Market Signal Briefing

Key NotesFoundation demanded voluntary domain transfer from Zcash Strategy after receiving six community complaints about trademark violations.ECC's CEO previously terminated the 2019 trademark agreement and requested limited enforcement focused solely on scammer protection.ZEC supporters remain divided on whether the action protects the ecosystem or reflects problematic centralized control over the protocol.
The Zcash Foundation initiated a trademark enforcement action against Zcash Strategy, a small digital asset treasury (DAT) company run by a sub-300-follower account on X, related to its website domain (zcashstrategy.com). Controversy arose around this action, dividing the ZEC community and sparking discussions related to the Zcash Foundation trademark policy.

Between December 2 and 3, the Zcash Strategy account on X posted the screenshot of an email, now confirmed, sent from the Zcash Foundation. In the shared piece, we see what seems to be a cease and desist order from the Foundation for a “voluntary [domain] transfer” to prevent further escalation to Uniform Domain-Name Dispute Resolution Policy (UDRP) panelist ruling.

In the confirmation comment that follows the original post where Zcash Strategy says it is “very disappointed” about what happened, the Zcash Foundation explained they received reports from “six different Zcash community members as a violation of the Zcash trademark.”

Nevertheless, the Foundation added that it now considers the post as “an official request to use the Zcash trademarks,” which is now being analyzed.

Screenshot of the now-deleted comment by the Zcash Foundation | Source: X

In August 2024, Josh Swihart, CEO of the Electric Coin Co. (ECC), terminated the Trademark Donation and License Agreement dated November 6, 2019—communicated in a post on the Zcash Community Forum—and made specific requests for the Zcash Foundation on how to properly use the trademark.

“We request that you publicly commit to either: (i) use the trademark solely to protect against its misuse by scammers or clear abusers of the mark and not use it to attempt to govern the direction of the protocol, (ii) or to relinquish the trademark completely,” Swihart stated.

@jswihart withdrew @ElectricCoinCo from the trademark agreement last year and requested that the @ZcashFoundation "publicly commit to either:

– use the trademark solely to protect against its misuse by scammers or clear abusers of the mark and not use it to attempt to govern…

— peacemonger 🛡 (@peacemongerZ) December 3, 2025

Controversy Arises From Zcash Foundation’s Trademark Enforcement Action
Coinspeaker has reached out to the Zcash Foundation via private messages, email, and public comments on X. By the time of this writing, the Zcash Foundation had not responded to our inquiries.

According to its trademark policies, independent projects are allowed to use the “Zcash” word and logos, but it draws lines to protect the brand. For example, the use in “domains and websites” is permitted as long as it has proper disclaimers of being independent projects with no connections to the Foundation or other relevant entities.

Safety First, a Zcash supporter, posted a thread addressing the trademark policy and what they think are the reasons for this action.

Why I think Zcash Foundation is defending Zcash by threatening @zcashstrategy dot com 🧵

Ref: https://t.co/VhuPTdukKQ https://t.co/cosYvDahzh

— Safety First (@SaveZcash) December 3, 2025

While accessing the website nine hours from Zcash Strategy’s original post, Coinspeaker verified that there is a “legal disclaimer” saying it “is an independent organization in the Zcash ecosystem,” adding that “Zcash Strategy is not affiliated with, owned by, or under common control with Zcash Foundation (the Foundation).”

Legal disclaimer on the Zcash Strategy website | Source: zcashstrategy.com

However, it is unclear if the disclaimer was added before or after the email exchange and public posts. Neither the Zcash Foundation nor the Zcash Strategy answered Coinspeaker to clarify it.

Notsofast (200,000 followers) highlighted the issue of “going after a sub 300 follower account for their web domain” at a time when ZEC is underperforming, down “50% from its [local] high.” Other commentators raised centralization and permission concerns around the company-like model and trademark enforcement.

if tru, going after a sub 300 follower account for their web domain seems like the most optically damaging thing the zcash foundation could do as zec price pulls back 50% from its all time high

badwill: send lawyers after a core supporter https://t.co/AxZ8RCdl8D

— notsofast (@notsofast) December 3, 2025

On the other hand, the activity has gathered support from some known Zcash supporters. Tom Howard pointed out the $36,000 committed to the DAT and said, “This looks like a scam” or that the person behind Zcash Strategy is “naive about listing DATs.” “Defensive trademark to sue scams is basically the only thing that does make sense,” he added in a follow-up comment. Other commentators seem to agree this is a legitimate way to “protect the community.”

Defensive trademark to sue scams is basically the only thing that does make sense.

— Tom Howard (@_TomHoward) December 3, 2025

ZEC

ZEC
$366.9

24h volatility:
10.6%

Market cap:
$6.08 B

Vol. 24h:
$1.69 B

is currently trading at $332, down 55% from the $744 local high, according to TradingView data, after an impressive run that accumulated over 1,000% gains in two months, as demand and market interest for “privacy coin” grew in searches and capital allocation.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

Vini Barbosa has covered the crypto industry professionally since 2020, summing up to over 10,000 hours of research, writing, and editing related content for media outlets and key industry players. Vini is an active commentator and a heavy user of the technology, truly believing in its revolutionary potential. Topics of interest include blockchain, open-source software, decentralized finance, and real-world utility.

Vini Barbosa on X

JackTheRippler, a long-standing and outspoken supporter of XRP, recently claimed that more than a dozen XRP exchange-traded funds are now positioned for launch.

His post on X has stirred fresh interest across the community, especially among investors who have been waiting for a regulated path into the asset.

According to him, the momentum behind these products is building much faster than many expected. As he put it, the industry appears to be “on the edge of a major shift,” with firms racing to roll out their offerings.

His remarks come at a time when the ETF market is expanding rapidly, and traditional finance is showing a clear appetite for digital-asset exposure.

What Easier Access Could Mean for Investors
If these ETFs secure approval, investors would gain the ability to buy and hold XRP through ordinary brokerage accounts. 

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This would make the asset far more accessible to new entrants and give institutions a framework they already trust. Supporters argue that such access could draw fresh attention to XRP, expand participation, and eventually influence its market performance.

Rippler also pointed to the involvement of heavyweight firms such as WisdomTree and 21Shares. He described their readiness as “a clear signal of where the market is heading.”

Their participation could introduce XRP to a much larger pool of investors who prefer familiar investment vehicles over direct crypto ownership.

Why ETF Preparations Matter
The rush toward XRP ETF products reflects a broader shift in how institutions want to access digital assets. ETFs offer regulated exposure.

They also allow funds to trade XRP through familiar structures instead of using crypto exchanges directly. As researchers have repeatedly said, this structure lowers operational barriers and opens the door to new categories of investors.

The possibility of a large set of XRP ETFs also puts pressure on regulators. Each new listing signals to the market that issuers expect approval to come eventually. While nothing is guaranteed, the preparations highlight how quickly the institutional side of the market is evolving.

Traders following these developments say the number of ETF preparations alone is enough to influence expectations. 

They argue that a coordinated buildup from more than a dozen issuers shows confidence in future demand. For everyday investors, the main question now is timing. The products are ready. The issuers are in position. The only missing piece is the regulatory green light.

Even so, analysts urge caution. They stress that approval is not automatic, and the final decision rests entirely with regulators. 

Still, they agree that the growing list of pre-launch products shows how the landscape is shifting. If approval eventually arrives, these ETFs would give institutions a clear, regulated path to gain exposure to XRP.

The Federal Reserve has officially brought its multi-year quantitative tightening program to a close, freezing its balance sheet at about $6.57 trillion after draining more than $2.3 trillion from the system since 2022. 

The Federal Reserve’s decision to formally end quantitative tightening has created a sense of anticipation across the crypto market. Liquidity inflows have shaped every major crypto cycle, and removing the multi-year drain on liquidity is expected to set the stage for healthier crypto market conditions and see the Bitcoin price push above $100,000 in the coming days.

