11.30 AI Daily Crypto Assets industry faces new challenges and opportunities, regulation and innovation become the focus

1. Headline

1. The Ethereum Fusaka upgrade is approaching, and the mainnet will welcome its second major hard fork.

On December 3, 2025, Ethereum will activate the “Fusaka” upgrade on the mainnet, marking the second major hard fork of the year following the “Pectra” upgrade in May. The name Fusaka comes from the combination of two internal upgrade code names: the execution layer upgrade Osaka( and the consensus layer upgrade Fulu).

The main goal of the Fusaka upgrade is to improve the scalability and efficiency of the Ethereum network. After the upgrade, Ethereum's transaction throughput will be significantly enhanced, which is expected to alleviate network congestion issues. At the same time, the new consensus algorithm will further reduce energy consumption, making a key step towards transforming Ethereum into an environmentally friendly blockchain.

Insiders believe that the Fusaka upgrade is crucial for the long-term development of the Ethereum ecosystem. On one hand, higher throughput will attract more applications, driving innovation in areas such as DeFi and NFTs; on the other hand, lower energy consumption will help Ethereum gain broader social recognition, creating favorable conditions for institutional investors to participate.

However, hard fork upgrades also carry certain risks. Issues such as network splits and untimely node upgrades may lead to short-term chaos. Therefore, the Ethereum development team calls on the community to prepare in advance to ensure a smooth transition. Meanwhile, regulatory agencies are closely monitoring to prevent potential systemic risks.

( 2. Ripple XRP spot ETF's first month capital inflow exceeded expectations, reaching $644 million.

The XRP spot trading exchange-traded fund ) ETF ###'s performance in its first month was unexpectedly remarkable, with a cumulative net inflow reaching an astounding $643.92 million. Major issuers such as Grayscale, Franklin Templeton, Wise, and Canary have driven a surge in the total assets under management of the ETF.

Analysts believe that the popularity of the XRP ETF reflects the strong interest of institutional investors in Ripple's currency. As a pioneer in the cryptocurrency payment field, XRP has broad application prospects in cross-border payments and digital assets. Moreover, the lawsuit between XRP and the U.S. Securities and Exchange Commission is expected to conclude next year, which also boosts investors' confidence.

At the same time, regulators are paying close attention to the approval of the XRP ETF. Some experts are concerned that a large influx of institutional funds could exacerbate the volatility of XRP prices and impact market stability. Therefore, the Securities Regulatory Commission is closely monitoring the flow of funds to prevent systemic risks.

However, some analysts are optimistic about the long-term prospects of the XRP ETF. They believe that as one of the mainstream cryptocurrencies, XRP still has a vast development space in the future. As long as regulatory policies are clear and the ecosystem continues to develop healthily, the XRP ETF is expected to become an important channel for institutional investors to gain exposure to digital assets.

( 3. The Federal Reserve will stop quantitative tightening on December 1, marking a shift in monetary policy.

The Federal Reserve ) is expected to officially end its Quantitative Tightening ### policy on December 1, 2025, marking a significant shift in the direction of monetary policy operations after a long period of tightening to control inflation.

Stopping QT means that the FED will stop reducing the size of its balance sheet and will no longer actively sell the government bonds and mortgage-backed securities it holds. This is seen as an important step in the Federal Reserve's gradual shift towards easing, aimed at creating favorable conditions for economic recovery.

Analysts point out that ending the QT policy will inject liquidity into the financial markets, helping to alleviate the current credit tightening situation. At the same time, this also adds weight to expectations for future interest rate cuts, which are expected to stimulate corporate investment and consumer spending, injecting new momentum into the economy.

However, some experts have expressed concerns about the outlook for the FED's policies. They believe that the inflation situation remains severe, and an early shift to easing could further exacerbate price instability. In addition, a shift in monetary policy could also intensify the depreciation pressure on the dollar, leading to new financial turmoil.

In view of this, the market generally expects the FED to pause its interest rate cuts after ending QT and to observe the effects of its policies first. Meanwhile, all sectors are closely monitoring changes in inflation and employment data, which will become the key basis for the FED to formulate its next policy.

