SnapShot 235

Hello SnapShotters,

The crypto market clawed back above the US$3 trillion threshold this week as Bitcoin recovered to approximately $93,000, up from an $86,000 low earlier in the week. Ether rebounded to the $3,200 range after the Fusaka upgrade went mainnet on Wednesday, as the network saw rising volumes and renewed accumulation from mid-sized wallets.

Analysts and traders largely attributed the relief rally to Vanguard — the $11 trillion asset manager — reversing years of policy and opening its platform to spot BTC, ETH, XRP, and Solana ETFs for more than 50 million clients. Shortly after, Bank of America also made it known that clients can now allocate 1% to 4% of portfolios to crypto through four approved BTC ETFs.

U.S. spot BTC ETFs recorded modest inflows of $8.5 million on December 1, after bleeding roughly $3.5 billion through November. ETH ETFs broke a five-day inflow streak with $79 million in outflows on the same day. The standout? XRP, whose spot ETFs pulled $90 million in a single session following Grayscale and Canary spot product debuts. Meanwhile, Solana ETFs saw $13.6 million in outflows after weeks of steady accumulation.

Chainlink and Cardano were among the biggest gainers this past week; ADA climbed after Franklin Templeton added it to its crypto index fund, while LINK rallied on its first ever spot ETF launch in the U.S. Solana rebounded 12% to $140 after briefly touching $123, though it remains 30% below recent highs.

The upcoming FOMC meeting on December 9 and 10 is seeing expectations of a third consecutive quarter-point rate cut, with odds up to 87% from 63% a month back. The November CPI report, scheduled for December 18, is also expected to determine how 2025 closes, as well as 2026's policy path.

Here are the week's top stories in the crypto world.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 

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News Snaps

💎 Ethereum’s Fusaka Upgrade Goes Live

Ethereum activated its long-awaited Fusaka upgrade, introducing wallet UX improvements, PeerDAS data-sampling and expanded blob capacity — the network’s biggest leap toward sharding and scalable data availability. ETH climbed into the $3,200 zone on the news amid rising volumes.

🇸🇬 Ripple Wins Approval to Expand Payments in Singapore

Ripple secured approval from the Monetary Authority of Singapore (MAS) to widen its regulated payment activities under its Major Payment Institution licence. Ripple has been ramping up institutional offerings through acquisitions — including crypto custody firm Palisade — while APAC on-chain activity grows nearly 70% year-on-year.

🔗 Grayscale Launches First U.S. Spot LINK ETF on NYSE Arca

Grayscale officially debuted GLNK, the first spot Chainlink ETF in the U.S., following a trust-to-ETF conversion enabled by the SEC’s shutdown-era filing pathway. The fund posted a strong first day, trading over 1.17 million shares.

🇬🇧 UK Formally Recognizes Crypto as Property

The UK passed the Property (Digital Assets etc) Act, giving cryptocurrencies formal legal status as property under British law. Previously, courts treated crypto as property only on a case-by-case basis; the new law now codifies that status across the board.

🏛️ Vanguard Reverses Course, Opens Doors to Crypto ETFs

Asset giant Vanguard started allowing its 50 million clients to trade SEC-approved crypto ETFs. The brokerage had long resisted digital assets, but says crypto funds have now proven durable through volatility. While memecoin products remain off-limits, investors can access major BTC and ETH ETFs.

🎮 Sony Deepens Web3 Push With Startale USD on Soneium

Sony-backed Startale launched Startale USD (USDSC), a programmable stablecoin that powers payments, rewards, and app activity across Soneium, Sony’s Ethereum Layer-2 network. 

What’s Ahead

🔭 December 9 to 10: Final FOMC Meeting of 2025

The U.S. Federal Reserve will meet for a two-day event for its final policy decision of the year; rate-cut expectations have whipped from about 40% to nearly 80% after dovish signals from key Fed officials.

Number of the Week

Source: CoinTelegraph

Chart of the Week

BTC Exchange Inflows Cool as Prices Stabilize Above Recent Lows

Bitcoin's mean exchange inflow (7-day moving average) is trending lower after November's sharp capitulation spike, historically signaling easing sell pressure. 

Inflows are back near mid-2025 levels, despite BTC trading below its October peak. Past year dynamics showed inflow surges with local tops or sell-offs, and muted inflows with recoveries. 

The current divergence, with prices stable around mid-$80Ks while inflows drop, suggests forced selling has cooled. If this persists, it could point to early seller exhaustion, although low inflows alone don't guarantee upside without a pickup in spot demand, as seen in early 2025.

As of November 30, 2025 

Sources: CryptoQuant, Crypto.com Research

Research & Insights

Ethereum's Fusaka Upgrade

Ethereum activated its Fusaka upgrade this past week, delivering critical infrastructure improvements that scale Layer-2 rollups without compromising decentralization. 

The headline feature, PeerDAS, slashes validator bandwidth requirements by allowing nodes to sample just 12.5% of blob data instead of downloading entire blobs, potentially unlocking up to 8x higher data capacity over time. 

Fusaka also introduces Blob Parameter Only (BPO) hard forks that enable rapid, predictable scaling — with blob limits set to jump to 10/15 on December 17 and 14/21 on January 7 — while raising Ethereum's base-layer gas limit from 45 million to 60 million units.

🔎 Read the full report: Ethereum Fusaka upgrade

Crypto Trivia

Which country passed a law this month to legalize and regulate crypto mining and exchanges, effective January 1, 2026?

A) Uzbekistan

B) Turkmenistan

C) Kazakhstan

Find the correct answer at the end of this newsletter. 👇

NFT Spotlight

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New Token

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Security Tips

Victim Loses Almost US$4,000 After Believing Old “Free Bitcoin” Story

An elderly man was told he’d been awarded free Bitcoin when he left his job years ago. That was how the scam began.

The victim received word from scammers claiming they had located his BTC and even sent convincing graphs showing it was worth around US$330,600. They coaxed him into opening multiple bank accounts with High Street banks and online platforms like Revolut, despite previously only ever using a single building society account.

Once everything was set up, the scammers guided him into transferring his savings to “unlock” the alleged bitcoin. By the time he realized it was a scam, the money was gone.

How to Safeguard Funds:

1. Be cautious of anyone claiming they can help access old or forgotten crypto — scammers use this hook often.
2. Never open new bank or investment accounts under someone else’s direction.
3. Verify any unexpected crypto-related claims independently through official platforms or trusted institutions before moving money.

Crypto Trivia Answer

B) Turkmenistan ✅ 

Turkmenistan passed a new law in late November 2025 that formally legalizes crypto mining and brings exchanges under a licensing regime.

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.