• Bitcoin’s $100k crucible – BTC rocketed to $114.6 K in Q3 as Fed rate cuts and geopolitics turned it into a macro hedge . JPMorgan boosted BTC holdings by 64 % and MicroStrategy amassed a $70 B reserve , signalling institutional conviction. Today’s 50/200‑day “death cross” near $100k – historically a local bottom that precedes rallies – has whales buying the dip while fear gnaws at weak hands.

• Ethereum’s Fusaka countdown – On 3 Dec 2025, ETH activates Fusaka, a scaling bet that expands data capacity 8×, uses PeerDAS sampling and bolsters DoS defenses. New EIPs set blob fees and introduce features like pre‑confirmations and P‑256 signatures. Institutions already front‑ran the upgrade; ETH has surged 66 % to $5 K and Standard Chartered sees $8 K next year

• DeFi’s renaissance – DeFi total value locked jumped 40.2 % in Q3 to $161 B, with BTC‑based DeFi (BTCFi) up 2,700 % year‑over‑year . After an early‑2025 crash wiped out 67 %+ from DeFi tokens , institutions used high‑yield platforms (GMX, EigenLayer) to compound returns of 30–120 % APY . Value investors are dollar‑cost‑averaging and farming yield, swapping panic for opportunity.

• Stablecoin drama – America’s long‑awaited GENIUS Act stumbled in the Senate; only 49 senators backed it, far short of the 60 needed . Democrats balked at Trump’s crypto ventures and demanded stricter anti‑money‑laundering rules , leaving U.S. stablecoin policy in limbo just as Hong Kong and the EU race ahead. The regulatory void adds volatility but also clears space for offshore innovations.

• Tokenization goes mainstream – On 6 Nov 2025, Franklin Templeton launched Hong Kong’s first tokenized money‑market fund; shares are gBENJI tokens on a blockchain . The fund is the first project under HK’s “Fintech 2030” plan, which focuses on Data, AI, Resilience & Tokenization (DART) . Analysts expect the tokenization market to explode from $0.6 T in 2025 to $18.9 T by 2033 , drawing Wall Street giants into real‑world asset tokenization.

• Altcoins steal the show – ETH isn’t alone. Solana gained 35 % in Q3 thanks to 0.15‑second transactions and a $1.65 B treasury , while XRP exploded 347 % YTD after regulatory clarity and the RLUSD stablecoin . Chainlink’s deals with UBS and JPMorgan position it as the oracle backbone of TradFi–crypto integration . This alt surge injects fresh narrative gravity beyond Bitcoin.

• Miners morph into AI providers – Bitcoin miners are retooling as AI infrastructure hubs because the cheap power, land and cooling used for PoW mining match AI’s hunger for GPUs . Bitdeer disclosed $8 M in September AI revenue, 584 GPUs at 86 % utilisation and plans to more than double to 1,160 GPUs and >200 MW of AI compute by 2026 . A carbon‑free partnership in Bhutan hints at sovereign, energy‑anchored compute zones

L AI‑native tokens rise – Projects like Bittensor (TAO), FET (ASI), Internet Computer (ICP), Render (RNDR) and NEAR are creating decentralized AI infrastructure. They enable machine‑learning models to collaborate and earn rewards, host AI apps on‑chain, provide decentralized GPU rendering and embed AI into smart‑contract tooling . These tokens sit at the intersection of AI and crypto, powering autonomous agents, data indexing and decentralized storage .

• Macro & astro catalysts – November’s 50/200‑day death cross near $100K historically marks cycle bottoms; prior events saw BTC drop only 3.2 % before rallying . Traders are even watching moon phases – first‑quarter moons often precede rallies . Combined with the 2024 halving and a dovish Fed, the stage is set for a multi‑year supply shock .

• Institutional & regulatory tailwinds – The SEC is reviewing altcoin ETFs while ETH’s deflationary model beckons big money . Franklin Templeton’s tokenized fund, Hong Kong’s Fintech 2030 plan and Asia’s spot ETFs show global regulators racing to build compliant liquidity channels . JPMorgan and MicroStrategy’s enormous BTC positions highlight that crypto is shifting from speculative toy to strategic reserve