‼️ Tether Is Taking Capital Risk

Arthur Hayes argues that Tether is shifting more of its reserves into gold and Bitcoin as it prepares for softer Fed policy and lower returns from traditional assets.

➡️ Hayes says a roughly 30% drawdown in gold and BTC could wipe out Tether’s capital and create a real solvency risk for USDT
➡️ Large holders and exchanges may start demanding real time balance transparency
➡️ The topic is almost guaranteed to spark major media noise around Tether’s reserve structure

The market sees this as an early warning shot. Attention will now focus on how resilient the reserves of the world’s largest stablecoin actually are.

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📰 Crypto’s Last 72 Hours: Everything That Moved the Market

The past three days brought policy pressure, governance debates, unlocks, exploits and a few sharp comments from industry names. Here is the full picture, rewritten cleanly and without any dashes or hyphens.

➡️ MicroStrategy Reiterates Its BTC Strategy

MicroStrategy explained once again that selling Bitcoin is a last resort. CEO Phong Le said this would only happen if mNAV drops below 1 and financing becomes unavailable. The company is not shifting course. With BTC near 87.3k, mNAV is sitting around 1.18.

➡️ China Prepares a New Push Against Crypto Payments

Regulators in China are planning a stronger crackdown on the use of cryptocurrencies and stablecoins in payments and transfers. They see renewed risks to the financial system and want stricter enforcement to close the remaining gaps in payment activity.

➡️ Cocoon Goes Live Inside the TON Ecosystem

Pavel Durov announced that Cocoon is now live. The platform connects GPU providers with privacy focused applications that want confidential AI model execution. More GPUs and developer participation will be added in the coming weeks. The goal is fully private AI experiences for Telegram users.

➡️ Vitalik Comments on Zcash Governance

Vitalik Buterin said he hopes Zcash avoids token voting. He believes that handing governance to the median token holder would weaken privacy over time. In his view, token holders need to avoid becoming the dominant force in governance for the health of the protocol.

➡️ Arthur Hayes Questions Tether’s Resilience

Arthur Hayes said that a steep decline in gold and Bitcoin could eliminate Tether’s equity once rate cuts hit its interest income. Paolo Ardoino responded that Tether holds about 7 billion dollars in excess equity and another 23 billion dollars in retained earnings on top of roughly 184.5 billion dollars in reserves.

➡️ Hyperliquid Completes Its First Major Unlock

The first scheduled unlock for HYPE has taken place. About 354 million dollars worth of tokens were released to core contributors and team members. This represents a little over two percent of supply. The next unlock is planned for December 29.

➡️ RLUSD Approved Inside the Abu Dhabi Market

Ripple’s RLUSD has been accepted by the FSRA in Abu Dhabi as a fiat referenced token that can be used within the ADGM framework. Licensed firms can now use it in regulated activities. RLUSD is issued under NYDFS rules and has reached a market value above 1.2 billion dollars.

➡️ Ethereum Models Signal Undervaluation

Ki Young Ju highlighted data from ETHval that shows ten out of twelve valuation models place Ethereum above its current market price. With ETH trading around 2,820 dollars, most models estimate a higher intrinsic value.

➡️ HumidiFi Releases the WET Litepaper

HumidiFi published its litepaper for the upcoming WET token. The launch is set for December 3 on Jupiter’s DTF platform.

➡️ Yearn Faces an Exploit on yETH

Yearn’s yETH product suffered an exploit where an attacker minted an effectively unlimited amount of yETH in a single transaction and drained the pool for about one thousand ETH. Some funds were sent through Tornado Cash. Yearn’s V2 and V3 vaults remain safe while the investigation continues.

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Your life is the sum of every small choice you thought didn’t matter.

The second cookie.
The skipped workout.
The conversation you avoided.
The ten more minutes scrolling.

None of them mattered in the moment, but you made them thousands of times.
And thousands of tiny choices in one direction is a life.
That’s all it is.

You want a different life?
Make different tiny choices.
Not tomorrow.
Right now.
This moment.

That’s the only place change ever happens. Not in the grand gesture, but in the mundane decision you’re about to make that you think doesn’t count.

It counts.
They all count.

