XMax (XMX) Price Prediction 2026: Market Outlook & Investment Analysis

The post China’s CSRC Accelerates Blockchain and AI Fintech Innovation in Capital Markets with Expanded Regulatory Sandbox appeared on BitcoinEthereumNews.com. According to Securities Times, Wu Qing, chair of the China Securities Regulatory Commission, told attendees at the 8th Member Conference of the China Securities Association that financial technology innovation is thriving and actively reshaping the core dynamics of the capital market. He urged industry bodies to embrace change, conduct rigorous research, and steadily advance the deployment of AI, big data, and blockchain within the securities sector to bolster efficiency and resilience. Wu highlighted a collaborative framework with industry associations to push innovation pilot mechanisms, expand the regulatory sandbox, and broaden application scenarios, while strengthening monitoring, regulation, and risk response to ensure responsible use of financial technology in market activities. This approach aims to foster credible growth in digital finance, safeguard investor protection, and provide a stable foundation for future advanced analytics and automated governance in the capital market. Source: https://en.coinotag.com/breakingnews/chinas-csrc-accelerates-blockchain-and-ai-fintech-innovation-in-capital-markets-with-expanded-regulatory-sandbox

Today's top news highlights: 1. Seven departments, including the National Internet Finance Association of China, issued a risk warning regarding preventing illegal activities involving virtual currencies. 2. The US September core PCE figure fell short of expectations, paving the way for further interest rate cuts by the Federal Reserve. 3. Coinbase: Crypto market expected to recover in December. 4. Jupiter: The HumidiFi (WET) token public sale will resume at 23:00 on December 8th. 5. Glassnode: The current rebound in the crypto market remains fragile due to a lack of dedicated catalysts. 6. BlackRock's Bitcoin ETF recorded its longest consecutive week of net outflows, accumulating $2.7 billion over five weeks. 7. Metaplanet raised $50 million by staking Bitcoin to purchase more Bitcoin. Macro Europol: International operation dismantles cryptocurrency scam network suspected of laundering over €700 million. Europol announced on Thursday that a large-scale international operation successfully dismantled a major cryptocurrency fraud and money laundering network, involving over €700 million. The operation, spanning multiple jurisdictions and conducted last month and earlier this week, marks the successful conclusion of a years-long investigation, effectively thwarting criminal activity across Europe and other regions. The criminal network operated numerous fake cryptocurrency investment platforms, attracting thousands of victims with advertisements promising high returns. Subsequently, a criminal call center used social engineering techniques to show victims inflated returns on these fake trading platforms, pressuring them to make further payments. Once funds were transferred, they were stolen and laundered through multiple blockchains and exchanges. The investigation revealed that the network involved multiple fraudulent platforms and a complex financial structure. On October 27, 2025, the first phase of the operation commenced, with police from Cyprus, Germany, and Spain conducting coordinated raids at the request of French and Belgian authorities. Nine suspects were arrested, and assets worth millions of euros were seized. From November 25 to 26, the second phase focused on the alliance's marketing infrastructure, with law enforcement teams from Belgium and other countries conducting operations supported by Europol. Investigative agencies will continue to track the criminal organization's assets. Seven departments, including the China Internet Finance Association, issued a risk warning regarding preventing illegal activities involving virtual currencies. According to the official website of the China Futures Association, the China Internet Finance Association, the China Banking Association, the Securities Association of China, the Asset Management Association of China, the China Futures Association, the China Association of Listed Companies, and the China Payment and Clearing Association jointly issued a risk warning regarding the prevention of illegal activities involving virtual currencies. I. Correctly understand the essential attributes of virtual currencies, real-world asset tokens, and related activities: Virtual currencies are not issued by monetary authorities, are not legal tender, do not have the same legal status as legal tender, and cannot be used as currency within my country. Stablecoins currently cannot effectively meet the requirements for customer identification and anti-money laundering, and pose a risk of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers. Real-world asset tokenization involves financing and trading activities through the issuance of tokens or other rights and bonds with token characteristics, which carries multiple risks, including the risk of fictitious assets, business failure, and speculative activities. Currently, my country's financial regulatory authorities have not approved any real-world asset tokenization activities. Domestic institutions and individuals engaging in activities such as exchanging legal tender for virtual currencies, issuing and financing real-world asset tokens, etc., within China are suspected of illegal financial activities