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The UK (2025 Property (Digital Assets, etc.) Act) has now come into effect, which explicitly recognizes digital assets such as Ethereum as personal property in England, Wales, and Northern Ireland. This legal shift strengthens the prevention against theft and fraud, clarifies the handling of assets in bankruptcy liquidation, and reduces the uncertainty for financial institutions using cryptocurrencies in secured transactions. Meanwhile, since a significant drop in October, the open interest in Ethereum futures in the derivatives market has been steadily increasing, indicating that despite spot prices remaining below the autumn peak, traders are still re-leveraging.

The virtual protocol (VIRTUAL) is approaching the key demand zone of $0.78 to $0.68 after experiencing a 45% annual decline and a 15% drop over 24 hours. Despite this week's spot trading volume reaching $1.23 million, bearish pressure remains dominant. Liquidation data shows a severe imbalance in market supply and demand, with short liquidations amounting to $1.3 million, while long liquidations are only $7,500, and another $13.97 million has exited the derivatives market. Although the key accumulation/distribution indicator remains positive, it is showing a downward trend, indicating that selling pressure exceeds buying pressure. The next movement of this asset depends on whether this demand zone can trigger a rebound or confirm further declines.

On December 1st, according to @EmberCN's monitoring, during the recent market downturn, the Ethereum long position at 'Majia' Huang Licheng's address was partially liquidated again. 'The 1 million USD he deposited a few days ago had grown to 2.08 million USD due to the long position.' Currently, the latest balance at his address is less than 270,000 USD, and the remaining liquidation price for the long position is 2842.59 USD.

Cryptocurrency inflows plummeted over 80%, from nearly $60 billion in early October to about $10 billion by the end of November, causing the market to lose direction, with the fear and greed index hovering around 20. Bitcoin whales have slowed their accumulation, while small wallets have cautiously increased their holdings, reflecting weak market sentiment. After Bitcoin fell below key support levels, it lost its market leadership, and as investor confidence waned, Bitcoin's dominance declined, with market momentum shifting to altcoins, especially speculative mid-cap coins.

The ETF Store President Nate Geraci tweeted that the first Chainlink spot ETF is expected to be launched this week. Grayscale will be able to convert or upgrade its Chainlink private trust into ETF form.

The central parity rate of the RMB against the US dollar rose by 30 points to 7.0759, reaching the highest level since October 14, 2024.

On November 30, Ethereum developers are preparing to launch the network's second upgrade of 2025 on the Ethereum mainnet on December 3 (Wednesday). This upgrade is named Fusaka (a combination of the names Fulu and Osaka) and will upgrade both the consensus layer and the execution layer of Ethereum. The goal of this upgrade is to enhance Ethereum's ability to handle large-scale transaction throughput from various Layer 2 networks, which use Ethereum as the base layer. Fusaka includes 12 code changes, known as Ethereum Improvement Proposals (EIPs), aimed at making the Layer 2 user experience faster and cheaper.

Stablecoin issuer Tether's CEO Paolo Ardoino stated on platform X that, according to the latest verification report for the third quarter of this year, Tether holds tens of billions in excess reserve buffers. Tether's total assets have reached approximately $215 billion, while the stablecoin liabilities are about $184.5 billion. Furthermore, S&P's error lies in not considering that Tether alone holds U.S. Treasury bonds that can generate approximately $500 million in profit each month, and they are likely doing this intentionally to support Tether's competitors.

As 2025 is coming to an end, cryptocurrency investors prioritize regulatory clarity, Bitcoin price stability above $100,000 with reduced volatility, sustainable yields based on real-world assets and protocol fees (rather than token issuance), and a transparent token unlocking timeline to prevent market manipulation. The pace at which institutional investors are adopting cryptocurrencies through ETFs and corporate funding accounts is accelerating, while market demand is shifting from speculative mechanisms to mature market infrastructure and verifiable economic value.

The weakness in the U.S. labor market is becoming a major risk facing cryptocurrencies, with layoffs in October reaching 154,559, the highest level in 20 years, intensifying market expectations for a rate cut by the Federal Reserve. Due to weak liquidity, a thin order book can amplify macroeconomic fluctuations, making this change potentially more significant for Bitcoin and Ethereum than for stocks. Although on-chain indicators show signs of stabilization and a rebound may occur in December, the fund flows for ETFs remain unclear, which means cryptocurrencies will still be sensitive to signals from the Federal Reserve until early 2026.

