10 #Bitcoin ETFs outflows 4,964 $BTC(-$458.3M) and 9 #Ethereum ETFs outflows 4,701 $ETH(-$15.21M) yesterday.

**China Confirms Digital Yuan Push, Reaffirms Virtual Currency Ban** On December 14, Wang Yongli—former vice president of a Chinese bank—wrote in a WeChat Official Account article that since May 2025, the U.S. and Hong Kong, China have been actively advancing legislation for stablecoins and cryptocurrencies (digital assets). The U.S. has also pushed for bills to ban digital dollar issuance, sparking a global wave of stablecoin and crypto legislation and development. This has sparked debate in China over whether to aggressively promote renminbi stablecoin legislation and development, as well as whether to continue advancing the digital yuan. The People’s Bank of China (PBOC) subsequently announced it would optimize the digital yuan’s position in the monetary hierarchy, further refine its management system, and actively drive its rollout. On November 28, the PBOC and 13 other departments jointly held a **Coordination Mechanism Meeting on Combating Virtual Currency Trading and Sp

On December 14th, Charlie Noyes—General Partner at crypto venture capital firm Paradigm—announced his resignation from the role. Notably, he will remain involved with Kalshi as a board observer alongside Paradigm co-founder Matt Huang, and continue supporting the firm’s portfolio companies and founders. A key background point: Noyes was Paradigm’s first employee, and was just promoted to General Partner this past February.

**Quick Update: China’s Yuzhi Financial Exposed as Virtual Currency Ponzi Scam** On December 14, *The Economic Observer* reported that China-based Yuzhi Financial Co., Ltd. ran a fund scam under the guise of virtual currency trading. The firm and its affiliated platforms (including HSEX) marketed false Bitcoin contract trades, promising: - Fixed 1% daily static profits - Extra “dynamic rewards” for referring new investors - Minimum 7,400 yuan investment - Up to 370.6% cumulative returns in 30 days (or doubling during annual events) In reality, no real trades occurred—Yuzhi relied on new investors’ funds to pay old ones (a classic Ponzi scheme). **Withdrawal Restrictions:** - Nov 27–Dec 7, 2025: Blocked all user withdrawals - Starting Dec 8: Cited “wash trades” to impose 30% withdrawal fees + 20% “self-certified margin” for cashouts, triggering a “soft exit scam” and double losses for investors **Risk Alerts & Clarifications:** - Local bodies in Xinyi (Guang

On December 14, Kalshi’s prediction market for “Best AI by the End of 2025” shows Google’s Gemini has surged to an 86% win probability, with OpenAI’s ChatGPT at 8% and xAI’s Grok at 6%. Trading volume for this market has hit $14.08 million. Notably, earlier this year, Gemini held just 30%, ChatGPT 41%, and Grok 14%. Final settlement will be based on LM Arena leaderboard data.

On December 14, CME’s FedWatch Tool showed the following probabilities for Federal Reserve rate moves: - **January 28, 2026 FOMC meeting**: 24.4% chance of a 25-basis-point rate cut; 75.6% chance of holding rates steady. - **March 18, 2026 FOMC meeting**: 50.5% chance of holding rates steady; 41.4% cumulative probability of a 25-basis-point cut; 8.1% cumulative probability of a 50-basis-point cut. The Fed’s next two FOMC meetings are scheduled for January 28, 2026, and March 18, 2026.

On December 14, the Justice Network of the *People's Procuratorate Daily* (Supreme People's Procuratorate of China) published an article titled *Establishing a Multi-Faceted Judicial Disposal Path for Criminal Virtual Currency Cases*, outlining three core measures: liquidation, destruction, and restitution. The author is a first-level researcher and Party Committee member of the Third Division of the Beijing People's Procuratorate, who also serves as a professor and doctoral supervisor at Capital University of Economics and Business’s Law School and a research assistant at its Anti-Corruption and Rule of Law Research Center. Key points from the article include: First, clarify third-party institutions’ legal status and role. Under current laws, third-party entities lack explicit authorization to participate in criminal asset disposal. Future legislation could designate them as judicial auction assistants via a special criminal asset disposal procedure, granting exclusive "one-time, t