Tonight, the most anticipated rate cut decision of the year by the Federal Reserve will be announced.
The market widely expects a rate cut almost certain. But what truly determines the trajectory of risk assets in the coming months is not a further 25 basis point cut, but a more crucial variable: whether the Federal Reserve will reintroduce liquidity into the market.
Therefore, this time, Wall Street is watching not the interest rate, but the balance sheet.
According to expectations from institutions such as Bank of America, Vanguard, and PineBridge, the Federal Reserve may announce this week the initiation of a monthly $45 billion short-term debt purchase program starting from January next year, as part of a new round of "reserve management operations." In other words, this suggests the Fed might be quietly reopening a "de facto balance sheet expansion" era, allowing the market to enter a phase of liquidity easing even before the rate cuts.
But what truly makes the market nervous is the backdrop of this scene—America is stepping into an unprecedented monetary power

Author: Archetype
Translation: Tim, PANews
As we approach 2026, the Archetype team is focusing on future technological trends.
Application chains are feasible
— Aadharsh Pannirselvam
The reasoning is simple: chains that are carefully designed, built, and optimized for applications will deliver amazing experiences. The most outstanding application chains next year will innovate based on fundamental modules and first principles.
Recently emerging developers, users, institutions, and capital differ significantly from the groups that entered the on-chain ecosystem before: they focus more on practical experience rather than abstract concepts like decentralization and censorship resistance. In practice, this cultural demand sometimes aligns with existing infrastructure and sometimes conflicts with it.
For projects like Blackbird or Farcaster that target ordinary users, privacy

Author: Asher
Zama conducts IPO on its own platform
Project Introduction
Zama is a company specializing in Fully Homomorphic Encryption (FHE) technology, which is considered one of the most hardcore innovations in the field of privacy computing. Currently, Zama has completed two rounds of financing, totaling up to $130 million. In March 2024, Zama announced the completion of a $73 million Series A financing, led by Multicoin Capital and Protocol Labs; in June 2025, Zama announced the completion of a $57 million Series B financing, led by Blockchange Ventures and Pantera Capital.

Max Clark, blockchainreporter
In an era where digital platforms are shaping global culture, a movement is emerging to challenge the ownership of "attention value." Founded by seasoned creatives Joe Rey and Oliver, POPOLOGY® is building a decentralized media ecosystem aimed at redefining interactions between creators, audiences, and brands. The project started with a simple question about the influence of pop culture and has now evolved into a patented Web3 infrastructure where attention becomes a measurable, ownable, and earnable digital asset.
As traditional platforms struggle with transparency, ownership, and fairness issues, POPOLOGY® introduces an innovative model: it features a "Public Trust Ledger™," NFT-driven curation tools, and on-chain brand endorsements.

Author: Zen, PANews
"We're late." Larry Fink, founder of BlackRock, recently said at the Wall Street Journal's summit that the United States' tokenization development needs to keep up with the global pace to avoid falling behind, and the leader in his eyes is Brazil.
This answer was quite surprising. As one of the top ten global economies with a unique geographical location, Brazil is also trying to extend its dream of being a strong nation into the crypto world.
In December, the capital market of São Paulo, Brazil, was not short of new stories about "digital assets."
On December 4th, Nasdaq-listed company DeFi Technologies announced that its subsidiary Valour was approved to list four digital asset ETPs on Brazil's main board exchange B3, covering Bitcoin, Ethereum, XRP, and

If Dubai is the "Las Vegas" of the crypto world—lively, marketing-driven, retail investors—then Abu Dhabi is quietly becoming the "New Wall Street"—capital, compliance, institutions.
Recently, a uniform phenomenon has occurred across the global crypto market: leading stablecoin issuers and the largest exchanges have simultaneously obtained the same "pass."
On December 9th
The compliance stablecoin giant Circle obtained an ADGM financial services license (FSP).
On December 8th
The stablecoin leader Tether's USDT received recognition from ADGM.
The leading exchange Binance announced it has obtained full permission from ADGM and will launch a new "three-entity" compliant framework in 2026.
This is no coincidence. When trillion-dollar leaders collectively choose to "settle," it marks that crypto regulation in the Middle East has already

Author: 1912212.eth, Foresight News
In the current environment of significantly reduced funding in the crypto space, some projects still attract venture capital interest. On December 10, Surf successfully raised $15 million, with Pantera Capital leading the round, and Coinbase Ventures and DCG participating as co-investors. Surf is positioned as a platform specifically designed for cryptocurrencies.

