PA Daily | Ethereum Mainnet Successfully Activates Fusaka Upgrade; US SEC Chairman Says Bitcoin Market Structure Bill Is About to Pass

Today’s Key News Highlights:

1. US SEC Chair: Bitcoin market structure bill is about to pass

2. Ethereum mainnet successfully activates Fusaka upgrade, significantly boosting data processing capacity

3. YZi Labs sends rectification notice to 10X Capital, warns BNC shareholders of their “destructive behavior”

4. Solana Mobile to launch SKR token in January 2026, 30% allocated for airdrop

5. Ethereum treasury companies purchased only 370,000 ETH in November, a drop of about 81% from August peak of 1.97 million

6. Tom Lee buys another $150 million in Ethereum

7. Bloomberg: Crypto industry M&A transactions exceeded $8.6 billion this year, hitting a record high

Macro

US November ADP employment -32,000, expected 10,000

According to Jinshi, US November ADP employment was -32,000, expected 10,000, previous value 42,000.

US SEC Chair: Bitcoin market structure bill is about to pass

According to The Bitcoin Historian, US Securities and Exchange Commission (SEC) Chair Paul Atkins stated in a live interview with Fox News that the Bitcoin market structure bill is about to pass.

Japan’s 30-year government bond yield hits new record of 3.445%

Japan’s 30-year government bond yield hit a new record of 3.445% on Thursday morning, ahead of a planned 700 billion yen note sale in this range, with results to be announced in the afternoon. Sony Financial Group economist Takayuki Miyajima said, “While speculation about a BOJ rate hike and concerns over fiscal expansion are fueling sell-off pressure, high yields are supporting demand, so the upcoming 30-year bond auction is expected to see smooth results.” Japanese government bond yields have been trending upward, reflecting market expectations that the BOJ will raise rates in December and concerns about Japan’s fiscal situation potentially worsening.

Finance: UK police suspected of obtaining Qian Zhimin’s computer password and notebook page recording BTC seed phrase

According to Caijing magazine, the computer Qian Zhimin took while fleeing contained a crypto wallet. UK police searched multiple times, seizing several phones, computers, and USB drives, one of which stored a photo of a notebook page belonging to Qian Zhimin. The relevant notebook page appeared to have been torn out before police confiscation. The photo recorded the black computer’s boot password and several seed phrases, such as “number + love,” along with numeric hints, making it possible to seize the bitcoin. Additionally, Caijing reported that last month the Supreme Court held the eighth national criminal trial work meeting, mentioning the improvement of judicial rules and focusing on new issues such as the disposal of virtual currencies involved in cases and electronic data forensics/authentication.

Views

He Yi: Focus on continuing Binance culture, building systematic capabilities, and introducing more AI technology

Binance Co-CEO He Yi stated during Binance Blockchain Week that the adoption of the Co-CEO system is not a drastic work content change but a long-term strategic consideration. Current CEO Richard Teng has a regulatory background, is familiar with compliance processes, and is the best bridge for Binance to communicate with regulators, helping raise compliance standards. He Yi, as an “OG,” uses her deep experience to keep the user-centric culture within the company. Going forward, she will focus on three things: continuing Binance culture, building systematic capabilities, and introducing more AI technology.

He Yi admitted that Binance still needs improvement, including product experience smoothness, localizing better by learning from competitors, and strengthening technical stability. She believes the biggest challenge now is talent density. He Yi denied rumors of “white glove” listing processes, stating Binance never had “white gloves,” and many impersonators in the market claim close ties to Binance or its founders for scams. She believes future bitcoin declines won’t be as extreme as past cycles because it’s transitioning from a niche to a mainstream asset, and cycle logic is changing. Regarding Meme coins, she thinks short-term prices are driven by sentiment, but long-term value must return to value investing logic. For the Hong Kong market, she says Binance remains open and engaged, respects regulation, and sees local exchanges struggling to access international liquidity, so Binance is proceeding cautiously. Binance is open to future liquidity connectivity with compliant Hong Kong exchanges, but industry feedback shows operational obstacles remain.

JPMorgan: Risk of Strategy being removed from MSCI is priced in

According to Bloomberg, JPMorgan said that Strategy Inc.’s share price has already reflected the risk of being removed from major stock benchmark indices, viewing the upcoming MSCI decision as a potential upside catalyst, even though removal could trigger passive outflows. JPMorgan previously estimated that if index-tracking funds are required to divest, as much as $2.8 billion could flow out. After a round of heavy selling, JPMorgan believes most losses are already reflected in the share price. After the report, Strategy shares plunged about 20%, and are now close to the value of its bitcoin holdings.

