Tom Lee: Bitcoin's four-year cycle has been broken

- Sky (formerly MakerDAO) authorizes $2.5B in USDS for Obex, a crypto incubator targeting RWA-backed stablecoins. - Obex focuses on compute credits, energy assets, and fintech loans, offering 12-week programs with access to Sky's $9B reserves. - The initiative addresses synthetic stablecoin volatility by prioritizing institutional-grade RWA collateral like solar infrastructure and loans. - With $37M in initial funding, Obex aims to stabilize yield-generating stablecoins amid a projected $1T market growth.

- KULR's Q3 2025 revenue surged 116% to $6.88M, but net loss widened to $6.97M due to impairment charges and rising operating costs. - The company boosted R&D spending by 88% to $2.32M while launching six CubeSat batteries and a next-gen battery management system. - Strategic partnerships with Molicel and Amprius , plus a 3.3 MW Bitcoin mining deal with Soluna , support KULR's UAS-focused product expansion. - Despite $24.5M in cash reserves and a Bitcoin treasury strategy, KULR faces risks from 69% revenue

- The U.S. Federal Reserve faces pressure to cut rates in December amid stable inflation (2.7%) and cooling labor markets, despite internal divisions and data gaps from the government shutdown. - FOMC dissenters oppose cuts, with officials like Jeff Schmid against reductions and Stephen Miran advocating a 50-basis-point cut, complicating market expectations. - Delayed economic data, including October nonfarm payrolls, and global factors like China's stimulus and Latin American slowdowns, heighten uncertain

- Zcash (ZEC) surged 1,175% to $683.14 by November 2025, driven by U.S. regulatory clarity and institutional adoption. - The Clarity Act (H.R.3633) and Genius Act established legal frameworks, classifying digital assets and aligning privacy coins with AML compliance. - Institutional investments totaling $245.88 million from Cypherpunk, Winklevoss, and Grayscale validated Zcash as a privacy-first Bitcoin alternative. - Zcash's optional transparency features, like Zashi Wallet's privacy swap, now meet regula