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⚡️ Crypto Watchlist for the week

➡️ $ETH - Ethereum’s Fusaka network upgrade will launch on Dec. 3

➡️ $FLUID - Fluid teased the development of Fluid DEX V3, a new perps product

➡️ $JUP - The first ICO on Jupiter's new launchpad for HumidiFi is scheduled for Dec. 3

➡️ $VET - Vechain's Hayabusa upgrade will go live on Dec. 2. This will make it more decentralized and improve its tokenomics

➡️ $IN - INFINIT will release Prompt-to-DeFi, an AI mechanism to create and execute DeFi strategies, soon

➡️ $FRAX - Frax Finance is rumored to make an announcement this week

➡️ MegaETH - MegaETH mainnet will launch in early December

➡️ $COOKIE - The 2nd community sale on Cookie DAO x Legion launchpad for Superform's UP will go live on Dec. 4

➡️ $HUMA - Huma Finance is expected to launch a buyback program this month

➡️ $VOOI - Vooi, a perps aggregator, will release its token in early December

➡️ $ASTER - The checker for Aster's Stage 3 airdrop will be released today

➡️ Infinex - Infinex's Craterun rewards campaign launches on Dec. 1

➡️ Macro events - FED Chair Jerome Powell will give a speech on Dec. 1

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🟢 What Do Saylor’s Green Dots Mean

After Strategy’s CEO mentioned that the company might need to sell BTC if the premium collapses and access to capital disappears, green dots suddenly appeared on Saylor’s chart. Crypto Twitter picked it up immediately.

❓ What the market thinks

● Yellow dots always marked BTC buys
● Green dots appeared right after the comment about possible sales
● The clip went viral and everyone started interpreting the color change

➡️ Scenario 1️⃣: Selling BTC to fund MSTR buybacks

This is the scenario the market fears the most.
If green dots mean selling Bitcoin and using the proceeds to buy MSTR shares, the entire idea that MicroStrategy never sells falls apart.
That would break the company’s narrative and hit Saylor’s credibility. The chance is low but traders cannot ignore it.

➡️ Scenario 2️⃣: Buying BTC using existing BTC as collateral

This looks far more likely.
Saylor moved a portion of the treasury coins between custodians last week, which often happens before collateral based financing.
Green dots may simply represent a different type of purchase that uses Bitcoin as backing rather than any sales.

Green dots attracted attention because they appeared right after Strategy admitted that selling is possible only in extreme conditions.
Most likely they mark a special financing purchase, not the beginning of BTC sales. The reaction itself shows how fragile the MicroStrategy premium has become.

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❓ Why Crypto Lagged Behind Other Assets in 2025

2025 felt like a year where crypto lost its spark while the rest of the market raced ahead. A mix of structural issues, fading narratives, and shifting macro conditions all came together at the same time. Here’s a clear look at what actually dragged the sector down.

📈 The Concentration Problem Finally Hit a Wall

Crypto walked into 2025 with an ownership structure that was already fragile. A huge portion of BTC never truly redistributed at lower prices, so when the market finally gave big holders the liquidity they needed, they took it. The move toward the long-awaited 100k level acted like a pressure release. It lined up with ideological shifts, the four-year cycle peak, and renewed quantum worries. All of these pushed large, early holders into the same decision at the same time. The market simply couldn’t absorb the supply.

💻 The Quantum Threat Quietly Changed Behavior

For anyone sitting on a life-changing BTC position, the growing noise around quantum security wasn’t just tech talk. It became a lingering anxiety. The threat wasn’t imminent, but the acceleration in research made it feel less theoretical. Combine that with political dysfunction around Bitcoin development and the inability to upgrade smoothly, and it made perfect sense for large holders to reduce exposure. When hundreds of billions in OG supply start trickling out, the price reacts.

❌ The Story Stopped Working

Crypto runs on narratives. In 2021 it was liquidity. In early 2024 it was ETFs. Then came election hype. But when 2025 arrived, there was no new dream to sell. Retail buyers had fresher stories elsewhere. AI, quantum, defense, and space stocks felt like the frontier again. BTC’s debasement pitch stayed alive, but gold captured it better with central bank buying and clean supply dynamics. As gold surged, the divergence weakened BTC’s own narrative, and belief faded across the board.

