PA Daily | Nasdaq to officially apply for 5X23-hour trading; Pryzm and Aether Games announce shutdown

Breaking News Highlights:

New York State Pension Fund increases its holdings in Strategy to $50 million

TikTok: Non-financial certified accounts are prohibited from posting professional financial content

UK regulators launch consultation on new cryptocurrency rules

14 of the 25 largest US banks are developing Bitcoin products

Nasdaq will officially apply for 5X23-hour trading

Grayscale: Bitcoin expected to hit a new all-time high in the first half of 2026

Analysis: Among the top 100 cryptocurrencies by market cap, 75 have fallen below the 50-day and 200-day moving averages

Macroeconomics

TikTok: Non-financial certified accounts are prohibited from posting professional financial content

According to Financial Associated Press, TikTok released the “TikTok Community Financial Industry Convention (Trial)” on December 16, clarifying core governance norms including account qualifications, content management, marketing behavior, as well as violation handling and accountability mechanisms, to regulate the dissemination of financial content. The “Conventions” apply to all accounts within the TikTok community that publish financial-related content, setting governance boundaries from the source. Regarding account qualifications, the “Conventions” advocate that creators in the financial sector complete platform-specific professional qualification certification, explicitly prohibiting unverified accounts from posting professional financial content or recommending related services.

UK regulators launch consultation on new cryptocurrency rules

According to Reuters, the UK’s Financial Conduct Authority (FCA) launched extensive consultations on a series of proposed rules for the cryptocurrency industry on Tuesday. The previous day, the UK government announced that regulation of the industry would commence in October 2027. Alongside the proposed rules, the FCA published a research report indicating that over the past year, the proportion of UK adults holding cryptocurrencies has decreased by one-third, from 12% to 8%. The FCA stated that its rules will cover the listing of crypto assets, measures to stop insider trading and manipulation, standards for crypto trading platforms, and broker regulations. The agency is also seeking opinions on prudential requirements, clearer regulation of crypto staking risks, enhanced protections for crypto lending counterparties, and potential financial safeguards for crypto companies managing risks. Comments are open until February 12, 2026, and the FCA has committed to finalizing the regulatory framework by the end of next year.

Hong Kong Securities and Futures Commission lists “Hong Kong Stablecoin Exchange” on suspicious virtual asset trading platform warning list

The Hong Kong Securities and Futures Commission announced that the “Hong Kong Stablecoin Exchange” has been included in the suspicious virtual asset trading platform warning list. The HK SFC states that the entity claims to operate a virtual asset trading platform but is suspected of unlicensed activity or engaging in virtual asset-related fraud. It falsely claims to be jointly established by the Hong Kong Stock Exchange, the Hong Kong Futures Exchange, and the Hong Kong Securities and Clearing Company, which is not true.

14 of the 25 largest US banks are developing Bitcoin products

According to River, among the 25 largest US banks, 14 are developing Bitcoin products for their clients.

Russia’s largest bank Sberbank tests a series of DeFi products

According to DL News, Russia’s largest bank, Sberbank, states that due to increasing client interest in trading and holding cryptocurrencies, it is testing a series of DeFi products. Anatoly Popov, Deputy Chairman of the Sberbank Management Board, told RBC that the bank would cooperate with regulators to develop digital asset products, adding, “Sberbank has been testing various DeFi products. We believe that traditional banking and DeFi will soon integrate.” Popov did not specify particular DeFi protocols. He also mentioned, “We are not limited to private networks. Sberbank is also developing projects involving the use of public chains for specific purposes, such as asset tokenization or connecting with DeFi platforms.” He expressed interest in operating on networks with “robust infrastructure and smart contract tools, such as Ethereum,” because such networks “offer flexible integration options, ensure transparency, and facilitate access to international markets.” Popov summarized, “Tokenized assets are being actively tested worldwide, and Russia is now heading in this direction.”

Startale and SBI to launch regulated Japanese Yen stablecoins in 2026

According to Techinasia, Japanese blockchain infrastructure company Startale Group and financial group SBI Holdings plan to launch a fully regulated Yen-pegged stablecoin and a USD-pegged stablecoin in the second quarter of 2026 to support global settlements. The two sides will collaborate under a new agreement to develop this digital currency. Shinsei Trust & Banking will handle issuance and redemption management, while licensed crypto exchange SBI VC Trade will manage circulation. The Yen stablecoin will be issued by a trust bank, aimed at global settlement and institutional use. Startale will handle technical development, and SBI will focus on compliance and promotion.

