BTC and ETH Technical Structure Under Repair, PoW and AI Sectors Lead Market Gains

Crypto Market Overview

Crypto Market Cap：$2.97 T | Compared with last week: ↘ 0.34%

✳️Note: Total crypto market capitalization is a key indicator of the overall size and health of the cryptocurrency market. Rising market cap typically signals increasing investor participation and positive market sentiment.

Crypto Fear & Greed Index

This week’s Fear & Greed Index stands at 20 (Fear)

Yearly High and Low

Yearly High (Dec 01, 2024) - Extreme Greed - 83

Yearly Low (Nov 22, 2025) - Extreme Fear - 10

✳️ Data source: CoinMarketCap. Figures as of 9:00 a.m. UTC, December 1, 2025.

OSL Trading Focus

Bitcoin (BTC)

Currently, BTC remains strongly tied to global liquidity (showing a negative correlation with the US Dollar Index), which is the primary factor influencing its price. Despite the soft on-chain activity, the significant decrease in market leverage is viewed as a positive signal. More institutional strategies are leaning towards gradual dollar-cost averaging (DCA) into the strong support region of $70,000 to $78,000, viewing a 40% drawdown as a reasonable risk/reward entry point. Furthermore, the capital demands resulting from Bitcoin miners' pivot towards AI are creating short-term selling pressure on the BTC price.

Ethereum (ETH)

Against a backdrop of macro liquidity tightening and the DeFi trust crisis (e.g., Balancer exploit), Ethereum (ETH) has shown preliminary signs of technical structural repair.The volume has moderately increased, indicating strengthening capital inflow and a marginal recovery in market sentiment. Although the market faces short-term pressure, ETH's status as a core asset remains unchanged, with capital shifting from high-leverage speculation toward the main theme of"Regulated Finance + On-chain Infrastructure," which supports ETH's mid-to-long-term structural value.

Market Highlights – Last Week

1.Upbit: Approximately 54 Billion KRW in Solana Network Assets Stolen;

Deposits/Withdrawals Halted for Inspection The South Korean crypto exchange Upbit has suspended deposit and withdrawal services for a comprehensive inspection after approximately 54 billion Korean Won (about $36.81 million) in Solana network assets were abnormally transferred to an unknown external wallet. Upbit pledged to use its own assets to fully cover user losses, ensuring no impact on user funds.

2.Franklin Templeton’s XRP ETF Approved for Listing on NYSE

The New York Stock Exchange Arca has approved Franklin Templeton’s XRP ETF for listing. The fund, named Franklin XRP Trust ETF (ticker: XRPZ), has an annual sponsor fee of 0.19% and the necessary documents have been formally submitted to the SEC for certification, signaling its imminent launch.

3.Pumpfun Project Allegedly Cashes Out Over 400 Million USDC from Private Sale Funds

In response to rumors that the Pumpfun project allegedly transferred 405 million USDC to Kraken, with funds then flowing to Circle (implying a cash-out), Pumpfun co-founder @sapijiju dismissed the reports as "misinformation," denying any cash-out and clarifying that the on-chain USDC movement was purely internal fund management.

4.Bitcoin ETF Becomes BlackRock’s Major Revenue Stream

BlackRock’s spot Bitcoin ETF, IBIT, launched in January 2024, has quickly become a primary source of revenue for the company. The fund's assets under management (AUM) rapidly reached $70 billion, holds over 3% of Bitcoin’s total supply, and BlackRock's internal Strategic Income Opportunities Portfolio has also increased its IBIT holdings, betting on the ETF's continued growth.

Comprehensive Insights

1.SEAL Member: North Korean Operatives Have Infiltrated 15% to 20% of Crypto Companies

Pablo Sabbatella, founder of Web3 auditing firm Opsec and a member of SEAL, revealed that North Korean agents are deeply infiltrating 15% to 20% of crypto companies by employing remote workers from developing countries as fronts, and using malware and disguised interviews to gain access.

2.Tom Lee Appears to Back Down from "$250K Bitcoin by Year-End" Prediction

BitMine Chairman Tom Lee publicly softened his widely promoted prediction that "Bitcoin price will reach $250,000 by year-end." He now suggests Bitcoin "might" return to its October high of $125,100, or break $100,000, before the year ends.

3.Etherscan Removes Free API Access for Base, Optimism, and BNB Chain During Devconnect

The prominent blockchain explorer Etherscan completely removed free API access for Base, Optimism, and BNB Chain during the Devconnect ARG event. Etherscan cited the lack of adequate funding from those ecosystems as the reason, sparking discussions about infrastructure cost-sharing and the centralization of verified contract data.

Macro Perspective

The crypto market shows preliminary signs of stabilization after last week's sharp sell-off, boosted by Fed Chair Williams reviving 12-month rate cut expectations and a strong rebound in US equities. While sentiment has shifted to cautious optimism, structural risks persist: BTC and ETH have underperformed gold and stocks, ETF outflows totaled about $5 billion, and miners pivoting to AI are adding selling pressure. The market is technically oversold, suggesting a potential local bottom, with prices expected to fluctuate between $82,000 and $92,000. A decisive break above $92,000 is needed to confirm a sustained recovery.

Outlook

🌐 Institutional & On-Chain Catalysts

• Wednesday: The Ethereum Foundation is expecting the Fusaka upgrade to activate on the mainnet. This is a major network development aimed at enhancing scalability and efficiency, which supports ETH's structural value.

🇺🇸 Policy & Regulation

• Monday: Key macro data includes the US ISM Manufacturing PMI, China RatingDog Manufacturing PMI, and a speech from the Bank of Japan Governor.

• Tuesday: Fed Chair Jerome Powell will speak at a commemorative event. His tone will be closely watched for any shift in the Federal Reserve's rate cut guidance.

📰 Economic & Political Events

• Thursday: The US will release its weekly Initial Jobless Claims data, a key indicator of labor market health.

• Friday: Focus will be on the US Core PCE Price Index, the Fed's preferred measure of inflation, which is crucial for confirming the disinflationary trend.