Weekly Rollup - December 2, 2025

Market highlights

• Bitcoin fell 17.3% in November, its second-worst monthly performance in 2025.
• Total crypto liquidations climbed to US$1 billion as crypto sold off on Monday, November 24.
• Metaplanet took out a US$130 million loan, secured with its existing BTC, to buy more BTC.
• Ethereum’s Fusaka upgrade will be launched on the mainnet on Wednesday, December 3.
• MoonPay received a New York State trust charter, authorising it to provide crypto custody.
• U.S. Bank began testing its dollar‑backed stablecoin on the Stellar network.

Markets Overview

The major U.S. indexes recovered much of early-November’s losses this week, notching their best week since June, as it became increasingly likely that the U.S. Federal Open Market Committee (FOMC) will deliver a 25-basis-point rate cut at its December 10 meeting. Retail stocks saw a bid on Black Friday activity, while the Nasdaq, despite making some weekly gains, saw its first monthly loss since March, presumably due to concerns around inflated Artificial Intelligence (AI) stock valuations. Trading volume declined throughout the end of the week, presumably due to U.S. Thanksgiving.

In economic data, the U.S. core producer price index (PPI) came in under forecast at 0.1% for September, indicating a potential slowdown in inflation pressures. The U.S. ISM manufacturing purchasing managers’ index (PMI) came in under forecast at 48.2, indicating that the business cycle is not yet in a stage of expansion (this occurs over 50). And in Australia, the consumer price index (CPI) for the 12 months ending October 31, 2025, came in over forecast at 3.8%, owing largely to government policies aimed at addressing housing affordability through demand-side measures without considering supply.

Weekly performance: S&P 500 +3.7%, Dow Jones +3.2%, Nasdaq +4.9%.

Looking ahead:

• U.S. ADP non-farm employment change - Wednesday, December 3
• U.S. core personal consumption expenditures index - Friday, December 5

Crypto Market Sector Performance

It was another week where most crypto sectors saw losses, with the exception of social tokens. After the week started with what looked like a potential recovery, particularly for bitcoin and Ethereum, over US$140 billion was wiped from the crypto market’s total market cap within a few hours on Monday, 24 November, following low volume over Thanksgiving. The sell pressure is presumably due to caution amongst market participants ahead of Federal Reserve Chair Jerome Powell’s comments scheduled for the start of the new week. The crypto fear and greed index is still in fear territory at 20.

Biggest winner

• Social: Basic Attention Token (+18.9%) gained as its Brave browser surpassed 101 million monthly users, and on-chain activity spiked by 72%.

Bitcoin (BTC)

• Opened the week at US$86,808 and rallied to a high of US$93,161 on growing certainty over the FOMC cutting rates at its upcoming December 10 meeting. Trading volume declined throughout the Thanksgiving weekend, and the new week has seen price decline to below US$87,000 on renewed market jitters surrounding the upcoming FOMC meeting. Total crypto liquidations climbed to US$1 billion throughout the sell-off (-2.5% 7D).
• BTC dominance ranged between 59.2% and 59.5% this week.
• Bitcoin investment products saw US$461 million of inflows this week. Short bitcoin saw outflows of US$1.9 million.

November was the second‑worst monthly performance of 2025 for bitcoin, with a 17.3% drop. The decline was marked by heavy exchange-traded fund (ETF) outflows, declining spot interest, and a spike in short-term holder losses, driven by uncertainty stemming from the U.S. government shutdown and the U.S. Federal Reserve’s interest rate trajectory.

Strategy Inc. has established a US$1.4 billion cash reserve to ensure it can meet its dividend and debt-interest obligations, even during bitcoin downturns. The company holds 650,000 BTC but admitted it may sell bitcoin or derivatives if its market-adjusted net asset value falls below 1, signalling that selling their BTC holdings is not off the table despite the new reserve.

In bitcoin buying news:

• Metaplanet has taken out a new US$130 million loan, secured with its existing BTC reserve under a US$500 million credit facility. The company, which holds 30,823 BTC worth US$2.7 billion, plans to use the funds to buy more bitcoin, enhance its bitcoin-income operations, and potentially undertake share buybacks.
• Strategy bought 130 BTC, bringing its total holdings to 650,000 BTC, with an average purchase price of US$74,436.

Past performance is not a reliable indicator of future results.

Ethereum (ETH)

• Opened the week at US$2,801, rallied to a high of US$3,099 on Friday, November 28, before declining to around US$2,800 to start the new week (-5.6% 7D).
• Ethereum dominance hovered between 11.6% and 12% this week.
• Ethereum-focused funds saw inflows of US$308 million this week.

Ethereum developers are preparing for the network’s second upgrade of 2025, Fusaka, which merges updates to both the consensus and execution layers. The upgrade introduces 12 Ethereum Improvement Proposals, including PeerDAS, enabling validators to sample rather than download full data blobs. This reduces validator bandwidth requirements, lowers costs and transaction fees for layer‑2 networks (L2), and improves scalability.

