Crypto Morning Brief: Bitcoin drops below $100,000, Grayscale to file for IPO listing
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Crypto Morning Brief: Bitcoin drops below $100,000, Grayscale to file for IPO listing
Metaplanet's net profit reached 12.7 billion yen in the third quarter, with net assets growing 165% quarter-on-quarter.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Trump signs bill, ending U.S. government shutdown
According to Jinshi Data, U.S. President Trump has signed a temporary funding bill, officially ending the longest government shutdown in American history. The bill provides continued federal funding, allowing most government agencies to operate until January 30, 2026.
U.S. October CPI not released as scheduled
The U.S. Bureau of Labor Statistics failed to release the October CPI report on time. Previously, the White House had warned that due to the government shutdown, surveyors were unable to deploy for data collection, meaning October’s nonfarm payrolls and inflation data might never be published. The U.S. government resumed operations on November 12 local time, with federal employees returning to work on November 13. The Bureau of Labor Statistics will release September economic data after the government reopened.
White House NEC Director Hassett: See little reason not to cut rates
White House National Economic Council Director Hassett: I see little reason not to cut interest rates.
Supreme People's Court: Strengthen crackdown on upstream cyber black/gray market crimes, focus on handling of virtual currencies involved in cases
According to Cailian Press, combating cybercrime has become a global challenge. The Eighth National Criminal Trial Work Conference held on November 13 emphasized safeguarding cyberspace security and proposed specific requirements in three areas: focusing on emerging issues such as handling virtual currencies involved in cases, live-streaming obscene performances, jurisdiction over cybercrime cases, and authentication of electronic evidence; further improving judicial rules, standardizing adjudication criteria, and promoting lawful and civilized internet use; severely cracking down on cross-border online gambling crimes, holding accountable any online platforms providing services or disseminating harmful gambling-related information to overseas gamblers, and cooperating with relevant departments to clean up online gambling promotion channels; intensifying efforts against upstream crimes in the cyber black/gray market such as infringement of citizens’ personal information, strictly punishing insider offenders ("internal traitors"), applying professional bans where appropriate by law, and pushing for stronger regulatory responsibilities from online platforms.
Taiwan studying inclusion of BTC into strategic reserves, plans to use seized BTC as pilot holding source
According to Bitcoin Magazine, Taiwan is studying the possibility of including Bitcoin as part of its strategic reserves and plans to draft supporting regulations while piloting Bitcoin holdings, initially using confiscated Bitcoins "awaiting auction" as the pilot source of holdings.
dYdX community votes to increase protocol fee buyback ratio from 25% to 75%
Decentralized exchange dYdX announced that, based on community voting results, the proportion of protocol fees used to repurchase $DYDX tokens will be increased from 25% to 75%. This policy took effect today, meaning 75% of protocol-generated fees will now be directly used to buy back DYDX tokens on the open market.
Ethereum Foundation and Vitalik publish The Trustless Manifesto and deploy it on-chain
The Ethereum Foundation’s Account Abstraction team and Vitalik Buterin have officially released The Trustless Manifesto and deployed it to the on-chain address trustlessness.eth.
The manifesto outlines Ethereum’s core values, emphasizing that Ethereum was not created to improve financial efficiency, but to enable people to coordinate without needing to trust intermediaries. It defines four core principles: credible neutrality, self-custody, verifiability, and resistance to centralized convenience.
These ideas, long discussed within the team but never formally documented, are now permanently committed through on-chain deployment—designed to withstand forks, hype cycles, and liquidity withdrawals as a lasting declaration of values.
BNY Mellon launches money market fund tailored for stablecoin issuers
According to U.S. media reports, BNY Mellon is launching a money market fund specifically designed for stablecoin issuers who must comply with recently enacted U.S. stablecoin legislation. BSRXX is among the first funds tailored specifically for stablecoin providers, offering them an investment vehicle to deposit funds received when issuing new tokens, while complying with the GENIUS Act signed into law earlier this year by Trump. The law requires dollar-backed digital token issuers to invest their reserves in ultra-safe assets with shorter durations than traditional money market funds. Stephanie Pierce, deputy head of BNY Mellon Investment Company, said the new fund meets these requirements by investing only in securities with maturities of 93 days or less.
Metaplanet Q3 net profit reaches 12.7 billion yen, net assets surge 165% quarter-on-quarter
According to Metaplanet Inc., the Japanese publicly listed company reported its third-quarter 2025 financial results. The earnings show a net profit of 12.7 billion yen and net assets totaling 532.9 billion yen, a significant 165% increase from the previous quarter’s 201 billion yen.
In terms of revenue, Metaplanet achieved sales of 2.401 billion yen in Q3, up 94% quarter-on-quarter; operating profit reached 1.339 billion yen, up 64% quarter-on-quarter.
Investment app Public acquires Alto’s crypto business for $65 million
According to Fortune magazine, investment app Public has acquired Alto’s cryptocurrency business—a provider of crypto IRAs—for $65 million in cash and stock. Alto allows users to add alternative assets to their retirement accounts and currently manages approximately $600 million in assets. Under the agreement, Public will fully integrate Alto’s crypto accounts by 2026, while Alto continues to operate as a service provider. Alto will continue independently operating its other businesses, including private credit and venture capital investment programs.
Grayscale to file for IPO listing
According to market sources, Grayscale Investments Inc. has submitted an application for an initial public offering (IPO) to regulators.
Market Data
Suggested Reading
This article analyzes the impact of the end of the U.S. government shutdown on financial markets, reviewing historical performance of U.S. stocks, gold, and Bitcoin after previous shutdowns, and forecasting potential market movements under current conditions.
Power is King: How mining firms are seizing the trillion-dollar AI infrastructure race?
This article explores how crypto miners are transforming into AI computing centers to cope with declining Bitcoin mining revenues, and examines the opportunities and risks brought by surging demand for power and computing capacity driven by AI. It details miners' transformation strategies, market performance, and key factors for future development.
SEC Chair's latest speech: Farewell to a chaotic decade, crypto regulation enters an era of clarity
This article covers remarks by the Chair of the U.S. Securities and Exchange Commission (SEC), outlining the future direction of cryptocurrency regulation, emphasizing support for innovation through clear rules and frameworks while protecting investor interests, clarifying token classification systems, and discussing termination conditions for investment contracts.
Morgan Stanley: The AI-driven memory "super-cycle" has arrived
This article details Morgan Stanley’s view that a new memory "super-cycle" driven by artificial intelligence (AI) is already underway. AI data centers and cloud service providers are leading this cycle, driving sharp increases in memory prices and profitability far exceeding market expectations. Prices for DRAM and NAND have surged sharply, giving suppliers greater pricing power. The exponential growth in AI inference demand and the strategic role of memory in AI infrastructure make this cycle fundamentally different from previous ones. Memory manufacturers like SK Hynix and Samsung Electronics could see record-high stock prices and profits.
This article deeply examines major tech companies’ massive investments in AI infrastructure, analyzing the underlying financial structures, risk layering, and potential future directions. It argues this is not simply a bubble, but a complex, high-leverage financial arrangement whose essence lies in “buying time” to wait for AI productivity to materialize.
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