Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | November 30 - December 6, 2025

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Crypto Weekly Recap

Total crypto market cap: $3.02T

Crypto Fear & Greed Index: 23 (Extreme Fear)

BTC.D: 59.34%

Bitcoin:

• Weekly performance: -1.02%
• US Spot BTC ETFs: -$87.77M
• Bitcoin is sitting on the $89.8K range after swinging through an extreme ~$10K range, from a $84.1K capitulation low on Dec 1 to a $94K rebound high on Dec 3.
• The Dec 1 dump was triggered by ~$350M in long liquidations, forcing BTC to mechanically test the mid-$80K zone as deleveraging overpowered fundamental flows.
• US spot BTC ETFs bled net outflows for Dec 1-5, with Thursday’s -$194.6M exodus acting as the ceiling that stopped the rally and pushed BTC back into the high-$80Ks.
• These weekly flows sit on top of November’s -$3.43B ETF bleed, confirming a regime shift where ETFs are now a structural supply source instead of a structural bid — the core reason every BTC bounce fades early.
• Markets turned supportive on Dec 2 when Vanguard lifted its crypto-ETF ban and opening ETF access to its clients, while Bank of America began allowing its advisers to recommend crypto-exposure.
• Polymarket recession odds stayed extremely low for 2025 (~2%) but elevated for 2026 (~31%), reinforcing the soft-landing narrative that supports equities but doesn’t immediately repair crypto’s structural flow problem.
• Stablecoin liquidity stayed firm with ~$166.5B on Ethereum (-$382.8M in a week), showing capital hasn’t exited crypto, it’s simply not rotating into BTC until the ETF outflow overhang clears.
• Macro liquidity injections (~$13.5B early December operations) helped prevent a deeper breakdown, but crypto captured only a fraction of that support because leverage stress and ETF outflows remain unresolved.

Ethereum:

• Weekly performance: +0.90%
• US Spot ETH ETFs: -$65.59M
• ETH is trading at ~$3,033, masking a whiplash-heavy path driven by leverage, ETFs, and the Fusaka upgrade sequence.
• Price moved inside a wide $2,720-$3,240 range, showing how thin liquidity amplified both the Dec 1 dump and the Dec 3 breakout.
• The week opened with ETH nuking ~6.4% on Dec 1 into the $2.7K zone. ETH then rebounded ~7% on Dec 2 to reclaim $3K.
• The Fusaka upgrade on Dec 3 pushed ETH another +6.4% intraday toward $3.22K, with traders bidding scaling tailwinds (8x DA capacity, 150M gas limit, lower rollup costs).
• Post-upgrade euphoria reversed quickly as U.S. spot ETH ETFs printed -$41.5M outflows on Dec 4 and -$75.2M on Dec 5.
• ETF outflows capped the breakout, sending ETH back to the $3K handle, revealing weak institutional follow-through even though the network improved structurally.
• Market structure stayed resilient: ETH held $2.7K support, stablecoin liquidity rose, derivatives reset cleanly, and L2 economics improved post-Fusaka — all pointing to structural strength beneath volatile flows.

Others:

• US Spot ETFs:
  • XRP: +$230.74M
  • SOL: +$20.30M
  • DOGE: -$282.16M
  • LINK: +$48.25M
• BNP Paribas joined Europe’s bank-driven stablecoin initiative as Qivalis targeted a 2026 launch.
• Grayscale’s Chainlink ETF debut on NYSE Arca triggered a double-digit LINK rally.
• A MediaTek Dimensity 7300 Boot-ROM flaw raised major security concerns for crypto users.
• The UK’s Digital Assets Act reclassified crypto as recognized personal property.
• Taiwan aimed to launch its first domestic stablecoin by mid-2026 under new crypto rules.
• Italy set a firm MiCA compliance deadline as local crypto firms restructured.
• The SEC’s approval of a 2x leveraged SUI ETF expanded U.S. crypto product offerings.
• WisdomTree launched Europe’s first fully staked Ethereum ETP backed entirely by Lido stETH.
• A Cloudflare outage disrupted Coinbase, Kraken, and other major exchanges.
• BitMine added $150 million in Ether to its treasury in a renewed accumulation push.
• Sony Bank prepared to launch a U.S. dollar stablecoin for gaming and anime ecosystems.
• Circle partnered with OpenMind to power AI microtransactions.
• American Bitcoin, linked to the Trump brothers, plunged after its token lockup expired.
• Sonnet shareholders approved a merger to build a potential $1 billion HYPE crypto treasury.
• Kraken agreed to acquire tokenization firm Backed Finance as RWA adoption accelerated.
• Revolut enabled Solana payments for its 65 million global users.
• The TON treasury filed a $420.69 million meme shelf registration to invest in tokens and Telegram’s AI ecosystem.

