Bitcoin lags behind S&P 500, IBIT records a historic outflow
the cycle enters a phase of maximum doubts
Since the beginning of 2025, a rare imbalance has occurred: S&P 500 has risen by about +16%, while Bitcoin is hovering near the zero mark and occasionally goes negative. This is one of those rare phases when BTC does not outperform the stock market — and it is precisely these periods that most often provoke mass disbelief in further growth.
SUI enters the institutional level — Grayscale Sui Trust
Grayscale continues aggressive expansion of its altcoin ETF lineup: the company submitted Form S-1 to the SEC for launching the Grayscale Sui Trust ETF.
After regulatory approval, the trust will be renamed to ETF and will be listed on NYSE Arca under the ticker GSUI. Currently, product shares are already traded on OTCQX, but transitioning to an exchange format will open access to a wide pool of institutional investors.
Ondo brought the roadmap for tokenization to the SEC:
The USA is preparing the foundation for future on-chain markets
Ondo Finance has taken an important step: the company officially submitted a detailed roadmap to the SEC on how the USA can build a market for tokenized securities.
🔑 The main idea of Ondo is not to choose one 'ideal' model of tokenization, but to allow the coexistence of three forms of asset ownership:
The Fed's course is turning: Trump's candidate expects a rate cut as early as next week
Kevin Hassett — the chief economic advisor to Donald Trump and a favorite for the role of the new Fed chair — made a clear statement:
"The central bank will almost certainly cut the rate at the meeting on December 9–10."
And the most interesting thing is — the market is completely on his side.
What's happening:
🟠 The probability of a 0.25 percentage point rate cut is already around 85% — this is the assessment from futures markets. 🟠 Most economists in surveys also expect a cut at the December meeting. 🟠 For Hassett, such a policy is the norm: he has long advocated for cheaper money.
According to BofA, if Hassett becomes the head of the Fed in 2026, he will insist on lowering the rate "significantly below 3%", which sharply contrasts with the caution of the current Jerome Powell.
The December meeting is turning into the central macro stage — and its outcome will set the tone for the market for the entire first quarter of 2026.
Ethereum is trying to reverse: CVD shows hidden demand — CryptoQuant
📊 An important reversal signal is being recorded on Binance: the cumulative volume delta (CVD) for Ethereum has entered a stable positive zone for the first time in a long time. For a market that has experienced a prolonged decline from August peaks, this is an early sign of a return of purchasing activity.
Ethereum: the Fusaka upgrade turned on-chain metrics and futures bullish
🔷 Ethereum shows one of the strongest reversal signals in recent months — both on-chain and in the derivatives markets — following the activation of the Fusaka upgrade overnight from December 3 to 4.
On-chain explosion before the upgrade
🔼 Just a day before the upgrade, the Total Gas Used metric increased from 165 to 215 billion — a new historical maximum (+30%).
the network is transitioning to a new level of speed and scalability
Ethereum has activated one of the most important updates of the year — Fusaka. This is the second major upgrade after Pectra, and it opens the doors to a mass user experience where transactions are confirmed nearly instantly, and Rollups receive a multiple increase in throughput.
Native USDC has arrived in Starknet: the network takes a step into 'big finance'
Starknet has received one of the most important infrastructure upgrades: native USDC from Circle has been launched on the mainnet along with the new cross-chain transfer protocol CCTP V2. This is a moment that separates experimental L2s from networks ready for real financial flows.
ZKsync finally exits the 'crypto experiment' zone and enters the real financial sector.
Alex Glukhovskiy speaks directly: already today the project is receiving requests from banks, large financial organizations, and corporations for L2 infrastructure. And the reason is clear — Ethereum has become the best settlement network, but it cannot physically handle all the operations in the world. This means that the main load should shift to L2.
Ethereum is approaching a level where structure is more important than price.
Ethereum is approaching a level where structure is more important than price. And the structure is currently working in favor of an upward breakout.
In the spot market, ETH is experiencing what has almost always preceded strong movements: exchanges are losing liquidity. The Exchange Supply Ratio on Binance is hitting new lows — the purple line on the chart is falling again, and this is not a coincidence.
