Bitcoin's price rebounded sharply, crossing the $90,000 threshold for the first time in a week, marking a 6.7% gain. This surge coincided with significant institutional activity, particularly following Vanguard's reopening of Bitcoin ETF access to its 50 million clients, which injected fresh momentum into the market. This rally triggered $157 million in short liquidations, highlighting the volatility and potential for further price movement. Analysts suggest that this institutional engagement could pave the way for Bitcoin to approach the $100,000 mark, especially as liquidity conditions improve.
In a notable development, Ethereum whales have resumed accumulation, purchasing $55 million worth of ETH from BitGo and an additional $13 million from Binance. This buying spree comes as Ethereum's price jumped 8%, indicating a renewed appetite among large holders following significant liquidations earlier in the week. Despite the positive price action, Ethereum has seen a loss of $6.4 billion in leverage, suggesting that while whales are accumulating, broader market sentiment remains cautious. The recent uptick in whale activity could signal a potential reversal in Ethereum's fortunes as it seeks to stabilize above key support levels.
XRP spot ETFs have recorded inflows for 11 consecutive days, accumulating $756.26 million as of December 1. This trend indicates a growing institutional interest in XRP, with the latest inflow of $89.65 million marking one of the strongest sessions since the ETFs' launch. The total net assets across the four US XRP funds now stand at $723.05 million, representing 0.60% of XRP's market capitalization. Analysts view this sustained inflow as a crucial indicator of long-term institutional adoption, potentially pushing the category closer to the $1 billion asset milestone.
Despite the recent price gains across major cryptocurrencies, market sentiment remains fragile, as indicated by the Crypto Fear and Greed Index, which sits at 16. This suggests that while Bitcoin and Ethereum have shown resilience, investor confidence is still shaky following the recent sell-off. Analysts caution that the upcoming Federal Reserve meeting and macroeconomic data releases could significantly impact market dynamics. The interplay between institutional interest and broader economic indicators will be critical in determining whether the current recovery can be sustained.
Anthropic has reportedly started early IPO groundwork with long-time adviser Wilson Sonsini while holding informal talks with major banks. The company is seeking a private round that could lift its valuation above $300 billion, following $15 billion in early commitments. A 2026 listing could sharpen competition in frontier AI as public markets begin pricing hyperscale model development.
Kalshi has doubled its valuation after its latest Series E funding round, which come as the prediction market posted record trading volumes last month.
The Ethereum network is set to implement its Fusaka upgrade on December 3, 2025, at 21:49 UTC. This upgrade introduces PeerDAS technology, which allows network nodes to store only one-eighth of blob data while theoretically increasing Layer 2 scalability by up to 8x. This marks Ethereum's second significant upgrade in 2025, following the Pectra fork that previously resulted in a 29% rally in ETH. The Fusaka upgrade combines improvements to both the execution and consensus layers, enhancing scalability, security, and user experience across the network.
Nansen's analysis suggests that the Fusaka upgrade could significantly alter how value is captured from Layer-2 networks back to Ethereum. Currently, economic activities generated by rollups, such as MEV extraction and transaction ordering, remain siloed at the Layer-2 level. Fusaka introduces the infrastructure for "based rollups," where Ethereum validators may take over transaction sequencing for L2s. This shift could lead to increased fee burn and higher validator rewards, allowing Ethereum to capture a greater share of economic activity that is currently retained at the L2 level.
A new Layer-2 chain called Eclipse has launched, utilizing Solana's technology to enhance Ethereum's scalability. This hybrid model allows for faster and cheaper transaction settlements compared to Ethereum-native rollups. By leveraging Solana's high-speed blockchain for execution while posting data to Ethereum, Eclipse aims to drive increased network activity linked to Solana, potentially boosting its price and adoption.
In the broader crypto market, Bitcoin's price surged from $86,400 to $92,700, contributing to a total market cap recovery of nearly $200 billion. The NFT sector led this rally with an 11.87% increase, while other sectors, including DeFi and Layer 1, also posted significant gains. Ethereum's price rose by 8.01%, surpassing $3,000, indicating strong market sentiment and recovery across various crypto assets.
Binance has appointed Yi He as Co-CEO alongside Richard Teng, a move aimed at strengthening the company's regulatory standards as it confronts significant legal challenges. The exchange is currently embroiled in a $1 billion lawsuit related to terrorism financing and is dealing with the fallout from founder Changpeng Zhao's criminal conviction. This leadership transition is seen as critical for Binance to rebuild its reputation following years of regulatory scrutiny in the cryptocurrency sector.
The Australian government-funded national broadcaster has released a report labeling Bitcoin as a tool for criminals, which has drawn sharp criticism from the local crypto lobby. This portrayal could influence public perception and regulatory discussions surrounding cryptocurrency in Australia, particularly given the broadcaster's reach of over 12 million people. The backlash highlights ongoing tensions between the crypto industry and mainstream media narratives.
Egypt is in the process of recalibrating its economy following a $57 billion global bailout secured last year. This economic adjustment comes as the country aims to stabilize its currency and improve business conditions, which could have implications for investment flows, including in the cryptocurrency sector. The strengthening of the Egyptian pound is a positive sign for the nation's economic outlook.
Thailand is grappling with a streak of deflation and the impact of deadly floods, which may prompt the central bank to consider rate cuts. These economic pressures could affect investor sentiment and spending, potentially influencing the broader financial landscape, including the cryptocurrency market. The situation underscores the interconnectedness of macroeconomic conditions and digital asset performance.
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