( 4. Shiba Inu Coin SHIB analysts make bold predictions, sparking heated discussions in the market.

Shiba Inu Coin (SHIB) has attracted attention again this week, as crypto analyst MemeWhale shared a new price prediction that has many people talking.

According to MemeWhale's analysis, the price of SHIB has stabilized after the decline in November and is expected to rebound in December. They believe that SHIB is likely to rise by 11.2% in the coming weeks, reaching a maximum of $0.00000890.

MemeWhale's optimistic expectation is mainly based on SHIB's current technical pattern and community activity. The SHIB price has formed a solid support zone between 0.00000741 and 0.00000767 USD, laying the foundation for a short-term rebound. Meanwhile, the willingness of the SHIB community to hold coins remains strong, providing momentum support for the price increase.

However, some analysts have questioned the views of MemeWhale. They believe that SHIB lacks practical application scenarios, and its price is mainly influenced by speculative hype, making it difficult for the rebound to sustain. In addition, the overall sluggishness of the cryptocurrency market may also limit SHIB's upward momentum.

Nevertheless, MemeWhale's predictions have sparked lively discussions on social media. Many retail investors have stated that they will continue to hold SHIB, hoping for the price to shine again. Meanwhile, some investors are calling for a rational perspective, urging others not to follow the trend blindly.

) 5. The cryptocurrency industry is facing a crisis of trust, and the Ethereum ecosystem urgently needs to be reshaped.

Ethereum is undergoing an unprecedented wave of skepticism. Since the launch of the ETF, there has been a net sell-off/outflow of over 1.2 billion US dollars, leading to a significant crisis of trust among Ethereum core researchers, the Ethereum Foundation, developer community organizations, ConsenSys-related commercial firms, and external investors. Vitalik needs to better guide different stakeholders in terms of direction and objectives, as Ethereum has become a massive decentralized commercial entity in both the crypto market and even the traditional market, with no such entity existing in history. The challenges for the entire Ethereum community and Vitalik will continue to grow increasingly severe, reaching a point where one must break before they can stand.

At this TOKEN2049 conference, the most discussed topic was surprisingly the Ton ecosystem. Of course, Western funds are generally not optimistic or favorable towards Ton and Web2 platforms at the moment, but this also reflects the severe challenges that the Ethereum ecosystem is currently facing.

Industry insiders believe that the Ethereum ecosystem urgently needs to reshape its development path and regain the trust of the community. On one hand, it is necessary to clarify sustainable business models to avoid excessive reliance on speculative hype; on the other hand, it is also essential to accelerate technological innovation to improve network scalability and user experience. Only in this way can more real application scenarios be attracted to land, promoting the healthy development of the entire ecosystem.

At the same time, regulatory bodies need to create a favorable environment for the Ethereum ecosystem. Clear regulatory policies will help attract institutional funds while also providing certainty for innovators. The industry hopes that with the joint efforts of all parties, the Ethereum ecosystem can regain vitality and bring new momentum to the entire cryptocurrency industry.

2. Industry News

( 1. A short-term rebound in Bitcoin is expected, analysts are optimistic about levels above $100,000.

Bitcoin may have formed a short-term bottom after a series of sell-offs. Analysts point out that the relative strength index on the weekly chart for Bitcoin is nearing 30, a level that often corresponds to a phase bottom in historical trends. If the market rebounds from this, Bitcoin is expected to rise back to the range of about $100,000 to $110,000 in the short term.

Analysis suggests that after a recent series of sell-offs, current technical and sentiment indicators provide an opportunity for a rebound in Bitcoin. Although Bitcoin still faces many uncertainties in the short term, if it can stabilize at key support levels, a short-term rebound is likely. However, investors should be wary of potential risks and closely monitor subsequent changes in fundamentals and capital flows.

Market participants generally believe that whether Bitcoin can stabilize above $100,000 will be an important test of the strength of the bull market. If Bitcoin can gain strong support at this level, it will leave more room for further increases in the future. Conversely, caution should be exercised regarding the risk of a pullback. Overall, there remains uncertainty surrounding Bitcoin in the short term, and investors should maintain a cautiously optimistic stance.

