PA Daily Report | AAVE Whale Sell-Off Causes Price Drop of 10%; A Rabby User Successfully Withdraws Multichain Funds Locked Since 2023

Today's top news highlights:

A Rabby user successfully withdrew $85,700 from Multichain, which had been locked in 2023.

Spot gold breaks above $4,400 for the first time.

Spot silver rises above $69

Hyperliquid responds to trading controversy, reiterates team's policy against speculating on HYPE tokens.

A whale sold off 230,000 AAVE tokens in the past three hours, causing the price to drop by approximately 10%.

XMAQUINA will be partnering with Virtuals for a final public offering of $DEUS on January 8th, with an initial price of $0.06.

AAVE community's new proposal suggests regaining ownership of the brand and distribution channels.

Macro

Japanese and South Korean stock markets closed higher.

The Nikkei 225 index closed up 895.18 points, or 1.81%, at 50,402.39 on Monday, December 22. The South Korean KOSPI index closed up 85.38 points, or 2.12%, at 4,105.93 on Monday, December 22.

Hong Kong plans to introduce new regulations to guide insurance funds to invest in crypto assets and infrastructure.

According to Bloomberg, the Hong Kong Insurance Authority has drafted new rules to guide insurance funds towards crypto assets and local infrastructure projects. The draft proposes imposing a 100% risk weight on crypto assets and a risk weight on stablecoins based on their fiat currency peg. The draft will be open for public comment from February to April 2026, and will subsequently be submitted to the legislative process.

Spot gold breaks above $4,400 for the first time.

Spot gold has broken through $4,400 per ounce for the first time, and has risen nearly 68% so far this year.

Spot silver rises above $69

Spot silver has broken through $69 per ounce for the first time, with a cumulative increase of nearly 139% so far this year.

Guangzhou's 15th Five-Year Plan Recommendations: Expand the Application Scenarios of Digital RMB

The Guangzhou Municipal Committee of the Communist Party of China released its proposals on formulating the 15th Five-Year Plan for National Economic and Social Development of Guangzhou. The proposals emphasize accelerating the construction of a strong financial city. This includes building a modern financial service system that is more internationally competitive and commensurate with the core engine function of the Greater Bay Area. It calls for strengthening platforms such as Zhujiang New Town and the International Financial City, promoting the Guangzhou Futures Exchange to enrich its futures and options offerings, and supporting the growth and strengthening of legal financial institutions. The proposals also call for intensified reforms in the financial sector, building a comprehensive, full-chain technology and financial service system, promoting the effective integration of green finance and transitional finance, improving the policy "toolbox" for financial support for micro and small enterprises, establishing a provincial-level demonstration model for elderly care finance, and expanding the application scenarios of the digital RMB. Furthermore, the proposals include improving the mechanism for cultivating companies to go public, supporting mergers and acquisitions of listed companies, accelerating the development of innovative business models such as investment advisory and asset management, and building Guangzhou into a wealth and asset management center for the Greater Bay Area. Finally, the proposals also emphasize improving the local financial regulatory system and strengthening central-local regulatory coordination.

The central bank released a one-off credit repair policy to support post-pandemic credit reconstruction.

According to a notice from the People's Bank of China, to support individuals whose credit was damaged during the pandemic but who have actively repaid their debts in rebuilding their credit, a one-time credit repair policy will be implemented. Records of single overdue payments not exceeding 10,000 yuan, made between January 1, 2020 and December 31, 2025, and repaid by March 31, 2026, will be deleted from the credit reporting system. The policy will be handled uniformly by the Credit Reference Center of the People's Bank of China, requiring no individual application, and is expected to be implemented in batches starting in 2026. Furthermore, from January 1 to June 30, 2026, individuals can, in addition to the two free annual inquiries to their credit report from the Financial Credit Information Basic Database, conduct two additional free credit report inquiries per year.

The probability of the Federal Reserve keeping interest rates unchanged in January is 79%.

