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Fear and Greed Index: 18 (Extreme Fear)
Bitcoin Price: $90,624
BTC/ETH Spot ETF Fund Flow (11.26)
BTC Net Inflow: $11.59 M
ETH Net Inflow: $10.60 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (11.26)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
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](Selected Events in Hong Kong for November
We have specially compiled noteworthy events in the crypto space in Hong Kong for November, which will open a window to the future of Web3 for you.
<div data-v-c679a437=)[Regulation/Macro](Selected Events in Hong Kong for November
We have specially compiled noteworthy events in the crypto space in Hong Kong for November, which will open a window to the future of Web3 for you.
<div data-v-c679a437=)[](
The Ministry of Finance of Vietnam has released a draft decree seeking public opinion, proposing fines for individuals and organizations trading digital assets on unlicensed platforms. Individuals may face fines of up to 30 million Vietnamese Dong (approximately $1,200), while organizations could be fined up to 200 million Vietnamese Dong (approximately $7,584) for violations related to digital asset trading.
The Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Commerce, the Ministry of Culture and Tourism, the People's Bank of China, and the State Administration for Market Regulation issued the "Implementation Plan for Enhancing the Adaptability of Supply and Demand for Consumer Goods to Further Promote Consumption." The plan proposes the orderly development of platform consumption. It encourages the orderly development of new business formats such as live e-commerce, instant retail, curated retail, and circular e-commerce. It supports platform enterprises in legally and compliantly using artificial intelligence technology to explore user needs and match and push products and services. It also supports platform enterprises in applying digital technologies such as virtual reality, metaverse, artificial intelligence, and blockchain to create multi-scenario, immersive consumer experiences.
Venture capitalist Lachy Groom's residence in San Francisco was the site of an $11 million cryptocurrency robbery. According to police, on the evening of November 23, an armed robber disguised as a delivery person rang the doorbell of a $4.4 million home on Dorland Street, carrying a white package. The suspect claimed to be delivering a package to resident Joshua, followed him inside after he opened the door, then pulled out a gun and bound him with tape. The robber emptied the victim's Ethereum and Bitcoin wallets in about 90 minutes and stole his phone and laptop. Police arrived on the scene at 6:45 PM and found the victim with minor injuries.
The Sumar party group in the Spanish Parliament submitted an amendment to the House of Representatives, proposing to amend three tax laws to strengthen the taxation of cryptocurrencies. The proposal suggests including the income from non-financial instrument-type crypto assets in the general tax base for personal income tax, with a maximum tax rate of 47%, compared to the current 30% cap on the savings tax base. It also stipulates that such income will be taxed at a rate of 30% under corporate income tax. The proposal also requires the Spanish National Securities Market Commission (CNMV) to create a risk rating system for cryptocurrencies, which must be displayed on investment platforms. Additionally, the amendment includes all crypto assets in the scope of seizable assets, expanding the previous regulations that only applied to assets within the EU MiCA regulatory framework.
<div class=)[The Russian Ministry of Finance is considering significantly simplifying the requirements for digital asset investors, strongly hinting at abandoning the strict "super qualified" investor threshold. The "super qualified" investor threshold includes high requirements such as having an investment of 100 million rubles or an annual income of 50 million rubles.
](<div class=)
[](DeFi and Web3 Included in Regulatory Scope
A new financial law in the UAE, namely Federal Decree No. 6 of 2025, will bring decentralized finance (DeFi) and the broader Web3 industry under a regulatory framework. This is a central bank law aimed at regulating financial institutions, insurance businesses, and activities related to digital assets. Key provisions, Articles 61 and 62, list activities that require licensing from the Central Bank of the UAE (CBUAE), including cryptocurrency payments and digital value storage.
According to news released by the Texas Blockchain Council, the state has made its first allocation of its Texas Strategic Bitcoin Reserve, purchasing approximately $5 million worth of BlackRock's IBIT on November 20. This transaction appears to be the first deployment of funds authorized under SB 21. The bill was enacted by Governor Greg Abbott in June, creating a state-managed Bitcoin reserve operated by a trust company overseen by the Texas Treasury. This Bitcoin fund will join two other traditional assets under the state's trust fund, including nearly $700 million worth of SPY.
[](
As the selection process for the new Federal Reserve Chair enters its final weeks, Kevin Hassett, Director of the White House National Economic Council, is seen as the frontrunner for the next Fed Chair among President Trump's advisors and allies. Sources indicate that if Hassett is appointed, Trump will be able to place a close ally he knows and trusts in the Fed. Some have also stated that Hassett is viewed as someone who can bring Trump's interest rate cut ideas into the Fed, which is the direction Trump has long sought to control.
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As the selection process for the new Federal Reserve Chair enters its final weeks, Kevin Hassett, Director of the White House National Economic Council, is seen as the frontrunner for the next Fed Chair among President Trump's advisors and allies. Sources indicate that if Hassett is appointed, Trump will be able to place a close ally he knows and trusts in the Fed. Some have also stated that Hassett is viewed as someone who can bring Trump's interest rate cut ideas into the Fed, which is the direction Trump has long sought to control.
<h3 dir=)[](
As the selection process for the new Federal Reserve Chair enters its final weeks, Kevin Hassett, Director of the White House National Economic Council, is seen as the frontrunner for the next Fed Chair among President Trump's advisors and allies. Sources indicate that if Hassett is appointed, Trump will be able to place a close ally he knows and trusts in the Fed. Some have also stated that Hassett is viewed as someone who can bring Trump's interest rate cut ideas into the Fed, which is the direction Trump has long sought to control.
