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A Solana Research Institute analysis found that if financial market infrastructure shifts to public blockchains, incumbent providers’ annual revenue could fall by as much as $20.3 billion. SRI estimated that of the global FMI market’s $31.5 billion in annual revenue, only $11.2 billion would remain with existing providers after an on-chain transition. The analysis said the trading segment’s entire $13 billion in revenue would be exposed to competition, while about $6.8 billion of the clearing segment’s $10 billion in revenue would likely be retained. It added that the estimate assumes regulators do not take separate measures to protect incumbent providers. SRI said cost savings from the on-chain shift would likely accrue to users and new entrants.

Decentralized exchange GMX said GMX Dollar Vault is now supported as a collateral asset on Morpho. Users can deposit GLV [USDG], borrow USDG against it, and repeat the strategy. GMX said the estimated return on equity for a U.S. dollar-denominated position is around 28% with 2x leverage. Gauntlet will curate the market.

Bloomberg Intelligence macro strategist Mike McGlone said declines could spread across financial markets through year-end as Bitcoin, U.S. equities, and major commodities have each posted peaks in sequence. McGlone said BTC peaked on Oct. 6 last year, the Nasdaq 100 peaked on Oct. 6 this year, and gold, silver, and crude oil also formed highs in the first quarter of this year. McGlone added that a shift in the Federal Reserve’s tightening stance and changes in the political balance of power could increase downward pressure on markets. McGlone also said policy shifts away from measures that had supported energy prices and inflation could accelerate the post-inflation deflation cycle.

Barclays increased its holdings of BlackRock’s spot Bitcoin ETF IBIT by 48% in the third quarter, Cointelegraph reported. According to a 13F filing submitted to the U.S. SEC, Barclays’ IBIT holdings rose to 3.94 million shares worth around $187 million at the end of September, from 2.66 million shares worth $88.5 million at the end of June. Citigroup also disclosed a new position in Fidelity’s spot Bitcoin ETF FBTC worth about $119 million, while expanding its IBIT holdings by 50% to about 521,000 shares.

Dubai-based investment firm Cequire Capital plans to invest $100 million in Web3 startups and cryptocurrencies over the next three years, Crypto Briefing reported. The firm’s five main investment areas are stablecoins and stablechains, AI agent payments, real-world asset tokenization, privacy technology, and quantum-resistant security. It plans to allocate 60% of the total funding to venture investments, 30% to cryptocurrency investments, and 10% to co-investments.

Bitcoin Core has disclosed three security vulnerabilities that were fixed in past patches, The Block reported. One of them was identified as a high-severity flaw that could have prevented affected mining nodes from generating block templates. The other two issues could have caused delays or interruptions in block processing, or mistakenly granted trusted permissions to external connections through the Tor network. All of the vulnerabilities had already been fixed in earlier updates.

CryptoQuant said BTC investor sentiment is worsening. The firm said its analyst consensus index fell from -1.0σ to -1.8σ over the past seven days, entering what it classified as a clear bearish phase. Over the same period, BTC also slipped to around $73,000. CryptoQuant said 88 of 149 analysts who gave clear outlooks over the past seven days were bullish, while 59 were bearish. While bullish views still accounted for about 62%, the firm said overall investor sentiment had weakened significantly versus the typical level seen over the past 90 days. It added that the indicator is classified as being in a clear bearish phase when it falls below -1.5σ, and said ETF outflows, inflation concerns, and Nasdaq weakness are weighing on sentiment.

Bitcoin remained rangebound near $74,000 after falling to as low as $72,700 yesterday, even as U.S. equities recovered, CoinDesk reported. The outlet said AI cloud company CoreWeave posted earnings above market expectations, helping Nasdaq 100 futures rebound 1.7%. By contrast, the CoinDesk Memecoin Index and CoinDesk 80 Index fell 1.2% and 0.3%, respectively. Spot Bitcoin ETFs in the U.S. also continued to see outflows. According to SoSoValue, U.S. spot Bitcoin ETFs recorded net outflows of $95 million yesterday, extending the streak to four consecutive trading days. BlackRock's IBIT saw $78 million in outflows, marking a net outflow streak of eight straight trading days.

Orbs said it has opened a formal governance vote on OIP-10, a proposal to burn a total of 507,546,03 ORBS. The proposal calls for retroactively applying season-by-season burn allocations and carrying out the burns in weekly installments. A final version was prepared after community review and discussion, and if approved, weekly burns will continue until the full allocated amount is destroyed.

Centralized exchange spot trading volume in October fell 9.7% from the previous month to $1.02 trillion, CoinDesk reported. By contrast, CEX derivatives trading volume declined 1.7% to $3.87 trillion, showing relatively greater resilience. As a result, derivatives' share of total CEX trading volume rose 1.5 percentage points to 79.1% from 77.6% a month earlier.

Layer-1 blockchain Polymesh (POLYX) said it has applied version 8.1.3 to its mainnet. All assets on Polymesh now receive EVM addresses, with ERC-20 applied to fungible assets and ERC-721 to NFTs. Existing regulatory compliance requirements continue to apply to all transfers. The update also adds holder-level freezing and NFT approval features.

U.S. House Democrats are preparing a new crypto market structure bill that would expand the U.S. SEC’s oversight authority, Crypto Briefing reported. Democrats plan to pursue the bill in the 120th Congress, which is set to begin in January 2027. The bill is being drafted based on amendments to the "Crypto Investor and Consumer Bill of Rights" proposed by Democratic Rep. Maxine Waters in 2025, according to Crypto Briefing. It is expected to broaden the SEC’s authority over the crypto market and intermediaries while reducing the role of the U.S. CFTC. Lawmakers are also reviewing measures to strengthen customer protections for user fund withdrawals and security incidents at trading platforms.

