Morning News | Bitcoin's Sharpe Ratio has fallen below 0; Google plans to sell TPUs directly to Meta; Paxos announces acquisition of New York crypto wallet startup Fordefi
Overview of Important Market Events on November 25整理：ChainCatcher
Important News:
- Google plans to sell TPU directly to Meta, further encroaching on Nvidia's market
- James Wynn predicts Bitcoin will drop to $67,000 this week, having accurately forecasted the last downturn
- DOGE: Reuters' report about its demise is fake news
- Vitalik comments on the SitusAMC attack: Privacy is not optional, but a "hygienic practice"
- Analysis: Bitcoin's Sharpe ratio has fallen below 0, possibly signaling a major bottom
- Paxos announces acquisition of New York crypto wallet startup Fordefi for over $100 million
- Hong Kong's Securities and Futures Commission is finalizing its regulatory framework for digital asset trading and custody services
What important events have occurred in the past 24 hours?
Google plans to sell TPU directly to Meta, further encroaching on Nvidia's market
According to ChainCatcher, Google's parent company Alphabet (GOOG.O) is in talks with companies like Meta (META.O) to open up the use of its self-developed Tensor AI chips, further expanding its competitive landscape with Nvidia (NVDA.O). Following this news, Google and its AI chip partner Broadcom saw a rise in after-hours trading, while Nvidia and AMD's stock prices fell. Traditionally, Google has only deployed its self-developed TPU in its own data centers and rented computing power to customers. However, U.S. tech media The Information reported on Monday evening that Google now plans to sell TPU chips directly to customers for deployment in their own data centers.
Meta is considering purchasing billions of dollars worth of Google's TPU chips for its data centers starting in 2027, while also planning to rent TPU computing power from Google Cloud as early as 2026. Currently, Meta's AI business primarily relies on Nvidia GPUs. This represents a potentially lucrative emerging market for Google and Broadcom, who co-designed the Tensor chips, while also posing significant competitive pressure on Nvidia and AMD, potentially impacting their sales and pricing power. (Jin Shi)
James Wynn predicts Bitcoin will drop to $67,000 this week, having accurately forecasted the last downturn
According to ChainCatcher, James Wynn has once again released a bearish prediction on the X platform, stating that Bitcoin may drop to $67,000 this week. Notably, on November 10, James Wynn posted to the community, expressing confidence that Bitcoin would fall back to the $67,000–$92,000 range when Bitcoin was priced at $105,600.
DOGE: Reuters' report about its demise is fake news
According to ChainCatcher, DOGE (U.S. Department of Efficiency) stated on the X platform that Reuters' report about its demise is fake news. The department will resume its routine updates on Friday in a few days.
The American people authorized President Trump to modernize the federal government and reduce waste, fraud, and abuse. Just last week, the department terminated 78 wasteful contracts, saving taxpayers $335 million.
Michael Saylor: I will destroy the private key for over 17,000 BTC, viewing it as "heritage"
According to ChainCatcher, Michael Saylor stated that he will destroy the private key for over 17,000 BTC worth $1.5 billion, calling it "my heritage."
"Big Short" Michael Burry "returns," publishing a column warning of AI bubble risks
According to ChainCatcher, after rumors of fund cancellations and media exaggeration of "shorting AI amounts by a hundred times," the prototype of the movie "The Big Short," well-known investor Michael Burry, fulfilled his promise to "return" on November 24.
He expressed his views on "shorting AI" by publishing his first column titled "Main Signs of a Bubble: Supply-Side Gluttony." In this article, he formally declared war on the current AI craze, with Nvidia at the center of the storm. He pointed out that Nvidia is akin to Cisco back in the day.
In response to the recent market belief that "tech giants have strong profitability, so there is no bubble," Burry sharply countered in his article. He cited data from the peak of the 1999 internet bubble, indicating that the prosperity at that time was also driven by highly profitable companies, not just those small websites with no revenue. Burry pointed out that the key issue with the current AI craze is "catastrophic oversupply and far too little demand," asserting that no matter how many people try to prove this time is different, the history of 1999 is repeating itself.
