Encryption Morning Report: Trump finalizes the candidate for the Fed Chairman, this week SUI, ENA, EIGEN and other Tokens will face large unlocks.

Author: Deep Tide TechFlow

Market dynamics yesterday

Trump: The candidate for the chairman of the Federal Reserve has been finalized.

U.S. President Trump: I know who I want to choose as the Federal Reserve Chairman, and I will announce it soon.

Nasdaq crypto head: commits to “expediting” tokenized stocks

According to Cointelegraph, Matt Savarese, head of digital asset strategy at Nasdaq, stated that the exchange has prioritized the SEC approval of its tokenized stock proposal and will “accelerate the process as much as possible”; the team now needs to focus on assessing public feedback.

Savarese emphasized that Nasdaq does not intend to overturn the existing securities system: “We are not looking to disrupt the entire system; we want everyone to be part of this journey and bring tokenization into the mainstream. We hope to advance all of this in a responsible and investor-centric manner within the SEC's regulatory framework.”

Previously, Nasdaq has officially submitted a rule change proposal (SR-NASDAQ-2025-072) to the SEC, aimed at allowing regulated exchanges to support the trading of tokenized stocks and ETFs on their main boards. If approved, this proposal will make U.S. mainstream stock exchanges among the first legitimate platforms to offer on-chain securities trading alongside traditional stocks.

The meeting on coordinating the work to combat speculation in virtual currency trading was held.

According to Jin Shi news, on November 28, 2025, the People's Bank of China held a meeting to coordinate efforts to combat speculation in virtual currency trading. The meeting emphasized that virtual currency does not have the same legal status as fiat currency, does not have legal compensation, and should not and cannot be circulated as currency in the market. Activities related to virtual currency are considered illegal financial activities. Stablecoins are a form of virtual currency, which currently cannot effectively meet requirements for customer identity verification, anti-money laundering, and other aspects, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border capital transfers.

KOL Exposé: The sharp decline of SAHARA is due to active market makers being liquidated.

According to KOL Crypto Fearless's revelation, the SAHARA price plummeted abnormally last night due to the active market makers being recently liquidated.

Insiders analyzed that the proactive market maker operated several well-known projects, including MMT and SAHARA. Later, this market maker was flagged by the trading platform due to abnormal market making for a particular project, and subsequently, all associated addresses/accounts of the market maker were investigated, resulting in an overall restriction on their positions. Ultimately, the positions were subjected to risk control, leading to last night's sharp decline.

OpenSea CMO: The earlier news about the public offering of $150 million was fake news.

OpenSea's CMO responded to the earlier report by Doomer titled “Coinbase leaks OpenSea's public offering of $150 million” by stating, “Fake.”

The founder of Monad responds to Arthur Hayes' criticism: I can send you some MON to experience the mainnet.

In response to Arthur Hayes' frequent criticism of MON, Monad founder Keone Hon addressed it on X, stating: “I have great respect for everything you have done for the industry. Perpetual contracts are an amazing innovation, and I believe they will continue to grow rapidly in the future. Over the past few days, I’ve seen you comment on Monad multiple times; while some content may have been taken out of context, I think you might be interested in what makes Monad unique. I’m sure when you were innovating at BitMEX, you faced a lot of FUD, but you confronted the questions and kept moving forward, and I dare to respond in the same way… If you are willing to try Monad, I can transfer some MON to you.”

Previous news, Arthur Hayes: Monad (MON) may plummet by 99%, it is a high-risk VC coin.

Tether CEO refutes doubts: the group has nearly $30 billion in equity and excess reserves of $7 billion.

Tether CEO Paolo Ardoino responded to “Tether FUD” in a post, stating: According to the latest announcement (Q3 2025): Tether will continue to maintain a buffer of billions of dollars in excess reserves, with total group equity nearing $30 billion.

As of the end of the third quarter of 2025, Tether has approximately $7 billion in excess equity (above approximately $184.5 billion in stablecoin reserves) and about $23 billion in retained earnings, as part of Tether Group's equity.