including illegally issuing token vouchers, illegal fundraising, unauthorized public offerings of securities, and illegal operation of futures businesses. Overseas virtual currency and real-world asset token service providers, whether directly or indirectly providing services to my country for related business activities, also constitute illegal financial activities. Domestic staff of relevant overseas virtual currency service providers, as well as domestic institutions and individuals who knowingly or should have known that they are engaged in virtual currency-related business and still provide services to them, will be held legally accountable. II. Relevant institutions are prohibited from conducting business related to virtual currencies and real-world asset tokens. III. The public should be highly vigilant against all forms of virtual currency and real-world asset token business activities. Related reading: Seven industry associations issue risk warnings: Beware of illegal fundraising, pyramid schemes, and other fraudulent activities using virtual currencies as a pretext. U.S. prosecutors recommended a 12-year prison sentence for Do Kwon. According to Bloomberg, U.S. prosecutors, in court filings with a New York federal judge Thursday night, stated that Terraform Labs Pte. co-founder Do Kwon's fraudulent activities were "massive" and should be severely punished, recommending a 12-year prison sentence. Prosecutors noted that Do Kwon lied to customers, triggering a chain reaction of crises in the cryptocurrency space, including the collapse of SBF's FTX exchange. U.S. District Judge Paul Engelmayer is scheduled to sentence Do Kwon on December 11. The weaker-than-expected US core PCE figures for September have given the green light for further interest rate cuts by the Federal Reserve. According to Jinshi News, a key inflation indicator released by the U.S. Commerce Department on Friday showed that September's inflation rate was lower than expected. This report, delayed due to the government shutdown, further signals a potential interest rate cut by the Federal Reserve. The core PCE price index, excluding volatile food and energy prices, rose 0.2% month-on-month and 2.8% year-on-year. The monthly rate met expectations, but the year-on-year rate was 0.1 percentage points lower than expected. Furthermore, according to data from the U.S. Commerce Department's Bureau of Economic Analysis, overall personal consumption expenditures rose 0.3% month-on-month, and the annual inflation rate was also 2.8%. Both figures were in line with expectations. Federal Reserve officials use the PCE price index as a primary policy tool for measuring inflation. While officials consider both overall and core data, they generally believe that the core data is a better indicator of long-term inflation trends. The report was delayed for several weeks due to the government shutdown, during which all data collection and economic reporting were suspended. Wu Qing, Chairman of the China Securities Regulatory Commission: We need to conduct in-depth analysis and treat new business models such as crypto assets with caution. According to the Shanghai Securities News, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated at the 8th Member Congress of the Securities Association of China that it is necessary to strengthen risk prevention in key areas. For businesses requiring close attention, such as margin trading, over-the-counter derivatives, and private asset management, as well as institutions with headquarters and subsidiaries in different locations, key risks such as credit, liquidity, and compliance must be closely monitored and prevented before they occur. New business models such as crypto assets should be thoroughly analyzed and treated prudently; businesses that are unclear or unmanageable should not be allowed to operate, and illegal or irregular activities should be resolutely avoided. Opinion Fidelity's CEO stated that he holds Bitcoin and believes it will play an important role in the savings system. Fidelity CEO Abigail Johnson said, "I like Bitcoin. I hold Bitcoin. It will play an important role in the savings system." Wang Yongli, former vice president of the Bank of China: Promoting a stablecoin for the RMB has no advantages both domestically and internationally. Wang Yongli, former vice president of the Bank of China, published an article titled "Why Did China Resolutely Halt Stablecoins?" The article points out that China already possesses a global leading advantage in mobile payments and the digital yuan. Promoting a stablecoin for the yuan offers no advantage domestically and has little room for development or influence internationally. Furthermore, China should not follow the path of dollar-denominated stablecoins in vigorously promoting the development of both onshore and offshore yuan stablecoins. Following the path of dollar-denominated stablecoins in developing a yuan stablecoin not only fails to challenge the international status of dollar-denominated stablecoins but may even turn the yuan stablecoin into a vassal of dollar-denominated stablecoins, impacting national tax collection, foreign exchange management, and cross-border capital flows, posing a serious threat to the sovereignty and security of the yuan and the stability of the monetary and financial system. Faced with a more acute and complex international situation, China should prioritize national security and exercise high vigilance and strict control over the trading and speculation of crypto