) 2. Ethereum approaches the $3200 mark, sentiment analysis warns to be cautious of pullback risks.

The price of Ethereum is approaching a strong resistance zone between $3200 and $3250, with buyers and sellers fiercely competing in this range. The sentiment analysis platform Santiment indicates that the market is showing signs of fatigue, and the clear buying signals from last week have disappeared. Analysts believe that the market is likely to retest recent lows after testing this resistance level.

Santiment's social media indicators show that the previously popular “buy the dip” strategy is fading, replaced by concerns over potential liquidation risks. This reflects a significantly weakened market sentiment, and investors need to be wary of the risk of pullbacks.

A decrease in stablecoin yields is seen as a positive signal. Santiment indicates that the current stablecoin yield is approximately 4%, suggesting that the market has not yet entered an overheating state and still has room for further upside. However, it remains to be seen whether Ethereum can break through the $3200 barrier. Overall, there is a certain degree of uncertainty regarding Ethereum in the short term, and investors should remain cautiously optimistic.

3. The inflow of funds in the cryptocurrency market has decreased significantly, and a “funding drought” may occur within the month.

According to analysts citing Glassnode data, the funds flowing into the cryptocurrency market have decreased from approximately $60 billion to around $10 billion over the past month. This suggests that the crypto market may be facing a funding shortfall.

Analysts point out that the significant decrease in capital inflows reflects investors' lack of confidence in the current market. After the severe sell-off in early November, investor sentiment has significantly declined, making it difficult for new funds to enter the market.

In addition, the attitude of institutional investors is also worth noting. Data shows that the Bitcoin ETF under the well-known institutional investor BlackRock experienced a capital outflow of up to $113.7 million at the end of November, which may further undermine market confidence.

However, some analysts believe that we are currently in a “low-risk” buying opportunity. The prices of major cryptocurrencies like Bitcoin have significantly retraced, which may provide a good entry point for long-term investors. Overall, the cryptocurrency market faces pressure from insufficient capital inflows in the short term, and investors need to cautiously manage risk.

4. Altcoins are performing poorly, and the industry is facing innovation and transformation.

Recently, the performance of the altcoin market has been poor, and industry participants are beginning to reassess innovations and real application cases. Analysts believe that the performance of altcoins may be worse than expected, which will force the industry to seek new development paths.

Data shows that projects transitioning from Web2 to community content platforms see a large number of founders, advisors, and investors choosing to cash out after launch. This “launch and exit” business model is severely harming the interests of community investors and draining liquidity from the entire industry.

At the same time, after the launch of high-configuration projects, the number of active users has plummeted, and real users and sources of income have become prominent shortcomings in the industry's development. Analysts call for the industry to refocus on acquiring real users and establishing innovative applications with sustainable business models, breaking free from the excessive reliance on airdrops and other customer acquisition methods.

Overall, the slump in the altcoin sector reflects the growing pains the industry is facing during its transformation. Only by focusing on real application value can new development momentum be brought to the industry.

5. Industry track differentiation: Ecosystems like Solana continue to heat up, NFT game development is slow.

Recently, there has been a clear differentiation within the cryptocurrency industry. Some sectors, such as Solana, Base, and TON, continue to heat up, becoming the new “industry stars.” In contrast, sectors like NFT and full-chain games, which were once highly anticipated, are developing slowly and facing skepticism.

Data shows that ecosystems like Solana and Base were extremely popular during the TOKEN2049 conference, with participants full of expectations for their future development. In stark contrast, the development pace of the NFT and full-chain gaming sectors has slowed, and participants have lost confidence in their prospects.

Analysts point out that this differentiation reflects the “Matthew Effect” in the industry — the rich get richer, and the poor get poorer. Ecosystems that receive funding and talent support continue to heat up, while tracks lacking breakthroughs face the risk of being marginalized.

