SnapShot 236

Hello SnapShotters,

The Federal Reserve delivered its third consecutive 25-basis-point cut this week, lowering the federal funds rate to a 3.5% to 3.75% range. But the relief wasn’t straightforward for crypto, as stocks rallied into the close.

Fed Chair Jerome Powell struck a cautious tone at the press conference, stressing that policy is not on a preset path and that further easing will depend on inflation and labor-market data. It lowered expectations for an aggressive cutting cycle in 2026, cooling some of the momentum that had driven Bitcoin as high as US$94,000 earlier in the week.

BTC has since retreated toward the low-$90Ks, while Ether briefly pushed above $3,400 before settling back into familiar ranges. Solana extended its rebound with low double-digit weekly gains, even as SOL ETF flows softened. XRP, however, underperformed among majors — a divergence made sharper by the strength of U.S. XRP ETFs, which have pulled in over $170 million in net inflows with zero outflow days, pushing AUM to roughly $1.23 billion.

Like the aftereffects of the rate decision on crypto, ETF flows were not straightforward: U.S. spot Bitcoin ETFs posted a $60.5 million net outflow on Monday, reversing last week’s $70.2 million inflow, with BlackRock’s IBIT again driving most of the redemptions. ETH ETFs, by contrast, snapped a two-day outflow streak with a $35.49 million inflow.

With the Fed’s “well-positioned” reset in the books, Powell explicitly said the bar for future cuts is high, and that the Fed will only move again if upcoming inflation and employment data justify it. That begets the question of what will be the next $100K-and-beyond pusher for BTC.

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. 

Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🌙 “AfterDark” Bitcoin ETF Targets Overnight Performance

A boutique U.S. wealth firm filed to launch the Nicholas Bitcoin and Treasuries AfterDark ETF (NGTH), a fund that would hold BTC only overnight, rotating into short-term Treasuries during U.S. market hours as data showed that BTC posted most of its yearly gains outside of these hours.

🌐 21Shares, Crypto.com Expand CRO Product Partnership

21Shares US and Crypto.com have deepened their collaboration to develop new regulated investment products tied to the CRO token. The initiative, which sits alongside existing CRO vehicles, including Canary Capital’s private trust launched earlier this year, aims to broaden institutional access through additional trust and ETF structures. 

🟣 BlackRock Files for Staked ETH ETF

BlackRock filed to launch ETHB, a new Ethereum ETF that adds staking rewards on top of spot ETH exposure — a first for the asset manager. The product would sit alongside its $11B ETHA fund, and is set to list on Nasdaq once approved.

⛽ Vitalik Proposes On-Chain Gas Futures to Smooth Ethereum Fees

Vitalik Buterin floated creating a trustless on-chain futures market for Ethereum gas, arguing it would let users lock in future transaction costs and hedge against fee spikes. The model would function like traditional commodity futures, offering predictable base-fee pricing for builders, traders, and institutions.

🇺🇸 CFTC Opens Door for Crypto Collateral in Derivatives

The Commodity Futures Trading Commission (CFTC) launched a new digital assets pilot program allowing BTC, ETH, and USDC to be used as collateral in U.S. derivatives markets. Acting Chair Caroline Pham says the move aims to modernize market infrastructure and “embrace responsible innovation”.

What’s Ahead

🔭 Bittensor Set for First TAO Halving

AI blockchain network Bittensor will undergo its first halving on December 14, cutting daily TAO issuance from 7,200 to 3,600 as it enters the next phase of its four-year cycle.

Number of the Week

Source: CoinTelegraph

Chart of the Week

BTC SOPR Shows Profit-Taking Pressure Easing

Bitcoin’s SOPR (a metric that tracks whether tokens are being sold at a profit or loss) has dropped to its lowest level in months, meaning holders are realizing far smaller profits when they sell.

The last few times SOPR fell this far after a sustained rally, it signaled that most of the aggressive profit-taking had already happened, helping BTC find a short-term bottom. With SOPR now resetting while price stabilizes in the $80Ks to $90Ks range, the market may be working through the final stretch of seller exhaustion.

As of December 7, 2025

Source: CryptoQuant, Crypto.com Research

Research & Insights

DeFi & L1L2 Weekly: Liquidity Shifts, Tokenization Gains, and the Solana DEX Shake-Up

Winds of change are sweeping through DeFi flows this week, as HumidiFi emerged as the second-largest DEX on Solana, clearing over $36B in November and shaking up the chain’s liquidity map with its private “prop-AMM” execution model. Solana’s DEX market is now consolidating around platforms offering tighter pricing and MEV-resistant fills.

On the institutional front, tokenization momentum accelerated. Amundi — Europe’s largest asset manager — launched a tokenized fund share class on Ethereum, while regulators in the UK and Uzbekistan advanced frameworks for DeFi taxation and stablecoin payments.

Yearn Finance’s $9M exploit (with partial recovery) was a stark reminder that risks are always lurking, and S&P Global assigned USDT one of its lowest stability scores, underscoring ongoing concerns around stablecoin transparency.

🔎 Read the full report: Deeper level data, chain-level trends, and a breakdown of DeFi and L1/L2 activity

Crypto Trivia

Which major airline became the first to accept stablecoin payments directly for flight ticket purchases?

A) Singapore Airlines

B) Emirates Airlines

C) Qatar Airways

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

NFT Spotlight

The lines between humanity and machinery blur in ‘Neon Gods: The Cybernetic Ascendancy’, a new collection by digital artist Graffiti On Grave. Set in a world where biological and technological beings coexist, it explores identities shaped by circuits, light, and synthetic evolution.

Each piece presents a vision that feels both familiar and otherworldly, blending storytelling with bold aesthetics. Collectors who mint two or more pieces stand a chance to win an exclusive NFT.

Join the Ascendancy and shop the drop today.

Product Updates

Referral Bonus Just Got a Complete Refresh
Love bringing friends into the #CROFam? The Crypto.com App’s Referral Bonus feature has been revamped to be even more rewarding — share up to $200 with friends, unlock a dedicated dashboard, and enjoy new ways to share a referral code or link!

Ready to get started? Simply open the App, go to the main menu, tap Referral Bonus, and start inviting friends.

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Byte Sized

Take a guess where we’re at.

Follow Us on Instagram!

CryptoIRL

@Cryptorockstar4 knows the best place to enjoy the Icy Card — at the airport, of course.

Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

European Police Dismantle Major Crypto Scam Network

A coordinated cross-border operation took down a Europe-wide crypto scam network responsible for stealing millions from victims across the region. In the first operation, police seized crypto, cash, luxury assets, and electronic equipment linked to the organization, which is believed to have defrauded victims across Germany, Cyprus, Bulgaria, and Serbia.

Authorities say the group ran professional-looking online trading platforms that promised high returns, then used social-engineering tactics to coax further deposits from victims. Scammers operated call centers, posed as investment advisors, and even used fake “profit dashboards” to make the schemes look legitimate.

How to Keep Funds Safe:

1. Be wary of unsolicited investment calls or messages, even if they sound professional.
2. Avoid platforms that pressure users to add more funds or promise guaranteed returns.
3. Check that any investment service is properly licensed before depositing money.

Crypto Trivia Answer

B) Emirates Airlines ✅

Emirates began piloting USDC payments as part of its wider digital commerce upgrade, making it the first major state-owned airline to accept crypto directly for bookings.

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