PA Daily | XRP Spot ETF Sees Four Consecutive Weeks of Net Inflows; Median Stock Price of Listed DAT Companies in the US and Canada Has Fallen 43% This Year

Today’s News Highlights:

Banmuxia: This week’s Fed rate cut will normalize liquidity, and the market will see broad gains this week or even this month

Analysis: Bitcoin stabilizes in the short term, but sentiment remains cautious ahead of the FOMC meeting

Farcaster announces strategic pivot: shifting focus from social-first to wallet-driven growth

HumidiFi: New token public sale to begin at 23:00 on December 8

XRP spot ETF saw net inflows of $231 million last week, marking four consecutive weeks of net inflows

Metaplanet has not increased its Bitcoin holdings since September 30

Bloomberg: Median share price of DAT companies listed in the US and Canada has fallen 43% this year

Pop Mart closed down 8.49% as market worries about slowing overseas sales

Macro

Pop Mart closed down 8.49% as market worries about slowing overseas sales

Pop Mart (09992.HK) shares continued to decline, closing down 8.49% at HKD 200.4, hitting an intraday low of HKD 199, marking the largest drop in six weeks. Market concerns over its overseas sales performance have intensified, especially with US “Black Friday” sales data possibly falling short of expectations. Data shows that since December 2, the company’s short-selling volume has surged from HKD 241 million to HKD 623 million, indicating a significant increase in bearish sentiment.

Previously, Deutsche Bank warned that the Labubu series’ secondary market premium had dropped significantly due to a large increase in production capacity, giving it a “hold” rating; Morgan Stanley predicted significant sales growth for the Labubu series in 2024, but expects growth to slow in 2025, lowering its target price to HKD 325. Although Pop Mart’s Q3 revenue grew by 245%-250% year-on-year, with overseas markets up 365%-370%, the stock price has continued to fall. Analysts believe the transition from “explosive growth” to “sustainable growth” leaves future growth drivers in question, potentially capping further upside in the stock.

Argentina may allow banks to provide cryptocurrency trading services

PANews, December 8—According to FinanceFeeds, Argentina’s central bank (BCRA) is considering lifting its long-standing ban on traditional financial institutions providing cryptocurrency trading and custody services. This policy shift would move from outright prohibition to a regulated and integrated approach, mainly driven by Argentina’s unique economic environment and surging demand for digital assets. Current regulations prohibit banks from participating in crypto trading to reduce risk and curb unregulated entities. However, President Javier Milei’s pro-market, crypto-friendly administration is evaluating a new regulatory framework to allow banks into the market under strict rules. This move aims to bring large-scale crypto trading activities into the formal banking system, providing safer and more compliant channels, enhancing investor protection, and strengthening KYC and AML controls. Additionally, it will enable the government to better track and tax crypto activities, while recognizing crypto assets as important tools against inflation.

US SEC Crypto Working Group to host financial regulation and privacy roundtable on December 15

PANews, December 8—According to official sources, the US Securities and Exchange Commission (SEC) Crypto Working Group will host a public roundtable on financial regulation and privacy at SEC headquarters on December 15, with a live webcast available.

BRICS nations launch gold-backed digital currency “Unit”

PANews, December 8—According to Intellinews citing the Russian Academy of Sciences’ Institute for Economic Strategies (IRIAS), the BRICS group has launched a working prototype of a gold-backed trade currency called “Unit,” a digital trading tool supported by a reserve basket containing 40% physical gold and 60% BRICS currencies, with equal weights for the Brazilian Real, Chinese Yuan, Indian Rupee, Russian Ruble, and South African Rand. The pilot project was initiated by IRIAS, which issued 100 Units on October 31, each initially pegged to one gram of gold.

Opinions

Analyst: Bitcoin bulls must defend key Fibonacci support to avoid prices dropping to $76,000

PANews, December 8—According to Cointelegraph, crypto analyst “Daan Crypto Trades” pointed out that Bitcoin is currently hovering near a key technical level, the 0.382 Fibonacci retracement zone, which is a critical support and resistance in the market cycle. To avoid significant losses, this level must hold; a breakdown could see Bitcoin retest the April low near $76,000, which would break the long-term market structure. On Sunday night, Bitcoin experienced a round of sharp short-term leveraged liquidations, with both long and short positions wiped out; the price briefly dipped below $88,000 before quickly rebounding above $91,500, a clear example of a low-liquidity weekend market being manipulated to clear both sides’ leveraged positions.

