The article analyzes the current economic situation, emphasizing that artificial intelligence is a key factor driving GDP rise, while other areas such as the labor market are declining. Market dynamics are primarily driven by capital flow rather than fundamentals, with a liquidity wave expected in 2026. Inequality hinders economic development, and Crypto Assets have become a new investment choice for young people. The shortage of energy supply is seen as a major bottleneck for the development of artificial intelligence. Overall, the future economy will be divided into capital-driven artificial intelligence industries and traditional labor-intensive industries.

Recently, the prices of Bitcoin and Ethereum have significantly fallen, causing panic in the market. The Central Bank of China has strengthened regulations on virtual money, further undermining market confidence. Analysts point out that the current situation seems similar to the bear market of 2022, and it is expected that the recovery of Bitcoin may not happen until the first quarter of next year.

The nomination of the Fed chairman has entered the final stages, with Kevin Hassett being favored to promote an aggressive interest rate cut policy, which is beneficial for the Crypto industry. The Fed will be responsible for the regulation of stablecoins, and its stance will affect the relationship between stablecoins and the U.S. Treasury market, determining whether the Crypto industry can integrate into the TradFi system. Hassett has deep ties to Crypto and may bring positive changes to the industry.

TL，DR
In November 2025, the United States faced a government shutdown that resulted in missing key economic data. Coupled with weak employment, declining consumption, and unclear policy direction, market expectations fluctuated repeatedly, leading to a divergence between economic growth and inflation signals. Although external risks have eased somewhat, the overall recovery remains moderate, with an increased reliance on policy transparency, data recovery, and market confidence.
In November, the average daily trading volume of the cryptocurrency market was approximately $180.8 billion, showing characteristics of short-term activity with frequent inflows and outflows of funds but lacking a sustained trend. During the same period, the total market capitalization fell from about $3.88 trillion to a low of $2.98 trillion, with several brief rebounds failing to reverse the overall downward trend. Newly launched popular tokens such as Monad, Pieverse, and Allora were actively traded, but the activity level of meme-type projects was relatively low.
In November, BTC spot ETF saw a significant net outflow of 35.8 billion USD, ETH current

Author: Capital Flows
Compiled by: Shen Chao TechFlow
Macro Report: A Storm is Coming
"What important truths do very few people agree with you on?"
This is a question I ask myself every day when studying the market.
I have models regarding growth, inflation, liquidity, market positions, and prices, but the ultimate core of macro analysis is the quality of creativity. Quantitative funds and emerging AI tools are eliminating every statistical inefficiency in the market, compressing the advantages that once existed. What remains is the macro volatility expressed over longer time periods.
The truth
Let me share a truth that few people agree with:
I believe that in the next 12 months, we will see a significant increase in macro volatility, the scale of which will surpass that of 2022, the COVID-19 pandemic, and may even exceed the financial crisis of 2008.
But this time the fluctuation

Written by: Eric, Foresight News
What should be the reasonable price of ETH?
There are many valuation models provided by the market for this issue. Unlike Bitcoin, which has already existed as a major asset, Ethereum, as a smart contract platform, should be able to summarize a reasonable and recognized valuation system. However, it seems that the Web3 industry has not yet reached a consensus on this matter.
Recently, a website launched by Hashed provided 10 valuation models that may have relatively high market recognition. Among the 10 models, 8 showed that Ethereum is undervalued, with a weighted average price exceeding $4700.
So how is this price, which is close to the historical high, calculated?
From TVL to staking to income
Hashed List

Today's news highlights:
1. Macroeconomic Outlook for Next Week: Federal Reserve's Guidance Week, Data Flood Coming
2. Beijing Business Today: The chaos of cryptocurrency speculation has infiltrated platforms such as Xiaohongshu, Taobao, and Xianyu.
3. Arthur Hayes said "MON is a high-risk VC coin or could drop by 99%", Monad founder suggests experiencing the mainnet.
4.Santiment: The market shows signs of fatigue, and we need to wait for clearer signals.
5. Aster announces S3 airdrop schedule: Inspector opens on December 1, tokens can be claimed on December 15.
6. Sahara AI responds to unusual market fluctuations: an internal investigation has been launched, and there are no security risks or product issues.
Macro
Beijing Business Daily: The chaos of cryptocurrency speculation has infiltrated platforms such as Xiaohongshu, Taobao, and Xianyu.
The Beijing Business Daily's financial investigation team published an article titled "The Surge of Cryptocurrency Speculators Entering Social Platforms," which points out the chaotic flow of cryptocurrency speculation.

Author: @zzmjxy
When market sentiment cools, the narrative that "Bitcoin is dead" always resurfaces. The core assumption of this argument is that Bitcoin, as the first generation of blockchain technology, will ultimately be replaced by its successors, just as has been the fate of all pioneering technologies in history.
This assumption seems logically flawless—but it is wrong.
1. The Curse of First-Generation Technology and the Exception of Bitcoin
The lessons from the history of technology are harsh.
Western Union - the communications giant that controlled 90% of the telegraph business in the United States in 1866. In 1876, Bell wanted to sell the telephone patent to it, but the executives refused. Bell then founded Bell Telephone, which later evolved into AT&T - the largest company in the world in the 20th century. And what about Western Union, which rejected the telephone? Today it has a market value of $2.7 billion and ranks 3990th globally.
Intel——

Author: blocmates
Compiled by: Luffy, Foresight News
If you have been active in the cryptocurrency market recently, you won't have difficulty noticing a trend: the airdrop craze is gradually fading, initial coin offerings (ICOs) are making a strong comeback, while the market is shifting from a venture capital-led financing model to decentralized fundraising.
ICO is not a new phenomenon; some of the most popular cryptocurrencies in the blockchain space (such as Ethereum and Augur) completed their initial offerings through ICOs. However, we must acknowledge that after experiencing a long "quiet period" from 2022 to 2024 (during which project financing was mostly completed through closed-door venture capital transactions), ICOs saw a strong resurgence in 2025.
Why is the ICO making a comeback?
One viewpoint that has gained renewed support for ICO-style fundraising is: since the first ICO boom from 2014 to 2018.

