Gate Research: CFTC Launches Digital Asset Collateral Pilot Program | BMNR Announces Total Assets Reaching $13.2 Billion

Crypto Market Overview

• BTC (-1.45% | Current Price: 89,781 USDT): Bitcoin continues to oscillate within a corrective structure. After multiple failed attempts to break higher, the market is narrowing toward a key supply–demand range. The $79,000–$82,000 demand zone remains the most important support area, where strong buying previously emerged to form the cyclical low of this correction. If Bitcoin weakens further, this zone is expected to serve again as the core battleground for bulls. Recent price action suggests a potential shift from a sell-off phase toward early re-accumulation, though buyers have not yet shown decisive strength. On the upside, a daily close above $94,000 would mark the first major confirmation of a trend reversal and open the path toward the next major supply zone near $100,000. Until then, Bitcoin is likely to maintain a range-bound structure and continue moving within the broader corrective pattern.
• ETH (-0.73% | Current Price: 3,102 USDT): Ethereum is attempting a short-term recovery, yet price remains capped by a descending trendline that has suppressed every rally since early October. The gradual rebound from the $2,700 area shows improving buy-side momentum, but the overall trend remains bearish. To meaningfully shift the structure, ETH must decisively break above the $3,500 region; otherwise, any rebound may face heavy resistance. On the daily chart, ETH continues to follow the downtrend line and remains below the 100-day and 200-day moving averages (around $3,600), indicating that the broader trend has not yet reversed. As long as ETH holds above $2,900, buyers retain a potential base to defend, but a true trend reversal will require forming higher highs and escaping the current downward structure.
• Altcoins: Altcoins were mixed over the past 24 hours: XRP -0.14%, SOL -0.49%, ADA +2.06%, DOGE +0.77%. The altcoin season index sits at 35, suggesting risk appetite remains cautious.
• Macro: On December 8, the S&P 500 fell 0.35% to 6,846.51; the Dow Jones dropped 0.45% to 47,739.32; and the Nasdaq slipped 0.14% to 23,545.90. As of December 9 at 4:00 AM (UTC), spot gold is trading at $4,194 per ounce, up 0.09% in the past 24 hours.

Trending Tokens

LUNA Terra (+19.04%, Circulating Market Cap: $86.03M)

According to Gate market data, LUNA is now trading at $0.12543, up 19.04% in the past 24 hours. Terra is a blockchain protocol that uses stablecoins pegged to fiat currencies to power a price-stable global payment network. Terra’s stablecoins enable instant settlement, low fees, and seamless cross-border transactions.

On December 8, Terra released v2.18, focusing on fixing IBC vulnerabilities and improving system stability. The upgrade addressed key security risks, and LUNA’s 24-hour trading volume surged 70% to $179M, signaling renewed market activity.

FHE Mind Network (+16.35%, Circulating Market Cap: $12.84M)

Gate market data shows FHE is currently priced at $0.04789, up 16.35% in the last 24 hours. Mind Network is pioneering quantum-resistant Fully Homomorphic Encryption (FHE) infrastructure, enabling secure data and AI computation to power a fully encrypted internet. In collaboration with industry leaders, Mind Network is building HTTPZ, a zero-trust internet protocol that sets a new standard for trusted AI and encrypted on-chain data processing across Web3 and AI ecosystems.

The recent surge in FHE is driven by signals of strong technical momentum. FHE broke above the 23.6% Fibonacci retracement level at $0.04057; RSI sits at 63.25, indicating bullish momentum without overbought conditions; MACD histogram has turned positive; and 24-hour trading volume skyrocketed 502% to $50.2M, reflecting sustained buying interest rather than short-term speculation. This aligns with its ~220% weekly gain, demonstrating consistent upward demand.

POWER Power Protocol (+35.57%, Circulating Market Cap: $58.13M)

Gate market data shows POWER is trading at $0.2706, up 35.57% in the past 24 hours. The Power ecosystem serves as a unified economic and infrastructure layer designed for consumer applications involving on-chain interactions, rewards, and tokenized activities.

