Ethereum has successfully activated the Fusaka upgrade on mainnet, marking its second major network enhancement in 2025.
With PeerDAS now live, ETH has surged past the critical $3,200 resistance zone, and traders are watching whether the rally can sustain and even extend further.
Fusaka Goes Live
Ethereum confirmed the Fusaka mainnet activation on December 3 at 22:04 UTC. The upgrade introduces PeerDAS technology, which unlocks up to 8x data throughput for rollups, raises the gas limit from 45 million to 60 million units, and adds R1 curve support for improved user experience. Currently, Ethereum processes between 1.3 and 1.8 million transactions daily and holds over $73 billion in value locked in DeFi.
For L2 and Layer 2 rollups, Fusaka is even more relevant. PeerDAS increases the available space for blobs and prepares gradual capacity increases in future forks focused solely on data. The goal is clear: to maintain very low fees on networks like Arbitrum, Base, or Optimism, even if demand continues to grow.
Community members will monitor the network for issues over the next 24 hours.
Fusaka is live on Ethereum mainnet!
– PeerDAS now unlocks 8x data throughput for rollups – UX improvements via the R1 curve & pre-confirmatons – Prep for scaling the L1 with gas limit increase & more
Community members will continue to monitor for issues over the next 24 hrs.
ETH is trading at $3,231, up 7.38% over the last 24 hours. The price has cleared the $3,154-$3,200 supply cluster that marked strong resistance, a move that traders see as a bullish signal.
The pattern echoes the pre-Pectra phase in May 2025, when Ethereum surged 56% in just seven days following that upgrade. Technical charts show a classic bullish divergence: while price marked a lower low between November 4 and December 1, RSI printed a higher low—a setup that often signals weakening selling pressure.
On-chain data supports the bullish case. Addresses holding at least $1 million in ETH have increased from 13,322 to 13,945, representing roughly $623 million in additional accumulation by large holders.
Key Levels to Watch
With the $3,200 zone now cleared, the next target sits at $3,653. If the rally extends 56% from Pectra, a move toward $4,262 comes into view.
On the downside, $3,200 now serves as the first support to hold. A break below $2,996 would weaken the bullish structure, exposing $2,873 and potentially $2,618.
For now, sustaining above $3,200 will determine whether Fusaka marks the beginning of a new bullish phase.
From Nov. 24 to Dec. 2, 2025, JPMorgan launched leveraged notes tied to BlackRock’s Bitcoin ETF, Vanguard reversed its crypto ban, and Nasdaq quadrupled IBIT options limits. Three moves in nine days created one outcome: Bitcoin’s absorption into traditional finance and institutions.
Analyst Shanaka Anslem Perera describes that this rapid convergence marked a foundational change in how institutional capital accesses digital assets. Leading banks and asset managers expanded crypto offerings, distribution channels, and regulatory frameworks, redefining Bitcoin’s role in global finance.
The November Convergence: Coordinated Infrastructure Expansion
Traditional finance long observed Bitcoin from a distance. By late 2025, however, digital asset infrastructure reached a tipping point. The transformation began with SEC approval of spot Bitcoin ETFs in January 2024, offering a regulated path for institutional investment.
JPMorgan’s Nov. 24 filing detailed leveraged structured notes providing up to 1.5x returns on BlackRock’s iShares Bitcoin Trust ETF through 2028. These securities targeted sophisticated investors seeking amplified exposure while retaining legal protections. Notably, the notes exposed investors to significant downside, risking principal loss if IBIT declined by roughly 40 percent or more.
That same week, Nasdaq announced on Nov. 26 that it would raise IBIT options position limits from 250,000 to 1,000,000 contracts. This acknowledged the growth in both market capitalization and volume, supporting the need for volatility-hedged products for institutional portfolios. As Perera’s structural analysis noted, broader options infrastructure allowed institutions to manage Bitcoin volatility, aligning digital assets with standard risk controls.
On Dec. 2, Vanguard completed the picture. The world’s second-largest asset manager reversed its long-standing opposition and opened Bitcoin and crypto ETFs to clients holding around $11 trillion in assets. Vanguard’s move, made during a market correction, signaled strategic timing rather than speculative chasing.
This turning point coincided with a wave of retail exits. Bitcoin ETF redemptions soared as individual investors sold amid price drops. Meanwhile, institutional capital took the other side. Abu Dhabi Investment Council and similar sovereign entities increased their Bitcoin allocations as retail sentiment reversed.
