Crypto markets steadied after two weeks of turbulence, with investors cautiously optimistic as macro conditions showed signs of stabilizing. The Federal Reserve’s December meeting looms large, but traders are finding confidence in institutional inflows and new product launches.
Market Highlights
- Bitcoin ETFs: U.S. spot bitcoin ETFs recorded US$1.1 billion inflows, reversing the prior week’s outflows.
- Ethereum staking: Institutional staking products attracted US$320 million, ahead of the Fusaka upgrade scheduled for December 3.
- Ripple expansion: Ripple announced a partnership with HSBC to pilot RLUSD stablecoin settlements for cross‑border payments.
- Solana growth: Solana ETFs continued to gain traction, with US$280 million inflows, while ecosystem projects reported record developer activity.
- Regulation: The European Union advanced its Markets in Crypto‑Assets (MiCA) framework, with stablecoin rules set to take effect in 2026.
Macro Overview
Markets were mixed as investors weighed inflation data and global trade tensions. U.S. CPI held steady at 0.4%, while unemployment ticked up slightly to 4.2%. The S&P 500 fell 0.8%, the Dow dropped 0.6%, and the Nasdaq slipped 1.2%. Gold rose to US$4,050 per ounce, signaling risk aversion.
Bitcoin
Bitcoin traded between US$102,000 and US$108,500, ending the week up 4.1%. ETFs saw strong inflows, and corporate treasuries continued to accumulate. MicroStrategy added 1,200 BTC, bringing its holdings to 645,000 BTC. Tether purchased 500 BTC, while Metaplanet expanded its reserves to 31,000 BTC.
Ethereum
Ethereum hovered around US$3,600, gaining 2.8% for the week. Institutional staking products saw US$320 million inflows, reflecting confidence in the upcoming Fusaka upgrade. BitMine added US$250 million in ETH, raising its treasury to 3.7 million ETH.
Altcoins
- Chainlink (LINK) surged 42% after announcing partnerships with HSBC and Mastercard.
- Polygon (MATIC) rose 35% on new enterprise integrations.
- Filecoin (FIL) gained 28% as storage demand increased.
- Aptos (APT) fell 19% amid profit‑taking.
- Ethena (ENA) dropped 15% following token unlocks.
ETFs and Institutional Moves
Digital asset ETFs overall saw US$1.7 billion inflows, led by bitcoin and Solana products. Bitwise filed for a Dogecoin ETF, while Grayscale expanded its offerings to include Hedera and Avalanche. The SEC continued reviewing dozens of applications, signaling growing institutional appetite.
Other Developments
- HSBC and Ripple piloted RLUSD stablecoin settlements.
- Mastercard expanded crypto partnerships, integrating stablecoin payments into its network.
- The European Union finalized MiCA rules, with stablecoin regulations effective in 2026.
- Japan’s Financial Services Agency announced plans to regulate crypto lending platforms.
- Canada advanced legislation for fiat‑backed stablecoins.
Key Takeaways
- Institutional inflows returned strongly, led by bitcoin and staking products.
- Ethereum’s Fusaka upgrade continues to build anticipation.
- Stablecoin adoption is accelerating through Ripple, HSBC, and Mastercard partnerships.
- Global regulation is tightening, with MiCA and new national frameworks on the horizon.