Their analyst team wrote: “In our view, the decision to remove Strategy from the MSCI index has limited negative impact on Strategy and bitcoin, as the effect is fully priced in. On the other hand, if the MSCI decision on January 15 is positive, Strategy and bitcoin’s prices could rebound strongly to pre-October 10 levels.” JPMorgan also reiterated its volatility-adjusted comparison of bitcoin and gold, indicating that over the next 6-12 months, bitcoin’s theoretical price could approach $170,000. While speculative, this highlights the potential upside JPMorgan sees before the MSCI ruling.

Uniswap founder accuses Citadel of using SEC to suppress DeFi developers

Uniswap founder Hayden Adams posted accusing Citadel Securities CEO Ken Griffin of, after intervening in Constitution DAO, now pushing the US SEC to regulate DeFi protocol developers as centralized intermediaries. Adams said Citadel has long lobbied behind the scenes and mocked their claim that DeFi cannot provide “fair access,” reflecting traditional market makers’ rejection of open-source, decentralized liquidity mechanisms.

Project Updates

WLFI Co-founder: Launching series of RWA products in January 2026

According to Reuters, US President Trump family-backed crypto company World Liberty Financial’s co-founder Zach Witkoff announced at a Dubai event Wednesday that the company will launch a series of Real World Asset (RWA) products starting January 2026. This year, World Liberty Financial’s stablecoin USD1 was used by Abu Dhabi-backed MGX to pay for its investment in Binance.

Georgia seeks cooperation with Hedera to advance on-chain property and tokenization

Georgia’s Ministry of Justice has signed a memorandum of understanding (MoU) with public blockchain network Hedera and is considering putting the national land registry on-chain and tokenizing real estate. During a meeting between Georgia’s Minister of Justice Paata Salia and Hedera representatives, both sides explored the potential for integrating blockchain technology into public infrastructure.

Georgian officials said they are considering migrating the National Public Registry Agency’s data to a blockchain network, hoping this will “further ensure property rights protection and enhance transparency and reliability.” They are also considering real estate tokenization, similar to RWA tokenization projects. The agreement is currently a non-binding MoU. The next step will be to form a joint working group with experts from the Ministry of Justice and the National Public Registry Agency.

Binance Alpha launches second wave of Humanity Protocol (H) airdrop

According to the official announcement, Binance Alpha has launched the second wave of the Humanity Protocol (H) airdrop. Users with at least 242 Binance Alpha points can claim the airdrop of 295 H tokens on the Alpha event page. If not all rewards are claimed, the points threshold will automatically decrease by 5 every five minutes. Note: claiming the airdrop will cost 15 Alpha points. Users must confirm the claim within 24 hours on the Alpha page or forfeit the airdrop.

YZi Labs sends rectification notice to 10X Capital, warns BNC shareholders of their “destructive behavior”

According to the official announcement, YZi Labs, a major shareholder of CEA Industries, Inc. (Nasdaq: BNC), announced it has sent a formal rectification notice and demand to 10X Capital, the asset manager for BNC. The notice is due to 10X’s mismanagement and lack of transparency regarding BNC assets, as well as possible violations of its strategic services agreement with YZi Labs. The notice outlined substantive and potential breaches, serious fiduciary violations, and transparency and governance deficiencies by 10X and its key executives.

The notice states YZi Labs has reliable information that 10X threatened to make BNC abandon its BNB fund management strategy, although just three months ago BNC announced it would use $500 million in PIPE investment to “build out the company’s BNB fund management business.” Agreements with 10X and YZi Labs stipulate that most of BNC’s capital should be allocated to BNB fund management strategies, provided market conditions allow. However, management has told market participants of plans to abandon the BNB ecosystem and invest in Solana and other cryptocurrencies, contrary to previous commitments. The CEO and board members were also accused of conflicts of interest and failing to disclose key information such as BNB holdings and share quantities, while refusing to amend allegedly unreasonable asset management agreement terms.

Franklin Templeton announces its Solana ETF is live

Franklin Templeton announced on X that the Franklin Solana ETF (ticker: SOEZ) is now live.

Coinbase: Working with multiple major banks on crypto pilot projects

Coinbase CEO Brian Armstrong said at the New York Times Dealbook Summit that several major banks are working with Coinbase on crypto pilot projects involving stablecoins, custody, and trading, though he did not name the banks. Armstrong emphasized, “The best banks will double down, and the laggards will get left behind.” During the summit, BlackRock CEO Larry Fink also said bitcoin has significant use cases and noted there is $4.1 trillion in global digital wallets, with asset tokenization making these funds flow more efficiently.

Ethereum mainnet successfully activates Fusaka upgrade, significantly boosting data processing capacity

Ethereum’s official X account posted that Ethereum successfully activated the Fusaka upgrade at epoch 411392 (05:49 Beijing time on December 5). The upgrade introduces PeerDAS, boosting Rollup data throughput by 8x, and optimizes user experience via R1 curve and pre-confirmation mechanism, prepping for future L1 gas limit increases. The community will monitor system performance for the next 24 hours.

