PANews December 20 News, according to Jintiao reports, China Merchants Bank released a research report stating that on December 19, the Bank of Japan raised interest rates by 25 basis points, bringing the policy rate up to 0.75%. Although the Bank of Japan is highly likely to maintain a restrained pace of rate hikes, the reversal of yen liquidity and the Japanese bond market will still exert pressure on global financial conditions. First, the yen carry trade may continue to reverse, forming a long-term suppression of global asset liquidity. By the end of 2024, approximately $9 trillion in positions will still be based on low-interest yen liquidity, and this liquidity is expected to gradually shrink as the US-Japan interest rate differential narrows. Second, the risk in Japanese bonds may further intensify. In the short term, Prime Minister Fumio Kishida's government approved a supplementary fiscal budget equivalent to 2.8% of nominal GDP. In the long term, Japan plans to increase defense spending to 3% of nominal GDP and permanently exempt consumption tax. Japan's untimely fiscal expansion stance may trigger greater market instability.

Recently, Chinese national Tong Moumou was arrested on suspicion of money laundering for drug traffickers. The police found that he illegally bought and sold foreign exchange through "mirror trading" amounting to 16 million RMB, and instructed personnel to trade virtual currencies in exchange for US dollars. China and the United States have reached a consensus on strengthening anti-money laundering cooperation.

U.S. December Consumer Confidence Index Slightly Rises but Remains Below Expectations, Affected by Affordability Concerns. Despite Signs of Improvement, Consumer Confidence is Still Nearly 30% Lower Than the Same Period Last Year, with Confidence in Purchasing Big-Ticket Items at Historic Lows.

Traders are speculating about the emergence of the "Christmas rally" at the end of the year. The S&P 500 index has rebounded 0.8% this month, ending a four-day decline. Historical data shows that the index has a 75% chance of rising in the last two weeks of December, and Goldman Sachs team believes there is still room for gains before the end of the year.

This Friday, the US stock market will experience the quarterly "Triple Witching" day, with the scale of expiring contracts reaching a record high, which may lead to increased trading volume and volatility. Analysts recommend controlling positions and reducing chasing prices, as well as checking margin and order prices in advance to prevent slippage and forced liquidations.

After the Bank of Japan raised its benchmark interest rate to a nearly 30-year high, Bitcoin prices did not fall but instead rose, reaching as high as $88,000 on Friday, sparking widespread market attention. Data from Cointelegraph Markets and TradingView show that Bitcoin increased approximately 2.5% compared to the opening price on that day and moved in tandem with US stock index futures. This reaction is notably different from previous rate hike cycles, where risk assets typically came under pressure. The Bank of Japan raised its interest rate to about 0.75%, officially ending its long-standing "super-low interest rate" policy. Against the backdrop of major global central banks generally leaning towards easing, Japan's tightening stance stands out. In theory, rate hikes usually suppress risk assets like cryptocurrencies, but the market has evidently already priced in this expectation, instead choosing to believe that "bad news is fully priced in."

MetaplanetInc. announces the launch of a secured ADR project on December 19, 2025, aimed at enhancing accessibility and transparency for global investors. This ADR is linked to common shares on a 1:1 basis, denominated in US dollars, and is expected to be traded over-the-counter in the United States, without affecting the total number of issued common or preferred shares.

Metaplanet President Simon Gerovich announced on social platform X that Metaplanet's American Depositary Receipts (ADRs) will officially begin trading in the US market on December 19, with the stock code \$MPJPY. This development marks Metaplanet's official entry into the US capital market, providing more convenient stock participation channels for US individual and institutional investors. Simon Gerovich stated that the launch of ADRs is a direct response to market demand. Previously, many US investors wished to purchase Metaplanet-related stocks directly without cross-border trading and settlement restrictions. By trading in the US through ADRs, investors can participate using familiar trading accounts and processes, significantly lowering the participation threshold.

