Crypto Morning Briefing: Coinbase Receives Official Trust Bank License from US OCC, Hyperliquid Ecosystem's Elysium Mainnet Officially Launches

Yesterday's Market Updates

Coinbase Receives Official OCC Trust Bank License in the US

According to CoinDesk, Coinbase announced that the US Office of the Comptroller of the Currency (OCC) has officially approved the national trust bank license for Coinbase National Trust, following a previously conditional approval.

Coinbase National Trust received preliminary approval in April this year to provide federally regulated custodial and payment services, but will not operate as a full-service bank accepting deposits or making loans. Coinbase stated that after establishing compliance systems, hiring necessary personnel, and undergoing regulatory review over several months, the OCC granted the official license.

US Senator Demands Binance and Others Begin Submitting Records by November 30

According to Cointelegraph, US Senator Richard Blumenthal has demanded that Binance, Tether, World Liberty Financial, and Fight Fight Fight LLC begin submitting records required for Senate investigations by November 30.

Blumenthal warned that if these companies fail to voluntarily submit the records by January 4, 2027, the Senate Permanent Subcommittee on Investigations will consider other measures. The report cited his letter to Binance, stating that the company has yet to submit previously requested records.

Meme Trading Tool XXYY Announces Shutdown, Trading Stops from December

According to an official announcement from XXYY, the team behind the Meme trading tool XXYY has decided to orderly shut down the website, with November serving as a transition period for trading.

From now until November 30, the platform will maintain normal trading and commission withdrawal functions; starting December 1, trading and commission withdrawals will be suspended, with only the private key export function remaining on the site. The private key export feature will remain available until January 31, 2027, after which exports will no longer be possible.

US Official Claims Woman with Nvidia CEO Jensen Huang Had Affair Worked for Chinese Intelligence Agency; Chinese Foreign Ministry: Purely Groundless Rumors

Chinese Foreign Ministry spokesperson Guo Jiakun presided over a regular press conference. An AFP reporter asked whether the ministry could comment on the matter, noting that Nvidia CEO Jensen Huang admitted on Sunday to having an affair with a woman, prompting an investigation into him at Nvidia. Previously, US officials claimed the woman worked for a Chinese intelligence agency. Can the Chinese Foreign Ministry respond to this? Could this incident affect next week's summit between the US and Chinese presidents in Shenzhen?

In response, Guo Jiakun stated: "We have already addressed this matter previously. The so-called narrative of Chinese spies is purely groundless rumor-mongering and malicious slander."

China Continues Suspension of Additional 24% Tariffs on US Goods for Two Months

According to an announcement by the General Administration of Customs Tariff Commission of the State Council, with the State Council's approval, China will continue to suspend the implementation of the measure imposing an additional 24% tariff on imported goods originating from the US, effective from 13:01 Beijing Time on November 10, 2026. The suspension period is two months, while a 10% additional tariff rate on US goods will remain in effect.

The announcement stated that this move aims to implement the consensus and outcomes reached during the Washington meeting between the leaders of the US and China.

Mist: Software Masquerading as Cracked TradingView Version Steals Wallet Data

According to disclosures by Mist, the X account cryptotrice has repeatedly promoted a so-called cracked version of TradingView Premium since mid-October. After analysis, Mist confirmed that its Windows sample is information-stealing malware capable of collecting browser credentials, crypto wallet, and Telegram data, and sending them to command-and-control servers.

The software requires users to download a password-protected archive and generate a license code via a KeyGen. Mist noted that the malware dynamically retrieves and rotates control servers using Telegram and Steam; the macOS download link currently returns a 404 error, and samples have not yet been obtained.

Mist advises users who have run the software to immediately disconnect from the internet, transfer assets to new wallets on clean devices, change passwords for related accounts, and terminate active sessions on Telegram.

Musk Posts in Chinese: Chinese X is "Awesome"

Elon Musk posted today on X using a mix of Chinese and English, stating: "Chinese 𝕏 is 牛逼," employing Chinese internet slang to praise the Chinese X community.

