Morning Report | Binance Wallet has launched on-chain stock trading feature; JPMorgan proposes structured note products for Bitcoin; Huaxia Hong Kong Dollar Digital Currency Fund will be listed and traded on the Hong Kong Stock Exchange

整理：ChainCatcher

Important News:

• Tom Lee: Ethereum may drop to $2500 in the short term, but is expected to rise to $7000--9000 next year
• Binance Wallet has launched on-chain stock trading features
• JPMorgan proposes structured note products linked to Bitcoin, which could yield huge returns if BTC skyrockets by 2028
• The Federal Reserve will release the Beige Book on economic conditions early Thursday morning
• Michael Saylor: 99% of global funds are forced into stocks and credit, making it impossible to buy Bitcoin even if they want to
• Huaxia Hong Kong Dollar Digital Currency Fund will be listed on the Hong Kong Stock Exchange on November 28
• Naver agrees to acquire Upbit's parent company Dunamu for about $10.3 billion

What important events happened in the past 24 hours?

Tom Lee: Ethereum may drop to $2500 in the short term, but is expected to rise to $7000--9000 next year
According to ChainCatcher, Tom Lee, Chairman and CEO of BitMine, stated, "Ethereum may dip to $2500 in the short term, but it has significant upside potential, possibly reaching $7000--9000 by January next year."
Binance Wallet has launched on-chain stock trading features
According to ChainCatcher, Binance Wallet has added on-chain stock trading features, with a minimum trading fee of 0%.
JPMorgan proposes structured note products linked to Bitcoin, which could yield huge returns if BTC skyrockets by 2028
According to ChainCatcher, JPMorgan has submitted a proposal for a leveraged structured note product linked to the BlackRock iShares Bitcoin Trust (IBIT) ETF to regulators. This product will allow investors to bet on the future price of Bitcoin.

According to the prospectus, if by December 21, 2026, the price of the IBIT ETF is equal to or above a preset price, JPMorgan will redeem the note early, paying at least $160 for each note (priced at $1,000). However, if the price is below the preset price at that time, the note will continue to be held until 2028. In this case (if approved by the SEC), investors will be able to receive 1.5 times the returns from the rise in Bitcoin prices, potentially leading to "unlimited" huge returns. This means that if Bitcoin skyrockets by 2028, the amplified gains will be substantial. However, the document also notes that if Bitcoin's price drops significantly (40% or more), investors will lose most of their initial investment. JPMorgan warns that Bitcoin has historically exhibited higher price volatility compared to traditional asset classes and may continue to experience extreme fluctuations. Bloomberg ETF analyst James Seyffart stated that the bank's operations on "any asset you can think of" are "very common."

The Federal Reserve will release the Beige Book on economic conditions early Thursday morning
According to ChainCatcher, the Federal Reserve will release the Beige Book on economic conditions at 3 AM Beijing time on November 27, Thursday, which may lead to market fluctuations.
Strategy states that even if BTC drops to its average cost price of $74,000, its BTC assets are still 5.9 times convertible debt
According to ChainCatcher, Strategy posted on X platform stating, "If Bitcoin's price drops to our average cost price of $74,000, we still have assets equivalent to 5.9 times convertible debt, which we call the Bitcoin rating of the debt. If Bitcoin's price drops to $25,000, that ratio will be 2 times."
OpenAI co-founder Sam Altman's ex-boyfriend robbed at home, losing $11 million in crypto assets
According to ChainCatcher, police sources and insiders revealed to the New York Post that a tech investor who previously dated OpenAI co-founder Sam Altman was robbed at gunpoint at his San Francisco home last Saturday night, losing $11 million in crypto assets.

Surveillance footage shows the suspect, holding a white package disguised as a delivery person, ringing the doorbell of the $4.4 million home. When the suspect falsely claimed to be "Joshua" delivering a package and identified himself as a UPS partner employee, the victim opened the door and confirmed he was Joshua. After feigning a request for a signature and borrowing a pen, the suspect followed the resident inside, and a loud noise was heard shortly after.

Police reports indicate that the suspect held the victim at gunpoint inside, bound him with tape, emptied his crypto accounts, and stole his phone and computer. When police arrived at 6:45 PM, they found the victim with multiple bruises. Insiders revealed that the gunman stole $11 million worth of Ethereum and Bitcoin, believed to be a targeted act by an organized crime group.

According to insiders, after binding the victim, the suspect tortured