Crypto Morning Report: ADP report reshapes market expectations, details revealed in "60,000 BTC money laundering case"
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Crypto Morning Report: ADP report reshapes market expectations, details revealed in "60,000 BTC money laundering case"
Ethereum Foundation's dAI team releases 2026 roadmap, stating that ERC-8004 and x402 are gaining momentum.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
ADP report reshapes market expectations, December rate cut odds exceed 60%
After ADP employment data showed a slowdown in the U.S. labor market, U.S. Treasury futures surged and the dollar index declined. The U.S. 10-year Treasury futures rose, with implied yields falling 4 basis points from Monday’s closing level of 4.12%. According to swap rates tied to policy meeting dates, money markets have also increased bets on a Federal Reserve rate cut, pricing in over a 60% chance of a rate reduction next month.
U.S. Senate votes to pass temporary funding bill, to be submitted to House for review
According to Jin10 News, on Monday evening local time, the Republican-led U.S. Senate formally passed a temporary funding bill by a vote of 60 in favor and 40 opposed, ending a record government shutdown. The bill will now be sent to the Republican-led House of Representatives for consideration, with a final vote expected as early as Wednesday, followed by submission to U.S. President Trump for signature. House Republicans are expected to support the bill, and the White House has already expressed approval. The bill extends federal government funding until January 30 next year and provides full-year funding for the Department of Agriculture, military construction, and legislative agencies. Democrats supporting the bill also ensured the reversal of federal workforce reduction measures implemented by the Trump administration during the shutdown. Republican leaders simultaneously pledged to vote on Affordable Care Act subsidy provisions by mid-December. According to participants in a Republican House conference call, House Speaker Johnson informed his GOP colleagues on Monday that he hopes to organize a full chamber vote as early as Wednesday. This marks the House’s return to Washington after more than 50 days of recess since its last vote on September 19.
Bipartisan U.S. Senate proposal seeks to expand CFTC oversight of crypto spot markets
According to Decrypt, U.S. Senate Agriculture Committee Chair John Boozman and Senator Cory Booker released a bipartisan discussion draft that would grant the Commodity Futures Trading Commission (CFTC) clear regulatory authority over digital commodity spot market trading.
The proposal requires major crypto spot platforms to register with the CFTC and implement anti-fraud measures, recordkeeping, fund segregation, and dispute resolution mechanisms. Brokers and dealers would follow separate registration rules. The draft explicitly protects self-custody wallet rights, allowing individuals to directly hold and trade digital assets via hardware or software wallets.
The draft defines digital commodities as "any fungible digital asset that can be individually and exclusively held and transferred peer-to-peer without intermediaries, recorded on a cryptographically secure public distributed ledger." The legislation would take effect 270 days after enactment, with a transition period. The Senate passage timeline remains uncertain.
Lido DAO proposes automated LDO buyback mechanism, plans implementation in Q1 2026
On November 11, the Lido DAO Finance Working Group proposed an automated buyback plan, aiming to deploy LDO/wstETH liquidity into a Uniswap-v2-style LP pool held by Aragon Agent. The mechanism will activate when ETH price exceeds $3,000 and annualized revenue surpasses $40 million, allocating up to $10 million annually to repurchase LDO tokens from the market.
The proposal features a countercyclical design, increasing buybacks during bull markets and automatically reducing or pausing them during bear markets. Compared to traditional buybacks, this approach simultaneously increases on-chain liquidity depth, addressing LDO supply bottlenecks and reducing slippage losses. The proposal is currently in the community feedback phase, expected to be finalized through a Snapshot vote and implemented in the first quarter of 2026.
Ethereum Foundation dAI team releases 2026 roadmap, says ERC-8004 and x402 are gaining momentum
Davide Crapis, head of the EF dAI Team, revealed that the decentralized artificial intelligence (dAI) team has published its 2026 roadmap, aiming to establish Ethereum as a global decentralized settlement and coordination infrastructure for AI.
The post notes that ERC-8004 and x402, emerging as neutral standards for agent commerce, have gained significant traction. In the three months between August and November 2025, the dAI team made notable progress. Their released ERC-8004 standard, designed to standardize agent identity, reputation, and cryptographic verification, already has over 150 projects building on it and a builder community of more than 1,000 members, making it the most discussed formal improvement proposal on Ethereum Magicians Forum over the past year. Additionally, the team contributed the x402 protocol, enabling authenticated paid web requests.
MegaETH co-founder: Subscriptions locked for over one year cannot be resold; public discussion of OTC trades will result in quota cancellation and refund
According to MegaETH co-founder Namik Murodoglu, any participant in the MegaETH subscription who locks tokens for one year must obtain the tokens for their own account, with no intention of resale or transfer, and must not engage in any transfer, resale, or hedging transactions that violate applicable laws.