Policy Shift Meets A Market Still Searching For Direction
The Fed has frozen its balance sheet at roughly $6.57 trillion after three years of balance-sheet reduction. Treasury runoff has stopped on December 1, though mortgage-backed securities will continue declining slowly. 

Ending QT means that the Fed is stepping away from the rapid balance-sheet reduction that tightened financial conditions throughout 2023 and 2024. The move comes after bank reserves fell to levels that threatened short-term funding stability, and the Fed made the move to halt any further liquidity drain.

Crypto investors are expecting the end of QT to relieve some of the selling pressure that has contributed to the crypto industry in recent months. This is due to historical comparisons of how the industry played out in previous ends to QT. 

In 2019, when the Fed last ended QT, digital assets bottomed within weeks and then entered a strong recovery phase. That period represented a decisive low for altcoins and preceded Bitcoin’s rise from roughly $3,800 to $29,000 over the next year and a half.

Interestingly, the entire crypto market’s short-term behavior is starting to show signs of bullishness. Particularly, the entire market is up by 7.2% in the past 24 hours, with Bitcoin leading the charge. However, cryptocurrencies are facing a different macro environment today, and the outlook is whether Bitcoin and other cryptocurrencies can go on another extended bullish rally in the coming months.

Why Is Bitcoin’s Reaction Delayed?
Ending QT is a meaningful turning point, but it does not automatically flood the system with fresh liquidity. Benjamin Cowen, founder of IntoTheCryptoverse, offers one of the clearest explanations for what to expect. 

He noted that in 2019, the Fed announced QT would end on August 1, but the balance sheet continued falling through mid-August because previously scheduled Treasury maturities had not yet settled. It wasn’t until early 2020 that Bitcoin started to experience explosive gains. According to Cowen, the same dynamic applies now. 

Therefore, the Federal Reserve’s balance sheet could continue edging lower for a few more weeks, meaning the first meaningful uptick in liquidity may not show up until early 2026. This delay suggests that traders hoping for an immediate boost or a quick return of Bitcoin above $100,000 are simply ahead of the cycle. The tightening phase has ended, but the actual recovery in liquidity has yet to begin.

BTC trading at $92,875 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pngtree, chart from Tradingview.com

Solana Mobile to Launch SKR Token in January With 10B SupplyDistribution is designed to go to the ecosystem, With 30% to airdrops, 25% to growth initiatives, and 10% for liquidity and launch support. Dec 3, 2025, 8:01 p.m.

Solana Mobile has released new details Wednesday about SKR, the forthcoming native token for its Seeker smartphone ecosystem. The company said SKR will launch in January 2026, forming the economic and governance backbone of its decentralized mobile platform.

STORY CONTINUES BELOW

According to a post on X from Solana Mobile, SKR will have a fixed total supply of 10 billion tokens. Distribution is designed to favor users and ecosystem growth: 30% will go toward airdrops, 25% to growth initiatives and partnerships, and 10% for liquidity and launch support. Another 10% will be allocated to a community treasury, while 15% is earmarked for Solana Mobile itself and 10% for Solana Labs.

SKR will also incorporate a linear inflation model, intended to reward early participants who stake tokens to help secure and scale the mobile ecosystem. Inflation begins at 10% in Year 1, then decays by 25% annually until it reaches a terminal rate of 2%, where it is expected to stabilize. Solana Mobile said this design is meant to bootstrap activity during the platform’s growth phase while maintaining predictable, sustainable issuance over time.

The Seeker phone, launched this past August, is Solana Mobile’s next-generation handset, expanding on the company’s first-edition Saga device with upgraded hardware and a deeper integration of decentralized, onchain features.

Read more: Solana’s Seeker Phone Fixes Saga’s Flaws With Usability Upgrade

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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21h19 ▪
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min read ▪ by
Evans S.

Summarize this article with:

As Bitcoin passes through a new turbulence zone, Michael Saylor finds himself at the heart of a decisive showdown with MSCI. Threat of exclusion from indices, pressure from institutional investors, and massive exposure to the king asset: his bet on Bitcoin is more tested than ever.

In Brief

Michael Saylor faces a possible exclusion of Strategy from MSCI indices due to high volatility related to its massive Bitcoin exposure
The price drop, anticipated losses, and tensions with JP Morgan have weakened the stock while reviving criticism of a business model fully tied to an ultra-volatile asset
Despite this, Saylor maintains his bet, continues accumulating Bitcoin, and bets on the idea that the asset remains undervalued, with some estimating it capable of reaching $270,000 in the long term.

A Bitcoin Giant Facing an Institutional Storm
Michael Saylor, an iconic figure of Bitcoin and chairman of Strategy, is today at the heart of a crucial negotiation with MSCI, the giant of global stock indices. At stake: the very future of the company in the MSCI USA and MSCI World indices, of which it is currently part.

The threat of exclusion weighs heavily due to a balance sheet considered too volatile, a direct consequence of its massive Bitcoin exposure. For MSCI, this volatility compromises the expected stability of companies present in its indices, while for Saylor, it is a true existential battle.

The stakes go far beyond Strategy’s borders. An exit from the index could trigger capital outflows estimated at $2.8 billion, according to JP Morgan. And if other index providers follow, the overall impact could rise to $8.8 billion. But Saylor, true to his provocative style, vigorously contests these figures, calling the American bank’s estimates “approximate” and potentially “biased.”

The Double Face of Saylor’s Bitcoin Strategy
Since 2020, Strategy has established itself as the first listed company to convert its war chest into Bitcoin. A bold maneuver, praised initially, but now becoming a double-edged sword.
When Bitcoin rises, MSTR stock acts like a speculative lever, multiplying gains. But when the market turns, the fall is brutal. The recent 10% drop in Bitcoin was enough to trigger a new wave of sales, plunging the stock into a -60% spiral since July.

Criticism is abundant. Some investors see in JP Morgan’s recent actions, notably the tightening of margins on MSTR-backed loans, a coordinated attack against Saylor’s company. Others see it as the materialization of a structural risk: that of a company closely tied to an ultra-volatile asset.

Saylor, however, remains unfazed. “If Bitcoin drops 30% or 40%, our stock will do worse, it’s mathematical,” he admitted with almost stoic lucidity. But behind this apparent fatalism, the billionaire is playing a chess game with institutions, betting on the resilience of the king cryptocurrency.

Between Anticipated Losses and Unshakable Faith
The assessment is brutal: Strategy anticipates up to $5.5 billion in losses in 2025 if Bitcoin stays below $100,000. Facing this scenario, the company sold part of its assets to build a $1.44 billion cash reserve, intended to honor its dividends and debt. A move seen as defensive by analysts, but presented by Saylor as a short-term survival strategy.

Despite the storm, the man does not give up. Far from reducing his exposure, he repurchased 130 additional Bitcoin (BTC), raising Strategy’s war chest to 650,000 BTC, valued at about $59 billion. An almost symbolic gesture, but one that sends a clear message: Saylor remains convinced that Bitcoin has not yet said its last word.

The recent Bitcoin surge, up 6.5% over 24 hours to $92,998, offers a slight respite to Saylor and Strategy, while the pressure from MSCI and institutional markets remains palpable. Yet behind this temporary upswing, a question continues to grow: Is Bitcoin undervalued today, while some estimate that its real value could approach $270,000? If such a perspective were to materialize, it would strengthen Strategy’s bold strategy while highlighting the growing gap between Bitcoin supporters’ vision and the still rigid caution of major financial institutions like MSCI.

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Evans S.

Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

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December 3, 2025

Former SEC Chairman Gary Gensler told Bloomberg that cryptocurrencies, excluding Bitcoin, represent highly speculative assets with minimal fundamental backing.

His remarks came as Bitcoin rebounded toward $92,000 following a volatile week marked by bond market turbulence and institutional shifts.

Gensler drew a sharp distinction between Bitcoin and thousands of alternative tokens, arguing investors face heightened risk beyond the flagship cryptocurrency.

