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 could be an ideal time to focus on cross-pairs, particularly the ether-to-bitcoin (ETH/BTC) ratio.
Ether gained more than 4% in the last 24 hours, approaching $3,200, while bitcoin remains little changed above $93,000. The CoinDesk 20 and CoinDesk 80 indexes rose about 1%.
Ether’s momentum pushed the ETH/BTC ratio up 4%, cementing the bullish technical breakout above the descending trendline from August highs. The pattern, discussed in the technical analysis section, indicates an impending bull run of ether against BTC.
This outlook is reinforced by positive fundamental developments, notably the Fusaka upgrade deployed on Wednesday. The upgrade improves Ethereum’s scalability by increasing blob capacity and introducing a more efficient data availability system through PeerDAS.
The change “increases Ethereum’s Layer 1 execution capacity via EIP-7935, which increases 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 lower gas fees.”
It’s no surprise that analysts like BRN’s Timothy Misir are calling the upgrade a tailwind for Ether.
“The network growth touched 190,000 new addresses in a single day, indicating true organic expansion after Fusaka,” Misir said in an email, highlighting the new aggressive accumulation of ETH by wallets holding 1,000 to 10,000 ETH.
In other bullish news, U.S.-listed ether spot ETFs attracted $140 million in investor funds on Wednesday. XRP funds raised $50 million while BTC and SOL ETFs saw outflows.
PayPal’s stablecoin, PYUSD, has become the sixth largest stablecoin, growing over 36% over the past month.
In traditional markets, debate has raged over the potential impact of rising Japanese government bond yields on risky assets. Dutch investment bank ING has signaled a potential rise in the 10-year US Treasury yield. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- Macro
- December 4, 7 a.m.: Brazil’s GDP growth rate in the third quarter. QoQEst. 0.2%, Est. 1.7%.
- Dec. 4, 8:30 a.m.: First U.S. jobless claims for week ended Nov. 29 (est.) 220,000 continued jobless claims for week ended Nov. 22 est. 1960K.
- December 4 at 12 p.m.: Michelle W. Bowman, Federal Reserve Vice Chair for Supervision, will deliver a speech on “Banking Supervision and Regulation.”
- December 4, 2 p.m. to 4 p.m.: US SEC Investor Advisory Committee debate on “equity tokenization.”
- December 4 and 5: 23rd annual India-Russia Summit. Russian President Vladimir Putin is visiting New Delhi to meet Indian Prime Minister Narendra Modi.
- Earnings (Estimates based on FactSet data)
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- Arbitrum DAO votes to elect the final three members of the AGV 2026 Council from a pool of six candidates. Voting closes on December 4.
- The Rootstock Collective votes to establish and grow the Rootstock Community (RSK) in Ghana. This initiative aims to promote the adoption of the Bitcoin sidechain by onboarding new users and training local developers. Voting closes on December 4.
- Unlocks
- Token Launches
- December 4: Alpha Partners’ crosschain bridge and decentralized exchange go live.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down -0.44% from 4 p.m. ET Wednesday at $93,325.36 (24 hours: +0.24%)
- ETH is up 0.93% at $3,194.78 (24 hours: +3.84%)
- CoinDesk 20 is down 0.55% at 3,017.58 (24 hours: +0.95%)
- Ether CESR composite staking rate up 1bp to 2.85%
- BTC funding rate is 0.0078% (8.5728% annualized) on Binance
- The DXY is unchanged at 98.86
- Gold futures 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
- Hang Seng closed 0.68% higher at 25,935.90
- FTSE is unchanged at 9,692.43
- The Euro Stoxx 50 is up 0.39% at 5,717.01
- 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 Index closed up 0.36% at 31,160.54
- The S&P 40 Latin America closed up 0.2% at 3,216.12
- The 10-year U.S. Treasury yield is up 2.1 basis points at 4.079%
- E-mini S&P 500 futures unchanged at 6,864.75
- E-mini Nasdaq-100 futures are 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-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
- Open Interest on CME Futures: 122,040 BTC
- BTC valued in gold: 22.2 ounces.
- BTC vs. gold market capitalization: 6.24%
Technical analysis
- The chart shows the daily fluctuations of the ether-bitcoin (ETH/BTC) ratio in candlestick form.
- The ratio broke out of a descending channel, indicating Ether outperformance ahead.
Crypto Stocks
- Coinbase Global (COIN): Closed Wednesday at $276.92 (+5.19%), +0.23% to $277.56 in pre-market
- Circle (CRCL): closed at $86.29 (+11.43%), +0.15% at $130.04
- Galaxy Digital (GLXY): closed at $27.05 (+6.66%), +0.37% to $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% to $12.50
- Riot Platforms (RIOT): close at $15.64 (+2.76%), +0.32% to $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 Cash Companies
- Strategy (MSTR): closed at $188.39 (+3.89%), +0.21% to $188.78
- Semler Scientific (SMLR): closed at $20.44 (+2.3%)
- SharpLink Gaming (SBET): closed at $10.59 (+6.22%), +0.94% to $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 Feed
Spot BTC ETF
- Daily net flows: -$14.9 million
- Cumulative net flows: $57.74 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: $140.2 million
- Cumulative net flows: $13.02 billion
- Total ETH holdings ~6.24 million
Source: Farside Investors
While you were sleeping
