Morning Report | a16z Crypto releases annual report; crypto startup LI.FI completes $29 million funding; Trump says interest rate cut is too small
Overview of Important Market Events on December 11整理：ChainCatcher
Important News:
- U.S. OCC: 9 Major Banks Have Refused to Provide Financial Services to Crypto Companies
- Banmu Xia: Bitcoin Is Expected to Rise to $103,500 to $112,500 in the Next Month
- Federal Reserve Lowers Benchmark Interest Rate by 25 Basis Points to 3.5%-3.75%
- Mitsubishi UFJ: The Federal Reserve's Policy in the Second Half of Next Year Will Be Complicated by Leadership Changes
- Crypto Startup LI.FI Completes $29 Million Financing, Led by Multicoin and CoinFund
- Zhao Changpeng: Suggests $1 Million Lottery Winner Invest in Bitcoin or BNB for Higher Returns
- a16z Crypto Annual Report: Decentralized Payment Systems May See Widespread Adoption by 2026
What Important Events Happened in the Last 24 Hours?
Crypto Startup LI.FI Completes $29 Million Financing, Led by Multicoin and CoinFund
According to ChainCatcher, LI.FI, a cryptocurrency startup, announced the completion of a $29 million financing round led by Multicoin and CoinFund, bringing its total funding to $52 million.
The company provides cross-blockchain price comparison and transaction path optimization services for fintech companies, helping businesses efficiently transfer assets across different blockchains. LI.FI has established relationships with over 800 partners, including Robinhood, Binance, and Kraken, with a monthly trading volume of $8 billion. The company plans to use the new funds to expand into areas such as perpetual futures, yield opportunities, and lending markets, as well as to increase its workforce.
Former Co-Founder of Movement Labs Launches $100 Million Crypto Investment Plan
ChainCatcher reports that Rushi Manche, former co-founder of MOVE Labs, announced today the establishment of Nyx Group, planning to invest up to $100 million to support crypto token projects.
The investment plan will provide liquidity and comprehensive operational support for projects preparing for token launches, including community building, financial management, and compliance guidance. Manche stated that Nyx Group aims to fill the "critical gap" in the current crypto market, especially in a market environment where founders face difficulties in obtaining capital. The team will adopt strict investment standards, only supporting founders deeply trusted by the team, with decisions made by an investment committee. Notably, Manche was previously terminated from Movement Labs due to controversies involving a market-making arrangement with 66 million MOVE tokens. For new projects, he emphasized that Nyx Group will become "the friendliest partner for founders," offering favorable conditions and supporting long-term visions.
a16z Crypto Annual Report: Decentralized Payment Systems May See Widespread Adoption by 2026
According to ChainCatcher, a16z Crypto released its annual report covering various fields, including stablecoins, tokenization, payments and finance, privacy, security, AI, and agency.
a16z disclosed data indicating that stablecoin trading volume reached $46 trillion in 2024, which is 20 times greater than PayPal's trading volume and nearly 3 times that of Visa. The report also mentioned that with the advancement of traditional asset tokenization, especially through crypto technology bringing U.S. stocks, commodities, and indices onto the blockchain. Additionally, a16z projected the integration of AI and crypto technology, expecting decentralized payment systems to see widespread adoption by 2026.
U.S. Officials to Hold Key Discussions on the "Cryptocurrency Market Structure Bill"
ChainCatcher reports that, according to crypto journalist Eleanor Terrett, U.S. senators will continue discussions on the "Cryptocurrency Market Structure Bill."
In the afternoon, representatives from several leading industry companies will head to the White House for another meeting on market structure. Following that, CEOs from Bank of America, Citigroup, and Wells Fargo will meet with senators to discuss issues related to limiting interest payments from stablecoin issuers' affiliated companies, among other unresolved matters.
He Yi: Binance Editors Have a High-Risk Profession, No Need to Look for Angles in Official V or Editors
ChainCatcher reports that He Yi responded to community questions on the X platform about "how to become a Binance editor," stating: "It's a high-risk profession; one goes in, one is under investigation, and those blackmailing me on WeChat are being pursued. No need to look for angles in official V or editors; I won't be looking at such memes in the future."
U.S. Initial Jobless Claims for the Week Ending December 6 Reached 236,000, Higher Than Expected
ChainCatcher reports that initial jobless claims in the U.S. for the week ending December 6 reached 236,000, the highest since the week of September 6, 2025. This figure exceeded the expected 220,000, with a previous value of 191,000.
