整理：Nona
This Week's Focus
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Overall, the development of the altcoin ETF market is limited, primarily due to the ongoing severe downtrend in the crypto market. Therefore, in the short term, this sector still needs to bear the pressure brought by the overall decline of the crypto market, but if we look at the long term, the situation may usher in a turnaround.
]( ETF adds a "new force," but capital inflow cannot stop the decline in coin prices; the altcoin ETF wave is still pending)
[]( ETF adds a "new force," but capital inflow cannot stop the decline in coin prices; the altcoin ETF wave is still pending) [
Driven by the growth of on-chain lending, the crypto industry's collateral loans reached a new historical high by the end of the third quarter this year. Although this has finally surpassed the long-term peak set in the fourth quarter of 2021 nearly four years later, the current market landscape is vastly different.
]( Q3 Crypto Leverage Report: Collateral Loans Hit Historical Highs, but Foundations Are More Stable)
[]( Q3 Crypto Leverage Report: Collateral Loans Hit Historical Highs, but Foundations Are More Stable) Bitcoin Falls Below $90,000; Is the "Bear Market" Here, and Will $80,000 Become the New Key "Support Level"?
Recently, weak U.S. economic data has raised market concerns about a recession, leading to a rapid decline in investor risk appetite and causing funds to flee from risk assets like cryptocurrencies. At the same time, due to the increased correlation between the cryptocurrency market and traditional risk assets like U.S. stocks and bonds, cryptocurrencies are no longer seen as independent hedging tools. Additionally, the failure of the Federal Reserve's interest rate cut expectations in December has been one of the "triggers" for market adjustments.
At the time of Cloudflare's outage, Filecoin launched on-chain cloud services. This timing is reminiscent of another precise response from the Web3 world to the "chronic disease" of centralization.
Prior to this, Ethereum achieved scalable expansion through Rollup technology, significantly reducing transaction costs and providing ample block space, marking the gradual realization of its vision as a global computing platform. However, the development of things often has two sides, and this technological evolution has also brought unexpected side effects, the most prominent of which is the fragmentation of user experience.
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Why did Bitcoin rise and then fall back, while U.S. stocks have risen 15-20% this year? Why are your favorite altcoins still trapped in "prison," even though "cryptocurrencies are no longer scams" has become mainstream consensus?
Aave Obtains MiCAR License in Ireland: Compliance Opportunities for DeFi
For Aave, obtaining the CASP license is not only a compliance milestone but also marks its strategic shift from a purely on-chain lending protocol to a comprehensive financial infrastructure provider.
[](
<div class=)From Passive Assets to Programmable Assets: A Brief Discussion on the Next Evolution Stage of the RWA MarketLending quietly accumulates; synthetic anchoring can mask under-collateralized positions; and temporary, self-referential liquidity cycles can drive up annualized yields. As the scale of decentralized finance (DeFi) expands, these effects will continue to compound. Therefore, transparency and risk assessment become crucial, especially when the market is rapidly volatile or established assumptions are broken.
Currently, most institutional RWA products focus on "narrow" and common types of securities (such as high-grade bonds, funds, money market equivalents, etc.), which only account for a small portion of the real-world asset value worth hundreds of billions of dollars. However, all major asset management companies predict that by 2028, the scale of tokenized RWA will significantly increase to between $2 trillion and $16 trillion.
The differences between currencies and their relationships are very important, especially: 1) how bubbles are created when financial wealth becomes very large relative to the amount of currency; 2) how bubbles burst when the need for currency leads to the sale of wealth to obtain currency.
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Understanding wealth and<span data-pm-slice=)
[Ten News Items Not to Miss This Week](
Understanding wealth and<span data-pm-slice=)
[21Shares Launches](
Understanding wealth and<span data-pm-slice=) six cryptocurrency ETPs including Aave ETP on the Stockholm Stock Exchange in Sweden.
The U.S. SEC plans to hold a roundtable on cryptocurrency privacy issues on December 15.
The U.S. government has transferred part of the funds from the FTX collapse and Bitfinex hack to a new address.
Sources say Kalshi has completed a $1 billion financing round at a valuation of $11 billion, led by Sequoia and CapitalG.
The 21Shares Solana spot ETF has officially been approved and is set to trade.
Ondo has received approval from the Liechtenstein Financial Market Authority to offer tokenized stocks and ETFs across Europe.
LTP HK has received confirmation from the Hong Kong Securities and Futures Commission for License No. 1 upgrade, enabling virtual asset VA access services.
The Singapore Exchange will launch Bitcoin and Ethereum perpetual futures on November 24.
The Malaysian Securities Commission has proposed to allow licensed exchanges to independently approve token listings starting in 2026.
The Japanese Financial Services Agency plans to define cryptocurrencies as financial products and is considering reducing the tax rate to 20%.
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