• Ethereum’s post-Fusaka landscape is showing mixed price action. While BlackRock continues to unload ETH ETF positions, Grayscale and Fidelity have collectively accumulated nearly $78M in Ethereum. Overall sentiment remains bullish, especially as the upgrade opens a new path for smart accounts and broader account abstraction use cases.

• Not all signals are positive, some headlines point to rising market risk. American Bitcoin Corporation collapsed 51% in just 26 minutes, while Trump-linked crypto assets dropped nearly 75%, wiping out around $1 billion. It’s not a major figure for the U.S., but it’s a reminder that sudden shocks can still shake pockets of the market.

• Bitcoin miners are now operating below profitability. Daily operational costs sit around ~$44/PH/day, while miner revenue has fallen to the ~$35–40/PH/day range, forcing some miners to shut off their rigs. This is reigniting the debate: “Is it smarter to buy Bitcoin directly rather than mine it, especially as weaker miners exit?”

• Several upcoming catalysts could reshape the next week. Solana Breakpoint kicks off in Abu Dhabi with major announcements expected from The Graph and Pyth Network. Meanwhile, Bitcoin MENA runs from December 8–12, Optimism’s fee-reducing upgrade goes live on December 9, and Jupiter’s Launchpad opens December 3 with the $WET launch and first-day Coinbase listing scheduled for December 9.

• The Bitcoin ecosystem is entering a new phase of development. Historically limited to simple transfers and value storage with Lightning as the only notable L2 Bitcoin is now seeing real Layer-2 momentum. Spark Network aims to bring multichain liquidity to Bitcoin by connecting the Solana ecosystem, while Flashnet is building a Bitcoin L2 designed for token issuance and multi-token launches.

• Dubai’s crypto scene is heating up ahead of Bitcoin MENA. The city’s most active event at the moment is Binance Blockchain Week, where Yi He

• After a sharp drop, Bitcoin quickly recovered back to the $90,000 range. BlackRock ETFs saw $400M in inflows today, but November recorded a total of $2.5B in outflows.

• Ethereum’s Fusaka upgrade goes live today. It lets nodes verify small data chunks without storing everything, cutting L2 fees and raising the block gas limit by 33% to 60 million.

• Polymarket and Kalshi were listed in Coinbase’s “projects expected to attract investment in 2026.” Kalshi is active on Solana and distributing $2M in grants to developers, while Polymarket hit $10B in volume and became the top sports app.

• MicroStrategy shifted strategy, creating a $1.5B USDT fund and stating for the first time that they may consider selling Bitcoin if MSTR trades below NAV.

• The Fed’s rate decision is expected this month, and Coinbase data suggests rising odds of a rate cut. Meanwhile, the UK passed a law officially classifying crypto assets as personal property.

• December will be packed with presales; tomorrow HumidiFi’s $WET sale launches on Jupiter’s first launchpad. On Sonar, the first presale uses a Protection Vault—if the price drops below presale levels, users earn $HYPE and $HAR.

• With Vanguard entering the space, 50 million customers will gain access to BTC and ETH ETFs for the first time, intensifying the battle among major U.S. fund managers.

That’s today’s agenda; with Vanguard stepping in, a new power struggle is emerging among major U.S. asset managers in crypto. As competition accelerates, staying resilient in this market is becoming more critical than ever. Thank you for reading. Hope to see you next time.