At the recent Bitcoin MENA conference, Michael Saylor made it clear that Strategy (MSTR) will not issue perpetual preferred stock (“digital credit”) in Japan within the next 12 months, stating that the “12-month head start” will be left to Japanese listed company Metaplanet. This move has drawn more attention to Metaplanet’s strategy in the Japanese perpetual preferred stock market, which has long been inactive, with only five companies in all of Japan currently qualified to trade perpetual preferred stock. Metaplanet CEO Simon Groverich pointed out that the company plans to enter this market with two new products, “Mercury” and “Mars,” becoming the sixth and seventh companies in Japan to issue perpetual preferred stock. Among them, Mercury is positioned as the Japanese version of Strategy STRK, with an annualized yield of 4.9%, denominated in yen and convertible, which is much higher than the generally less than 0.5% yield of Japanese bank deposits and money market funds. Mercury is currently in the pre-IPO stage, with the goal of listing in early 2026. The second product, Mars, models Strategy’s short-term high-yield credit product STRC, targeting investors seeking short-term returns.

According to Gate News Bot on December 9th, citing CoinMarketCap data, as of press time, IRYS (Irys) is currently priced at $0.04, up 11.56% in the past 24 hours, reaching a high of $0.04 and a low of $0.03. The current market capitalization is approximately $76.7 million, an increase of $7.95 million from yesterday. Irys is the first programmable data chain for AI and more application scenarios. The platform is centered on high performance, cost efficiency, and programmable data. Unlike other data networks that only store data, Irys offers faster and cheaper services, equipped with a native execution layer that enables data programmability. Data on Irys can be embedded with instructions, instantly retrieved, and shared across applications, allowing developers to build on-chain services that leverage each other's data to unlock new value. The platform features high performance and cost efficiency.

According to monitoring by HyperInsight, the whale address has been frequently accumulating ETH and BTC, with spot and long positions totaling $6.24 million. Since October, this address has gone long more than 30 times consecutively, accumulating a loss of approximately $6 million, but has seen some profits in the past 7 days.

Since early November, Ethereum (ETH) has rebounded more than 20% after hitting a local low of around $2,620, and as of December 9, it has returned above $3,000. However, both technical patterns and on-chain data are signaling further downside, suggesting that ETH prices may weaken again in the coming months. From a technical perspective, ETH is currently forming a classic inverse cup-and-handle pattern, which typically signals a deeper correction and points to a mid-term target of around $1,500. This pattern began after ETH peaked near $4,100 in August and subsequently declined, breaking below both the 50-day and 200-day exponential moving averages, gradually forming a rounded top. Entering the "handle" phase, ETH has been moving within an ascending channel but has repeatedly faced resistance around the $3,150 region, struggling to break through in the short term, with the 50-day moving average also acting as resistance in this range. If ETH breaks below the current lower boundary of the channel around $2,900, it will confirm the continuation of the downtrend, technically validating the $1,500 target of the inverse cup-and-handle pattern. This range also overlaps with a key support area for Ethereum since the beginning of 2024, further amplifying the risk. Unless the price regains the $3,300 to $3,450 range, ETH’s overall trend remains tilted to the downside.

BitMine Immersion Technologies continues to make large purchases of Ethereum, even as market sentiment remains tense and ETF funds keep flowing out. The company, chaired by Tom Lee, has now become the world’s largest corporate holder of Ethereum and has significantly increased its ETH holdings over the past week. According to the latest data, BitMine purchased 138,452 ETH in one week, a 156% increase from the previous period, bringing its total holdings to 3.86 million ETH. This accounts for more than 3.2% of Ethereum’s circulating supply and brings the company two-thirds of the way toward its goal of controlling 5% of ETH’s supply. Since October, ETH prices have dropped nearly 25% in total, but BitMine has persisted in buying, demonstrating a clear long-term bullish stance.

On Monday, US spot Bitcoin ETFs recorded a net outflow of $60.48 million, indicating a cautious market sentiment ahead of key macro events in December. Although BlackRock's IBIT attracted a single-day net inflow of $28.76 million, it was insufficient to offset the overall outflow of funds. Grayscale's GBTC led with a net outflow of $44.03 million, and Fidelity's FBTC also saw an outflow of $39.44 million, further exacerbating the weak performance of Bitcoin ETFs. In contrast, the fund flows for Ethereum and altcoin ETFs were more noteworthy. Spot Ethereum ETFs saw a single-day net inflow of $35.5 million, with BlackRock's ETHA accounting for $23.7 million, indicating that institutions are accelerating their allocation to ETH assets.