“Putting aside Bitcoin for a minute, all the thousands of other tokens, not the stablecoins that are backed by U.S. dollars, but all the thousands of their tokens. You have to ask yourself, what’s the fundamentals? What’s underlying it?” he said, noting these assets generate no dividends or tangible returns.

Regulatory View Shifts as Vanguard Opens Crypto AccessDespite Gensler’s caution, institutional adoption accelerated dramatically on Wednesday when Vanguard reversed years of opposition and enabled its 50 million clients to trade Bitcoin, Ethereum, XRP, and Solana ETFs.

The $11 trillion asset manager’s policy shift, driven by new CEO Salim Ramji, previously BlackRock’s Bitcoin ETF architect, triggered immediate market response with $1 billion in IBIT volume within 30 minutes of trading.

Eric Balchunas, a Bloomberg ETF analyst, captured the significance, stating Bitcoin jumped 6% around the U.S. market open on the first day after Vanguard lifted its ban.

THE VANGUARD EFFECT: Bitcoin jumps 6% right around US open on first day after bitcoin ETF ban lifted. Coincidence? I think not. Also $1b in IBIT volume in first 30min of trading. I knew those Vanguardians had a little degen in them, even some of the most conservative investors… pic.twitter.com/OKyihvEqqD

— Eric Balchunas (@EricBalchunas) December 2, 2025
The reversal marks a complete departure from Vanguard’s 2024 stance, which declared that crypto had no place in long-term portfolios. It now offers regulated spot ETFs from BlackRock, Fidelity, Grayscale, VanEck, and Bitwise.

Even conservative allocation scenarios suggest massive potential inflows, with 0.5% of Vanguard’s assets representing $55 billion, exceeding total first-year 2024 ETF cycle flows.

Markets responded positively across digital assets, with Ethereum rising 8.3% to $3,040, XRP gaining 7.6% to $2.18, and total crypto market capitalization climbing 6.5% to $3.22 trillion.

Bitcoin just ripped higher after getting absolutely crushed yesterday because Vanguard finally cracked and opened its platform to crypto ETFs starting today.

That's genuinely massive since they manage trillions and suddenly 50 million retail customers who couldn't touch Bitcoin… https://t.co/r8NISLyx4p

— StockMarket.News (@_Investinq) December 3, 2025
Markets Stabilize Following Bond Selloff and Liquidity InjectionBitcoin’s V-shaped recovery followed Federal Reserve action that ended quantitative tightening and injected $13.5 billion through overnight funding facilities.

Akshat Siddant, lead quant analyst at Mudrex, noted in an earlier Cryptonews report that Bitcoin exchange reserves fell to multi-year lows of 2.19 million BTC, strengthening buying pressure. The next major resistance sits around $96,000, with support near $87,800.

The improvement followed Monday’s turmoil, when Japanese rate-hike expectations triggered global bond selloffs and amplified cryptocurrency declines.

Japanese government bond moves remained subdued on Wednesday, though yields stayed pressured as markets priced Bank of Japan tightening later this month.

Notably, Gensler also addressed broader market infrastructure during the interview, downplaying concerns about Thanksgiving’s 10-hour outage at the Chicago Mercantile Exchange, caused by a data center cooling system failure.

“I think the management team would make a different decision and probably would switch over to the backup data center more quickly,” he said, had the incident occurred during regular trading hours.

Fed Rate Cut Expectations Drive Risk Asset SentimentDecember historically favors stocks, and prospects of easier U.S. monetary policy supported sentiment following Japan’s shock.

Traders now see over 80% probability of a 25-basis-point Federal Reserve cut at the December meeting, up from 63% a month earlier, according to CME’s FedWatch Tool, despite Fed officials warning against cutting too quickly amid inflation concerns.

Source: CME’s FedWatch ToolAttention turned to Friday’s release of the Personal Consumption Expenditures Index, the Fed’s preferred inflation gauge, which could cement expectations ahead of next week’s policy decision.

Markets also monitored potential succession plans for Fed Chair Jerome Powell, with White House economic adviser Kevin Hassett emerging as a leading contender when Powell’s term ends next year.

On the technical level, Sykodelic, a macro specialist with over seven years in crypto, challenged bearish sentiment heading into 2026.

“So you’re telling me you’re bearish heading into 2026 when Vanguard aped $1bn in 30 mins, Blackrock ETF is highest earner for them, QT has ended and rates continuing to drop, overall macro tailwinds piling up,” he said, arguing new highs in 2026 remain likely despite four-year cycle theories predicting deeper corrections.

Just like Sykodelic, analyst Michael Van De Poppe also projected Bitcoin could test $100,000 and potentially $105,000 during December, though warned that losing $92,000 support could trigger a harsh correction toward $88,000-$90,000.

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Crypto and commodities stole the spotlight today, with Bitcoin reclaiming momentum above $93,000 and silver smashing fresh all-time highs after doubling this year.

Markets also got a surprise from the Federal Reserve, which appears to be digging itself out of years of pandemic-era losses, while Marvell’s bold multibillion-dollar AI acquisition turned heads on Wall Street.

With rate-cut bets rising and liquidity flowing again, investors are leaning into a risk-on mood as the year winds down.

Marvell bets big on AI
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Marvell Technology made a big move: the company announced its purchase of AI-chip startup Celestial AI in a deal worth $3.25 billion upfront, paid in a mix of cash and stock.

There’s also a chance the total could climb to $5.5 billion if Celestial hits certain revenue goals through 2029.

Celestial’s standout tech is its Photonic Fabric, basically an optical interconnect system that uses light to connect AI chips and memory.

It’s designed to move data faster and more efficiently, which is a huge deal for next-gen AI data centers. Marvell says this gives them a major boost in scaling AI connectivity.

CEO Matt Murphy called the acquisition transformative for the company’s AI infrastructure ambitions, especially with demand for AI hardware exploding.

Investors seemed to like the news too: Marvell’s stock jumped about 13% after earnings, and the company is expecting data-center revenue to grow around 25%.

Fed losses start easing
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New data from the Federal Reserve shows the central bank has finally stopped racking up the huge operating losses it’s been dealing with for the past three years.

Those losses came from its pandemic-era bond buying and the rapid series of rate hikes that followed.

Since early November, the Fed’s “deferred asset,” basically an accounting measure of how deep the losses are, has actually started to shrink.

It’s down about $6 billion, sitting at $243.2 billion as of November 26. The main reason: rate cuts have reduced how much the Fed has to pay banks on their reserves.

It’s not a full comeback story yet, but the shift suggests the Fed could be on its way back to profitability. Regional Fed banks might even post over $2 billion in combined profits this quarter.

Still, it could take years before the Fed fully recovers and starts sending money back to the Treasury again.

Silver’s record-breaking surge
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Silver hit a new all-time high on Wednesday, and it’s been on an absolute tear this year. Prices have doubled, soaring about 100% year-to-date, which actually puts silver ahead of gold’s already impressive 60% gain.

The metal was trading around $58.79 an ounce, fueled by a mix of tightening supply and investors piling into precious metals during a stretch of economic uncertainty.

It’s not just financial buyers driving the rally, though. Industrial demand has been strong too, especially from the solar and EV sectors, which rely heavily on silver. That steady demand backdrop is giving prices even more support.

On top of that, expectations that the Federal Reserve will cut rates, along with a weaker US dollar, have made silver even more attractive as a safe-haven play.

Bitcoin eyes $100K again
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Bitcoin blasted past $93,000 on Wednesday, giving traders fresh hope for a classic Santa Claus rally, especially after the crypto dropped 18% in November.

Analysts say this breakout opens the door for another shot at the big milestone: $100,000.

A few catalysts are helping the momentum. Vanguard finally rolled out its crypto product, Bank of America suggested a 4% crypto allocation in portfolios, and recent upgrades on Ethereum have boosted overall market sentiment.

