Investment Rating - The report does not explicitly provide an investment rating for the Hong Kong Non-Bank Financials sector [20]. Core Insights - The Hong Kong Securities and Futures Commission (SFC) announced three new initiatives aimed at enhancing the virtual asset regulatory ecosystem: margin financing, perpetual contracts, and affiliated market makers [8][9]. - The SFC's ASPIRe roadmap, published in February 2025, focuses on five pillars: Access, Safeguards, Products, Infrastructure, and Relationships, to create a safe and innovative virtual asset market [10][9]. - The introduction of Hong Kong dollar-pegged stablecoins is expected to facilitate more efficient cross-border fund flows and expand stablecoin applications beyond the crypto-native ecosystem [11]. - The SFC has authorized 11 tokenized money market funds, and the global tokenized asset market is rapidly growing, with tokenized gold assets reaching an AUM of $400 million, doubling in six months [12]. - The new regulatory measures are anticipated to significantly boost trading volume and liquidity in Hong Kong's virtual asset market, with perpetual contracts expected to enhance market activity [13]. Summary by Sections New Initiatives - The three new initiatives include: - **Margin Financing**: Licensed brokers can provide margin financing to clients with strong credit, initially limited to Bitcoin and Ethereum [14]. - **Perpetual Contracts**: A regulatory framework will allow licensed platforms to offer perpetual contracts, restricted to professional investors [14]. - **Affiliated Market Makers**: Regulatory relief will permit licensed platforms to provide liquidity through affiliated market-making entities, ensuring operational independence [14]. Regulatory Framework - The ASPIRe roadmap aims to enhance global liquidity and establish a compliance framework that integrates traditional finance with blockchain technology [10][9]. - The roadmap's five pillars are designed to improve investor access, product categorization, and regulatory reporting while promoting cross-border cooperation [10]. Market Impact - The expected launch of stablecoins and the liberalization of perpetual contracts are projected to increase trading volume, with Bitcoin perpetual contracts currently accounting for 70%-80% of total trading volume globally [13].

（来源：吴说） 香港证监会中介机构部执行董事叶志衡在 Consensus 2026 大会上表示，香港在保证金融资方面将实现 双向联动，既允许以证券抵押投资比特币及以太坊，也允许以虚拟资产抵押进行传统证券融资。针对永 续合约，证监会将发布高层级指导框架而非咨询文件，旨在以更务实的方式引导市场，初期仅限专业投 资者参与。此外，关联做市商机制将允许平台附属实体连接全球流动性池，避免香港生态陷入孤岛化。 ...

香港证监会将持续密切监察有关举措的实施情况，并与持份者保持沟通，以确保该等措施促进香港建立 一个安全且具竞争力的市场环境。 为进一步推动香港的虚拟资产交易活动，香港证监会准许持牌虚拟资产交易平台的联属公司在其平台上 担任庄家，前提是须设有强而有力的防范措施，以减少利益冲突。这些联属公司的参与，应会为持牌虚 拟资产交易平台带来新增的流动性渠道。 香港证监会中介机构部执行董事叶志衡博士表示："本会根据ASPIRe路线图奉行按部就班的发展方针， 这对于香港数字资产市场的规模化发展至关重要。这些针对性的举措旨在增强市场流动性，更展示了香 港证监会对于以可持续及协作的方式发展香港数字资产市场的坚定承诺。" 2月11日，香港证券及期货事务监察委员会(香港证监会)发出新的指引，准许提供虚拟资产交易服务的 持牌经纪(虚拟资产经纪)扩充其相关服务范围至保证金融资，同时订立高层次框架以向虚拟资产交易平 台提供指引，协助其就拟发售予专业投资者的虚拟资产相关杠杆式产品制订建议。 香港证监会正根据其ASPIRe路线图扩大产品和服务多样性。作为其中一项最新措施，证监会现容许虚 拟资产经纪向其证券保证金客户提供虚拟资产融资服务，前提是须具 ...