In 2025, the cryptocurrency market experienced a structural shift, with institutional investors dominating and capital inflows reaching 95%. The influx of institutions was driven by mature infrastructure and yield demands, while retail investors gradually withdrew due to declining trust, but a return is expected in the future. Gupta believes that institutional participation will enhance legitimacy, promote more robust innovation pathways, and cryptocurrencies are transforming into the core technology of the global financial system.

Meteora reveals that in Q4, it has invested 10 million USDC in a buyback of 2.3% of the total token supply and has launched a points system, Comet Points.
The Solana ecosystem liquidity protocol Meteora posted on X platform that in Q4 2025, Meteora allocated 10 million USDC for MET token buybacks, totaling 2.3% of the total supply. Future buybacks will be conducted using the same wallet. Additionally, Meteora announced the launch of the points system "Comet Points," where users can earn points by staking MET tokens and using products. Meteora plans to build a "Comet Points" redemption system, allowing users to use points to access airdrops/pre-sale opportunities, shop at off-chain redemption stores, and purchase liquidity mining guidance services.
A major whale/institution has transferred nearly half a month to

Author: Castle Labs
Translation: Yangz, Techub News
When Satoshi Nakamoto released the white paper, mining Bitcoin was very simple; any player with a mainstream CPU could easily accumulate wealth worth millions of dollars in the future. Instead of playing "The Sims" on your home computer, why not build a lucrative family business that allows descendants to avoid hard labor, with an investment return rate of about 250,000 times.
However, most players still indulge in "Halo 3" on Xbox, while only a few teenagers using home computers have earned wealth surpassing that of modern tech giants. Napoleon created legends by conquering Egypt and even Europe, while you just need to click "Start Mining."
Over the past fifteen years, Bitcoin has evolved into a global asset, with its mining relying on large-scale operations supported by billions of dollars in funding, hardware, and energy input. The average electricity consumption per Bitcoin is high.

After the Ethereum Fusaka upgrade, although the EIP-7918 mechanism was introduced, the ETH value capture issue remains unresolved, and L2 still accounts for the majority of profits. Using Based Rollup can alleviate liquidity fragmentation and ETH value capture issues, allowing L2 to inherit L1 security. However, L2s are generally reluctant to give up profits and reforms need to be promoted. Reya Chain uses ZK proofs to ensure finality and buy back ETH, which can bring positive impacts to the Ethereum ecosystem.

Deng Tong, Jinse Finance
December 9, 2025, Ondo Finance announced: The U.S. Securities and Exchange Commission's confidential investigation into Ondo has concluded, with no charges filed. "The investigation aimed to review whether Ondo's tokenization of certain real-world assets complies with federal securities laws, and

Author: polar, Crypto KOL
Translation: Felix, PANews
Over-financialization is the extreme stage of financialization, which itself refers to the process of financial markets dominating the economy. In an over-financialized economy, financial activities such as speculative trading obscure the production services that contribute more significantly to society, and household wealth and inequality increasingly become linked to asset prices. In short, wealth is no longer directly related to hard work and is decoupled from means of production. This leads to more capital flowing into speculative activities, as Keynes said: “When a country’s capital development becomes a by-product of gambling activities, it’s a bad sign.”
At the same time, it is important to understand the role of the market. The market is very important. The public lives in a (fundamentally) free market economy, where buyers and sellers voluntarily match, prices continuously update to reflect new information, and profit-makers continuously replace loss-makers (at least in theory).

When the "Fear and Greed Index" remains in an unsettlingly low zone for an extended period, the market is often shrouded in fear and uncertainty.
Portfolios are bleak, headlines are filled with doomsday predictions, and instinct drives you to flee the market.
But history tells a different story.
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> Moments when panic reaches its peak and everyone surrenders can, for a few disciplined investors, become an opportunity to create wealth.
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This article will focus on whether contrarian investment strategies are worth considering in the current market environment.
1. Market Sentiment Indicator
The market, especially high-volatility markets like cryptocurrencies, is not solely driven by fundamentals and balance sheets.
Participant psychology, including the emotions of holders, buyers, or panic sellers, is equally crucial.
"Market sentiment" essentially refers to the overall prevailing mood of investors toward an asset at any given time.

