{"translated_text": "{n "1": "Original | Odaily Planet Daily Ethan\r\n \r\nAs the year draws to a close, the suspense over who will wield the scepter of the Federal Reserve Chair, the 'master valve' of global liquidity, has become the most anticipated year-end cliffhanger.\r\nMonths ago, when the benchmark interest rate ended its long pause and saw its first cut, the market was once convinced that Christopher Waller was the chosen one (Recommended reading\"The Academic's Comeback: Small-Town Professor Waller Becomes Hottest Contender for Fed Chair\"). In October, the winds shifted, and Kevin Hassett surged ahead, with betting odds once nearing 85%. He is seen as the 'mouthpiece of the White House'; if he takes office, policy might completely follow Trump's will, even being jokingly called a 'human money printer'.\r\nHowever, today we will not discuss the 'top contender' with higher odds, but instead focus on the 'second in line' with the greatest potential for change—Kevin Warsh.\r\nIf Hassett represents the market's 'greed expectation' (lower rates, more liquidity), then Warsh represents the market's 'fear and awe' (harder money, stricter rules). Why is the market re-examining this outsider once hailed as the 'Wall Street golden boy'? If he were to truly lead the Fed, what seismic shifts would occur in the underlying logic of the crypto market? (Odaily Note: The core viewpoints of this article are based on inferences and summaries from Warsh's recent speeches and interviews.)\r\nWarsh's Evolution: From Wall Street Golden Boy to Fed Outsider\r\nKevin Warsh does not have a Ph.D. in macroeconomics, and his career did not start in an ivory tower but in Morgan Stanley's M&A department. This experience gave him a mindset completely different from Bernanke or Yellen: in the eyes of academics, a crisis is just a data anomaly on a model; but in Warsh's eyes, a crisis is the moment a counterparty defaults, the life-or-death instant when liquidity goes from 'present' to 'absent'.\r\nIn 2006, when the 35-year-old Warsh was appointed as a Federal Reserve Governor, many questioned his lack of seniority. But history is ironic; it was precisely this 'Wall Street insider' practical experience that made him an indispensable player in the subsequent financial storm. During the darkest hours of 2008, Warsh's role had already transcended that of a regulator; he became the sole 'translator' between the Fed and Wall Street.\r\n\r\nExcerpt from Warsh's interview at Stanford University's Hoover Institution\r\nOn one hand, he had to translate Bear Stearns' toxic assets that went to zero overnight into language that academic officials could understand; on the other hand, he had to translate the Fed's obscure rescue intentions to the panicked market. He personally experienced the frantic weekend negotiations before Lehman's collapse. This close-quarters combat gave him a physiological sensitivity to 'liquidity'. He saw through the essence of quantitative easing (QE): central banks must indeed act as the 'lender of last resort' during a crisis, but this is essentially a transaction that mortgages future credit to buy survival time in the present. He even pointedly noted that the long-term transfusion after the crisis was actually a 'reverse Robin Hood', artificially inflating asset prices to rob the poor to aid the rich. This not only distorts market signals but also sows the seeds for a bigger crisis.\r\nIt was precisely this keen sense of the system's fragility that became his core bargaining chip when Trump was selecting candidates for the new Fed Chair. On Trump's list, Warsh and another hot contender, Kevin Hassett, formed a stark contrast. This contest was jokingly called the 'Battle of the Two Kevins' by the media.