This week, Wall Street's stock market saw a broad-based rise across assets, with stocks, bonds, Bitcoin, and commodities all significantly up, marking one of the strongest rebounds of the year, overcoming recent volatility and concerns in the artificial intelligence sector. Despite lighter trading during the Thanksgiving period, the market experienced a rare trading interruption.

On November 27, KobeissiLetter released data showing that U.S. margin debt surged by $57.2 billion in October, reaching a record $1.2 trillion, marking the sixth consecutive month of increase. So far this year, U.S. margin debt has risen by $285 billion, a 32% increase. In the past six months, margin debt has skyrocketed by 39%, the largest increase since 2000, even exceeding the rise during the 2021 meme stock craze. The leverage in the U.S. investment market has become exorbitant. Margin debt refers to the total amount of money borrowed by investors from brokers to buy stocks or other securities in securities trading, allowing investors to amplify their investment scale with less personal capital, thereby increasing potential profits but also amplifying risks.

On November 27, some altcoins started to rise, among which: BANANAS31 is currently priced at $0.0057, with a 24-hour increase of 64%; ORCA is currently priced at $1.4, with a 24-hour increase of 30.1%; DODO is currently priced at $0.0287, with a 24-hour increase of 18.6%; ACE is currently priced at $0.252, with a 24-hour increase of 15.5%; SOLV is currently priced at $0.0193, with a 24-hour increase of 13.7%; OM is currently priced at $0.086, with a 24-hour increase of 13.2%.

According to a tweet from Onchain Lens: Over the past two days, the 1inch team’s treasury wallet purchased 33.57 million 1INCH at a unit price of $0.183 (worth $6.16 million). Currently, this wallet holds 119.28 million tokens, with a total value of $22.15 million.

The launch of altcoin ETFs such as Solana (SOL), XRP, Hedera (HBAR), and Litecoin (LTC) has attracted early attention from institutional investors, with SOL leading the way with over $700 million in net assets and significant inflows. However, the altcoin season index still hovers around 43, indicating that the altcoin season has not fully arrived yet. While ETFs provide a regulated investment channel and reduce operational risks, inflows must translate into actual gains to maintain growth momentum, as indicated by HBAR's decline after its launch. Regulatory uncertainty and potential rapid fund liquidation highlight ongoing market volatility, although increased legitimacy may attract new capital and shift liquidity away from Bitcoin.

On November 23, Bitwise Chief Investment Officer Matt Hougan published an analysis on the X platform, pointing out that amidst the chaotic market pullback, much information has been overlooked. For example, the upcoming Fusaka upgrade for Ethereum (expected in December) will significantly enhance the token's value capture ability. This upgrade will also introduce a minimum fee for recording data on Layer 2. The market will soon begin to pay attention to the positive impacts brought by Fusaka. It can be said that Fusaka is an undervalued catalyst and one of the reasons Ethereum may lead the cryptocurrency market rebound.

Tether CEO Paolo Ardoino stated in a post on platform X that Rumble Wallet currently supports only Bitcoin, USDT, and XAUT. It will soon support the US dollar-pegged stablecoin USAT aimed at the U.S. market, and will also soon support the Lightning Network. This wallet will utilize account abstraction and payment functionalities to reduce the friction of sending stablecoins that require encrypted gas tokens.

1inch's latest report reveals the serious inefficiency issues of DeFi liquidity pools, with 83% to 95% of funds on major platforms (such as Uniswap and Curve) sitting idle each year, resulting in billions of dollars of capital going unused. In Uniswap v2, only 0.5% of liquidity is active, leading to $1.8 billion in funds being ineffectively utilized, while 50% of liquidity providers face losses exceeding $60 million due to impermanent loss. 1inch co-founder Sergej Kunz has launched the Aqua protocol, aimed at addressing this 'DeFi liquidity crisis.' The Aqua protocol allows for the sharing of funds between different strategies without taking on custodial responsibilities, enabling assets to remain in users' wallets and simplifying integration for developers with decentralized exchanges (DEX).

The recent reversal of Bitcoin has been more severe and rapid than in previous cycles, catching traders off guard despite the lack of systemic pressures seen in past crashes.