Steak 'n Shak establishes strategic BTC reserves BTC falls below 110000 USD

Headlines

▌Steak 'n Shake announces the establishment of a strategic Bitcoin reserve

The American fast food chain Steak 'n Shak announced the establishment of a strategic Bitcoin reserve, with all payments made in Bitcoin being deposited into its strategic Bitcoin reserve. Over the next 12 months, Steak 'n Shak will donate 210 satoshis from the sales of each Bitcoin meal to Open Sats Initiative, Inc.

****▌BTC dropped below $110,000

The market shows that BTC has dropped below 110,000 USD, currently reported at 109,995.39 USD, with a 24-hour increase of 1.75%. The market is highly volatile, please ensure proper risk control.

Market

As of the time of writing, according to CoinGecko data:

BTC price is $109,454, 24-hour change +9.6%;

The price of ETH is $3,843.84, with a 24-hour change of +1.2%;

The price of BNB is $1,087.57, with a 24-hour change of +0.9%;

The price of SOL is $187.02, with a 24-hour change of +1.4%;

The price of DOGE is $0.1863, with a 24-hour change of +2.0%;

The price of XRP is $2.51, with a 24-hour change of +2.9%;

The price of TRX is $0.2966, with a 24-hour change of +1.9%;

WLFI price is $0.2134, with a 24-hour change of +19.8%.

Policy

▌Chairman of the House Agriculture Committee Consults with CFTC Acting Chairman on Expanding Crypto Regulatory Authority

According to crypto journalist Eleanor Terrett, Glenn “GT” Thompson, Chairman of the U.S. House Agriculture Committee, met with Caroline D. Pham, Acting Chair of the Commodity Futures Trading Commission (CFTC), on Thursday. The discussion centered around how the regulatory body will prepare for expanding cryptocurrency oversight and advancing related rulemaking next year—an initiative based on expectations that market structure-related legislation will be passed. Previously, Pham had met with Senator John Boozman, Chairman of the U.S. Senate Agriculture Committee (@SenateAg), on similar topics last week.

****▌The U.S. Department of Defense approves the provision of long-range Tomahawk missiles to Ukraine, with final decision-making authority handed over to Trump

According to a report by CNN, three officials from Europe and the United States familiar with the situation revealed that the Pentagon has assessed that providing Ukraine with long-range Tomahawk missiles would not weaken the active inventory of the U.S. military, subsequently giving the green light to the White House and leaving the final political decision to U.S. President Trump. Earlier this month, Trump explicitly stated during a working lunch at the White House with Ukrainian President Zelensky that he was unwilling to provide the missiles, saying, “We cannot give up the weapons stockpiles needed to defend our country.” Earlier this month, the Joint Chiefs of Staff submitted an assessment report to the White House, coinciding with Zelensky's ongoing lobbying for the missiles—Ukraine hopes to use the approximately 1,600-kilometer range to more effectively strike deep energy facilities within Russia. Two European officials noted that this assessment has invigorated European allies, who believe that the U.S. now lacks a legitimate reason to refuse to provide the missiles. It is worth noting that just days before meeting with Zelensky, Trump publicly stated that the U.S. “has a lot of Tomahawk missiles available to provide to Ukraine.”

****▌The Tenth Circuit Court of Appeals supports the Federal Reserve, dismissing Custodia's main account request

According to crypto journalist Eleanor Terrett, the U.S. Court of Appeals for the Tenth Circuit has ruled on the Custodia vs. Federal Reserve case. In a 2 to 1 decision, it supported the Federal Reserve and rejected Custodia's request to compel the central bank to open a master account for it.

****▌Trump denies having decided to carry out a military strike against Venezuela

U.S. President Trump denied that he had decided to strike military targets within Venezuela, contradicting media reports that he had approved an attack. When asked by reporters on Air Force One whether a decision had been made, Trump briefly replied, “No.” The Miami Herald had reported earlier that the Trump administration had decided to attack military facilities in Venezuela, and that the strikes could happen at any time. When asked about the report, White House spokesperson Anna Kelly stated that “anonymous sources do not know the actual situation at all,” and emphasized that any official statement would be issued by the president personally.

Blockchain Applications

▌The block generation time and median transaction fees of the Aptos network are at historical lows

According to Token Terminal, the block generation time and median transaction fees of the Aptos network are at historical lows.

****▌Bank Negara Malaysia Launches Three-Year Tokenization Exploration Program

Bank Negara Malaysia has announced a three-year exploration plan for the tokenization of real-world assets (RWA), establishing a “Digital Asset Innovation Center” and an industry working group to solicit feedback from the industry on potential application scenarios such as supply chain finance and Islamic finance.

