BREAKING: $435 million has been liquidated from the cryptocurrency market in the past 12 hours.

U.S. Treasury market volatility has reached historic highs. The MOVE Index, a gauge of Treasury market volatility, jumped 19% last week, marking its largest single-week gain since the "Liberation Day" in April 2025. Dubbed the "bond market’s VIX", the index tracks yield volatility of 2-year, 5-year, 10-year, and 30-year U.S. Treasuries, representing its third-largest single-week increase since the 2022 bear market. Over the same period, the 10-year U.S. Treasury yield rose 17 basis points last week to 5.17%, its highest level since June 2007. The 30-year U.S. Treasury yield climbed 16 basis points to break above 5.50%, a first since June 2004. For context, during the week of March 17, 2023—after three regional banks collapsed amid the U.S. banking crisis—the MOVE Index surged 29% in a single week. The current U.S. Treasury market is experiencing near-crisis-level volatility.

According to Bitget's market data, Hong Kong-listed large language model concept stocks continue to decline. Zhipu fell more than 5.6% intraday, while MINIMAX dropped over 10%.

According to on-chain analyst Ai Yi (@ai_9684xtpa), a GNGN-associated address deposited 6,100 ETH worth $16.38 million to Coinbase 8 hours ago. Tracing back, the ETH was bridged from the Robinhood Network to the Ethereum mainnet six days ago, and is likely Robinhood Network fee revenue.

Beating AI Express News: The Information, citing two people familiar with the matter, reports that Chinese officials are considering allowing companies including ByteDance and Alibaba to purchase NVIDIA RTX PRO 5500. The Ministry of Industry and Information Technology (MIIT) recently requested these firms to submit their planned purchase volumes and intended uses, and has indicated to some companies its intention to approve the applications. However, the exact approval timeline and allowed purchase quantities remain undetermined. ByteDance is considering procuring around 1 million units of the RTX PRO 5500, with the final number subject to approval results and NVIDIA’s supply capacity. Unlike data center AI chips such as the H200, this card is NVIDIA’s newly launched Blackwell workstation GPU this month, equipped with 84GB GDDR7 video memory. NVIDIA positions it as a rackmount workstation product, explicitly supporting large model inference, AI agents and generative AI. The report also notes that some Chinese buyers plan to install 8 RTX PRO 5500 per server to run AI models. NVIDIA plans to begin shipments in late December, aiming to supply approximately 500,000 units to China every quarter. If ByteDance ultimately purchases 1 million units, its order alone would equal NVIDIA’s planned China supply for two quarters. Chinese enterprises still face a shortage of AI computing power; Huawei’s rotating chairman Xu Zhijun stated last week that its AI computing equipment production capacity cannot even meet domestic demand. However, the RTX PRO 5500 faces another hurdle to entering China: the US government has not publicly confirmed whether it complies with existing export restrictions, with only some industry insiders expecting it to be allowed.

According to TradingBeats monitoring, "Big Brother Ma Ji" (real name Huang Licheng) has reduced his Bitcoin long positions. His account suffered a $1.42 million loss in the past 24 hours, with profits shrinking to $1.62 million over the past seven days. His current positions are as follows: Ethereum (ETH) long positions worth approximately $92.62 million, with an unrealized loss of around $70,000; entry price: $2,671.16, liquidation price: $2,548.34. Bitcoin (BTC) long positions worth approximately $25.18 million, with an unrealized loss of around $50,000; entry price: $84,112.40, liquidation price: $70,059.66. HYPE long positions worth approximately $19.82 million, with an unrealized loss of around $650,000; entry price: $93.06, liquidation price: $70.43.

According to Bitget market data, South Korea’s KOSPI index has extended its intraday decline to 2%. Samsung Electronics slid 4.1% and SK Hynix dropped 4.65%.