However, there are also voices that believe the current differentiation may only be temporary. Once breakthrough innovative applications emerge, other tracks still have the opportunity to lead the trend again. Overall, the differentiation within the industry tracks is worth ongoing attention.

3. Project News

1. Sahara AI initiates internal investigation, token SAHARA experiences abnormal price fluctuations.

Sahara AI is a company focused on artificial intelligence and blockchain technology, aiming to utilize AI technology to improve the efficiency and security of blockchain systems. The company completed its token issuance in June 2025, issuing the token SAHARA as a means of payment and incentives within the ecosystem.

On November 30th, Sahara AI officially stated that it noticed abnormal fluctuations in the price of the SAHARA token and has launched an internal investigation. The official emphasized that there are currently no security risks or product-level issues on the Sahara platform, and both the team and investors' holdings are in a locked state, with no unlocking or selling behavior.

The abnormal fluctuations of the SAHARA token have drawn market attention. On one hand, the significant price volatility of the token may affect investor confidence and exacerbate market panic; on the other hand, if Sahara AI can promptly identify the cause and handle it properly, it will help rebuild investor confidence and buy time for future development.

Many analytical institutions have expressed concern over this event. Messari analysts stated that Sahara AI, as a representative project combining AI and blockchain, will have its token price fluctuations affect the overall development trend of the AI sector. Delphi Digital analysts believe that Sahara AI needs to pay close attention to this matter, and proper handling will help to rebuild market confidence.

2. The founder of Monad responds to Arthur Hayes' comments, willing to gift MON tokens for experience.

Monad is an emerging blockchain project aimed at creating a high-performance, scalable blockchain network. The project is led by Keone Hon and has the support of well-known investment institutions such as Maelstrom. Monad's native token, MON, will be launched in 2025.

Recently, former MEX CEO Arthur Hayes questioned the Monad project in an interview, calling MON “yet another high FDV, low circulation VC coin” that could plummet by 99%. In response, Monad founder Keone Hon stated on social media that he believes Hayes' comments are “taken out of context.”

Hon stated that he is willing to gift some MON tokens to Hayes so that he can personally experience the technological advantages of Monad. Hon emphasized that Monad aims to bring real user growth through innovative technology, challenging existing public chains such as Ethereum and Solana.

Industry insiders have different interpretations of this event. Some analysts believe that Hon's response reflects the confidence of the Monad team, but there are indeed certain risks in the structure of the MON token; others believe that Hayes' comments may affect investor confidence, and Monad needs to take this very seriously.

Regardless, this event has once again sparked discussions within the industry regarding the token issuance mechanism. A reasonable token economic model will be one of the key factors for the success of blockchain projects.

3. The dYdX community has proposed a new “Liquidation Rebate Pilot Program”.

dYdX is a decentralized perpetual contract trading platform that allows users to leverage trade using various crypto assets. As a community-governed project, major decisions of dYdX need to be voted on by the community.

On November 30th, the dYdX community passed a new proposal for the “Liquidation Rebate Pilot Program.” This program will launch on December 1, 2025, lasting for one month, aimed at rewarding traders who have experienced liquidation events. According to the proposal, traders who encounter liquidation will receive points and rebates, up to a maximum of $1,000,000.

The purpose of this program is to attract more users to use the dYdX platform, increase the platform's liquidity and activity. At the same time, it also helps to reduce users' liquidation risks and improve the trading experience.

Industry insiders have mixed reactions to this plan. Supporters believe it will help dYdX stand out in the fiercely competitive decentralized derivatives trading arena; opponents are concerned it may encourage users to engage in excessive leveraged trading risks.

In any case, the passage of this proposal once again reflects the characteristics of community autonomy in the dYdX community. As a decentralized protocol, the direction of dYdX's development is determined by the community, and this mechanism is beneficial for attracting more user participation.

4. Nasdaq commits to “expediting” the tokenization of stocks process

Nasdaq is one of the largest stock exchanges in the world and has been actively exploring the application of blockchain technology in the financial sector. In September of this year, Galaxy Digital, a subsidiary of Nasdaq, became the first Nasdaq-listed company to tokenize company equity on the blockchain.

