1. Weekly Highlights | Ethereum Fusaka upgrade completed; December interest rate cut expectations surge; Binance Blockchain Week CZ debates the gold bull market.

PANews Editor's Note: PANews has selected high-quality content from the week to help everyone fill in the gaps during the weekend. Click on the titles to read.

The ranking of the influence of PANews column authors and the popularity of column articles for November 2025 has been released. Click here to view.

2025 Review and 2026 Outlook

Grayscale Report: Bitcoin's 30% Correction This Time is Normal in a Bull Market, Expected to Reach New Highs Next Year

Grayscale believes that the four-year cycle theory has failed, and Bitcoin's price is expected to reach a historical high next year.

Review of Predictions from 10 Crypto Institutions in 2025: VanEck's Accuracy Only 10%, Why Did Coinbase Get It All Right?

No one can predict the future.

Greenfield 2026 Crypto Outlook: Ten Key Issues and Opportunities

The Greenfield team has listed the ten most important and potentially disruptive issues and opportunities in the crypto ecosystem, which are the ten areas or project ideas they hope to address and see develop in the future, covering four core areas: infrastructure, DeFi, consumer applications, and regulation.

Stablecoins in 2025: You in the Red Mansion, I in Journey to the West

What has fundamentally changed about stablecoins that attracted global attention in 2025, and what has actually remained unchanged?

For more related content, please enter the topic—Seeing Through the Fog: 2025 Review and 2026 Outlook

Macroeconomic Perspective

Analyzing from a Power Law Perspective: Why There Was No Bitcoin Bull Market This Year, When Will the Next Bubble Occur?

Bull markets do not appear in a linear four-year cycle but in logarithmic cycles; the next peak of Bitcoin priced in gold is expected to occur between Q4 2026 and Q2 2027.

Federal Reserve Announces End of QT, Is Crypto Welcoming a "Starting Gun" or Do We Need to Endure Another Winter?

Historically, does the end of QT really bring a different new momentum to the market? PANews attempts to review the changes in the crypto market after the end of QT in history in a "carving a boat to seek a sword" manner.

The Mystery Behind the Crypto Market's Decline

Why do crypto assets plummet in response to bad news but struggle to rebound in the face of good news?

If Hasset Becomes the New Chair of the Federal Reserve, Is It a Big Positive for the Crypto Market?

As the highest decision-maker of U.S. monetary policy, the Federal Reserve Chair's attitude directly determines the market's cost of capital and liquidity.

How Much is ETH Worth from 10 Valuation Methods?

The reasonable price of ETH exceeds $4,700.

AI Boom

AI Weekly Update: Popularity Drops to a Low Point, but Application and Infrastructure Development Accelerates

The popularity of AI in the crypto circle has dropped to an annual low, with the total market value of AI tokens down 2% to $21.5 billion, and the robotics sector down 9% to $1.05 billion.

Successfully Simulating a Theft of $4.6 Million, AI Has Learned to Attack Smart Contracts Autonomously

AI's countdown to attack: the success rate of exploiting vulnerabilities has soared from 2% to 55.8%, with a single vulnerability scan costing only $1.22.

Boosting Google's Push for a $4 Trillion TPU, How Will It Shine in the Blockchain Field?

As AI models encounter scaling bottlenecks and blockchain technology moves towards complex cryptographic applications, the new competitor, Tensor Processing Unit (TPU), has emerged.

The Ultimate Future of AI: Scanning the Sovereign Agency Map

The future of AI lies not only in making agents smarter or more trustworthy but also in empowering them with sovereignty.

Seizing Opportunities

PA Infographic | A Look at 12 Web3 Major Events to Watch in December

The crypto industry in December is bustling with multiple events: Ethereum Fusaka upgrade, Federal Reserve interest rate decision, BTC/ETH futures contract trading, key macro data releases such as U.S. unemployment rate/CPI, the launch of Binance Blockchain Week, and multiple project token unlocks. Keep an eye on PANews' major event calendar to track the core developments in Web3.

