Important news from last night and this morning (December 14-15)

Hyperliquid will introduce a portfolio margin system, now live on testnet.

According to a Hyperliquid announcement, its on-chain portfolio margin system is about to launch and is currently live in the pre-alpha phase of the testnet. This mechanism unifies users' spot and perpetual trading accounts, achieving higher capital efficiency and automatically generating interest on unused borrowable assets. Initially, only USDC can be borrowed, with HYPE as the sole collateral; USDH and BTC will be supported later. Users can use a single account for collateralized arbitrage, offsetting PnL (Portable No Licensing), and reducing liquidation risk. This upgrade also integrates deeply with lending protocols within the HyperEVM ecosystem.

TestMachine raises $6.5 million to power its AI-driven on-chain security platform.

According to an official announcement from TestMachine, the company recently completed a $6.5 million funding round, which it plans to use to accelerate the global expansion of its AI security platform, Predator. This round was led by BlockChange Ventures, New Form Capital, Decasonic, and Delphi Digital, with participation from Baboon, UDHC, Auros Global, Generative Ventures, Contango Digital, and Santiago Santos. Predator is now integrated into Coinbase's CEX and DEX for real-time monitoring of over one million tokens. The company claims that the system accurately identified all $12 million in rug pull cases from a sample of 11,000 tokens.

Vitalik sold several tokens, including UNI, about 5 hours ago, for approximately $16,800 USDC.

On-chain data shows that the vitalik.eth address sold 1,400 UNI (worth about $7,480), 10,000 KNC (worth about $2,470), and 40 trillion DINU about 5 hours ago, for a total of 16,796 USDC.

The "66kETH lending whale" strikes again, purchasing nearly 38,600 ETH within 8 hours.

According to Lookonchain, the "66kETH lending whale," which previously spent $1.5 billion to purchase 489,696 ETH, has increased its holdings again during the market correction. In the past 8 hours, it borrowed $85 million USDT from Aave and transferred it to Binance, and withdrew 38,576 ETH, which was worth approximately $119.3 million at the time.

A mysterious whale exchanged over 2,289 BTC for over 67,000 ETH within 20 days.

According to Ember Monitoring, since November 25th, one address has been continuously exchanging BTC for ETH through THORChain. Today alone, 317 BTC were exchanged for 9105 ETH, amounting to approximately $28.15 million. Over the past 20 days, a total of 2289 BTC have been exchanged for 67253 ETH, totaling over $204 million, with an average cost of approximately $3,036 per ETH. During the same period, the ETH/BTC exchange rate rose from 0.0322 to 0.0347, indicating a slight appreciation of ETH relative to BTC.

The UK Treasury plans to develop crypto regulatory rules, to be implemented from 2027.

According to The Guardian, the UK Treasury is drafting new rules to bring cryptocurrencies under the Financial Conduct Authority (FCA) regulatory framework from 2027, subjecting them to the same regulations as other financial products. Chancellor of the Exchequer Rachel Reeves stated that this move aims to enhance transparency, boost consumer confidence, and combat illicit activities. The UK government also plans to ban the use of cryptocurrencies for political donations, addressing concerns about the unclear origins of crypto funds.

Japanese and South Korean stock markets opened lower across the board, with South Korea's KOSPI index falling 2.67%.

The Nikkei 225 index opened down 404.45 points, or 0.80%, at 50,432.10 on Monday, December 15. The South Korean KOSPI index opened down 111.31 points, or 2.67%, at 4,055.85 on Monday, December 15.

Phantom launched early access to cash and debit cards this week, starting in the US.

Phantom announced the early access launch of its Phantom Cash debit card this week, starting in the US, with an international version coming soon. Users who have completed identity verification can unlock the Phantom debit card (supporting Apple Pay and Google Pay), seamless deposits and withdrawals of fiat currency and crypto assets, and direct bank transfers. Phantom stated that it is still rolling out the card to users on a waiting list. Phantom states that it is not a bank; the prepaid Visa debit card is issued by Lead Bank and managed by Bridge Ventures, and fees may apply.

Robinhood tokenizes its stock on Arbitrum, pushing its market capitalization above $13 million.

According to Token Terminal data, Robinhood has launched its stock tokenization service on Arbitrum One, with the total market capitalization of the tokens recently exceeding $13 million. Johann Kerbrat, head of Robinhood's crypto business, stated that Ethereum offers default security, while Arbitrum provides the necessary engineering flexibility.

Citigroup: Upcoming non-farm payroll report may release more conflicting signals

According to Jinshi News, the US non-farm payrolls report to be released next Tuesday will include data from October and November, finally providing policymakers and investors with a more complete picture of the US labor market and ending months of partial uncertainty. Following a contentious meeting this week, the Federal Reserve lowered interest rates to a three-year low, with several officials dissenting, the debate centered on whether to prioritize addressing high inflation or a weak job market. Economists at Citigroup point out that the upcoming jobs report may release more conflicting signals. The bank expects a loss of about 45,000 jobs in October but an increase of 80,000 in November. Citigroup economists suggest this rebound may be more related to seasonally adjusted data rather than a "real improvement in worker demand." They also predict the unemployment rate will rise from 4.4% to 4.52%, while a Reuters poll of economists shows 4.4%. The Fed's own quarterly forecasts indicate a median unemployment rate of about 4.5% by the end of this year.