POWER’s rally is primarily driven by its recent listing and airdrop campaign. On December 5, POWER made its debut on CEX platforms, offering users over 375 tokens in rewards, which boosted participation. With 21M tokens circulating (21% of total supply), sell pressure is limited, helping support price discovery.

Alpha Insights

CFTC Launches Digital Asset Collateral Pilot Program: BTC, ETH and USDC Approved for Derivatives Margin

CFTC Acting Chair Caroline D. Pham announced the launch of a digital asset collateral pilot program, allowing BTC, ETH, and USDC to be used as compliant margin in regulated derivatives markets. The agency also issued regulatory guidance on tokenized collateral and formally repealed outdated rules that became obsolete following the passage of the GENIUS Act.

For the first three months, FCMs (Futures Commission Merchants) may only accept BTC, ETH, and USDC as digital asset collateral and must report weekly account-level holdings to the CFTC. The agency also withdrew Staff Letter 20-34, stating that the GENIUS Act and rapid market development have rendered it irrelevant.

The CFTC noted that its decision incorporates feedback from market participants, public comments, the Crypto CEO Roundtable, and recommendations from its Global Markets Advisory Committee.

The CFTC’s move demonstrates that stablecoins and digital assets can enhance payment efficiency and reduce settlement friction, ultimately strengthening the dollar’s global role. This step marks a significant milestone for the application of tokenized assets in regulated markets, providing a clearer framework for futures and swaps markets—covering asset eligibility, legal enforceability, custody and segregation, valuation and risk management, and operational risk requirements.

Crypto Legislation Talks “Quite Frustrating”; Regulatory Divisions Persist Across Agencies

Congressional negotiations over the crypto market structure bill are progressing poorly. Senator Bernie Moreno described recent talks as “quite frustrating” and emphasized he would not support pushing a flawed bill simply to meet deadlines. He plans to meet with Democratic lawmakers this Tuesday to understand their positions.

While a stablecoin bill passed earlier this year, the broader market structure bill—which aims to clarify the SEC–CFTC regulatory boundary and unify investor protection rules—remains stalled in the Senate. The House passed its version in July, but disagreements persist in the Senate over regulatory jurisdiction, bank stablecoin yield arrangements, DeFi oversight, and potential conflicts of interest. The Senate Banking Committee had planned a mid-December markup, but progress may be delayed by the holiday schedule and pending White House input.

The continued regulatory gridlock prolongs the institutional wait-and-see period, making it difficult for the crypto market to attract new regulated capital in the short term. Ongoing political disputes and heightened uncertainty may further amplify the market’s sensitivity to policy risks, limiting the room for sentiment recovery.

BMNR Announces $13.2 Billion in Total Assets; Adds 138,452 ETH in Past Week

BitMine Immersion Technologies, Inc. announced on December 8 that the company now holds $13.2 billion in combined crypto assets, cash, and high-risk “moonshot” investments. Its crypto portfolio includes 3,864,951 ETH (valued at $3,139 each) and 193 BTC. BitMine’s ETH holdings now exceed 3.2% of total ETH supply, and the company aims to increase this share to 5%. The chairman noted that BitMine purchased 138,452 ETH last week alone—a 156% increase from its weekly purchase pace four weeks ago (54,156 ETH), reflecting a sharp acceleration in accumulation.

A single institution consistently accumulating ETH at scale and raising its ownership above 3% signals strong long-term bullish conviction. In the short term, this helps stabilize market confidence in ETH fundamentals, especially during periods of weaker sentiment, and indirectly benefits Layer2 networks, staking, and the broader ETH ecosystem. If BitMine continues pursuing its 5% target, the reduction in tradable circulating supply could strengthen expectations of supply tightening for ETH.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• CFTC, https://www.cftc.gov/PressRoom/PressReleases/9146-25
• TheBlock, https://www.theblock.co/post/381815/sen-moreno-calls-crypto-bill-talks-decently-frustrating-as-senate-races-toward-year-end-goal-posts?utm_source=twitter&utm_medium=social
• PR Newswire, https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-announces-eth-holdings-exceed-3-86-million-tokens-and-total-crypto-and-total-cash-holdings-of-13-2-billion-302635031.html

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Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.