On top of that, Bitcoin reserves on exchanges have fallen to 2.19 million BTC, the lowest in years, which tightens supply and amps up buying pressure.

Macro conditions are adding fuel too. With the Fed wrapping up quantitative tightening and injecting about $13.5 billion in liquidity, markets are leaning bullish.

Prediction markets now see an 80% chance of a 25-basis-point rate cut on December 10, and there’s even chatter about Kevin Hassett potentially becoming a pro-crypto successor to the current Fed Chair.

Bitcoin

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Crypto Journalist

Anas Hassan

Crypto Journalist

Anas Hassan

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Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

Has Also Written

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December 3, 2025

A rare technical signal that preceded Bitcoin’s explosive rally in late 2023 has reappeared, with the Bollinger Bandwidth indicator dipping below 100 and flashing a green alert that could reshape Bitcoin price prediction for the remainder of December.

Macro strategist Gert van Lagen observed that every previous trigger of this indicator has been followed by a direct parabolic leg upward, raising expectations of a potential 40% surge before year-end.

Historical Pattern Points to Explosive RallyVan Lagen noted the current setup mirrors Google’s parabolic run before its final blow-off wave ahead of the 2008 financial crisis, characterized by a cascade of lower highs in the BandWidth that breaks to fuel subsequent volatility.

This setup is identical to GOOGL prior to its final blow off wave, right before the 2008 financial crisis.

A cascade of lower highs on the Bollinger Bandwidth, which gets broken to feed the subsequent bearish HTF volatility. pic.twitter.com/TItL4jkfsI

— Gert van Lagen (@GertvanLagen) December 2, 2025
The “Bollinger Band bounce” strategy assumes an asset’s price will return to the middle band after touching an outer band.

When this indicator drops below 100, it signals extremely compressed volatility that typically precedes major directional moves.

The previous green signal appeared in November 2023, after which Bitcoin doubled within four months.

Traders typically buy when the price hits the lower band and expect a move back upward, while selling when it reaches the upper band, currently around $130,000.

Alice Liu, Head of Research at CoinMarketCap, recently said at the Binance Blockchain Conference that Bitcoin only reached a local top around $126,000 in October, and the cycle peak has not yet arrived.

She added that “We are going to see a market comeback in Q1 of 2026. February and March will be a bull market again, based on a combination of macro indicators.”

Bitcoin Price Prediction: $93k Resistance Breakout Targets $112k LevelBitcoin remains pressed against major resistance around $92,500-$93,000, a key barrier separating the current recovery from broader bullish continuation.

Price has reclaimed the mid-range of the Bollinger structure and now tests the upper half of the volatility envelope, suggesting momentum is shifting upward after November’s downtrend.

Source: TradingViewThe 200-period moving average around $96,000 represents the next ceiling, and a clean break above this would open the door to the larger bullish crossover area projected near $112,000.

RSI is climbing above 60 with a positive slope, indicating renewed buying pressure without reaching an overheated zone, supporting the idea that Bitcoin still has room to extend higher if it converts $93,000 into support.

BTC Hyper Gains Momentum Amid Bull SignalsBitcoin regaining bullish territory has created positive momentum for Bitcoin-related presale projects like BTC Hyper(HYPER)

The project is a Bitcoin Layer 2 solution built on Solana’s SVM, enabling fast, scalable DeFi, NFTs, and applications using wrapped BTC via a Canonical Bridge.

The presale has been ongoing since May 14, 2025, and has raised over $28.92 million with dynamic price increases from an initial $0.0115 to the current $0.013365.

Early participants can secure discounted tokens with potential significant gains post-launch, plus governance voting in the DAO and access to Bitcoin’s liquidity for DeFi growth.

To join the presale, investors can visit the official presale website and connect to Best Wallet or Ethereum-compatible wallets like MetaMask.

Then select payment options including ETH, USDT, BNB, SOL, or bank cards, and purchase at the current price before the next stage increase.

Visit the Official Bitcoin Hyper Website Here

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Crypto market surges past $3 T as ETF demand feeds rebound

The global crypto market gained over $200 billion today as major digital assets rebounded sharply. The surge follows renewed institutional interest and a wave of ETF

During a recent panel discussion held as part of Binance Blockchain Week, Ripple CEO Brad Garlinghouse predicted that the price of Bitcoin could surge all the way to $180,000 next year. 

"I'll go out on a limb, and I'll say Bitcoin $180,000, December 31, 2026," Garlinghuse said.

The 54-year-old executive is convinced that 2026 will be the most bullish year for crypto to date. 

HOT Stories

Why Garlinghouse is bullish The Ripple CEO has noted that the U.S. finally has regulatory clarity.  Garlinghouse argues this is massively undervalued. The U.S. is 22% of global GDP, and for years, it has been hostile toward crypto. Now that stance is changing quickly, which is believed to be rather transformative. 

"There are so many macro factors that are continuing to provide tailwinds for this industry that, as we go into 2026, I don't remember being this optimistic in the last handful of years," he said.

He further points out that major financial institutions are entering the space. Franklin Templeton, BlackRock, and now even Vanguard, which was known for its hostile anti-crypto stance, are now participating.

Crypto is now moving beyond speculation into real-world utility. Better interfaces and practical applications mean crypto is starting to solve real problems. This, he says, will sustain a long-term bull market.

"The last thing I'll say on this (which I think we'll probably all agree about) is we're also seeing real-world applications, where it's not just about the speculation," he said.

Were ETFs overhyped? The approval of US-based ETFs was supposed to be a big moment for XRP, but some believe that these products could be overhyped since they did not trigger a substantial XRP price rally. 

XRP ETFs saw over $700 million in inflows in just a few weeks. According to Garlinghouse, this is proof that investors who wanted regulated exposure are finally able to participate.

He expects crypto's share of the cryptocurrency market to grow significantly in the coming year. 

"But look, again, if you zoom out to the macro level, the total ETF market… only one or two percent of the total ETF market is crypto. I will bet anybody here that a year from now, that will be more than one or two percent," Garlinghouse said. 

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Sui price surged 6% over the past 24 hours, reaching $1.70. The cryptocurrency experienced a breakout from a falling wedge pattern, signaling a bullish trend. This boom is after Vanguard Group decided to include SUI in their Bitwise 10 Crypto Index, enabling an investor to show interest. Sui has increased by more than 20% in two days, with a 24-hour trading volume increased by 73%. The overall crypto market was also soaring, which gained SUI more ground.

Why Is Sui Price Up Today?
Sui price saw a notable price surge today, fueled by key developments in the cryptocurrency market.  Vanguard Group has officially incorporated $SUI to its Bitwise 10 Crypto Index, which will be a major step in the integration of cryptocurrencies. This action underlines the increased interest of Vanguard in digital assets.

💥 BREAKING: @VANGUARD_GROUP ADDS $SUI TO THE BITWISE 10 CRYPTO INDEX! pic.twitter.com/4flOpgEjwY

— Matteo.sui (@matteodotsui) December 3, 2025

The biggest breakthrough was the fact that after overcoming regulatory hurdles, Sui got listed on Coinbase to the New York residents.

This innovation will enable the people living in the state to trade SUI on the platform to a positive market response.

Moreover, the crypto market in general displayed indications of a revival, and significant growth was observed in large currencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE).

Sui has performed better than most of its peers because the larger market has increased by 1.63 percent in the last 24 hours and 4.16% in the last week. This is an upswing that comes after SUI had a token unlock event, which further adds to the price movement of the asset.

SUI Achieves Record $2B in Trading Volume in Just 24 Hours.
The SUI token was recently trading at an impressive 2 billion over the last 24 hours. This is the largest daily volume in last one month, indicating a jump in the market activity.

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This achievement is an indication of the increasing interest and trading momentum of $SUI, which implies great prospects of performance in the future on the market.