YO Labs, the development team behind YO Protocol, has completed a $10 million Series A funding round, led by Foundation Capital.

According to CoinDesk, YO Labs, the development team behind YO Protocol, announced the completion of a $10 million Series A funding round, led by Foundation Capital, with participation from Coinbase Ventures, Scribble Ventures, and Launchpad Capital. This brings their total funding to $24 million. The company plans to use the funds to expand its yield-optimizing protocol to more blockchains and improve its infrastructure.

Two hours ago, a wallet flagged as potentially belonging to Matrixport withdrew 3 million ASTER tokens from Binance.

According to Arkham monitoring data, approximately two hours ago, an address flagged as a possible Matrixport wallet withdrew 3 million ASTER tokens from a Binance hot wallet address, worth approximately $2.84 million. This wallet currently holds a total of 5 million ASTER tokens, worth $4.72 million.

Binance Futures will launch RAVEUSDT U-margined perpetual contracts with up to 40x leverage.

According to the official announcement, Binance Futures will launch perpetual contracts at the following time: December 14, 2025, 23:30 (UTC+8): RAVEUSDT perpetual contracts, with a maximum leverage of 40x.

Analysis: The market is closely watching several macroeconomic data releases next week. If BTC falls below $86,000, it may experience a more significant pullback.

According to Coindesk, Bitcoin fell below the $90,000 mark this Sunday, and the overall cryptocurrency market remains weak. Analyst Ali Martinez pointed out that $86,000 remains a crucial price level for Bitcoin to hold; a breach of this support level could lead to a more significant pullback. The market is taking a short break ahead of a series of macroeconomic data releases in the coming days. Investors will be closely watching a range of employment indicators, including the unemployment rate, ADP employment data, and weekly initial jobless claims, as well as November inflation data and the yen's interest rate hike. Currently, the cryptocurrency market remains range-bound with low trading volume and limited market confidence.

Michael Saylor has released another Bitcoin Tracker update; he may disclose his accumulating data next week.

Michael Saylor, founder and executive chairman of Strategy (formerly MicroStrategy), posted another Bitcoin Tracker message on the X platform, writing, "₿ack to More Orange Dot." Historically, Strategy typically discloses Bitcoin accumulation data the day after he posts the Bitcoin Tracker message.

Data: ZRO, ARB, STRK and other tokens will see large-scale unlocking, with ZRO unlocking value estimated at approximately $38.6 million.

According to Token Unlocks data, ZRO, ARB, STRK, and other tokens will see large-scale unlocks next week. Specifically: LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7 PM Beijing time on December 20th, representing 6.79% of the circulating supply, worth approximately $38.6 million; Arbitrum (ARB) will unlock approximately 92.65 million tokens at 9 PM Beijing time on December 16th, representing 1.90% of the circulating supply, worth approximately $19.7 million; Starknet (STRK) will unlock 127 million tokens at 8 AM Beijing time on December 15th, representing 5.07% of the circulating supply, worth approximately $13.2 million; Sei Network (SEI) will unlock approximately 55.56 million tokens at 8 PM Beijing time on December 15th, representing 1.08% of the circulating supply, worth approximately $7.1 million; Lista... DAO (LISTA) will unlock approximately 33.44 million tokens at 5 PM Beijing time on December 20th, representing 6.85% of the circulating supply, with a value of approximately $5.5 million.

The ZORA team is suspected of transferring approximately 52.525 million tokens to three new addresses, worth over $2.6 million.

According to Arkham monitoring, about three hours ago, a large token transfer transaction occurred at an address suspected to be the ZORA team's address, transferring a total of approximately 52.525 million tokens to three new addresses, worth more than $2.6 million. Subsequently, one of the addresses transferred 10.535 million tokens (approximately $520,000) to a Coinbase hot wallet address. The remaining tokens, worth $2.1 million, have not yet been transferred further.

A whale closed out all its 7x leveraged long positions in ETH, incurring a loss of over $3.34 million.

According to Onchain Lens monitoring, a whale just closed out the last approximately 7,200 ETH in its 7x leveraged ETH long position, incurring a loss of over $3.34 million.

Glassnode's co-founder analyzes the impact of Japan's interest rate hike: Bitcoin will flourish after policy pressure.

Negentropic, co-founder of GlassNode, published an article on the X platform analyzing the impact of Japan's interest rate hike. He pointed out that the market's fear is not tightening, but uncertainty. Sometimes market volatility can be an opportunity. The Bank of Japan's policy normalization has actually brought clarity to the global capital market, and Bitcoin usually thrives after experiencing policy pressure. Previous analyses have indicated that Japan's interest rate hike may not trigger risk aversion in the crypto market. Firstly, speculators currently hold a large net long (bullish) position in the yen, making a rapid reaction to the Bank of Japan's rate hike unlikely. Secondly, Japanese government bond yields have continued to climb this year, with both short-term and long-term yield curves reaching multi-decade highs. The upcoming rate hike reflects that official interest rates are catching up with the market, indicating a low probability of risk aversion at the end of the year.