The U.S. Treasury issued 25.4 万亿美元 in T-Bills in the 过去 12 个月, taking issuance to 36.6 万亿美元 and T-Bills to 69.4%, according to The Kobeissi Letter. It said interest costs track the Fed's policy rate, and if inflation rises and rates are hiked, costs would hit unprecedented levels.

Bitcoin logged one of its weakest November performances since 2018, with selling pressure during the month concentrated in European trading hours, CoinDesk reported, citing data. Timezone analysis from Presto Research shows the sharp November crypto decline was mainly driven by European capital, while Asian and U.S. sessions were broadly flat. BTC and ETH each dropped about 20–25% over the month, with Europe showing significant net selling versus largely neutral flows in Asia and the United States.

Japan's Financial Services Agency updated its Q&A on December 9 to say that offering derivatives such as CFDs based on overseas crypto asset ETFs in the domestic market is not desirable, citing the lack of approved crypto ETFs in Japan and insufficient investor protection, Yahoo News reported. The regulator said these products effectively track spot crypto asset prices and fall under the category of crypto derivatives, where risk disclosure and regulatory frameworks remain inadequate. IG Securities responded by announcing it will halt CFD trading tied to U.S. spot Bitcoin ETFs, including IBIT and similar products. The stance indicates that crypto derivatives linked to foreign ETFs are unlikely to see near-term liberalization in Japan, as reflected in the FSA's position.

Farside Investors data show U.S. Bitcoin spot ETFs posted $60.4M in net outflows on Dec 9. BlackRock IBIT logged $28.8M in net inflows. U.S. Ethereum spot ETFs saw $35.5M in net inflows on Dec 9, with ETHA at $23.7M.

Active validators on Solana dropped from over 2,500 to about 800 between March 2023 and December 9, a decline of more than 68%, CriptoNoticias reported. Community opinion is divided, with some saying the removal of Sybil nodes benefits network health, while others, including some infrastructure teams, argue many of the recent departures are genuine operators exiting due to economics and operational costs. CriptoNoticias also noted that the impact on decentralization hinges on how many independent validators remain and how stake and voting power are distributed.

BTC OG insider whale address (0xb31) added a large ETH long at $3,120 in the past half hour on December 9, expanding its position from $155 million to $209 million with an average entry of $3,069, a liquidation price of $2,069, a floating profit of $3.8 million (9%), and 2,900 ETH remaining unfilled, according to Coinbob address data cited by BlockBeats. The address partially closed about $14.06 million of ETH longs at 00:00 today, and between the night of December 7 and the morning of December 8 it moved $70 million from Binance wallets to Hyperliquid before opening a 5x leveraged ETH long, described as the largest opening in the past 30 days by the same monitoring. On December 1, related addresses (0xf6f), (0xF74) and (0x411) cumulatively borrowed $220 million USDT from Aave and sent the funds to Binance wallets, with 0xf6f cumulatively collateralizing more than 126,000 ETH, and ETH that day touched a nearly 10-day low of about $2,718 before later rising, the monitoring showed. BlockBeats said BTC OG insider whale is a dormant 8-year BTC OG address that once held more than 50,000 BTC, whose activity has aligned with Trump remarks and U.S. policy moves, including a $500 million BTC short placed hours before the October 11 selloff that resulted in nearly $100 million in gains, and BitForex CEO Garrett Jin said the address is linked to his clients.

Entity 1011 Insider Whale increased its ETH long position on December 9 by adding more than 6,600 ETH, bringing its total long exposure to 57,173.79 ETH valued at 1.78 亿美元, according to Hyperinsight as reported by BlockBeats. Hyperinsight noted that the same entity had reduced its ETH long positions last night.

Whale address (0xfd2) deposited 4,933 ETH to Coinbase on December 9, worth about $15.32 million, The Data Nerd said. The ETH was accumulated around three years ago at an average price near $1,270. If realized, it estimates profit at about $9 million with a 144% ROI.

Glassnode said in a weekly market report published on December 9 that Bitcoin has climbed back toward $94,000 and is showing initial recovery signs, while sentiment and positioning remain cautious. The report cites improving market momentum and rising trading volumes, but notes declines in spot CVD (Cumulative Volume Delta) and open interest that suggest mounting potential selling pressure. It adds that options flows signal demand for downside protection, and ETF outflows indicate weak spot demand across the market as investors rebuild confidence after recent volatility.