On November 30, Matt Savarese, head of digital asset strategy at Nasdaq, stated in an interview that Nasdaq will accelerate the SEC approval process for its tokenized stock program and value public feedback. He emphasized that Nasdaq does not intend to overturn the existing securities system, but rather hopes to promote the adoption of tokenized assets within the SEC regulatory framework.

Tokenized stocks are seen as a major innovative attempt of blockchain technology in the traditional financial sector. Compared to traditional stocks, tokenized stocks offer higher liquidity and transparency, as well as greater trading efficiency. However, they also face numerous challenges including regulation and technology.

Industry insiders welcome Nasdaq's move. Analysts believe that Nasdaq's support will help promote the development of tokenized assets and pave the way for traditional financial institutions to enter the crypto space. However, there are also concerns that tokenized stocks may bring new risks, necessitating the establishment of strict regulatory policies.

Overall, Nasdaq's efforts reflect the increasing importance that traditional financial institutions place on blockchain technology. In the future, how tokenized assets will integrate with the existing financial system is worthy of continued attention from industry insiders.

4. Economic Dynamics

1. The Federal Reserve's interest rate hike cycle may continue, and inflationary pressures persist.

Economic Background: The US economy experienced persistent inflationary pressures in 2025. According to the latest data, the US Consumer Price Index for November ###CPI### rose 6.5% year-on-year, exceeding expectations, mainly driven by rising food and service prices. Although the inflation rate has moderated, it remains well above the Federal Reserve's target level of 2%. Meanwhile, the annualized quarterly GDP growth rate for the third quarter was revised to 3.2%, indicating moderate economic growth.

Important event: The Federal Reserve raised interest rates by 75 basis points again in November, increasing the target range for the federal funds rate to 4.25%-4.5%, the highest level since the 1980s. Federal Reserve Chairman Powell reiterated that interest rates will continue to rise until inflation shows a clear decline. The market expects the Federal Reserve to exceed previous expectations for interest rate hikes in 2025.

Market reaction: Investors have differing views on the Federal Reserve's interest rate hike path. Some analysts believe that stubborn inflation and a still tight labor market will force the Federal Reserve to take further action. However, there are also opinions that signs of economic slowdown are emerging, and the Federal Reserve may pause interest rate hikes in the first half of 2026. The stock and bond markets are experiencing increased volatility, reflecting concerns about the economic outlook.

Expert analysis: Goldman Sachs Chief Economist Jan Hatzius stated that the Federal Reserve may need to raise interest rates to a range of 5%-5.25% to effectively curb inflation. He expects the U.S. economy to enter a recession in early 2026. Former Federal Reserve Governor Narayana Kocherlakota, on the other hand, believes that inflationary pressures may ease in the second half of 2026, at which point the Federal Reserve may reassess its rate hike path.

2. The European Central Bank is tightening its policy, increasing the risk of economic slowdown in the Eurozone.

Economic background: The Eurozone economy faces multiple challenges in 2025. GDP growth in the third quarter was 1.1% year-on-year, below expectations, indicating a slowdown in economic activity. The inflation rate rose to 10.6% in November, reaching a new high, mainly driven by rising energy and food prices. The unemployment rate slightly increased to 6.6% in October, showing signs of weakness in the labor market.

Important Event: In order to curb the upward pressure on inflation, the European Central Bank raised interest rates by 50 basis points in December, bringing the three key rates to a historic high of 3%. ECB President Lagarde emphasized that tightening will continue until inflation rates significantly decline. EU countries are also increasing fiscal spending to address the energy crisis and economic slowdown.

Market reaction: The uncertainty surrounding the Eurozone's economic outlook has increased, impacting business and consumer confidence. PMI data for the manufacturing and services sectors indicates that economic activity is contracting. European stocks fell further in late December, reflecting market concerns about a recession. The yield curve has inverted, signaling a rising risk of economic slowdown.

