Gate Daily (December 5): CFTC approves spot cryptocurrency trading; Huaxia Bank issues $600 million RMB bonds

Bitcoin (BTC) momentum has stalled and is consolidating sideways, with a temporary quote of around $92,480 on December 5. The CFTC has approved US exchanges to conduct spot cryptocurrency trading, and the EU plans to enhance the European Securities and Markets Authority’s (ESMA) powers over cryptocurrencies and capital markets. Huaxia Bank issued $600 million in RMB bonds, sparking market discussion.

Macro Events & Crypto Hot Topics

1. The US Commodity Futures Trading Commission (CFTC) has approved trading of spot cryptocurrency products on federally regulated futures exchanges. Acting CFTC Chair Caroline Pham said the move is in response to policy directives from US President Donald Trump. She added that the approval was made based on recommendations from the Presidential Working Group on Digital Asset Markets, communications with the US Securities and Exchange Commission (SEC), and consultations from the CFTC’s “Crypto Sprint” initiative.

2. The European Commission has proposed expanding the powers of the European Securities and Markets Authority (ESMA) over cryptocurrencies and broader financial markets to close the competitive gap with the US. The proposal, announced Thursday, would transfer “direct supervisory authority” over key market infrastructure—including crypto asset service providers (CASPs), trading venues, and central counterparties—to ESMA and strengthen its coordinating role in asset management. The proposal still requires approval from the European Parliament and Council and is currently under negotiation.

3. Huaxia Bank, a publicly listed financial institution associated with the Chinese government, has issued a tokenized bond worth 4.5 billion RMB ($600 million) aimed at reducing clearing friction by removing intermediaries in the auction process. According to Sina, this on-chain government bond was issued by Huaxia Financial Leasing, a subsidiary of Huaxia Bank, which is a Chinese state-owned commercial bank. The bond offers a three-year fixed yield of 1.84% to holders. The $600 million bond tranche was auctioned only to holders of China’s digital RMB.

News Updates

1. JPMorgan: Whether MicroStrategy can hold on may be key to Bitcoin’s short-term trend

2. Aster team destroys $80 million in buyback funds on-chain

3. IMF warns stablecoins may undermine monetary sovereignty, recommends limits to guard against substitution risks

4. AlphaTON exits “Baby Shelf” rule, submits $420 million registration to advance AI and TON investment

5. Polymarket is now live on the MetaMask mobile app

6. US CFTC: Spot cryptocurrencies can now be traded on CFTC-registered exchanges

7. Prominent investor Jez San’s associated address withdraws over $15 million in altcoins from the largest compliant US crypto exchange

8. Meme coin PEPE’s official website attacked, users redirected to malicious software

Market Trends

1. Latest on Bitcoin: $BTC momentum has stalled and is consolidating sideways, temporarily quoted around $92,480. In the past 24 hours, liquidations totaled $91.78 million, mainly long positions.

2. US stock market closed with minor fluctuations on December 4. The S&P 500 and Nasdaq closed slightly higher as investors weighed labor market reports and other economic data, while expectations of a Fed rate cut next week provided support. The Dow Jones Industrial Average closed down 31.96 points, or 0.07%, at 47,850.94 points; the S&P 500 rose 7.40 points, or 0.11%, to 6,857.12 points; the Nasdaq rose 51.04 points, or 0.22%, to 23,505.14 points. The Philadelphia Semiconductor Index fell 64.54 points, or 0.89%, to 7,215.97 points.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current $92,400.40 USDT, if it falls to around $91,616, cumulative long liquidations exceed $113 million. If it rises to around $93,410, cumulative short liquidations exceed $344 million. Short-side liquidations are significantly higher than long-side; it is recommended to manage leverage ratios reasonably to avoid large-scale liquidations due to market volatility.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflows were $1.85 billion and outflows were $2.26 billion, resulting in net outflows of $410 million.

(Source: Coinglass)

5. In the past 24 hours, contract trading net outflows for $BTC, $ETH, $SOL, $XRP, $BNB , etc., are leading, indicating trading opportunities.

X KOL Selected Views

Phyrex Ni (@Phyrex_Ni): “Today was even more exhausting, but everything is basically finished now. I’ll head back to Po tomorrow night and should be home by Saturday morning. I did a full interview at BBW this time, which I’m really looking forward to—now I’m just waiting for the photographer to process it. Politically and macro-wise, there are still no major changes; the market is waiting for what the Fed will do in December, so everyone is being cautious. US stocks and BTC are maintaining slight fluctuations; even today’s data hasn’t had much impact on the overall market, and the general expectation is that the Fed will cut rates again in December. Unless there are major surprises, this week should end uneventfully, with the main focus next week—dot plot, Powell’s speech, and more data releases that will increase market volatility.”

“Back to Bitcoin data: turnover has dropped significantly, and investor sentiment is fairly normal. As I mentioned earlier, the market is waiting for the Fed’s December policy. With one more day to go this week, let’s hope there aren’t any ‘accidents’—because next week has plenty of opportunities for speculation. Looking at the chip structure, things are still stable, with no signs of loss or panic from early investors, and support is gradually recovering. Most investors still have a long-term holding attitude toward BTC.”

Today’s Outlook

1. Eurozone Q3 GDP final value (YoY), previous value: 1.4%

2. Eurozone Q3 GDP final value (QoQ), previous value: 0.2%

3. US September personal income (MoM), previous value: 0.4%

4. US September personal consumption expenditure (MoM), previous value: 0.6%

5. US September personal consumption expenditure (billion USD), previous value: 1345

6. US December University of Michigan Consumer Sentiment Index preliminary value, previous value: 51.0

7. US September personal consumption expenditure price index (MoM), previous value: 0.3%