Zcash (ZEC) has defied the overall market downturn, surging nearly 14% in the past 24 hours. The core driver behind this rise is a new dynamic fee model proposal from the development team, aimed at improving network efficiency, alleviating congestion, and protecting user privacy and cost experience. The proposal, put forward by Shielded Labs, suggests abandoning the long-standing fixed fee mechanism in favor of a dynamic structure based on the median transaction. The current fixed fee is 1,000 zatoshi, but during periods of high demand, this has led to abnormal fees, network congestion, and overloaded shielded wallets. The new model would calculate fees based on typical transaction activity over the past 50 blocks and use “synthetic comparable objects” to simulate a stable load, making fees more predictable and more effective at resisting spam attacks.

The Bitcoin market in 2025 is exhibiting an unprecedented "dual strategy" pattern: ETFs bring institutional liquidity, while self-custody upholds the decentralized spirit of Bitcoin. Industry analysts generally believe that this coexistence model is becoming the new mainstream trend, driving Bitcoin toward a more mature and structurally robust stage of development. As Wall Street continues to expand the absorption capacity of spot Bitcoin ETFs, monthly capital inflows during 2024 to 2025 have repeatedly reached $4 billion to $6 billion, pushing the total asset size to approximately $140 billion by July 2025. ETFs have become the primary avenue for institutions to enter Bitcoin, offering strong liquidity, regulatory protection, and eligibility for retirement accounts, quickly making them the first choice for traditional financial investors.

Cardano founder Charles Hoskinson recently stated that current discussions about the "quantum technology threat to blockchain security" are mostly overhyped. He believes that while quantum computing does pose a potential risk to traditional cryptography, the real obstacle to industry upgrades is not a lack of technology, but rather performance sacrifices and the fact that standards have yet to be fully established. In a recent podcast, Hoskinson bluntly said that quantum technology is more like "a massive smokescreen." He pointed out that blockchains can fully migrate to quantum-resistant algorithms, but the cost would be a significant drop in network throughput and a substantial increase in costs. "If today I can do 1,000 transactions per second, after migrating it might only be 100 transactions per second, with costs rising tenfold. No one is willing to do that," he said.

Bitcoin fell another 0.70% in the past 24 hours, continuing its recent volatility, and this trend is raising more and more concerns about “institutional manipulation.” Several analysts have pointed out that Bitcoin’s frequent sharp drops around the opening of the US market occur with too much regularity, suggesting the involvement of concentrated high-frequency trading institutions. Currently, the core question in the market is whether Bitcoin’s weakness is caused by internal manipulation rather than natural market dynamics. Although the fourth quarter is usually a strong period for Bitcoin, since the market crash on October 10, Bitcoin has not only failed to recover but has continued to underperform US stocks. US stocks are up 8% with several stocks hitting new highs, while Bitcoin remains 29% below its pre-crash level.

President Trump recently confirmed that he will sign an executive order seeking to replace state-level or planned AI regulatory laws with more relaxed federal policies. Trump stated on Truth Social that the United States must maintain “unified rules,” otherwise its leading position in the global AI race could be undermined. He said that if all 50 states set their own regulations, “artificial intelligence will be strangled in its infancy.” This plan has quickly raised concerns among safety organizations, scholars, and bipartisan state legislators. In recent months, as AI technology penetrates everyday life—including healthcare, law enforcement, recruitment, content generation, and communications—states have gradually introduced laws to limit deepfakes and curb algorithmic discrimination. In the absence of comprehensive federal legislation, state-level regulation is seen as an important way to fill the gaps in AI safety.

According to Gate News Bot on December 9, citing CoinMarketCap data, as of press time, PLUME (Plume) is currently trading at $0.02, up 8.07% in the past 24 hours, reaching a high of $0.02 and a low of $0.02. Its current market capitalization is approximately $68.8 million, an increase of $5.14 million compared to yesterday. Plume is a public blockchain focused on the expansion of real-world assets (RWA), dedicated to transforming real assets into crypto-native global financial instruments. The platform has more than 200 ecosystem partners and an asset pipeline of $5 billion, covering diverse assets such as solar farms, Medicaid receivables, and mining rights. Plume has built a complete RWA ecosystem, including the Plume Chain mainnet, Arc cross-chain bridge, pUSD ecosystem stablecoin, p