The latest survey shows that, as housing costs soar and traditional wealth accumulation paths are blocked, cryptocurrencies are becoming an important choice for young investors in the United States. A joint survey by leading US CEX and Ipsos indicates that among 4,350 surveyed American adults, 45% of Generation Z and millennial investors hold cryptocurrencies, while among older investors, this proportion is only 18%, a generational gap of 27 percentage points. The survey results reflect a clear trend: young people are systematically shifting towards digital assets. 73% of young respondents believe that achieving wealth growth through traditional means (such as buying a house, long-term stock investments) has become more difficult, compared to 57% among older groups. The continued decline in housing affordability, high student loan debt, and wages that fail to keep up with inflation are constantly squeezing the wealth-building opportunities for young people.

Macroeconomic uncertainty is accelerating accumulation and gradually evolving into an important variable affecting risk assets. Since 2025, the overall performance of the cryptocurrency market has been weak, forming a stark contrast to Bitcoin's strong rally in 2024. In 2024, Bitcoin delivered substantial returns for long-term holders and traders, but the current cycle is clearly under pressure. The core of the change lies in the macro environment. The continuation of tariff policies during the Trump era, combined with ongoing expansion of fiscal spending, has caused the US debt scale to grow rapidly. In the 2025 fiscal year, the US government added approximately $2.17 trillion in new debt, bringing the total debt to about $38 trillion, accounting for 124.3% of GDP, a near four-year high. This structural pressure is weakening the global attractiveness of the US dollar.

Stacks officially launches the Circle-based USDCx stablecoin, supporting the Bitcoin Layer 2 ecosystem and providing institutional-grade liquidity. USDCx is issued through non-custodial smart contracts and utilizes cross-chain transfer protocols to enable multi-chain transfers, avoiding security risks. Multiple protocols have integrated USDCx, encouraging users to migrate from the old version aeUSDC.

ChainCatcher News, the Global Web3 Ecosystem Innovation and Application Summit will be held on January 5, 2026, at Hong Kong Digital Harbor. It is hosted by the US publicly traded company Mega Matrix Inc. (NASDAQ: MPU) and CoinQ Exchange, with co-hosts including Moore Labs, Vitaking, UniOne, Polaris, and more than ten other Web3 organizations. The conference theme is “Ecosystem Innovation × Practical Application,” bringing together more than ten global regulatory agencies, traditional financial institutions, and over 500 Web3 industry professionals to discuss blockchain compliance and industry applications. This summit aims to provide new opportunities for the healthy and long-term development of the global Web3 industry.

According to the latest data from the on-chain analysis platform Arkham Intelligence, a well-known early Bitcoin investor (Bitcoin OG), with the address labeled as “1011short,” deposited 5,152 Bitcoins into a mainstream CEX on Thursday, valued at approximately $445 million based on current prices. This large transfer quickly drew significant market attention regarding potential selling pressure and market direction. Data shows that the trader was still increasing their Ethereum long positions earlier that same day. Before the US stock market opened, their on-chain holdings included about 203,341 ETH, 1,000 BTC, and 250,000 SOL, with the total value of their crypto assets reaching nearly $695 million, demonstrating their strong financial capacity and market influence.

The U.S. Senate recently officially confirmed two key financial regulatory appointments: Mike Selig will serve as Chairman of the Commodity Futures Trading Commission (CFTC), and Travis Hill will become Chairman of the Federal Deposit Insurance Corporation (FDIC). Both candidates are viewed as relatively friendly to cryptocurrencies, and this decision is interpreted by the market as a potential significant turning point in U.S. cryptocurrency regulation. The Senate approved the confirmation vote with 53 votes in favor and 43 votes against. After taking office, Selig will succeed Acting Chair Caroline Pham. During her interim tenure, Pham has promoted several policy initiatives supporting the crypto industry and plans to leave after the new chair is in place to join crypto infrastructure company MoonPay.

