By Omkar Godbole (All times ET unless indicated otherwise)
Step aside crypto-USD pairs. With bitcoin and the broader market stabilize on recent gains, this might be the perfect moment to focus on cross pairs, primarily the ether-bitcoin (ETH/BTC) ratio.
Ether has surged over 4% in the last 24 hours, nearing $3,200, while bitcoin stays largely unchanged above $93,000. Meanwhile, the CoinDesk 20 and CoinDesk 80 indices have climbed by approximately 1%.
Ether’s momentum has boosted the ETH/BTC ratio by 4%, solidifying the bullish technical breakout above the declining trendline from August peaks. The pattern discussed in the technical analysis section suggests a potential ether bull run against BTC.
This perspective is bolstered by favorable fundamental news, including the Fusaka upgrade implemented on Wednesday. The upgrade improves Ethereum’s scalability by increasing blob capacity and introducing a more efficient data-availability system through PeerDAS.
The modification “enhances Ethereum’s Layer-1 execution capacity via EIP-7935, which lifts the protocol’s default gas limit to 60M,” stated CoinMetrics. “This directly raises the number of transactions that can be accommodated within a block, facilitating superior throughput, reduced congestion, and lower gas fees.”
It’s no wonder that analysts like BRN’s Timothy Misir regard the upgrade as a favorable development for ether.
“Network growth reached 190,000 new addresses in a single day, indicating authentic organic growth following Fusaka,” Misir mentioned in an email, highlighting the renewed aggressive ETH accumulation by wallets holding 1,000-10,000 ETH.
In more positive news, spot ether ETFs listed in the U.S. attracted $140 million in investor funds on Wednesday. XRP funds gained $50 million while BTC and SOL ETFs experienced outflows.
PayPal’s stablecoin, PYUSD, has ascended to the sixth-largest stablecoin, increasing by more than 36% over the last month.
In traditional markets, debates intensified regarding the potential effects of climbing Japanese government bond yields on risk assets. Dutch investment bank ING pointed out the possibility of a rally in the U.S. 10-year Treasury yield. Stay vigilant!
Read more: For an analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a comprehensive schedule of events this week, refer to CoinDesk’s “Crypto Week Ahead”.
- Crypto
- Macro
- Dec. 4, 7 a.m.: Brazil Q3 GDP Growth Rate. QoQ Est. 0.2%, YoY Est. 1.7%.
- Dec. 4, 8:30 a.m.: U.S. Initial Jobless Claims for week ended Nov. 29 Est. 220K, Continuing Jobless Claims for week ended Nov. 22 Est. 1960K.
- Dec. 4, 12 p.m.: Federal Reserve Vice Chair for Supervision Michelle W. Bowman will give a speech on “Bank Supervision and Regulation.”
- Dec. 4, 2-4 p.m.: U.S. SEC Investor Advisory Committee Meeting panel discussion on “Tokenization of Equities.”
- Dec. 4-5: 23rd India-Russia Annual Summit. Russian President Vladimir Putin is set to visit New Delhi for a meeting with Indian Prime Minister Narendra Modi.
- Earnings (Estimates based on FactSet data)
Token Events
For a detailed listing of events this week, check CoinDesk’s “Crypto Week Ahead”.
- Governance votes & calls
- Arbitrum DAO is voting to elect the final three members of the 2026 AGV Council from a candidate pool of six. Voting concludes Dec. 4.
- The Rootstock Collective is voting to establish and expand the Rootstock (RSK) community in Ghana. This initiative aims to promote the adoption of the Bitcoin sidechain by onboarding new users and training local developers. Voting ends Dec. 4.
- Unlocks
- Token Launches
- Dec. 4: Alpha Partners’ crosschain bridge and decentralized exchange go live.
Conferences
For a thorough overview of events happening this week, see CoinDesk’s “Crypto Week Ahead”.
Market Movements
- BTC is down -0.44% from 4 p.m. ET Wednesday at $93,325.36 (24hrs: +0.24%)
- ETH is up 0.93% at $3,194.78 (24hrs: +3.84%)
- CoinDesk 20 is down 0.55% at 3,017.58 (24hrs: +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
- Nikkei 225 closed up 2.33% at 51,028.42
- Hang Seng closed up 0.68% at 25,935.90
- FTSE is unchanged at 9,692.43
- Euro Stoxx 50 is up 0.39% at 5,717.01
- DJIA closed on Wednesday up 0.86% at 47,882.90
- S&P 500 closed up 0.30% at 6,849.72
- Nasdaq Composite closed up 0.17% at 23,454.09
- S&P/TSX Composite closed up 0.36% at 31,160.54
- S&P 40 Latin America closed up 0.2% at 3,216.12
- U.S. 10-Year Treasury rate is up 2.1 bps at 4.079%
- E-mini S&P 500 futures are unchanged at 6,864.75
- E-mini Nasdaq-100 futures are unchanged at 25,662.25
- E-mini Dow Jones Industrial Average Index futures are unchanged at 47,994.00
Bitcoin Stats
- BTC Dominance: 59.33% (+0.09%)
- Ether-bitcoin ratio: 0.03419 (0.18%)
- Hashrate (seven-day moving average): 1,047 EH/s
- Hashprice (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 depicts daily variations in the ether-bitcoin (ETH/BTC) ratio in candlestick format.
- The ratio has escaped from a descending channel, signaling potential ether outperformance ahead.
Crypto Equities
- Coinbase Global (COIN): closed on Wednesday at $276.92 (+5.19%), +0.23% at $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% 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 ~1.31 million
Spot ETH ETFs
- Daily net flows: $140.2 million
- Cumulative net flows: $13.02 billion
- Total ETH holdings ~6.24 million
Source: Farside Investors
