[Kamino Criticized for Blocking Users from Using Jupiter Lend's Refinance Tool] On December 4, Solana lending protocol Kamino faced criticism for manually blacklisting the on-chain address of Jupiter Lend's newly launched Refinance tool, preventing users from closing positions through this address. Jupiter core contributor Kash Dhanda expressed dissatisfaction on the X platform, while Fluid co-founder Samyak Jain pointed out that Kamino added a verification mechanism to restrict users from switching to platforms with higher yields. According to DefiLlama data, the total value locked (TVL) in Solana's lending market is approximately $3.7 billion, with Kamino accounting for over 60%. However, its TVL has dropped from $3.71 billion in early October to the current $2.33 billion, a decline of about 30% in two months. As of press time, neither party has publicly responded to the matter.

[CryptoQuant: Strategy Establishes USD Reserve Fund to Address Bitcoin Bear Market] CryptoQuant's report states that Strategy has established a USD reserve fund covering 24 months, aiming to address potential long-term corrections or sideways movements in Bitcoin and mitigate the risk of declining acceptance of equity financing in capital markets. CryptoQuant points out that this 'dual reserve model of USD and Bitcoin' can reduce the risk of being forced to sell Bitcoin during market downturns. However, it also signifies a shift in Strategy's approach, moving away from continuously purchasing Bitcoin through stocks and convertible bonds. The report suggests that this shift may weaken demand during Bitcoin bull market cycles, but the USD reserves and hedging capabilities help reduce the risk of sell-offs caused by financial pressure, contributing to market stability in the long term. Strategy's management stated that to protect Bitcoin reserves, the company will adopt more flexible strategies, including cash buffers, hedging, and selective liquidation.

Monitoring shows that a newly created wallet with 20 times leverage has completely closed its BTC short position, resulting in a loss of $3.2 million. The high leverage short position previously opened by the wallet failed to generate profits, ultimately resulting in losses. This liquidation has ended the trading activity of the wallet. （Onchain Lens）

Revolut Bank now supports Solana's payment, transfer, and staking functions, providing users with more cryptocurrency service options. （Cointelegraph）

[Bull Whales Expand Unrealized Gains, Updates on Some Whale Positions] According to monitoring by HyperInsight, the recent market recovery has led to bull whales expanding their unrealized gains or turning losses into profits. Updates on some whale positions are as follows: 1. Huang Licheng: Closed part of his long positions in ETH, ZEC, and HYPE over the past 2 hours. Currently holds $29.46 million in ETH long positions with unrealized gains of $2.03 million (171%); holds $3.41 million in HYPE long positions with unrealized gains of $140,000 (43%). 2. "CZ Counterparty": Unrealized gains of $460,000 on ETH long positions, which had unrealized losses of $21 million two days ago. Position size is approximately $168 million, with an average price of $3,201. XRP long positions total $85.38 million, with an average price of $2.29, and unrealized losses of $3.63 million (-42%). 3. "Largest ZEC Bear on Hyperliquid": Holds $48.72 million in ETH short positions with unrealized gains of $5.5 million (168%); holds $10.12 million in ZEC short positions with unrealized gains of $2.01 million (99%). 4. "Suspected XPL Insider" Whale: After being inactive for over 10 days, opened 5x leveraged ETH long positions and 7x leveraged SOL long positions, with a total position size of $6.19 million. 5. James Wynn: Holds 40x leveraged BTC long positions with unrealized gains of $240,000 (340%) and a position size of $2.88 million. Previously attempted to short SOL but closed those positions shortly after opening.