Crypto markets entered December with renewed energy, buoyed by anticipation of Ethereum’s Fusaka upgrade and strong institutional inflows. Despite lingering macro uncertainty, digital assets showed resilience, with bitcoin holding above US$100,000 and altcoins posting notable gains.
Market Highlights
- Ethereum Fusaka upgrade: Scheduled for December 3, promising faster transactions and improved scalability.
- Bitcoin ETFs: U.S. spot bitcoin ETFs attracted US$1.6 billion in inflows, reversing prior outflows.
- Ripple partnerships: Ripple expanded RLUSD stablecoin adoption with Mastercard and HSBC, targeting global settlement networks.
- Solana ETFs: Continued to gain traction, adding US$400 million in inflows.
- Regulation: The SEC approved the first U.S. Dogecoin ETF, while the European Union advanced MiCA implementation.
Macro Overview
Markets remained cautious as investors awaited the Federal Reserve’s December 10 meeting. Inflation held steady at 0.4%, while unemployment ticked up to 4.3%. U.S. equities were mixed: S&P 500 +0.4%, Dow −0.2%, Nasdaq +0.9%. Gold rose to US$4,100 per ounce, reflecting investor hedging.
Bitcoin
Bitcoin traded between US$102,500 and US$108,000, ending the week up 3.1%. ETFs saw strong inflows, and corporate treasuries continued to accumulate. MicroStrategy added 900 BTC, bringing its holdings to 647,000 BTC. Tether purchased 700 BTC, while Metaplanet expanded reserves to 32,000 BTC.
Ethereum
Ethereum hovered around US$3,800, gaining 4.2% for the week. Institutional staking products saw US$350 million inflows, reflecting confidence in the Fusaka upgrade. BitMine added US$300 million in ETH, raising its treasury to 4 million ETH.
Altcoins
- Chainlink (LINK) rose 41% after announcing integrations with Mastercard and HSBC.
- Polygon (MATIC) gained 33% on enterprise adoption news.
- Filecoin (FIL) added 25% as demand for decentralized storage grew.
- Aptos (APT) fell 15% amid profit‑taking.
- Ethena (ENA) dropped 11% following token unlocks.
ETFs and Institutional Moves
Digital asset ETFs overall saw US$2.3 billion inflows, led by bitcoin and Solana products. Bitwise launched its Dogecoin ETF, while Grayscale expanded offerings to include Avalanche and Hedera. The SEC continued reviewing XRP and meme‑coin ETF applications.
Other Developments
- Ripple expanded RLUSD stablecoin partnerships with Mastercard and HSBC.
- Mastercard announced pilot programs for stablecoin payments in Europe.
- The European Union advanced MiCA implementation, with stablecoin rules effective in 2026.
- Japan’s regulators proposed new rules for crypto lending platforms.
- Canada finalized legislation for fiat‑backed stablecoins.
Key Takeaways
- Ethereum’s Fusaka upgrade is the centerpiece of December’s market narrative.
- Institutional inflows surged, led by bitcoin and Solana ETFs.
- Stablecoin adoption accelerated through Ripple, Mastercard, and HSBC partnerships.
- Global regulation continues to tighten, with Europe and Canada leading the charge.