Nasdaq to formally apply for 5X23-hour trading

According to Jin10, citing foreign media, Nasdaq plans to submit documents to the U.S. Securities and Exchange Commission on Monday to launch 24-hour stock trading services. Nasdaq intends to extend trading hours for stocks and exchange-traded products (ETPs) from the current five days a week, 16 hours per day, to 23 hours. The new “5X23” model will be divided into two main trading sessions: ① Day session: from 4 a.m. to 8 p.m. Eastern Time, including pre-market, regular, and after-hours trading, with the opening (9:30) and closing (4:00) bells maintained. ② Night session: from 9 p.m. to 4 a.m. the next day ET, with trades between 9 p.m. and midnight counted as belonging to the next calendar day. Under the new plan, trading weeks will start at 9 p.m. Sunday and end at 8 p.m. on Friday after the day session.

Bitcoin active addresses fall to lowest in a year, raising new concerns about block space demand

According to The Block, as the year-end approaches, Bitcoin network activity has fallen to a 12-month low, with the 7-day moving average of active addresses dropping to 660,000. While seasonal slowdown is expected, several network metrics show signs of weakness. Currently, active addresses are at their lowest since December 2024, when network activity peaked due to Ordinals and Runes speculation. This decline also pressures miner economics, with daily miner revenue dropping from an average of $50 million in Q3 to about $40 million. Most of this revenue comes from block subsidies, not transaction fees, indicating limited demand for Bitcoin block space. Unusual dynamics have appeared in Bitcoin transaction composition. Now, Runes transactions account for a larger share of total transactions but contribute only 5-10% of total fee income, raising concerns about block space demand. When transaction fees generated by half of the Bitcoin throughput are negligible, it suggests a mismatch between network utilization and value creation.

Trump says he will “consider” pardoning Samourai developer

According to Decrypt, on Monday, former US President Donald Trump stated he would consider pardoning Keonne Rodriguez, the developer convicted over the Samourai wallet, indicating he is aware of the case.

Opinions

Grayscale: Bitcoin expected to reach a new all-time high in the first half of 2026

According to Cointelegraph, in a forecast report released Monday, Grayscale analysts predict a market recovery with surging demand pushing Bitcoin to a new all-time high in the first half of 2026. Grayscale states that on a macro level, due to rising public sector debt and its potential impact on long-term inflation, fiat currency devaluation risks are intensifying. As long as this risk persists, demand for Bitcoin and Ethereum is likely to continue increasing. Additionally, US regulatory stance has shifted significantly in recent years, and Grayscale expects Congress to pass bipartisan legislation supporting the cryptocurrency market structure in 2026, consolidating blockchain finance’s position in US capital markets and encouraging institutional participation.

Tom Lee: Crypto market potential is currently 200 times higher, and the best times are yet to come

According to CNBC, Fundstrat co-founder and BitMine Chairman Tom Lee said in an interview, “The best times in crypto are yet to come. Currently, only 4 million Bitcoin wallets hold over $10,000 worth of BTC, while there are 900 million retirement and securities brokerage accounts worldwide, each with about $10,000. This means the market potential for crypto is 200 times what it is now. I believe there were some concerns about quantum computing in the previous market, and a massive deleveraging event occurred on October 11, but from a fundamental perspective, the market is ending the year in a very high state.”

US SEC Chair: Cryptocurrency could become a “powerful financial surveillance tool,” but there are ways to do so without sacrificing privacy

According to The Block, SEC Chairman Paul Atkins stated he believes there is a way forward that balances national security concerns with personal privacy protections, but warned that excessive government intervention could tilt the balance too far. On Monday, at the SEC’s sixth crypto roundtable of the Cryptocurrency Task Force, Atkins warned that blockchain’s efficiency in linking transactions to senders could, if misdirected, make crypto “the most powerful financial surveillance architecture ever.” He said, “Indeed, if the government’s instinct is to treat every wallet as a broker, every piece of software as an exchange, every transaction as a reportable event, and every protocol as a monitoring node, then it will turn this ecosystem into a financial panopticon.” However, he also mentioned there are ways to balance innovation and privacy. Atkins said, “I am confident we can collaboratively build a framework that ensures technological progress and financial development do not come at the expense of personal liberty.”

Project Updates

Pryzm to shut down mainnet early January 2026, PRYZM drops nearly 80%

The yield-based Layer 1 network Pryzm announced that due to unsustainable economic models, it will orderly shut down its Layer 1 mainnet in early January 2026. Users are required to complete the merging of Yield Tokens and Principal Tokens, and initiate the redemption process for Collateral Tokens in the coming days. Pryzm also plans to provide token burning mechanisms for PRYZM holders in exchange for allocations in upcoming Ethereum DeFi projects. Additionally, according to CoinGecko, PRYZM has plummeted nearly 80% in 24 hours, with a market cap of only about $52,657.57.

