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BlackRock deposits 36,579 ETH into Coinbase Prime, Federal Reserve's Williams states that policy is in a favorable position, US stocks open higher, Hong Kong to issue some stablecoin licenses early next year, US government shutdown affects CPI reliability, Federal Reserve promotes payment account innovation.

During the market window when Bitcoin's price retraced nearly 30% from its all-time high, the world's largest Bitcoin holding publicly listed company Strategy announced an almost $1 billion buy-the-dip move. However, Metaplanet, dubbed the "Asia's MicroStrategy," unexpectedly pressed the pause button on increasing its holdings.
Since completing its last purchase at the end of September 2025, this Japanese listed company has not added to its Bitcoin holdings for several consecutive weeks. This move starkly contrasts with its previous aggressive accumulation of Bitcoin.
Originally a struggling hotel business that transformed itself, the company now holds over 30,000 Bitcoins, worth approximately $2.75 billion. The decision to pause further accumulation is not a simple strategic wavering but a result of risk balancing among stock price pressure, accounting standards, and financing structure.
1. Industry Background: Strategic Differentiation in the DAT Track

BlackRock CEO Larry Fink stands at the podium of the Riyadh Investment Summit. Seven years ago, he was dismissive of cryptocurrencies; now he calls them "fear assets"—a safe haven people turn to due to unease with the traditional financial system.
On the same day Fink made these remarks, Cathie Wood of ARK Invest emphasized at a conference in New York that Bitcoin has become the preferred entry point for institutional investors into the crypto space and should be prioritized in asset allocation.
These seemingly contradictory views together paint a new picture of the cryptocurrency market: traditional financial giants and crypto-native leaders are on the same stage engaging in dialogue, with every word influencing market sentiment.
1. Market Pulse: From Institutional Dominance to Regulatory Changes, New Signals in the Crypto Market
The cryptocurrency market has recently seen a series of significant developments.
● BlackRock CEO Larry Fink at the Future Investment Initiative

The Federal Reserve's routine operation of announcing the purchase of $40 billion in short-term government bonds has been interpreted by market analysts as a sign of an impending major upheaval, with the Treasury's reach seemingly crossing a red line of nearly a century of established制度.
TS Lombard's Chief US Economist Stephen Blitz提出了一个令人震惊的观点：美国财政部与美联储的资产负债表正在走向实质性“合并”。
This symbolic change is marked by Treasury Secretary Tom Bissett potentially becoming the de facto “shadow Federal Reserve Chairman,” by arranging trusted confidants into top positions at the Federal Reserve and establishing a direct reporting line to the White House.
1. Policy Shift
● On December 11, the Federal Reserve announced an operation to purchase $40 billion in Treasury bills starting this month, with plans to gradually reduce the scale of purchases at some point next year. On the surface, this is a technical response to the Treasury General Account (TGA) expansion and the management of monetary market interest rates.

The key economic data for October and November in the US, delayed due to the government shutdown, will be densely republished this week, becoming the final and largest source of uncertainty in the financial markets at the end of the year.
Due to the previous US government shutdown, the core economic data such as non-farm employment and CPI for October and November, originally scheduled for release in early November, have been postponed to this week for concentrated release. This means that mid-to-late December, which has always been calm, will unusually see a "data bomb" that can reshape market logic.
Market analysis generally considers this week as the critical window for determining asset trends into early 2026. The postponed "horrible data" on retail sales will also be released, further increasing market volatility.
1. Unconventional Data Release Week
The core logic of global market trading this week revolves entirely around a special event: the combined republishing of the US core economic data for October and November.
● Due to the previous US government shutdown, including non-farm employment, CPI,

Trump publicly named this former Federal Reserve Board member as the top candidate for the next Federal Reserve Chair after meeting with Kevin Waugh, marking the beginning of a fierce battle for control of the world's most important central bank.
In Trump's view, the position of Federal Reserve Chair seems to be just a "rate cut permit" that can execute his will. On December 13, Trump announced to the media that after meeting with Waugh, this former Fed Board member has risen to the top of his list of candidates for the next Fed Chair.
He had previously set clear criteria for choosing the Fed Chair: only appointing "candidates willing to cut rates."
1. Power Struggle
● For Federal Reserve Chair Jerome Powell, his term is entering a countdown filled with uncertainty. Although his chairmanship will end in May 2026, his term as a Fed Board member will not expire until January 2028. This means that even without serving as Chair