Zhao Changpeng: Suggests $1 Million Lottery Winner Invest in Bitcoin or BNB for Higher Returns
ChainCatcher reports that Zhao Changpeng CZ referenced the news of Brenda, a 20-year-old lottery winner from Quebec, USA, who refused a one-time payment of $1 million and chose a lifetime annuity of $1,000 per week, suggesting she cash out to invest in Bitcoin or BNB for higher returns.
Assuming Brenda lives for 100 years, the total annuity would amount to approximately $5,200,000 (not accounting for inflation), while a $1 million investment in BTC (currently $90,000 each) or BNB ($865 each) would yield returns far exceeding this. "Let's wait and see."
U.S. OCC: 9 Major Banks Have Refused to Provide Financial Services to Crypto Companies
ChainCatcher reports that, according to Cointelegraph, the U.S. Office of the Comptroller of the Currency (OCC) released preliminary investigation results on Wednesday, indicating that from 2020 to 2023, nine of the largest banks in the U.S. implemented financial service restrictions on politically sensitive industries such as cryptocurrency.
The OCC report pointed out that these banks made improper distinctions based on the legitimate business activities of clients, either implementing restrictive policies or requiring enhanced scrutiny to provide services. Restricted industries included not only cryptocurrency issuers and exchanges but also oil and gas exploration, coal mining, firearms, private prisons, tobacco, and adult entertainment.
Comptroller Jonathan Gould criticized that large banks abuse government charters and market power. The OCC is continuing its investigation and may submit the findings to the Department of Justice. The banks under scrutiny include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, and other nine major national banks.
Banmu Xia: Bitcoin Is Expected to Rise to $103,500 to $112,500 in the Next Month
ChainCatcher reports that Chinese crypto analyst Banmu Xia stated, "Bitcoin had a surge early this morning, but the extent was not enough. Looking at the rise from $80,500, it is guiding a wedge pattern. Meanwhile, $89,000-$90,000 is a relatively strong support level. The market indicates a potential rise to $103,500-$112,500 in the next month. The process may still be very tortuous."
Federal Reserve Lowers Benchmark Interest Rate by 25 Basis Points to 3.5%-3.75%
ChainCatcher reports that, according to Jin10, the Federal Reserve lowered the benchmark interest rate by 25 basis points to 3.5%-3.75%, marking the third consecutive meeting of rate cuts, in line with market expectations. A total of 75 basis points have been cut this year.
U.S. President Trump: The Rate Cut Is Too Small, It Could Have Been Larger
ChainCatcher reports that the Federal Reserve cut rates by 25 basis points as expected, and U.S. President Trump stated that the rate cut is too small and could have been larger.
Greeks.Live: The Momentum for a Bull Market Restart Is Very Limited
ChainCatcher reports that Adam, a researcher at Greeks.Live, stated on social media that the recently concluded Federal Reserve meeting resulted in an expected 25 basis point rate cut, and the Fed indicated it would restart purchasing $40 billion in short-term U.S. Treasury bills (T-bills). The dovish stance can effectively supplement liquidity in the financial system, undoubtedly benefiting the market.
However, it is too early to mention that restarting QE will lead to a bull market. With Christmas and year-end settlements approaching, this time of year is typically the period of lowest liquidity in the crypto market, with reduced market activity, and the momentum for a bull market restart is very limited.
From the cryptocurrency options data, over 50% of the options positions are concentrated at the end of December, with the maximum pain point for BTC at the $100,000 round number and for ETH at $3,200. The implied volatility for major expirations this month is showing a downward trend, and the market's expectation for volatility this month is gradually decreasing.
In summary, the crypto market is currently relatively weak, with poor liquidity at the year-end, and market sentiment is low. A slow decline is the mainstream view in the options market, but at the same time, one must be wary of sudden positive news that could cause a reversal.
ChainCatcher reports that the TON ecosystem leveraged trading platform Tradoor is suspected of being in a "rug pull" crisis. According to community reports and on-chain data, the project manipulated market liquidity through high control, executing obvious pump-and-dump strategies that liquidated user positions, leading to an 80% crash in token price in the early hours of December 1, after which the team disappeared, and the airdrop was postponed to 2026.
Reports indicate that Tradoor began systematic manipulation after its launch on Binance Alpha TGE on September 4, 2025. The total supply of the project is 60 million tokens, but only 10 addresses control 98%, with one address monopolizing 75%, resulting in a thin circulating supply and a total DEX liquidity pool of less than $1 million.
User analysis shows that Tradoor has had no updates on GitHub for the past six months, with no product投入, purely a "token issuance shell." The team has owed employee salaries for over four months, and core members have disappeared from public channels.
