Written by Omkar Godbole (all times Eastern Time unless otherwise noted)
Move cryptocurrencies and USD pairs. as bitcoin BTC$92,864.00 And with the broader market consolidating on the recent rally, it may be an ideal time to focus on cross-pairs, specifically the Ether to Bitcoin (ETH/BTC) ratio.
ether Ethereum$3,179.71 Although up more than 4% in the past 24 hours and approaching $3,200, Bitcoin BTC$92,864.00 There is little change above $93,000. The CoinDesk 20 index and CoinDesk 80 index rose about 1%.
Ether momentum pushed the ETH/BTC ratio up 4%, confirming a bullish technical breakout above the downtrend line from the August high. This pattern, which we discussed in the technical analysis section, indicates that a bull run in Ether against BTC is imminent.
This outlook is strengthened by positive fundamental developments, including the Fusaka upgrade that was rolled out on Wednesday. This upgrade increases blob capacity and makes it more efficient.
The changes “improve Ethereum’s Layer 1 execution capabilities through EIP-7935, increasing the protocol’s default gas limit to 60M,” Coinmetrics said. “This directly increases the number of transactions that fit into a block, increasing throughput, reducing congestion, and lowering gas prices.”
It’s no wonder that analysts like BRN’s Timothy Misil are calling this upgrade a tailwind for Ether.
“Network growth reached 190,000 new addresses in one day, demonstrating true organic expansion post-Fusaka,” Misir said in an email, pointing to new active ETH accumulation by wallets holding between 1,000 and 10,000 ETH.
In other bullish news, the US-listed Spot Ether ETF attracted $140 million in investor funds on Wednesday. The XRP fund had inflows of $50 million, while BTC and SOL ETFs recorded outflows.
PayPal’s stablecoin PYUSD has grown over 36% over the past month, becoming the sixth largest stablecoin.
In traditional markets, debate raged over the potential impact of rising Japanese government bond yields on risk assets. Dutch investment bank ING has warned that the yield on 10-year US government bonds could rise. Be alert!
More information: For an analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today.
what to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptography
- macro
- December 4th, 7am: Brazil’s third quarter GDP growth rate. Expected 0.2% compared to the previous quarter and 1.7% compared to the previous year.
- Dec. 4, 8:30 a.m.: Estimated number of new U.S. unemployment insurance claims for the week ending Nov. 29. The estimated number of unemployment insurance claims for the week ending Nov. 22 is 220,000. 1960K.
- December 4, 12:00 p.m.: Michelle W. Bowman, Vice Chair of the Board of Governors of the Federal Reserve System, will speak on “Bank Supervision and Regulation.”
- December 4th, 2:00pm to 4:00pm: Panel discussion on “Equity Tokenization” at US SEC Investor Advisory Committee meeting.
- December 4-5: 23rd India-Russia Annual Summit. Russian President Vladimir Putin is visiting New Delhi to meet with Indian Prime Minister Narendra Modi.
- revenue (estimated based on FactSet data)
token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- The Arbitrum DAO is voting to select the final three members of the AGV Council for 2026 from among six candidates. Voting ends on December 4th.
- The Rootstock Collective is voting to establish and expand the Rootstock (RSK) community in Ghana. The initiative focuses on accelerating the adoption of Bitcoin sidechains by onboarding new users and training local developers. Voting ends on December 4th.
- unlock
- Activate token
- December 4: Alpha Partners’ cross-chain bridge and decentralized exchange goes live.
conference
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Day 3 of 3: FT’s Global Banking Summit (London)
- Day 2: Binance Blockchain Week 2025 (Dubai)
- Day 1 of 2: Milken Institute Middle East and Africa Summit 2025 (Abu Dhabi)
market movements
- BTC has fallen -0.44% to $93,325.36 as of 4:00 PM ET on Wednesday (24h: +0.24%).
- ETH rose 0.93% to $3,194.78 (24 hours: +3.84%)
- CoinDesk 20 fell 0.55% to 3,017.58 (24h: +0.95%)
- Ether CESR overall staking rate increased by 1bps to 2.85%
- BTC funding rate is 0.0078% (8.5728% p.a.) on Binance.
- DXY remains unchanged at 98.86
- Gold futures unchanged at $4,231.00
- Silver futures fell 1.16% to $57.94.
- The Nikkei 225 rose 2.33% to close at 51,028.42.
