DeFAI Scope

Solana now holds $4.8B in tokenized real-world assets. That total has grown nearly fourfold since the start of 2026. In Token Terminal’s data, funds make up three quarters of it, at $3.7B. Tokenized stocks, shares you can hold in a crypto wallet, add $1.1B. Commodities are only $31.9M.

Tencent’s Hy models have been picking up real usage, and the security results are starting to follow. Tencent says weekly calls to Hy3 grew 68-fold between its preview and final release. Hy4 is the next model in that line. Artificial Analysis now ranks it #3 on its Cyber Index. It is #1 on CWE-Bench-AA, which tests finding and fixing real software vulnerabilities.

Gemini 4 Hydrogen’s most telling result might be on tax, not the overall index. Hydrogen is Google’s fast, cost-efficient tier of Gemini 4. Vals ranks it #1 on Tax Agent Bench. That benchmark gives agents US corporate tax questions that need real research. The tasks cover calculations, forms, filings and precedent analysis.

Kraken’s xStocks added more than 200 tokenized UK and EU stocks. The platform now lists more than 1,500 tokenized assets. All 40 DAX companies are included. Hong Kong listings are planned in the coming weeks. UK investors cannot access them. Europe’s blue chips arrive on-chain with Britain’s own investors locked out.

Nasdaq-100 futures rose 1.7% after CoreWeave beat estimates. Bitcoin stayed below $74,000. Crypto futures liquidations jumped 288% to $725M in 24 hours. Puts led calls on Deribit. Fed hike odds for Dec 8-9 stand near 90% on CME FedWatch. Bitcoin followed the rate-hike odds while stocks followed AI earnings.

ft @maxjaderberg @siliconvalleymm

Isomorphic Labs president Max Jaderberg reveals its chemists no longer draw molecules and change atoms themselves, they set the goals and agents do the individual designs "If you're an AI researcher, you used to propose a hypothesis of a change of a model and then implement that and run the experiments and see if it works. Now we're seeing more and more auto research happening on the ground where an individual AI researcher is not proposing an individual idea. They're proposing the sort of design space of model changes and the goals of those of that idea." "As a chemist, it's a very similar thing: before you want to make improvements on a molecule design, a chemist might be drawing out the molecule on a whiteboard and starting to change individual atoms. So coming up with different design hypotheses themselves." "Now a chemist at ISO, a drug designer, is instead defining what's that design space, what are the goals of my next round of design, and that defines an objective for our design agents, and then the agents are working autonomously to do all the individual designs and come up with the next iteration."

Short-term holders sent 47,025 BTC to exchanges at a loss in the 24 hours to Wednesday midnight UTC. Bitcoin hit an 11-week low of $72,670. It sits below the short-term holder cost basis near $75,700. The Oct 8 wave peaked at 50,500 BTC with price near $80,000. A sustained break below $73,000 followed by a failed retest would confirm the bear trend, per CryptoQuant.

US spot ether ETFs have seen net outflows for seven straight weeks. Farside counts $2.35B out since late September. These funds are how many people buy ether from a regular brokerage account. Before the outflows started, they had taken in about $1.6B this year. The year is now down $0.73B, about 4% of starting assets. Bitcoin ETFs are down 1.3% by the same measure.

IBIT lost $78M on Tuesday, its eighth straight session of outflows. That is about $1.73B over the streak. Spot bitcoin ETFs are down $1.6B in November. US equity ETFs took in about $12B a day over five sessions. Morgan Stanley’s MSBT was the only bitcoin fund with inflows, at $20M. All 17 top ETFs by inflows were equity funds.

Bots have made up more than half of web traffic since 2024. The 2026 forecast is 54%. Graphite’s data puts AI-written articles level with human-written ones at about 50%. On OpenRouter, agents now use about five times as many tokens as humans. They passed humans in February.

Initia confirmed its second exploit in under three weeks. About $3.27M left escrow accounts across five rollups through fraudulent IBC withdrawals. A compromised Google Cloud key gave the attacker access to its GitHub and cloud accounts. Initia halted its Layer 1 on Tuesday, and about $2.16M remains frozen. The first exploit on Oct 23 drained about $2.7M. The two attacks used different entry points: a code bug first, a cloud key now.

SEC enforcement actions fell 23.7% in fiscal 2026. The agency filed 348 actions, down from 456. Standalone actions dropped from 303 to 235. It was Paul Atkins’ first full fiscal year as chair. Crypto-related actions fell to 13 in 2025 from 33 in 2024. Crypto cases had already fallen by more than half in 2025.

ft @maxjaderberg @siliconvalleymm

Isomorphic Labs president Max Jaderberg says it's easy to fool yourself with AI agents, and drug discovery can't verify them on a computer "I think it's very easy to fool yourself with agents at the moment, that, like, oh yeah, look, I can just automate this thing with agents and isn't this great, but, like, is the result good? Is it saving you time? Is it creating more scientific value or economic value down the line?" "If you're lucky to work in a verifiable domain, this might be strongly verifiable on a computer, like you can [tell] whether the agent is right or wrong." "In the space of biology and drug discovery, this isn't really verifiable on a computer, so it's a lot softer in terms of understanding if an agent is doing well or not."

Barclays raised its IBIT stake 48% in Q3, to 3.94M shares. The position is worth about $187M. Citigroup raised IBIT 50% and opened a $119M FBTC position. Banks hold 4.9% of reported spot bitcoin ETF assets, up from 3.2% in Q2. Banks were adding in Q3, before the November outflows started.

Bitmine posted a $6.3B net loss for fiscal 2026. $6.2B of it is unrealized losses on digital assets. It held 6.07M ETH as of Sunday, 4.97% of the supply. 5.23M ETH is staked, worth about $309M a year in rewards. Staking made up 97% of its $124.8M revenue. Shares closed at $18.08, down 33% this year. Staking pays $309M a year while ETH marks the books down $6.2B.

Deutsche Bank launched crypto custody for institutions and corporates. It supports BTC, ETH, USDC, EURC and AllUnity’s EURAU at launch. The service sits on the EU’s MiCA register, with BaFin as regulator. Germany comes first, with Asian financial centers planned for 2027. Taurus is the technology partner. A major European bank now holds client keys for both dollar and euro stablecoins.

Fable 5.2’s cost per task depends on who is measuring. Arena puts its median real agent session at about $7.30. Artificial Analysis puts its average Intelligence Index task at $26.50. Arena’s figure is the median across real sessions. Artificial Analysis’s figure is a weighted average across benchmark tasks.

Stablecoin supply fell $14.2B in 30 days. That is the fastest contraction in Glassnode’s data since June 2022. Stablecoins are the cash traders use to buy crypto. June 2022 saw about $29B leave. This one is about half of that. Earlier this year the biggest drop was about $9B.