Can Sui Price Break $1.80 Resistance?
The Sui price hovered at $1.69, showing a significant surge in the past 24 hours. The rise comes after a period of consolidation, where Sui is touching on major support levels. 

The price has since increased to reach the resistance zone at $1.80, which is an indication of a breakout.

The target price of Sui is currently considering a target of $1.80 as the possible resistance market, and the second level is $2.00. On the negative side of the situation, the support zones are at $1.60 and $1.50. 

If the Sui price holds above $1.60, Sui could continue its upward trajectory as the Sui long-term prediction remains bullish.

Source: SUI/USD 4-hour chart: Tradingview
The Relative Strength Index (RSI) is 63, indicating that the coin is in a bullish trend. In the meantime, the MACD is also positive with the blue line crossing the orange line, which shows the market outlook is favourable.

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Over the past few weeks, the price of Ethereum has been on a downward trend due to a highly volatile market environment. ETH’s bearish action appears to have hampered on-chain activities, as evidenced by a decline in its total transactions carried out within a monthly period.

A Quiet Month For The Ethereum Network
Ethereum’s on-chain activity appears to have slowed down alongside the ongoing decline of ETH’s price. The blockchain, which is typically bustling with contract calls, exchanges, and transfers, now feels a little more roomy, suggesting a cooling pulse beneath the surface.

After examining the Transactions on the Ethereum Network metric in the monthly time frame, Everstake.eth, a market analyst and the head of the ETH segment at Everstake, revealed that the blockchain has recorded its worst month of the year. While price has declined, ETH’s total transactions executed in a month, particularly November, experienced a cool-off.

According to the data, the overall number of transactions carried out on the Ethereum network in November alone was approximately 32.2 million. Although this figure may seem large, it actually marks the lowest monthly count in the past 12 months.

Such a drop in transactions may suggest the renewed waning appetite for the network. In addition to suggesting a retreat, this delay reads more like a collective pause as users catch their breath, procedures recalibrating, and the market adjusting to its new rhythm. 

ETH monthly transactions hit a 12-month low | Source: Chart from Everstake.eth on X
Everstake.eth highlighted that this kind of cooldown usually occurs when the market moves into a wait-and-see phase. During this phase, capital is observed sitting on the sidelines while developers continue to build on the blockchain. Despite this trend, the network still records more than 33 million transactions in a quiet month, which reflects its robust strength.

At a time like this, the expert noted that user behavior typically follows the market sentiment. As seen in the past, on-chain activity tends to cool down when volatility drops. However, Ethereum still retains the status as the most reliable network even during slow phases.

With the Fusaka Upgrade set to hit the market, Everstake.eth predicts that ETH transactions will see explosive growth. “If this is the worst month, imagine what the best will look like after Fusaka rolls out. It will be huge,” the expert stated.

ETH Active Transactions Pick Up
The monthly transactions may have slowed down, but the active addresses on the Ethereum network are heating up again. Leon Waidmann, the head of research at On-Chain Foundation, reported that active addresses throughout the entire ecosystem, Layer 1 and Layer 2s, bounced back above 9.5 million this week.

This surge points to a quiet resurgence of interest, utility, or a group readiness for the future. Waidmann highlighted that this marks the first meaningful reversal after several weeks of downside action.

ETH layer 2s such as Base, Arbitrum, Optimism, and World Chain have witnessed a strong rebound following a period of decline. Furthermore, multi-chain activity is starting to stabilize after the drop in Q3. These factors are painting a bullish picture for the network and its price prospects.

ETH trading at $3,051 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Freepik, chart from Tradingview.com

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Forward Industries, Inc., a Nasdaq-listed company that took a dramatic strategic shift when it launched its Solana (SOL)-centric digital asset treasury strategy, has announced new products as part of its new DeFi venture.

The strategy involved raising $1.65 billion through a private investment in public equity (PIPE) deal, led by crypto heavyweights Galaxy Digital, Jump Crypto, and Multicoin Capital, and the funds were earmarked to build the world’s largest corporate SOL treasury, positioning Forward as a publicly traded gateway for institutional participation in Solana’s DeFi ecosystem.

Forward Industries now holds over 6.9 million Solana tokens
Forward Industries’ Solana treasury strategy was announced in September, and since then, it has rapidly built the largest Solana treasury in the world and established an institutional-grade foundation capable of compounding long-term SOL-per-share, according to Kyle Samani, Chairman of Forward Industries.

“In just a matter of weeks, we have accumulated more than 6.9 million SOL, deployed nearly all of it across our high-performance validator infrastructure launched in October, and implemented tax-efficient strategies that meaningfully strengthened our capital position,” Samani said.

“As we pursue initiatives such as bringing our equity on-chain and executing on accretive M&A, we believe we are well-positioned to continue to expand our SOL treasury and compound SOL-per-share.”

According to him, this is just the beginning, and the company remains committed to delivering sustainable long-term shareholder value as it builds the primary public markets gateway to Solana.

As things stand, Forward Industries Solana holdings make it the largest corporate treasury holder for Solana globally, representing over 1.1% of SOL’s circulating supply, most of which it has staked through its own validator infrastructure, generating 6.82–7.01% gross APY.

It also recently launched fwdSOL, which is a liquid staking token backed by 25% of its treasury to enable DeFi yield optimization without selling underlying assets.

Other notable companies accumulating SOL as a treasury strategy include Upexi, Solana Company, Defi Development Corp, and Sol Strategies. Between them, they hold around $10 million worth of Solana. While Upexi and Defi Development have proven themselves aggressive accumulators, their purchasing power trails behind Forward Industries’.

Operational highlights included in the update
Some of the operational highlights included in the update revealed the company has $1.65 billion private placement in public equity (“private placement”) led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The financing closed on September 11, 2025, and marked the largest Solana-focused digital asset treasury raise to date.

The company has also announced an at-the-market equity offering program and teamed up with financial technology firm Superstate to allow stockholders to tokenize and hold FWDI shares on the Solana blockchain.

As part of the agreement, Forward Industries expects an equity stake in Superstate to further align interests and advance internet capital markets.

Other highlights include the launch of a Forward Industries’ institutional-grade validator on the Solana blockchain, powered by DoubleZero, the establishment of a crypto advisory board with 25 inaugural members, and the authorization of a new share repurchase program to buy back up to $1 billion of the company’s common stock.

Forward Industries FWDI stock price. Source: Google Finance
The company’s stock has also benefited greatly from its pivot to accumulating SOL, with the stock hitting highs around $15–$20 per share in September when the PIPE news came out. The stock is currently trading around $8 per share with a market cap of about $723 million.

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TLDR:

Georgia signs an MoU with Hedera to assess blockchain systems for land registry modernization.
The National Agency of Public Registry reviews blockchain migration options for property data.
Real estate tokenization emerges as a core focus within Georgia’s digital services roadmap.
Working groups will guide technical tests and push cooperation between Georgia and Hedera.

Georgia has taken a concrete step toward modernizing its public-sector infrastructure through blockchain. The Ministry of Justice signed a new memorandum of understanding with Hedera to explore digital systems for government services. 

The agreement focuses on land registry modernization and potential use of tokenized real estate. It marks an early move toward integrating on-chain tools into national recordkeeping.

Georgia Explores Blockchain Land Registry With Hedera
The Ministry of Justice detailed the agreement in an official release. The document outlines cooperation between Minister Paata Salia and Hedera representatives, who reviewed possible ways to shift land records onto the network. 

Moreover, the agency plans to assess data migration from the National Agency of Public Registry to a blockchain system. The goal is to improve property rights protection, increase transparency, and support reliable verification processes.

The release also noted ongoing work around the agency’s Smart Contract service. Officials explained that the tool could evolve alongside broader digital registry upgrades. 

One major focus is real estate tokenization, which converts ownership of physical assets into electronic units recorded on-chain. That approach would streamline future transfers and allow verifiable digital records.

The partnership will move into an operational phase through upcoming working groups. The Ministry of Justice will assemble specialists together with the National Agency of Public Registry. 

