Insight: Dow/Gold Ratio Hits Major Turning Point, Previously Signaling "Gold Outperformance" Over Stocks for Years三

On December 26, spot silver tumbled sharply in short-term trading, last trading at $74.30 per ounce with intraday gains trimming to 3.45%.

**U.S. Interested in Crypto Mining at Zaporizhzhia Nuclear Plant, Putin Says** Russian President Vladimir Putin recently stated the U.S. has expressed interest in cryptocurrency mining operations at the Zaporizhzhia Nuclear Power Plant (ZNPP) during negotiations—with such arrangements potentially part of a Russia-U.S. strategic game, per Russian outlet RBC. The ZNPP—Europe’s largest nuclear facility, located in southeastern Ukraine—has been controlled by Russia since 2022. It remains a core sticking point in the Russia-Ukraine conflict and peace talks, with major disagreements among parties over ownership, operation, and power distribution. Reports outline competing proposals: - RBC notes Russia and the U.S. are discussing a joint management plan that excludes Ukraine. - BBC has revealed the U.S. proposed a trilateral operation with equal shares for the U.S., Russia, and Ukraine. - Reuters cited sources saying Ukraine offered a 50-50 joint venture with the U.S., allowing

December 26th — Aave founder Stani Kulechov said the recent DAO vote controversy reflects normal tensions in decentralized governance, and acknowledged a lack of prior communication to align Aave Labs with AAVE holders’ interests. Stani noted Aave DAO’s annual revenue has hit $140 million, exceeding the total from the past three years, with its treasury funds fully controlled by AAVE holders. Regarding the $15 million AAVE purchase he made, Stani emphasized those tokens did not participate in the recent vote, and the purchase was motivated by confidence in the project’s long-term growth.

December 26 – Per data from DefiLlama, mainstream perpetual futures DEXes (Perp DEXes) posted sluggish 24-hour trading volumes on Wednesday, with on-chain liquidity still failing to recover. Lighter led the pack in trading volume, while EdgeX overtook Hyperliquid to claim the second spot. Below is the latest 24-hour data for select Perp DEXes: - Lighter: ~$47.5B trading volume, ~$13.9B TVL, $15.1B open interest - EdgeX: ~$27.7B trading volume, ~$3.65B TVL, $7.42B open interest - Hyperliquid: ~$24.5B trading volume, ~$41.3B TVL, $70.9B open interest - Aster: ~$20.6B trading volume, ~$12.7B TVL, $24.2B open interest - ApeX: ~$15.9B trading volume, ~$46.35M TVL, $2.59B open interest - Variational: ~$10.9B trading volume, ~$66.18M TVL, $4.85B open interest - Backpack: ~$8.13B trading volume, TVL undisclosed, $2.16B open interest - Pacifica: ~$6.5B trading volume, ~$41.36M TVL, $61.9M open interest (Note: TVL = Total Value Locked; open interest = outstanding derivativ

Spot silver surged sharply in a short time on December 26, climbing 5% in a single day to trade at $75.47/oz—an all-time high. (Golden Ten)

On December 26, the General Office of China’s Banking and Insurance Regulatory Commission (CBIRC) released an Implementation Plan for High-Quality Digital Finance Development in the Banking and Insurance Sector. The plan aims to boost the quality and efficiency of financial services by leveraging digital technologies and data elements. For the advanced manufacturing industry, it mandates: - Strengthening credit support for the sector’s digital transformation; - Standardizing supply chain finance practices via big data, blockchain, and related technologies; - Proactively addressing financing needs of upstream and downstream firms across industrial chains. Additionally, the plan calls on financial institutions to explore innovative uses of cutting-edge technologies—including blockchain, quantum computing, Beidou satellite navigation, virtual reality (VR), and augmented reality (AR)—in financial services.