THE WEEKLY WRAP
Crypto markets edged higher this week, with total market capitalisation rising 0.99% to US$2.18 trillion. Sentiment improved more noticeably, with the Fear and Greed Index climbing from 29 to 41, although the market remains firmly in “Fear”.
ETF flows flipped again. Bitcoin products recorded US$389.71 million in net outflows, reversing last week’s US$853.54 million inflow. Ethereum ETFs were essentially flat with a small US$2.26 million net outflow, while Solana products attracted US$10.26 million, their strongest week since May.
Meanwhile, the gap between traditional markets and crypto is getting smaller. Nasdaq plans to introduce 23-hour trading, five days a week from December 6, giving investors almost around-the-clock access to U.S. shares.
At the same time, tokenised stocks are gaining traction on-chain. According to The Block, tokenised equities now account for around 15% of the tokenised real-world asset market, roughly triple their share at the start of the year, with a market cap of approximately US$2.8 billion.
Between longer trading hours and stocks moving on-chain, traditional markets are starting to borrow a few pages from crypto’s 24/7 playbook.
BTC vs GOLD vs NASDAQ vs ETH vs VAS
🟡 Gold: +1.92%
🔵 Nasdaq: +18.16%
🔴 Vanguard Australian Shares: +4.01%
🟠 Bitcoin: -26.77%
⚪ Ethereum: -36.03%
The Nasdaq extended its lead again this week, rising from +16.67% to +18.16% year-to-date, comfortably remaining the strongest performer on the chart.
Australian shares gave back some recent gains, with Vanguard Australian Shares slipping from +5.75% to +4.01%, while Gold remained relatively steady at +1.92%.
Crypto improved slightly. Bitcoin edged from -26.84% to -26.77%, while Ethereum recovered from -36.88% to -36.03%. Despite the improvement, both remain well behind traditional markets year-to-date, with Ethereum still the weakest performer of the five.
Source: TradingView, BTC, GOLD, NASDAQ, VAS, ETH
BTC:
In the news this week Riot Platforms has signed a US$9.1 billion, 20-year deal with Anthropic to provide 191 MW of computing capacity from its Texas site.
Riot built its infrastructure for Bitcoin mining, but is increasingly expanding into AI data centres. It’s part of a broader shift across the mining industry, where access to large amounts of power is becoming valuable for more than just producing Bitcoin.
Onchain:\ Bitcoin’s 1-week implied volatility has fallen to its lowest level in the Checkonchain series shown.
Source: https://charts.checkonchain.com/ chart by @frankAFetter on X
Implied volatility reflects how much price movement is currently being priced into the options market. A lower reading suggests expectations for near-term swings have fallen, but it doesn’t indicate whether Bitcoin will move higher or lower.
Historically, volatility has moved between quiet and more active periods, but this indicator alone does not predict when conditions will change or what direction Bitcoin will take.
At the same time, Bitcoin’s Choppiness Index has climbed above 60, reflecting increasingly range-bound price action rather than a strong trend.
Historically, periods of low volatility and high choppiness have eventually ended as market conditions changed, but neither indicator predicts when that happens or which direction Bitcoin moves next.
Source: https://charts.checkonchain.com/
ETH:
Ethereum developers are sorting through 66 proposals for Hegotá, the network's planned 2027 upgrade.
Among them is EIP-8141, which could make Ethereum wallets more flexible and help developers build private transactions with less reliance on outside infrastructure.
Nothing is locked in yet. Developers are now deciding which proposals will actually make it through testing and into the upgrade.
In other news, one company now holds almost 5% of all ETH.
BitMine added another 9,926 ETH last week, taking its treasury to 5.815 million ETH, or around 4.8% of Ethereum's total supply.
The company has been accumulating ETH since launching its Ethereum treasury strategy in June 2025, making it one of the clearest examples of the corporate crypto treasury trend moving beyond Bitcoin.
Source: tradingview ETH/USD
On the chart Ethereum pushed above a key resistance area in mid-July and has since held above that level after retesting it.
Over the past month, ETH has traded within a relatively tight range between roughly US$1,800 and US$2,000, reflecting a period of consolidation after the earlier move higher.
This describes recent price structure only and does not indicate where ETH may move next.
ALTCOINS:
SocialFi stole the spotlight this week, leading all sectors with a 5.01% gain. The category has been attracting attention thanks to apps like Fomo, which combines social feeds with crypto trading and has generated around US$6.3 million in protocol revenue over the past 30 days.
AI followed at +3.57%, helped by VVV gaining 9.96%, while DeFi rose 1.53% as HYPE climbed 7.17%.
Elsewhere, RWA was almost flat at -0.13%, while memes fell 1.28%, with PEPE down 11.18%. DePIN finished last at -1.82%, weighed down by Filecoin (FIL), which dropped 12.21% over seven days.
Source: https://defillama.com/narrative-tracker
ETHFI:
ETHFI surges as ether.fi expands beyond restaking. ETHFI has been one of the stronger altcoin performers this week following ether.fi’s “Summer” upgrade. The release introduces tokenised stocks and metals, Aave-powered borrowing and programmatic ETHFI buybacks funded by protocol revenue. The move continues ether.fi’s push from a liquid-restaking protocol toward a broader on-chain finance platform.
On the chart since its early-June low, ETHFI has recorded a break of structure (BOS) followed by a series of higher highs and higher lows.
The latest move pushed ETHFI above US$0.50, while the RSI climbed above 70, indicating elevated momentum during the rally. The RSI has since eased back from those levels as the pace of the move slowed.
These indicators describe historical price action and momentum only and do not predict future price movements.
Source: tradingview ETHFI/USD
Altcoin Season Index 44 up +3 vs last week
THIS WEEK’S INSIGHTS
How Do You Lose Billions and Stay No.1?
Elon Musk can lose US$10 billion in a day and still remain the world’s richest person.
Sounds ridiculous, until you look at the percentage rather than the dollar figure.
Crypto headlines work the same way. A coin can be the day’s biggest gainer while still sitting far below previous highs, or Bitcoin can lose billions in market value without losing its number-one ranking.