The US court plans to hear new evidence involving the largest extractable value (MEV) practices, with the plaintiffs accusing Pump.fun of using MEV technology to allow insiders to acquire new tokens at low prices and sell them to retail investors, while Solana Labs and Jito Labs are alleged to have facilitated the process.

BlockBeats 消息，12 月 19 日，纳斯达克和纽约证券交易所表示，美国股票市场将在 12 月 24 日和 12 月 26 日如期开市。此前数小时，特朗普签署行政令宣布联邦政府将在圣诞节前后的 12 月 24 日和 26 日关闭。

Twenty-four top artificial intelligence companies have joined the U.S. government's "Genesis Program," aimed at promoting the application of AI technology in science and energy fields. The program will optimize experimental design and simulation calculations to accelerate scientific breakthroughs.

Odaily Planet Daily reports that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Danh C. Vo, founder and CEO of Bitcoin mining company VBit Technologies Corp., accusing him of embezzling approximately $48.5 million in false investment projects. SEC documents show that Vo and VBit raised over $95.6 million from approximately 6,400 investors and falsely described the Bitcoin mining business model and the use of funds in their promotional materials. The SEC pointed out that Vo promoted a so-called "custody agreement," claiming it could provide ordinary investors with a passive mining income solution without managing equipment, but in reality, the number of custody agreements sold far exceeded the company's actual mining machine operations. The regulatory agency believes that Vo knowingly or recklessly continued to make misleading statements to investors.

Canary Capital has filed an S-1 amendment with the U.S. Securities and Exchange Commission for the INJ ETF, planning to list on the Cboe Exchange, offering Injective spot prices and staking yields. U.S. Bancorp and BitGo will serve as transfer agent and custodian respectively.

Silver reaches a historic milestone. On December 17, 2025, the silver price broke through $66 per ounce, with an intraday high of $66.52, and the global market capitalization rose to approximately $3.7 trillion, officially surpassing Google's parent company Alphabet to become the fourth largest asset worldwide. Just prior to that, on December 11, silver had just overtaken Microsoft, crossing multiple tech giants within a few days, highlighting a significant shift in its position in global asset allocation. Since the beginning of this year, silver prices have increased by approximately 127%, not only demonstrating its inflation hedge properties but also reflecting a structural surge in modern industrial demand for silver. On a macro level, the divergence between US employment and inflation data, along with market expectations that the Federal Reserve will keep interest rates unchanged, has driven capital flows into precious metals and other alternative assets; on a fundamental level, industrial demand has become the core driving force behind silver's rise.

The US spot Bitcoin ETF fund inflows have shown a clear rebound. On Wednesday, the spot Bitcoin ETF recorded a single-day net inflow of approximately $457 million, reaching the highest level in over a month, indicating that institutional funds are reaccelerating their entry. Looking at specific products, Fidelity's Wise Origin Bitcoin Fund (FBTC) performed the best, with a single-day inflow of about $391 million, accounting for most of the total inflow that day. BlackRock's iShares Bitcoin Trust (IBIT) followed closely, with an inflow of approximately $111 million. According to Farside Investors, the cumulative net inflow of US spot Bitcoin ETFs has exceeded $57 billion, with total assets surpassing $112 billion, accounting for about 6.5% of Bitcoin's total market capitalization.

UBS analysis indicates that recent employment data in the United States reveal potential weakness in the labor market, which could provide a basis for the Federal Reserve to cut interest rates. The quality of the data should be approached with caution, and market views on the Federal Reserve's policy path have been reinforced as a result, with expectations of another rate cut possibly by early 2026.

Golden Finance reports that Cryptoquant analysts point out that the current macro market is overall neutral, with risk appetite supported by the US dollar index. The stock market is releasing localized safe-haven signals, with a moderate level of risk, and no clear trend has emerged in the market yet.

The U.S. Department of Labor will release the November CPI year-over-year rate and initial unemployment claims data on December 18. Federal Reserve Chair Powell pointed out that the cooling labor market and rising inflation risks, while Goldman Sachs analysts believe that further softening of labor market data is needed to support easing policies.

