Crypto Morning Report: ADP Report Reshapes Market Expectations, Details Revealed in "60,000 Bitcoin Money Laundering Case"

Author: Deep Tide TechFlow

Yesterday’s Market Dynamics

ADP Report Reshapes Market Expectations, Over 60% Betting on December Rate Cut

Following ADP employment data showing a slowdown in the US labor market, US Treasury futures surged and the US dollar index declined. The 10-year US Treasury futures rose, with implied yields falling 4 basis points from Monday’s close of 4.12%. Swap data linked to policy meeting dates also increased bets on a Fed rate cut, pricing in over a 60% chance of a rate cut next month.

US Senate Passes Temporary Funding Bill, Sent to House for Review

According to Jin10 Data, on Monday evening, the US Senate, led by Republicans, officially passed a temporary funding bill with 60 votes in favor and 40 against, ending a record government shutdown. The bill will be sent to the Republican-led House for review, with a final vote possibly as early as Wednesday, then forwarded to President Trump for signing. House Republicans are expected to support the bill, and the White House has already expressed approval. The bill funds the federal government until January 30 of next year and provides full-year funding for the Department of Agriculture, military construction, and legislative agencies. Democrats supporting the bill also ensured the reversal of federal layoffs implemented during the shutdown under Trump. Republican leaders also promised to hold a vote on the Affordable Care Act subsidy provisions before mid-December. According to sources involved in a Republican conference call, House Speaker Johnson informed colleagues on Monday that he hopes to organize a full chamber vote as early as Wednesday. This marks the first reconvening of the House in Washington since the last vote on September 19, after over 50 days of recess.

Bipartisan Proposal in US Senate Seeks to Expand CFTC Oversight of Cryptocurrency Spot Markets

According to Decrypt, Senate Agriculture Committee Chair John Boozman and Senator Cory Booker introduced a bipartisan discussion draft to grant the Commodity Futures Trading Commission (CFTC) explicit regulatory authority over digital commodity spot trading markets.

The proposal requires major crypto spot platforms to register with the CFTC and implement anti-fraud, record-keeping, fund segregation, and dispute resolution measures. Brokers and dealers will follow separate registration rules. The draft explicitly protects the rights to self-custody wallets, allowing individuals to hold and trade digital assets directly via hardware or software wallets.

The draft defines digital commodities as “any replaceable digital assets that can be held and transferred person-to-person without intermediaries and recorded on a cryptographically secure public distributed ledger.” The law would take effect 270 days after enactment, with a transition period. The Senate’s timetable for passage remains uncertain.

Lido DAO Proposes Automated LDO Buyback Mechanism, Planning Q1 2026 Implementation

Lido DAO’s Finance Working Group proposed an automated buyback plan on November 11, aiming to deploy LDO/wstETH liquidity into Uniswap-v2 style LP pools, with the position held by an Aragon Agent. The mechanism activates when ETH prices exceed $3,000 and annual revenue surpasses $40 million, allocating up to $10 million annually to buy back LDO tokens from the market.

The proposal features an counter-cyclical design, increasing buybacks during bull markets and automatically reducing or pausing during bear markets. Compared to traditional buybacks, this plan addresses LDO supply bottlenecks by increasing on-chain liquidity depth, reducing slippage losses. Currently in community feedback, it is expected to be formally approved via Snapshot vote and implemented in Q1 2026.

Ethereum Foundation dAI Team Releases 2026 Roadmap, Highlighting Rise of ERC-8004 and x402

Davide Crapis, head of the EF dAI Team, announced that the decentralized AI (dAI) team released a 2026 roadmap aimed at establishing Ethereum as a global decentralized settlement and coordination infrastructure for AI.

The roadmap mentions that standards like ERC-8004 and x402 are emerging as neutral standards for intelligent agent commerce. Significant progress has been made between August and November 2025. ERC-8004 is used to standardize agent identity, reputation, and cryptographic verification, with over 150 projects built on it and a community of over 1,000 contributors, making it one of the most discussed formal proposals in the Ethereum Magic Forum over the past year. Additionally, the team contributed the x402 protocol to support authenticated paid network requests.

