Hong Kong Aims to Promote Cryptocurrency with New Infrastructure Rules to Guide Insurance Industry Investment

On December 22, a HyperLiquid team member issued a clarification on Discord regarding the community’s discovery of HYPE shorting linked to a former HyperLiquid team address. The team stated: “This address belongs to a former employee dismissed in Q1 2024, who currently has no affiliation with HyperLiquid Labs. Their actions do not reflect our team’s standards or values.”

On December 22, Techinasia reported that Indonesia’s Financial Services Authority (OJK) has released a list of 29 licensed cryptocurrency exchanges, greenlighting their legal operation in the country. The move aims to strengthen consumer protection and regulate digital financial assets, per OJK. Only listed firms are legally authorized to offer crypto trading and related services in Indonesia. The regulator also disclosed 4 licensed digital asset market infrastructure providers, covering exchanges, clearing, and custody services. OJK urged the public to verify crypto providers’ legal status and steer clear of unrealistic profit claims. Licensed platforms include Indodax, Tokocrypto, Pintu, Luno, Upbit, and Pluang, among others. Under Indonesia’s 2023 Law No. 4, crypto regulatory authority shifted from the Commodity Futures Regulatory Agency (Bappebti) to OJK. Unlicensed operation carries penalties of 5–10 years in prison and fines ranging from 10 billion to 1 trillion Indonesi

December 22 — On-chain analyst Yu Jin noted that large-scale selling was the main driver behind AAVE’s price drop this morning. The second-largest AAVE-holding whale address sold 230,000 AAVE tokens (worth ~$38 million) between 5:40 and 7:05 AM today, converting all proceeds into 227.8 WBTC and 5,869.4 stETH. These AAVE tokens were purchased from late last year to early this year at an average cost of ~$223.4. The sell-off at an average price of ~$165 is expected to incur a $13.45 million loss. HyperInsight monitoring data shows that due to AAVE’s short-term price drop this morning, the top bullish whale (address 0x074) on Hyperliquid saw its unrealized loss expand to 176% today. The whale holds a long position opened on November 16 with an average entry price of $189 and a position size of ~$1.2 million. Earlier today, the Aave community announced it will open voting on the “Brand Asset Control Transfer to Holders” ARFC proposal via Snapshot tomorrow at 10:40 AM. Voting runs

On December 22, the Federal Reserve plans to inject roughly $6.8 billion into financial markets via repurchase agreements (repos) at 10 p.m. Beijing time tonight. Over the past 10 days, the Fed has pumped about $38 billion into the system as part of its year-end liquidity management efforts. Repurchase agreements (repos) are a core tool for managing daily liquidity in the financial system. Under a repo, the Fed lends cash to banks in exchange for high-quality collateral—typically U.S. Treasury securities. Banks typically repay the loans and reclaim their assets within a day. This action aims to ease year-end liquidity stress and support the Fed’s recent tweaks to its overnight repo facility. While officials frame these measures as routine, crypto investors view them as a bullish signal for risk assets. (Source: Barchart)

On December 22, CryptoQuant founder Ki Young Ju noted data showing Bitcoin’s on-chain fund flows are weakening. After roughly 2.5 years of growth, Bitcoin’s realized price has held flat over the past month. Market sentiment could take several months to recover.