According to the release, these teams will guide technical assessments and outline the next steps for integrating Hedera systems. The process signals a structured shift toward blockchain use in government workflows.

Hedera Engagement Signals Larger Digital Push
Hedera representatives held initial strategy discussions during the meeting. 

Those sessions covered technical requirements for potential data transfers and checks needed before large-scale implementation. The platform’s role will center on evaluating system compatibility and supporting tests that may follow. These efforts form the foundation for deeper cooperation between the parties.

Georgia sees distributed systems as a way to remove friction from registry processes. Public data stored on-chain provides stronger verification than legacy databases. 

The ministry aims to support a long-term digital transformation of its real estate systems. Each step must follow set procedures, according to the release, ensuring records remain trustworthy during any transition.

Tokenization remains one of the most notable components of the roadmap. 

Converting land ownership into electronic units could create faster workflows and reduce disputes tied to documentation. It also introduces new methods for managing and securing legal records. The working groups will examine these use cases as part of their broader evaluation.

Officials expect active coordination with Hedera as testing begins. The agreement establishes a clear framework for ongoing communication and phased reviews. 

Georgia’s approach signals a measured shift toward blockchain while relying on structured oversight. The release shows the government’s goal of integrating new tools without disrupting essential registry services.

Author

Hongji Feng

Author

Hongji Feng

About Author

Hongji is a reporter who covers crypto, finance, and tech. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX,...

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December 3, 2025

Bitcoin is trading near $92,000, up by about 5% over 24 hours, as attention turns to how index rules and treasury policy could intersect in coming weeks. MSCI has an active consultation on the treatment of companies whose treasuries hold digital assets or whose business models are materially linked to them, with feedback windows running into January 2026, according to MSCI’s consultation materials.

In parallel, Strategy’s leadership has acknowledged the option to sell Bitcoin under specific circumstances, a shift in tone after years of continuous accumulation.

In a recent company update, Strategy CEO Phong Le described sales as a last-resort tool if balance-sheet metrics deteriorate, according to coverage and recordings of the briefing.

MSCI’s Consultation and Index MechanicsMSCI’s review outlines scenarios in which index eligibility, classification, or weights could change if a firm’s risk profile is driven mainly by a digital asset rather than an operating business.

Outcomes range from unchanged inclusion to adjusted treatment or removal, with implementation details and timing to follow the comment window.

Any exclusion would force benchmark-tracking funds to rebalance according to index family rules, constituent weight, and transition procedures.

Liquidity can absorb staged flows, yet turnover tends to spike on effective dates, and moves often amplify when both equity and crypto depth are thin. Strategy’s share price has traded with high Bitcoin beta, which can compound swings during tight liquidity.

Strategy’s Toolkit If Price Pressure PersistsStrategy built its position through cash, convertible debt, and at-the-market equity programs. Management has now described sales as a last-resort tool if balance-sheet metrics deteriorate, a framing that puts liquidity and capital costs ahead of a rigid buy-only stance.

Sustained spot levels below recent add prices raise the effective cost of issuance and debt, while any equity-to-NAV discount can slow net additions.

If sales occur, sequencing becomes a choice between faster de-risking to stabilize leverage and a paced approach to limit market impact, each with different implications for realized gains and tax outcomes.

What Markets Watch NextOn the index side, investors will look for the consultation’s conclusion, any grace period, and whether changes are phased. On the corporate side, filings will be read for updates to issuance plans, leverage targets, treasury language, and purchase cadence.

Crypto-linked flows still shape the backdrop. Net creations in spot Bitcoin products, exchange balances, and order-book depth across BTC and ETH pairs help determine whether equity moves tied to crypto exposure settle or extend.

When depth rebuilds and product creations turn positive together, risk typically steadies; when those series soften while index decisions approach, volatility can rise into the event window.

The current Bitcoin bounce trims immediate pressure, yet policy signals and index rules still define the near-term path. MSCI’s review and Strategy’s contingency language now share a calendar, and together they will determine how crypto-heavy corporate exposure fits within mainstream equity benchmarks.

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Franklin Templeton launches Solana ETF, expanding Wall Street's crypto offeringsPolicy
• December 3, 2025, 2:15PM EST

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Quick Take
The Franklin Solana ETF, ticker symbol SOEZ, began trading on NYSE Arca.
SkyBridge Capital Founder Anthony Scaramucci touted Solana’s use on Wednesday during an interview with CNBC.
Asset management firm Franklin Templeton debuted its Solana exchange-traded fund, adding to its list of crypto-related investment products.

On Wednesday, the Franklin Solana ETF began trading under the ticker symbol SOEZ on NYSE Arca, a subsidiary of the NYSE Group. The fund includes staking rewards. 

“Solana is becoming a core layer of the digital economy,” Roger Bayston, head of Digital Assets at Franklin Templeton, said in a statement. “Its speed and efficiency support activity that ranges from tokenized assets to next generation financial applications, and that momentum continues to attract both developers and institutions."

Franklin Templeton has previously launched exchange-traded products tracking crypto assets like Bitcoin, ETH, and XRP, as well as a broader crypto index. The firm was beaten to issuing a Solana ETF by crypto natives like Canary Capital, Bitwise, and Grayscale, among others, as well as Wall Street providers like Fidelity and VanEck. REX-Osprey was the first to launch a fund earning staking rewards through its Solana ETF in July. 

Over the past several weeks, firms have launched an array of crypto ETFs from ones tracking Chainlink to SOL to DOGE. Since the start of the second Trump administration almost a year ago, the U.S. Securities and Exchange Commission, which oversees ETFs, has taken a friendlier stance toward crypto than in years past. For example, the SEC has taken steps to provide clarity for digital assets and approved listing standards for certain ETFs, allowing them to begin trading more quickly. 

SkyBridge Capital Founder Anthony Scaramucci touted Solana's use during an interview with CNBC on Wednesday. Scaramucci, briefly the White House communications director under the first Trump administration, is coming out with a book called "Solana Rising." 

"Solana will be one of the big winners," he said. "It's not to say that the others are not also going to win. I believe they can cohabitate with each other."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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AUTHOR Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn. See More

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Institutional Ethereum demand collapses as Digital Asset Treasuries’ purchases drop 81% since August, with inflows dropping to 370K ETH.

Institutional appetite for Ethereum (ETH) has hit a wall, with recent data from Bitwise showing that purchases of the cryptocurrency by publicly traded Digital Asset Treasuries (DATs) fell to 370,000 ETH in November, representing an 81% drop from the August peak of 1.9 million ETH.

The falloff matters because DATs have been one of Ethereum’s strongest sources of demand this year, often absorbing more tokens each month than the network issues.

DAT Buying Weakens
The figures from Bitwise, shared by analyst Max Shannon, show a steady decline in monthly ETH accumulation by DATs from July through November 2025.

The data highlighted a stark progression: after scooping up 1.9 million ETH in August, treasury buying fell to 1.06 million in September, 670,000 in October, and finally just 370,000 in November.

Analysts point to a challenging market environment as the primary cause. According to Shannon, the “treasury model, once seen as a successor to the ‘altcoin season,’ is rapidly losing momentum.”

He noted that declining market values for these companies, a metric known as mNAV, are weakening their buying power. This has created a difficult cycle where falling crypto prices have led to the value of DAT holdings dropping, making it harder for them to raise new capital to buy more assets, which further pressures prices.

This pressure is evident globally as seen in the recent shelving of a planned $500 million Ethereum DAT venture led by major Chinese crypto figures, including Huobi founder Leon Li Lin. Li cited poor market conditions and an unclear macro outlook as reasons for the pause.

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Bitmine Adds to its ETH Stockpile
Still, not every buyer is retreating. According to Lookonchain, Tom Lee’s Bitmine just bought another 18,345 ETH worth about $55 million, adding to the company’s already massive 3.7 million ETH position. CoinGecko’s treasury dashboard shows that publicly listed firms now hold over 5.7 million ETH combined, with Bitmine alone accounting for more than half.