Bank of America authorized 15,000 financial advisers to allocate Bitcoin to wealth clients starting Jan. 5, 2026. Advisers recommended a 1 to 4 percent exposure for clients able to stomach volatility, highlighting four ETFs: the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund, the Grayscale Bitcoin Mini Trust, and the BlackRock iShares Bitcoin Trust. This guidance marked a significant shift for an institution with $2.67 trillion in assets across more than 3,600 branches.
“2024: Vanguard CEO says they will not offer Bitcoin ETFs 2025: Vanguard offers Bitcoin ETFs to 50 million clients Vanguard and JPMorgan have bent the knee,” eOffshoreNomad posted.
Similarly, BlackRock recommended allocating up to 2 percent of portfolios to Bitcoin, citing risk levels comparable to those of the “Magnificent 7” technology stocks. The unified approach across institutions suggested coordinated messaging, if not formal cooperation. Advisers received consistent direction on allocations, risk communication, and client selection from competing firms.
Goldman Sachs took a different approach by acquiring Innovator Capital Management for about $2 billion. This gave Goldman instant distribution and compliance pathways for crypto products, saving years of internal development and providing an established network.
MSCI Index Exclusion: Eliminating Competing Models
While financial institutions expanded ETF infrastructure, other models faced obstacles. On Oct. 10, 2025, MSCI announced a consultation to exclude firms with substantial digital asset treasury holdings from major indices. The preliminary list included Strategy Inc., Metaplanet, and similar companies that pioneered corporate treasury Bitcoin adoption.
The proposal targeted companies in which Bitcoin or other digital assets accounted for an outsized share of the balance sheet. Removal from the MSCI Global Investable Market Indices would force these firms out of passive investment funds and major benchmark-tracking ETFs. The consultation is open until Dec. 31, 2025, with final decisions coming by Jan. 15, 2026.
The timing was notable. Strategy Inc., for example, attracted those wanting Bitcoin exposure without financial intermediaries or ETF fees. But, as MSCI proposed exclusion, major banks introduced new fee-generating ETF options. This created pressure on alternative exposure approaches.
Regulatory clarity accelerated institutional adoption through 2025. Laws such as the GENIUS Act and related orders defined the treatment of digital assets and reduced legal risks for large financial firms. These rules aligned digital assets with existing securities compliance, encouraging institutional entry.
Fee-Based Capture and the End of Alternative Exposure
The nine-day convergence was about more than new products. It firmly established Bitcoin as a fee-earning asset class for traditional finance. Leveraged notes, options, and ETF allocations each bring recurring revenue, while direct treasury and self-custody models now face obstacles such as index exclusions and higher regulatory requirements.
With expanded options, institutions can now manage volatility, making Bitcoin suitable for risk-parity portfolios and mandates with strict limits. The infrastructure shift means Bitcoin now acts as a portfolio component, not just a speculative asset. Yet, this shifts price discovery to derivatives, not spot trading.
The institutional system mirrors other asset classes. Allocations and risk disclosures are harmonized. Licensed advisers guide clients, and products feature standardized fees and messaging. Bitcoin, initially meant to circumvent the system, is now absorbed into the very architecture it once challenged.
Charles Schwab’s plan to launch spot crypto trading in 2026 is shaping up as one of the most consequential moves from a major US brokerage.
The firm, which oversees more than $12 trillion in client assets, intends to offer Bitcoin and Ethereum trading across its platforms after internal testing and a limited pilot phase.
Charles Schwab Will Bring Mainstream Investors To Crypto
Schwab’s entry marks a shift in how traditional brokers approach digital assets. The company already offers indirect exposure through crypto-thematic ETFs, but spot trading brings cryptocurrencies into the same environment as stocks, bonds, and retirement accounts.
This could change how mainstream investors access crypto.
Charles Schwab CEO on crypto…
“It’s a topic that’s of high engagement.”
Schwab clients own *20%* of all crypto exchange traded products.
The announcement also highlights a strategic push to consolidate investor activity. Millions of Schwab customers currently hold traditional assets and use external exchanges for crypto.
Bringing those functions under one account reduces friction and strengthens Schwab’s footprint across asset classes.
Schwab’s move introduces a structural challenge for US crypto exchanges. The brokerage is known for zero-commission stock and ETF trading.
If it extends the same low-fee approach to crypto, it undercuts the core revenue model of companies like Coinbase and Kraken.
The new Grayscale spot Chainlink ETF did really solid volume on Day one of $13m and looks like it could see same again today (way more than it ever traded as a trust). Also $41m in first day flows. Another insta-hit from the crypto world, only dud so far was Doge but it's still… pic.twitter.com/wlCemHxkQP
Crypto exchanges rely heavily on trading fees. Coinbase’s retail fees often exceed 1%, and even advanced platforms charge up to 0.60%.
