By Omkar Godbole (All times ET unless otherwise noted)
Move on crypto-USD pairs. like bitcoin and the broader market consolidating thanks to recent gains, this may be the ideal time to focus on cross pairs, especially the ether-bitcoin (ETH/BTC) ratio.
Ether has 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 indices are up about 1%.
Ether momentum has lifted the ETH/BTC ratio by 4%, consolidating the bullish technical break above the descending trend line from August highs. The pattern, discussed in the technical analysis section, indicates an imminent ether bull run against BTC.
This outlook is reinforced by positive fundamental developments, 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 change “increases Ethereum’s Layer 1 execution capacity via EIP-7935, raising the protocol’s default gas limit to 60 million,” 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 call the upgrade a tailwind for ether.
“Network growth reached 190,000 new addresses in a single day, indicating genuine organic expansion post-Fusaka,” Misir said in an email, pointing to renewed aggressive accumulation of ETH by wallets containing between 1,000 and 10,000 ETH.
In other bullish news, US-listed spot ether ETFs raised $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 more than 36% in the last month.
In traditional markets, debate raged over the potential impact of rising Japanese government bond yields on risk assets. Dutch investment bank ING flagged the possibility of a rally in the US 10-year Treasury yield. Stay alert!
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto Markets Today
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- December 4, 7 am: Brazil’s third quarter GDP growth rate. Quarterly est. 0.2%, year-on-year est. 1.7%.
- December 4, 8:30 am: US Initial Jobless Claims for the week ending November 29 est. 220,000, continuing unemployment claims for the week ending November 22 est. 1960K.
- December 4, 12 pm: Federal Reserve Vice Chair for Supervision Michelle W. Bowman will deliver a speech on “Banking Supervision and Regulation.”
- December 4, 2-4 pm: US SEC Investor Advisory Committee meeting panel discussion on “Stock Tokenization.”
- December 4-5: 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)
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Arbitrum DAO is voting to elect the final three AGV Council 2026 members from a pool of six candidates. Voting ends on December 4.
- The Rootstock Collective is voting to establish and expand the Rootstock (RSK) community in Ghana. This initiative focuses on driving adoption of the Bitcoin sidechain by onboarding new users and training local developers. Voting ends on December 4.
- Unlock
- Token releases
- December 4: Alpha Partners’ cross-chain bridge and decentralized exchange go live.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down -0.44% since 4 pm ET on Wednesday to $93,325.36 (24 hours: +0.24%)
- ETH is up 0.93% to $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
- DXY remains unchanged at 98.86
- Gold futures unchanged at $4,231.00
- Silver futures down 1.16% to $57.94
- The Nikkei 225 closed up 2.33% at 51,028.42
- The Hang Seng closed up 0.68% at 25,935.90
- FTSE unchanged at 9,692.43
- The Euro Stoxx 50 rises 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
- Nasdaq Composite closed up 0.17% at 23,454.09
- 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 10-year US Treasury rate rises 2.1 basis points to 4.079%
- E-mini S&P 500 futures unchanged at 6,864.75
- E-mini Nasdaq-100 futures unchanged 2% at 25,662.25
- E-mini Dow Jones Industrial Average index 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
- 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 market capitalization against gold: 6.24%
Technical analysis
- The chart shows daily swings in the ether-bitcoin ratio (ETH/BTC) in candlestick format.
- The index has broken out of a descending channel, indicating outperformance of ether going forward.
Crypto Stocks
- Coinbase Global (COIN): Closed Wednesday at $276.92 (+5.19%), +0.23% at $277.56 in pre-market
- Círculo (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% to $16.49
- CleanSpark (CLSK): closed at $14.49 (+5.69%), -0.14% to $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 the 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% to $10.69
- Upexi (UPXI): closed at $2.91 (+0.52%), -5.32% to $7.66
- Lite Strategy (LITS: closed at $1.76 (-2.22%), -2.27% at $1.72
ETF Flows
BTC Spot ETF
- Daily net flows: -$14.9 million
- Accumulated net flows: $57.74 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: $140.2 million
- Accumulated net flows: 13,020 million dollars
- Total ETH holdings ~6.24 million
Source: Farside Investors
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