DATs were previously seen as a structural force absorbing supply and providing consistent long-term demand.

Between July and November, they accumulated more than 4 million ETH even as monthly issuance hovered near zero.

While the recent slowdown doesn’t negate that impact, it does hint at a turning point where appetite is no longer keeping pace with the aggressive accumulation seen during mid-2025.

Tags:

In brief
Bitcoin jumped 5.7% on Tuesday but analysts question if the gains represent a "fake breakout."
Bitcoin ETFs generated $58.5 million in inflows, with BlackRock's IBIT gaining $120 million on Tuesday.
Markets await the U.S. central bank's December rate decision with an 89% probability of a cut.
Bitcoin posted its fifth best daily return for the year on Tuesday, gaining 5.7% for the day. But analysts are weighing whether the spike is the start of a prolonged breakout.

They note investors’ concerns about macroeconomic uncertainties, including the U.S. central bank’s upcoming decision on interest rates, that are keeping markets unsettled.

“On December 3, the crypto market saw broad gains as BTC briefly broke above $93,000 before swiftly giving back its advance—a structure that resembles a potential ‘fake breakout,’” Bitunix analysts wrote in a note shared with Decrypt. “The short-term setup has shifted into a choppy pullback, with markets watching whether BTC can stabilize within the $90,000–$91,000 support zone.”

At the time of writing, Bitcoin was trading for $92,772 after gaining 0.7% compared to this time yesterday, according to crypto price aggregator CoinGecko. That’s still about 14% lower than BTC was trading in early November—but just about even with its price this time last year.

Bitcoin trading volume has climbed 16% with $128 billion worth of coins changing hands, according to crypto analytics platform Coinglass.

Yesterday’s renewed optimism led to  $58.5 million worth of funds flowing into Bitcoin ETFs. That’s a significant uptick from Monday, when BTC funds pulled in just $8.5 million, according to U.K. asset manager Farside Investors. BlackRock’s iShares Bitcoin Trust, or IBIT, took in $120 million worth of new capital, but that was offset by a $90.9 million net loss for the ARK 21Shares Bitcoin ETF, or ARKB.

Analysts at Singapore-based crypto trading firm QCP Capital also flagged that while markets may seem calm, traders are bracing for the next catalyst.

A week before the Federal Open Markets Committee’s last meeting of the year, traders now assign an 89% probability that a third rate cut will be approved, according to the CME FedWatch Tool. A month ago, investors showed only a 66.8% possibility of another rate cut.

But the Federal Reserve is still operating without fresh inflation or employment data. Although the U.S. government shutdown officially ended when President Donald Trump signed a deal on November 12, the Bureau of Labor Statistics still has backlogs of unprocessed data that won’t be ready for publication before the Fed’s meeting next week.

Beyond that, there will still be other macroeconomic catalysts heading into early next year, the QCP analysts said in their trading note.

“Betting markets have moved aggressively, assigning a roughly 85% probability that Kevin Hassett will become the next Fed Chair, with Trump expected to formalize the decision early next year,” they wrote. “This transition comes at a fragile moment for monetary policy and raises questions over how a reshaped leadership might influence the Fed’s reaction function.”

Powell, whose term ends in May 2026, isn’t the only one set to leave the Federal Reserve in 2026. Stephen Miran, who was appointed in September to fill a seat left vacant by Adriana Kugler, will leave in January.

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21Shares has advanced its push toward a spot Dogecoin ETF launch in the U.S., adding fresh operational details and confirming its management fee in a new regulatory filing. The amendment brings clarity to the structure of the proposed TDOG fund as competition grows among issuers preparing Dogecoin products.

The updates arrive while the DOGE market shows renewed strength and investors turn to regulated vehicles for exposure. The filing signals meaningful progress, although the ETF’s final approval still rests with the U.S. Securities and Exchange Commission.

Fee Disclosure and Operational FrameworkAccording to the latest S-1 amendment submitted to the SEC, 21Shares confirmed a 0.50% sponsor fee for its spot Dogecoin ETF. The company stated that the fee will accrue daily and be paid weekly in Dogecoin, covering nearly all operating costs associated with the trust.

It added that the fee structure places TDOG near the midpoint of current spot crypto ETFs, offering what it described as a straightforward path for regulated DOGE exposure. The amendment also noted that any expenses tied to taxes, litigation, or indemnification would require the trust to sell DOGE to meet obligations.

S-1 amendment, Source: SEC

The filing maintained the delaying amendment and included the earlier 8(a) submission for effectiveness. 21Shares named The Bank of New York Mellon as the administrator, cash custodian, and transfer agent, while Anchorage Digital Bank and BitGo will share custodial responsibilities for the trust’s assets.

The company affirmed Coinbase Custody Trust Company as the primary custodian and identified 21Shares US LLC as the seed capital investor for the product. The trust will use $1.5 million to purchase Dogecoin either before or up to the ETF’s listing on Nasdaq. 

The document also listed Wilmington Trust NA as trustee, Foreside Global Services as the marketing agent, and Cohen and Company as the accounting firm. The fund will trade under the ticker TDOG and track the CF Dogecoin-Dollar US Settlement Price Index.

21Shares described the ETF as a simple spot product that will hold only Dogecoin without leverage or active trading. The issuer also noted that transaction fees for creations and redemptions fall on authorized participants, with adjustments possible following notice from the sponsor.

Growing Competition Among Dogecoin ETFsThe filing comes as Dogecoin investment products gain momentum. Grayscale introduced its spot Dogecoin ETF on Nov. 24 after converting its existing trust, and Bitwise is preparing the BWOW fund. All three issuers aim to debut their Dogecoin ETFs later this month, pending regulatory clearance. These developments have increased market activity as investors anticipate broader access to DOGE through regulated platforms.

21Shares recently expanded its Dogecoin lineup by launching a leveraged 2x Dogecoin ETF on Nov. 20, targeting traders seeking amplified daily exposure. The arrival of these products contributed to a notable rise in Dogecoin’s performance across late November and early December.

DOGE traded near $0.15 at press time after gaining roughly 11% in a single day, supported by more than $1.7 billion in trading volume. The jump to inflows from retail traders and hedge funds rotating toward higher-volatility assets as the year progressed.

As 2025 winds down, the year has been eventful for both cryptocurrencies and precious metals, with both hitting new highs.

Amid this momentum, both Bitcoin (BTC) and silver have reached new peaks, jostling for the crown of the year. 

Now, data indicates that silver has emerged as one of 2025’s standout performers, decisively outpacing Bitcoin as the year’s volatility reshapes the balance between traditional safe-haven assets and digital markets.

The shift is evident in the Bitcoin-to-silver ratio, which has collapsed to 1,458 ounces of silver per Bitcoin, its lowest level since October 2023. The decline marks a dramatic reversal from the start of the year, when a single Bitcoin could buy roughly 3,500 ounces, according to data shared by the finance commentary platform The Kobeissi Letter in an X post on December 3.

Silver Bitcoin ratio. Soutrce: The Kobeissi Letter
The deterioration in the ratio reflects a sharp divergence in performance, with Bitcoin falling 27% since August, extending a broader downturn that has unsettled the crypto market.

Silver, by contrast, has surged 53% over the same period, buoyed by renewed demand across investment channels and growing interest in precious metals amid rising economic uncertainty.

The platform noted that this downturn in the ratio is one of the steepest on record, plunging 58% year-to-date and more than halving since late summer.

While the current collapse echoes the 2022 bear-market slide, when the ratio fell 69% from 2,250 ounces per Bitcoin to around 700 ounces, the latest shift reflects a different market backdrop. This time, the move is driven not just by crypto weakness but by a broad rally in metals that has placed silver among the strongest commodities of the year.