Schwab can afford to price well below that because it generates revenue from multiple channels, including interest income, advisory services, and order execution. Crypto exchanges do not have the same diversification.
Moreover, Schwab offers a regulatory environment that exchanges cannot match. Client assets sit within long-standing SEC and FDIC oversight frameworks.
This level of institutional trust appeals to many retail and older investors who remain wary of specialized crypto platforms.
ETFs Make Pricing Pressure Harder
The fee pressure intensifies because investors can already trade Bitcoin ETFs for free on Schwab and other brokerages.
These ETFs also have extremely tight spreads, often around 1–2 basis points. For Schwab to justify direct crypto trading, it must offer low fees that compete with near-free ETF execution.
Direct ownership still has an advantage because it avoids ETF expense ratios. However, that benefit matters only if trading costs remain low. This dynamic pushes Schwab toward aggressive pricing and, by extension, forces exchanges to respond.
A New Phase for US Crypto Markets
Schwab’s entry reflects how traditional finance is encroaching on digital asset territory. It places price, trust, and product-access pressure on crypto-native firms at a time when markets are already shifting toward regulated structures.
The full impact depends on Schwab’s final fee model and custody design.
Yet early signs point to significant competitive pressure ahead, especially for exchanges depending on retail trading spreads.
Michael Saylor is once again at the center of Crypto Twitter’s scrutiny after new regulatory filings revealed that Strategy (formerly MicroStrategy) recently spent $27 million on a deposit for a corporate aircraft.
The disclosure has fueled a wave of criticism from users who argue that the purchase reflects misplaced priorities during a period of sharp volatility for both Bitcoin and Strategy’s stock.
According to MicroStrategy’s Form 10Q filed on November 3, the company’s net cash used in investing activities rose sharply year-over-year.
The filing revealed that for the nine months ending on September 30, Strategy made a $27 million deposit on a new corporate aircraft.
It also disclosed $19.38 billion in Bitcoin purchases funded through convertible notes, stock offerings across its STR series, and ongoing ATM programs.
Despite $MSTR being down 55% in the last year, @saylor needs a new jet.
The 10Q notes two major cash uses of cash in their investing activities
Although companies often use corporate funds for executive travel, critics argued that the context is especially important for Strategy.
The firm no longer resembles a traditional product-driven software company. Instead, it functions as a vehicle tied to Bitcoin’s volatile price movements.
With MSTR down about 30% over the past month, some investors questioned whether a multimillion-dollar aircraft aligns with its stated Bitcoin-first strategy.
Investor Confidence Tested
Crypto Twitter reacted sharply, arguing that shareholder capital should focus on increasing the firm’s Bitcoin position rather than expanding executive privileges.
Users expressed frustration that the jet deposit came alongside billions in financing tied directly to new equity issuances. Others suggested the timing of the purchase undermined confidence in the company’s alignment with its retail investor base.
Strategy supporters countered that corporate aircraft are common for firms with global operations and high-volume executive travel requirements. They also noted that the $27 million deposit represents a small fraction of the capital committed to Bitcoin accumulation during the same nine-month period.
Ok you named companies that actually have real product and services, and extremely profitable.
Michael Saylor and Strategy are on the verge of bankruptcy, facing major losses from BTC, and about to be forced to sell.
Maybe use your brain for once instead of relying on AI.
Still, the dispute reflects a broader disagreement over how a Bitcoin-focused public company should balance its operational needs with public optics.
As Bitcoin continues to fluctuate, the episode highlighted how closely Saylor’s decisions are tied to market sentiment, especially during periods of heightened volatility.
The debate also revealed how investor expectations shift when a company positions itself almost entirely around a single macro-sensitive asset.
In crypto, perhaps being early can really pay off. This sure seems to be the case for Ripple Labs, the San Francisco-based blockchain firm that is now worth over $40 billion.
And after years of tangling with the SEC, the company is experiencing much fairer weather in the regulatory climate with Trump in charge. Since the US presidential election, the price of XRP, the altcoin Ripple launched way back in 2012, has stayed above a $2 price point not seen since the blockchain bull run of 2017.
But is there an actual use case for XRP?
The XRP Payments Corridor
Hedy Wang, CEO of crypto liquidity provider Block Street, says Ripple’s foothold in America may grow now, but it already has traction in other parts of the world, too.