Vanguard Opens Trading for Bitcoin, Ethereum, XRP, and Solana ETFs for 50 Million Clients

Vanguard, overcoming its longstanding anti-crypto stance, now enables its 50 million clients to trade SEC-regulated ETFs for Bitcoin, Ethereum, XRP, and Solana. This significant policy shift, confirmed on December 2, 2025, reflects a response to improved market structure and evolving investor preferences, despite Vanguard's continued refusal to launch proprietary crypto offerings. Analysts predict that even slight client participation could direct billions into regulated crypto markets due to Vanguard's $11 trillion AUM. The firm aims to normalize crypto exposure within traditional portfolios while maintaining strict risk and compliance standards and steering clear of high-volatility, speculative products.

Ethereum's Fusaka Upgrade Enhances Scalability with PeerDAS

Ethereum's Fusaka upgrade, activated on December 3, 2025, introduces PeerDAS to enhance scalability through data-sampling architecture and increased block capacity, raising gas limits from 36 million to 60 million units. This upgrade aims for 40-60% fee reductions for Layer-2 transactions by easing node loads and supporting rollups, critical during price volatility. Fusaka includes phased Blob-Parameter-Only forks, targeting blob capacities of 10/15 by December 17, 2025, and 14/21 by January 7, 2026. While it improves efficiency and decentralization, it is not an instant fix for sharding, setting the stage for future scalability towards 100,000 transactions per second.

CFTC Authorizes Spot Crypto Trading on U.S. Exchanges, Paving Way for Institutional Participation

The CFTC authorized the trading of listed spot crypto asset contracts, such as Bitcoin and Ethereum, on federally regulated exchanges, marking a significant shift towards robust investor protections and U.S. market leadership. This historic move allows traditional exchanges, like CME Group, to list spot products under unified federal oversight, potentially attracting institutional capital back to the U.S. It aligns with regulatory initiatives aimed at clarifying jurisdiction for crypto assets. By enhancing custody and surveillance requirements, this regulatory framework aims to lower operational risks and foster a safer trading environment for both retail and institutional participants.

Bank of America Recommends 1–4% Crypto Allocation, Opens Access to Bitcoin ETFs

Bank of America has recommended that wealth clients allocate 1–4% of their portfolios to crypto assets, signaling growing institutional acceptance of digital currencies. The bank has granted access to spot Bitcoin ETFs, approved by the SEC in January 2024, which allow direct investment in Bitcoin. This marks a shift in how traditional finance views crypto, aligning it with alternative asset classes. The recommendation comes as Bitcoin's price surged from $40,000 to over $60,000 in 2025, reflecting heightened investor interest. This shift may influence other institutions to adopt similar strategies as regulatory uncertainties diminish.