Vitalik comments on the SitusAMC attack: Privacy is not optional, but a "hygienic practice"
According to ChainCatcher, market news indicates that customer data from major U.S. banks like JPMorgan, Citigroup, and Morgan Stanley may have been leaked due to a cyber attack on mortgage technology provider SitusAMC.
The company confirmed on Saturday that a threat actor stole data related to several large financial institutions, with the leaked content including "accounting records, legal agreements," and some customer-related data. The scope, nature, and extent of the leak are still under investigation. Ethereum co-founder Vitalik Buterin commented, "Privacy is not a feature, but a hygienic practice." His response echoes the viewpoint emphasized throughout this year, which regards privacy as a fundamental requirement of digital systems, rather than an additional feature.
Analysis: Bitcoin's Sharpe ratio has fallen below 0, possibly signaling a major bottom
According to ChainCatcher, data from CryptoQuant shows that Bitcoin's Sharpe ratio has fallen below 0, reaching its lowest level since the FTX collapse. Additionally, there have been multiple instances in the chart where the Sharpe ratio dropped to zero or near zero, typically accompanying Bitcoin price bottoms or significant reversals.
The Sharpe ratio is a measure of the relationship between investment return and risk. A Sharpe ratio close to zero usually indicates that price volatility is severe, but returns are insufficient to compensate for the risk, often occurring at market bottoms or during capitulation phases.
Paxos announces acquisition of New York crypto wallet startup Fordefi for over $100 million
According to ChainCatcher, Fortune reports that crypto payment infrastructure company Paxos has announced the acquisition of New York crypto wallet startup Fordefi for over $100 million. Fordefi focuses on crypto wallet solutions designed for decentralized finance (DeFi) and currently has about 40 employees, serving around 300 clients.
Paxos CEO Charles Cascarilla stated that this acquisition aims to meet the growing demand for DeFi access from clients. Fordefi will temporarily operate independently, but Paxos plans to eventually integrate its technology into its own infrastructure. This is Paxos's second acquisition in the past year, having previously acquired Finnish stablecoin issuer Membrane Finance to comply with EU cryptocurrency regulations.
U.S. September core PPI month-on-month at 0.1%, below the expected 0.2%
According to ChainCatcher, Jin Shi reports that the U.S. September core PPI month-on-month was 0.1%, below the market expectation of 0.2%, with a previous value of -0.1%.
Over 300 American families sue Binance, accusing it of providing trading services to Hamas
According to ChainCatcher, Decrypt reports that Binance is facing a new lawsuit, accusing the exchange of creating a system that allowed cryptocurrency trading related to Hamas from 2017 to 2023.
The lawsuit was filed in federal court in North Dakota by over 300 American families who were killed or injured in Hamas attacks. The plaintiffs allege that Binance's corporate structure and compliance practices allowed users associated with terrorist organizations to transfer funds through the centralized cryptocurrency exchange. The lawsuit claims that Binance lacked adequate controls, with issues such as weak customer verification, a mixed-asset comprehensive wallet, and internal communication practices that limited oversight. The plaintiffs' attorney stated that Binance not only intentionally provided financial services to Hamas but also actively sought to protect its Hamas clients and their funds from scrutiny by U.S. regulators or law enforcement.
Federal Reserve's Kashkari: AI does have practical applications, but the cryptocurrency field does not
According to ChainCatcher, Jin Shi data reports that Federal Reserve's Kashkari stated: AI does have practical applications, but the cryptocurrency field does not.
Hong Kong's Securities and Futures Commission is finalizing its regulatory framework for digital asset trading and custody services
According to ChainCatcher, Hong Kong Securities and Futures Commission CEO Ashley Alder stated that Hong Kong is committed to building a safe and reliable digital asset platform and is finalizing its regulatory framework for digital asset trading and custody services, which will be the last two regulatory "pieces" to establish a robust digital asset ecosystem.
Hong Kong's adoption of tokenized financial products is increasing, such as green bonds, money market funds recognized by the Hong Kong Securities and Futures Commission, and retail gold products, with the market size of related tokenized products in Hong Kong being approximately $3 billion.
Trump claims he will visit China in April next year
According to ChainCatcher, Jin Shi data reports that Trump stated on social media that he will visit China in April next year. "Things will only get better, and our relationship with China is very strong!" he wrote, noting that this call was further communication following a "very successful" meeting held in South Korea. Since that meeting, both sides have made "significant progress" in ensuring the relevance and accuracy of bilateral agreements.
