BTC falls below the $88000 mark

[Kalshi Faces Class Action Lawsuit, Accused of Operating Unlicensed Sports Betting Business] Prediction market platform Kalshi is facing a class action lawsuit, accused of operating sports betting activities without obtaining any state gambling licenses and making misleading statements to users through market-making activities. The lawsuit, initiated by seven Kalshi users and filed by the law firm Lieff Cabraser Heimann & Bernstein, alleges that Kalshi promoted its services as 'legal sports betting' and that its affiliated company, Kalshi Trading, acted as a market maker by setting unfavorable odds, turning transactions into bets against the 'house.' Kalshi responded by stating that its business falls under the category of derivatives markets and is solely subject to federal regulation by the U.S. Commodity Futures Trading Commission (CFTC).

[Chainlink Spot ETF Expected to Launch This Week, Grayscale Plans to Convert Private Trust] The ETF Store President Nate Geraci stated that the Chainlink Spot ETF is expected to launch this week, and Grayscale plans to convert or upgrade the Chainlink private trust into an ETF format.

[‘CZ Counterparty’ Whale’s ETH Long Position Faces $26 Million Unrealized Loss, Becomes Hyperliquid’s Largest Long Holder] On December 1, monitoring data showed that the ‘CZ Counterparty’ whale address (0x9ee) currently has an ETH long position on the Hyperliquid platform with an unrealized loss expanding to $18.32 million (-201%). The position size is approximately $149 million, with an average entry price of $3,201 and a liquidation price of $2,443. Additionally, the address holds an XRP long position with a position size of approximately $80.8 million, an average entry price of $2.29, and an unrealized loss of $8.11 million (-100%). On November 2, this address had previously opened a 3x leveraged short position on ASTER after CZ’s purchase, becoming the largest holder of ASTER short positions. It later closed the position at breakeven on November 17 and switched to trading ETH long positions. On November 21, it faced partial liquidation, recording a $7.3 million loss. Currently, it is the largest holder of ETH and XRP long positions on the Hyperliquid platform.

An hour ago, the address pension usdt. eth opened 6358 ETH (worth $18 million) double leverage short positions, and the market subsequently fell. Currently, unrealized profits have reached $1 million. （Lookonchain）

[Bitcoin Falls Below $87,000, Daily Drop Nearly 5%] Bitcoin price has fallen below $87,000, with a daily drop close to 5%.