assets, including stablecoins, rather than simply pursuing increased efficiency and reduced costs. Of course, while resolutely halting stablecoins and cracking down on virtual currency trading and speculation, we must also accelerate the innovative development and widespread application of the digital yuan at home and abroad, establish the international leading advantage of the digital yuan, forge a Chinese path for the development of digital currency, and actively explore the establishment of a fair, reasonable and secure new international monetary and financial system. SlowMist: A user's $27 million worth of crypto assets were stolen, possibly due to a virus attack on his computer leading to the leakage of his private key. SlowMist's Cosmos posted on the X platform that user Babur disclosed the theft of $27 million worth of crypto assets. Analysis revealed the stolen assets primarily involved two addresses: Solana address 91xu and Ethereum Safe multisignature address 0xD2. The two largest thefts totaled over $18 million. The hacker addresses were 71fM (Solana) and 0x4f (Ethereum), and some funds had already been transferred to the Ethereum network. The incident is suspected to have been caused by a computer malware infection; the user's private keys were leaked after double-clicking a malicious file, including the two Safe multisignature signature private keys, which may have been stored on the infected computer. Glassnode: The current rebound in the crypto market remains fragile due to a lack of dedicated catalysts. Glassnode published an analysis on the X platform stating that while the price trend in the crypto market has stabilized, this rebound lacks strong cryptocurrency-specific catalysts and remains fragile. In the options market, despite the calm in Bitcoin trading, option open interest remains dominated by call options. The put/call ratio has declined significantly over the past two weeks, indicating that traders expect to profit from the year-end rally. Options trading volume has slowed significantly over the past seven days, showing weakening confidence in supporting the upward trend. Focusing on the $95,000 call option strike price, the net call option premium in the short to medium term has continued to decline in recent days, highlighting the lack of upward momentum in the market. Implied volatility across all maturities continues to decline, indicating reduced market demand for near-term protective strategies or leveraged buying, with traders expecting prices to stabilize. When implied volatility declines and call options dominate open interest, position positioning is relatively passive. The 25-Delta skewness indicator remains positive in the bearish zone, indicating that the market is still pricing in potential continued downside risks. Such a skewness structure usually does not predict a price breakout. At the macro level, market expectations for a December rate cut are the core driver supporting the current price. If expectations change or a "hawkish rate cut" occurs, it will immediately trigger a synchronized repricing of implied volatility and the spot market. CoinShares: The DAT bubble has largely burst; the solution lies in structural reforms. James Butterfill, Head of Research at crypto asset management firm CoinShares, stated in a report that the digital asset reserve (DAT) bubble has largely burst. Companies that traded at 3 to 10 times their market capitalization-to-net-asset value (mNAV) in the summer of 2025 have now fallen to around 1 times or less, marking a sharp correction in the trading model that once viewed token vaults as growth engines. The next move depends on market behavior: either a price drop triggers a disorderly sell-off, or companies maintain their positions and await a rebound. Butterfill suggests he leans towards the latter, citing an improving macroeconomic environment and a potential interest rate cut in December, which would support cryptocurrencies. Butterfill points out that the bigger challenge lies in structural issues. Previously, a number of companies amassed massive vault assets through public markets without building sustainable businesses, resulting in reputational damage. Today, investors are less tolerant of equity dilution and excessive concentration of single assets in the absence of real operating revenue. There are already signs that stronger companies are incorporating Bitcoin into rigorous vault and foreign exchange management strategies, demonstrating a healthier development trend. The concept of digital asset vaults is not dying out, but rather being reclassified. The next generation of companies needs fundamental support, credible business models, stricter governance structures, and realistic expectations, using digital assets as tools, not the entirety of their business. Coinbase: Crypto market expected to recover in December Coinbase Institutional published an article on its X platform, stating that signs of market recovery are becoming increasingly apparent. They believe that with improved liquidity, a surge in the probability of a Federal Reserve rate cut to 92% (as of December 4th), and strengthening macroeconomic factors, cryptocurrencies are poised for a recovery in December. The reasons are as follows: Liquidity is recovering The so-called "artificial intelligence bubble" has not yet burst (there is still room for growth). Shorting the US dollar at current prices is quite attractive. Coinbase previously predicted a weak market in November and a rebound in December. This could be the