Fed Decision Preview: More Important than Rate Cut is Balance Sheet Signal
**Dec. 9 (Jin10)** — Foreign media analyses note the Federal Reserve officially ended its balance sheet reduction on Dec. 1. Bank reserves have fallen to historically low levels tied to funding constraints, while the Secured Overnight Financing Rate (SOFR) has periodically breached the upper bound of the Fed’s policy rate corridor. The trend suggests the U.S. banking system is gradually slipping into a liquidity crunch.
Against this backdrop, the most critical signal from the latest FOMC communication may not be a 25-basis-point rate cut, but the direction of the Fed’s balance sheet strategy. The central bank is expected to clarify—either directly or via its implementation note—how it will transition to a Reserves Management Purchase (RMP) program.
Evercore ISI forecasts the program could launch as early as January 2026, with monthly Treasury purchases of roughly $35 billion, driving annual balance sheet expansion of more than $400 billion.
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The EU has launched an antitrust investigation into Google's use of online content for AI-related purposes
On December 9, Reuters reported that the European Commission has launched an antitrust investigation into Google to determine if its use of online publishers’ and YouTube creators’ content for AI-related purposes violates EU competition rules.
In a statement, the EU outlined the probe’s focus: whether Google imposes unfair terms on publishers and content creators, or secures privileged access to such content for itself. Either practice, the bloc said, would distort competition and put rival AI model developers at a disadvantage.
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A certain whale is accumulating 98.856 million RLS, approximately $1.51 million
On December 9th, monitoring data from TheDataNerd shows that 13 hours prior, the whale wallet "0x3A0" withdrew 2.94 million RLS tokens from Coinbase—valued at roughly $47,230.
Currently, the whale holds a total of 98.856 million RLS (equivalent to approximately $1.51 million), with an average entry price of around $0.026. No sales of these tokens have been recorded for this whale to date.
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Viewpoint: Hyperliquid's biggest moat is its Tokenomics, with a 30% token airdrop and a community-friendly low-price TGE.
On December 9, cryptocurrency analyst pickle highlighted that Hyperliquid’s biggest competitive moat stems from its tokenomics.
Rivals like Lighter and other perpetual futures DEXs (Perp DEXs) can match its premium UX/UI, and even mask fees through "payment order flow"—which creates the appearance of lower costs—to attract and retain liquidity.
Yet Hyperliquid’s tokenomics stand out: it hasn’t allowed venture capitalists (VCs) to secure massive token stakes at steep discounts, only to offload them for outsized profits later. This advantage is uncopyable.
Most notably, its 30% token allocation for an airdrop—enabling the community to enter at low prices ahead of a subsequent uptrend— is a strategy no competitor can replicate.
Per market data, the HYPE token has fallen to its lowest point since May 21, currently trading at $27.7, with a 9.1% drop in the past 24 hours.
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Insight: Those who stay true to their beliefs in the long run will succeed in the market, while those trapped by short-term thinking will fail
On December 9, Nick Tomaino—founder of crypto venture capital firm 1confirmation—tweeted:
“Here’s the reality in crypto right now: Those who’ve stuck to their convictions long-term will eventually prevail. Meanwhile, folks chasing clout and cash, caught up in short-term optics, are on a losing streak. This applies to everyone—whether you’re an 18-year-old new to crypto looking to make some money, or a 45-year-old founder who’s raised millions in VC funding and is trying to build a hit app. Let’s lean in and build the future together.”
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Binance Alpha will list Midnight (NIGHT) with a loyalty point airdrop threshold of 230 points.
**Binance Alpha Midnight (NIGHT) Launch & Airdrop Update**
- Binance Alpha is launching Midnight (NIGHT) on **December 9, 2025**.
- Alpha trading for NIGHT kicks off at **17:00 UTC+8** that day.
### Airdrop Rules:
- Users with **at least 230 Alpha Points** can claim 600 NIGHT tokens via the activity page.
- *While the event is active*: The point threshold drops by 10 points every 5 minutes automatically.
- Claiming the airdrop uses 15 Alpha Points.
- Users have **24 hours** to confirm their claim on the Alpha activity page—unconfirmed claims are forfeited.
### Notes on American English Adjustments:
1. **Date Format**: Swapped to *month/day/year* (standard for U.S. contexts).
2. **Casual, Concise Language**: Used "kicks off" (instead of "will start") and "drops" (instead of "decrease") for natural, news-like tone.
3. **Clarity**: Split into scannable sections (launch/trading + airdrop rules) — common in U.S. crypto alerts.
4. **Directness**: Replaced "deemed as
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