📊 Liquidity Wasn’t on Crypto’s Side

Crypto acts like a pressure gauge for global liquidity. When conditions are loose, it leads the charge. When liquidity tightens or becomes uneven, it’s the first to feel it. The peak was 2021, with another wave in 2024, but 2025 didn’t come close. Broader price action across markets showed this clearly. Without the fuel of fresh liquidity, the sector couldn’t carry the weight of its own supply.

🛍 The Upside Shrunk and the Math Stopped Adding Up

BTC still came with serious volatility, but the potential reward no longer compensated for the ride. A 3–5x upside can justify pain. A 50% upside cannot. Large sellers in 2025 made this even more obvious. When one entity can offload ten billion in a single month, people start realizing how big the true overhang is at higher valuations. The dream of a straight shot to 500k or a million lost credibility.

⚔️ The PvP Cycle Ramped Up

As confidence thinned and liquidity retreated, the market turned inward. Crypto became PvP. Sharper players extracted value from weaker ones, then moved that capital into equities and metals instead of rotating within the ecosystem. Weak altcoins made the problem worse. Rather than flowing into BTC, profits escaped the entire space. The ecosystem kept shrinking in on itself.

❓ Where This Leaves the Market Now

The biggest open question is how much more OG supply will come out. The four-year cycle is fading, quantum risk is getting louder, and metals are the cleaner bet for debasement. Liquidity could improve if political winds shift, but that’s still months away and far from guaranteed. The most likely outcome is a period of re-accumulation for BTC. Altcoins can still see isolated bursts, but attention is drifting, and nothing on the horizon feels like a narrative reset.

Crypto isn’t dead. It’s just in the part of the cycle where belief has to rebuild the slow way.

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The goal isn’t to have the most wins.
The goal is to have the biggest wins.

Conviction is inversely correlated to frequency. The more frequently you act on opportunities, naturally, the lesser conviction you have in each.

➡️Trader A: 20 right calls over 5 years, but sized <5% every time.

➡️ Trader B: 5 right calls over 5 years but sized >25% every time.

1 trade by trader B can outperform 10 similar trades by trader A just because of sizing.

Warren Buffett spoke of the ‘punch card approach’. Imagine your portfolio was capped to only 20 investments ever: You would take every single opportunity that comes your way a lot more carefully, with a lot more responsibility, and in turn enter with higher conviction and size.

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📝 Understanding Reserves, Solvency, and Why Tether’s Risk Profile Matters

A lot of debates around stablecoins get messy because people mix up liquidity, solvency, and the meaning of “reserves”. Here’s a clear breakdown tailored for the crypto crowd.

💧 What Reserves Actually Mean

Reserves are cash equivalent assets like bank deposits, Treasury bills, or overnight repo. These are the items an issuer can tap immediately to meet redemptions.
The reserve ratio shows how easily an issuer can process withdrawals without delays or forced selling of illiquid assets.

🧮 Liquidity vs Solvency

Liquidity answers one question: can the issuer meet redemptions today.
Solvency answers a different one: do total assets exceed liabilities.
Many people confuse the two because some stablecoin issuers call all their backing “reserves”, even when part of those assets are not liquid.

🏦 Why Banks and Stablecoins Operate Differently

Regulated centralized stablecoins often run a 100 percent reserve model. Everything is cash-equivalent.
Banks don’t. They hold a mix of cash, loans, corporate bonds, and government bonds. This is fractional reserve banking.
Reserve requirements for banks used to be a monetary policy tool, but in today’s ample-reserves environment, they don’t serve that role anymore.

🧊 So Where Does This Leave Tether

Tether holds over 50 percent in reserves. That’s high compared to banks, but less than the 100 percent required of regulated onshore stablecoins. From a liquidity lens alone, Tether looks like a normal fractional reserve institution.

⚠️ The Real Issue Is the Rest of the Portfolio

Tether holds collateralized loans, bitcoin, gold, and other opaque assets. These are volatile, illiquid, or not USD-denominated.
In traditional banking, higher-risk assets require higher capital. Crypto, gold, or volatile investments often demand huge capital buffers because they can swing hard.
Tether doesn’t operate under prudential regulation, so no one forces them to scale their equity to match their risk. That’s the core concern.