Zhao Changpeng denies "Jackie Chan will play Zhao Changpeng in a documentary"
According to ChainCatcher, in response to rumors that "Jackie Chan will play Zhao Changpeng in the upcoming Netflix biographical documentary 'King of Cryptocurrency'," Zhao Changpeng denied, stating: "This is fake. I like Jackie Chan, but he is already 71 years old. Let him be! I am still working hard to finish this book. The last 5% of editing always takes 95% of the time."
Pump.fun co-founder denies the project has cashed out USDC through Kraken
According to ChainCatcher, in response to Lookonchain's claim that "Pump.fun has cashed out at least 436.5 million USDC through Kraken since October 15," Pump.fun co-founder Sapijiju stated: "This is completely false news. Pump.fun has never cashed out (referring to the transactions between Kraken and Circle that Lookonchain accused Pump.fun of being involved in). The reality is that this is part of Pump.fun's fund management, and the USDC from the PUMP ICO has been transferred to different wallets to reinvest the company's operating funds into the business. Pump.fun has never directly collaborated with Circle."
Musk: Grok 5 will challenge top League of Legends teams next year to verify AGI's adaptability in complex games
According to ChainCatcher, Musk stated that Grok 5 will challenge top human teams in League of Legends in 2026, limited to human vision and reaction speed, to verify AGI's adaptability in complex games. Musk emphasized that Grok 5 is designed to play any game simply by reading the instructions and experimenting.
It is reported that xAI's Grok 5 is scheduled for release in early 2026, with a parameter scale of 60 trillion, supporting multimodal capabilities, and a 10% probability of achieving general artificial intelligence, surpassing previous models. This challenge emphasizes AI's ability to autonomously play games by reading instructions and experimenting, recruiting talent to drive xAI's breakthroughs in the AGI gaming field, showcasing the potential from simulation to real-world applications.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of November 26, 09:00,
The top five popular ETH tokens in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular Solana tokens in the past 24 hours are: TRUMP, Fartcoin, ME, DOOD, CHILLGUY
The top five popular Base tokens in the past 24 hours are: SKYA, BRIAN, B3, SLAP, TOSHI
What are some interesting articles worth reading in the past 24 hours?
What is DOGE still doing if it hasn't been dissolved?
The news reported by Reuters that "the U.S. Department of Efficiency DOGE has been dissolved" turned out to be fake news.
According to Reuters on November 23, the person who publicly confirmed this news was a senior official from the Trump administration, Scott Kupor, director of the U.S. Office of Personnel Management (USOPM). This news quickly caused a stir. In Reuters' description, DOGE's gradual demise contrasts sharply with the government's months-long promotion of its effectiveness: Trump and his advisors, cabinet ministers early on promoted it on social media, and Musk even once wielded a chainsaw to advocate for cutting government positions.
However, a dramatic scene quickly unfolded, as this seemingly explosive report soon sparked controversy and multiple clarifications.
How to survive the Bitcoin winter? Investment strategies, advice, and bottom judgments
Currently, it seems that the crypto market is undergoing a significant "rule change." The previous market boom was exciting, but the reality is that the real challenges are just beginning.
Waiting.
All current signs indicate that Bitcoin is in "risk-off" mode, and the echoes of the 2021 market are resurfacing: Bitcoin surged significantly before the stock market peaked, while the stock market's performance has not been ideal in recent months.
Why is the money no longer in Bitcoin?
Editor's note: If Bitcoin's first decade solved the "right to exist," the next decade will solve the "ownership of value."
In the early days of the crypto world, Bitcoin represented rebellion and freedom, a comprehensive assault on the rigid financial system. However, as the rebels won the battle, a new era quietly arrived: regulation began to embrace innovation, funds migrated to more efficient tracks, stablecoins and real asset tokenization rapidly expanded, and the myth of Bitcoin began to fade.
This article incisively points out the new turning point in the crypto industry, from Bitcoin's historical mission and the disintegration of network effects to the rise of stablecoins, regulation, and real asset tokenization.
Risk warning
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