It is reported that the actual controllers of Tradoor are Paul, the former head of derivatives at Huobi Research Institute, and Stacy, the head of options. Paul previously launched the ZKEX project in 2023, which was abruptly shut down without explanation, earning him the nickname "old rug" in the community. In 2024, the two teamed up again to launch Tradoor, raising millions of dollars by packaging it with a foreign team, and subsequently listing on Binance Alpha and Bitget through intermediaries. After the TGE, Paul distanced himself from the core team, using $TRADOOR as collateral for high-interest loans from market makers like Wintermute, and after the market crash in October, he collaborated with new funding sources like ju.com to continue high control and manipulation until the project disappeared.
ChainCatcher reporters have verified with Tradoor's official X account and Telegram on December 10, and have not received any response within 12 hours of publication.
ChainCatcher reports that the Hong Kong Securities and Futures Professional Association officially announced that it has held a meeting with the Hong Kong Securities and Futures Commission (SFC) to discuss the development and regulation of the virtual asset industry and new financial products. The meeting primarily interpreted the latest policies, discussed compliance standards and over-the-counter trading regulation, and delved into the application of tokenized securities and the development path of derivatives.
At the same time, the meeting also discussed optimizing asset transfer processes, clarifying market maker roles, and improving company upgrade mechanisms, aiming to jointly promote the stable development of the industry.
ChainCatcher reports that Mitsubishi UFJ stated that the Federal Reserve voted 9 to 3 to lower interest rates by 25 basis points and acknowledged that the labor market is gradually cooling, with Powell emphasizing the significant downside risks facing the labor market.
Regarding inflation, the Federal Reserve pointed out that if no new tariffs are imposed, commodity inflation may peak in the first quarter of 2026, but the risk of persistent inflation remains. Powell signaled that interest rate hikes are not a basic expectation, and there is a divergence among FOMC members between maintaining rates and cutting rates.
The latest released median dot plot indicates that the Federal Reserve will only cut rates once in 2026, a stance that is clearly more hawkish than the market's expectation of about 55 basis points (or slightly more than two rate cuts). Powell also emphasized that the Federal Reserve is currently "in a favorable position" to patiently observe the development of the U.S. economic situation.
Looking ahead, the policy outlook for the second half of next year may become complicated due to changes in the Federal Reserve's leadership, increasing market uncertainty. (Jin10)
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of December 12, 09:00,
The top five popular ETH tokens in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular Solana tokens in the past 24 hours are: TRUMP, PENGU, MELANIA, Fartcoin, FO
The top five popular Base tokens in the past 24 hours are: PEPE, BASED, NATO, SKYA, KEVIN
What Are Some Interesting Articles to Read in the Last 24 Hours?
On December 11, the Federal Reserve voted 9-3 to lower the benchmark interest rate by 25 basis points to 3.50%-3.75%, marking the third consecutive meeting of rate cuts. The policy statement removed the description of the unemployment rate as "relatively low." The latest dot plot maintains the forecast of a 25 basis point rate cut in 2026.
Additionally, the Federal Reserve will purchase $40 billion in Treasury bonds within the 30 days starting December 12 to maintain sufficient reserves.
Trump's Control of the Federal Reserve: Impacts on Bitcoin in the Coming Months
Trump is taking control of the Federal Reserve in a way that is much faster, deeper, and more thorough than anyone expected. It's not just about replacing the chair; it's about redefining the power boundaries of the monetary system, reclaiming control over long-term interest rates, liquidity, and the balance sheet from the Federal Reserve back to the Treasury. The independence of central banks, which has been treated as an "iron law of the system" for decades, is being quietly loosened.
This is why, from the Federal Reserve's rate cut expectations to ETF fund movements, from MicroStrategy and Tom Lee's counter-cyclical accumulation, all seemingly disparate events are actually converging to the same underlying logic: the U.S. is entering an "era of fiscally dominant currency."
He inadvertently trained me to use Bayesian methods to predict the probabilities of future outcomes. This skill has been applied in every decision of my life, especially during my over 30 years on Wall Street.
Now, this analytical framework has led me to identify the most undervalued betting target of my career: Bitcoin.
When I analyzed Bitcoin using the horse racing odds method my father taught me, I saw an asset with 3:1 odds, while many of the top smart people I know assigned it 100:1 odds, even considering it worthless.
A Brief History of the Future of Crypto: Seven Major Trends Reshaping the Industry Narrative by 2026
In summary: Blockchains that are deliberately designed, finely polished, and built and optimized based on underlying primitives around specific application scenarios will truly see an explosion in the next year or two.
The influx of developers, users, institutions, and capital onto the chain recently is very different from previous cycles. They have distinct cultures and preferences (which define their "user experience"), and these preferences are often more important than abstract concepts like "decentralization" and "anti-censorship." Sometimes, these needs align with existing infrastructure; other times, they require completely different chain structures.
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