JPMORGAN LAUNCHES FIRST TOKENIZED MONEY MARKET FUND ON ETHEREUM: INFINITYHEDGE VIA WSJ

* JPMORGAN TO SEED FUND WITH $100 MILLION INTERNAL CAPITAL

* JPMORGAN SEES 'MASSIVE' INTEREST IN TOKENIZATION FROM CLIENTS

Details:
* JPMorgan will seed the fund with $100 million of its own capital, and then open it to outside investors on Tuesday.

* Called My OnChain Net Yield Fund, or "MONY," the private fund is supported by JPMorgan's tokenization platform, Kinexys Digital Assets, and will be open to qualified investors, or individuals with at least $5 million in investments and institutions with a minimum of $25 million.

* Investors can subscribe to the MONY fund through the bank's Morgan Money portal, a money-market investing platform. In exchange, they will receive digital tokens in their crypto wallets.

The Week Ahead: infinityhedge

Mon:
* Cboe Futures to offer trading in Continuous Futures for BTC and ETH
* Saylor expected announce another BTC purchase

Tue: U.S. combined Oct & Nov Nonfarm Payrolls (Powell cited a weakening labor market as the main reason for cutting rates). Economists project a 50,000 increase in payrolls and a 4.5% unemployment rate, consistent with a sluggish, but not rapidly deteriorating, labor market. Fall in payrolls could help extend the rally and pull forward the first full rate-cut pricing from June to April.

Wed:
* Coinbase to launch prediction markets and tokenized stocks
* Fed’s Williams speaks

Fri:
* BOJ expected to hike rates (first hike since Jan) (Investors will keep a close eye on Ueda’s post-meeting press conference for clues on how many more rate hikes could lie ahead)
* Putin to hold a televised event
* Deadline for the U.S. Department of Justice to release Jeffrey Epstein-related files

TBA/Whole Week: Ukraine-US talks to continue as Ukraine willing to drop NATO ambitions

ICYMI:
* Vanguard Equity Quant Says Bitcoin Still a ‘Digital Labubu’ Toy, For Now.
* Tether Blocks Investor Sales While Pitching $20 Billion Funding
* Five cryptocurrency firms (Circle, Ripple, BitGo, Fidelity and Paxos) received preliminary approval to perform certain banking functions (they can hold assets in custody) from a US regulator on Friday.
* Wall Street Hedged Big Crypto Bet in $500M Ripple Deal. Two of the funds that put in money assessed that at least 90% of the company’s net asset value derived from a token XRP. The funds investing in Ripple were given the option to sell their shares back to Ripple after 3 or 4 years at a guaranteed annualized return of 10%.
* SpaceX Sets $800B Valuation, Confirms 2026 IPO Plans that would be aimed at funding an “insane flight rate” for its developmental Starship rocket, AI data centers in space and a base on the moon.

https://infinityhedge.substack.com/p/the-7-days-fe1

OCT+NOV. NFP PREVIEW: INFINITYHEDGE

NFP DATA IN 50MIN ⌛

NOV. CONSENSUS: +50K
PREV. +119K (SEPT.)

JPM:
OCT: -25K
NOV: +50K

GS:
OCT: +10k
NOV: +55k

BofA:
OCT.: -65k
NOV.: +50k

* Powell cited a weakening labor market as the main reason for cutting rates in December.
* BE: There won’t be an unemployment reading for October, and the November data were collected later than normal. That could introduce what Fed Chair Jerome Powell called ‘technical’ issues, such as problems with seasonality adjustment.

*US OCT. NONFARM PAYROLLS FALL 105K M/M; EST. -25K

*US AUG PAYROLLS REVISED TO -26K FROM -4k

*US SEPT. PAYROLLS REVISED TO +108K FROM +119K

*US NOV. NONFARM PAYROLLS RISE 64K M/M; EST. +50K

*US NOV. UNEMPLOYMENT RATE 4.6%; EST. 4.4%

* FEDERAL GOVERNMENT OCT. CHANGE: -162K

* FEDERAL GOVERNMENT NOV. CHANGE: -6K

* EX GOVT, OCT +57K, NOV +70K

* OIL HITS 5-YEAR LOW: INFINITYHEDGE

* Russia Oil Prices Also Hit Lowest Since War Began on Western Pressure

* Russian Oil down 28% over the last three months, with recent restrictions targeting oil giants Rosneft PJSC and Lukoil PJSC widening the markdowns.

* Indian imports (largest importer) of Russian oil are expected to fall to ~800kbpd in Dec. 2025 (~50% drop). Jan 2026 forecast is just 500kbpd lowest in 4 years)

* Russia need Oil revenue to fund its war. Oil and Gas revenues accounted for 25% of Russia's federal budget. Oil and Gas revenues in Dec. is at 4-year low per rtrs.

* Russia needs to refill its war chest, which is now down to $1b/week vs $2b back in the summer.

TRUMP: WILL BE GIVING AN ADDRESS TO NATION TOMORROW NIGHT AT 9PM EST, LIVE FROM WHITE HOUSE

* Trump's Address Will Be About Accomplishments, What's To Come Next, Maybe Tease New Year Policies: White House

TESLA SHARES HIT ATH

*BINANCE EXPLORING US COMEBACK STRATEGY INCLUDING A POTENTIAL RECAPITALIZATION THAT COULD REDUCE CZ'S MAJORITY STAKE: INFINITYHEDGE VIA BBG

*BINANCE ALSO PURSUING CLOSER RELATIONSHIPS WITH BLACKROCK INCLUDING ADDITIONAL PRODUCTS AND POTENTIAL REVENUE-SHARING ARRANGEMENTS

*BINANCE URGENTLY SEEKING US MARKET REENTRY BEFORE POTENTIAL DEMOCRATIC POLITICAL SHIFT IN MIDTERM ELECTIONS

*WE CANNOT COMMENT ON HYPOTHETICAL STORYLINES, NONE OF THESE SPECULATIVE SCENARIOS REFLECT ACCURATE FACTS: BINANCE SPOKESPERSON

* SILVER SURPASSES GOOGLE TO BECOME THE 4TH LARGEST ASSET BY MARKET CAP: INFINITYHEDGE

*US NOV. CONSUMER PRICES RISE 2.7% Y/Y; EST. +3.1%

*US NOV. CORE CPI RISES 2.6% Y/Y; EST. +3.0%

*U.S. CORE CPI EASES TO SLOWEST PACE SINCE 2021

Views:
* GS: canceling of the Oct report makes MoM comparisons impossible...Fed will instead focus on the Dec. CPI for more accurate bellwether for inflation.

