OpenSea CMO refutes rumors of a $150 million SEA token sale on Coinbase

Coinbase has initiated a pilot program for a cryptocurrency-based basic income in New York, partnering with Givedirectly to distribute USDC to eligible participants. This initiative aims to explore the potential of digital currencies in providing financial support to underserved communities.

Arthur Hayes has raised concerns regarding Tether's investment strategy, particularly its significant exposure to Bitcoin and gold, which he warns could lead to substantial financial instability and undermine market confidence in the USDT stablecoin. This warning comes amid a backdrop of declining Bitcoin prices and recent downgrades from S&P Global Ratings, which cited similar vulnerabilities in Tether's financial practices.

Ethereum ETFs experienced significant outflows totaling $1.4 billion in November, reflecting a retreat by investors amid increasing caution and volatility in the cryptocurrency markets. This trend indicates a growing wariness among investors regarding the stability of Ethereum as a viable investment option.

Arthur Hayes, co-founder of BitMEX, has stated that most Layer 1 (L1) cryptocurrencies outside of Ethereum and Solana are likely to decline significantly, potentially heading towards zero. This assertion highlights concerns about the sustainability and viability of numerous blockchain projects in the current market landscape.

BlackRock's Bitcoin ETF has recorded $114 million in net outflows amid ongoing market volatility, reflecting a cautious stance from investors as they navigate the uncertain cryptocurrency landscape. This trend follows a series of significant withdrawals from the fund, indicating a potential shift in institutional investment strategies.

Bitcoin's Coinbase Premium has turned positive after several weeks of being in the red, indicating a shift in market dynamics as the price spread between Coinbase and the global market reflects renewed demand. This change suggests a recovery in U.S. capital flows toward Bitcoin, which has recently seen its price rise above $90,000 following a modest rally.

Bitmine has resumed its accumulation of Ethereum, purchasing 14,618 ETH as the cryptocurrency's price has recently reclaimed the $3,000 level after a period of significant selling pressure. This recovery, however, remains fragile as market sentiment continues to be dominated by fear and uncertainty among retail traders.

A pseudonymous analyst has claimed that Ethereum's upcoming Fusaka upgrade, scheduled for December 3, could be the most bullish event for ETH, primarily due to the introduction of EIP-7918, which is expected to turn Layer-2 networks into significant ETH burners. This upgrade aims to restructure Ethereum's fee economics, addressing the current subsidization of Layer-2 data availability by the base layer.