Core Insights - The 2026 Crypto Market Outlook by Coinbase Institutional indicates a significant expansion in crypto derivatives trading in 2025, driven primarily by decentralized platforms [1] - Monthly trading volume of DEX perpetual contracts has exceeded $1.2 trillion, with Hyperliquid maintaining a substantial market share [1] - Amidst a sluggish altcoin spot market, some capital has shifted towards high-leverage perpetual contracts, with speculative exposure nearing 10% mid-year before declining after the October liquidation event [1] - Perpetual contracts are evolving from a singular trading tool to a foundational financial primitive within DeFi, gradually integrating with lending protocols and extending into stock-like perpetual contracts, thus becoming a crucial derivative form connecting crypto markets with traditional assets [1]

Group 1: Current State of Crypto Investment - Pantera Capital partners discussed the current state of crypto investment, highlighting a record total funding of $34 billion this year, while transaction numbers have decreased by nearly half compared to 2021 and 2022 [1][2] - The decline in transaction volume is attributed to a shift from speculative investments in altcoins to more institutional and professional funding sources, leading to higher quality and larger individual investments [1][2] - The emergence of clearer exit strategies, such as Circle's IPO, has provided investors with a more defined path for realizing returns on their investments [2] Group 2: Digital Asset Trusts (DATs) - The introduction of Digital Asset Trusts (DATs) reflects a maturation in the market's understanding of digital assets, transitioning from simple speculation to active management aimed at generating returns [3][4] - The cooling interest in DATs indicates a shift towards valuing the execution capabilities of management teams, suggesting a return to rational investment practices [4] - The future of DATs may involve integration into project foundations, allowing for more professional asset management tools [4] Group 3: Future Investment Trends - Key areas for future investment include tokenization and zero-knowledge proof (ZK-TLS) technology, which are seen as long-term trends with significant potential for innovation and efficiency [5] - Tokenization is viewed as a transformative process that can create new financial products and risk management models, while ZK-TLS technology addresses data integrity issues in blockchain applications [5] - The rise of stablecoins is identified as a critical application in the tokenization space, facilitating global payments and enhancing accessibility to crypto markets [5] Group 4: Market Dynamics and Predictions - The discussion on public chains indicates that while the frenzy of new Layer 1 (L1) chains may subside, existing chains will continue to thrive based on their communities and ecosystems [10][12] - The debate on token lock-up periods emphasizes the need for alignment between founders and investors, with a consensus that a reasonable lock-up period is essential for project development [11] - The potential for privacy as a marketable feature is contested, with differing views on its value proposition in the context of institutional needs versus consumer expectations [9][10]

Core Viewpoint - Coinbase is expanding its platform to include stock trading, perpetual contracts, and various product features in addition to its existing cryptocurrency trading offerings [1] Group 1: Platform Expansion - Coinbase announced the addition of stock trading and perpetual contracts to its existing cryptocurrency trading platform [1] - The company plans to enhance its futures and perpetual contract offerings [1] - Integration of Solana DEX aggregator Jupiter is planned to support on-chain exchanges of Solana ecosystem tokens in the main application within the coming weeks [1] Group 2: New Services and Tools - Coinbase is launching Coinbase Business aimed at startups and small to medium-sized enterprises [1] - The company introduced an AI-based wealth management tool called Coinbase Advisor [1] Group 3: Asset Structure and Tokenization - Coinbase will advance retail access to tokenized stocks and other real-world assets (RWA) through a new initiative called Coinbase Tokenize [1] - Further details regarding the technical pathways and regulatory arrangements for this initiative are yet to be disclosed [1]

Core Viewpoint - Gemini Space Station's stock surged nearly 13% after its derivatives trading division, Titan, received a Designated Contract Market (DCM) license from the CFTC, allowing it to offer prediction market services to U.S. customers [1] Group 1: Company Developments - Titan plans to enter the prediction market space by offering event contracts that cover a range of topics from sports events to economic news [1] - U.S. customers will soon be able to trade event contracts on Gemini's web interface, with mobile app services to follow [1] - Gemini aims to create a "one-stop financial super app" and will explore expanding its derivatives product offerings for U.S. customers, including cryptocurrency futures, options, and perpetual contracts [1] Group 2: Industry Context - Cameron Winklevoss, President of Gemini, stated that prediction markets could potentially be as large as, or even larger than, traditional capital markets [1] - CFTC Acting Chair Caroline Pham supports the vision of innovation in this space, positioning the CFTC as a regulatory body that fosters business and innovation [1] - Other platforms like Kalshi and Polymarket are pioneers in the prediction market sector, while Robinhood Markets also features a prediction market center [1]

