rhythm】Twenty One Capital (Code Name: XXI) finally ringing the bell at the New York Stock Exchange. This Bitcoin treasury company, merged with Cantor Equity Partners, debuted with over 43,000 BTC — roughly $4 billion at current prices — directly entering the ranks of the world's largest publicly traded companies by cryptocurrency holdings.
However, the first day performance was a bit awkward. The stock hovered around $11 all day, significantly below Cantor's pre-merger closing price of $14. To be honest, this script looks pretty familiar — several companies that went public by accumulating coins this year have experienced the same: BTC prices oscillating at high levels, market giving less and less premium, and new stocks opening below expected ranges.
Behind XXI are Tether, Bitfinex, and a symbolic investment from SoftBank. The management’s pitch is to build a bigger...

【BitPush】GameStop invested $500 million in Bitcoin this spring, and now this money is making their financial reports look like a roller coaster.
The Q3 financial report shows that as of the end of September, this holding's book value was approximately $519 million, with unrealized gains exceeding $19 million—sounds good? But looking back to the end of Q2, the position once surged to $528 million, only for the price correction to directly result in a loss of $9.4 million. Throughout Q3, GameStop remained still, neither adding to the position nor divesting.
In the first half of 2025, policies in the US warmed up, and Bitcoin soared to new highs repeatedly. But the crash on October 10 was too fierce—the price halved from the year's high, dropping nearly 30%, causing the entire industry to tremble. During this collapse, about $19 billion in leveraged positions were forcibly liquidated. Those listed companies that thrived during the bull market now face pressure written all over their faces.
GameStop is not an isolated case. Japanese hotel

【Blockchain Rhythm】On December 10th, a major event took place—The Linux Foundation led the creation of an AI Agent Foundation (AAIF), bringing together tech giants like Google, Microsoft, Amazon, OpenAI, Bloomberg, and Cloudflare.
What are they aiming to do? Simply put, they want to establish rules for AI agents, creating a unified standard around open-source projects like Anthropic's MCP, OpenAI's Agents.md, and Goose. The goal is clear: enable seamless interoperability between different AI agents while ensuring security.
What does this mean for the Web3 and digital finance circles? Some analysts pointed out that if protocols like MCP truly become industry "universal interfaces," it will be much easier for AI assistants to connect to transaction processes such as cross-border remittances, US stocks, Hong Kong stocks, futures, and spot contracts of digital currencies.
Imagine: intelligent risk control automatically running,

Prediction market platform Opinion launched the Builders Program, investing $1 million to incentivize developers and support projects in the direction of trading tools, data analysis, AI, etc.

[Coin World] looked at the trend of DOGE in the last 4 hours, which is a bit interesting.
The price has been clearly diving since 4 p.m. on December 9, but it has climbed back to 8 a.m. The last negative line closed quite ugly, and the closing directly smashed through the opening price. What's more noteworthy is that prices are rising, but trading volume has shrunk - this volume and price divergence clearly shows a lack of stamina for bulls.
What do you say about the technical side?
The MACD histogram is still above the zero axis, but the bars are getting shorter and the bull market force is decreasing. KDJ soared to 84, which was properly overbought and there was no clear signal of a golden cross and death cross. Looking at the moving average: MA10 has been pressing above MA30 (this is the state from 8 pm on December 9 to 0:00 on December 10), and the short-term trend can hold up.
Where are the key points?
Reference given by an analysis tool:
- Support is stuck at 0.1359, which is also the second buying point
- Resistance level look

【币界】又有巨鲸动手了！
链上监控刚捕捉到一笔大动作：1,220枚BTC悄悄从某个神秘钱包挪到了另一个新地址。按现价算，这笔转账价值大约1.13亿美元。
发送方和接收方都查不到具体身份，典型的暗箱操作。这种体量的转移，要么是机构在调仓，要么就是大户准备搞事情。市场会怎么反应？继续观察。