Today's news tips:
Silk Road-linked wallets transferred $3.14 million worth of Bitcoin to an unknown address after a decade of silence
SpaceX plans to raise more than $30 billion in IPO, which may be the largest in history
Octra will conduct a $20 million public token sale on Sonar on December 18 at a valuation of $200 million
Michael Saylor: Bank of New York Mellon, JPMorgan and many other large banks have begun to issue credit collateralized by Bitcoin
Changpeng Zhao: The crypto market may enter a "super cycle", and Bitcoin's "four-year cycle" may no longer be applicable
He Yi: The WeChat account has been recovered, and it is suspected that the bad guy has changed the password through external verification
macro
Japan will require crypto exchanges to hold liability reserves or purchase insurance
According to Cointelegraph, Japan will require crypto exchanges to hold liability reserves or purchase insurance, to:

Original text: David Lin
Compiled & Organized: Yuliya, PANews
Global financial markets are at a critical juncture, with the AI boom driving stocks to new highs, but high government debt and interest rate uncertainty continue to pose risks. Are we in a "bubble of everything"? When will this bubble burst? To answer these questions, well-known Youtuber David Lin invited Richard, chairman of the board and executive director of the Cycle Research Foundation (FSC) in this episode

In this precious interview video from 2018, Solana founder Toly talks about his technical background: he is engaged in operating system development at Qualcomm, is the core developer of the BREW kernel, and even writes more than half of the kernel according to the volume of objects, and is responsible for the compiler and code generation part.
He then delved into the DSP structure on the processor, understanding how modern mobile chips compress many components onto the same silicon wafer, and thinking about how time-stepping solves synchronization problems from the perspective of "distributed systems."
It is on the basis of these underlying engineering experiences that Toly leads to Solana's key innovation - Proof of

Daily market key data review and trend analysis, produced by PANews.
1. Market observation
In a complex macroeconomic environment, the Fed's policy decision this week has become the focus of the market. The market generally expects the Fed to cut interest rates by 25 basis points, with a probability of 88.6% to 95%, but Bank of America and other institutions believe that given the structural cooling of the labor market with "low hiring, low turnover, and rising layoffs", the Fed may send a "hawkish rate cut" signal, that is, cut interest rates but hint at the possibility of future policy tightening. This uncertainty has led to fluctuations in U.S. Treasury yields, while Goldman Sachs has warned of early signs of a recession through indicators such as Las Vegas consumption data.
In the commodity market, spot silver performed well, breaking through $60 per ounce for the first time to hit a record high, with an increase of more than 100% during the year, significantly outperforming gold, and the gold-silver ratio fell to its lowest level since 2021. However, ARK In

Author: Frank, PANews
Whales on Hyperliquid became the focus of on-chain transactions. Here, the drama of getting rich and returning to zero is staged every day.
Digging deeper into the on-chain data, these giant whales show the style of thousands of people, some are "reverse indicators" who hold a lot of money but have been defeated repeatedly, some are "snipers" who have been lurking for half a year just to kill with one blow, and some are "cold-blooded machines" who use algorithms to harvest retail investors every second.
The data strips these big players of their mysterious coat. PANews selected the five most representative addresses on Hyperliquid: including the famous "Big Brother Maji", a mysterious person suspected of having inside information, a market maker with billions of capital, and the recent "turnaround myth" and "iron head army". Through their thousands of transaction records, we seem to be able to find our own picture in these portraits.
Brother Maggie: Win

In the forest of tombstones in the crypto world, there are countless projects trying to put the "Central Limit Order Book (CLOB)" on the blockchain. From the earliest EtherDelta to the countless challengers who boasted high performance, most of them failed to escape the fate of liquidity depletion or lag.
For a long time, there has been a misconception in the industry: "The order book cannot be done because the chain is not fast enough." ”
As a result, public chains are caught in an arms race of TPS (transaction volume per second). From 15 TPS to 1,000 TPS to the 100,000 TPS claimed today. But strangely, even though the chain is already surprisingly fast, top market makers still dare not bring up core liquidity.
The root cause is never speed, but genetic conflicts.
The traditional public chain logic pursues "consistent state of the whole network", while the matching engine pursues "unambiguous time order". Both of these are in the old days