Coinbase adds Beam (BEAM) to listing roadmap

Coinbase Markets announced Beam (BEAM) has been added to the asset listing roadmap and disclosed its Ethereum ERC-20 contract address.

Solana Mobile to launch SKR token in January 2026, 30% for airdrop

Solana Mobile announced its Seeker phone ecosystem-exclusive token, SKR, will launch in January 2026, with a total supply of 10 billion. 30% will be airdropped, 25% for ecosystem growth, 10% for liquidity and launch support. The rest: community treasury (10%), Solana Mobile (15%), and Solana Labs (10%). SKR will use a linear inflation model, 10% in the first year, decreasing 25% annually, stabilizing at 2%.

Fanatics partners with Crypto.com to launch prediction market app, debuting in 10 states

Sports giant Fanatics launched the prediction market platform Fanatics Markets, debuting in 10 states and rolling out to 24 states over the next week. Users can trade outcomes of sports scores, politics, and economic decisions. Fanatics partnered with Crypto.com for compliant trading infrastructure and acquired Paragon Global Markets for CFTC/NFA qualifications. Fanatics plans to expand to crypto prices, IPOs, tech progress, and movie outcomes by 2026, aiming to compete with Polymarket and Kalshi. The app is available on iOS and Android.

CZ: BNB Chain launches yield-generating prediction market platform Predict

CZ tweeted that BNB Chain has launched Predict, a prediction market platform founded by former Binance employees and incubated/invested by YZiLabs. User funds generate yield even while placed for predictions. CZ stressed the tweet is not an endorsement. Predict aims to make BNB Chain a leading prediction market platform.

Arkham launches multi-chain aggregator Arkham Swap

Arkham announced the launch of “Arkham Swap,” supporting direct token swaps on Ethereum, Base, BNB Chain, Polygon, and Optimism. It aggregates multi-chain DEX quotes for better execution and is open to all Arkham users. Users can log in to use Swap or choose Arkham CEX for trading. Arkham registration is open, with a unified account for trading and intelligence platform access, and a $100 signup bonus; eligibility and trading pairs vary by jurisdiction.

Aave community approves proposal to “remove USDS and DAI as collateral and increase risk reserve rate”

Aave DAO passed a proposal to set the loan-to-value (LTV) ratios of USDS and DAI to 0% and raise risk reserve rate (RF) to 25% in Aave V3 instances. The proposal noted USDS’s declining profitability and asymmetric risk, making it unsuitable as collateral. MakerDAO founder Rune responded, saying Sky ecosystem’s lending logic was misunderstood, and with greater transparency/expandability, USDS could regain collateral status in the future.

Binance to delist multiple FDUSD margin trading pairs on December 11

According to a Binance announcement, the platform will remove multiple cross and isolated margin pairs involving FDUSD (e.g., PENGU/FDUSD, NOT/FDUSD, FLOKI/FDUSD, INJ/FDUSD) at 14:00 (UTC+8) on December 11, 2025. Isolated margin borrowing for these pairs will be paused on December 8, and forced liquidation will occur on December 11. Binance recommends users close positions and transfer assets in time to avoid potential losses.

Key Data

Ethereum treasury companies purchased only 370,000 ETH in November, a drop of about 81% from August peak of 1.97 million

According to DL News citing Bitwise data, in November 2025 Ethereum DAT treasury companies bought only 370,000 ETH, down about 81% from the August peak of 1.97 million. Bitwise analysts say as capital disperses and premium compresses, the model is rapidly collapsing. The current market is “winner takes all,” with Bitmine alone holding 3.73 million ETH, more than the other 68 treasuries combined. Although monthly purchases still exceed the net new supply of 80,000, the gap is narrowing rapidly.

Ethereum spot ETFs net inflow of $140 million yesterday, none of the nine products saw outflows

According to SoSoValue, on December 3 (EST), Ethereum spot ETFs had a total net inflow of $140 million, with no outflows among nine products. BlackRock’s ETHA saw the biggest net inflow of $53.01 million, with a historical total of $13.138 billion; Fidelity’s FETH netted $34.38 million, with a cumulative net inflow of $2.64 billion. Currently, total assets in Ethereum spot ETFs are $19.697 billion, accounting for 5.2% of ETH’s total market cap.

Bitcoin spot ETFs saw net outflow of $14.8983 million yesterday, ending previous five-day net inflow streak

According to SoSoValue, on December 3 (EST), Bitcoin spot ETFs had a total net outflow of $14.8983 million, ending the previous five-day net inflow streak. BlackRock’s IBIT had the largest net inflow at $42.2432 million, totaling $62.663 billion; ARKB had the largest net outflow at $37.0905 million, with a historical net inflow of $1.708 billion. Currently, total assets in Bitcoin spot ETFs are $121.963 billion, accounting for 6.57% of BTC’s market cap.