JPMorgan has launched a structured note linked to BlackRock's spot Bitcoin ETF (IBIT), which matches Bitcoin's four-year halving cycle. If IBIT reaches or exceeds the set price by the end of 2026, investors will receive a guaranteed minimum return of 16%; if the price is below the set value, the note will extend to 2028, providing potential amplified return opportunities. The note offers some downside protection, allowing investors to recover their principal if IBIT's decline does not exceed 30% in 2028; if the decline exceeds 30%, losses will be proportional to the decline. This product is suitable for investors optimistic about Bitcoin's cyclical trends, but related risks should be noted.
Coinbase Ventures has released its investment outlook for 2026, focusing on four cutting-edge areas: RWA perpetual contracts, specialized trading terminals, next-generation DeFi protocols, and AI and robotics technology. The specialized trading terminals will focus on Prop AMMs and prediction market trading terminals; next-generation DeFi protocols will focus on perpetual market composability, unsecured lending/credit, and on-chain privacy; AI and robotics technology will focus on human identification, AI-enabled on-chain development, and security.
Merlin Chain will undergo infrastructure upgrades to enhance scalability and address some ZK performance-related issues. The upgrade is scheduled to start at 1:00 PM Hong Kong time on November 26, 2025. Downtime is expected to last 12 hours. During the upgrade, the Merlin Chain mainnet will suspend all transaction submissions. Users can still view historical transaction records and account balances through the block explorer. The network will automatically resume normal operations after the upgrade is completed.
Robinhood Markets Inc. and Susquehanna International Group are acquiring a majority stake in LedgerX. LedgerX is a U.S.-based derivatives exchange that was previously owned by FTX and is now operated by Miami International Holdings Inc. This acquisition will provide Robinhood and Susquehanna with a strong new foothold in the rapidly growing prediction markets space, as both companies are ramping up their competition in this area.
JPMorgan has launched a new leveraged product that allows investors to bet on Bitcoin's future price through BlackRock's iShares Bitcoin Trust. If approved, investors could receive 1.5 times the returns from cryptocurrency gains. However, like all leveraged products, losses could be exacerbated if Bitcoin's price plummets.
Franklin Templeton has submitted an 8-A form to the U.S. Securities and Exchange Commission (SEC) for the Franklin Solana ETF, a key step typically taken before the product's official launch. Usually, trading begins the day after such documents are submitted.
Japanese listed company MetaPlanet has executed a new loan of $130 million under a credit limit agreement, using its Bitcoin holdings as collateral. The credit limit is capped at $500 million, with a total of $230 million already utilized. The company currently holds 30,823 Bitcoins, sufficient to cover the collateral requirements. The funds raised will be used to purchase additional Bitcoin, advance Bitcoin revenue operations, and repurchase shares when market conditions allow. The company expects this loan to have a minimal impact on its performance for the fiscal year 2025.
The U.S. Commodity Futures Trading Commission (CFTC) has issued a revised designated order allowing Polymarket to operate an intermediary trading platform, subject to all requirements applicable to U.S. federally regulated exchanges. With this approval, Polymarket will be able to directly solicit brokers and clients and facilitate trading in U.S. marketplaces.
<h3 dir=)[](Approved by the U.S. CFTC to Revise Designated Order, Allowing Entry into the U.S. Market via Intermediaries
The U.S. Commodity Futures Trading Commission (CFTC) has issued a revised designated order allowing Polymarket to operate an intermediary trading platform, subject to all requirements applicable to U.S. federally regulated exchanges. With this approval, Polymarket will be able to directly solicit brokers and clients and facilitate trading in U.S. marketplaces.
<h3 dir=)[](Approved by the U.S. CFTC to Revise Designated Order, Allowing Entry into the U.S. Market via Intermediaries
The U.S. Commodity Futures Trading Commission (CFTC) has issued a revised designated order allowing Polymarket to operate an intermediary trading platform, subject to all requirements applicable to U.S. federally regulated exchanges. With this approval, Polymarket will be able to directly solicit brokers and clients and facilitate trading in U.S. marketplaces.
<h3 dir=)[](Approved by the U.S. CFTC to Revise Designated Order, Allowing Entry into the U.S. Market via Intermediaries
The U.S. Commodity Futures Trading Commission (CFTC) has issued a revised designated order allowing Polymarket to operate an intermediary trading platform, subject to all requirements applicable to U.S. federally regulated exchanges. With this approval, Polymarket will be able to directly solicit brokers and clients and facilitate trading in U.S. marketplaces.
<h3 dir=)[](However, this is not merely a case of capital flight, but a brutal competition. When we clear the fog of data, we find that this is a shift from "speculation" back to "rationality," with funds flowing from high-leverage on-chain gaming arenas to safer havens with stronger compliance, smoother fiat channels, and real returns from RWA.
[After experiencing two consecutive "Black Friday" crashes, Bitcoin has nearly erased its gains from the past six months, plunging the market into a chilling winter. However, the forces of recovery seem to be surging from all directions: from the continued warming of December rate cut expectations to the successive approvals of various altcoin ETFs, this warm current is now spreading to the state-level "Strategic Bitcoin Reserve" (SBR) in the U.S.
](Purchasing $5 Million of BlackRock IBIT: After DAT Fizzles, Can SBR Take the Torch to Rekindle Interest?<p class=)
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