According to Gate News Bot on December 9, citing CoinMarketCap data, as of press time, PHA (Phala Network) is trading at $0.05, up 11.21% in the past 24 hours, with a high of $0.05 and a low of $0.04. The 24-hour trading volume reached $36 million. The current market capitalization is approximately $38.1 million, an increase of $3.84 million compared to yesterday. Phala Network is a hardware-secure privacy computing platform focused on building a trusted privacy AI cloud infrastructure. The platform provides confidential computing services protected by TEE (Trusted Execution Environment), including confidential virtual machines, confidential AI models, and GPU TEE products, supporting high-performance AI inference while protecting data privacy. Phala has been used by more than 5,000 users

The price of Bitcoin has recently fallen to just below $90,000, approaching the overall cost basis of US Bitcoin ETFs, raising concerns in the market about support levels. According to Glassnode data, since February last year, continuous ETF buying has provided key support during multiple downturn cycles, enabling Bitcoin's price to rebound near the breakeven point. Historical data shows that since 2024, Bitcoin has experienced two deep corrections of more than 30%, occurring from March to August and from January to April 2025, both bottoming near the ETF cost basis. At that time, weekly net inflows into ETFs, as tracked by SoSoValue, were negative, which is quite similar to the current market situation.

According to Gate News Bot, on December 9, as reported by CoinMarketCap, as of press time, STABLE (Stable) is currently priced at $0.02, down 56.00% in 24 hours, with a 24-hour high of $0.05 and a low of $0.02. The 24-hour trading volume reached $221 million, and the current market capitalization is approximately $285 million. Recent important news about STABLE: 1️⃣ **Mainnet Launch and Rapid Ecosystem Deployment Drive Key Breakthroughs** The Stable mainnet officially launched on December 8 at 21:00 Beijing time, marking the transition of this Layer 1 blockchain, built for stablecoin payments, from the testing phase to full operation. The STABLE token is now open for claiming, providing users with the basic conditions to participate in the ecosystem. At the same time, the Gate Web3 Wallet web version has fully integrated the Stable mainnet, allowing users to switch networks, manage ecosystem assets, and interact with DApps with one click on the web. Caldera has also integrated Stable into its Metalayer technology, enabling users to access Stable services instantly from more than 100 blockchains, forming a multi-chain ecosystem framework with cross-chain integration.

Odaily Planet Daily news: The number of active validators on the Solana network has significantly decreased over the past three years: from more than 2,500 active nodes in March 2023 to around 800 currently, a drop of over 68%. Validators are responsible for running nodes, participating in block signing, and maintaining network security. The number of validators is often regarded as an important indicator of the degree of decentralization. In response to this significant contraction, ecosystem participants have offered different interpretations. Some community members believe that this round of decline is mainly due to the exit of “sybil nodes,” stating that “having 800 reliable validators is healthier than having 3,000 sybils,” and pointing out that reducing nodes that make no real contribution actually helps improve network quality. However, some infrastructure teams hold different views. Developers from Layer 33 said they know many teams that have recently shut down nodes, which

PANews, December 9—Matrixport analyzed in today’s chart that the current participation of retail investors in the crypto market remains low. Taking the historically retail-heavy Korean market as an example, today’s trading volume is significantly lower compared to the peak periods in December 2023 and 2024: back then, daily trading volume could reach several billion US dollars, while now it barely hovers around $1 billion, reflecting that short-term retail funds have yet to flow back in significantly. In such a market environment, some newly launched or expanding exchanges continue to find it difficult to see sustained growth in trading volume. Some previously highly anticipated IPO plans have also noticeably slowed their pace. Without a broader return of retail investors, even if the Federal Reserve chooses to cut interest rates in the future, easing monetary policy alone is unlikely to trigger a truly sustainable rally. To put it more bluntly, without trading volume, it’s hard for market sentiment to build; without sentiment,

Since the launch of the Bitcoin network in 2009, the number of independent addresses holding more than 0.1 Bitcoin has generally increased, but over the past 24 months, it has continued to decline, dropping from 4,548,107 to 4,443,541. The decline began at the start of 2024 and has now reached a two-year low.

Singapore stablecoin payment service provider MetaComp has completed a $22 million Pre-A round of financing, with participation from multiple institutions. The funds will drive the expansion of its StableX Network, supporting real-time cross-border settlement and compliance monitoring. MetaComp's business covers more than 30 markets and is expected to expand into regions such as Southeast Asia over the next three years.

