1. Review of hot topics this week:
1.1 The U.S. SEC seeks feedback from the public on Franklin Templeton and Hashdex Bitcoin Spot ETFs
On November 29, Bloomberg analyst James Seyffart tweeted: According to public regulatory documents, The U.S. SEC is seeking feedback from the public on whether it should approve the Franklin Templeton and Hashdex Bitcoin spot ETF applications.
The SEC wants to analyze whether the application complies with "the rules of the national securities exchange," Whether fraud and manipulation can be prevented and investors and the public interest protected. Feedback on the above two ETFs needs to be submitted within 21 days, and the subsequent rebuttal period will last two weeks.
On December 1, Bloomberg analyst James Seyffart stated on his social platform that the approval window for spot Bitcoin ETFs is expected to be between January 5 and 10, 2024.
According to the SEC filing, the comment period ends on January 5 for Franklin/Hashdex and on January 10 for Ark/21.
1.2 Binance US: Changpeng Zhao (CZ) has resigned as chairman of the board of directors, transferred his voting rights and will no longer participate in the governance of Binance.US
Binance, the world’s largest cryptocurrency exchange, and its founder Changpeng Zhao (CZ) reached a historic settlement with the U.S. Department of Justice on the 21st last week. On November 29, Binance’s US subsidiary Binance.US announced further news, stating that CZ had resigned as chairman of the Binance.US board of directors and would transfer voting rights, indicating that CZ would no longer participate in the governance of Binance.US.
1.3 Fed officials generally spoke dovishly, rekindling market expectations that the Fed has completed raising interest rates.
On November 28, Fed Governor Waller gave a speech, "If inflation continues to decline, we have "no reason" to insist on keeping interest rates at a "very high level." If inflation continues to decline in the next few months, this will "There are good economic reasons to lower policy interest rates" directly expanded market expectations for a rate cut by the end of next year by 5 basis points.
New York Fed President Williams later said, U.S. inflation is retreating with excitement. This year's voting committee and Chicago Fed President Goolsbee said that this year's slowdown in inflation is the largest decline in 71 years.
1.4 Federal Reserve Beige Book: Consumers are "closing their wallets", the economy is slowing down, and the economic outlook for the next year is cooling.
On November 29, the Federal Reserve released the Beige Book, an economic situation survey report prepared by 12 regional Feds. The Beige Book shows that in the six weeks to November 7, U.S. economic activity generally slowed down, and the economic outlook also declined during this reporting period; consumers spent less because they were more price-sensitive; demand in the talent market It continues to slow down, but market supply remains tight.
1.5 Cryptocurrency exchange FTX has been approved to sell approximately $873 million in trust assets
Bankrupt cryptocurrency exchange FTX has been approved to sell approximately $873 million in trust assets, with the proceeds used to repay creditors affected by the exchange's collapse in 2022, according to documents filed in the Delaware Bankruptcy Court on November 29.
Nearly four weeks ago, FTX creditors filed a petition with Judge John Dorsey on November 3, requesting the sale of six cryptocurrency trusts, including Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE) and Bitwise 10 Crypto Index Fund (BITW).
FTX currently owns over 22 million shares of GBTC (Grayscale’s flagship Bitcoin product) currently worth $691 million, while its 6.3 million ETHE shares are currently worth approximately $106 million.
2. Projects to be unlocked next week:
3.Recent key events:
December 5 (Tuesday)
U.S. ISM non-manufacturing index in November
U.S. JOLTS job vacancies in October (10,000 people)
U.S. Markit Comprehensive PMI Final Value for November
December 6 (Wednesday)
U.S. ADP employment changes in November (ten thousand people)
December 7 (Thursday)
Eurozone third quarter GDP final year-on-year value
Number of people applying for unemployment benefits for the first time in the United States in the week of December 2 (10,000 people)
December 8 (Friday)
U.S. unemployment rate in November
Changes in non-agricultural employment in the United States in November (10,000 people)
Preliminary value of the University of Michigan consumer confidence index in December