According to CME's "FedWatch": the probability of the Federal Reserve cutting interest rates by 25 basis points in January next year is 21%, and the probability of keeping rates unchanged is 79%. By March next year, the probability of a cumulative rate cut of 25 basis points is 47.1%, the probability of keeping rates unchanged is 43.4%, and the probability of a cumulative rate cut of 50 basis points is 9.5%.

Opinion

Michael Saylor: If Strategy holds 5% of the total BTC supply, Bitcoin could rise to $1 million.

According to the Bitcoin Archive, Strategy co-founder Michael Saylor stated that if the company accumulates 5% of the total Bitcoin supply, the price per coin could reach $1,000,000; if it holds 7%, the price per coin could reach $10,000,000. Saylor described this as "powering the network." Community discussions suggest that MicroStrategy currently holds approximately 3.2%, and based on a weekly purchase of $1 billion (equivalent to approximately 10,000 BTC at the current price), if this continues for a year, it could add approximately 420,000 BTC, potentially exceeding 1 million coins by the end of 2026.

Coinbase CEO: Prediction markets should be regulated by the CFTC

Coinbase CEO Brian Armstrong posted an article early this morning stating that prediction markets should be regulated by the U.S. Commodity Futures Trading Commission (CFTC), and any state government claiming otherwise is hindering Americans from using tools that could enhance their competitiveness. Last week, Coinbase sued the states of Michigan, Illinois, and Connecticut over the regulation of prediction markets.

Project Updates

UXLINK has proposed a plan to buy back at least 1% of its tokens monthly and add them to its strategic reserves.

UXLINK has released a governance proposal to use monthly project profits to buy back at least 1% of UXLINK tokens and add them to its strategic reserves. According to OKX market data, UXLINK has risen 9.37% in the past 24 hours and is currently priced at $0.01225.

Binance will launch the KGST/USDT trading pair and enable its trading robot service.

According to an official announcement from Binance, Binance will launch the KGST/USDT spot trading pair at 16:00 Beijing time on December 24, 2025, and simultaneously launch its trading bot service (KGST/USDT spot algorithmic order book). Users can now deposit KGST to prepare for trading; the listing fee for KGST is 0 BNB. Meanwhile, KGST withdrawals are expected to open at 16:00 on December 25, 2025.

Hyperliquid responds to trading controversy, reiterates team's policy against speculating on HYPE tokens.

According to a Hyperliquid announcement, all company members are prohibited from participating in HYPE token derivatives trading, and insider trading of any kind is strictly prohibited. The statement points out that the recently monitored wallet address 0x7ae4…028 belongs to a former employee who left the company in Q1 2024, and their actions do not represent the team's position. Hyperliquid emphasizes that it will continue to maintain high standards of self-discipline and uphold ecosystem integrity.

The Core Foundation releases its 2026 roadmap: Reshaping the BTCFi value cycle through revenue and buybacks.

The Core Foundation has released its preliminary roadmap for 2026, clearly defining "revenue-driven CORE buybacks" as its core objective. The roadmap revolves around the BTCFi ecosystem, systematically transforming Bitcoin activity into sustainable revenue through modules such as Bitcoin staking yields, Asset Management Protocol (AMP), BTC LST, double-staking markets, SatPay (a new type of bank), ETFs/ETPs, DAT, and enterprise-level solutions, with a continuous flow back to CORE buybacks. The Core Foundation emphasizes that the key shift in 2026 is from "displaying yields" to "monetizing yields," reducing reliance on token inflation while propelling CORE to become the core value-carrying asset in the BTCFi growth cycle.

The Uniswap protocol fee switch proposal by UNIFication has met the legal threshold and is expected to take effect this week.