As of press time, the post had garnered over 300,000 views and more than 700 replies.

Yujin: MachiBigBrother Opens ~$1.48M ETH Long Position After Liquidation

According to monitoring by Yujin, MachiBigBrother has opened another ETH long position worth approximately $1.48 million after the previous one was liquidated.

Images from Yujin show the address holds a long position of 690 ETH with 25x cross-margin leverage; another image shows the MachiBigBrother address sold three BAYC NFTs.

Hyperliquid Ecosystem's Elysium Mainnet Officially Launches

Elysium, an L2 network within the Hyperliquid ecosystem, has announced its mainnet launch. Built by the Kinetiq team and operating on Arbitrum Orbit (Nitro/ArbOS) under Conduit, it is officially positioned as "a high-performance block space that seamlessly integrates pricing and liquidity with Hyperliquid."

According to official documentation, Elysium features a 100ms block time, user-perceived finality of approximately 300ms, and an execution target of 300 Mgas/s; gas fees are paid in native HYPE (bridged 1:1 from HyperEVM), with settlement occurring on HyperEVM (chain ID 999). The initial phase utilizes a single sequencer with neutral priority fee ordering, adopts the AnyTrust model for data availability (starting with a single Conduit DA server, with committee selection pending), and implements standard optimistic withdrawals with a challenge period of approximately 5.5 days.

Official sources state that tokens can complete the full lifecycle within the ecosystem: launching on the Elysium AMM, deepening liquidity on prop-AMM markets, graduating to the HyperCore spot order book, and achieving perpetual listing via HIP-3. Smart contracts can directly read HyperCore's order book, prices, balances, and positions, and also trigger HyperCore orders within ~100ms while keeping user assets self-custodied. Approximately four weeks after mainnet launch, upgrades will introduce native market-making precompiles and fast-write channels to HyperCore, followed by plans to implement MEV monitoring, native Timeboost, multi-member DA committees, Arbitrum BoLD zero-knowledge proofs and audits; a portion of sequencer revenue will also be allocated to ecosystem incentives.

Strategy Purchases 1,037 More BTC Last Week, Raising Total Holdings to 850,364

On November 09, Strategy officially disclosed that the company purchased an additional 1,037 BTC last week, bringing its total holdings to 850,364 BTC.

Today's Market Overview

Recommended Reading

ETF Sees $1.3 Billion Weekly Outflow, Potential Fed Rate Hike in December Puts Bitcoin's $73k Support Line to the Test

https://www.techflowpost.com/article/35224

This article points out that Bitcoin faces dual pressures from macroeconomic market risks and internal vulnerabilities within the crypto industry. From November 2 to 6, US spot Bitcoin ETFs saw a weekly net outflow of $1.28 billion, with BlackRock's IBIT accounting for roughly 95%, shifting the yearly capital flow for Bitcoin ETFs from net inflow to net outflow. Meanwhile, the US September CPI rose 3.7% year-on-year, pushing market bets on a 25-basis-point Fed rate hike in December to 78.8%. Earlier large-scale hacking incidents at Binance, where attackers still hold approximately $3.3 billion in unfrozen assets including 18,270 BTC, also pose potential sell pressure. Technically, Bitcoin has broken below the 50-week moving average and is approaching the $73,078 level of the 21-week moving average. The article argues that Bitcoin's recent price action has been increasingly influenced by US tech stocks and the AI sector, with market focus shifting from industry-specific developments to macro liquidity and institutional fund flows. Support around the $73,000 level and this week's CPI data will serve as crucial tests for the short-term market.

