New & Noteworthy
This week, new listings focus on the core rails behind trading, wallets, and on-chain banking.
• Infra is getting practical. BEST sharpens the wallet layer, Bitdealer doubles down on trading infrastructure, and Rayls offers a glimpse at how traditional finance may actually move on-chain.
• Stock Futures also saw a curious mix. ASML, LLY, CSCO, UNH, FUTU—chips, healthcare, enterprise tech, and fintech. The pattern? Solid, system-level businesses with real cash flow. It looks more like positioning for steadier macro tailwinds.
Weekly Event Highlights
• The Golden Era Showdown is in full swing. Traders are already battling it out for a shot at 2,000g of gold, 6 BTC, and a massive 10,000,000 USDT prize pool. The leaderboard is heating up, and the biggest prizes are still wide open.
• It's still Ethereum Ecosystem Month. We're already deep into the action: Liquidity is rotating, volatility is building, and traders are finding opportunity across staking, swaps, and ecosystem tokens. The window's still open.
Monday Blues
Asia started the week with a jolt. BTC broke below the 90K USDT support it had just reclaimed over the weekend and slid quickly into the 84K range. The timing isn't random: year-end risk trimming is kicking in early, and markets are now pricing in the possibility of a BOJ rate hike after officials signaled conditions for tightening may be in place.
At the same time, a very different trend is accelerating underneath the surface. Tokenized assets are gaining institutional traction. Amundi, Europe's largest asset manager, has just launched its first tokenized money market fund on Ethereum.
Carry Unwinds
For years, the yen has been one of the classic funding currencies. Traders borrow JPY at near-zero rates and deploy it into higher-risk assets: stocks, bonds, and yes, crypto. Any hint of a policy shift at the Bank of Japan puts that whole structure at risk.
That risk is now getting priced in. Hawkish signals from BOJ officials have pushed markets to expect tighter policy, raising the odds of a carry-trade unwind, and with it, deleveraging across global risk assets. We've seen this movie before: after the July 2024 BOJ hike, BTC slid from around 66K USDT to sub-49K USDT within days before bouncing back.
What makes this moment tricky is the cross-current. On one hand, global crypto macro still looks supportive: QT is ending, December rate-cut odds remain high, ETF long-term holders are largely steady, and prediction markets like Kalshi and Polymarket are expanding fast. On the other hand, history is less forgiving: BTC has never posted a green December after a red November.
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As always, we'll keep watching the narratives as they form, and see you in the markets.