Strategy’s monthly bitcoin purchases plummet from last year’s peak of 134,000 to 9,100

CryptoQuant tweeted that Strategy’s bitcoin purchases dropped sharply in 2025, from a peak of 134,000 in 2024 to just 9,100 in November 2025, and just 135 so far this month. A 24-month buffer period clearly shows it is preparing for a bear market.

Investment/Acquisition

Bloomberg: Crypto industry M&A transactions exceeded $8.6 billion this year, hitting a record high

According to Bloomberg, PitchBook data shows that aided by US crypto-friendly policies, major crypto company M&A transaction totals topped $8.6 billion as of November 20, a record and more than the previous four years combined. Crypto advisory Architect Partners, using a different methodology, found $12.9 billion in deals year-to-date, up sharply from $2.8 billion last year. PitchBook analyst Ben Riccio said: “In 2025, major crypto companies are more willing to acquire, with rate cuts, regulatory clarity, and the early-year bull market putting them in growth mode.”

Driven mainly by large deals by Coinbase, Kraken, Ripple Labs, and others, a lot of M&A activity was concentrated before the October sell-off. Major 2025 acquisitions include Coinbase’s $2.9 billion purchase of options exchange Deribit, Kraken’s $1.5 billion acquisition of retail futures platform NinjaTrader, and Ripple’s $1.25 billion purchase of prime broker Hidden Road. These deals pushed 2025 M&A volume well beyond the 2021 record.

Decentralized exchange Ostium completes $20 million Series A, led by Jump Trading and others

Harvard graduate-founded decentralized exchange Ostium completed a $20 million Series A round at a post-money valuation of about $250 million, led by General Catalyst and Jump Trading, with Coinbase Ventures, Wintermute, and GSR participating. Ostium has raised about $8 million in total previously.

The platform focuses on perpetual contracts for commodities, stocks, and other real-world assets, aiming to provide efficient, transparent US market exposure for overseas investors outside the US. The co-founder and CEO said their goal is not to directly compete with crypto-native perpetual protocols like Hyperliquid, but to challenge traditional online brokers like Robinhood and eToro. Ostium has 15 employees, and the new funding will be used to expand its non-crypto user market, targeting pain points of overseas investors accessing US markets through traditional brokers’ opaque and outdated systems.

Antithesis, Ethereum network testing tool, raises $105 million Series A led by Jane Street

Distributed systems stress-testing startup Antithesis completed a $105 million Series A round led by Jane Street, with Amplify Venture Partners, Spark Capital, Tamarack Global, First In Ventures, Teamworthy Ventures, Hyperion Capital, and individuals like Patrick Collison, Dwarkesh Patel, Sholto Douglas participating. Funds will be used to expand engineering, increase automation, and grow global market channels.

The company uses deterministic simulation testing to provide production-grade fault rehearsal for blockchain and financial systems. Antithesis can simulate large-scale network environments, precisely reproducing edge-case failures and helping engineers identify bugs hard to replicate via traditional debugging. The company disclosed that Ethereum used its service to simulate extreme scenarios before the “Merge” upgrade. Clients now include finance, AI, and blockchain, with revenue up over 12x in the last two years.

Stablecoin app Fin raises $17 million led by Pantera Capital

Stablecoin app Fin, founded by former Citadel staff, announced a $17 million raise led by Pantera Capital, with Sequoia and Samsung Next participating.

The app aims to use stablecoins for cross-border and large-value payments, enabling fast global transfers without complexity. Users can transfer to other Fin users, bank accounts, or crypto wallets, with fees claimed to be far lower than traditional banks. Fin mainly targets large-sum cross-border or domestic transfer scenarios, such as improving payment efficiency in import/export trade. The app is not yet live and plans to pilot among import/export firms next month. Revenue will come from transfer fees and stablecoin reserve interest.

Institutional Holdings

Parataxis agrees to acquire controlling stake in Korea’s Sinsiway for $27 million and establish Ethereum treasury

Digital asset investment firm Parataxis Holdings said it has agreed to acquire a majority stake in Korean data security company Sinsiway (290560) for 40 billion KRW (about $27.3 million) and transform it into a publicly listed Ethereum asset management company. Parataxis and undisclosed affiliates will gain control. If approved by Sinsiway shareholders in January 2026, the company will be renamed Parataxis ETH, Inc. and retain its stock exchange listing. The new entity will be Korea’s first Ethereum-focused asset manager backed by US institutional capital. Parataxis Holdings founder and CEO Edward Chin is expected to join the board.

Tom Lee buys another $150 million in Ethereum

According to Solid Intel, Tom Lee has bought another $150 million worth of Ethereum (ETH).