Crypto Morning Brief: Fed entering blackout period, Upbit plans IPO after merger
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Crypto Morning Brief: Fed entering blackout period, Upbit plans IPO after merger
Digital bank Revolut has completed a new round of financing, reaching a valuation of $75 billion.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Fed's Daly: Labor market could deteriorate suddenly, supports rate cut in December
According to Jin10 News citing The Wall Street Journal, Mary Daly, President of the Federal Reserve Bank of San Francisco and a 2027 FOMC voter, said she supports cutting rates next month, as she believes the risk of a sudden deterioration in the labor market is greater and harder to manage than a spike in inflation. In an interview on Monday, she said: "In the labor market, I don't have confidence that we can stay ahead. The labor market is now sufficiently fragile that the risk lies in nonlinear changes."
She noted that, by comparison, the risk of an inflation outbreak is lower because cost increases driven by tariffs have been far milder than expected earlier this year. Daly's views are noteworthy—even though she does not have a vote on monetary policy this year, she rarely publicly disagrees with Fed Chair Powell. At the meeting on December 9–10, Daly may play a key role in resolving internal committee disagreements over whether to cut rates or pause hikes.
Fed entering blackout period; CITIC Securities maintains its December rate cut forecast
According to Jin10 News, CITIC Securities' research report stated that New York Fed President Williams hinted at further rate cuts in December, reversing market expectations. Currently, the market assigns a 70% probability to a Fed rate cut in December. The Fed will enter a blackout period starting November 29, during which Chair Powell has no scheduled public appearances or media interviews. The remarks by his "close ally" Williams may thus be the last Fed official comments influencing market expectations before the quiet period. We maintain our previous view that December may see a "close call" rate cut of 25 bps. For markets, the shift in rate cut expectations, combined with progress on the "28-point" plan and reports that the Trump administration is considering allowing exports of H200 chips to China, means macro factors will no longer be a source of short-term market pressure. Markets may instead focus more on issues such as AI company bond issuances and cryptocurrency trends.
Grayscale: Grayscale Dogecoin Trust ETF to list on NYSE Arca
As disclosed by Grayscale, the Grayscale Dogecoin Trust ETF (ticker: GDOG) will provide investors with direct exposure to DOGE.
The ETF will begin trading tomorrow (local time) on the New York Stock Exchange Arca.
Franklin Templeton’s XRP ETF approved for listing on NYSE Arca, ticker XRPZ
According to Cryptobriefing, Franklin Templeton’s XRP ETF has received listing approval from the NYSE Arca exchange and has been formally certified by the U.S. Securities and Exchange Commission (SEC). The fund will trade under the ticker XRPZ with an annual fee rate of 0.19% of net asset value. Franklin plans to waive fees for the first $5 billion in assets, with the waiver effective until May 31, 2026.
Earlier, Canary Capital and Bitwise Asset Management launched spot XRP ETFs earlier this month.
Binance to delist PONKE, SWELL, and QUICK USDⓈ-M perpetual contracts
According to an official announcement, Binance will liquidate and auto-settle the USDⓈ-M perpetual contracts PONKEUSDT, SWELLUSDT, and QUICKUSDT at 09:00 UTC on November 28, 2025, and delist these contracts. Starting at 08:30 UTC on November 28, 2025, users will no longer be able to open new positions. Users are advised to close their positions manually before contract delisting to avoid auto-settlement.
Berachain reportedly granted Nova Digital $25M redemption right in Series B, potentially violating SEC anti-fraud rules
According to Unchained, documents show that blockchain project Berachain granted special redemption rights to Nova Digital, a fund under Brevan Howard, during its Series B fundraising round—making its venture investment in Berachain nearly "zero-risk."
Documents obtained indicate that Nova Digital invested $25 million in March 2024 to purchase BERA tokens at $3 per token. The fund was given the right to demand a full refund within one year after TGE, with a deadline of February 6, 2026.
Four crypto-focused lawyers said it is extremely rare to offer post-TGE redemption rights to investors in crypto projects. Currently, BERA trades at around $1.02, down approximately 66% from the investment price. If Nova Digital exercises the redemption right, Berachain would need to pay it $25 million in cash.
Two anonymous Series B investors said Berachain did not disclose to them that other investors had redemption terms. Lawyers noted this could violate most-favored-nation clauses and SEC anti-fraud requirements. Berachain co-founder Smokey the Bera responded that the report was "inaccurate and incomplete."
Brevis partners with Kaito to provide verifiable market sentiment data for Polymarket
Brevis has partnered with Kaito to provide cryptographic verification for mindshare and market sentiment data used in Polymarket’s prediction markets. On November 21, Polymarket launched its first markets based on Kaito’s mindshare metrics, allowing users to trade based on sentiment and popularity scores for crypto projects. A key challenge here is that when the algorithm generating market data is controlled by a single company, participants cannot verify whether calculations are legitimate or manipulated.
Brevis addresses this issue by using zero-knowledge proofs to verify Kaito’s mindshare calculations without revealing its proprietary algorithm. Each calculation generates a cryptographic proof that is verified on-chain via the BNB chain, enabling market participants to confirm computational integrity while allowing Kaito to protect its intellectual property.
This collaboration expands on Brevis and Kaito’s existing partnership, previously bringing privacy-preserving credential verification to Kaito’s InfoFi platform. Now, the same zero-knowledge technology can verify the computational integrity of prediction market data, enabling trustless markets based on previously unverifiable metrics.
Web3 audit firm SEAL founder: North Korean agents have infiltrated 15–20% of crypto firms
According to DL News, Pablo Sabbatella, founder of Web3 auditing firm opsek and member of the Security Alliance (SEAL), said at the Devconnect conference in Buenos Aires that North Korean agents have infiltrated 15–20% of cryptocurrency companies.
Sabbatella estimates that 30–40% of job applications received by crypto firms come from North Korean agents attempting to infiltrate these organizations. According to U.S. Treasury data from November, North Korean hackers have stolen over $3 billion in cryptocurrency over the past three years through malware and social engineering, with funds used to support Pyongyang’s nuclear weapons program.
North Korean operatives typically circumvent international sanctions by recruiting remote workers worldwide as intermediaries, who receive 20% of proceeds while North Korean agents retain 80%.
Digital bank Revolut completes new funding round, valuation reaches $75 billion
According to Bloomberg, fintech firm Revolut Ltd. achieved a $75 billion valuation in its latest stock sale, a significant increase from last year’s $45 billion. The round was led by Coatue, Greenoaks, Dragoneer, and Fidelity Management & Research Company, with participation from Nvidia’s venture arm NVentures, Andreessen Horowitz, Franklin Templeton, and accounts managed by T. Rowe Price. Revolut offers checking and savings accounts, international money transfers, cryptocurrency trading, and stock trading services.
South Korea’s largest exchange Upbit plans Nasdaq IPO after merger
According to market sources, South Korea’s largest crypto exchange Upbit plans to pursue a Nasdaq IPO following completion of its merger.
Ondo Finance announces $25M investment into Figure’s yield-bearing stablecoin YLDS
Ondo Finance announced a $25 million investment into Figure’s yield-bearing stablecoin YLDS, aimed at enhancing return sources and diversification for its flagship tokenized fund OUSG. OUSG currently has a TVL exceeding $780 million, with underlying allocations to products from institutions including BlackRock, Fidelity, Franklin Templeton, WisdomTree, and FundBridge Capital.
Market Data
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