The Uniswap protocol fee switch proposal, UNIndication, has garnered over 40 million UNI votes in on-chain governance, reaching the required statutory threshold (Quorum) for passage. Currently, there are approximately 69 million votes in favor and fewer than 1,000 votes against, and the proposal is in ACTIVE status. Voting will end on December 26th at 02:22 (UTC+8). According to the proposal page, if passed, governance will enable the Uniswap protocol fee switch and initiate a UNI buyback and burn mechanism driven by protocol fees and Unichain sorter fees. The relevant contracts are expected to take effect later this week as proposed.

A Rabby user successfully withdrew $85,700 from Multichain, which had been locked in 2023.

According to official news from Rabby Wallet, a user successfully withdrew $85,740 USDC through Rabby's functionality. These funds had been frozen since 2023 due to the Multichain incident. Rabby stated that it supports users in tracking and withdrawing assets left over from DeFi protocols, even if the original front-end is no longer functional. Affected Multichain users can check their wallet balances and attempt to withdraw funds through Rabby. It is understood that in May 2025, the Singapore High Court approved the Multichain Foundation's liquidation application and appointed KPMG as a joint liquidator. As the liquidation process progressed, some previously frozen or locked funds were gradually made available for withdrawal, especially assets that were not transferred by hackers or seized by law enforcement. In addition, a US court temporarily extended the freeze on wallets containing approximately $63 million worth of stolen USDC to assist the Singapore liquidator in identifying and recovering the assets.

AAVE community's new proposal suggests regaining ownership of the brand and distribution channels.

According to a Snapshot page, the Aave DAO has launched the "ARFC] $AAVE token alignment. Phase 1 - Ownership" proposal, which aims to transfer the "Aave" brand naming rights, domain names (including aave.com), social media accounts (X, Discord, Instagram, etc.), and online organizations (GitHub, npm) to a legal entity controlled by the DAO, and establish an anti-abuse and legal recourse mechanism. The proposal requires current holders (such as Aave Labs, BGD Labs, etc.) to transfer the relevant assets; the voting window is from 10:40 AM on December 23 to 10:40 AM on December 26 (UTC+8). The proposal was authored by Ernesto Boado (co-founder of BGD Labs).

XMAQUINA will be partnering with Virtuals for a final public offering of $DEUS on January 8th, with an initial price of $0.06.

According to an official announcement from Web3 robotics company XMAQUINA, XMAQUINA will partner with Virtuals Protocol to conduct a final public sale of its $DEUS tokens. This sale will be a community-centric initial coin offering (ICO) aimed at fostering an open, decentralized, and composable ecosystem of humanoid robots and physical AI. The sale will accept both $USDC and $VIRTUAL tokens. $VIRTUAL will be used to provide seed funding for the $DEUS/$VIRTUAL liquidity pool, expected to launch during the Token Generation Event (TGE), with an initial total locked value exceeding $1 million. The auction will begin at 20:00 Beijing time on January 8, 2026.

Important data

Ethereum spot ETFs saw a net outflow of $644 million last week, with ETHA accounting for over 80%.

According to SoSoValue data, in the week of December 15-19, Ethereum spot ETFs saw a total net outflow of $644 million, with none of the nine ETFs recording net inflows. BlackRock's ETHA saw the largest net outflow at $558 million, followed by Grayscale's ETHE at $32.36 million. The current total assets of these ETFs are $18.21 billion, representing 5.04% of Ethereum's total market capitalization.

A whale sold off 230,000 AAVE tokens in the past three hours, causing the price to drop by approximately 10%.

According to Onchain Lens, a whale sold off 230,350 AAVE in the past 3 hours, in exchange for 5,869.46 stETH (approximately $17.52 million) and 227.8 WBTC (approximately $20.07 million), causing the price of AAVE to drop by about 10%.

Institutional holdings

Tom Lee's Bitmine increased its holdings by 13,412 ETH, worth approximately $40.61 million.

According to Lookonchain, Bitmine, owned by Tom Lee, recently purchased another 13,412 ETH, worth approximately $40.61 million.