The U.S. Department of Justice has announced that a key figure in a social engineering scam involving $263 million worth of Bitcoin has pleaded guilty. Evan Tangeman, a 22-year-old California resident, admitted in district court to participating in money laundering in violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), involving more than $3.5 million. He is the ninth defendant to plead guilty in the case. The scam operated from October 2023 to May 2025, carried out by gang members distributed across various U.S. states and overseas. The group included hackers, organizers, target identifiers, telephone salespeople, and thieves who stole hardware wallets. Together, they stole approximately 4,100 Bitcoins, which were worth about $263 million at the time and are currently valued at around $371 million. The hackers breached websites to obtain cryptocurrency-related databases, target identifiers singled out high-value victims, and telephone salespeople induced victims to cooperate over the phone, making the entire scam operation highly sophisticated.

Twenty One Capital CEO Jack Mallers announced that the company will be listed on the New York Stock Exchange on December 10, Beijing time, with the stock ticker "XXI." The company will transfer more than 43,500 bitcoins from custodial accounts back to self-management and has pledged to maintain transparency.

The UK Financial Conduct Authority has announced adjustments to retail investment rules, removing complex information documents and allowing high-net-worth individuals to voluntarily waive retail investor protections. The aim is to lower investment thresholds and encourage more residents to participate in the capital markets.

Odaily Planet Daily reports that, according to monitoring by 10X Research, blockchain-based prediction markets are attracting more speculators who are seeking returns beyond simply holding spot cryptocurrencies. Prediction markets are becoming a new arena for speculation, leading to "extreme information asymmetry and obvious arbitrage windows" between retail investors and professional data-driven traders. The report points out that, for quantitative traders, prediction markets can offer asymmetric returns that are more advantageous compared to the upside potential of spot tokens. For example, on the decentralized prediction market Polymarket, the "Yes" shares for whether the BNB token will reach $1,500 by December 31, 2025, once traded at around $0.01, meaning there could be a potential 100x return if the event occurs. However, the high win rate of some prediction market accounts has sparked concerns about insider trading.

As stablecoin adoption accelerates globally, the potential growth of the Polygon ecosystem has become a market focus. However, despite the expansion of stablecoin infrastructure bringing more transaction scenarios to the network, Polygon’s native token MATIC still faces the dual pressure of sluggish trading volume and intensifying competition, with its price hovering around key support levels. Industry analysis indicates that the adoption rate of stablecoins in banks, fintech platforms, and enterprise ecosystems is rapidly increasing, and Polygon has gained an edge in this trend thanks to its low fees, high throughput, and wide integration with payment networks. Aishwary Gupta, Polygon’s Global Head of Payments and Real-World Assets, predicts that by 2030, more than 100,000 stablecoins could be issued worldwide, covering banks, enterprises, sovereign nations, and commercial networks. Stablecoins will become a key tool for closed-loop payments in enterprises, while banks may also issue on-chain deposit tokens to keep funds on their own balance sheets.

VMS Digital Asset Holdings has officially launched the WLGC Global Free Finance Protocol, a platform focused on real-world assets and cross-regional business cooperation. WLGC is supported by multiple global capital and ecosystem partners and will drive the real economy toward a more transparent and efficient era of execution.

Wall Street investment advisory firm Yardeni Research recommends reducing allocations to the "Magnificent Seven" tech stocks, anticipating changes in their earnings growth trends and noting the entry of more competitors into related fields. The firm suggests adjusting portfolios to overweight the financial, industrial, and healthcare sectors.

Bitcoin edged up slightly on Monday, as the market generally expects the Federal Reserve to cut interest rates by another 25 basis points this week, adjusting the target rate to a range of 3.5%-3.75%. However, contrary to the traditional logic that "rate cuts are bullish for risk assets and suppress bond yields," US Treasury yields have continued to rise, making market sentiment more cautious. Typically, rate cuts signal increased liquidity, and cheaper capital boosts investment and loan demand, supporting the prices of high-risk assets like Bitcoin while lowering short-term interest rates and yields. Data shows that Bitcoin rose over 1.5% on the day, hovering around $91,800, and has rebounded from the $80,000 region over the past three weeks, forming higher lows and highs.

