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The Hong Kong Securities and Futures Commission released its quarterly report, stating that as of the end of November, the total market value of spot virtual asset ETFs recognized by the Hong Kong SFC increased by 33% year-on-year to HKD 5.47 billion, and the number of products rose to 11. Since the launch of tokenized retail money market funds recognized by the Hong Kong SFC this year, the assets under management increased by 557% year-on-year to HKD 5.48 billion as of the end of November, with the number of funds rising to 8. In addition, in August, the Hong Kong SFC and the Hong Kong Monetary Authority jointly reminded investors to pay attention to market volatility related to the stablecoin concept.

According to TechFlow, on December 17, in the latest episode of Cointelegraph's "Chain Reaction" program, Bitcoin economist Saifedean Ammous interpreted Michael Saylor's Bitcoin philosophy. He stated that Saylor does not view Bitcoin directly as "currency," but rather positions Strategy's role as processing "crude oil-like Bitcoin" into various forms of financial assets, allowing more people to access Bitcoin in diversified ways. Saifedean believes that this approach does not change Bitcoin's monetary attributes: theoretically, Bitcoin itself is both currency and asset; against the backdrop of continuous fiat expansion and long-term debt incentives, various financial instruments around Bitcoin will continue to emerge, but their foundation remains the ongoing purchase and holding of Bitcoin as "pure capital." He concluded that as Bitcoin's scale expands and cash balances concentrate into Bitcoin, Bitcoin will eventually naturally evolve into currency itself.

According to Odaily, as U.S. President Trump openly embraces cryptocurrency, his policies and personal statements are profoundly reshaping the structure of the U.S. capital markets. A large number of new publicly listed companies centered on crypto assets are rapidly emerging, while market risks are also being amplified. Unlike previous crypto bull markets that were mainly limited to exchanges and retail investors, under Trump’s policy push, crypto risks are spreading to a broader range of investors through the stock market. The withdrawal of tightened regulation, the strengthening of political endorsement, and the structural “cryptofication” of listed companies are prompting investors to take on higher volatility and valuation risks. This year, more than 250 listed companies have begun to include cryptocurrencies in their balance sheets, attracting investor attention by accumulating large amounts of bitcoin and other digital assets. Some companies even lack mature core businesses, with their main “business model” being the holding of crypto assets and betting on their price appreciation. (The New York Times)