While retail nervously watches the drop in Bitcoin, something much more important than the price is happening beneath the surface. The reserves of stablecoins on Binance have closely approached the reserves of Bitcoin — the Bitcoin/Stablecoin Reserve Ratio has dropped to 1.008. This is a level that the market has seen only a few times in recent years, and each time it was followed by the same thing — a sharp upward impulse.
Solana is establishing itself in a new niche that just a year ago looked like an experiment
Today she becomes the leader in the AI payment segment — and the figures from protocol x402 confirm this.
Over the past week, the volume of daily payments on x402 has increased by 750% and reached $380,000. This is not a surge of speculation, not a one-time hype, and not meme tokens. These are payments made by the machines themselves — AI agents, bots, services, and APIs paying for access to data and computational resources.
November set a historical benchmark: $14.5 billion entered the crypto industry — a record that changes the context of the current cycle.
CryptoRank records the largest month in transaction volume in the history of the market. To understand the scale: even in peak periods of previous cycles, monthly fundraising rarely exceeded $6–7 billion. Now the figure is more than double the previous highs.
The structure of the inflow shows that the market is changing. The main volume came not in trendy tokens, but in infrastructure: — purchase of Dunamu (Upbit) for $10.3 billion, — $1 billion round of Kalshi from top funds, — $500 million strategic investments in Ripple from Fortress and Citadel Securities.
These are funds that create the foundation of the industry:
Institutionals show that for them, crypto is not a speculative asset, but a strategic infrastructure of the future financial system. For investors, this is a double signal: the industry receives resources for growth, but such spikes often appear closer to the mature phases of the cycle. Therefore, it is increasingly important to look not at the noise around new tokens, but at the projects that will become the support of the next stage of development — there is where long-term value arises.
Vanguard opens access to crypto-ETF: institutional shift
One of the most conservative asset managers in the world has allowed trading of spot ETFs on Bitcoin, Ethereum, XRP, Solana, and other assets for the first time.
Vanguard, which has criticized cryptocurrencies for their volatility and 'unsuitability for the long term' for years, is pivoting 180 degrees. As of December 2, over 50 million of the company's customers gained direct access to crypto-ETFs — a first in the platform's history.
The volume of assets under Vanguard's management exceeds $11 trillion, and this audience has been cut off from the crypto market for many years. The company now cites growing demand from both retail and institutional sides as the reason for this move.
This is not just a functionality update — it is a change in the market architecture. One of the last giants of traditional finance, which remained outside of crypto, is effectively recognizing it as part of the core investment infrastructure.
For the market, this is a signal: the institutionalization of crypto assets is reaching a new level. After BlackRock, Fidelity, and other influential players, Vanguard is joining in — and this strengthens a trend that can no longer be ignored.
Japan lowers barriers: fixed tax of 20% on crypto profits — on par with stocks
The Japanese government officially supported the introduction of a fixed corporate tax rate on cryptocurrency operations — 20% instead of the current progressive scale, which reached up to 55%. This is the largest tax reform for the country's crypto market in recent years.
Rumors of Powell's resignation and Trump's hint at a new Fed head: the crypto market is on alert
On December 1, the market received a double information blow. Donald Trump stated that he has already chosen a new Fed chairman and will announce the name "soon." Almost simultaneously, social media exploded with a document supposedly containing a memorandum about Jerome Powell's resignation. There is no confirmation from either the Fed or the White House — but nervousness instantly increased.
Grayscale launches the first spot Chainlink ETF in the USA - already on Tuesday
Grayscale brings to market
Grayscale launches the first spot Chainlink ETF in the USA - already on Tuesday
Grayscale brings the first spot ETF on Chainlink to market in the USA. The product is created through the conversion of the existing LINK Trust into an exchange-traded fund and will track not only the asset's price but also staking income - a key difference from classic altcoin ETFs.
Bitcoin today resembles Google in 2017
Raoul Pal drew a telling parallel:
Bitcoin today resembles Google in 2017
Raoul Pal drew a telling parallel: the state of Bitcoin in 2025 is similar to what was happening with Google in 2017. The company was already dominant, the network was huge, but the potential for use was only partially realized. The market saw scale, but did not yet understand its true value.