Solana Joins the Privacy Battlefield, Quick Overview of 12 New Projects

What privacy projects in the Solana ecosystem are worth paying attention to?

HumidiFi Light Paper Revealed: 90% of Tokens Controlled by the Team, Can "Solana's Largest DEX" Support a $69 Million FDV?

Why can HumidiFi account for half of Solana's DEX trading volume?

Market Dismal, Reviewing 10 Low-Cost "Arbitrage" Opportunities

In a sluggish market, grasp the possibilities for the future with minimal "growing pains."

Web3 Matters

He Yi's First Interview as Co-CEO: Binance Aims to Become a Timeless Company, Focusing on Three Core Lines in the Future

In interviews with multiple media outlets, He Yi displayed a pragmatic and resolute "parental" demeanor, candidly responding to and sharing insights on the division of roles in her new position, rumors of "white gloves," predictions of industry cycles, and Binance's future plans. She clearly stated that in this new phase, Binance's focus will return to users and technology, building systematic capabilities, and upgrading to a self-sustaining organization.

After the Depeg Turmoil, Ethena: TVL Halved, Ecosystem Affected, How to Start a Second Growth Curve?

Ethena's USDe stablecoin TVL has halved from $15 billion to $7 billion due to the retreat of leveraged arbitrage and the termination of ecosystem projects. The protocol is shifting towards a white-label strategy, collaborating with Sui and Jupiter to expand infrastructure services, and has received investment from Multicoin, seeking to transition from high-yield savings to stablecoin infrastructure.

Flow Transitions to DeFi, The Confidence and Dilemmas of Former NFT Top Player

Flow has announced its transition from an NFT public chain to consumer-level DeFi, launching the lending protocol FCM and the Peak Money application, and upgrading FLOW to a deflationary token. Flow attempts to disrupt DeFi by activating its user base and technological advantages but faces challenges such as cold starts, market competition, and cognitive rigidity.

Stablecoins Officially Defined? Lawyer Interprets the Virtual Currency Meeting of Thirteen Departments

What is the focus of the 1128 meeting? What real impacts will it bring to the industry?

HashKey Aims for Hong Kong's "First Crypto Stock," What Key Points Are Hidden in the Listing Documents?

HashKey has passed the listing hearing on the main board of the Hong Kong Stock Exchange, aiming to become Hong Kong's "first crypto stock," with a potential listing as early as January 2026 and a target fundraising of $500 million. This article summarizes HashKey's business model, operational status, financial performance, and future strategic planning based on its listing documents.

From Ballerina to Youngest Billionaire, How Did Luana Build the $10 Billion Empire Kalshi?

The rigor and intensity of ballet training are just a small part of her grander ambitions: she wants to become the next Steve Jobs.

CZ Debates Gold Advocate Peter Schiff, Schiff Asks CZ for Gold Bars on the Spot

In the closing session of Binance Blockchain Week, Binance founder Changpeng Zhao (CZ) engaged in a face-to-face deep debate with the famous "Bitcoin skeptic" and gold advocate Peter Schiff. During this dialogue, the two had a heated discussion about gold and Bitcoin from multiple dimensions, including value storage, trading attributes, and forms of currency.

With Investment from Tether and Endorsement from the Central Bank of Brazil, Why Does the Enterprise Blockchain Rayls Get Praise but No Users?

Rayls officially launched its TGE on December 1. This previously low-profile project received support from Coinbase and Kraken, two leading overseas exchanges known for their strict compliance and risk control, during its initial phase, and also simultaneously listed on multiple exchanges including Binance Alpha, Gate, and Bitget.

Public Chains in the Bear Market: A Tale of Two Cities—Tron Remains at the Top, Movement Daily Revenue Only $3

Back then, there was no shortage of funding, but unfortunately, today no one is using it.

Ethereum Activates Fusaka Upgrade, L2 Gas Fees Drop by Another 60%

The Ethereum Fusaka upgrade has been activated, with PeerDAS technology enhancing L2 scalability by eight times, and Verkle Trees lowering the threshold for nodes to address centralization risks, while the complexity of technology poses challenges for growth.