Bitget Daily Morning Report: Michael Saylor is pitching a bitcoin-backed banking system to governments
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Bitget Daily Morning Report: Michael Saylor is pitching a bitcoin-backed banking system to governments
CFTC launches digital asset pilot program, allowing BTC, ETH, and USDC as collateral.
Navigating Web3 tides with focused insightsAuthor: Bitget
Today's Outlook
1. U.S. Senator Moreno describes crypto legislation negotiations as "frustrating," with tight progress expected toward year-end.
2. Strategy CEO: The company will hold Bitcoin at least until 2065, maintaining its long-term accumulation strategy. Meanwhile, Michael Saylor, founder and executive chairman of Strategy, is promoting a Bitcoin-backed banking system to governments worldwide.
3. The U.S. CFTC launches a digital asset pilot program allowing BTC, ETH, and USDC as collateral.
Macro & Highlights
1. U.S. Bureau of Labor Statistics: Will not release October PPI data, instead combining it with November’s data for release in January next year.
2. The U.S.公布了 the New York Fed's 1-year inflation expectations for November at 3.2%, down from the previous 3.24%. Additionally, U.S. JOLTs job openings for October will be released today at 23:00 (UTC+8).
3. Strategy recently purchased 10,624 additional bitcoins for approximately $963 million.
Market Trends
1. Over the past 24 hours, total liquidations in the cryptocurrency market reached $201 million, with $106 million from short positions. Bitcoin liquidations amounted to $64 million, while Ethereum liquidations reached $51 million.
2. U.S. stocks: Dow fell 0.45%, S&P 500 was flat by 0.35%, Nasdaq Composite dropped 0.14%. Nvidia (NVDA) rose 1.72%, Strategy (MSTR) gained 2.63%.
3. Bitget BTC/USDT liquidation map shows: A large number of highly leveraged long positions are concentrated near the current price level (~$90,000), making them vulnerable to cascading liquidations on any pullback. Short positions below are relatively lighter; if prices continue upward, short squeezes could drive larger upside momentum.
4. In the past 24 hours, BTC spot inflows were $80 million, outflows $102 million, resulting in net outflows of $22 million.
News Updates
1. Judge investigates Do Kwon’s charges in South Korea ahead of his U.S. sentencing.
2. CEOs of Bank of America, Wells Fargo, and Citigroup will meet with U.S. senators on Thursday to discuss crypto market legislation.
3. Tether’s stablecoin USDT receives key regulatory approval in Abu Dhabi, enabling its use across multiple major blockchains.
4. UK FCA plans to simplify retail investment rules, allowing high-net-worth individuals to opt into higher-risk products.
Project Developments
1. Early morning, a wallet linked to the H token team transferred H tokens worth $2.9 million to CEXs.
2. Jupiter: WET token public sale has restarted, offering a limited 30 million tokens.
3. USDC Treasury mints an additional 500 million USDC on Solana; Tether issues 1 billion more USDT on Tron.
4. Magma Finance completes $6 million strategic funding round to build an adaptive liquidity engine on the Sui network.
5. BitMine increased its ETH holdings by 138,452 last week, surpassing 3.86 million ETH in total.
6. MegaETH: Frontier will open to application developers next week.
7. The U.S. SEC concludes its two-year investigation into Ondo Finance without recommending charges.
8. BlackRock files application for iShares Staked Ethereum Trust ETF.
9. Ripple’s $500 million share sale revealed “profit protection” resale terms. Ripple completed a ~$500 million share sale in November (valued at ~$40 billion). Some investors estimate about 90% of Ripple’s net assets come from its XRP holdings (held ~$124 billion worth in July, with locked supplies released in batches). The agreement includes protective clauses: investors can sell back shares within 3–4 years at a 10% annual return; if Ripple chooses to repurchase, the rate increases to 25% annually. Liquidation preference terms also apply.
10. One address turned $716 into $244,000 through Franklin token trades, achieving a 340x return.
Disclaimer: This report is AI-generated. Manual input is limited to information verification. No investment advice is provided.
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