Digital Asset Treasuries acquired 370,000 ETH in November 2025, an 81% decline from August's peak of 1.9 million ETH, according to Bitwise data. The contraction reflects weakening institutional demand driven by deteriorating market conditions and declining treasury company valuations. Certain firms continue expanding holdings despite the broader pullback.

Ethereum activated the Fusaka hard fork on December 3, 2025, at 21:49 UTC, deploying Peer Data Availability Sampling (PeerDAS) to enhance network scalability. The upgrade enables up to 8x data throughput for Layer 2 rollups. Transaction fees on Layer 2 platforms are projected to decrease by 40–60%.

Strategy (MSTR) holds Bitcoin valued at approximately $60.4 billion as of December 3, while its market capitalization stands at $50.7 billion. The discount means investors can acquire the company's cryptocurrency holdings below market value, with its software operations effectively priced at a negative figure. After adjusting for $8.2 billion in debt, net Bitcoin holdings remain valued at roughly $48.6 billion, according to financial commentary platform The Kobeissi Letter.

Bitcoin dropped below $84,000 on December 1, pulling total crypto market capitalization under $3 trillion, according to CoinGecko data. The decline occurred as traditional equities, gold, and other risk assets hit consecutive peaks. Analysts point to structural factors including exhausted crypto-native capital and limited institutional inflows, despite favorable macroeconomic conditions such as anticipated Federal Reserve rate cuts and strong corporate earnings.

Strategy's Bitcoin treasury implies a valuation 78% higher than MSTR's current share price, according to CryptoQuant analyst Carmelo Alemán. The stock has entered a historical undervaluation zone based on price band metrics. The company continues accumulating BTC at an average cost of $74,432 per coin.

Binance users purchased 6,870 BTC valued at approximately $628 million when Bitcoin traded above $91,400, while long-term holders reduced positions, data show. Short-term holder realized cap hit $51 billion on November 23, the highest since December 2024, as long-term holder realized cap fell by $47 billion. The pattern has preceded market corrections in December 2024 and March 2024.

Yearn Finance suffered a security breach that drained approximately $9 million from its yETH infrastructure. Attackers exploited a vulnerability in the yETH token contract, enabling unlimited token minting without collateral and draining liquidity from a staked Ethereum derivatives pool. The protocol confirmed the yUSND pool and Nerite's vaults remained unaffected.

Arthur Hayes, co-founder of BitMEX, predicts cryptocurrency-style perpetual futures contracts will overtake traditional stock exchange products for equity trading. He forecasts equity price discovery will shift to 24/7 perpetual markets on crypto platforms by 2026. CBOE and SGX are preparing to launch their own perpetual products by end-2025, according to Hayes.

Binance's XRP reserves have dropped to approximately 2.7 billion tokens after roughly 300 million XRP were withdrawn since October 6. Data show investors are transferring holdings to private wallets, reducing available supply on the exchange. XRP currently trades near $2.19, showing mixed short-term performance despite the sustained withdrawal activity.