Market Overview - Bitcoin (BTC) and the broader crypto market experienced a decline, influenced by the European Union's plans for €93 billion ($110 billion) in tariffs in response to U.S. President Donald Trump's threats regarding Greenland [1] - The tariff concerns negatively impacted equities in Europe and U.S. futures, while safe-haven assets like gold and silver reached record highs [1] Bitcoin Performance - Bitcoin is currently trading at $93,000, reflecting a 2.5% decrease since Sunday [2] - The cryptocurrency fell below the $94,500 support level, indicating a potential return to a trading range between $85,000 and $94,500, which has been in place since mid-November [3] Derivatives Market - The crypto market pullback resulted in nearly $800 million in leveraged long bets being liquidated within 24 hours due to margin shortages [6] - Total notional open interest (OI) in crypto futures decreased by over 2% to $138.14 billion, with Bitcoin's OI increasing by 0.65% while OI for other major tokens dropped by 8%-13% [6] - The 30-day implied volatility for BTC and ETH has not significantly increased, indicating traders do not expect major price movements in the near term [6] Altcoin Market - The altcoin market showed mixed performance, with the CoinDesk 80 Index (CD80) down 4.64% over the past 24 hours, while the CoinDesk 20 (CD20) fell by 2.5% [2] - Monero (XMR) diverged positively from Bitcoin, rising over 13%, while DeFi tokens faced double-digit losses [6] - Medium market cap tokens underperformed compared to major cryptocurrencies, highlighting a liquidity issue following October's liquidation events [6] Liquidations and Market Impact - The tariff-induced selloff led to $815 million in liquidations, with $231 million attributed to Bitcoin and the remainder affecting the altcoin market [6]

Group 1 - Arthur Hayes, co-founder of BitMEX, is making significant investments in decentralized finance (DeFi) tokens, indicating a shift from Ethereum to other protocols expected to recover by 2026 [1][2] - Hayes has invested over $3.4 million in four DeFi assets: $1.97 million in ENA, $735,330 in ETHFI, $515,360 in PENDLE, and $259,960 in LDO [1][3] - The tokens are currently trading well below their all-time highs, reflecting a broader downturn in the DeFi sector, with Hayes converting an additional $5.5 million in Ethereum into these assets [2][3] Group 2 - Hayes' strategy involves accumulating these assets during price dips, suggesting a belief in their long-term value rather than short-term speculation [3] - The allocation is heavily weighted towards PENDLE, which accounts for over 50% of his investments, indicating a focus on yield tokenization [2][4] - Each token in Hayes' portfolio is linked to specific growth narratives, such as ENA potentially benefiting from institutional inflows due to Bitwise's recent ETF filing [4] Group 3 - PENDLE has shown strong revenue generation despite low token prices, providing consistent quarterly cash flow to its holders [4] - The total holdings include 4.86 million ENA tokens valued at approximately $986,000 and 697,851 ETHFI tokens worth around $485,000 [5]

Market Activity - A whale (0x72F8) deposited 16.86 million $ENA tokens into Coinbase Prime [1] - The tokens were accumulated approximately one year prior [1] Financial Analysis - The whale's initial investment cost was $18.53 million [1] - The current value of the tokens is $3.51 million [1] - The whale experienced a loss exceeding $15 million, representing an 81% decrease in value [1]

Investment Activity - Arthur Hayes purchased 1.22 million $ENA tokens, valued at $257.5 thousand [1] - Arthur Hayes transferred 680 $ETH, valued at $2.03 million, for sale and rotation into high-quality DFi tokens [1]

Ethena Token Distribution and Deposit - Ethena 团队于 12 月 9 日分发了价值 688 万美元的代币，并立即存入 Bybit 交易所 [1] USDe TVL and Funding Rates - USDe 的总锁定价值 (TVL) 在两个月内从 148 亿美元暴跌至 67 亿美元 [1] - 19% 收益率的资金费率已降至 4% [1] Whale Accumulation - 一个钱包在市场动荡期间积累了价值 2.13 亿美元的 7.8 亿枚 ENA 代币 [1] Team Activity - 团队退出，巨鲸进入 [1]

Whale Activity - Whale "0xBC64" purchased approximately $13.9 million worth of 10 assets during a market dip and transferred them to an on-chain wallet [1] - Another whale acquired $35.7 million worth of 8 assets during the market dip and subsequently moved them on-chain [1] Specific Asset Acquisitions by Whale "0xBC64" - The whale "0xBC64" acquired 22.7 million ENA tokens, valued at $5.92 million [1] - The whale "0xBC64" acquired 1,898 ETH tokens, valued at $5.79 million [1] - The whale "0xBC64" acquired 38,614 LINK tokens, valued at $527 thousand [1] - The whale "0xBC64" acquired 74,217 UNI tokens, valued at $413 thousand [1] - The whale "0xBC64" acquired 134,005 PENDLE tokens, valued at $323 thousand [1] - The whale "0xBC64" acquired 753,625 CRV tokens, valued at $295 thousand [1] - The whale "0xBC64" acquired 521,061 ONDO tokens, valued at $242 thousand [1] - The whale "0xBC64" acquired 12,665 ENS tokens, valued at $141 thousand [1] - The whale "0xBC64" acquired 754 AAVE tokens, valued at $140 thousand [1] - The whale "0xBC64" acquired 149,593 AERO tokens, valued at $98 thousand [1] Specific Asset Acquisitions by Other Whale - Another whale acquired 3,175 ETH tokens, valued at $10.13 million [1] - Another whale acquired 557,937 LINK tokens, valued at $7.99 million [1] - Another whale acquired 20.14 million ENA tokens, valued at $5.82 million [1] - Another whale acquired 25,396 AAVE tokens, valued at $4.9 million [1] - Another whale acquired 6.53 million ONDO tokens, valued at $3.27 million [1] - Another whale acquired 340,849 UNI tokens, valued at $2.05 million [1] - Another whale acquired 22.59 million SKY tokens, valued at $1.09 million [1] - Another whale acquired 384,075 LDO tokens, valued at $244 thousand [1]

Whale Activity - A whale acquired $35.7 million worth of 8 different crypto assets during a market dip [1] - The acquired assets include 3,175 ETH ($10.13 million), 557,937 LINK ($7.99 million), 20.14 million ENA ($5.82 million), 25,396 AAVE ($4.9 million), 6.53 million ONDO ($3.27 million), 340,849 UNI ($2.05 million), 22.59 million SKY ($1.09 million), and 384,075 LDO ($244 thousand) [1] On-Chain Movement - The whale transferred all the purchased assets on-chain to wallet address 0xBC64 [1]

Event Overview - MEXC is hosting a 0 trading fee event [1] - The event started on December 4, 2025 [1] Top Performers - Top 3 gainers include CRV (@curvefinance), ZEC (@electriccoinco), and ENA (@ethena_labs) [1]

Staking Opportunities - MEXC offers staking opportunities for $ENA, $APT, and $ETHFI [1] - Staking on MEXC provides an APR (Annual Percentage Rate) of up to 25% [1] - Flexible redemption options are available for staked assets on MEXC [1]

ENA Token Movements - Wallet 0x631e (linked to @ethena_labs) withdrew 25 million $ENA ($6 million) from Bybit [1] - This wallet has withdrawn a total of 405.15 million $ENA ($96.8 million) from Bybit and Coinbase Prime since Nov 7 [1]