Namik Murodoglu stated that anyone publicly discussing OTC trades or hedging plans on Twitter will have their allocation canceled and receive a refund. He noted the sale was oversubscribed 28 times, and it makes no sense to allocate tokens to people who intend to sell immediately upon receipt. For MegaETH and other MEGA holders, it is more beneficial to allocate these tokens to those who believe in MEGA and are willing to hold at least through the lock-up period.
Decentralized exchange Lighter raises $68 million, valuation reaches $1.5 billion
According to Fortune, cryptocurrency trading platform Lighter, founded by Harvard prodigy Vladimir Novakovski, announced a $68 million funding round at a valuation of approximately $1.5 billion. The round was led by Peter Thiel’s Founders Fund and Ribbit Capital, with participation from prominent firms including Haun Ventures and Robinhood.
Lighter is a decentralized exchange and blockchain platform primarily offering perpetual futures trading for cryptocurrencies, soon to launch spot trading for tokens like Bitcoin. Built on Ethereum Layer 2 technology, it has become one of the leading Layer 2 blockchains in the Ethereum ecosystem by total value locked and is already profitable.
Notably, 40-year-old Novakovski entered Harvard at 16 and was personally recruited by Citadel CEO Ken Griffin right after graduating at 18. In 2022, he pivoted his previously founded AI social platform Lunchclub into Lighter and officially launched the product in January this year.
YZi Labs announces investment in regenerative medicine company Renewal Bio
YZi Labs today announced an investment in regenerative medicine company Renewal Bio, marking its first biotech investment since expanding its investment scope at the beginning of 2025. Renewal Bio focuses on using its proprietary Stembroid™ platform to generate DNA-matched human cells and tissues from a patient’s own cells, aiming to address the global organ shortage crisis.
Over 150,000 organ transplants are performed globally each year, yet less than 10% of demand is met. Renewal Bio reprograms ordinary skin or blood cells into stem cells by simulating early human developmental environments, generating various functional cell types including hematopoietic, liver, cardiac, and pancreatic cells.
The company was founded in 2022 by Professor Jacob Hanna of the Weizmann Institute of Science and two of his PhD students, Vladislav Krupalnik and Ohad Gafni. This funding round will accelerate preclinical development of Stembroid-derived hematopoietic stem cells for treating leukemia and immune disorders, and support expansion of laboratory infrastructure.
The Information: OpenAI's Stargate project secures $3 billion investment from Blue Owl
According to The Information: OpenAI's Stargate project has secured a $3 billion investment from Blue Owl Asset Management.
Fold releases Q3 financial report: holds 1,526 BTC, transaction volume reaches $235 million
According to Globenewswire, Nasdaq-listed bitcoin financial services firm Fold Holdings released its Q3 2025 financial report, disclosing a treasury holding of 1,526 BTC valued at approximately $154 million, with total business transaction volume reaching $235 million, a 43% year-on-year increase.
"60,000 BTC money laundering case" details revealed: Qian Zhimin purchased over 190,000 BTC, smuggled more than 70,000 out of China
According to Caixin, Qian Zhimin, the main suspect in the high-profile 60,000 BTC money laundering case, attended a pre-sentencing hearing at Southwark Crown Court in London. During the hearing, the UK Crown Prosecution Service disclosed key details about Qian Zhimin’s path from the Tianjin-based BlueSky Grid case in China to money laundering activities in the UK:
Qian Zhimin purchased a total of 194,951 BTC and smuggled over 70,000 BTC out of China using a laptop. His escape route was meticulously planned with assistance from multiple individuals. During a second attempted escape in the UK, he hired four staff members including servants and bodyguards.
Caixin reporters observed Qian Zhimin in the defendant’s dock wearing a light yellow Chinese-style Tang suit with green embroidered patterns on the lapel and traditional knotted buttons, her hair tied in a bun, appearing calm. Compared to her slightly nervous demeanor during her first court appearance on September 29, she appeared much more composed this time.
Market Movements
Suggested Reading
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This article discusses how Bitcoin has entered the early stage of a bear market, suggesting the traditional four-year cycle may be breaking. It may consolidate sideways over the coming months with limited downside. Gold is in a major cycle of transitioning between old and new monetary systems and could continue rising over the next decade. The current pullback is modest, making it suitable for long-term holding. U.S. liquidity stress caused by government shutdown and balance sheet contraction will ease as quantitative tightening stops and potential easing resumes, though large-scale stimulus may not occur until May next year.
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