Banmuxia: This week’s Fed rate cut will normalize liquidity, and the market will see broad gains this week or even this month

PANews, December 8—Chinese crypto analyst Banmuxia wrote: “This week, the Fed’s rate cut and renewed balance sheet expansion will normalize tight liquidity. This week will be one of broad-based gains (US stocks, crypto, precious metals, etc.), and the next month is also likely to see broad gains.” Banmuxia also quoted his November 11 article, which stated, “Starting in December, the Fed will stop shrinking its balance sheet and may begin expanding it. This will normalize liquidity, similar to October 2019. The real massive easing will wait until after May next year, when Trump controls the Fed, similar to March 2020.”

Analysis: Bitcoin stabilizes in the short term, but sentiment remains cautious ahead of the FOMC meeting

PANews, December 8—Matrixport’s chart today notes that as the December 10 FOMC meeting approaches, market sentiment is highly focused on policy signals. While Bitcoin has stabilized, it is too early to call this the start of a new rally. Options pricing still implies about 5% downside risk, with capital hedging for pullbacks. As year-end approaches, the general trend is to deleverage and reduce positions, so short-term rebounds are more often used as exit opportunities rather than signals to add risk. Seasonally, market liquidity tends to tighten around Christmas, making sustained rallies harder to maintain. The key support/resistance is around $91,500; the base case is for continued volatility compression, and the probability of a strong breakout immediately after the FOMC is relatively low.

Grayscale: Bittensor’s halving next week expected to push up TAO token price

PANews, December 8—According to The Block, Grayscale research analyst Will Ogden Moore said: “Bitcoin’s history shows that even with lower rewards, reduced supply can boost network value, as Bitcoin’s security and market value have been enhanced through four consecutive halvings. Similarly, Bittensor’s first halving marks a key milestone toward maturity as it heads toward a 21 million token cap.” Moore noted Bittensor is seeing strong adoption and rising institutional interest. He also pointed to the launch of dTAO in February as a major achievement, allowing direct investment in subnets and significantly expanding their market caps. “We believe the early success of certain subnet-based applications, increased institutional capital in the Bittensor ecosystem, and the upcoming TAO supply halving could all be positive catalysts for price appreciation.” Previously reported, Bittensor’s first halving will occur on December 14, reducing daily TAO issuance to 3,600.

Project Updates

Binance Alpha to list Midnight (NIGHT) on December 9

PANews, December 8—Binance Alpha will launch Midnight (NIGHT) on December 9. Eligible users can claim airdrops using Binance Alpha Points on the Alpha event page after trading opens.

XMAQUINA to conduct $DEUS TGE, 110 million DEUS to be used for final presale

PANews, December 8—According to Web3 robotics company XMAQUINA, proposal XMQ-02 has officially passed, receiving over 19 million votes and a support rate above 96%. The proposal allocates 128,067,280 DEUS tokens (about 12.8% of total supply) and $150,000 USDC for community presale, liquidity support, and ecosystem development. Key allocations include: Community Presale: 110 million DEUS (11% of total supply) for the final community presale to raise funds for expanding DAO equity in leading humanoid robotics companies. Liquidity and Ecosystem Growth: 18,067,280 DEUS (1.8% of total supply) and $150,000 USDC for exchange listing fees, liquidity support, and DAO infrastructure. Token Transferability: Authorizes activation of DEUS token transfers between January 1 and February 15, 2026, paving the way for exchange listings and market access. Related reading: When robots learn to think, earn, and collaborate—analyzing 15 types of robotics technology and use cases.

Farcaster announces strategic pivot: shifting focus from social-first to wallet-driven growth

PANews, December 8—Farcaster co-founder Dan Romero announced on social media that the project is now focused on building a wallet to attract more users. Their previous four-and-a-half-year social-first strategy didn’t work out, but the wallet business has been growing, so they’ve decided to double down. This means new features and product positioning will revolve around the wallet. Romero emphasized, “We’ve pivoted, and the product is now focused on wallet users. The most important function of our wallet is transactions. That’s the core. People can use the product without the wallet, but our focus is on the wallet/transactions.”

HumidiFi: New token public sale to begin at 23:00 on December 8

PANews, December 8—HumidiFi announced on X that its new token public sale will start at 10:00 AM US Eastern Time the following day, i.e., in 14 hours, which is 23:00 Beijing time on December 8. Previously, HumidiFi said its first public sale was overrun by bots, preventing regular users from participating. The sale will relaunch next Monday, with new tokens airdropped to Wetlist and JUP stakers proportionally.

Bittensor’s first halving to occur on December 14, reducing daily TAO issuance to 3,600

PANews, December 8—According to Cointelegraph, AI project Bittensor will undergo its first halving on December 14, reducing daily TAO issuance from 7,200 to 3,600.