Silver’s massive 2025 rally
Indeed, this comes as silver trades near fresh record highs around $58 per ounce, capping the metal’s strongest year since 1979.

This rally is no surprise, considering that silver is attracting a surge of investor demand, with physical silver-backed ETFs adding 15.7 million ounces in November and recording inflows in nine of the past 11 months. 

Investors are rushing into the silver market:

Physical silver-backed ETF holdings jumped +15.7 million ounces in November.

Year-to-date, silver ETF holdings have increased in 9 out of the last 11 months.

Meanwhile, silver skew, an indicator of call-option volatility, jumped 8… pic.twitter.com/xqs2bM54a0

— The Kobeissi Letter (@KobeissiLetter) December 3, 2025

The options market is showing similar enthusiasm, with silver skew jumping to its highest level since March 2022, making bullish bets increasingly costly.

Meanwhile, after reaching a record high above $126,000 in October, Bitcoin has suffered notable volatility, falling below the $100,000 support level and at one point dropping to $80,000.

Featured image via Shutterstock

Ethereum's 'Fusaka' Upgrade Cements Network's Role as On-Chain Finance Settlement Layer: BitwiseThe upgrade will boost throughput, keep validators efficient and, most importantly, strengthen Ethereum's value capture by putting a floor under blob fees.Updated Dec 3, 2025, 6:01 p.m. Published Dec 3, 2025, 5:23 p.m.

Crypto Asset Management firm Bitwise said Ethereum’s Fusaka upgrade, expected to go live later Wednesday, is the kind of unflashy infrastructure change markets tend to overlook in real time, and then credit later for making the network feel sturdier and more investable.

The upgrade is constructive for Ethereum over time because it expands capacity, improves validator efficiency as rollups grow and, most importantly, strengthens the blockchain's ability to capture value from layer-2 activity, wrote analyst Max Shannon.

STORY CONTINUES BELOW

Fusaka also raises the layer-1 gas limit to 60 million per block, a move that should lift throughput and take some pressure off fees, roughly doubling capacity over a year, by Shannon’s estimate.

On the validator side, PeerDAS reduces the data burden needed to verify blobs, helping Ethereum scale without pushing node requirements out of reach, the report said.

Ethereum's Dencun upgrade, which went live in March last year, introduced blobs, which attach large data chunks to regular transactions, storing data offchain without congesting the mainnet, unlike call data which is stored permanently.

The biggest change, though, is economic, the analyst said. Fusaka introduces a minimum blob base fee (EIP-7918), addressing a post-Dencun quirk where fees can sink to near zero in quiet periods, dampening ETH burn and weakening the link between real usage and value accrual.

Under Fusaka, the blob fee gets a floor tied to execution fees, roughly the execution base fee divided by 16, creating a more consistent revenue and burn stream as stablecoins, decentralized finance (DeFi) and tokenization migrate to rollups, the analyst said.

Bitwise cautioned that upgrades don’t reliably spark lasting ether price pops, there’s often a mild sell-the-news pattern, but argued that Fusaka further cements Ethereum’s role as the settlement layer for on-chain, increasingly institutional, finance.

Read more: Ethereum Developers Prep for Fusaka, Second Upgrade of 2025

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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TL;DR XRP strongly rebounded from near $1.98, reversing the fall that took it from $2.18 to below $2.00. The asset has re-entered a compression pattern, pressing against dynamic resistance that has capped previous rallies. To confirm a trend change, XRP must break the resistance and defend the latest higher low carved out during the rebound.

Filecoin Gains 2% Alongside Crypto RallyThe token tracked broader crypto sentiment on below-average volume, establishing an ascending trend. Dec 3, 2025, 5:38 p.m.

Filecoin climbed 2% to $1.57 over the last 24 hours, posting modest gains that tracked broader cryptocurrency market movements.

The broader market gauge, the CoinDesk 20 index, rose 1.6%.

STORY CONTINUES BELOW

The token's volume stayed subdued at just 9.7% above seven-day averages, according to CoinDesk Research's technical analysis model.

Price action showed Filecoin's persistent correlation with wider crypto markets. The token posted only 1% idiosyncratic movement versus the broader digital asset complex, well below the 5% threshold signaling independent price discovery, the model said.

Technical factors dominated trading with no Filecoin-specific catalysts driving sentiment, according to the model.

The model showed that the token built an ascending trendline through most of the session with higher lows at $1.5249, $1.5537, and $1.5581.

Resistance emerged around the $1.59 level.

Technical Analysis:

Primary resistance sits at $1.59 with multiple rejections; immediate support at $1.57 Peak trading activity of 8 million occurred during midday volatility; late-session breakdown showed 259,489 volume spikeAscending trendline negated by final-hour reversal; consolidation range of $0.0683 represents 4.4% of trading valueBreakdown below $1.556 targets further downside while reclaim of $1.58 needed to restore bullish momentumDisclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Fusaka upgrade countdown fuels ETH surge and sparks institutional accumulation.

Published:
December 3, 2025 │ 4:45 PM GMT

Created by Kornelija Poderskytė from DailyCoin

Ethereum rallied sharply on Wednesday, climbing more than 12% in 24 hours and breaking above the $3,100 mark for the first time since mid-November. 

The upswing came as the broader crypto market responded to renewed optimism following a fresh $13.5 billion U.S. Federal Reserve stimulus injection into the U.S. banking system.

Sponsored

But for Ethereum, the timing aligned with an even more significant catalyst: the upcoming Fusaka network upgrade.

Fusaka Upgrade ApproachesFusaka is scheduled to go live on the Ethereum mainnet at slot 13,164,544 on December 3, 2025, at 21:49:11 UTC. 

It is the first major network overhaul since Pectra and merges the Osaka execution-layer improvements with the Fulu consensus-layer changes, aiming to deliver a faster, more efficient, and more developer-friendly Ethereum.

Developers view Fusaka as a key milestone in Ethereum’s long-term scaling roadmap.

At the center of the upgrade is PeerDAS, a new data-availability system designed to optimize how layer-2 networks process and store data. By significantly reducing node storage requirements, PeerDAS could boost scalability by as much as eightfold, according to core developers.

Fusaka also brings a more flexible mechanism for adjusting blob capacity between major upgrades, alongside an updated blob fee formula meant to stabilize data costs during periods of heavy network congestion.

Institutional Reactions DifferDespite today’s upward price action, institutional activity around ETH shows contrasting approaches. 

On-chain data from the Lookonchain data tracker indicates that a wallet potentially linked to BitMine withdrew 30,278 ETH, or roughly $91 million, from Kraken.

The move aligns with BitMine’s aggressive strategy: the publicly traded blockchain-infrastructure firm is building one of the largest ETH treasuries in the market. BitMine has openly stated its goal of accumulating up to 5% of Ethereum’s total supply, positioning itself as a major corporate ETH holder.

Meanwhile, another heavyweight player, BlackRock, reportedly transferred 44,140 ETH, thus around $135 million, to Coinbase Prime.

Why this mattersFusaka is a major Ethereum network upgrade that could fundamentally improve scalability, efficiency, and developer usability, making the blockchain faster and cheaper to use, especially for Layer-2 applications.

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People Also Ask:What is the Fusaka upgrade?

Fusaka is Ethereum’s next major network upgrade, scheduled for December 3, 2025. It merges Osaka execution-layer improvements with Fulu consensus-layer changes to enhance speed, efficiency, and scalability.

Why is Fusaka important?

The upgrade introduces PeerDAS, reducing node storage requirements, potentially increasing network scalability up to eightfold. It also stabilizes data costs and allows flexible blob capacity expansion.

How could Fusaka affect ETH prices?

Historically, major Ethereum upgrades have generated market anticipation, often leading to price movements. Fusaka’s efficiency and scalability improvements may boost investor confidence and adoption.

When will Fusaka go live?

The upgrade is scheduled for slot 13,164,544 on December 3, 2025, at around 21:49:11 UTC.

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