Market report for traders
🔮 BTC, ETH, and Altcoins
Bitcoin continued ranging between US$80k–A$93k this week, with markets stabilising as traders priced in an 87.6% chance of a U.S. rate cut in December, a historically supportive signal for risk assets.
Over the last 7 days, BTC rose 3.33%, ETH gained 0.92%, while XRP fell 2.76% and SOL dipped 0.33%.
Altcoins were mixed: SKY jumped 27.70% likely helped by its ongoing buyback plan, ETHFI climbed 9.54%, and ADA spiked 13.64% in 24 hours on rising network activity and stronger on-chain usage.
🗞 What’s happening in the news?
🔧 Ethereum’s Fusaka Upgrade Lands 3rd December. Here’s What It Actually Means (EIP-7918)
Ethereum is getting a new tune-up, but not the flashy kind with fireworks and price predictions.
The Fusaka upgrade, arriving 3rd of December, is more like changing the engine oil, fixing the timing belt, and aligning the wheels. It’s not glamorous but it’s very important if you want the car (in this case, a AU$400+ billion global network) to keep running smoothly.
Let’s break down what’s going on and what it means for you.
🚗 First: Remember 2021? The “Gas Fee Chaos Era”
If you were around back then, you’ll remember the pain:
- Average gas prices during the NFT mania hit -680 gwei
- Many people paid AU$155–465 just to approve a transaction
- Some NFT mints resulted in AU$10,000+ failed transactions. Thanks Otherside.
- Ethereum felt like trying to get onto the Monash Freeway at 5pm on a Friday
Back then, Ethereum was like a one-lane bridge with the entire world trying to drive across it at once. Congestion was inevitable.
Fusaka is a step toward making sure that never happens again.
⚙️ So What Is Fusaka?
Fusaka introduces EIP-7918, which updates how blocks are processed and stored by Ethereum clients. Think of it as upgrading Ethereum’s engine control system:
- Smarter block processing
- Less re-calculation of old data
- More predictable performance
- More room for the network to grow
Nothing changes for users, your wallet, apps, and ETH keep working normally.\ But under the hood, Ethereum becomes cleaner, faster, and more efficient.
🚀 The Real Winners: Layer-2s
If Ethereum is the engine, Layer-2s (Arbitrum, Base, zkSync, Scroll, etc.) are the turbochargers.
Fusaka gives L2s a better “landing strip” on Ethereum Mainnet:
- Cheaper data posting
- More predictable gas usage
- Faster batch proving
- Less congestion during high-traffic periods
And that means cheaper L2 fees over time. Not instantly, but this upgrade lays the groundwork.
Ethereum’s long-term plan is clear:
- L1 = secure global settlement
- L2 = where the action happens
- Fusaka = smoother pipes connecting the two
🧩 A Quick Analogy (Because This Upgrade Is Technical)
Imagine Ethereum as the world’s busiest highway. 2021 congestion? Holiday traffic. No movement. Horns everywhere. Fusaka doesn’t add new lanes, that’s coming in future upgrades but it syncs the traffic lights, improves merging, and upgrades the road sensors so the whole system runs more smoothly.
Fewer bottlenecks.
Easier merging.
Happier commuters (you).
📊 What This Upgrade Means for You
You won’t see a new button in your wallet or a big “Congratulations!” pop-up.\ But Fusaka will quietly improve your experience:
- More stable dapps during busy times
- Fewer stuck transactions
- Smoother Layer-2 performance
- A healthier Ethereum network overall
Even though it’s invisible, it matters.
Future upgrades (like Pectra) will build on top of Fusaka, meaning this is a foundational step for Ethereum’s next decade.
📝 In Summary
Fusaka (EIP-7918), arriving 3rd of December, brings:
- Faster, cleaner block processing
- Better support for rollups
- Smoother high-traffic performance
- Lower long-term L2 costs
- A healthier, more scalable Ethereum
It’s not the loudest upgrade but it’s one of the most important under-the-hood improvements Ethereum has made in years.
Your apps will feel smoother. Your L2 transactions will feel cheaper. And Ethereum gets one step closer to its “internet-scale” vision.
📖 What we’ve been reading
Hacker Mints Endless yETH and Drains Millions in Minutes
Yearn Finance was hit by an exploit that drained about A$13.5 million from its yETH pools after an unchecked arithmetic bug let an attacker mint an almost limitless amount of yETH. The attacker used a series of helper contracts that executed the exploit and then self-destructed, and more than 1,000 ETH was funneled through Tornado Cash.
Stay aware here with Cointrees guide
Vanguard to Allow Trading of ETFs and Mutual Funds Holding Crypto
Vanguard will now let you trade ETFs and mutual funds that hold Bitcoin, Eth, XRP and Solana, Bloomberg reports. The shift comes after strong demand from both retail and institutional clients, marking a major reversal from August 2024 when the firm said it had no plans for crypto ETFs. Vanguard says crypto funds have proven stable through volatility, and the update opens access for over 50 million customers managing more than A$17 trillion.
BitMine Adds 97,000 ETH as Firm Positions for Ethereum Upgrade
BitMine bought 96,798 ETH last week, bringing its holdings to 3.73 million ETH. Despite large unrealised losses, it’s one of the few firms still accumulating. CEO Tom Lee said the team is preparing for Ethereum’s Fusaka upgrade on December 3 and expects supportive Fed policy shifts.
*Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.*