Analysts predict that this week’s Federal Reserve meeting could become a key catalyst for a new round of Bitcoin gains. After Bitcoin broke above $92,000 on Monday, London Crypto Club analysts David Brickell and Chris Mills noted in a report that the Fed may inject more liquidity into the banking system on Wednesday, thereby boosting risk assets, including Bitcoin. The two analysts predict that the Fed will adopt a more dovish policy stance and expand its balance sheet through an implicit bond-buying program. They believe that, with interest rate cuts combined with liquidity expansion, “the money printer is restarting,” which will provide a strong structural boost for Bitcoin. They expect that in this policy environment, Bitcoin prices are likely to “rise significantly,” breaking out of the current range and heading for higher levels.

The Cardano ecosystem has undergone a key upgrade, with major CEXs officially supporting Midnight network’s native token NIGHT, drawing strong attention from the market. Following the announcement, ADA’s price surged over 4% within just a few hours, with trading volume rising sharply and overall market sentiment turning noticeably positive. On December 8, the exchange announced the listing of Midnight’s NIGHT token and stated that eligible users could claim an airdrop via Alpha points after trading opens on December 9. More details regarding asset support and trading pairs will be released gradually. According to Midnight’s official response, listing the NIGHT token on the platform will not only expand its user base but also promote the adoption of Web3 privacy technology and accelerate global acceptance of zero-knowledge privacy networks.

According to Gate News Bot on December 8, citing CoinMarketCap data, as of press time, ZEC (Zcash) is currently trading at $390.45, up 15.61% in the past 24 hours. The highest price reached $404.16, while the lowest dropped to $302.75. The 24-hour trading volume reached $912 million. The current market capitalization is approximately $6.414 billion, an increase of $866 million compared to yesterday. Zcash is the first cryptocurrency to use zero-knowledge encryption technology to achieve private peer-to-peer payments, offering encrypted electronic cash services. ZEC uses end-to-end encryption to protect user privacy and is a decentralized protocol, with users retaining control over their own funds. ZEC's transaction speed is faster than Bitcoin, and transaction fees are typically just a fraction of a cent, while also supporting the sending of private information in transactions. ZEC is supported by many major exchanges and its ecosystem offers a variety of wallet options, including the Zashi mobile wallet, Edge Wallet, and more.

PANews, December 8—Alan Howard's hedge fund Brevan Howard currently has 150 employees in Abu Dhabi and is committed to staying there for the long term. It is currently the largest institution operating in Abu Dhabi. He stated that the Gulf city is rapidly rising and is expected to stand alongside Western financial centers such as London and New York, becoming a global financial hub. "A few years ago, I thought it would become the 'third pole' alongside New York and London. Now, I think it is fully heading in that direction." He explained that as more asset management companies and banks move in, trading volumes across various asset classes continue to rise, which creates a flywheel effect: for every fund manager working here, three to four professionals from service providers are also brought in. Nevertheless, much of the infrastructure and core talent supporting the hedge fund industry still remains concentrated in traditional centers. However, Howard

According to Gate News bot, citing the official Gate announcement: Gate has announced an optimized adjustment to the redemption fee structure and performance fee calculation method for quantitative funds. The new tiered redemption fee rules are effective immediately: redemption fee rate is 1.5% for holding periods less than 7 days; 0.5% for holding periods between 7 and 30 days; and 0% for holding periods of 30 days or more. Additionally, the trading team will charge a performance fee for each redeemed share, with the fee set at 30% of the profit portion for that share. The actual amount received by investors will be calculated as follows: User actual received amount = ( theoretical redemption amount − performance fee ) × (1 − redemption fee rate ).

Ripple's stablecoin RLUSD recently saw its market cap on Ethereum rise to around $1.1 billion, making it one of the fastest-growing cross-chain stablecoins. This breakthrough has attracted widespread attention in the crypto industry, with analysts believing that multi-chain deployment has become one of Ripple’s most important strategic decisions this year. Analyst Wendy O pointed out that deploying RLUSD on both Ethereum and the XRP Ledger (XRPL) is Ripple’s “smartest move,” as the crypto industry is moving toward a comprehensive multi-chain ecosystem. She believes that more and more projects will follow RLUSD’s approach to enhance the usability and cross-chain interoperability of their own assets.