Expert Opinion: David Folkerts-Landau, Chief Eurozone Economist at Deutsche Bank, believes that the European Central Bank still needs to raise interest rates further to ensure that the inflation rate falls back to the 2% target by 2024. He expects the Eurozone economy to enter a mild recession in early 2026. Meanwhile, Sven Jari Stehn, an economist at Goldman Sachs, warns that soaring energy prices and geopolitical tensions could lead the Eurozone economy into a deeper recession.

5. Regulation & Policy

1. SEC Commissioner Reiterates the Right to “Self-Custody” of Cryptocurrency

The U.S. Securities and Exchange Commission ( SEC ) Commissioner and Chair of the SEC's Cryptocurrency Working Group, Hester Peirce, reiterated the rights to self-custody of cryptocurrencies and financial transaction privacy. Peirce stated that online financial privacy should be the norm, not the exception.

This statement comes at a time when the CLARITY Act, which is the “Digital Asset Market Structure Clear Act” ###, has been postponed for consideration until 2026. The bill was originally intended to include provisions for the “self-custody rights” of crypto assets, anti-money laundering rules, asset classification, and more. Peirce emphasized that in a country that values freedom, it is perplexing to mandate the custody of assets to third parties.

The industry has noticed that with the launch of various crypto ETFs, some large holders and long-term investors are shifting from “self-custody of coins” to “holding in ETF form” to enjoy tax benefits and avoid the hassle of private key management. Some are concerned that this may gradually undermine the crypto community's long-emphasized principle of “wallets equal sovereignty.”

Experts believe that Peirce's remarks aim to uphold the decentralized nature of cryptocurrencies and user rights. Self-custody is not only a fundamental right of users but also a key aspect that distinguishes cryptocurrencies from traditional financial systems. However, finding a balance between regulation and freedom still requires ongoing discussion within the industry.

2. Nasdaq Accelerates Tokenized Stock Plan

Matt Savarese, the head of digital asset strategy at Nasdaq, stated that obtaining SEC approval for its tokenized stock proposal is a top priority and will be “accelerated as much as possible.”

Nasdaq hopes to advance tokenized assets into the mainstream in a responsible and investor-centric manner under the SEC's regulatory framework. Previously, Nasdaq has formally submitted a rule change proposal to the SEC, seeking to allow regulated trading platforms to support trading of tokenized stocks and ETFs on its main board.

Tokenized stocks have become one of the key discussion points in the crypto industry this year. In September this year, Galaxy Digital announced that it became the first Nasdaq-listed company to tokenize its equity on a major blockchain.

However, many industry insiders are cautious about the potential value increment that tokenized stocks may bring to the crypto ecosystem. They believe that if tokenized assets primarily operate on various layer two networks, the space for value to flow back to Ethereum and the broader crypto market may be limited.

Experts point out that tokenized stocks are expected to inject new liquidity and efficiency into traditional financial assets, but their long-term impact remains to be seen. Regulators need to seek a balance between protecting investors' rights and promoting innovation.

( 3. The European Central Bank refuses to classify Bitcoin as a reserve asset.

European Central Bank President Christine Lagarde stated that the ECB refuses to consider Bitcoin as a reserve asset, citing concerns regarding liquidity, security, and long-term reliability within its established framework.

Lagarde emphasized that the European Central Bank still trusts traditional assets such as gold. She believes that cryptocurrencies like Bitcoin lack the intrinsic assets to support their value and that their prices are highly volatile.

Traders expect the European Central Bank's tone to be relatively dovish, but its reaffirmation of trust in traditional assets has guided the institutional debate in Europe. Some institutions believe that the central bank should embrace innovation rather than completely reject crypto assets.

Experts analyze that the European Central Bank's position reflects mainstream financial institutions' cautious attitude towards crypto assets. They are concerned that the instability of crypto assets could threaten the financial system. However, there are also views that central banks should actively engage in regulation rather than completely avoiding it.

Overall, the European Central Bank's decision highlights the many issues that need to be addressed before crypto assets can become mainstream assets, such as price volatility and regulatory gaps. The industry needs to further improve transparency and compliance to gain the recognition of mainstream institutions.