🛡 Factors That Reduce the Risk

● USDT demand is sticky. Many tokens may never be redeemed.
● Tether prints strong profits that could be retained to strengthen its balance sheet.
● The company has off-balance-sheet assets like mining, AI datacenters, and other investments that could theoretically be deployed to cover losses.

Tether takes on unnecessary balance sheet risk, but a near-term collapse is unlikely.
Still, the risk-adjusted return of holding USDT is worse than alternatives, and it’s only practical when counterparties require it.

Clear language helps here. Reserves show liquidity. Backing shows solvency. Fractional reserves aren’t bad on their own. They just need sensible capital and liquidity rules.

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📊 Bitcoin Is Still the Wildest Asset in the Market

A new return table from 2011 to today shows the same pattern we have seen for more than a decade. Bitcoin never sits in the middle. It is either the top performer or the worst performer.

➡️ This year it sits at −3%, the weakest result on the entire chart. At the same time it has never posted two negative years in a row. Every year with a negative return has been followed by a strong rebound.

➡️ The table makes the contrast obvious. Stocks, bonds, commodities and real estate move in steadier cycles and often cluster around average outcomes. Bitcoin keeps jumping between the very top and the very bottom almost every single year.

This mix of extreme volatility and long run outperformance is rare. If the pattern holds, the setup into 2026 looks much more promising than the current −3% headline suggests.

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🚨 Crypto Kidnappings Are Rising. Here’s How To Stay Safe

Physical attacks on crypto holders are no longer rare. Kidnappings, fake delivery men, home invasions and OSINT-driven targeting have already cost victims hundreds of millions this year. One of the latest cases happened in San Francisco, where a thief posing as a courier tied up a man and stole $11M.

Here’s the reality and what actually keeps you safe.

🧠 What Risks You’re Most Likely To Face

Most people will never face a coordinated kidnapping. You’re much more likely to meet low-skill thieves watching for opportunity.
● Someone who overheard you brag about crypto
● A stolen laptop or phone with a wallet still logged in
● A mugging around a crypto event where you stand out in merch

But there are organized crews. Europe saw multiple kidnappings run by groups with houses, fake plates, OSINT researchers and “delivery” disguises. Victims were held for ransom and tortured to pressure families.

🧱 Become a Hard Target

Attackers don’t want effort. Your job is to stop looking easy.
● Don’t flex wealth on social media
● Don’t reveal locations through photos
● Don’t reuse old usernames tied to your real identity
● Clean leaked info with services like DeleteMe or Optery

A strong public persona is fine. Broadcasting your net worth isn’t.

🏘 Secure Your Home

Most attackers assume your keys are stored at home.
● Never let strangers in
● Use cameras, motion lights, alarms, privacy shades
● Blur your home on Google Street View
● Consider storing keys outside your home, banks’ safety deposit boxes are cheap and secure

🔐 Use Wrench-Resistant Self-Custody

Self-custody is still the best way to hold crypto, just do it right.
● Multisigs (Safe)
● Casa Vaults
● MPC wallets like ZenGo with time locks
Never secure your whole portfolio on a phone or browser extension.

✈️ When Traveling

● Don’t post trips until you’re home
● Pick safe hotels
● Don’t talk crypto with drivers or staff
● Don’t wear crypto merch during events
Blend in, don’t advertise that your house is empty or your bags are full of wallets.

🛡 HNW and Public Figures

If you’re an exec, influencer or known whale, you need extra layers.
● Threat monitoring + privacy services
● Professional security for high-risk travel
● Family briefings on kidnapping scenarios

⚔️ If Something Happens

● Run if you can
● Hide if you can’t
● Fight only when there’s no other option
Noise and resistance attract help. Use panic buttons or emergency apps where possible.

The threat is real, but manageable. Start with your online footprint, make your home harder to approach, and use custody setups that reduce what attackers can force you to do under pressure. The goal is simple: stop looking like the easy win.

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Just a reminder of how insane 2021 was: $AXS went from 7m market cap to 10.5 billion.