* Omair Sharif: This is totally inexcusable. BLS just assumed rent/OER were zero for Oct....There is just no world in which this was a good idea... (While he says there may be a good technical reason for doing so, the end result has distorted the data)

BE: One notable takeaway from the October-November CPI report is that inflation in most tariffed-exposed goods categories is peaking or has already peaked. Businesses slashed prices in November amid holiday sales events. Food-price growth slowed sharply in both months.

* Also Remember what Powell said last week. There may be quality issues with these numbers, given gov shutdown. Both inflation & labor market data “may be distorted,” he said. He called out the CPI specifically in saying “we’re going to look at that really carefully and understand that it may be distorted by very technical factors."

“All told this is a positive report, that comes with an asterisk."

BOJ RAISES INTEREST RATES TO 30-YEAR HIGH AS EXPECTED, FIRST HIKE SINCE JANUARY 2025: INFINITYHEDGE

JAPAN 10-YEAR YIELD HITS 2%, HIGHEST SINCE 2006: INFINITYHEDGE

TRUMP: THE ONLY REASON OUR UNEMPLOYMENT TICKED UP TO 4.5% IS BECAUSE WE ARE REDUCING THE GOVERNMENT WORKFORCE BY NUMBERS THAT HAVE NEVER BEEN SEEN BEFORE. 100% OF OUR NEW JOBS ARE IN THE PRIVATE SECTOR! I COULD REDUCE UNEMPLOYMENT TO 2% OVERNIGHT BY JUST HIRING PEOPLE INTO THE FEDERAL GOVERNMENT, EVEN THOUGH THOSE JOBS ARE NOT NECESSARY.

DEBASEMENT TRADE CONTINUES: INFINITYHEDGE

*GOLD HITS RECORD HIGH OF $4,420
*SILVER HITS RECORD HIGH OF $69.4
*COPPER HITS RECORD HIGH OF $11,990
*PLATINUM RISES TO 17-YEAR HIGH
*PALLADIUM HITS 3-YEAR HIGH

The Week Ahead: infinityhedge

Mon: Saylor expected announce another BTC purchase

Tue: U.S. delayed Q3 GDP

Wed: Christmas Eve Markets close early

Thu: Christmas Day Markets closed

Fri: $24B worth of BTC Options Expiry: Max Pain Price $96k; Put/Call 0.37; OTM Calls value: $21B; Call options are clustered at strike prices of $100k and $120k, with heavy put option exposure accumulating at $85k.

ICYMI:
* Trump Orders Blockade of Sanctioned Oil Tankers in Venezuela
* Amount of oil held on tankers has risen to 1.3B barrels of “oil on water” - crude held at sea, That is the largest volume since April 2020, when oil consumption cratered due to COVID-19 lockdowns, and about 30% higher than August levels. This spike in supplies on water is partly due to tightening sanctions on Russia.
* NVIDIA, BlackRock, Microsoft Backed Startup PsiQuantum Founder: so we will have useful quantum computers solving meaningful problems across science and technology you know creating new technologies generating revenue, having serious impact way before Qday (break RSA encryption) happens and so we will be forewarned when you start to see people using quantum computers to solve really genuinely important problems then you can think right well maybe Qday is actually 5 years away maybe 10 years away and that’s when you should start to to worry right.

https://infinityhedge.substack.com/p/the-7-days-118

US TO TAKE TARIFF ACTION ON SEMICONDUCTORS FROM CHINA

U.S. SAYS TARIFF ON CHINA SEMICONDUCTORS ZERO UNTIL JUNE 2027

Context: These new tariffs (0% for now but US will announce new tariff rate in 2027) are in addition to the existing 50% Section 301 tariff that's already in place on semiconductors from China.

* SILVER SURPASSES APPLE TO BECOME THE 3RD LARGEST ASSET BY MARKET CAP: INFINITYHEDGE

S&P 500 HITS RECORD HIGH: INFINITYHEDGE

Merry Christmas & Happy Holidays Everyone ☃️ 🎄👻

NVIDIA BUYING AI CHIP STARTUP GROQ FOR ABOUT $20B IN CASH IN ITS LARGEST ACQUISITION ON RECORD: CNBC

Groq was founded by creators of google’s TPU Chip

UPDATE:
Nvidia: We're not acquiring Groq, We're just licensing tech. We will integrate Groq products into future offerings.

Groq entered into a non-exclusive licensing agreement with Nvidia for Groq’s inference technology.

As part of this agreement, Jonathan Ross, Groq’s Founder, Sunny Madra, Groq’s President, and other members of the Groq team will join Nvidia to help advance and scale the licensed technology.

TRUST WALLET EXTENSION MAYBE COMPROMISED ⚠️

ZACHXBT: A number of Trust Wallet users have reported that funds were drained from wallet addresses within the past couple hours. While the exact root cause has not been determined coincidentally the Trust Wallet Chrome extension pushed a new update yesterday.