Bitmine purchases 41946 ETH worth approximately $131 million

[Vanguard Group Warns Japan's Neutral Rate is Underestimated, Recommends Underweighting Short-Term JGBs] Trillion-dollar asset management giant Vanguard Group has warned that the market is significantly underestimating Japan's neutral interest rate level. The group's Global Head of Rates, Haralambos, stated that the Bank of Japan may need a higher interest rate level than the market expects to curb inflation and predicted that the central bank will continue to raise rates at its December 19 meeting. Japan's current policy rate is 0.5%, with the neutral rate estimated to be between 1% and 2.5%. Vanguard Group recommends investors underweight Japanese short-term government bonds, suggesting that underweighting the short end of the yield curve is a risk-avoidance strategy.

[Delphi Digital: The Fed's Liquidity Buffer Depletion May Impact the Crypto Market] Delphi Digital stated that the Federal Reserve's reverse repurchase agreement (RRP) balance has dropped from over $2 trillion to nearly zero, depleting the liquidity buffer. In 2023, the RRP absorbed Treasury issuances to supplement the Treasury General Account (TGA), preventing the depletion of bank reserves. As the RRP balance bottoms out, future Treasury issuances or TGA rebuilding will directly consume bank reserves. The Federal Reserve may choose to expand its balance sheet to provide liquidity, marking a shift from withdrawing liquidity to reinjecting it. Combined with the end of quantitative tightening (QT) and the reduction of the TGA, marginal liquidity has turned net positive for the first time since early 2022, potentially removing a key headwind for the crypto market.

[Polymarket User Accurately Bets and Earns $1.15 Million, Faces Insider Trading Allegations] Polymarket announced the 2025 Google search trend results yesterday, with the unexpected victory of the relatively unknown singer d4vd. A user with the alias 0xafEe made precise bets on all major candidates, earning $1.15 million, sparking allegations of insider trading. The user not only correctly predicted d4vd's victory (with only a 0.2% win probability) but also accurately forecasted the defeat of popular figures such as Pope Leo XIV and Trump. The user later changed their nickname, raising further suspicions. Polymarket veteran user Car questioned on the X platform whether this individual might be an internal employee, though others argued that this reflects how prediction markets align more closely with real probabilities.

Bitwise Chief Investment Officer Matt Hougan stated that the company does not need to sell Bitcoin as it has sufficient cash reserves and no debt due before 2027. （Cointelegraph）

[Huang Licheng Partially Closes ETH Long Position, Profit Around $90,000] On December 5, according to monitoring by HyperInsight, Huang Licheng partially closed his ETH long position, earning a profit of approximately $90,000. The current size of his ETH long position is about $35.41 million, with an unrealized profit of $1.3 million (93%) at an average price of $3,043. Huang Licheng's HYPE long position was fully closed this morning, resulting in a loss of approximately $270,000. On the evening of November 24, this address deposited approximately $1 million into Hyperliquid and opened an ETH long position at $2,822, with a position size of about $13.5 million. Over the course of 12 days, the position was continuously rolled and partially closed, with the principal increasing to $2.55 million.