Solana said it has launched Earn, a Solana-based stablecoin yield service. Users can deposit USDC or USDT and hold USDC+ or USDT+ to earn yield from reserves lent out on Solana. Redemptions are available in a single transaction, and the service is built on Pyth Network technology.

DeFi protocol Hyperwave said on its official X account it will shut down its service on Dec. 16, citing operating cost burdens and regulatory uncertainty. All vaults, including GWAVE, have now been switched to withdrawal-only mode, and users can withdraw assets before operations end.

Crypto investment firm Abraxas Capital is sitting on about $34.98 million in unrealized profit from a ZEC short position on Hyperliquid, EmberCN reported. The gain appears to have widened as ZEC plunged below $1,000 today. Across all open positions tied to two addresses believed to be held by Abraxas Capital, total unrealized profit stands at $118 million.

MSCI is set to make a final decision today on whether to classify Strategy (MSTR) and Metaplanet as non-operating companies and exclude them from major indexes, according to Bitcoin Treasuries.

The Financial Stability Board has urged Turkey to strengthen its regulatory and supervisory framework for cryptocurrencies and stablecoins, The Block reported. In its second peer review of Turkey, the FSB called for improvements in four areas: establishing a dedicated regulatory framework for stablecoins, monitoring financial stability risks, strengthening supervision and enforcement, and improving cross-border cooperation and information sharing.

CryptoQuant contributor Darkfost analyzed that exchange deposits from Bitcoin short-term holders in a loss position reached one of the highest levels in recent months. Of the 48,500 BTC short-term holders sent to exchanges over the past 24 hours, 47,300 BTC was moved at a loss, accounting for about 97.5% of the total, Darkfost said. Since October, BTC has entered a sell-side-dominant phase and undergone a roughly 15% correction. Early in the pullback, profit-taking by short-term holders was the main driver, but loss-position transfers now make up the bulk, according to Darkfost.

Former U.S. Commodity Futures Trading Commission Commissioner Chris Giancarlo argued the U.S. crypto industry can continue to grow even if the CLARITY Act does not pass, according to Crypto Briefing. Giancarlo said the U.S. SEC and CFTC can establish a clear regulatory framework using only the authority they already hold. As support, Giancarlo pointed to the internet industry’s development without a separate comprehensive law. Giancarlo added the CLARITY Act would help improve regulatory clarity but is not essential, and regulators could pursue their own rulemaking alongside separate legislation. The bill passed the House, but action in the Senate has been delayed.

DePIN project Aethir said it has launched an ATH burn dashboard and completed its first daily burn under an updated tokenomics model. Funding for each burn comes from part of the network fees customers pay when reserving computing resources. Aethir said variable network fees decline during bear markets while the burn share rises, although the burned amount cannot exceed rewards paid to cloud hosts. All completed burns can be publicly verified through daily, monthly, and cumulative burn data, along with the full transaction history.

The value of the Anthropic stake once held by bankrupt crypto exchange FTX is estimated to exceed $30 billion based on the AI company’s expected valuation in its IPO process, Cointelegraph reported. FTX’s bankruptcy estate sold the stake for $1.34 billion in 2024, and the current estimated value is more than 22 times the sale price.

Stacey Cunningham, the former president of the New York Stock Exchange and the new president of crypto exchange Bullish, said issuing companies must take part for stock tokenization to develop into a successful market, CoinDesk reported. Cunningham said synthetic tokenization is currently active, but the companies issuing the shares are being left out of the discussion. Cunningham added the question is not whether tokenization will happen, but when. Bullish is pursuing a $4.2 billion acquisition of shareholder registry manager Equiniti. If the deal is completed, Bullish plans to secure a network spanning about 3,000 companies and more than 20 million shareholders to build an issuer-centric stock tokenization platform.

South Korea’s ruling and opposition parties have tentatively agreed to delay taxation on virtual asset income by two years to 2029, Digital Asset reported. Oh Gi-hyoung, a Democratic Party lawmaker and chair of the tax subcommittee of the National Assembly’s Strategy and Finance Committee, told reporters after the subcommittee meeting on Nov. 11 that lawmakers discussed four agenda items related to digital assets and, while no final conclusion was reached, there was a tentative consensus on a delay and talks were continuing on some procedural provisions. Bae Jun-young, a People Power Party lawmaker and the opposition floor member on the committee, also said the government proposed a two-year delay, there were no major differences between the ruling and opposition parties, and it would be reasonable to view the tax as having been pushed back by two years for now. The two sides agreed to continue discussions on detailed issues including loss carryforward deductions, raising the basic deduction, and requiring virtual asset service providers to submit tax data earlier.

Patrick Witt, former executive director of the White House crypto council, said on the "What Bitcoin Did" podcast that President Donald Trump remains interested in expanding the U.S. strategic Bitcoin reserve through BTC purchases. Witt said the idea has been discussed several times, but open-market purchases face legal constraints as Congress controls federal spending authority. Witt added that the National Defense Authorization Act, or NDAA, includes a provision restricting direct purchases, and the government is seeking to secure the necessary authority. Meanwhile, the U.S. government established a strategic Bitcoin reserve through an executive order in March last year and directed a review of ways to secure BTC without adding to the fiscal burden, but it did not announce a specific purchase plan.

Intent-centric privacy blockchain Anoma (XAN) said its risc0 validator has been shut down after an external security vulnerability was identified in the RISC Zero proof system used by AnomaPay, which could have put user funds at risk. The RISC Zero team plans to upgrade the validator. Anoma said deposits remain safe, but access will be temporarily unavailable until the Anoma Protocol V2 upgrade, including RISC Zero’s security update, is completed in about two weeks. No user action is required, and funds will be migrated automatically to V2 before becoming accessible again after the upgrade.