• 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.