StraitsX and Solana Foundation collaborate to bring XSGD and XUSD to Solana in early 2026

StraitsX announced a partnership with the Solana Foundation to bring its Singapore dollar-backed stablecoin XSGD and US dollar-backed stablecoin XUSD to the Solana blockchain, planned for early 2026. This integration leverages Solana’s efficient low-cost network to enable real-time global payments and digital commerce. XSGD and XUSD have already been deployed on multiple blockchains, with total on-chain transaction volume exceeding $18 billion. Launching on Solana will be the first time that the Singapore dollar and US dollar are deeply connected on the same chain, supporting on-chain foreign exchange, AMM liquidity, lending markets, and institutional payment flows. StraitsX and Solana Foundation will also work together to foster deep liquidity for DEXs, AMMs, and lending markets, further strengthening Solana’s position in AI-driven on-chain payments and DeFi applications.

Probable, a prediction platform supported by PancakeSwap and YZi Labs, to launch on BNB Chain

PancakeSwap announced the launch of a new on-chain prediction platform, Probable, incubated by itself, focused on providing zero-fee, user-friendly, and fully transparent prediction experiences. Probable will exclusively launch on BNB Chain, supporting predictions on cryptocurrency trends, global events, sports, and regional markets. The platform uses UMA’s Optimistic Oracle to ensure fast, tamper-resistant, and economically secure event verification, allowing users to deposit any tokens and automatically convert to USDT for predictions. PancakeSwap and YZi Labs jointly support the development of Probable, aiming to bring innovative prediction market experiences to users.

Aether Games, a blockchain game studio supported by Mysten Labs, announces shutdown

Aether Games announced it has officially shut down. The studio stated, “We have tried our best to sustain Aether. We dedicated ourselves to our card game project, adjusting course in response to market changes and making many efforts to find a sustainable development path. However, we ultimately failed.” The studio reflected on several reasons for failure: during token generation events, trust was eroded by many KOLs and partners, draining liquidity; marketing agencies failed to deliver on promises, and high ongoing operational costs (including audits, compliance, and listing fees) continuously drained funds; recently, several mainstream exchanges issued delisting notices. The team admitted that at this stage, they see no sustainable business model for long-term developer support of crypto games. For safety, the project will close its Discord channel and warns users to beware of scams and wallet theft attempts related to this event. Previously, in May 2023, AetherGames completed a $4.5 million equity financing, with investments from Mysten Labs, Polygon, and others.

Monad on-chain fee revenue has been below $5,000 for 5 consecutive days

According to Defillama, Monad’s on-chain fee revenue has been below $5,000 for five consecutive days, with December 15th reporting only $3,824. On November 25th, the peak was $42,300.

PayPal launches PYUSD savings vault on Spark platform

According to The Block, PayPal is launching a PYUSD savings vault on the decentralized lending platform Spark, offering a new way for stablecoin users to earn yields, with an APY of 4.25%. The yield on the PYUSD savings vault is “anchored” to the Sky savings rate, funded by revenue from the Sky protocol.

MetaMask adds native support for Bitcoin, advancing multi-chain expansion

According to The Block, Ethereum wallet MetaMask is continuing its multi-chain expansion, now supporting Bitcoin natively. MetaMask users can now buy Bitcoin directly with fiat, transfer on the Bitcoin network, and swap native EVM assets and SOL with Bitcoin. The latest MetaMask will first support native SegWit addresses and plans to “soon” add support for Taproot addresses.

Key Data

Analysis: 75 of the top 100 cryptocurrencies by market cap have fallen below the 50-day and 200-day moving averages

According to CoinDesk, among the top 100 cryptocurrencies by market cap, 75 are trading below their 50-day and 200-day simple moving averages (SMA), indicating overall market weakness. Bitcoin’s price has dropped from an all-time high of over $126,000 in early October to $87,000, causing capital outflows. Major coins like Ethereum, Solana, BNB, and XRP are also below key averages, accounting for 78% of the $3 trillion crypto market cap, further dragging down market sentiment. In contrast, only 29 stocks in the Nasdaq 100 index show similar weakness, indicating tech stocks still have market breadth. Bitcoin usually correlates closely with Nasdaq and amplifies downward volatility in bear markets. Currently, only 8 cryptocurrencies show oversold conditions in the Relative Strength Index (RSI), including PI, APT, ALGO, suggesting most tokens may still have room to decline further.

Ark Invest increased holdings in BitMine, Coinbase, Circle, and its own Bitcoin ETF

According to The Block, on December 15, Ark Invest, led by Cathie Wood, bought $17 million worth of BitMine stock, $16.26 million in Coinbase stock, and $10.8 million in Circle Internet Group stock through its three ETFs (ARKK, ARKW, and ARKF). Ark also purchased $5.94 million in Block Inc. stock, $5.2 million in Bullish, and $1.24 million in its own Ark-21Shares Bitcoin ETF.