ZKsync plans to sunset early ZKsync Lite network in 2026

PANews, December 8—According to The Block, ZKsync announced Sunday plans to sunset ZKsync Lite (formerly ZKsync 1.0)—the original zero-knowledge rollup launched on Ethereum in 2020—sometime next year. ZKsync says this is a planned and orderly system phase-out, as the system has fulfilled its mission and this will not affect other ZKsync systems. The team will announce specific details, dates, and migration guidelines next year. According to L2BEAT data, ZKsync Lite currently processes fewer than 200 daily transactions but still holds about $50 million in user funds. ZKsync says funds are safe and withdrawals to L1 will remain operational throughout. This shutdown will not affect other ZKsync products. Matter Labs, the company behind ZKsync, launched the full-featured zkEVM—ZKsync Era—in March 2023, which can run arbitrary smart contracts, and has since stopped active development on ZKsync Lite. The team’s focus will shift to systems built on ZK Stack, Prividiums, and the broader ZKsync network.

Key Data

“铁头多军” whale opens ETH/SUI/FARTCOIN longs worth $20.28 million in three hours

PANews, December 8—According to on-chain analyst @ai_9684xtpa, the whale who went long 36 times between November 3 and November 26 has returned to the bull camp, opening three new long positions in ETH/SUI/FARTCOIN three hours ago, with a total position of $20.28 million and an unrealized gain of $188,000. The ETH position is worth $9.39 million (3,000 ETH) at an entry price of $3,116.98. After 36 consecutive long trades, this whale has now switched between long and short, with this insider whale returning to the bull side.

Largest BTC short address on Hyperliquid has $17 million in unrealized profit, reduced position by ~20 BTC in 26 minutes

PANews, December 8—According to Hyperbot data, Hyperliquid’s largest BTC short address, holding a 20x leveraged BTC short, reduced its position by about 20 BTC 26 minutes ago. The address now holds 840.7 BTC shorts worth about $76.76 million at an average entry price of $111,499.3, with an unrealized profit of about $17 million. The total contract account value is about $10.1 million, with a net gain of $16.21 million over the past month.

XRP spot ETF saw net inflows of $231 million last week, marking four consecutive weeks of net inflows

PANews, December 8—According to SoSoValue data, XRP spot ETFs saw $231 million in net inflows during the trading week (US Eastern Time December 1–5). The XRP spot ETF with the highest weekly inflow was Grayscale XRP ETF GXRP, with $140 million in net inflows, bringing its historical total to $212 million; next was Franklin XRP ETF XRPZ with $49.29 million, bringing its historical total to $135 million. As of press time, total net assets of XRP spot ETFs are $861 million, with an ETF net asset ratio (market cap as a percentage of Bitcoin’s total market cap) of 0.71%, and total historical net inflows of $897 million.

Investment & Acquisitions

Robinhood to enter Indonesian market through acquisition of brokerage and crypto trading platform

PANews, December 8—According to Reuters, Robinhood announced in a blog post that it will acquire Indonesian brokerage Buana Capital Sekuritas and licensed digital asset broker Pedagang Aset Kripto, marking its official entry into one of Southeast Asia’s major crypto hubs. Indonesia has over 19 million capital market investors and 17 million crypto traders, highlighting its appeal in stock and digital asset trading.

Institutional Holdings

Metaplanet has not increased its Bitcoin holdings since September 30

PANews, December 8—According to Cointelegraph, Japanese listed company Metaplanet has not increased its Bitcoin holdings since September 30, with its Bitcoin holdings still at 30,823.

Twenty One Capital transfers 43,122 BTC to a new wallet

PANews, December 8—According to Lookonchain monitoring, Twenty One Capital has just transferred 43,122 BTC worth $3.94 billion to a new wallet.

Bloomberg: Median share price of DAT companies listed in the US and Canada has fallen 43% this year

PANews, December 8—According to Bloomberg, the median share price of US and Canada-listed Digital Asset Treasury (DAT) companies has fallen 43% so far this year. In contrast, Bitcoin is down only about 6% since the start of the year. SharpLink, an Ethereum treasury company, has seen its share price drop 86% from its peak, with a market cap now below the value of its digital token holdings. The stock currently trades at about 0.9 times its Ethereum holdings. SharpLink previously announced it would abandon its gaming business and instead issue stock to buy large amounts of Ethereum, with its share price soaring over 2600% in a few days. Greenlane, in comparison, has fared worse, with its stock plunging over 99% this year despite holding about $48 million in BERA crypto tokens. Additionally, Alt5 Sigma, a WLFI treasury company previously backed by Trump’s two sons, has seen its share price fall 86% since its June peak. Some lucky DAT companies still have a market cap above their underlying holdings, but most investors who bought near the peak are now underwater, and 70% of these companies may end the year with share prices below their starting levels. The worst performers are those that avoided Bitcoin and instead invested in smaller, more volatile tokens. The volatility in these stocks is at least partly due to corporate borrowing to acquire crypto. Meanwhile, for lesser-known small DAT companies, falling crypto prices and waning investor enthusiasm are making fundraising increasingly difficult.