- The Hang Seng rose 0.68% to close at 25,935.90.
- FTSE unchanged at 9,692.43
- The Euro Stoxx 50 rose 0.39% to 5,717.01.
- The DJIA rose 0.86% to close at 47,882.90 on Wednesday.
- The S&P 500 rose 0.30% to close at 6,849.72.
- The Nasdaq Composite Index rose 0.17% to end at 23,454.09.
- The S&P/TSX Composite rose 0.36% to end at 31,160.54.
- The S&P 40 Latin America index rose 0.2% to end at 3,216.12.
- US 10-year government bond interest rate rose 2.1bps to 4.079%
- E-mini S&P 500 futures unchanged at 6,864.75
- E-mini Nasdaq 100 futures unchanged 2% at 25,662.25
- E-mini Dow Jones Industrial Average futures unchanged at 47,994.00
bitcoin statistics
- BTC Dominance: 59.33% (+0.09%)
- Ether to Bitcoin ratio: 0.03419 (0.18%)
- Hashrate (7-day moving average): 1,047 EH/s
- Hash Price (Spot): $39.66
- Total fees: 3.56 BTC / $331,173
- CME futures open interest: 122,040 BTC
- BTC Gold Price: 22.2oz
- BTC vs. Gold Market Cap: 6.24%
technical analysis
Daily chart of ETH/BTC in candlestick format. (Trading View)
- The chart shows the daily fluctuations of the Ether to Bitcoin (ETH/BTC) ratio in candlestick format.
- This ratio indicates that Ether has broken out of the descending channel and will outperform going forward.
crypto assets
- Coinbase Global (COIN): Wednesday’s closing price was $276.92 (+5.19%), pre-market was $277.56, +0.23%.
- Circle (CRCL): $86.29 (+11.43%), +0.15% to end at $130.04
- Galaxy Digital (GLXY): $27.05 (+6.66%), +0.37% to end at $27.15
- Bullish (BLSH): $46.37 (+7.69%), -0.15% to close at $46.30
- MARA Holdings (MARA): $12.47 (+4.7%), +0.24% to close at $12.50
- Riot Platform (RIOT): $15.64 (+2.76%), +0.32% to close at $15.69.
- Core Scientific (CORZ): $16.55 (+4.61%), -0.36% to close at $16.49.
- CleanSpark (CLSK): $14.49 (+5.69%), -0.14% to close at $14.47
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): $45.47 (+4.10%), -0.99% ending at $45.02
- Exodus Movement (EXOD): Ended unchanged pre-market at $14.33 (-1.04%)
crypto asset company
- Strategy (MSTR): $188.39 (+3.89%), +0.21% to end at $188.78
- Semler Scientific (SMLR): Closed at $20.44 (+2.3%)
- SharpLink Gaming (SBET): $10.59 (+6.22%), +0.94% to end at $10.69
- Upexi (UPXI): $2.91 (+0.52%), -5.32% to close at $7.66
- Light Strategy (LITS: Closed at $1.76 (-2.22%), -2.27% at $1.72
ETF flow
Spot BTC ETF
- Daily net flow: -$14.9 million
- Cumulative net flow: $57.74 billion
- Total BTC holdings ~1.31 million
Spot ETH ETF
- Daily net flow: $140.2 million
- Cumulative net flow: $13.02 billion
- Total ETH holdings ~6.24 million
Source: Farside Investors
while you were sleeping
- Citadel challenges DeFi framework in letter to SEC, stokes industry anger (CoinDesk): Citadel Securities says some DeFi platforms are akin to broker-dealers, urges formal rulemaking, and warns that unequal regulation of tokenized and traditional markets could weaken investor protections.
- Putin and Modi deepen ties that drew Trump’s ire (Wall Street Journal): Russian President Vladimir Putin’s visit to New Delhi for talks on oil and arms is likely to increase tensions with the United States as President Donald Trump pushes back against closer ties between Russia and India.
- Ether bulls grow bolder as Bitcoin returns to $100,000 level as volatility breaks uptrend (CoinDesk): Bitcoin’s plummeting volatility and return to $93,000 have bulls eyeing $100,000, while Ether’s recovery from the collapse has increased calls for $3,500.
- CZ Teases New BNB Chain Native Prediction Market Predict.Fun (CoinDesk): The platform pays yield for active bets, but the limited supply of BNB Chain stablecoins could hinder growth as it competes with smaller competitors like Limitless.
