Former Coinbase VP of Product will join Y Combinator as a Partner, focusing on the crypto space

December 4th — Per Coinbob's Hot Address Monitoring (https://t.me/Coinbob_track_CN), crypto trader Paul Wei adjusted his BTC long position entry today. He raised his long entry level from $83,500 to $91,100, allocating 75% of his funds to the long position. His short target range is set at $94,400 to $99,000 (15% of funds), with 10% of capital reserved. Currently, he holds a 2x-leveraged BTC long position worth ~$1,580, with an average entry price of $90,300. Background: From May 1, 2020, the trader grew his BTC holdings from 1.8 BTC to over 80 BTC in two years. Since November 16, he has traded publicly on Hyperliquid with an initial capital of ~1 BTC, posting a profit of ~$3,300 to date.

**Crypto Market Update: Bitcoin Rebounds Above $94k, But Funding Rates Signal Bearish Sentiment** (Dec 4) — Per data from Coinglass, Bitcoin has driven a quick rebound in the crypto market, briefly topping $94,000 in recent days. However, funding rates across major centralized (CEXs) and decentralized (DEXs) exchanges suggest the market remains bearish. Funding rates for key coins are shown in the attached chart. *BlockBeats Note:* Funding rates are fees set by crypto exchanges to keep perpetual contract prices aligned with underlying asset prices. They facilitate fund transfers between long and short traders—exchanges do not collect this fee. The mechanism adjusts the cost or profit of position holders to narrow gaps between contract and spot prices. - A 0.01% rate is the benchmark. - Rates above 0.01% signal a bullish market. - Rates below 0.005% indicate a bearish trend.

On December 4, market data shows the price of USDT against the Chinese yuan on Binance has fallen below 7, currently trading at 6.99. Meanwhile, the price of USDC against the Chinese yuan is now just 6.96. Previously, BlockBeats reported that the People's Bank of China (PBOC) and over a dozen other departments held a coordination meeting on cracking down on virtual currency trading speculation on November 28 — referred to here as the "1128 Meeting." Lawyer Xiao Sa noted that overall, the 1128 Meeting reaffirms prior positions, and the actual target this time is illegal foreign exchange activities involving stablecoins, which severely disrupt financial order.

On December 4th, on-chain analyst Ai Auntie (@ai_9684xtpa) reported that a whale address has transferred 30,603 ETH (valued at $70.55 million) to Binance and Galaxy Digital since October 28th. The address’s average entry price for the ETH is $3,299. Sources note the address has been accumulating ETH since at least 2017 and has had capital interactions with Fengbushi Capital and FBG Capital.

On-chain analyst Ai Yi (@ai_9684xtpa) noted on December 4th that high-frequency contract trader 0xa43 currently holds a 19,628.65 ETH long position—valued at roughly $63.22 million—with an average entry price of $2,950.23. This address is now the second-largest ETH long position holder on the Hyperliquid platform. Unrealized gains from this position have fully offset losses from the trader’s 17 trades over the past three days.

On December 4, Bio Protocol announced via social media that its BIO token has launched on BNB Chain, enabling users to trade BIO on PancakeSwap. In the coming weeks, additional DeSci tokens will roll out in succession, laying groundwork for Bio’s Launchpad and x402-supported BioAgents on BNB Chain. Bio is building a full-stack solution for DeSci builders and the research community to accelerate scientific progress by 100x. Its roadmap includes: - DeSci Bridge (completed) - Binance platform support for BIO deposits/withdrawals on BNB Chain - x402 BNB for BioAgent payments - Cross-chain DeSci projects - DeSci staking - Bio Launchpad on BNB Chain mainnet - Ignition sale on BNB Chain