MegaETH Co-Founder: Lock-up for Over a Year Means No Resale; OTC Traders May Be Disqualified and Refunded

Namik Murodoglu, co-founder of MegaETH, disclosed that any participant who locks tokens for over a year must hold the tokens in their own account and is prohibited from resale or transfer intentions, including any illegal transfers, resales, or hedging transactions.

He stated that anyone publicly discussing OTC trading or hedging plans on Twitter will have their quota canceled and be refunded. The sale was oversubscribed by 28 times, and distributing tokens to those wanting to sell before receiving them is pointless. For MegaETH and other MEGA holders, it is more beneficial to allocate tokens to those who are optimistic about MEGA and willing to hold during the lock-up period.

Decentralized Exchange Lighter Completes $68 Million Funding, Valued at $1.5 Billion

According to Fortune, Lighter, a cryptocurrency trading platform founded by Harvard prodigy Vladimir Novakovski, announced it completed $68 million in funding, with a valuation of approximately $1.5 billion. The round was led by Peter Thiel’s Founders Fund and Ribbit Capital, with participation from Haun Ventures, Robinhood, and other notable firms.

Lighter is a decentralized exchange and blockchain platform primarily offering perpetual futures trading for cryptocurrencies, with plans to launch spot trading for tokens like Bitcoin. Built on Ethereum Layer 2 technology, it has become one of the leading Layer 2 blockchains in the Ethereum ecosystem by total value locked (TVL) and is currently profitable.

Notably, Novakovski, 40, entered Harvard at 16 and graduated at 18, being personally recruited by Citadel CEO Ken Griffin. In 2022, he transformed his AI social platform Lunchclub into Lighter, which officially launched its product in January this year.

YZi Labs Announces Investment in Regenerative Medicine Company Renewal Bio

YZi Labs announced an investment in regenerative medicine company Renewal Bio, marking its first biotech investment since expanding its investment scope in early 2025. Renewal Bio focuses on using its proprietary Stembroid™ platform to generate human cells and tissues matching patients’ DNA from their own cells, aiming to address the global organ shortage crisis.

Over 150,000 organ transplants are performed worldwide annually, but less than 10% of demand is met. Renewal Bio reprograms ordinary skin or blood cells into stem cells by simulating early human developmental environments, generating various functional cells including hematopoietic, liver, cardiac, and pancreatic cells.

Founded in 2022 by Prof. Jacob Hanna of Weizmann Institute of Science and two PhD students, Vladislav Krupalnik and Ohad Gafni, this funding will accelerate preclinical development of Stembroid-derived hematopoietic stem cells for leukemia and immune diseases, as well as support laboratory infrastructure expansion.

The Information: OpenAI’s Interstellar Gate Project Secures $3 Billion Investment from Blue Owl

According to The Information, OpenAI’s Interstellar Gate project received a $3 billion investment from Blue Owl Asset Management.

Fold Releases Q3 Financials: Holds 1,526 BTC, Trading Volume $235 Million

As reported by Globenewswire, Nasdaq-listed Bitcoin financial services company Fold Holdings released its Q3 2025 financial report, revealing a Bitcoin treasury holding of 1,526 BTC valued at about $154 million, with total trading volume of $235 million, up 43% year-over-year.

Details of the “$600,000 Bitcoin Money Laundering Case”: Qian Zhimin Bought Over 190,000 BTC, Took Over 70,000 BTC When Fleeing China

According to Caixin, the main suspect in the high-profile $600,000 Bitcoin money laundering case, Qian Zhimin, appeared at a sentencing hearing at Southwark Crown Court in London before sentencing. The UK Crown Prosecution Service disclosed key details about her money laundering route from the Tianjin Lantian Grey case in China to the UK:

Qian Zhimin bought a total of 194,951 BTC, took over 70,000 BTC on her laptop when fleeing China, with a carefully planned escape route aided by multiple accomplices; during her second escape from the UK, she also hired four servants and bodyguards.

Caixin observed that Qian Zhimin, seated at the defendant’s table, wore a light yellow Chinese Tang suit with green embroidered patterns on the collar and a qipao-style knot, her hair tied back, appearing calm. Compared to her nervous appearance at her first court appearance on September 29, she appeared more composed this time.

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