As the Federal Reserve's January interest rate decision approaches, market focus is on the upcoming release of the US November Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) will release the latest inflation report on Thursday, which is a key reference indicator for assessing the Federal Reserve's policy path in the current macro environment. Due to the previous government shutdown affecting data collection, this CPI report does not include October data and will not provide month-over-month inflation figures for November. Therefore, the market is more focused on the year-over-year changes in the CPI and core CPI to determine whether inflation is re-accelerating. The market generally expects the November CPI year-over-year growth to be around 3.1%, and the core CPI to be approximately 3.0%.

After experiencing sharp fluctuations on Wednesday, Bitcoin prices have gradually stabilized, maintaining around $86,600 with oscillations. According to The Block market data, as of early Thursday Eastern Time, Bitcoin has slightly increased over the past 24 hours, trading at approximately $86,670. Previously, Bitcoin briefly surged above $90,000 but then quickly retreated, indicating that market sentiment remains cautious. Analysts point out that recent Bitcoin price volatility is mainly influenced by macroeconomic uncertainties, including rising global risk aversion, slowing inflows into Bitcoin ETFs, deleveraging in the derivatives market, and increased correlation with US stocks. Nick Ruck, Director of Research at LVRG, stated that the current trend more reflects year-end asset allocation adjustments, and the "Christmas rally" expectations are cooling down.

ChainCatcher message, according to Jinshi reports, analyst Justin Low pointed out that due to the previous government shutdown, the November CPI report will be incomplete and may only report the price level for November. Limited data reduces the reliability of the report, causing uncertainty in monthly inflation details. Although inflation may slow down, tariffs have boosted core commodity prices, but seasonal discounts have limited price increases. The market may react briefly, but incomplete data limits the lasting impact on Federal Reserve expectations.

According to Farside Investors data, on December 17th, the US spot Bitcoin ETF recorded a total net inflow of approximately $457 million, indicating a clear signs of recovery in institutional funds after two consecutive days of outflows. In the previous two days, Bitcoin ETFs experienced a total net outflow of about $635 million, and as of now this week, there is still a net outflow of approximately $177 million. Specifically, the Fidelity-backed spot Bitcoin ETF—FBTC—became the biggest beneficiary of the day, attracting about $391 million in funds, significantly leading the market. Its total net asset value has increased to approximately $12.4 billion, further consolidating its core position in the Bitcoin ETF camp.

Since its launch in November, the US spot XRP ETF has accumulated over $1 billion in inflows, with no single-day net outflows, indicating rising institutional demand. Although the influx of funds has not boosted the XRP price, many institutions have launched related products, demonstrating ongoing demand for XRP on Wall Street.

The US SEC issues a statement allowing broker-dealers to treat crypto asset securities as "physical possession" when taking specific measures. The statement covers access and transfer capabilities of crypto assets, security issues, private key protection, and custody and accessibility safeguards during disruption events.

Jito Foundation has decided to return to the United States due to clarified U.S. digital asset regulations. CEO Lucas Bruder pointed out that Jito was forced to operate overseas after being cut off by banks during "Operation Chokepoint 2.0." He believes that the passage of the latest regulations is the driving force behind the return.

Golden Finance reports that, according to CCTV News, on December 17th local time, two informed sources revealed that officials from the United States and Russia are expected to hold a meeting in Miami, USA, this weekend. The related plans are still being formulated. One informed source disclosed that the Russian delegation is expected to include Dmitry Yefimovich, President of the Russian Direct Investment Fund, while the U.S. delegation will include Middle East envoy Brett McGurk and Trump's son-in-law Jared Kushner.

Daiwa Group pointed out that the early decline of the US dollar was mainly due to American investors reducing their foreign exchange hedging for overseas investments, rather than global investors increasing their hedging ratio. This led to a weakening of the dollar, and the uncertainty surrounding Liberation Day also sparked discussions about de-risking.