By Omkar Godbole (All times ET unless otherwise noted)
Move over crypto USD pairs. Like bitcoin and the broader market consolidates on recent gains, this may be the ideal time to focus on cross pairs, particularly the ether-bitcoin (ETH/BTC) ratio.
Ether has gained more than 4% over the past 24 hours, approaching $3,200, while bitcoin remains little changed above $93,000. The CoinDesk 20 and CoinDesk 80 indexes are up about 1%.
Ether’s momentum has lifted the ETH/BTC ratio by 4%, cementing the bullish technical breakout above the descending trendline from the August highs. The pattern, discussed in the technical analysis section, indicates an impending ether bull run towards BTC.
This outlook is bolstered by positive fundamental developments, including the Fusaka upgrade rolled out on Wednesday. The upgrade improves Ethereum’s scalability by increasing blob capacity and introducing a more efficient data availability system via PeerDAS.
The change “increases Ethereum’s Layer-1 execution capacity through EIP-7935, raising the protocol’s default gas limit to 60M,” CoinMetrics said. “This directly increases the number of transactions that can fit in a block, allowing for higher throughput, less congestion and cheaper gas fees.”
It’s no surprise that analysts like BRN’s Timothy Misir are calling the upgrade a windfall for ether.
“Network growth touched 190,000 new addresses in a single day, indicating true organic expansion after Fusaka,” Misir said in an email, noting the renewed aggressive ETH accumulation of wallets with 1,000-10,000 ETH.
In other bullish news, U.S.-listed spot ether ETFs pulled $140 million into investors’ funds on Wednesday. XRP funds pulled in $50 million, while BTC and SOL ETFs recorded outflows.
PayPal’s stablecoin, PYUSD, has become the sixth largest stablecoin, growing over 36% in the past month.
In traditional markets, debate raged over the potential impact of rising Japanese government bond yields on risk assets. Dutch investment bank ING pointed to the potential for a rally in the US 10-year Treasury yield. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- 4 December at 7: Brazil’s GDP growth in the 3rd quarter. QoQ Est. 0.2%, YoY Est. 1.7%.
- 4 December at 8.30am: US first jobless claims for week ended November 29. 220,000, continued jobless claims for week ended Nov. 22 Est. 1960K.
- 4 December at 12: Federal Reserve Vice Chair for Supervision Michelle W. Bowman delivers a speech on “Bank Supervision and Regulation.”
- 4 December at 14:00-16:00: Meeting with panel discussion of the US SEC Investor Advisory Committee on “Tokenization of Equities.”
- 4.-5. December: 23rd India-Russia Annual Summit. Russian President Vladimir Putin is visiting New Delhi to meet Indian Prime Minister Narendra Modi.
- Earnings (Estimated based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Arbitrum DAO votes to elect the final three members of the AGV Council in 2026 from a pool of six candidates. Voting ends December 4.
- Rootstock Collective votes to establish and expand the Rootstock Community (RSK) in Ghana. This initiative focuses on promoting the adoption of the Bitcoin sidechain by onboarding new users and training local developers. Voting ends December 4.
- Unlocks
- The token is launched
- December 4: Alpha Partners’ crosschain bridge and decentralized exchange go live.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down -0.44% as of 16 ET Wednesday at $93,325.36 (24 hours: +0.24%)
- ETH is up 0.93% to $3,194.78 (24h: +3.84%)
- CoinDesk 20 is down 0.55% to 3,017.58 (24h: +0.95%)
- Ether CESR Composite Staking Rate is up 1 bps at 2.85%
- BTC funding rate is at 0.0078% (8.5728% annualized) on Binance
- DXY is unchanged at 98.86
- Gold futures are unchanged at $4,231.00
- Silver futures are down 1.16% at $57.94
- The Nikkei 225 closed up 2.33% at 51,028.42
- The Hang Seng closed up 0.68% at 25,935.90
- The FTSE is unchanged at 9,692.43
- The Euro Stoxx 50 rose 0.39% to 5,717.01
- The DJIA closed Wednesday up 0.86% at 47,882.90
- The S&P 500 closed up 0.30% at 6,849.72
- The Nasdaq Composite closed up 0.17% at 23,454.09
- The S&P/TSX Composite closed up 0.36% at 31,160.54
- The S&P 40 Latin America closed up 0.2% at 3,216.12
- The US 10-year Treasury note rose 2.1 bps to 4.079%
- E-mini S&P 500 futures are unchanged at 6,864.75
- E-mini Nasdaq-100 futures are unchanged 2% at 25,662.25
- E-mini Dow Jones Industrial Average Index futures are unchanged at 47,994.00
Bitcoin statistics
- BTC Dominance: 59.33% (+0.09%)
- Ether to bitcoin ratio: 0.03419 (0.18%)
- Hashrate (seven-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 Priced in Gold: 22.2 oz.
- BTC vs Gold Market Cap: 6.24%
Technical Analysis
- The chart shows daily fluctuations in the ether-bitcoin (ETH/BTC) ratio in candlestick format.
- The ratio has broken out of a descending channel, indicating ether outperformance ahead.
Crypto stocks
- Coinbase Global (COIN): closed Wednesday at $276.92 (+5.19%), +0.23% at $277.56 in premarket
- Circle (CRCL): closed at $86.29 (+11.43%), +0.15% at $130.04
- Galaxy Digital (GLXY): closed at $27.05 (+6.66%), +0.37% at $27.15
- Bullish (BLSH): closed at $46.37 (+7.69%), -0.15% at $46.30
- MARA Holdings (MARA): closed at $12.47 (+4.7%), +0.24% at $12.50
- Riot Platforms (RIOT): closed at $15.64 (+2.76%), +0.32% at $15.69
- Core Scientific (CORZ): closed at $16.55 (+4.61%), -0.36% at $16.49
- CleanSpark (CLSK): closed at $14.49 (+5.69%), -0.14% at $14.47
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $45.47 (+4.10%), -0.99% at $45.02
- Exodus Movement (EXOD): closed at $14.33 (-1.04%), unchanged in pre-market
Crypto Treasury Companies
- Strategy (MSTR): closed at $188.39 (+3.89%), +0.21% at $188.78
- Semler Scientific (SMLR): closed at $20.44 (+2.3%)
- SharpLink Gaming (SBET): closed at $10.59 (+6.22%), +0.94% at $10.69
- Upexi (UPXI): closed at $2.91 (+0.52%), -5.32% at $7.66
- Lite Strategy (LITS: closed at $1.76 (-2.22%), -2.27% at $1.72
ETF Flows
Spot BTC ETFs
- Daily net flows: -$14.9 million
- Cumulative net flows: $57.74 billion
- Total BTC holdings ~1.31M
Spot ETH ETFs
- Daily net flows: $140.2 million
- Cumulative net flows: $13.02 billion
- Total ETH holding ~6.24 million
Source: Farside Investors
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