Cautious Sentiment Ahead of NFP; Bitcoin Pulls Back for a Third Consecutive Day
Summary
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Macroeconomy: Ahead of the release of U.S. nonfarm payrolls, overall risk appetite turned cautious and U.S. equities showed a mixed performance. Technology stocks retreated, bringing the Nasdaq’s three-day winning streak to an end, while the S&P 500 and the Dow Jones Industrial Average rebounded.
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Crypto Market: Bitcoin extended its pullback for a third consecutive day, briefly falling below USD 90,000 before rebounding and consolidating around the 90k level. Bitcoin’s market dominance rose back above 59%, while altcoins corrected in tandem with the broader market, indicating a contraction in risk appetite.
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Project Developments
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Trending tokens: POL, WHITEWHALE, PIPPIN
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POL: Polygon Labs launched the Open Money Stack, aiming to build stablecoin-based payment infrastructure.
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Binance Life: CZ indicated he is considering titling the Chinese edition of his personal memoir “Binance Life.”
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Major Asset Moves
Crypto Fear & Greed Index: 27 (24 hours ago: 28), classified as Fear
Today’s Watchlist
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U.S. December Nonfarm Payrolls
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U.S. Supreme Court ruling on tariffs
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MOVE token unlock: 5.77% of circulating supply, valued at approximately USD 6.1 million
Macroeconomy
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Bessent stated that the Federal Reserve should not delay rate cuts and expects President Trump to decide on the next Fed Chair in January; Trump noted that he already has a candidate in mind.
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The U.S. labor market showed no clear signs of stress: initial jobless claims edged up slightly to 208,000 last week, below the consensus estimate of 212,000.
Policy Direction
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U.S. Treasury Secretary: the government has begun incorporating law-enforcement-seized Bitcoin into a “strategic reserve.”
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A new proposal in Florida would allow up to 10% of public funds to be invested in Bitcoin and Bitcoin ETFs.
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Wall Street and crypto industry leaders reportedly made “progress” on crypto legislation during closed-door meetings.
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South Korea’s FSC plans to raise capital and compliance requirements for stablecoin issuers and strengthen exchanges’ IT resilience, compensation, and penalty mechanisms.
Industry Highlights
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Morgan Stanley is advancing its digital asset strategy: E*Trade plans to launch crypto trading and introduce a digital wallet this year to support tokenized assets.
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President Trump stated there are currently no plans to pardon FTX founder Sam Bankman-Fried.
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Bitmine re-staked 57,600 ETH, bringing total staked value close to USD 3 billion.
Industry Highlights Extended Analysis
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Morgan Stanley (E*Trade) Advances Direct Crypto Trading and Wallet Services
Morgan Stanley’s E*Trade is set to launch direct cryptocurrency trading and a digital wallet supporting Real-World Asset (RWA) tokenization in the first half of 2026. This marks a pivotal shift for traditional financial giants from offering "indirect exposure" to "direct ownership." Unlike previous offerings limited to Bitcoin ETFs or trusts, this service allows retail users to directly own assets like BTC, ETH, and SOL, significantly reducing management fees. The broader significance lies in the wallet’s support for RWAs—by tokenizing stocks, bonds, or real estate and integrating them into a digital wallet, Morgan Stanley is attempting to restructure wealth management through blockchain, making instant liquidity and settlement the new standard for traditional brokerages.
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President Trump Rules Out Pardon for FTX Founder SBF
President Trump recently stated in an interview that there are currently no plans to pardon Sam Bankman-Fried (SBF). Although SBF has attempted a "rebranding" PR campaign through media outlets, portraying himself as a victim of regulatory ambiguity, this statement puts an end to speculation regarding a potential sentence commuted by the executive branch. Analysts suggest that while the Trump administration remains broadly pro-crypto, the SBF case involves massive misappropriation of customer funds and controversial political donations. Granting a pardon would likely trigger public outcry and challenge the integrity of financial rule of law, making a "no-pardon" stance the most politically stable choice.
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Bitmine Re-stakes 57,600 ETH, Total Staked Value Nears $3 Billion
Bitmine’s recent re-staking of 57,600 ETH has brought its total staked value on the Ethereum network close to the $3 billion milestone. This move highlights the intense demand among institutional investors for Ethereum’s "native yield." As the Ethereum ecosystem evolves from a simple transactional chain into a "global settlement layer," large-scale miners and institutions like Bitmine are utilizing re-staking protocols to maximize capital efficiency. This not only bolsters the network’s security but also demonstrates that institutions increasingly view ETH as a "digital bond" with anti-inflationary properties and fixed-income potential amidst fluctuating global monetary policies.
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SOL Strategies Discloses SOL Holdings and December Staking Rewards
SOL Strategies, a Nasdaq-listed firm focused on the Solana ecosystem, disclosed holdings of 523,134 SOL, earning approximately 925 SOL in staking rewards during December. These figures validate the effectiveness of their "validator-plus-treasury" growth model. By operating its own validator nodes, the company captures both base staking rewards and additional network transaction fees (such as MEV). As institutional adoption of Solana accelerates—evidenced by its selection as a service provider for various SOL ETFs—SOL Strategies’ performance has become a key barometer for observing Solana’s on-chain economic activity and institutional engagement.
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$2.22 Billion in Options Set to Expire; Bitcoin "Max Pain" at $90,000
Approximately $2.22 billion worth of BTC and ETH options are scheduled to expire this Friday, with Bitcoin’s "Max Pain" level identified at $90,000. Max Pain is the price point at which the greatest number of option buyers would see their contracts expire worthless, favoring the option sellers (usually market makers). In the current market climate, if Bitcoin’s price deviates significantly from $90,000, the dynamic hedging activities of market makers could trigger increased volatility. Investors should be wary of the "price magnet" effect as the deadline approaches, where the spot price may gravitate toward the $90,000 mark before establishing a new trend post-settlement.