Binance: BTW Pre-TGE Reward Tokens come with a lock-up period, and the unlock schedule may not be announced in advance

December 21st — KobeissiLetter data shows U.S. trading margin debt jumped $300 billion in November to a record $1.21 trillion, marking the seventh straight monthly increase. Over those seven months, the debt has climbed $364 billion— a 43% surge. Inflation-adjusted margin debt rose 2% month-over-month and 32% year-over-year, hitting an all-time high. Meanwhile, margin debt as a share of M2 money supply has soared to roughly 5.5%— the highest level since 2007. This ratio exceeds that of the 2000 dot-com bubble, signaling extreme leverage in the U.S. investment market. Trading margin debt refers to the total amount investors borrow from brokers to buy stocks or other securities. It lets investors expand their investment scale with less of their own funds, amplifying both potential gains and risks.

**December 21st** Crypto leaders are reacting to news that pro-crypto Sen. Cynthia Lummis (R-WY) won’t seek re-election next year, honoring her pivotal role in shaping the industry’s U.S. landscape. White House AI and Crypto Czar David Sacks called Lummis a “great ally of the crypto space.” a16z Government Affairs Lead Collin McCune noted the industry “wouldn’t be where it is today” without her congressional work. Bitcoin advocate Greg Xethalis, host of *Coin Stories*, thanked her for advancing Bitcoin and wished her well in her next chapter. Lummis announced her retirement Friday. As chair of the Senate Banking Committee’s Digital Assets Group, she sponsored the **Bitcoin Strategic Reserve Act**, was a key backer of the **CLARITY (Crypto Market Structure) Act** and **Financial Innovation Responsible Enforcement Act**, and openly criticized former SEC Chair Gary Gensler’s punitive regulatory approach to crypto during the Biden administration.

As of December 21, HTX market data indicates ACT has topped $0.04—up 36.2% over the past 24 hours—with a current market capitalization of $37 million.

Data analyst Murphy noted on December 21 that on-chain data has shown signs of sentiment recovery. Between November 13 and 25, the number of addresses exiting BTC positions entirely (after holding) within 30 days jumped—this was the period when BTC saw its steepest and fastest price drop. The sharp rise in fully exited addresses also reflects market panic and pessimism. However, between December 1 and 18, BTC repeatedly tested support levels, and the count of such fully exited addresses began to fall. This trend aligned closely with bullish activity and sentiment shifts in the futures market.

On December 21, Coinglass data reveals the following top net flows in the cryptocurrency spot market over the past 24 hours: ### Top Net Outflows - BTC: $73M - NIGHT: $67M - ETH: $46M - WET: $11.3M - SOPH: $6.75M ### Top Net Inflows - XRP: $12.3M - TRX: $11.5M - UNI: $11.32M - USDE: $4.88M - DOGE: $2.4M This aligns with American financial news conventions—concise, scannable, and focused on key data points.

December 21st — Per Onchainlens data, a whale has withdrawn another 246,259 LINK from Binance, valued at $3.08 million. The whale has now accumulated a total of 445,775 LINK, worth $5.57 million.