By Omkar Godbole (All times Eastern unless otherwise noted)
Mobile Crypto USD Currency Pairs. as bitcoin And with the broader market consolidating on recent gains, this could be an ideal time to keep an eye on cross currency pairs, especially the Ethereum to Bitcoin (ETH/BTC) ratio.
ether Bitcoin has risen more than 4% in the past 24 hours, approaching $3,200, while Bitcoin Above $93,000, not much changes. The CoinDesk 20 and CoinDesk 80 indexes rose about 1%.
Momentum in Ethereum lifted the ETH/BTC ratio by 4%, solidifying a bullish technical breakout above the descending trendline from the August high. This pattern, discussed in the technical analysis section, suggests that a bull run is imminent for Ethereum against BTC.
Positive fundamental developments, including the launch of the Fusaka upgrade on Wednesday, reinforce this outlook. This upgrade enhances Ethereum’s scalability by increasing blob capacity and introducing a more efficient data availability system through PeerDAS.
CoinMetrics said the change “increases Ethereum’s Layer-1 execution capabilities via EIP-7935, thereby increasing the protocol’s default gas limit to 60M.” “This directly increases the number of transactions that can be accommodated in a block, resulting in higher throughput, less congestion and cheaper gas fees.”
Not surprisingly, analysts like BRN’s Timothy Misir called the upgrade a boost for Ethereum.
“Network growth has seen the addition of 190,000 new addresses in a single day, indicating true organic expansion following the Fusaka incident,” Misir said in an email. He noted that wallets holding 1,000-10,000 ETH were once again actively accumulating ETH.
In other good news, a spot Ether ETF listed in the United States on Wednesday attracted $140 million in investor funds. The XRP fund absorbed $50 million, while the BTC and SOL ETFs experienced outflows.
PayPal’s stablecoin PYUSD has become the sixth largest stablecoin, growing by more than 36% in the past month.
In traditional markets, debate rages over the potential impact of rising Japanese government bond yields on risk assets. Dutch investment bank ING pointed out that the U.S. 10-year Treasury yield is likely to rise. Stay alert!
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market
What to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptocurrency
- Macro
- December 4, 7 am: Brazil’s third quarter GDP growth rate. The month-on-month estimate is 0.2%, and the year-on-year estimate is 1.7%.
- December 4, 8:30 a.m. Eastern Time: The number of initial jobless claims in the United States for the week as of November 29 was 220K, and the number of continuing jobless claims for the week as of November 22 was 1,960K.
- December 4, 12 noon: Michelle Bowman, Vice Chairman of Federal Reserve Supervision, will deliver a speech titled “Bank Supervision.”
- December 4, 2 pm to 4 pm: Panel discussion on “Stock Tokenization” at the US SEC Investor Advisory Committee meeting.
- December 4-5: 23rd Annual India-Russia Summit. Russian President Vladimir Putin is visiting New Delhi to meet Indian Prime Minister Narendra Modi.
- income (Estimate based on FactSet data)
Token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- The Arbitrum DAO is voting to select the final three members of the 2026 AGV Council from six candidates. Voting closes on December 4th.
- The Rootstock Collective is voting to build and expand the Rootstock (RSK) community in Ghana. The program focuses on driving adoption of Bitcoin sidechains by bringing in new users and training local developers. Voting closes on December 4th.
- Unlock
- Token issuance
- December 4: Alpha Partners’ cross-chain bridge and decentralized exchange go online.
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is down -0.44% since 4pm ET on Wednesday to $93,325.36 (24 hours: +0.24%)
- ETH rises 0.93% to $3,194.78 (24 hours: +3.84%)
- CoinDesk 20 down 0.55% to 3,017.58 (24 hours: +0.95%)
- The comprehensive pledge rate of Ethereum CESR increased by 1 basis point to 2.85%
- The BTC financing interest rate on Binance is 0.0078% (annualized 8.5728%)
- DXY remains unchanged at 98.86
- Gold futures prices unchanged at $4,231.00
- Silver futures fell 1.16% to $57.94
- The Nikkei 225 Index closed up 2.33% at 51,028.42 points
- The Hang Seng Index closed up 0.68% to 25,935.90 points
- The FTSE was unchanged at 9,692.43
- The Euro Stoxx 50 index rose 0.39% to 5,717.01
- The Dow closed up 0.86% on Wednesday at 47,882.90 points
- The S&P 500 closed up 0.30% at 6,849.72 points
- The Nasdaq Composite Index closed up 0.17% at 23,454.09 points
- The S&P/TSX Composite Index closed up 0.36% at 31,160.54 points
- The S&P 40 Latin America index closed up 0.2% at 3,216.12
- The U.S. 10-year Treasury bond rate rose 2.1 basis points to 4.079%
- E-mini S&P 500 futures were unchanged at 6,864.75
- E-mini Nasdaq 100 futures were unchanged at 2% at 25,662.25
- E-mini Dow Jones Industrial Average futures unchanged at 47,994.00
Bitcoin Statistics
- Bitcoin dominance: 59.33% (+0.09%)
- Ethereum to Bitcoin ratio: 0.03419 (0.18%)
- Hash rate (seven-day moving average): 1,047 EH/s
- Hash price (spot): $39.66
- Total fee: 3.56 BTC / $331,173
- CME Futures Open Interest: 122,040 BTC
- BTC in gold: 22.2 ounces.
- Bitcoin and gold market capitalization: 6.24%
technical analysis
- This chart shows the daily fluctuations in the Ethereum to Bitcoin (ETH/BTC) ratio in candlestick format.
- The ratio has broken out of the descending channel, indicating Ethereum outperformance going forward.
crypto stocks
- Coinbase Global (COIN): Closed Wednesday at $276.92 (+5.19%), after closing at $277.56 pre-market, +0.23%
- Circle (CRCL): Closed at $86.29 (+11.43%), +0.15% to $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 Miner ETF (WGMI): Closed at $45.47 (+4.10%), -0.99% at $45.02
- Exodus Movement (EXOD): Closed at $14.33 (-1.04%), unchanged pre-market
Cryptocurrency Treasury Corporation
- 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: -2.22%) Closed at $1.76, -2.27% Closed at $1.72
ETF flows
Spot BTC ETF
- Daily Net Traffic: -$14.9M
- Cumulative net flow: $57.74 billion
- Total BTC holdings are approximately 1.31 million
Spot ETH ETF
- Net daily traffic: $140.2 million
- Cumulative net flow: $13.02 billion
- The total amount of ETH held is about 6.24 million
Source: Farside Investors