According to Gate News Bot on December 8, citing CoinMarketCap data, as of press time, BAR (FC Barcelona Fan Token) is trading at $0.62, up 7.23% in the past 24 hours, with a high of $0.63 and a low of $0.55. The current market capitalization is about $11.6 million, an increase of $781,000 from yesterday. BAR is the official fan token built on the Chiliz Chain, part of the largest sports blockchain network in the Chiliz ecosystem. Chiliz Chain is a global leading sports-focused blockchain, adopted by over 70 elite sports teams. BAR enables fans to participate more deeply and influence the teams they support, making it a key part of the largest officially licensed digital asset category in sports blockchain. Chiliz Chain is managed by a world-class network of validators, including blockchain leaders such as Animoca Brands and Ankr, as well as traditional sports powers like Paris Saint-Germain, jointly providing infrastructure support for the Web3 sports ecosystem.

With Bitcoin holding above $91,000, XRP has seen strong buying interest at the $2 psychological level. Latest data shows that after breaking through a key support, XRP's trading volume surged by 251% around $2, reflecting institutional funds absorbing market liquidity at this price point. The US spot XRP ETF continues to demonstrate strong appeal, with cumulative inflows exceeding $1 billion since its launch, making it the fastest-growing altcoin ETF. Although retail interest remains subdued, institutional demand is steadily expanding. The growth in ETF inflows has effectively offset the decline in open interest in the derivatives market, making the capital environment more favorable for long-term allocation.

Driven by expectations that the Federal Reserve may cut rates by 25 basis points this week, cryptocurrencies rose in tandem with Asian stock markets on Monday. Bitcoin prices edged up to around $91,300, gaining 2% over the past 24 hours and up more than 6% over the past week, continuing last week’s rebound. However, BTC still faces significant resistance near $94,000. FxPro analyst Alex Kuptsikevich pointed out that this rally is still part of a corrective structure, but if momentum continues, Bitcoin has a chance to further test the $98,000 to $100,000 range.

Philippine digital bank GoTyme launches cryptocurrency services in partnership with Alpaca, allowing users to buy and sell 11 types of crypto assets within the app, with automatic exchange rate conversion supported for transactions. GoTyme focuses on simplicity and plans to expand to Vietnam and Indonesia, with no plans to optimize for profitability before 2027.

Gate News Bot message, December 08: According to CoinMarketCap data, as of press time, FIS (StaFi) is currently trading at $0.04, up 14.55% in 24 hours, with a high of $0.05 and a low of $0.03. The current market cap is approximately $4.84 million, an increase of $615,000 from yesterday. StaFi is a liquid staking platform dedicated to providing users with more flexible and efficient asset appreciation solutions through innovative staking mechanisms. Recent key updates on FIS: 1️⃣ **Ecosystem Application Expansion and Cross-Chain Layout** The StaFi platform has launched a tokenized lending market on the Avalanche public chain, working with partners to provide innovative financing solutions for small and medium-sized banks. This initiative expands the platform's application scenarios and enhances the ecosystem's practicality.

Farcaster co-founder Dan Romero announced that the project will abandon its social-first strategy and shift to a wallet-centric growth model, emphasizing a transformation of in-app wallet functionality. In the future, the focus will be more on integrating wallets with social features, while maintaining the openness and decentralization of the protocol.

The latest weekly report from Glassnode points out that the current market conditions are similar to the early stages of the 2022 bear market. ETF demand has weakened, IBIT has experienced six consecutive weeks of outflows, totaling over $2.7 billion. Derivatives data shows a reduced risk appetite in the market, with cautious sentiment in the options market and investors more inclined to sell.

ChainCatcher reports that although quantum computers pose a long-term threat to cryptography, the actual risk is generally exaggerated. The report indicates that the likelihood of a "cryptographically relevant quantum computer" capable of breaking modern encryption systems appearing before 2030 is extremely low. a16z recommends the immediate deployment of hybrid encryption schemes to address "Harvest Now, Decrypt Later" (HNDL) attacks, but blockchains do not need to rush to adopt post-quantum signature technology, as digital signatures are not affected by HNDL attacks. Bitcoin faces particular challenges due to its slow governance mechanism and a large number of potentially abandoned quantum-vulnerable coins, necessitating early planning for migration paths. Privacy chains, on the other hand, have a more urgent need for post-quantum protection due to their encrypted transaction data. The report emphasizes that achieving current security and addressing vulnerabilities are more urgent threats than long-term quantum computing risks, and it puts forward seven specific recommendations to help the industry respond to quantum challenges.

a16z points out in a recent article that Bitcoin faces issues with governance efficiency and proactive migration, making it urgent to shift to quantum-resistant digital signatures. If the community cannot reach consensus, a hard fork may occur. In addition, holders must proactively migrate their assets, and millions of bitcoins vulnerable to quantum attacks could lose protection as a result.