Core Viewpoint - The recent deep correction in Bitcoin has led to a rapid decline in market sentiment, but the NCE platform believes this sentiment-driven market is significantly diverging from the fundamentals, presenting a potential reversal opportunity in December [1][4]. Market Sentiment and Technical Analysis - K33 Research indicates that despite the accelerating fear in the market, key technical levels, leverage structure, and capital positioning suggest that prices are nearing a cyclical bottom rather than the beginning of a new significant downturn [1][4]. - Bitcoin's price dropped to approximately $90,680, marking the largest correction since the last bear market, with spot Bitcoin ETFs shifting from long-term net buying to a phase of net selling in November, which has been a key factor suppressing prices [1][4]. - CME futures trading volume has fallen to multi-year lows, and traditional institutions are exhibiting caution, with Bitcoin's relative weakness to stock assets causing its ratio to Nasdaq to reach the lowest level since the end of 2024 [1][4]. Risk Perception and Future Outlook - K33 Research emphasizes that the market is overreacting to long-term risks while overlooking strong near-term signals, suggesting a higher likelihood of significant upward movement in the coming weeks rather than an 80% crash [5]. - Key supporting points include Bitcoin operating within a historical strong support range of $70,000 to $80,000, cautious overall positioning in the futures market, and the absence of large-scale liquidations in perpetual contracts [5]. - Long-term concerns such as quantum computing risks and potential large institutional sell-offs are being exaggerated in the current market, but K33 Research believes these risks are not imminent and do not constitute short-term pricing logic [5]. Structural Changes and Investment Opportunities - Notable forward-looking changes in policy and market structure, including potential easing of retirement account allocation, more mature financial infrastructure, and a more open institutional participation environment, are gradually enhancing Bitcoin's long-term appeal [6]. - Research indicates that the cautious positioning in the futures market provides ample room for potential upward movement, and if ETF participants shift from net selling to net inflows, trend momentum could quickly recover [6]. - Overall, despite the market remaining cautious, various dimensions such as support levels, leverage structure, trading behavior, and policy expectations suggest that December could serve as a cyclical reversal window [6].

Core Viewpoint - South Korea is experiencing a nationwide cryptocurrency trading frenzy, with nearly one-third of its population participating in various exchanges, making it the second-largest cryptocurrency trading country globally [1][6]. Group 1: Participation and Demographics - Approximately 56% of cryptocurrency traders in South Korea are in their 30s and 40s [1]. - 66% of users hold less than 500,000 KRW (approximately 2,419 RMB), indicating a significant presence of retail investors rather than institutional ones [3]. - As of the end of last year, there were 775,000 cryptocurrency users aged 60 and above in South Korea [10]. Group 2: Cultural Phenomenon - Cryptocurrency trading has become a public and entertainment-driven activity, with young people sharing their trading experiences on social media and even live-streaming their trading sessions [3][5][14]. - The phenomenon of "e-sports cryptocurrency trading" has emerged, where teams compete in trading contests using real funds [18][20]. - The blending of cryptocurrency trading with elements of mysticism and fortune-telling is prevalent, with some individuals using spiritual interpretations to predict market movements [12]. Group 3: Economic Motivations - A significant portion of the population views cryptocurrency investment as a means to secure retirement funds, with 40% of respondents in a survey indicating this motivation [24]. - Many young people are entering the cryptocurrency market as a last resort for upward mobility, feeling that traditional paths to success are blocked [26][30]. - The widening wealth gap in South Korea, where the asset disparity between the top 20% and the bottom 40% of households has increased from 3.7 times to 4.7 times, drives younger generations to seek alternative investment opportunities [28]. Group 4: Debt and Risk - South Korea has the highest household debt globally, with total household debt reaching 2,246 trillion KRW in 2024, leading many young individuals to engage in "debt investment" [31][33]. - The cultural phenomenon of "debt investment" is prevalent, where young people borrow money to invest in cryptocurrencies, hoping for high returns despite the risks involved [35][37]. - The recent rise in the stock market has also led to an increase in borrowing for stock trading, reflecting a broader trend of high-risk investment behavior among the youth [37].

Project Overview - Metamask officially launched a perpetual contract trading activity, encouraging users to participate in "transaction mining" to earn points [1][2] - The activity offers a clear path for users to potentially receive a Metamask airdrop, and also a $Linea airdrop as an interim reward [2] Participation Guide - Users can download or update to the latest version (v7.57.0) of the MetaMask mobile app and enter the "Rewards" section to claim an initial 250 points [3][4] - Entering the referral code NGDG0G grants an additional 250 points, equivalent to avoiding $40,000 in trading volume [4][7] - Users can deposit USDC (preferably via Arbitrum for faster transactions) and start trading perpetual contracts [4] Point Accumulation - Spot trading earns 10 points per $800 traded, while contract trading earns 10 points per $100 traded, making contract trading more efficient for point accumulation [4] - Using older wallets with prior Metamask swap or cross-chain activity can yield loyalty rewards, potentially accumulating up to 50,000 points [6] Rewards and Strategy - Achieving 1,000 points by the end of the season (86 days) may qualify users for $Linea tokens [6] - High point totals can reduce transaction fees, suggesting a strategy of focusing on high scores with a main account and lower scores with smaller accounts [6]