Crypto Morning Brief: Circle establishes foundation, Grayscale predicts Bitcoin to reach new highs by 2026
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Crypto Morning Brief: Circle establishes foundation, Grayscale predicts Bitcoin to reach new highs by 2026
U.S. regulators accelerate the implementation of the GENIUS stablecoin bill, with July 2026 as the deadline.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Trump positively signals Hassett as next Fed Chair
U.S. President Trump indicated during a White House meeting that the potential Federal Reserve chair is right here, referring to Kevin Hassett.
SEC Chair: Crypto innovation exemption for companies to take effect in January next year
According to market news, SEC Chair Paul Atkins said the crypto innovation exemption for cryptocurrency companies will take effect in January next year.
U.S. regulators accelerate implementation of GENIUS stablecoin bill, July 2026 set as deadline
As reported by The Block, the U.S. Congress is advancing stablecoin regulation, with the GENIUS Act entering a critical phase. Representative Bryan Steil urged regulators during a House Financial Services Committee hearing to complete rulemaking on schedule, with a final deadline of July 18, 2026. The bill requires stablecoins to be fully backed by U.S. dollars or highly liquid assets and mandates annual audits for large issuers. FDIC Acting Chair Travis Hill said a framework proposal will be released this month. Meanwhile, Democrats expressed concerns over Trump’s interests in the World Liberty Financial DeFi project, citing potential conflicts of interest.
Grayscale announces Grayscale Chainlink Trust ETF to officially list
According to an official announcement, the Grayscale Chainlink Trust ETF (ticker: GLNK) is set to officially list with a 0% management fee. This marks the first U.S.-listed exchange-traded product (ETP) linked to Chainlink (LINK), offering investors exposure to LINK.
Circle announces foundation dedicated to advancing financial resilience and inclusion in the U.S. and globally
According to official news, stablecoin issuer Circle has announced the establishment of the Circle Foundation, dedicated to advancing financial resilience and inclusion in the U.S. and worldwide. Funded through Circle’s Pledge 1% equity commitment, the foundation will focus on strengthening financial systems people rely on daily.
The foundation’s initial phase will prioritize enhancing financial resilience for small businesses in the U.S., addressing gaps in traditional financial services through grants to Community Development Financial Institutions (CDFIs).
Bubblemaps: Suspected insider of PIPPIN controls half of token supply, worth $120 million
According to Bubblemaps monitoring, PIPPIN tokens show signs of market manipulation. A suspected PIPPIN insider appears to control half of the token supply, valued at $120 million.
Data shows 50 related wallets purchased $19 million worth of PIPPIN tokens, exhibiting clear coordination traits: receiving similar amounts of SOL tokens around the same time and having no prior on-chain activity.
In addition, 26 addresses withdrew 44% of PIPPIN tokens from CEXs within two months, worth approximately $96 million. Most withdrawals occurred on October 24 and November 23, with most wallets being newly created accounts.
Bubblemaps stated that based on timing, fund size, and funding patterns, these wallet activities are suspected to be coordinated.
Ethena: USDe now available as pricing asset on Hyperliquid spot and HIP-3 perpetual markets
According to Ethena Labs, its issued stablecoin USDe is now available as a pricing asset on Hyperliquid’s spot and HIP-3 perpetual contract markets.
Grayscale predicts Bitcoin to hit new highs in 2026, rejects four-year cycle theory
As reported by The Block, Grayscale Research predicted in its latest report that Bitcoin will reach new all-time highs in 2026, rejecting the widely circulated "four-year cycle" theory. The report notes that current market structure has changed, with institutional capital primarily concentrated in ETFs and digital asset custodians rather than retail exchanges. BitMine CEO Tom Lee shares a similar view, expecting Bitcoin to hit new highs in January next year. Analysts believe macro conditions remain favorable, with potential rate cuts and bipartisan-supported crypto legislation providing market support. Although Bitcoin has seen a 32% pullback since early October, Grayscale stated that drawdowns exceeding 25% are normal during bull markets and do not signal the start of a long-term downtrend.
Bloomberg: Kraken announces acquisition of tokenized asset platform Backed Finance
According to Bloomberg, cryptocurrency exchange Kraken announced the acquisition of tokenized asset platform Backed Finance.
Backed Finance is a digital token issuer whose tokens represent real-world assets including stocks and exchange-traded fund shares. Kraken Co-CEO Arjun Sethi said in an interview that Kraken already offers stock and ETF products issued by Backed, and plans to more tightly integrate these products into its platform following the acquisition.
Trump's crypto partner Alt5 Sigma listed as non-compliant by Nasdaq for failure to file quarterly report
As reported by Forbes, Nasdaq has formally notified Alt5 Sigma—the partner of the Trump family’s World Liberty Financial crypto project—that it is "no longer in compliance with continued listing requirements" due to its failure to submit its Q3 2025 financial report, placing it on the non-compliant company list. Under Nasdaq rules, Alt5 Sigma must submit a plan to regain compliance by January 20, 2026, and if approved, may receive up to 180 days’ extension.
The company said the notice was "expected" and will not immediately affect its stock listing or trading status on Nasdaq. Alt5 Sigma previously entered a $1.5 billion crypto partnership with World Liberty Financial this August, generating over $500 million in revenue for Trump-linked entities. The delay in filing stems from multiple factors, including auditor changes, corporate governance issues, and the former CFO’s personal bankruptcy.
BitMine increases ETH holdings by 18,000, worth over $55 million
According to on-chain analyst Onchain Lens (@OnchainLens), a newly created wallet under BitMine received 18,345 Ethereum from BitGo, valued at approximately $55.25 million at current prices.
Market Data
Suggested Reading
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From All-In to Perpetual: Understanding MicroStrategy’s $1.44 Billion Cash Reserve
This article analyzes the latest strategic shift by MicroStrategy, the publicly traded company holding the largest amount of Bitcoin globally. The company announced a $1.44 billion cash reserve to meet financial needs over the next two years, marking a significant departure from its long-standing "all-in on Bitcoin" strategy. The article also explores the implications of this move, challenges the company faces, and possible future directions.
After Profiting $580K from Shorting ETH, Why Am I Optimistic About the Market?
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Gemini Summarizes 2026 Outlooks from 8 Top Investment Banks
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