Monitoring shows that First Time Depositor has once again deposited $2 million in USDC into HyperLiquid and opened a long position in ETH with 20 times leverage. At present, the funds have been used to establish high leverage long positions. （Onchain Lens）

Jason Calacanis stated that Tether plans to sell its holdings of 87000 bitcoins. （The Bitcoin Historian）

[Sony Bank Plans to Issue USD Stablecoin in FY2026 in the U.S.] Sony Bank plans to issue a USD-pegged stablecoin in the U.S. as early as FY2026. Sony Group intends to use this stablecoin for payments within its ecosystem for gaming and anime content.

[HashKey Passes HKEX Hearing, Becomes Hong Kong's Largest Licensed Virtual Asset Exchange] According to HKEX disclosure on December 1, HashKey Holdings Limited has passed the HKEX hearing, with JPMorgan, Guotai Haitong, and Guotai Junan International serving as joint sponsors.

**[VC Analysis of Crypto Market Correction Causes and Key Future Factors]** Several venture capital firms believe the recent crypto market correction was primarily influenced by the October 10 liquidation event and tightening macroeconomic conditions. Dragonfly partner Rob Hadick pointed out that low liquidity, insufficient risk management, and flaws in leverage design triggered large-scale deleveraging, increasing market uncertainty. Tribe Capital partner Boris Revsin described this as a "leverage shakeout," which caused a chain reaction. On the macroeconomic front, factors such as cooling rate cut expectations, sticky inflation, and weakening employment data have put pressure on risk assets. Robot Ventures partner Anirudh Pai mentioned that while leading indicators of the U.S. economy have declined, it is still difficult to determine whether this will deteriorate into a full-blown recession. VCs believe the market is in an "initial stabilization phase" but has not yet formed a bottom. Bitcoin has rebounded to around $80,000, with slight improvements in ETF inflows, but overall it remains influenced by factors such as interest rates and inflation. The $100,000 to $110,000 range for Bitcoin is seen as a key level for a sentiment reversal in the market, requiring sustained net ETF inflows and a moderate recovery in derivatives open interest to support it. Some high-quality tokens have already corrected to 2024 valuation levels, making on-chain fundamentals more attractive.