starting point for a renewed momentum in the cryptocurrency market. Yi Lihua: Ethereum Fusaka upgrade caused blob base fees to surge 15 million times due to the addition of a "guaranteed return mechanism" in EIP-7918. Liquid Capital founder Yi Lihua published an article on the X platform stating that the Ethereum Fusaka upgrade caused a 15 million-fold surge in blob base fees. The core reason is the new "minimum guarantee mechanism" for blob fees added in EIP-7918. Previously, blob fees had no minimum limit and were consistently stuck at 1 wei (almost free), causing nodes to bear costs such as KZG verification without reasonable returns. After the upgrade, blob fees must be ≥ 1/15.258 of the L1 execution base fee, directly anchoring to real network costs. This design allows prices to reflect actual resource consumption (preventing L2 from occupying network resources for free) and can regulate blob traffic and prevent congestion through price fluctuations. At the same time, PeerDAS technology increases blob storage capacity. In addition, blob fees are included in the ETH burning mechanism, which is estimated to burn up to 8 times more ETH in the future, potentially contributing 30-50% of the total burned amount by 2026 (depending on the growth of L2 transaction volume). Project Updates Bloomberg: HashKey will begin accepting subscription orders from investors next week for its Hong Kong IPO, aiming to raise at least $200 million. According to Bloomberg, sources familiar with the matter said that cryptocurrency trading operator HashKey Holdings Ltd. may begin accepting subscription orders from investors as early as next week for its Hong Kong initial public offering (IPO). HashKey aims to raise at least $200 million in the IPO and plans to list as early as this month, although details such as the IPO size and timing are still subject to change. HashKey did not immediately respond to requests for comment. Binance Futures will delist several USDT-margined perpetual contracts, including SKATEUSDT and REIUSDT. According to the official announcement, Binance Futures will automatically liquidate the U-margin perpetual contracts of SKATEUSDT, REIUSDT, FISUSDT and VOXELUSDT on December 10, 2025 at 17:00 (UTC+8), and will delist the above perpetual contract trading pairs after the liquidation is completed. The price of PIGGY tokens plummeted by 90% due to a suspected Rug Pull. The PIGGY token appears to have been subject to a Rug Pull. In the past 10 minutes, nearly $4 million worth of PIGGY tokens were newly minted and immediately dumped on the market. The token's price plummeted by 90% in an instant. CEA Industries responds to YZi Labs: Reaffirms commitment to BNB's treasury strategy BNB treasury company CEA Industries (NASDAQ: BNC) responded to YZi Labs' statement, saying that since its PIPE funding round in July, BNC has never considered choosing other tokens for its digital asset reserve strategy, nor has it launched a competing DAT project. As of December 4, 2025, the company held 515,554 BNB tokens, with a market capitalization of approximately $464.6 million. Two days before YZi issued its press release, it submitted a preliminary consent statement proposing to expand and restructure its board of directors. Currently, the company's board of directors is predominantly composed of independent directors, meeting Nasdaq rules, and all directors possess the knowledge and experience necessary to effectively oversee the company's operations and create value for shareholders. The company values shareholder input and always welcomes feedback and constructive suggestions for improvement. The company's board of directors has contacted YZi directly to establish an open dialogue channel regarding YZi's concerns and potential solutions, and to review the issues raised by YZi. At this time, shareholders do not need to take any action. Previously, YZi Labs sought to expand the board of directors of BNB's treasury company, CEA Industries, to improve strategy execution and oversight . YZi Labs also issued a notice of action to 10X Capital, warning CEA Industries shareholders of its "disruptive behavior." Coinbase has included ImmuneFi (IMU) and Sentient (SENT) in its listing roadmap. According to a Coinbase Markets announcement, Coinbase has added ImmuneFi (IMU) and Sentient (SENT) to its asset listing roadmap. The listing of these assets will depend on market-making support and sufficient technical infrastructure. A separate announcement will be issued once these conditions are met. Grayscale filed an S-1 registration statement with the SEC, applying to launch the SUI ETF. Grayscale has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to apply for the launch of the Grayscale Sui Trust (SUI) ETF. Jupiter: The HumidiFi (WET) token public sale will resume at 23:00 on December 8th. Jupiter announced on its X platform that the WET public sale phase will restart on December 8th at 11 PM (UTC+8). The public sale phase scheduled for December 4th at 10 AM (Eastern Time) has been cancelled, and all addresses that participated in that phase will receive a refund in USDC. New WET tokens will be deployed, and old WET tokens will become invalid. Users who successfully participated in the Wetlist and Jup Stakers phases will retain their allocated shares and can claim them on TGE day through the DTF claim page. Previously, it was reported that HumidiFi would restart its public sale and airdrop new tokens next Monday, distributing them proportionally to Wetlist and JUP staking users. Blockchain