The current mainstream CEX and DEX funding rate display shows that the market sentiment remains bearish.

On December 4, Whale Alert data shows Circle completed two split transactions on the Solana network in the past five minutes, minting a total of 5 billion USDC.

December 4: Cryptocurrency market research firm Delphi Digital took to social media to note that the Federal Reserve’s interest rate path for next year is the clearest it’s been in years. A 25-basis-point rate cut is anticipated in December 2025, bringing the federal funds rate to roughly 3.5%-3.75%. The forward curve points to at least three additional rate cuts in 2026, with rates expected to fall to around 3% by year-end. But rate cuts are only part of the picture. Quantitative tightening (QT) wrapped up on December 1. The Treasury General Account (TGA) is set to draw down gradually instead of being replenished, and overnight reverse repo (RRP) facilities have been fully drained. Together, these factors have created the first liquidity-positive environment since early 2022. The Secured Overnight Financing Rate (SOFR) and federal funds rate have fallen to the upper end of the 3% range. Real interest rates have also declined from their 2023-2024 peaks—but this has been a control

On December 4th, Uniswap founder Hayden Adams took to social media to state that Citadel Securities CEO Ken Griffin—who previously intervened in Constitution DAO—is now pushing the U.S. SEC to regulate DeFi protocol developers as centralized intermediaries. Adams noted that Citadel has long lobbied behind the scenes, and sarcastically dismissed the firm’s claim that DeFi cannot deliver "fair access" as absurd, reflecting traditional market makers’ rejection of open-source, decentralized liquidity mechanisms.

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.

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.