Asset Management Giant Tidal Investments Acquires Approximately $60 Million in Strategy Stock

On December 2, Coinglass data reveals the top net outflows and inflows of cryptocurrency spot funds over the past 24 hours: **Largest Net Outflows:** - ETH: $126M - XRP: $116M - ZEC: $18.2M - COMP: $11.26M - DOGE: $10.9M **Largest Net Inflows:** - BTC: $21M - USDE: $5.26M - TRX: $5.21M - AAVE: $3.28M - HYPE: $3.09M

On December 2nd, Tron founder Justin Sun announced on X that Tron has completed a HKD 10 million donation to the Tai Po Welfare Fund—supported by the Hong Kong SAR Government in partnership with HTX—to back rescue efforts related to Hong Kong’s Tai Po fire.

On December 2, Reuters reported that the European Stablecoin Association (ESA) has named Jan-Oliver Sell—formerly with Coinbase Germany—as its CEO. Floris Lugt, ING’s Head of Digital Assets, will serve as CFO, while Howard Davies, ex-Chairman of the UK’s NatWest Bank, has been tapped as Chairman. French lender BNP Paribas has also joined the alliance. Earlier this September, nine major European banks—including ING, Banca Sella, and KBC—announced plans to launch a euro stablecoin project regulated under MiCA, aiming to counter U.S. dominance in digital payments.

On December 2nd, data from DefiLlama reveals most perpetual DEXs (Perp DEXs) recorded a sharp rebound in 24-hour trading volume over the past day. Lighter, Aster, and Hyperliquid all saw volumes surge above $10 billion—marking their first such levels in nearly 10 days. Below are key metrics for select Perp DEXs: - **Lighter**: 24h volume ~$118.8B | TVL ~$12.2B | Open interest ~$16.1B - **Aster**: 24h volume ~$110.5B | TVL ~$14.1B | Open interest ~$26.5B (ref: https://www.asterdex.com/en-US/referral/aboter) - **Hyperliquid**: 24h volume ~$102.2B | TVL ~$42.8B | Open interest ~$59.2B (ref: https://app.hyperliquid.xyz/join/NTOD) - **EdgeX**: 24h volume ~$65.2B | TVL ~$4.2B | Open interest ~$7.56B - **ApeX**: 24h volume ~$27.5B | TVL ~$47.06M | Open interest ~$29.24M - **Variational**: 24h volume ~$14.7B | TVL ~$72.86M | Open interest ~$3.31B - **Backpack**: 24h volume ~$12.2B | TVL (not disclosed) | Open interest ~$1.96B - **Pacifica**: 24h volume ~$5.75B | TVL ~$41.28M |

On December 2, U.S. 10-year Treasury yields rose to 4.086%—a roughly 3.12% rebound from their recent low of 3.962%—driven by the Bank of Japan’s (BOJ) rate hike signal, per market data. Japanese investors are the largest foreign holders of U.S. Treasuries. The market broadly expects that when the BOJ lifts rates and Japanese Government Bond (JGB) yields climb (e.g., the 10-year JGB yield breaking the 1% threshold), Japanese capital will no longer need to absorb exchange rate volatility to buy U.S. bonds. Instead, they will sell U.S. Treasuries, repatriate funds to Japan, and purchase domestic bonds. Falling U.S. bond prices will push Treasury yields higher, raising global U.S. dollar borrowing costs and weighing on risk assets. The recent jump in 10-year U.S. Treasury yields reflects the market’s reaction to the BOJ’s rate hike signal.

**December 2nd Brief** MicroStrategy signaled for the first time it could sell Bitcoin holdings, breaking its long-held "never sell" policy. The firm announced it has secured a $1.44 billion cash reserve via a funding raise to weather a potential Bitcoin winter. It noted it may offload a portion of its Bitcoin if its internal mNAV metric drops below 1 and refinancing options are exhausted. Coupled with pressure from ~$820 million in convertible bonds, the news sent MicroStrategy’s stock tumbling over 12% intraday Monday, pushing its year-to-date drop to ~40%. Bitcoin slid over 4% in tandem. BiyaPay analysts say this move signals top institutions are prepping an "abandon ship to save the king" play for extreme market scenarios, which could amplify short-term volatility for Bitcoin and related equities. Users can trade U.S. stocks (including MSTR) and Bitcoin with USDT on BiyaPay, but the priority now is managing leverage and position sizes to avoid forced liquidation amid hig