\r\n\r\nFed Chair Candidates: Hassett VS Warsh, Image source Odaily Original\r\nHassett is a typical 'growth-first' advocate. His logic is simple and direct: as long as the economy is growing, low interest rates are justified. The market generally believes that if Hassett takes office, he would likely cater to Trump's desire for low rates, even starting to cut rates before inflation is fully under control. This also explains why long-term bond yields surged whenever Hassett's odds increased, as the market feared runaway inflation.\r\nIn contrast, Warsh's logic is far more complex. It's hard to simply label him as a 'hawk' or a 'dove'. Although he also advocates for rate cuts, his reasoning is completely different. Warsh believes that current inflationary pressures are not due to excessive buying but to supply constraints and the massive monetary over-issuance of the past decade. The Fed's bloated balance sheet is actually 'crowding out' private credit and distorting capital allocation.\r\nTherefore, the prescription Warsh offers is an extremely experimental combination: aggressive quantitative tightening (QT) coupled with moderate rate cuts. His intention is clear: control inflation expectations by reducing the money supply, restoring the credibility of the dollar's purchasing power—essentially draining some of the liquidity. Simultaneously, lower nominal interest rates to ease corporate financing costs. This is a hardcore attempt to get the economy moving again without resorting to monetary easing.\r\nThe Butterfly Effect on the Crypto Market: Liquidity, Regulation, and Hawkish Underpinnings\r\nIf Powell is like a 'gentle stepfather' for the crypto market, cautiously trying not to wake the children, then Warsh is more like a 'strict headmaster of a boarding school' with a ruler in hand. The storm stirred by this butterfly's wings might be more violent than we anticipate.\r\nThis 'strictness' first manifests in his obsession with liquidity. The crypto market, especially Bitcoin, has been, to some extent, a derivative of the global dollar glut over the past decade. Warsh's policy core is a 'strategic reset', returning to the sound monetary principles of the Volcker era. His aforementioned 'aggressive QT' is both a short-term nightmare and a long-term litmus test for Bitcoin.\r\nWarsh has explicitly stated: \"If you want to lower interest rates, you must first stop the printing press.\" For risk assets accustomed to the 'Fed put', this means the disappearance of the safety net. If he takes office and firmly implements his 'strategic reset', leading monetary policy back to more prudent principles, the tightening of global liquidity will be the first domino to fall. As a 'frontier risk asset' highly sensitive to liquidity, the cryptocurrency market will undoubtedly face valuation pressure in the short term.\r\n\r\nKevin Warsh discusses Fed Chair Jerome Powell's interest rate strategy on the 'Kudlow' program, source Fox Business\r\nMore importantly, if he truly achieves 'inflation-free growth' through supply-side reforms, keeping real yields positive in the long run, then holding fiat currency and government bonds will become profitable. This is completely different from the negative interest rate era of 2020, where 'everything went up, only cash was trash.' Bitcoin's appeal as a 'zero-yield asset' may face a severe test.\r\nBut there are always two sides to the coin. Warsh is someone who is extremely superstitious about 'market discipline'. He would never rush to rescue the market like Powell did when the stock market fell 10%. This 'no-bottom' market environment might instead give Bitcoin a chance to prove its worth: when the traditional financial system develops credit fissures due to deleveraging (like the Silicon Valley Bank crisis), can Bitcoin break free from the gravitational pull of US stocks and truly become a Noah's Ark for safe-haven capital? This is the ultimate test Warsh poses for the crypto market.\r\nBehind this test lies Warsh's unique definition of cryptocurrency. He left a famous quote in The Wall Street Journal: \"Cryptocurrency is a misnomer. It's not mysterious, and it's not money. It's software.\"\r\n\r\nExcerpt"}