In Ethereum buying news:

• BitMine added 96,798 ETH to its treasury, bringing its holdings to over 3.7 million ETH, worth US$10.5 billion.

Past performance is not a reliable indicator of future results.

Altcoins

The altcoin season index remains at 37 as bearish sentiment continues.

Over the moon ledger

• Quant gained 26.2%. The utility token of the Overledger ecosystem saw gains, presumably due to whale accumulation, as its exchange reserves fell to a record low of just over 3 million tokens, while futures interest spiked to US$15 million as trader and investor interest in the token grew.

Layer 1 declines

• Aptos declined by 21.1%. The layer-1 chain is presumably seeing weakness following a November 11 token unlock, which saw almost 1% of supply released. This week, Paxos launched the USDG0 stablecoin on Aptos, but it wasn’t enough to buoy price.
• Monad declined by 17%. The new layer-1 mainnet launched on Monday, November 24. The network promises Ethereum-style development with higher performance through fast block times, parallel execution, and Ethereum Virtual Machine (EVM) compatibility. Monad tokens dropped to US$0.025 at launch as users rushed to sell their airdrop proceeds, then rebounded by more than 50% to trade around US$0.03.

Crypto ETF News

Digital asset investment products saw inflows of US$1 billion as sentiment began to recover at the start of the week.

In altcoins, XRP ETFs saw their largest weekly inflows on record, with US$289 million flowing into funds.

Vanguard reversed its earlier position on crypto ETFs. The firm will allow crypto ETFs and mutual funds to be traded on its platform from December.

JP Morgan Chase proposed a new structured note tied to iShares Bitcoin Trust (IBIT), offering investors 1.5× exposure to bitcoin gains through 2028. If bitcoin’s price surges, returns could be substantial. However, significant losses are possible if the price falls sharply.

The Bitwise Dogecoin ETF (ticker BWOW) has been certified for listing on NYSE Arca and is expected to debut in the near future.

Bitcoin Capital launched a BONK exchange-traded product (ETP) via the SIX Swiss Exchange. The ETP is physically backed by BONK tokens and is available to retail and institutional investors across Europe.

The Nasdaq ISE filed a proposal to raise the daily options-contract limit for BlackRock’s iShares Bitcoin Trust (IBIT) from 250,000 to 1,000,000 contracts. The change aims to match IBIT with major equities ETFs, improving liquidity and enabling larger institutional hedging and trading strategies. The filing also seeks to remove restrictions on physically-settled FLEX options.

Grayscale filed with the U.S. Securities and Exchange Commission (SEC) to convert its existing Zcash Trust into a spot ETF, potentially making it the first U.S.-listed fund offering regulated exposure to a privacy-focused cryptocurrency. The move follows a roughly 1,000% surge in Zcash throughout 2025. Grayscale’s Chainlink ETF will launch this week.

Other crypto news

• Trump Media & Technology Group and Crypto.com are nearing a public listing for their joint crypto-treasury venture, Trump Media Group CRO Strategy, Inc. The company, which is expected to launch in Q1 2026, aims to hold over US$6 billion in Cronis (CRO), cash, and other assets. CRO has declined by 8% to start the week, and currently trades 90% below its 2021 all-time high of US$0.97.
• Japan’s Financial Services Agency (FSA) is preparing regulations requiring domestic crypto exchanges to hold liability-reserve funds to cover customer losses from hacks or operational failures. The rules, expected to take effect via 2026 legislation, would eliminate the current “cold wallet” exemption and ensure prompt reimbursements or insurance for affected users.
• Chinese authorities, led by the People's Bank of China (PBOC), have renewed efforts to crack down on cryptocurrency trading after a recent surge in speculative activity. Cryptocurrencies have again been declared illegal financial activities, with stablecoin usage flagged for illicit finance risks. Despite strict enforcement, some traders are shifting to offshore or decentralised platforms.
• MoonPay has received a New York State trust charter, authorising it to provide institutional‑grade crypto custody and over‑the‑counter trading under strict regulatory oversight. The charter, combined with its existing BitLicense, positions MoonPay alongside firms such as Ripple, granting it the legal framework to act as a fiduciary.
• Several stablecoin updates happened this week. U.S. Bank has begun testing its own dollar‑backed stablecoin on the Stellar network, while Klarna is launching a US-dollar stablecoin, KlarnaUSD, on the layer-1 blockchain Tempo (built by Stripe and Paradigm). Similarly, KakaoBank is advancing its plans to issue a South Korean won (KRW) stablecoin. And finally, S&P Global Ratings has downgraded Tether’s stablecoin USDT to its weakest rating, citing rising exposure to high-risk assets (including bitcoin) in its reserves and persistent transparency issues.
• Australian policymakers introduced the Corporations Amendment (Digital Assets Framework) Bill 2025. The bill brings domestic crypto asset platforms under the country’s existing financial services regulation. Exchanges and custody providers will become regulated “digital asset” or “tokenised custody” platforms, required to hold an Australian Financial Services Licence and comply with strict custody, disclosure, and consumer-protection standards.