Podcast Notes | Jensen Huang: Youth Should Learn to Ask Questions to AI, Nvidia Wants to Leave More Than Just Games and Chips

https://www.techflowpost.com/article/35213

This article compiles an in-depth interview with Nvidia CEO Jensen Huang. He reviewed Nvidia's transformation journey from gaming GPUs to AI computing infrastructure: the gaming market provided steady commercial revenue for GPU R&D, while CUDA transformed GPUs from graphics processors into universal parallel computing platforms; the breakthrough of AlexNet in 2012 made Nvidia realize that software development was shifting from manually coded rules to data-driven model learning, leading to a full bet on AI.

Discussing the future, Huang emphasized Physical AI. Nvidia hopes that through the Cosmos world model and Omniverse physical simulation platform, robots can undergo extensive training in virtual environments before entering the real world. He predicts that cars, buildings, and various mobile devices will eventually possess robotic capabilities, and everyone may have a long-term AI companion assistant. Additionally, he opposes hardcoding Transformers into dedicated chips too early, arguing that AI algorithms are still evolving rapidly and computing architectures must remain flexible.

For young people, his advice is to learn how to interact with AI as early as possible, emphasizing that the key skill lies in asking good questions and figuring out how to leverage AI to enhance professional workflow efficiency. What Nvidia truly aims to build is not just chips and gaming graphics cards, but a new generation of computing infrastructure spanning AI, robotics, biosciences, and climate prediction.

Vitalik Handily Bursts the "Burn Deflation" Narrative, Beginning to Anchor a New Valuation Logic for ETH

https://www.techflowpost.com/article/35215

Vitalik Buterin is redefining the value logic of ETH. He points out that the past market's "ultrasound money" narrative, which relied on EIP-1559 fee burning, does not hold true because transaction fees mainly originate from leveraged and speculative activities within the ecosystem, failing to form a stable valuation foundation. As Layer 2 networks divert traffic from the mainnet, Ethereum's fee burn volume has drastically shrunk: approximately 1.48 million ETH were burned throughout 2022, compared to only about 19,200 ETH year-to-date in 2026. To support a current market cap of roughly $272 billion at a 4% discount rate, approximately 4.89 million ETH would need to be burned annually, revealing a gap of roughly 149 times between theoretical demand and reality.

Vitalik is unwilling to raise gas fees, expand protocol financing, or strengthen governance interventions just to sustain fee revenue, as these measures could harm Ethereum's decentralization. Instead, he wants ETH to shift toward a value store narrative centered on decentralization, censorship resistance, privacy, and security. This indicates that ETH's valuation logic is transitioning from fee cash flows to the underlying network's security and long-term credibility, though whether this new value narrative will gain market acceptance remains to be seen.

Beyond Jensen Huang's Gossip: The Compute Leasing Business Routing Through Southeast Asia

https://www.techflowpost.com/article/35199

Drawing from the controversy between Jensen Huang and Singapore-based company Megaspeed, this article exposes the gray supply chain through which Chinese AI firms lease Nvidia computing power via Southeast Asia. According to trade records cited in the piece, Megaspeed's affiliated entities in Malaysia purchased at least $4.8 billion worth of Nvidia AI equipment between June 2024 and February 2026, involving approximately 136,000 chips, more than half of which are the latest-generation Blackwell models. The equipment is primarily deployed in data centers in Malaysia and Indonesia, with computing power then leased online to customers in China and other regions, with Alibaba reported as one of its major clients.

The article notes that this model exploits a regulatory loophole between US chip export controls and remote compute leasing: chips remain overseas while domestic enterprises access the computing power remotely. Megaspeed's equity structure, funding sources, and actual operational scale also raise suspicions; for instance, the company reportedly held only $5.7 million in cash on its books while procuring billions of dollars in equipment. The US has begun considering extending export controls to cover remote access to restricted chips, but relevant legislation and regulations have not yet been fully implemented.

The core focus of the article is not Jensen Huang's personal life, but rather how AI computing power is forming a new cross-border trade model: chips do not necessarily need to enter China for Chinese enterprises to utilize the computing power. Once the US tightens regulations on remote compute access, both the Southeast Asian compute leasing supply chain and Chinese AI companies relying on overseas computing resources could face significant impacts.

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