“In the US it’s been more constrained because of the whole SEC saga, so interest skewed retail and offshore venues,” Wang told BeInCrypto. “Historically you see decent XRP traction in Japan, parts of East Asia, and some remittance-heavy corridors like the Philippines or Latin America via partners.”
What can’t be denied is that investors have been grabbing up XRP over the past year. Since Trump was elected in November 2024, the price of XRP has gone from $0.50 to $2.15, a 330% increase.
The price performance of XRP since November 2024. Source: CoinGecko
“Bitcoin is viewed as ‘digital gold’, Ethereum is known for smart contracts,” noted certified public accountant Gregory Monaco, who runs an eponymous CPA firm. “XRP gets its value from cross-border payments.”
Monaco pointed to Ripple’s 300 financial partners in 45 countries and $15 billion in annual cross-border payments as key indicators of its use case.
It’s possible, then, that a company behind a cryptocurrency, like Ripple, can put in the real manpower and work to achieve an important payments corridor.
“If Ripple keeps stacking licenses and bank/fintech integrations, XRP can survive as niche financial plumbing,” added Block Street’s Wang.
Cross-Border Is Not So Simple
The term “cross-border payments” may sound like a lot of corporate jargon. But ask anyone who has sent money from one country to others, and it is obvious this is a problematic process. It can be slow. It can be expensive.
Additionally, currency exchanges are required. Cryptocurrencies like XRP are borderless, global, and cheap. There’s value in reducing TradFi’s reliance on regular payment systems.
Working at Airbnb helped Coinbase’s Armstrong understand cross-border payments. Source: X
Still, ‘hopium’ alone doesn’t necessarily mean that XRP’s valuation is that closely tied to its payments use case, noted Paul Holmes, a researcher at BrokerListings.
“XRP is still heavily a speculative asset,” Holmes told BeInCrypto. “With crypto as a whole, the valuation isn’t supported by its own income stream, so it’s a function of liquidity production and reallocation from other stores of value.”
It may be that crypto investors and OG whales are simply accumulating more XRP because Ripple Labs, as the largest contributor to the cryptocurrency, appears to be a fairly well-performing crypto firm.
Recently, UK-based CoinShares backed away from launching a US XRP ETF product, which likely would have increased demand from investors who stick to the public markets.
“CoinShares likely walked away because the SEC isn’t giving XRP regulatory clarity that it’s ETF-ready,” said BrokerListings’ Holmes.
It’s important to keep in mind that CoinShares also decided not to launch ETFs on Solana or Litecoin either, so it’s not just XRP that there’s some hesitancy from them to launch these crypto-backed products.
“XRP is already being used to move value between currencies, stablecoins, and across the growing set of tokenized financial assets on the network,” said Raquel Amanda, Senior Communications Lead for Ripple. “As the ecosystem grows, the need for fast and neutral settlement increases, and we see XRP naturally continuing to fill that role.”
CoinGecko’s data pegs the price of XRP appreciating by over 36,000% since it was first listed on exchanges starting August 3, 2013.
All-time price performance data for the XRP cryptocurrency. Source: CoinGecko
The irony of a speculative asset being used for payment isn’t lost on BrokerListings’ Homes, however.
“On-chain activity shows that there are 50-55 million XRP transactions per month, and a majority of those are payments,” he noted. “At the same time, XRP is still used as a speculative asset for many rather than utility and can’t be expected to be a reliable store of value.”
A Rip to the Moon?
While it may seem confusing to use a volatile asset like XRP as a payment rail, it’s important to remember that many cryptocurrencies, like XRP, are highly divisible and fast.
XRP is essentially ‘programmable money.’ Code can be implemented to use XRP in its required amounts based on its current trading price.
And for high-end institutional payments, which is what XRP is used for, it doesn’t really matter what the back-end looks like as long as money reaches its destination.
While stablecoins may be popular for consumer use and trading, XRP serves as a sort of logistical money mover for companies that need to transfer value globally.
This would explain why, according to the CPA Monaco, 58% of activity on the network comes from just ten wallets.
That use case, in addition to Ripple Labs’ now-dropped fight with SEC, is likely the reasoning for a bullish narrative.
A listing of already-live XRP ETF products on the public markets.
In May 2025, Ripple Labs agreed to a $50 million satisfaction of judgment in its dispute with the SEC, ending a years-long quagmire that likely stymied XRP for some time.
And XRP doesn’t necessarily need a CoinShares ETF, as there are already nine live products on the market with total Assets Under Management (AUM) of $1.1 billion.