Author: Vladimir S. | Officer's Notes
Compiled by: Shenchao TechFlow
Initially, the birth of cryptocurrency was to pursue privacy and freedom, but now everything is tracked, linked, and sold. Blockchain is a permanently public ledger, exchanges require identity information (KYC), and analytics companies earn millions by linking your wallet to your real identity.
The good news is that as long as you consciously take steps, you can still maintain a significant level of privacy. You don’t need to become an extreme privacy advocate who wears a "tin foil hat"; just develop some basic habits. Here are some truly effective privacy protection tips for 2025:
1. Stop reusing wallet addresses
every time you receive funds using the same address, you are essentially making your transaction history public to the entire world. Therefore, generate a new address each time you use it, or

Today's news highlights:
1. The People's Bank of China convened a coordination meeting for combating speculation in virtual currency trading.
2. The three major US stock indices have collectively risen for five consecutive days, Circle (CRCL) up over 10%.
3. Turkmenistan implements cryptocurrency regulation legislation, effective from 2026.
4. "The regulation requiring registration of the source of funds for personal cash withdrawals exceeding 50,000 yuan" has been canceled.
5. The UK requires cryptocurrency exchanges to collect and report transaction records of UK customers starting from 2026.
6. OpenSea executives deny Coinbase leaked news of $150 million token sale.
7. CoinShares cancels plans to launch XRP, SOL, and LTC ETFs in the US.
Macro
Turkmenistan has passed a cryptocurrency regulation bill, effective from 2026.
According to a report by Reuters, the President of Turkmenistan signed a new law on November 28, officially

Author: Haseeb Qureshi, Managing Partner at Dragonfly
Compiled by: Azuma, Odaily Planet Daily
Editor’s Note: The industry is currently facing a moment of frozen confidence regarding the future. Is the bubble too large? Are the valuations too high? Do the things I hold in my hands have any value? Questions like these are continuously undermining market confidence.
On November 28th, Haseeb Qureshi, a well-known bald partner of Dragonfly, wrote a heartfelt long article today. In the article, Haseeb summarized the mainstream sentiment currently permeating the community as "financial cynicism" (a fundamentally skeptical or even distrustful attitude towards the financial system, market participants, asset prices, policy motivations, etc.); at the same time, he pointed out that the industry's focus is shifting from Silicon Valley to Wall Street, which is an overemphasis on linear thinking and on indices.

Author: 0xJeff, encryption KOL
Compiled by: Felix, PANews
Nowadays, everyone is selling something, whether it's food, housing, encyclopedias, electronic products, applications, or the latest AI.
In the past, what was sold were practical items that satisfied the lower levels of Maslow's hierarchy of needs. Nowadays, what is sold are dreams and hopes, packaged in a shiny exterior, especially in the encryption AI field.
Encryption AI products and infrastructure are often difficult to understand, leading teams to use too much jargon in communication, which fails to attract users.
In addition, launching a real AI laboratory (not just a simple package) requires a significant amount of funding to support talent, contributors, computing resources, and other necessary resources.
The advanced enterprise-level AI laboratories can cost millions of dollars annually. If you are researching, training, and optimizing cutting-edge AI models, the costs...

Author: Leon Abboud
Compiled by: Deep Tide TechFlow
The cryptocurrency industry is handing over young talent to other fields, such as artificial intelligence (AI). This phenomenon is a heavy blow to the future of the industry.
When young talents begin to turn their attention to other industries in search of opportunities, this situation is akin to the phenomenon of young people in a country leaving their hometowns in pursuit of better development prospects.
You have lost the minds that should have driven future development.
Economists refer to this phenomenon as "Brain Drain."
I grew up in Lebanon, a country that suffers deeply from "brain drain." Almost everyone I know who had the opportunity to study abroad left without hesitation. And the result? Not a single person has returned.
They all stayed abroad, where they started businesses, developed their careers, and started families.

Author: Stacy Muur
Compiled by: Tim, PANews
How to evaluate the performance of a project's TGE?
For each token, I examined it from three aspects:
1. Current price compared to the historical highest price: how much has it retraced from the peak?
2. Time: How long has it been since the historical peak (early projects ≠ completely "stand the test")
3. Liquidity to Market Cap Ratio: Is this real price discovery or market noise due to insufficient liquidity?
You can understand it as follows: if you bought during the TGE and did not sell at the highest point, how does your profit and loss situation compare to other tokens of the same level?
Note: This article only represents the author's views, not PANews's views, and is not investment advice.
S-Class: TGE Winner
Avici (AVICI) unique, S+
Performance: Highest price $5.6, current price $4.3, only 20-25%