[Wintermute: Healthier Market Structure, Consolidation Conditions in Place] Wintermute stated that although digital assets have been impacted by the stagnation of AI-driven trends and adjustments to Federal Reserve expectations, the internal market structure is now healthier. Major cryptocurrencies are showing clearer relative strength, market sentiment has been cleared, and excess leverage has largely dissipated. The total open interest in perpetual contracts has dropped from approximately $230 billion at the beginning of October to around $135 billion, primarily due to deleveraging of long-tail assets and systemic capital outflows. Spot market depth and liquidity performed better than expected during the holiday week, with leverage reduction and spot-dominated capital flows making the recovery more orderly. If the macroeconomic environment remains stable, the market may gain more breathing room. The next few days will set the tone for entering the final month of the year.

[A certain whale withdrew 996,000 ASTER from Binance, with total holdings reaching $4.41 million] Monitoring by The Data Nerd shows that 5 hours ago, a certain whale (address 0x1f6...8e7d) withdrew 996,000 ASTER from Binance, valued at approximately $1.17 million. Currently, this whale holds a total of 3.838 million ASTER, with a total value of approximately $4.41 million.

[Matrixport: Bitcoin's Recent Rebound Driven by Sentiment Recovery, Not a New Bull Market Signal] Matrixport released an analysis stating that Bitcoin's recent rapid rebound was primarily driven by the recovery of market sentiment following a significant prior correction. The report mentioned that sentiment indicators had previously fallen to extreme levels, increasing the probability of a short-term rebound, and the current phase of rebound has already materialized. However, the analysis suggests that this is not a signal for the start of a new bull market. The current market structure is complex, with low risk appetite, making this rebound more suitable for short-term tactical trading rather than the beginning of a trend-driven rally.

[Hong Kong Securities and Futures Commission Finalizes Regulatory Framework for Digital Asset Trading and Custody] Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Julia Leung stated that Hong Kong is committed to building a secure and reliable digital asset platform. The regulatory framework for digital asset trading and custody services is currently being finalized, marking the last two pieces of the regulatory 'puzzle' for establishing a robust digital asset ecosystem. The adoption of tokenized financial products in Hong Kong is increasing, with the related market size reaching approximately $3 billion, including green bonds, SFC-approved money market funds, and retail gold products.

Monad’s listing illustrates how low-float launches can anchor valuation even when macro conditions point in the opposite direction, leaving traders mispricing outcomes that hinge more on supply than on sentiment.