analytics platform Bubblemaps published an article on its X platform stating that it has identified the WET token snipeer, "Ramarxyz," who used over 1000 wallets to purchase 70% of the HumidiFi presale tokens and subsequently demanded refunds. Binance Futures will launch POWERUSDT U-margined perpetual contracts. According to the official announcement, Binance Futures will launch POWERUSDT perpetual contracts on December 6th at 17:00 (UTC+8), with a maximum leverage of 20x. Important data BlackRock's Bitcoin ETF recorded its longest consecutive week of net outflows, accumulating to $2.7 billion over five weeks. According to Bloomberg, BlackRock's iShares Bitcoin Trust (IBIT) has recorded its longest streak of consecutive weekly net outflows since its launch in January 2024, indicating that institutional interest in Bitcoin remains weak even as prices stabilize. Data shows that investors redeemed over $2.7 billion from the ETF in the five weeks ending November 28. With another $113 million in redemptions on Thursday, the ETF is now heading for its sixth consecutive week of net outflows. A recent report from Glassnode noted that this trend "marks a clear reversal of the sustained inflows that previously supported price increases, reflecting a cooling of new capital allocation to the asset." Ethereum spot ETFs saw a net outflow of $75.2065 million yesterday, with none of the nine ETFs experiencing net inflows. According to SoSoValue data, the Ethereum spot ETF saw a total net outflow of $75.2065 million yesterday (December 5th, Eastern Time). The Ethereum spot ETF with the largest single-day net outflow yesterday was the BlackRock ETF ETHA, with a single-day net outflow of $75.2065 million. Currently, the total historical net inflow of ETHA is $13.091 billion. As of press time, the Ethereum spot ETF has a total net asset value of $18.936 billion, an ETF net asset ratio (market capitalization as a percentage of Ethereum's total market capitalization) of 5.19%, and a historical cumulative net inflow of $12.879 billion. Bitcoin spot ETFs saw net inflows of $54.7896 million yesterday, with only BlackRock ETF IBIT experiencing net outflows. According to SoSoValue data, yesterday (December 5th, Eastern Time), Bitcoin spot ETFs saw a total net inflow of $54.7896 million. The Bitcoin spot ETF with the largest single-day net inflow yesterday was ARKB, an ETF from Ark Invest and 21Shares, with a net inflow of $42.7938 million. ARKB's total historical net inflow has now reached $1.75 billion. The second largest inflow was into the Fidelity ETF FBTC, with a net inflow of $27.2884 million in a single day. The total historical net inflow of FBTC has reached $12.091 billion. The Bitcoin spot ETF with the largest single-day net outflow yesterday was BlackRock ETF IBIT, with a net outflow of $32.4928 million. IBIT's total historical net inflow has reached $62.517 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $117.109 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.57%, and a historical cumulative net inflow of $57.617 billion. Investment and financing/acquisition N3XT, a blockchain-based bank, has raised $72 million in three rounds of funding, with Paradigm and others participating. According to Crunchbase data, blockchain-based bank N3XT has completed three rounds of financing, raising a total of $72 million, with the most recent round completed in October. The company has received backing from several venture capital firms, including Paradigm, HACK VC, and Winklevoss Capital. Previously, it was reported that a former Signature Bank executive founded N3XT, a blockchain-based bank . N3XT was founded by Scott Shay, the founder and former chairman of Signature Bank. Jeffrey Wallis, formerly the head of digital asset and Web3 strategy at Signature Bank, will serve as the CEO of N3XT. SpaceX plans to sell internal shares at an $800 billion valuation and goes public in the second half of next year. Sources familiar with the matter revealed that SpaceX is in talks to sell internal shares in a deal that would value Elon Musk's rocket and satellite manufacturer at $800 billion. If confirmed, this new deal would make SpaceX the world's most valuable startup again, surpassing the previous record of $500 billion set by OpenAI in October. This valuation represents a significant increase from the $212 per share valuation set in July, when the company raised funds and sold shares at a $400 billion valuation. Two people familiar with the discussions revealed that SpaceX has informed investors and representatives of financial institutions that the company plans to conduct its initial public offering (IPO) in the second half of next year. These talks come as SpaceX is considering selling shares held by investors. Institutional holdings Metaplanet raised $50 million by staking Bitcoin to purchase more Bitcoin. According to BitcoinTreasuries.NET, Japanese publicly listed company Metaplanet announced that it has raised $50 million using Bitcoin as collateral to purchase more Bitcoin. Bitmine purchased approximately 22,700 ETH within four hours, worth nearly $69 million. According to Lookonchain, Bitmine purchased another 22,676 Ethereum (worth $68.67 million) four hours ago. National Bank of Canada disclosed that it purchased approximately $273 million worth of Strategy shares. According to BitcoinTreasuries.NET, the National Bank of Canada has just disclosed that it has purchased 1.47 million shares of Bitcoin finance company Strategy (MSTR), worth approximately $273 million.