[A trader takes profit on a $18.8 million ETH short position, earning $909,000] On December 1, according to monitoring data, a trader opened an ETH short position worth approximately $18.8 million at an average entry price of around $2,991. One hour later, the position was closed, earning approximately $909,000 in profit. As of now, the trader's total earnings on Hyperliquid amount to approximately $10.23 million.

[Bitunix Analyst: Hawkish Signals from the Bank of Japan and Geopolitical Impact Lead to BTC Decline] On December 1, Kazuo Ueda, Governor of the Bank of Japan, released clear hawkish signals, raising the market's probability of a December rate hike by the Bank of Japan to 64%. The yen strengthened, and short-term Japanese government bond yields hit their highest level since 2008. Global capital flows were repriced, putting pressure on the dollar and high-volatility assets. Diplomatic tensions between the U.S. and Venezuela escalated, further intensifying risk-averse sentiment and causing sharp fluctuations in the crypto market. During the Asian trading session, BTC experienced a significant drop, with liquidation volumes rapidly accumulating. After breaking through the $92,300 liquidation zone, the decline accelerated, consecutively hitting liquidity regions at $88,300 and $86,200. Bitunix analysts believe that the structural breakdown of BTC is a typical pattern triggered by high-level liquidation stacking. In the short to medium term, the market is likely to trend downward with fluctuations, and it remains to be seen whether funds can form absorption in the lower liquidity pools.

Ultra-low fees kept monetization in the basis-point range, leaving revenue unable to offset steep losses despite surging Hong Kong trading volumes.

[An address failed to bottom BTC, losing approximately $316,000] Monitoring data shows that an address spent 6 million USDC to purchase 65.65 WBTC at an average price of $91,384 during the market drop in the early hours of November 29. Within the past 5 hours, all holdings have been liquidated at a selling price of $86,563, resulting in a final loss of approximately $316,000.

[The Industry Believes Clear Definition of Stablecoins Will Help Integrate Them into the Financial Regulatory System] Beijing Business Today published an article pointing out that industry insiders believe that after the People's Bank of China clearly defines stablecoins, they will not be regarded as legal tender or payment instruments but will instead be included in the virtual asset regulatory framework, aligning them with similar assets like Bitcoin and Ethereum. This provides a logical basis for their subsequent inclusion in financial regulatory systems such as anti-money laundering and cross-border capital flows. At the same time, the article highlights the root causes of compliance risks associated with stablecoins, noting that underlying risks and asset quality remain difficult to guarantee, with "blow-up" incidents occurring from time to time.