Bitget Daily Briefing (December 2) | $3.5 billion outflow from spot Bitcoin ETF in November; Massimo includes BTC in treasury strategic reserves; Benchmark: No need to worry about the solvency of Strategy

Today's Outlook

1. A suspected Bitmine or Sharplink Gaming address received over 7,080 ETH.
2. The FDIC plans to release the first draft of the GENIUS Act stablecoin issuance regulation this month.
3. SEC Chairman Paul Atkins will deliver a speech tonight at the NYSE, focusing on the vision for reforming the U.S. capital markets on its 250th anniversary.
4. The spot Bitcoin ETF saw a net outflow of $3.5 billion in November, marking the largest monthly outflow since February.

Macro & Hot Topics

1. The probability of a 25 basis point rate cut by the Federal Reserve in December is 87.6%.
2. Polygon co-founder: hopes that Strategy does not become the LUNA of this cycle; Wall Street broker Benchmark stated that there is no need to worry about Strategy's solvency.
3. Kalshi and Polymarket had trading volumes of $5.8 billion and $3.74 billion in November, both hitting record highs.
4. Bitfinex Alpha: The crypto market is approaching a local bottom, with a sustainable recovery foundation expected in the fourth quarter.
5. Data: Last week, global listed companies net bought $21.86 million in BTC.

Market Trends

1. In the past 24 hours, the cryptocurrency market experienced a total liquidation of $583 million, with $457 million from long positions. BTC liquidations amounted to $281 million, and ETH liquidations were $124 million.
2. U.S. stocks: The Dow Jones fell 0.9%, the S&P 500 dropped 0.53%, and the Nasdaq Composite decreased by 0.38%.
   
3. BTC is currently priced at $86,420, situated in a high-leverage liquidation zone for bulls (approximately $85,400--$88,000), where a downward move could trigger consecutive long liquidations. Short liquidations are mainly concentrated above $88,500; if the price breaks above this range, it may trigger accelerated short covering, pushing the market upward.
   
4. In the past 24 hours, BTC spot inflows were $219 million, outflows were $215 million, resulting in a net inflow of $4 million.
   

News Updates

1. Bloomberg: Stablecoin company First Digital plans to go public through a SPAC merger.
2. Bitcoin mining profits have shrunk to historic lows, with the industry entering a survival selection phase.
3. Google expands Gemini 3 and Nano Banana Pro to nearly 120 countries with AI search capabilities.

Project Progress

1. A major whale transferred 6.2 million LDO to Binance after two years of silence, facing a loss of over $6 million.
2. A whale transferred over 10,000 ETH to Kraken, possibly ending a five-year holding period.
3. The world's second-largest custodian, Vanguard, has opened cryptocurrency ETF trading, supporting mainstream assets like BTC and ETH.
4. Kalshi will bring thousands of prediction markets on-chain to Solana.
5. Synthesis's long-term strategic investment in Sushi includes purchasing over 10 million SUSHI tokens.
6. USDC Treasury burned 55 million USDC on the Ethereum chain.
7. Jared Grey announced his resignation from Sushi leadership and will serve as an advisor, while Sushi received significant investment from Synthesis.
8. U.S. publicly listed company Massimo announced it will include Bitcoin in its long-term treasury strategic reserves.
9. Strategy updates its fiscal year 2025 profit expectations: if BTC is between $85,000 and $110,000 by year-end, revenue could reach $7 billion to $9.5 billion.
   **Disclaimer: This report is generated by AI, and human input is only for information verification, not for any investment advice.