Protos released a survey stating that the reserve structure of the exchange HTX, owned by Justin Sun, has multiple anomalies and potential risks. Its public PoR tool and on-chain Snapshot show: a large portion of the BTC reserves is in the BTC-TRC20 tokenized version, reaching a scale of up to 18,000 BTC, with its true collateral location linked to Poloniex, which has yet to complete its PoR; the ETH reserves have significantly shrunk, from a peak of about 392,000 coins in May 2025 to only about 118,000 coins now, of which only about 8.8% are native ETH, while the majority has been lent out or is staked assets; over 80% of the USDT reserves have been lent out to Aave and JustLend, and there have been frequent occurrences of rapid back-and-forth movements of funds at the billion-dollar level; HT turns.

According to Wu, as reported by Tokenomist, in the next 7 days, there will be single large unlocks (amount greater than 5 million USD) for H XPL JUP SOON MBG UDS; in the next 7 days, there will be linear large unlocks (daily unlock amount greater than 1 million USD) for RAIN SOL TRUMP WLD DOGE AVAX.

Wu said that this week he analyzed macroeconomic indicators, pointing out that the unemployment rate and CPI in the U.S. for November were lower than expected, while the Bank of Japan raised interest rates to a 30-year high. The focus is on the upcoming U.S. GDP and core PCE data, as well as the trends of other major economic indicators.

Written by: ZHIXIONG PAN
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In the second decade of blockchain technology development, the industry is facing a fundamental philosophical and technical paradox: while Ethereum has successfully established a trustless value settlement layer as a "world computer", its radical transparency is evolving into an obstacle to large-scale adoption. Currently, every interaction, asset allocation, salary flow, and even social relationships of on-chain users are exposed in a permanently immutable public panoramic prison. This "glass house" living state not only infringes on personal sovereignty but also rejects the vast majority of institutional capital due to the lack of protection for trade secrets.

Wu learned that Grayscale released the "2026 Digital Asset Outlook" stating that 2026 will be a year of accelerated "institutional era" in crypto, driven by two core factors: the rising macro demand for store of value and significant regulatory improvements. The report predicts that Bitcoin is expected to reach new highs in 2026, with the U.S. likely advancing bipartisan-supported market structure legislation in 2026, promoting the deep integration of stablecoins, RWA, on-chain securities, and traditional finance; at the same time, asset tokenization may reach a turning point, with the potential for 1000 times growth by 2030. Grayscale pointed out that stablecoins, DeFi, on-chain income, and sustainable cash flow will become the core indicators of institutional focus, and structural differentiation in the industry will further intensify.

Fundstrat co-founder Tom Lee responds to Bitcoin forecast controversies, stating that conflicting predictions stem from research conclusions based on different roles and cycles, with no internal disagreements. He analyzes Sean Farrell's conservative forecast in comparison to his own view of Bitcoin's appreciation, emphasizing the diversity of analytical perspectives.

Interview: Kaori @0x35\_kaori Beating
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How was your 2025? As the founder of Infini, Christian, born after 2000, straightforwardly hopes it will pass quickly.
For a fintech startup that has been established for only a year, whether it experienced a trust crisis caused by a theft or chose to transform by personally dismantling old solutions, these are not minor setbacks that can be easily brushed off.
Rewinding three years back, in 2022, Christian was still

Author | Wu Talks Blockchain
Top 10 News This Week
1. US November CPI Significantly Below Expectations link
US November overall and core CPI significantly below expectations and previous values, with an overall YoY of 2.74%, consensus expectation 3.06%, previous 3.01%; core YoY 2.63%, consensus expectation 3.03%, previous 3.02%.
White House economic advisor Kevin Hassett welcomed the latest Consumer Price Index (CPI) report released on Thursday. He stated, “I'm not saying we've declared victory on inflation, but this CPI report is surprisingly good. Wage growth has outpaced price increases, American taxpayers will receive substantial tax refunds next year, and the government will help drive down mortgage rates. The Federal Reserve has plenty of room to cut interest rates.”
2. Bank of Japan as

A 23-year-old Brooklyn man, Ronald Spektor, has been charged with phishing scams through impersonating Coinbase customer service, resulting in the theft of $16 million worth of crypto assets. Prosecutors have charged him with 31 counts, including grand theft and first-degree money laundering, and the case has been under investigation for a year.

Coinbase Institutional's "2026 Crypto Market Outlook" report analyzes the macro environment and technological trends of the crypto market, suggesting that the market environment in 2026 is similar to 1996. The report emphasizes the shift in institutional participation, the rising demand for privacy technologies, and the importance of AI integration with crypto.

1. Federal Reserve John Williams: Current data is not yet sufficient to confirm a continued decline in inflation; we need to wait for December data
Federal Reserve Chair John Williams stated that we need to wait for December data to more accurately assess inflation trends. The current data is not yet sufficient to confirm a sustained decline in inflation. November CPI data may have been underestimated due to technical factors, partly because data collection was disrupted in the first half of October and November, leading to distortions in some components, which may have suppressed the CPI by about 0.1 percentage points. The November CPI year-over-year is 2.7%, below the market expectation of 3.1%.
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2. JPMorgan: Stablecoin market cap to reach $500 billion to $600 billion by 2028; payment expansion unlikely to drive scale
JPMorgan