The market wind direction is a bit interesting. While almost everyone thought Trump would let Kevin Hassett take over the Fed (84% of respondents thought so), there were a pitiful few people who actually supported the choice — only 11% felt it should be done.
So who are you more optimistic about? Fed Governor Christopher Waller received 47% support, which is the first public opinion; Kevin Walsh followed with 23%. Ironically, only 5% believe Trump will actually nominate either of them.
Why are you not at ease with Hassett? The core is still worried that he will not be able to keep the Fed's dual mission and independence. 76% of respondents predict that the next chairman will be more dovish than Powell - rushing to cut interest rates as soon as the labor market weakens, and dragging out interest rates when inflation exceeds the standard. More directly, 51% feel that the new chairman may accommodate Trump's interest rate cut preferences, and only 41% believe he can remain independent

An interesting thing happened on Tuesday - those wallets related to the closed dark web market "Silk Road" suddenly woke up after more than a decade of sleep.
Hundreds of dormant wallets were activated, transferring approximately $3.14 million in BTC to an unknown address. But that's not all, there are still around $41.3 million worth of Bitcoin lying in these wallets.
Why did it move suddenly? No one knows.
In January this year, it was mentioned that about $47 million in Bitcoin was related to Ross Ulbricht, the founder of the "Silk Road". Speaking of this person, he was just fully pardoned by Trump at the beginning of this year. Does this transfer have anything to do with him? It is currently a mystery.
The sudden revival of a ten-year-old wallet always attracts the attention of the market. After all, where such a large amount of money will flow next, it is worth staring at it.

On December 10, there were some interesting signals at the policy summit in Washington. A decentralized infrastructure project team was present as the chairman of the Blockchain Association DePIN working group and chatted with several heavyweights - the new chairman of the SEC, Paul Atkins, Senator Bill Harley, and Representative Haley

Privacy chain project Octra has been questioned due to a financing valuation rising from $40 million to $200 million. Delphi Labs COO Kevin Simback criticized the lack of real demand, while Octra co-founder Alex responded that the increase in valuation was due to technological and product advancements. Octra plans to conduct a $20 million token sale at this valuation, and market reaction will determine its rationality.

[Block Rhythm] Big Event! He Yi's WeChat account was hacked!
CZ spoke out urgently: Don't touch those meme coins sent by hackers. Now the scammer has started sending out shitcoins everywhere with her account.
To be honest, the security of Web2 social platforms is really not as reliable as everyone thinks. WeChat and Twitter can still be breached.
Recently, there have been more and more such techniques - account theft→ issuing coins→ cutting leeks. You really have to have a snack, see an acquaintance suddenly push the coin and put a question mark first, don't rush. When it comes to account security, it is not too much to be careful.

On December 10, market observations showed that the investment strategies of well-known large players changed, and the bulls gradually turned around. Among them, Huang Licheng increased his holdings of ETH and slightly reduced his position; CZ's ETH long order floated by $5.3 million, while XRP fell into a deep loss. BTC OG insider whales are full of confidence, and their positions soared to $267 million. In terms of shorts, ZEC short orders suffered significant losses, but some short orders turned into profits. Overall, the market dynamics are complex.

[Crypto World] On-chain monitoring shows that a large holder has made new moves in the past 8 hours—withdrawn about 13.44 million ASTER from a major exchange, with a market value of around $13.04 million.
This player's trading history is quite dramatic. Looking back at previous records: when ASTER was trading near its high of $2.07, he withdrew 64.53 million tokens from the Gate platform in one go, which was worth $133.68 million at the time. However, things soon went south; later, he transferred the same amount of ASTER to another top exchange at an average price of about $1.54, totaling around $99.14 million.
A simple calculation shows that this operation resulted in a paper loss of roughly $34.5 million. Buying in at over $2, selling at $1.50, and now continuing to withdraw tokens—it's hard to understand this whale's strategy. Is he averaging down the cost, or is there another plan in play? The market's attitude toward ASTER