Strategy Secures $1.44 Billion Liquidity Buffer to Mitigate Bitcoin Selling Fears Amid Market Volatility

Strategy raised $1.44 billion to secure 21 months of dividend and interest coverage, countering fears of forced Bitcoin sales amid market volatility. CEO Phong Le emphasized the company’s lack of near-term solvency risk and its commitment to avoid selling Bitcoin unless net asset value declines and capital raising becomes impossible. Analysts, including Bitwise’s Matt Hougan, dispute claims of forced liquidation, citing a structural misunderstanding. JPMorgan highlighted Strategy’s enterprise value-to-Bitcoin ratio of 1.13 as a stability factor, suggesting the liquidity buffer will positively impact Bitcoin trading and help maintain Strategy’s substantial BTC holdings in a challenging market.

Base and Solana Launch Live Bridge via Chainlink CCIP, Unlocking $13.5 Billion in Combined Liquidity

The live mainnet bridge between Base and Solana, powered by Chainlink's CCIP, marks a pivotal shift in multi-chain liquidity. This integration allows native movement of SOL and SPL tokens into Base's ecosystem, which currently boasts approximately $4.5 billion in total value locked (TVL). Solana contributes around $9 billion in locked assets, creating a combined liquidity pool of $13.5 billion. The dual-validation architecture enhances security and scalability, facilitating seamless asset transfers without complex custom solutions. Early adopters like Zora and Aerodrome are already integrating Solana assets, indicating rapid growth and a strategic move towards enhanced interoperability in decentralized finance.

Prediction Markets Surge as Kalshi and Polymarket Partner with Major Media; 2025 Volumes Exceed $45 Billion

Recently, prediction markets have gained mainstream traction as platforms like Kalshi and Polymarket secured major media partnerships with CNN and CNBC, boosting 2025 trading volumes to over $45 billion. Kalshi's valuation soared to $11 billion, fueled by a recent $1 billion fundraise, while Polymarket reached a $10 billion valuation, obtaining CFTC approval for U.S. operations. BNB Chain's ecosystem introduced new players like Opinion, capturing $1.5 billion weekly within weeks. Despite growth, concerns over inflated volumes and structural weaknesses in prediction markets persist, prompting discussions on their role in measuring public attention and the evolution of financial reporting.

Citadel’s SEC Letter Sparks Major Backlash in DeFi, Risks Redefining Developer Liability

Citadel's recent letter to the SEC has ignited significant backlash within the DeFi sector, urging regulators to classify certain decentralized protocols as traditional exchanges, potentially imposing heavy compliance burdens. Uniswap founder Hayden Adams criticized this move, arguing it could redefine developer liability by equating code authorship with operational control. This shift threatens the foundational principles of decentralization, risking the viability of smaller projects. Analysts highlight that this regulatory push could reshape DeFi infrastructure, incentivizing consolidation among well-capitalized entities while stifling innovation and pushing new developers offshore, thus challenging the sector’s autonomy and open-source culture.

Charles Schwab to Launch Bitcoin and Ethereum Trading by Mid-2026

Charles Schwab is set to launch spot trading for Bitcoin (BTC) and Ethereum (ETH) in early to mid-2026, driven by a 400% rise in crypto-education traffic among its 37 million clients. This strategic rollout emphasizes compliance, targeting major digital assets while avoiding speculative cryptocurrencies. The phased approach will begin with Schwab's Thinkorswim platform, followed by its website and apps, ensuring regulatory adherence amid handling $7-12 trillion in client assets. This initiative marks a significant shift for traditional brokerages, as Schwab aims to provide secure and stable access to digital assets for mainstream investors.

Binance Appoints Yi He as Co-CEO, Launches Youth-Focused “Binance Junior” Savings Account

Binance appointed Yi He as co-CEO alongside Richard Teng on December 3, 2025, amidst a leadership reset following regulatory challenges. This strategic shift comes after former CEO Changpeng Zhao's legal issues, including a guilty plea for inadequate anti-money-laundering controls. The exchange launched “Binance Junior,” a savings-only account for ages 6–17, promoting financial literacy with a parental oversight model. The initiative includes the children’s book, ABC’s of Crypto, targeting family engagement. This dual effort aims to stabilize governance and foster long-term loyalty, marking Binance's commitment to compliance and expanding into family-oriented financial products.