A PANews relatou em 23 de dezembro que, de acordo com The Block, o Parlamento do Gana aprovou a Lei dos Prestadores de Serviços de Ativos Virtuais, legalizando oficialmente a negociação de criptomoedas. Os profissionais relacionados devem se registrar junto ao banco central ou ao regulador de valores mobiliários. O Banco Central do Gana afirmou que, em 2026, explorará ferramentas de liquidação digital lastreadas em ativos, incluindo stablecoins lastreadas em ouro, para promover pagamentos transfronteiriços e o desenvolvimento da infraestrutura do mercado.

A PANews relatou em 23 de dezembro que, segundo o Onchain Lens , uma baleia / instituição fez staking de 1.173.615 tokens SOL através da Helius , avaliados em aproximadamente US$ 174,36 milhões.

BlockBeats 消息，12 月 23 日，据 Coinglass 数据，若以太坊跌破 2900 美元，主流 CEX 累计多单清算强度将达 6.30 亿。反之，若以太坊突破 3100 美元，主流 CEX 累计空单清算强度将达 9.18 亿。BlockBeats 注：清算图并不是展示精确的待清算的合约数目，或者精确的被清算的合约价值。清算图上的柱子展示的是其实是每个清算簇相对临近清算簇的重要性，即强度。因此，清算图展现的是标的价格达到某个位置会被影响到什么程度。更高的「清算柱」表示价格到了之后将会因为流动性浪潮产生更加强烈的反应。

BlockBeats 消息，12 月 23 日，据链上数据，贝莱德地址于 9 小时前增持 4534 枚 ETH 和 45.379 枚 BTC。目前其地址内加密资产总额高达 791.27 亿美元。

Notícias da TechFlow: Em 23 de dezembro, de acordo com um relatório da Cointelegraph, Keith Grossman, presidente da empresa de pagamentos cripto MoonPay, afirmou que a tokenização transformará o setor financeiro mais rapidamente do que o impacto da tecnologia digital na mídia tradicional. Ele destacou que os Ativos Reais Tokenizados (RWA) forçarão as instituições financeiras tradicionais a se adaptarem, o que não é mais uma hipótese teórica, pois instituições como BlackRock e Franklin Templeton já oferecem fundos tokenizados em blockchain. Atualmente, o valor de mercado do setor de RWA (excluindo stablecoins) está próximo de US$ 190 bilhões, com a grande maioria dos ativos tokenizados alojados na rede Ethereum. As vantagens dos ativos tokenizados incluem acesso ao mercado 24/7, globalização de ativos, redução de custos de transação e encurtamento dos tempos de liquidação. Anteriormente, a Depository Trust & Clearing Corporation (DTCC) recebeu aprovação da Comissão de Valores Mobiliários dos EUA (SEC) para começar a oferecer instrumentos financeiros tokenizados, com planos de lançar os primeiros ativos tokenizados, incluindo títulos do Tesouro dos EUA e índices de ações, no segundo semestre de 2026.

ChainCatcher 消息，据链上分析师 Murphy（@Murphychen888）监测，BTC 现货价格 5% 范围内的筹码集中度已达 13.3%，超过警戒线。数据显示，当该指标超过 13% 时，比特币价格可能出现较大波动，尤其是当指标高于 15% 后将进入高风险区。

A PANews reportou em 23 de dezembro que, de acordo com um anúncio da Binance, a plataforma irá remover 10 pares de trading com margem cruzada e isolada denominados em FDUSD, incluindo EIGEN/FDUSD, ARB/FDUSD e TRUMP/FDUSD, às 14:00 (UTC+8) em 30 de dezembro de 2025. As funções de empréstimo e tomada para estes pares de trading com margem isolada serão suspensas a partir de 24 de dezembro. A plataforma aconselha oficialmente os utilizadores a fechar as suas posições e transferir os ativos para as suas contas spot antes da remoção para evitar possíveis perdas.

A PANews reportou em 23 de dezembro que, segundo um anúncio da Binance, a plataforma irá remover 10 pares de trading de margem cruzada e isolada denominados em FDUSD, incluindo EIGEN/FDUSD, ARB/FDUSD e TRUMP/FDUSD, às 14:00 (UTC+8) em 30 de dezembro de 2025. As funções de empréstimo e tomada para estes pares de margem isolada serão suspensas a partir de 24 de dezembro. A plataforma aconselha oficialmente os utilizadores a fecharem as suas posições e transferirem os ativos para as suas contas à vista antes da remoção para evitar potenciais perdas.

A PANews informou em 23 de dezembro que, de acordo com a Lookonchain, o endereço 0x72F8 transferiu todos os 16,86 milhões de tokens ENA que detinha para o Coinbase Prime há sete horas. Esses tokens foram adquiridos há cerca de um ano a um preço médio de US$ 1,10, com um custo total de US$ 18,53 milhões. Atualmente, seu valor de mercado é de apenas US$ 3,51 milhões, resultando em uma perda não realizada de mais de US$ 15 milhões, uma queda de 81%.