1. JPMorgan: Bitcoin's Short-Term Key Lies in Strategy's Selling Risk; Mid-Term Theoretical Valuation Around $170,000
JPMorgan's latest research report states that the key factor determining Bitcoin's short-term trend is not miner selling pressure, but whether Strategy (MSTR) can maintain its enterprise value/Bitcoin holdings market value ratio (EV/BTC) above 1, thereby avoiding forced BTC sales. This ratio is currently about 1.13, and Strategy has already established $1.44 billion in reserves, which can cover two years of interest and dividends, reducing the risk of forced coin sales. If MSCI ultimately does not remove it on January 15, MSTR and BTC could see a strong rebound; even if it is removed, the negative impact has largely been priced in. JPMorgan continues to maintain its mid-term target price model, with BTC's theoretical valuation around $170,000.
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2. Wang Yongli

In this episode of the WuShuo podcast, Zama’s CEO Rand Hindi delves into the disruptive potential of Fully Homomorphic Encryption (FHE) in the blockchain space. He emphasizes that FHE will provide a crucial balance between privacy protection and scalability. Zama’s protocol adds a native layer of privacy to existing public chains like Ethereum and Solana, enabling truly encrypted and usable on-chain transactions.
Rand also explains why FHE stands out among privacy technologies—compared to zero-knowledge proofs (ZK) or multi-party computation (MPC), FHE is better suited to support composable confidential token transfers and DeFi operations. In addition, he shares Zama’s latest technological advancements and announces the upcoming confidential token auction.
Audio transcription by GPT

Author | Tanay Ved, Coin Metrics
Translation | GaryMa Wu Says Blockchain
Original link:
Key Takeaways
Fusaka expands Ethereum’s scalability through increased blob capacity and a more efficient data availability system (PeerDAS).
A higher 60 million gas limit and execution layer optimizations significantly boost L1 throughput.
Improved fee mechanisms and UX upgrades lay the foundation for a more unified and cost-effective L1–L2 ecosystem.
Fusaka Overview
Ethereum will undergo the “Fusaka” hard fork on December 3, 2025, at 21:49 UTC (slot 13,164,544). Fusaka combines the Osaka execution layer upgrade with the consensus layer upgrade

According to Bloomberg, after the US passed its first stablecoin legislation—the GENIUS Act—Wall Street is clearly divided over whether stablecoins can truly boost demand for the US dollar and bring new buying interest to short-term US Treasuries. Strategists from institutions such as JPMorgan, Deutsche Bank, and Goldman Sachs generally believe that it is still too early to view this as a "structural change." Analysts point out that stablecoin funds mainly come from money market funds, bank deposits, cash, and offshore dollars. Under the GENIUS Act, stablecoins are not allowed to pay interest, so yield-sensitive funds lack motivation to shift from savings accounts and money market funds. Therefore, even if stablecoins expand, their net demand for Treasury bills may mainly manifest as a shift in the holder structure rather than new demand. In addition, if stablecoin-related dollars are regarded as Federal Reserve liabilities, the Fed may accordingly reduce its holdings of Treasury assets, offsetting some of the stablecoin-driven demand.

Wu said that YZi Labs' incubation program EASY Residency has announced the list of projects selected for its second season, including: event asset issuance protocol 42.space, spatial intelligence large model platform 4D Labs, cross-border self-custody neo-bank AllScale, AI-driven gene therapy platform Advent, agricultural robotics company AgriDynamics, professional trader wallet Frontrun, nonprofit token issuance platform Help.fun, permissionless leveraged market Hertzflow, AI-controllable 3D video generation platform Manifolds, stablecoin battle mobile game MeleeMon, non-opioid drug R&D platform Neomera BioLab, and Bitcoin liquidity protocol Sats.

The list of winners for the Solana x402 hackathon has been announced, covering areas such as micropayment and AI agents. The winning projects include Sentinel Agent, Galaksio, and a total of ten innovative projects.

Nasdaq notified Alt5 Sigma that it no longer meets the listing requirements due to the failure to timely submit the Q3 2025 report, but it has until January 20, 2026, to submit a compliance plan. There is currently no immediate impact on its listing. The report latency is related to matters such as management compensation.

Compilation | GaryMa Wu said Blockchain
Wu said the team summarized the important developments in the blockchain technology field for November:
Bitcoin
· The security company Quarkslab, funded by Brink and coordinated by OSTIF, completed the first public third-party security audit in the history of Bitcoin Core. The team invested 100 person-days, focusing on core modules such as P2P network, mempool, chain management, and consensus. The audit results found no high or medium risk vulnerabilities, with only 2 low-risk items and 13 improvement suggestions. This audit is regarded as a key milestone for Bitcoin Core entering the era of mature and secure governance.
Ethereum
· Fusaka upgrade progress: The testnet upgrade has been successfully completed, and the mainnet upgrade is scheduled for 2025–12–03 21:49

According to Wu, Artemis data shows that Aptos recorded a net inflow of approximately 427 million USD in stablecoins in the past 24 hours, ranking first among all public chains, followed by Plasma (about 147 million USD) and Solana (about 117 million USD). During the same period, Ethereum, Arbitrum, BNB Chain, and Avalanche C-Chain saw a net outflow of funds.

The article analyzes the role of the OI/TVL ratio in risk assessment of trading platforms, pointing out that a higher ratio indicates greater platform risk. The average ratio for CEX is 0.5, mature Perp DEX should be below 1, while some rapidly growing Perp DEX have ratios exceeding 3.