Cryptocurrency

▌Analysts are optimistic about Coinbase: Derivatives and stablecoins are the main drivers of future growth

Coinbase's revenue in the third quarter reached $1.9 billion, an increase of 37% compared to the previous quarter, driven by active Ethereum trading and a surge in subscription service revenue. Although the share of Bitcoin trading has slightly decreased, several Wall Street firms believe the company has successfully diversified its business and is optimistic about the long-term growth from its derivatives, stablecoins, and the Base network. William Blair pointed out that Coinbase has transformed from a simple trading platform into a crypto financial infrastructure company, with profit margins expected to rise to over 60%. JPMorgan described the quarter as “stronger than expected,” but warned that acquisitions and expansions will drive up costs. Benchmark emphasized that stablecoin revenue grew by 7% quarter-over-quarter. Bernstein compared Coinbase to “the crypto version of AWS,” expecting its Base ecosystem and future potential token issuance to be key catalysts.

****▌Goldman Sachs: Cryptocurrencies now account for 1% of global portfolios

According to Goldman Sachs, cryptocurrencies now make up 1% of global investment portfolios.

****▌Coinbase: Be aware that some users may experience performance degradation when trading

Coinbase Global Inc.: Be aware that some users may experience performance degradation when trading.

Important Economic Dynamics

▌Federal Reserve's Hamark holds an open attitude towards reform policy interest rate targets

Cleveland Federal Reserve President Harmack stated on Friday that she is open to reforming the interest rate targets used by the Federal Reserve in implementing monetary policy. At an event hosted by the Dallas Federal Reserve, she pointed out that the structure of the money market has undergone profound changes, indicating that there is consideration to shift from the current federal funds rate target to other interest rate indicators. “I believe we should now explore more broadly how to optimally implement monetary policy,” Harmack emphasized in her speech. This statement echoes the recent consensus she formed with Dallas Federal Reserve President Logan, which indicates that financial market pricing mechanisms have gradually drifted away from the traditional anchoring effect of the federal funds rate.

****▌Spot gold fell sharply by $50.29 today, a decrease of 1.25%

Spot gold fell sharply by $50.29 during the day, currently reported at $3974.27 per ounce, a decline of 1.25%.

****▌Federal Reserve's Bostic: Prefers interest rates to remain unchanged this week

Federal Reserve's Bostic expressed a preference for keeping interest rates unchanged this week, but ultimately supports a rate cut this week, citing a tension between various tasks.

****▌Morgan Stanley: Investors Should Seek Protection Against Dollar Depreciation Early Rather Than Late

Morgan Stanley: Investors should seek protection against dollar depreciation early rather than late. As investors reassess the neutral level of the Federal Reserve's funds rate and increase hedging, the dollar may decline.

Golden Encyclopedia

▌Will Google's Willow quantum chip affect Bitcoin security?

Google's Willow chip marks a new era in quantum performance, capable of executing complex computations and significantly impacting various industries, including cryptography. With the launch of the 105-qubit Willow chip, quantum computing has reached an important milestone, as this chip is built on the company's Sycamore processor. Willow nearly doubles the number of qubits in Sycamore, thereby unleashing the capability to perform exponentially more complex calculations. One of Willow's most notable advancements is its progress in quantum error correction, a crucial step toward scalable, fault-tolerant quantum systems. In benchmark tests such as random circuit sampling (a test where quantum computers demonstrate their capabilities by solving complex problems), Willow completed tasks in minutes that would take traditional supercomputers billions of years to accomplish.

Quantum computers using algorithms like Shor and Grover have the potential to solve complex problems at an exponentially faster rate, thereby undermining traditional encryption algorithms. The emergence of powerful quantum computers like Willow has raised concerns about their impact on cryptographic security, including the effects of the Willow chip on cryptocurrencies. Bitcoin and many other blockchain systems rely on cryptographic algorithms designed to withstand classical attacks. However, the potential impact of quantum computing on cryptographic security has raised alarms. Google's Willow quantum chip does not currently pose a direct threat to Bitcoin's encryption system. Breaking Bitcoin's ECDSA or SHA-256 would require at least 1,500-3,000 fault-tolerant logical qubits, far exceeding Willow's capabilities. The scalability of current quantum systems is not sufficient to challenge Bitcoin's robust defense mechanisms. Bitcoin's layered encryption structure combines ECDSA and SHA-256, ensuring resistance to today's quantum technologies. This technological gap currently guarantees the security of Bitcoin's cryptographic protections.