Licheng Huang’s long position in ETH was fully liquidated again, with losses exceeding $22.9 million

According to Onchain Lens, as the market continued to decline, Licheng Huang’s (@machibigbrother) ETH (25x leverage) long position was fully liquidated again. Machi’s total losses now exceed $22.9 million.

Investment & Acquisitions

AI audio startup Mirelo completes $41 million seed round, a16z leads

Mirelo announced the completion of a $41 million seed round, led by Index Ventures and a16z, with participation from Atlantic.vc and TriplePoint Capital. Mirelo focuses on developing AI foundational models for video and audio layers, aiming to reshape audio creation in videos and games through generated audio technology. Its video-to-audio models can quickly produce high-quality, synchronized sound effects with flexible editing features to meet creators’ needs.

Space raises $3 million to become Solana’s first 10x leverage prediction market

Prediction market Space announced a $3 million seed and strategic financing round, led by Morningstar Ventures, Arctic Digital, with participation from communities Echo, Curated, and Impossible Finance. Space plans to use this funding to build the first 10x leveraged prediction market on Solana, turning truth into a tradable asset.

Animoca Brands partners with and invests in GROW Digital Wealth of Sire Group

According to an official blog, Animoca Brands has signed a letter of intent with Sire Group (GROW Investment Group). Under this agreement, Animoca will establish a strategic partnership with GROW and invest in GROW Asset Management (HK) Limited, which will be renamed GROW Digital Wealth (GDW) and serve as GROW’s flagship platform. The cooperation aims to develop GDW into Asia’s leading platform for digital assets and wealth management.

Ripple co-founder Jed McCaleb’s space startup Vast in talks for $2 billion valuation raise

According to Forbes, sources familiar with the matter say that Vast, a startup aiming to build the world’s first commercial space station, is in negotiations for a $300 million funding round at a $2 billion valuation. The round will be led by Balerion Space Ventures, and negotiations are ongoing, with figures subject to change. So far, the company has been mainly funded by Jed McCaleb, co-founder of Ripple and Stellar, who has earned billions from these ventures. He has expressed willingness to invest up to $1 billion of his own wealth. Vast plans to launch its first space station prototype, “Haven-1,” in 2026, and begin deploying parts of its next station, “Haven-2,” in 2028, aiming to replace NASA’s International Space Station. Previously, in March 2023, Ripple co-founder Jed McCaleb shared details of Vast’s multi-billion-dollar space station project.

Crypto bank Anchorage acquires Securitize’s wealth management division

According to The Block, Anchorage Digital, the US’s first federally chartered crypto bank, has acquired Securitize’s wealth management division, Securitize For Advisors. Terms were not disclosed. The move will help Anchorage expand its financial advisory services for registered investment advisors. Anchorage will integrate Securitize For Advisors’ team and frontend platform. The division has grown over 4500% in the past year, with deposits and assets under management reaching all-time highs. Securitize CEO Carlos Domingo noted, “Our advisory division has achieved incredible success,” but the sale will allow Securitize to focus on its core business.

Circle to acquire Interop Labs team and IP, Axelar to remain independent

According to Cointelegraph, stablecoin issuer Circle has signed an agreement to acquire Interop Labs’ team and proprietary technology, bringing Axelar’s core contributors into its infrastructure ecosystem. The deal is expected to close early 2026 and will include Interop Labs personnel and IP, while Axelar network, its foundation, and AXL tokens will remain independent, governed by community governance.

( Institutional Holdings

New York State Pension Fund increases Strategy holdings to $50 million

According to BitcoinTreasuries.NET, New York State Pension Fund increased its holdings in Bitcoin finance firm Strategy (stock ticker MSTR) to $50 million.

Nakamoto transfers 705 BTC again to Kraken collateral wallet

According to Emmett Gallic’s monitoring, Bitcoin treasury company Nakamoto (formerly Kindly MD) has transferred another 705 BTC ($60 million) to its Kraken collateral wallet, bringing its total collateralized assets on Kraken to 3,717 BTC ($320 million).

a16z crypto transfers 276,000 COMP into Coinbase Prime

According to on-chain analyst Yu Yan, two hours ago, Andreessen Horowitz’s crypto arm a16z crypto transferred 276,000 COMP) $7.6 million### into Coinbase Prime. a16z was the lead investor in Compound, acquiring 1 million COMP in March 2020, representing 10% of the total supply. Currently, a16z’s on-chain holdings mainly include 64 million UNI( $325 million) and 19.51 million OP( $5.71 million), with no remaining COMP holdings.