So yeah, the XRP Army, which is what fervent investors in the chain like to call themselves, sees a lot of reasons to be hopeful for the future and a lot less risk to the downside – more than ever before.
Bitcoin continues to trade near $92,000 after this week’s rebound, yet a growing cluster of on-chain indicators now suggests the market has already slipped into a bearish cycle.
This stands in sharp contrast to recent predictions from market leaders like Tom Lee and Arthur Hayes, who argue Bitcoin could still close the year significantly higher.
Bullish Predictions Clash With Data
Lee recently softened his earlier $250,000 target and now expects Bitcoin to remain above $100,000 into year-end.
CryptoQuant’s Bull Score Signals composite shows why. During previous bull phases, including late 2023 and early 2025, the model displayed broad green conditions across valuation, demand growth, network activity, and stablecoin liquidity.
Since mid-2025, these components have turned consistently red. MVRV Z-score has flipped into overheated territory, network activity has weakened, and stablecoin buying power has declined.
The pattern resembles the early stages of the 2022 downturn rather than a continuation of the 2025 rally.
Also, the Bull Score Index, offers a more granular view. Bitcoin spent the first half of 2025 in bullish territory with readings above 60.
By late August, the score began falling sharply, dropping below 40 in October and remaining flat through November despite short-term price volatility.
The latest reading sits in the 20–30 range, deep within bearish conditions. The bounce from last week’s lows has done little to shift the underlying cycle signals.
Bitcoin Bull Score Index
Another, the Bull Score mapped to price, reinforces this view. The model has transitioned from green “extra bullish” signals earlier this year to persistent red “bearish” and “extra bearish” readings across September, October, and November.
Even the recent recovery toward $92,000 is categorized as a bearish-zone rally, mirroring distribution phases seen in previous cycle tops.
Bitcoin Bull Score Index – Mapped to Price
Momentum Metrics Strengthen the Bitcoin Bearish Case
Market momentum indicators now echo the same cycle shift. RSI remains neutral around 50, signalling a lack of conviction behind this week’s advance.
While MACD recently flipped positive, the histogram already shows weakening amplitude. This indicates the move lacks sustained momentum.
Additional signals deepen the caution. Short-term RSI spikes above 70 in recent days failed to hold, showing sellers remain active during every attempt at a breakout. CMF’s inability to return to positive territory highlights ongoing distribution rather than accumulation.
Meanwhile, MACD’s fragile crossover mirrors conditions seen during past bear market rallies, where momentum improves briefly before rolling over.
Taken together, on-chain, liquidity, and momentum indicators point to a structural shift into a bearish cycle.
If Strategy holds its 650K BTC this cycle (or sells only a little), we would not see another -65% drawdown like in 2022.
We are about -25% from ATH now, and even if a bear cycle comes, the downside would likely be smaller and look more like a broad sideways range.
While Tom Lee and Arthur Hayes argue that Bitcoin could regain its earlier strength, current market data suggests the opposite.
Unless stablecoin liquidity, network activity, and demand growth rebound decisively, Bitcoin’s recent recovery is more likely a temporary bounce than the beginning of a new upside phase.
A lawsuit against Binance is testing the extent to which crypto platforms can be held liable for real-world harm. Filed by families of victims of the October 2023 attacks against Israel, it arrives amid continued backlash over the recent presidential pardon of founder Changpeng Zhao (CZ).
More than a new legal headache, the lawsuit is being watched as a potential blueprint for a shift from regulatory fines to high-stakes private liability tied to terrorism financing.
Terror Financing Claims Hit Binance
The case, brought by more than 70 families in a US federal court last week, accuses Binance of knowingly enabling transactions for Hamas, Hezbollah, Iran’s Islamic Revolutionary Guard Corps, and other US-designated terrorist groups.
The plaintiffs, mostly relatives of those killed or injured in the October 7 attacks, argue Binance was not merely exploited. They say the platform structurally enabled terrorist financing at scale.
“For years, Defendants knowingly, willfully, and systematically assisted Hamas… and other terrorist groups to transfer and conceal the equivalent of hundreds of millions of US dollars through the Binance platform in support of their terrorist activities. This assistance directly and materially contributed to the October 7 Attacks and to subsequent terrorist attacks,” read the complaint.
Earlier government investigations have focused on Binance’s anti-money laundering failures. However, this lawsuit reframes the narrative, arguing that CZ’s stewardship of the platform has systemically contributed to real-world violence.
The lawsuit also arrives at a consequential moment for the company.