1. Trump Candidate Claims Bitcoin Checks Government Spending
Trump Fed Chair Candidate Warsh states that Bitcoin is a check on government spending. -Original text
2. Coinbase CEO: US Government Holds Bitcoin Reserves
Coinbase CEO states that the US government now holds strategic Bitcoin reserves and notes that this situation will continue. -Original text
3. Citi Predicts US Non-Farm Payroll Report May Send Conflicting Signals
The US non-farm payroll report to be released next Tuesday will include data for October and November. Citi economists point out that the latest employment report may send more conflicting signals, with an estimated decrease of about 45,000 jobs in October and an increase of 80,000 in November. Citi economists say this rebound may be more related to seasonal data adjustments. Citi predicts the unemployment rate will rise from 4.4% to 4.52%, according to a Reuters survey.

1. Five Cryptocurrency Companies Approved for U.S. Bank Licenses
Five cryptocurrency companies received provisional approval for U.S. bank licenses. -Original
2. Fed's Goolsbee: Rate Cuts Not Out of the Question in the Long Term
Fed's Goolsbee stated that it does not mean the Federal Reserve cannot consider rate cuts in the long term. -Original
3. Gold Prices Break $4350, Hit Record High
Gold prices broke through $4350. -Original
4. People's Bank of China Will Flexibly Use Tools Like RRR Cuts and Rate Reductions to Support Economic Growth
The Party Committee of the People's Bank of China emphasized at a meeting to continue implementing moderately loose monetary policy and accelerate financial supply-side structural reforms. The meeting pointed out that promoting stable economic growth and reasonable price increases are important considerations for monetary policy, employing various monetary policy tools like RRR cuts and rate reductions flexibly and efficiently to maintain ample liquidity. At the same time, it will strengthen coordination with fiscal policy and guide financial institutions.

🚀 Event Review
Recently, the ETH market experienced rare and intense volatility. On the news front, expectations of Federal Reserve rate cuts in the US strengthened, economic data was delayed, and policy uncertainties continued to dampen market sentiment; meanwhile, on-chain security incidents occurred frequently—such as the ZEROBASE frontend being hacked, leading users to authorize malicious transactions and resulting in the theft of some USDT funds. Additionally, large whale accounts (like “Maji Big Brother” and others) faced forced liquidation of long positions, causing panic to spread rapidly in the market. Many investors reduced their holdings and adopted a wait-and-see approach, directly driving ETH prices down sharply in a short period.
⏱️ Timeline
22:53: The market learned that officials expect possible rate cuts in 2026, which exacerbated liquidity concerns and panic sentiment.
22:59: On-chain security incidents were reported, with the ZEROBASE frontend being hacked, exposing some users' funds to risk and triggering concerns about on-chain security.

In the accelerating period of the global economic digital transformation, digital currencies have become a new focus of major power competition. Recently, the Trump administration introduced a series of groundbreaking cryptocurrency policies aimed at establishing the United States as the "Global Cryptocurrency Center," thereby continuing and strengthening dollar hegemony in the digital financial era.
This strategy involves not only financial regulation and technological innovation but also implicitly aims at reshaping the international power structure. The following is an analysis of this strategy from the perspectives of strategic motivation, policy measures, challenges faced, and future prospects.
1. Strategic Motivation: Maintaining Hegemony and Responding to Internal and External Pressures
The Trump administration's push for a cryptocurrency strategy is driven by multiple motivations, encompassing both practical considerations in economics and finance and deep strategic ambitions.
1. Easing Debt Pressure and Enhancing the Attractiveness of USD Assets
● The US federal debt has surpassed $36 trillion, with debt-to-GDP ratio exceeding 120%. Meanwhile