Hong Kong Web3 Daily Must-Read: Upbit plans to seek a listing on NASDAQ after the merger, and the NYSE has approved the listing of Franklin XRP Spot ETF.

4 hours ago

AI summarizes in 5 seconds.

整理：Nona，Techub News

**TinTinLand
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Fear and Greed Index: 15 (Extreme Fear)
Bitcoin Price: $88,100
BTC/ETH Spot ETF Fund Flow (11.24)
BTC Net Outflow: $5.79 M
ETH Net Inflow: $5.55 M

Hong Kong

BTC/ETH Spot ETF Fund Flow (11.24)

BTC Net Subscription: 0 BTC

ETH Net Subscription: 0 ETH

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]( Bitkub considers IPO in Hong Kong

According to Bloomberg citing informed sources, Thai cryptocurrency exchange Bitkub is considering an initial public offering (IPO) in Hong Kong. Sources revealed that Bitkub may launch the IPO in Hong Kong as early as next year to raise approximately $200 million. As discussions are still ongoing, details may change.

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[]( Bitkub considers IPO in Hong Kong

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DAT

]( Selected Events in Hong Kong for November

We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.

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[]( Selected Events in Hong Kong for November

We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.

<div data-v-c679a437=)[Recently, there has been frequent debate in the market regarding the DAT model. Supporters believe that DAT serves as a bridge connecting crypto and TradFi, promoting ecological development. Leading companies like MSTR still maintain a close 1.03 mNAV, proving that quality players possess resilience and are expected to achieve premiums through strategies such as debt, lending, and derivatives.

]( Is DAT trading at a discount?<p class=)

[]( Is DAT trading at a discount?<p class=)[Recently, MicroStrategy of Bitcoin Treasury is set to be removed from global index funds. This could lead to an outflow of $8.8 billion, which would be a significant blow to Bitcoin's price. So, what is the future of Bitcoin Treasury? What is the future of the DAT model?

](<p class=)

[Regulation/Macro](

South Korean financial regulators are expected to impose a series of sanctions on domestic virtual asset exchanges that violate anti-money laundering regulations. Following sanctions against Dunamu, the Financial Intelligence Unit (FIU) plans to soon sanction the remaining virtual asset exchanges.

After U.S. President Trump took office in January this year and established the Department of Government Efficiency (DOGE) to reduce the size of the government, the department has already been disbanded despite having eight months left in its term. U.S. Office of Personnel Management Director Cooper stated when asked about the status of the Department of Government Efficiency, "It doesn't exist." Cooper added that the Department of Government Efficiency is no longer a "centralized agency." This is the first confirmation from the Trump administration that the Department of Government Efficiency has been disbanded. According to an executive order signed by Trump after taking office, the Department of Government Efficiency was supposed to operate until July 2026.

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According to Aggr News citing Bloomberg, Upbit plans to seek a listing on Nasdaq after the merger.

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Major asset management institutions in Japan are planning to develop the country's first investment trust fund incorporating cryptocurrency, while Japanese financial regulators are considering allowing the establishment of such funds. After investigating institutions such as Nomura Securities, Daiwa Securities, Asset Management One, Amova, Mitsubishi UFJ Securities, Nissay Securities, Sumitomo Mitsui Trust, Tokio Marine, and SBI Global, six of them indicated they are considering launching cryptocurrency investment trust funds, including Daiwa Securities, Asset Management One, Amova, and Mitsubishi UFJ Trust.

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Several Wall Street institutions actively reduced their exposure to Strategy (MSTR) in the third quarter of 2025, including Capital International, Vanguard, BlackRock, Fidelity, etc., with a reduction scale of approximately $5.4 billion.

]( Index: As of the end of October, China's Bitcoin mining market share accounts for about 14% of the global total

According to Hashrate Index data, since China completely banned Bitcoin mining in 2021, its mining market share has rebounded to third globally, accounting for about 14% as of the end of October. Additionally, documents from Bitcoin mining machine manufacturer Canaan Creative show that last year, 30.3% of its global revenue came from the Chinese market, while this proportion dropped to only 2.8% after regulatory tightening in 2022. Informed sources revealed that in the second quarter of this year, the contribution rate of the Chinese market to Canaan Creative's sales further surged to over 50%. Canaan Creative has not confirmed the sales breakdown data for the second quarter.

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[]( Index: As of the end of October, China's Bitcoin mining market share accounts for about 14% of the global total

Jack Mallers, co-founder of Bitcoin Treasury company Twenty One Capital, shared a framed letter from JPMorgan Chase, dated September 2, 2025, notifying that their account would be closed due to compliance issues with the Bank Secrecy Act and other regulations, as well as unusual account activity.

The New York Stock Exchange has approved the listing of Franklin Templeton's XRP Spot ETF, trading under the ticker XRPZ, with an annual fee rate of 0.19%. Franklin plans to waive fees for the first $5 billion in assets until May 31, 2026.

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]( The community passed a temperature check proposal on "turning on the fee switch"

The Uniswap community passed a temperature check proposal on "turning on the fee switch" with a support rate of 100%. After this vote passes, a complete on-chain vote will be conducted.

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[In-Depth & Outlook]( The community passed a temperature check proposal on "turning on the fee switch"
The Uniswap community passed a temperature check proposal on "turning on the fee switch" with a support rate of 100%. After this vote passes, a complete on-chain vote will be conducted.
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[Moreover, concerns about whale sell-offs, heavily loss-making market makers, lack of defensive liquidity supply, and survival threats from the quantum crisis continue to hinder Bitcoin's potential for a rapid recovery. However, during this decline, one question has persistently troubled the community: What has happened to Bitcoin's volatility?

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Viewpoint

Currently, the DAT sector is facing its darkest hour. As Bitcoin prices continue to decline, the premium rates of several DAT companies have significantly dropped, stock prices remain under pressure, and buying behaviors have slowed or even stagnated, putting their business models to the test of survival. Strategy has not been spared, falling into a crisis of trust.

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From October to November, it can be described as the "death spiral" for bulls. The downward risk in global financial markets has intensified, the AI bubble narrative dominates the ups and downs of U.S. stocks, and the U.S. government's record "shutdown" has led to delays in the release of various important macro data, with liquidity sharply shrinking and the probability of interest rate cuts in December fluctuating significantly.

<div class=)[Uniswap's trading volume looks very healthy. However, we must clarify that these data actually include "wash trading volume." Therefore, we hope to better understand Uniswap's real trading volume, specifically the difference between "organic trading volume" and "inorganic trading volume."

]( Is UNI's value, which has been almost "forgotten" in this cycle, still worth investing in?<p class=)

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