Just posted: the pardon that Trump issued to @cz_binance on Tuesday.
It wipes away CZ's conviction for failing to maintain an effective anti-money laundering program, which prosecutors said allowed Hamas, Al Qaeda & ISIS to move money using @binance. https://t.co/ptbRCzxhd3pic.twitter.com/1B9tKnZG6P
The case also arises two years after Binance’s 2023 settlement with US authorities, which included a $4.3 billion penalty. The company admitted to violating the Bank Secrecy Act and US sanctions laws. CZ pleaded guilty, stepped down as CEO, and served a four-month prison sentence.
While CZ’s pardon suggested Binance was in the clear, the lawsuit shows neither he nor the company is insulated from civil liability.
Despite Criminal Leniency, Civil Claims Intensify
The families’ lawsuit builds on facts already established by US criminal enforcement, giving the plaintiffs a strong legal foundation.
Because Binance has already admitted to sweeping violations of the Bank Secrecy Act and US sanctions laws, the burden of proof is significantly lower. The families argue Binance embedded these flaws in its core operations, not in isolated compliance failures.
Rather than leaning on broad allegations, the complaint reportedly names specific wallets, laundering intermediaries, and transaction flows tied to designated terrorist groups.
In its structure, the case closely mirrors the way federal prosecutors assemble complex criminal indictments. The difference is that this same evidentiary framework is now being deployed by private plaintiffs under US anti-terrorism statutes.
Those laws allow victims of terrorism to pursue civil damages against entities accused of providing material support, even indirectly. This legal pathway transforms Binance’s past regulatory violations into the foundation of a potentially massive civil liability case.
For years, crypto enforcement followed a cycle: regulators investigated, companies paid fines, executives stepped aside, and markets moved on. Civil litigation tied directly to terrorism financing breaks that rhythm.
Unlike regulatory settlements, which cap financial exposure and close legal chapters, terror-related civil cases can involve multiplied damages and years of continuing risk.
A New Enforcement Class?
For the crypto industry, the implications extend far beyond one exchange or one courtroom. If the case survives early dismissal and proceeds to discovery, it could lead to new scrutiny of how centralized platforms monitor, flag, and freeze high-risk activity.
More significantly, a win for the families could establish that private plaintiffs—not just regulators—now pose one of the most serious financial threats to crypto businesses.
In that scenario, compliance failures would no longer result in fines alone. They would become long-tail liabilities that follow platforms for years to come.
Ethereum price has climbed over 13% since December 1, helped by a broader market recovery and growing optimism ahead of today’s Fusaka upgrade, which improves how efficiently the network processes transactions. ETH is still down more than 17% over the past month, but the recent bounce and several technical signals look similar to what happened just before the Pectra upgrade in May 2025, when Ethereum rallied 56% in seven days.
The question now is simple: can Fusaka trigger that kind of move again?
Conditions Look Similar to Pectra — And Big Buyers Are Returning
During the Pectra phase (May 6–13), Ethereum surged 56% after flashing standard bullish divergence. That pattern occurs when price makes a lower low, but RSI (Relative Strength Index, a momentum meter from 0–100) makes a higher low. It often signals that sellers are losing control even as the chart still looks weak. More of a trend reversal.
P.S.: The Pectra upgrade dropped on May 7, 2025.
The same setup is forming now.
Between November 4 and December 1, ETH made a lower low, but RSI formed a higher low. That mirrors the exact structure that appeared before the Pectra move.
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The number of Ethereum addresses holding at least $1 million has risen from 13,322 to 13,945, a 4.68% increase. Since each wallet holds a minimum of $1 million, this reflects at least $623 million in added capital entering the network’s top tier of holders. Big buyers entering ahead of a major technical upgrade is historically a constructive sign.
Together, the divergence pattern and fresh large-wallet inflows build a case that Fusaka could act as a catalyst — if the key breakout level is cleared.
One Cost-Basis Cluster and One Ethereum Price Level Decide Everything
Whether ETH shows a Pectra-style extension depends on clearing a single supply wall. Glassnode’s Cost Basis Distribution reveals the heaviest near-term supply cluster between $3,154 and $3,179, where about 2.76 million ETH sits. This aligns almost perfectly with the chart’s resistance at $3,166 (a strong resistance and support line).
• show buyers have almost absorbed the largest supply zone
• open room for a push toward $3,653
If momentum mirrors the Pectra structure, a 56% extension from December’s lows would target roughly $4,262, which also matches a strong historical ceiling.