We aren't ever seeing runs like this again

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💼 45 Profitable Crypto Niches You Can Dominate

These are the blue oceans in crypto today. Clear buyer demand, weak competition, and huge content gaps. Anyone who shows up with consistent value and a focused offer can rise fast.

💵Finance, Accounting and Treasury

➡️Crypto accounting firms
➡️Crypto tax advisors
➡️Web3 bookkeeping services
➡️Token treasury management consultants
➡️Crypto lenders

©Legal, Compliance and Regulation

➡️Token ICO legal counsel
➡️Web3 compliance law firms
➡️Blockchain dispute litigation support
➡️KYC and AML program setup
➡️Go to market advisory for crypto products
➡️Regional market entry support for MENA, SEA, Africa and LATAM

🛡 Security, Auditing and Risk

➡️Crypto security auditors
➡️Wallet security auditors
➡️Proof of reserves auditors
➡️Smart contract audit teams
➡️Bug detection services
➡️Incident response firms for hacks
➡️Bug bounty program management
➡️Security awareness training for crypto teams

🕯 Market Infrastructure and Trading

➡️OTC desk operators
➡️Exchange listing advisory
➡️Staking infrastructure management
➡️Onchain analytics and reporting for crypto companies
➡️Explorer UI and design studios

📈 Token, Growth and Ecosystem Strategy

➡️Tokenomics design advisory
➡️Referral system design
➡️Affiliate program setup and management

📣 Media, PR and Influence

➡️Web2 style PR agencies for Web3
➡️Tier one media placement specialists
➡️Crisis communications firms
➡️Podcast booking for crypto founders
➡️Reputation management for founders and teams

🎉 Events and IRL Activation

➡️Event production for crypto
➡️Conference booth and sponsor activation agencies

✏️ Branding, Creative and Web Presence

➡️Branding studios for crypto companies
➡️Web design agencies for crypto
➡️SEO agencies for crypto products
➡️Conversion optimization for token landing pages
➡️Content studios for protocols
➡️Short form editing for founders
➡️Explainer video studios for Web3
➡️UGC platforms for crypto brands
➡️Influencer campaign platforms

🖥 Product, UX and Technical Delivery

➡️Email marketing services for crypto companies
➡️B2B sales processes and CRM setup for crypto businesses

💬 Recruiting and Talent

➡️Hiring and recruiting services for crypto roles

The crypto industry is still wide open. These 45 niches are not crowded and most of them suffer from a real content gap. Anyone who shows up with clear positioning and steady value can take the top spot faster than in any other digital market today.

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🔥 CZ vs Peter Schiff

The showdown happens today at Binance Blockchain Week.

💸 CZ will push the case for Bitcoin as digital gold with instant settlement, global liquidity and full transparency.

🔔 Peter Schiff will argue that only physical gold holds real value and that tokenized versions do not fix what he sees as the flaws of crypto.

Who you got winning the debate?

👍 for CZ

👎 for Schiff.

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CZ Binance tricks Peter Schiff into believing the gold bar he gave him was 100% real.

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⚔️ CZ vs Peter Schiff: The Main Points

🥇 Peter Schiff

➡️ Bitcoin has no real utility and depends entirely on buyer belief
➡️ BTC is pure speculation since people hope for price appreciation, not real use
➡️ Gold has industrial, financial and jewelry demand and is needed by banks and governments
➡️ Tokenized gold keeps the digital benefits while preserving the value of the metal
➡️ BTC is down about 40% against gold over the last 4 years
➡️ If large holders exit, buyers will not appear and the market will collapse
➡️ BTC growth comes from marketing, ETFs and hype

💸 CZ

➡️ Value can be virtual just like the internet or social networks
➡️ Bitcoin is used daily for payments, storage and transfers with more speed and lower cost than banks
➡️ Blockchain brings transparency, global access and no intermediaries
➡️ Bitcoin is the largest and most secure network with a massive user base
➡️ BTC is the next generation of money and fits naturally into a digital economy
➡️ Speculation exists in every market and does not remove fundamental value
➡️ Bitcoin supply is capped at 21 million while the real amount of gold on earth is unknown

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