Techub News

When the market is obsessed with measuring Ethereum using the business logic of Web2 - calculating 'cash flow' with DCF models and quantifying 'revenue' with the REV metric, it is essentially using the wrong evaluation scale.



Ethereum has never been a tech company pursuing profit growth; it is a decentralized on-chain network, a fundamental infrastructure that transcends traditional business paradigms.



Once it falls into the narrative trap of 'revenue - profit,' its core characteristics will be obscured, forced into a meaningless debate over 'self-proving commercial value,' which not only deviates from the essence of Ethereum but also underestimates its true moat.

Techub News: The Italian Securities and Exchange Commission has announced that the transition period for MiCAR regulation is approaching. Virtual asset service providers (VASP) registered with the Italian Agents and Brokers Organization (OAM) must submit their applications to transition to regulated crypto asset service providers (CASP) by December 30. If the relevant VASP can submit their CASP operating license application to Italy or other EU member states by December 30 (including at the group level), they can continue to operate until approved or rejected, but no later than June 30, 2026. Those who do not apply for CASP authorization must cease operations by December 30, close all contracts, and return user funds, clearly disclosing future operational plans or exit arrangements to users.

Techub News reported, according to ichaingo data, that on December 4th, Eastern Time, the total net inflow of Ethereum spot ETFs in the United States was approximately 41.57 million USD.



BlackRock ETF ETHA daily net inflow of approximately 28.35 million USD; Grayscale ETF ETHE daily net outflow of approximately 30.96 million USD; Grayscale Micro ETF ETH daily net outflow of approximately 21.04 million USD; Fidelity ETF FETH daily net outflow of approximately 17.92 million USD; Bitwise ETF ETHW, VanEck ETF ETHV, Invesco ETF QETH, Franklin ETF EZET, and 21Shares ETF have no net inflow or outflow of funds.

Written by: Zhang Feng



In 2025, the Federal Reserve transitioned from a previously passive regulatory role to a key player in actively participating and strategizing, profoundly influencing the landscape of global financial markets through a series of policy adjustments and technological innovations.



From abolishing the pre-approval system for banks' cryptocurrency business, to promoting the 'streamlined primary account' reform, and then to collaborating with multiple institutions to build a regulatory framework and establish a cryptocurrency exchange, the Federal Reserve's intensive actions are driven by multiple strategic considerations: maintaining the international status of the US dollar, preventing systemic financial risks, and competing for financial discourse in the digital age.

This time, TradFi showed no hesitation, as Nasdaq is sprinting towards SEC approval for 'stock tokenization'.



Written by: Frank, MSX Research Institute



‘Tokenization will ultimately engulf the entire financial system.’



For Nasdaq, this is no longer a hollow slogan, but the most urgent strategic task at hand.



On November 25, Nasdaq's head of digital assets strategy, Matt Savarese, clearly stated in an interview with CNBC that securing SEC approval for the tokenized stock plan is a top priority, and they will 'push forward with the fastest speed'. At the same time, he cautiously emphasized that Nasdaq is not trying to disrupt the system, but rather to promote asset tokenization in a 'responsible' manner within the regulatory framework.

As the cryptocurrency market presents a murky situation, only Solana (SOL) is rising against the trend and gaining attention. Currently, Bitcoin is recorded at 135830000 won, down 1.48% in the last 24 hours. Other major altcoins are also generally weak, and investors need to be cautious at this moment.

Major market trends for BTC, ETH, and XRP

The current trading price of Bitcoin is 135830000 won, down 1.48% from the previous day. Recent market analysis shows that volatility has increased, and the wait-and-see sentiment among short-term traders continues. The main support level is at 130000000 won, which may affect whether there is further decline in the future.

Over the past two years, when we talk about 'blockchain' or 'RWA (real-world asset tokenization)', the first reaction of most traditional finance practitioners is: 'Isn't this just making assets into tokens to sell on compliant exchanges (like HashKey, OSL)? There is no liquidity there, it’s meaningless.'

This view has been correct for a long time. If RWA is merely transferring off-chain assets to liquidity-scarce islands on-chain, then it is indeed a false proposition.

However, while we observe amidst the questioning, the underlying logic of the bond market is undergoing a quiet transformation. From Siemens completing a €300 million settlement on the public chain in an instant, to BlackRock bringing U.S. Treasuries on-chain, to MicroStrategy leveraging convertible bonds to unlock a market value of hundreds of billions, a brand new 'RWA + bonds' model is forming.

Caldera announces the launch of the "Onchain Expansion Program," a long-term initiative aimed at expanding the ERA token to more networks, liquidity venues, and user groups. As the first milestone of this program, the ERA token is now live on Arbitrum One, the largest layer two network on Ethereum.

The ERA token officially lands on Arbitrum One

The ERA token is now natively available on Arbitrum, one of the most active ecosystems in the cryptocurrency space. To support this launch, Caldera has established a liquidity pool on Uniswap in Arbitrum One, allowing users to trade ERA with USDC on this network.

Written by: BitpushNews



As we enter the end of 2025, although the cryptocurrency market feels quite cold, there are still several projects with decent momentum starting to release airdrop / TGE signals. Most of these opportunities do not require significant capital investment, and the operational thresholds are relatively friendly, providing a low-risk participation window for investors who want to maintain their touch in a bear market while fearing being 'educated' by the market. This article will outline the most promising projects among them, helping everyone to grasp future possibilities with less 'pain' in a sluggish market.



1. Lighter (LITER)

Author: FinTax



With the development of Web3 and cryptocurrencies, more and more investors and practitioners are facing an important question: Do Web3 incomes need to be taxed? This is a complex legal issue that involves tax regulations in different regions, the nature of income, and factors like international tax information sharing. This article briefly outlines the relevant tax obligations in light of the main provisions of Chinese tax law and the specific business situation of Web3.



1. Web3 Income and China's Tax Regulations



In China, individuals must actively pay taxes on overseas income, which is an undisputed conclusion. On one hand, our country has established a relatively complete legal system for taxing overseas income; on the other hand, the deepening development of international tax information sharing mechanisms has made individuals' overseas income impossible to hide. Since 1998, China has gradually clarified the tax rules for residents' overseas income, based on the Interim Measures for the Administration of Individual Income Tax on Overseas Income, and has gradually formed a complete tax system for overseas income. In 2020, the State Administration of Taxation issued Announcement No. 3, further refining the scope of overseas income and its administration methods. By 2025, the State Administration of Taxation reiterated that overseas income must be declared truthfully in accordance with the law through the issuance of the Management Measures for Comprehensive Income Settlement and Payment of Individual Income Tax, and has strengthened monitoring of overseas income, especially tracking income related to cryptocurrencies and Web3. With the application of tax big data and intelligent technology, tax authorities can more accurately identify which overseas income has not been declared.