On the downside, ETH’s structure weakens below $2,996. Losing that range exposes $2,873, and if selling pressure expands, $2,618 becomes the deeper support to watch for the Ethereum price.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to read how the Bitcoin mining sector is changing. Skyrocketing costs, collapsing fees, and the rise of AI are forcing miners to rethink their playbook, turning once-stable operations into a battleground for next-generation compute power.
Crypto News of the Day: AI Takes Over Bitcoin Mining Racks as Costs Explode and Profitability Craters
The CoinShares Bitcoin Mining Report Q4 2025 reported that the sector has hit its breaking point. Production costs have surged to all-time highs, hash price has collapsed, and artificial intelligence (AI) is now outbidding miners for their own infrastructure, triggering the most dramatic structural shift the sector has ever faced.
The industry entered Q2 2025 with a brutal new reality:
The average cash cost to mine one BTC among public miners jumped to approximately $74,600,
All-in costs soared to $137,800.
Transaction fees, once a buffer for miner revenue, fell below 1% of block rewards in May and June, the weakest contribution since the 2024 halving.
Yet even as margins collapsed, the Bitcoin network continued to climb, smashing through 1 Zetta hash/s for the first time in August.
Public miners contributed only about 80 EH/s of year-to-date growth, meaning most of the expansion is now coming from private operators, sovereign miners, and well-capitalized energy players with vastly cheaper power.
The result: miners are being diluted by hashrate growth they are no longer driving.
AI Moves In — And It Pays 10–20× More Per Megawatt
A far bigger disruption is unfolding at the infrastructure level. Industrial-scale mining campuses, comprising 100MW to 1GW sites, share nearly identical power, cooling, and rack density requirements with modern AI datacenters.
That overlap has turned mining facilities into prime targets for hyperscalers.
The math explains why. Bitcoin mining yields roughly $1 million per megawatt, while AI compute generates $10 million to $20 million per megawatt.
No miner can ignore that spread.
Industry Splits: AI Megacampuses vs. Mobile, Ultra-Low-Cost Miners
The sector is now diverging into two clear models:
1. Megascale miners → fully or partially converting to AI/HPC
These facilities can upgrade their electrical topology and uptime standards to meet enterprise requirements. They’re signing decade-long contracts and shifting from volatile block rewards to stable, capacity-based revenue.
2. Low-cost, mobile miners → shifting to stranded energy
Miners unable to compete with AI are moving off-grid: flare gas, remote hydro, and surplus renewables. Portable rigs are being deployed everywhere cheap energy exists, echoing mining’s early decentralized roots.
This migration marks a long-term reshaping of the industry, and not a temporary cycle.
According to a CoinShares report:
Hashprice averaged approximately $50 per PH/s/day throughout Q2, continuing its post-halving slide.
XRP is attempting a strong recovery after last week’s decline, with the altcoin posting an 8% rise in the past 24 hours.
The broader market’s positive shift is helping XRP regain momentum, but the real catalyst appears to be renewed confidence from large investors. This surge in whale activity could position XRP for a retest of multi-week highs.
XRP Whales Rescue The Altcoin
Whale buying has intensified as XRP approached the $2.00 psychological level earlier this week. On-chain data shows that wallets holding between 100 million and 1 billion XRP collectively accumulated 620 million XRP in just a few days. At current prices, this accumulation is worth more than $1.36 billion.
Such aggressive buying at discounted levels indicates that whales are positioning for a potential rebound and view the recent dip as a buying opportunity rather than a trend reversal. Their renewed confidence signals that the upside potential outweighs the short-term volatility.
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The macro backdrop for XRP is also showing marked improvement. The HODLer Net Position Change — an indicator tracking movements among long-term holders — is flashing bullish for the first time since mid-October. The metric has shifted back into positive territory, signaling that LTHs have stopped selling and are once again accumulating.
Support from long-term holders is critical for maintaining price floors during periods of market uncertainty. Their return provides XRP with a more stable base and reduces the likelihood of major downside moves, priming the asset for sustained recovery should broader market conditions remain favorable.
XRP is trading at $2.20 at the time of writing, up 8% in 24 hours after bouncing cleanly from the $2.00 intra-day low. The rebound from this key psychological level reinforces bullish sentiment and aligns with heavy whale accumulation.
Holding $2.20 as support places XRP in a strong position to target $2.36 next. If XRP manages to break this resistance, the altcoin could climb toward $2.50 and log its highest price in three weeks. Whale buying and LTH support make this scenario increasingly realistic.
However, failure to maintain investor confidence could still introduce downside risk. If selling pressure increases, XRP may slip back to the $2.02 support level. This would invalidate the bullish setup and erase recent gains.
