Analyst: The BEAT team's associated wallet transferred $1.2 million worth of tokens to a CEX, raising suspicions of profit taking.
On December 8, Onchain School monitoring data shows that a wallet address linked to the BEAT team transferred tokens worth roughly $1.2 million to Gate approximately 17 hours prior. As of now, these tokens remain in the exchange’s deposit address and have not been further transferred or traded.
However, analysis reveals that some of the BEAT team’s holding wallets have already executed small-scale transactions, suggesting potential future profit-taking moves.
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On Polymarket, the probability of "Fed Rate Cut in December" is as high as 93%, while the probability of "No Rate Cut in January" has risen to 68%.
This week, on Wednesday, December 8, the Federal Reserve will release its December interest rate decision.
Currently, Polymarket pegs the probability of a 25-basis-point Fed rate cut in December at 93% — marking a high level of market consensus for a cut this month.
Additionally, the Fed will announce its January interest rate decision on January 28 next year. As of press time, the chance of **no rate cut** in January has risen to 68%, while the probability of a cut stands at just 27%.
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On-chain meme trading activity is on the rise, with Franklin, DOYR, and others driving market sentiment back up.
December 8th — According to market data from GMGN (via
this link), on-chain meme coin trading activity has picked up as mainstream cryptocurrencies rebounded. Some meme coins have delivered standout performance, including:
- In the Solana ecosystem: Meme coin Franklin has logged over $20 million in trading volume in the past 24 hours, with its market cap topping $13 million just six days after launch.
- PIPPIN, following a two-week rally, has pulled back. It recorded $20.9 million in trading volume over the past day, with its current market cap at $177 million. Analysts previously noted unusually strong bullish control over the token.
- In the BSC ecosystem: Meme coin DOYR briefly surged above a $20 million market cap over the weekend, with daily trading volume hitting $22.6 million. As of press time, its market cap has fallen to $6.63 million.
BlockBeats reminds users that meme coin prices are highly volat
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「Abraxas Capital」 recently closed its ETH short position again, with total closures exceeding $200 million since November.
As of Dec. 8, per HyperInsight monitoring, two addresses linked to Abraxas Capital (0x5b5, 0xb83) have consistently closed ~$10.26M worth of ETH short positions over the past two days.
### Key Position Details:
- Current size: ~$51.57M
- Average entry price: $3,522
- Unrealized profit: $6.68M (130% return)
- Realized profits from funding rate settlements: $13.61M
Per ongoing tracking, Abraxas Capital has been cutting its ETH short position since early November—shrinking from $267M to $51.57M, totaling $217M in closures. A portion of the proceeds was used to boost HYPE spot holdings, with the current position standing at ~$53.84M.
Additionally, the two addresses have closed most of their 22 prior short positions, now holding only 3 positions above $200k: ETH shorts, HYPE shorts, and FARTCOIN shorts. Previously, they were Hyperliquid’s largest short whale.
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Wu Chi-chung Re-elected as Member of the Eighth Legislative Council of Hong Kong, Pledges to Further Promote Web3 Development in Hong Kong
On December 8, the election for the 8th Legislative Council of the Hong Kong Special Administrative Region (HKSAR) concluded, with Legislative Council member John Wu securing re-election with 1,311 votes.
Wu noted, “This election was highly competitive, and I’m deeply honored to be re-elected. Over the next four years, I’ll continue advancing my policy agenda, driving growth in Hong Kong’s finance and technology sectors—especially Web3, artificial intelligence, and related industries—to create new economic growth engines for the region.”
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Wall Street expects Powell to "hawkishly cut rates" this week, with the Fed facing its biggest internal dissent in years
Dec. 8 — While another Federal Reserve rate cut is all but certain, the key question is how Chair Jerome Powell will frame the outlook for further monetary easing next month. With Fed policymakers split increasingly between hawks and doves, Powell faces a tricky balancing act at this week’s central bank meeting. Wall Street is betting on a “hawkish rate cut”: after delivering this month’s dovish-aligned cut, Powell may refrain from signaling a January rate reduction to placate the Fed’s hawkish wing.
In a report Friday, a Bank of America analyst noted: “Powell is confronting the most divided FOMC in recent years. As such, we expect he’ll again balance the expected rate cut with a hawkish tone at the press conference, as he did in October.” But the Fed chair has repeatedly stressed policymakers have no preset policy path — rate moves will hinge on incoming data. For that reason, BofA is doubtful Powell can pull off the “hawkish rate cut” easily, particularly given the slew of market-
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