Tether's total assets are approximately $215 billion, with stablecoin liabilities around $184.5 billion. S&P made the same mistake in its analysis: it did not consider the additional group equity, nor did it take into account the monthly base profit of about $500 million that could be generated solely from U.S. Treasury yields.

HyperLiquid Co-founders: No external financing has been undertaken, so there are no investors' HYPE token unlocks.

HyperLiquid co-founder Iliensinc clarified in a post on Discord that Hyperliquid has never conducted any external financing, so there are no investors with HYPE token unlocks. As of now, a total of 1.75 million tokens have been allocated to various team members, and different team members have different lock-up arrangements, allowing them to decide how to handle their unlocked tokens.

Binance API documentation update: Support for Chinese trading pair symbols will begin on December 1.

Binance will begin deploying a system update on December 1, 2025, at 2:00 UTC. The new version will support UTF-8 encoded Unicode values, which means that trading pair symbols (ticker) will be able to use Chinese and other non-ASCII characters.

Strategy CEO: Only sell Bitcoin when mNAV drops below 1 and financing is not possible.

According to Cointelegraph, Strategy CEO Phong Le recently stated that the company would only consider selling Bitcoin if its mNAV falls below 1 and it is unable to obtain new funds through financing — and he called this a “last resort.”

Phong Le emphasized that this is not a long-term policy shift or an active selling plan, but rather a “financial decision” that will only be taken in extreme market conditions and when the capital environment deteriorates. The Strategy has released a new “BTC Credit” dashboard this month in response to recent market concerns about its liabilities and liquidity. The company stated that even with a prolonged downturn in Bitcoin prices, its debt structure and cash flow coverage ability remain robust.

Michael Saylor releases Bitcoin Tracker information again.

Michael Saylor, the founder and executive chairman of Strategy (formerly MicroStrategy), once again released information about Bitcoin Tracker on the X platform: “What if we start adding green dots?”

According to previous situations, Strategy usually discloses Bitcoin accumulation data the day after he releases the Bitcoin Tracker information.

Beijing Business Today: The People's Bank of China has defined stablecoins for the first time, with industry analysis indicating it will not affect Hong Kong's stablecoin-related layout.

The Beijing Business Daily pointed out in an article today that during a recent meeting held by the People's Bank of China to coordinate efforts to combat speculation in virtual currency trading, financial regulatory authorities provided a definition for stablecoins for the first time. It was clarified that stablecoins are a form of virtual currency that currently cannot effectively meet requirements for customer identity verification, anti-money laundering, and other aspects, and there is a risk of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers. They reiterated the need to continue cracking down on illegal financial activities related to virtual currencies. However, industry insiders believe that this meeting will not affect the layout of stablecoins in Hong Kong, but speculation on stablecoins in mainland China will be severely punished. Furthermore, the subsequent layout of stablecoins by relevant entities in the mainland in Hong Kong will see its imaginative space significantly shrink, being more limited to practical application scenarios such as cross-border payments and supply chain finance.

This week, tokens such as SUI, ENA, and EIGEN will experience large unlocks.

According to Token Unlocks data, in the next seven days, tokens such as SUI, ENA, and EIGEN will experience significant token unlocks. Among them:

SUI has unlocked 55.54 million tokens on December 1, worth approximately 85 million USD, accounting for 0.56% of the circulating supply.

SANTOS has unlocked 5.7 million tokens on December 1, worth approximately 12.7 million USD, accounting for 19% of the circulating supply;

WAL has unlocked 32.7 million tokens on December 1, worth approximately 5.5 million USD, accounting for 0.65% of the circulating supply;

EIGEN will unlock tokens worth approximately $20.5 million on December 1, accounting for 10.79% of the circulating supply;

ENA will unlock tokens worth approximately 54.3 million USD on December 2, accounting for 3.04% of the circulating supply.

RED will unlock tokens worth approximately $1.44 million on December 6, accounting for 2.34% of the circulating supply.

Market Dynamics

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