PENGU rallied over 30% in early December 2025 following news of a major collaboration between Pudgy Penguins and the National Hockey League (NHL) for the 2026 Discover NHL Winter Classic.
Despite the price jump, on-chain data shows persistent transfers of PENGU from the project’s deployment address to centralized exchanges. This trend has sparked debate about the sustainability of PENGU’s recovery.
NHL Partnership Sparks PENGU Rally
PENGU, the Pudgy Penguins community token, experienced a notable surge during the first week of December. It has increased by almost 30% in the last 24 hours, trading at $0.01246 as of this writing.
The partnership spans December through January, beginning with activations at Art Week Miami. The campaign, supported by an animated video of cartoon penguins skating across an ice rink, reflects the brand’s broader push into mainstream entertainment.
Once known primarily as an NFT collection, Pudgy Penguins has expanded into toys, physical events, and global licensing, now aiming to “own winter” through sports tie-ins.
The partnership reignited enthusiasm in the token. DEX trading volume for PENGU reached its monthly high in early December, as noted by Solscan. This surge reflected increased activity from traders responding to the partnership news.
Bullish sentiment received further support from whale accumulation. In late November, large investors acquired about $273,000 in PENGU, buying at nearly three times their average volume. Smart money inflows tracked $1.3 million from new addresses in early November.
At the same time, Bitso Exchange, the leading Latin American crypto exchange, announced a Q1 2026 launch of a perpetuals aggregator, featuring PENGU as a primary asset. This move targets the region’s $1.37 trillion remittance market.
$PENGU is there still hope ? after experiencing a pump of +35% blueprint of pengu with a potential increase of +359% to ATH$PENGU is the official community token of Pudgy Penguins, a web3 entertainment brand based on 8,888 unique NFTs launched on Ethereum in 2021 Acquired by… pic.twitter.com/kBIb0JPgtH
However, with hype building around Pudgy Penguins’ new NHL partnership, traders now face a sharp contrast between bullish momentum and uneasy sell-pressure signals.
On-Chain Analysis: Selling Pressure Persists
Although price action turned positive, blockchain data identified ongoing token transfers. The PENGU deployment address has routinely moved about $3 million in tokens to centralized exchanges every few days.
On-chain analyst EmberCN reported that these transfers have continued, with the latest seen in early December.
“The most recent transfer was in the early hours of this morning,” they wrote.
Since mid-July, the address moved 3.881 billion PENGU tokens, worth $108 million, to centralized exchanges. This activity tracked directly with the decline in PENGU’s price, which fell from its $0.04 second peak to roughly $0.01.
Regular outflows from the project’s core wallet suggest ongoing selling or strategic distribution, challenging recent price gains.
PENGU price decline correlates with on-chain transfers to exchanges / EmberCN
Such token movements often prepare for sales or liquidity. In the PENGU ecosystem, however, the scale and sustained pace suggests ongoing distribution rather than routine liquidity management.
This dynamic creates tension between positive news, such as the NHL partnership, and continued selling from unlocked team or ecosystem tokens.
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XRP, while being one of the largest crypto assets by market cap, does not have any native staking or yield opportunities. Firelight aims to add a new layer of value for XRP by providing a staking layer that utilizes the staked XRP for providing on-chain cover. This cover can be contracted by DeFi protocols in order to safeguard asset value in case of hacks and exploits.
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Firelight, incubated by Sentora and backed by Flare, utilizes Flare’s FAssets to bring XRP into the protocol. Unlike many generic bridges, FAssets is fully decentralized, and extensively audited, providing a robust on/off-ramp for XRP into DeFi.
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Firelight will launch across two phases. In the launch phase, XRP holders can deposit XRP and receive stXRP, a 1:1 fully backed, ERC-20 compliant liquid vault token.
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In Phase 2, staking will back DeFi cover. ensuring a high-impact use-case with real demand to provide rewards for stakers. This will be the sole purpose of the protocol; capital deployed on Firelight will be allocated to this DeFi cover mechanism.
Backed by Industry Leaders
Sentora, as the technical service provider, and Flare Network, as the protocol enabling the creation of FAssets (e.g., FXRP), are the primary contributors to Firelight. Both organizations are backed by Ripple and share a mission to expand XRP’s role in DeFi. Their combined expertise in secure interoperability, protocol design, and network operations provides Firelight with deep technical support and a clear path for long-term ecosystem growth—so XRP holders and developers can build, secure, and scale real-world applications with confidence.
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