Gate Web3 Daily News Highlights | December 4: BlackRock CEO Publicly Admits Mistake; Ethereum Completes Fusaka Upgrade

Amidst the overwhelming and complex market information, what truly matters? “Gate Web3 Top News Selection” aims to distill the essentials for you. We comb through daily global crypto market news, helping you quickly grasp key trends, save time, and gain early insights.

1. Crypto Market Rally Returns, ETF Inflows Hit $1.1 Billion—7-Week High

KobeissiLetter released a market analysis stating that crypto ETFs are making a comeback, with crypto funds recording $1.1 billion in inflows last week—a 7-week high—marking a reversal from four consecutive weeks of $4.7 billion in outflows. US crypto ETFs led with $994 million in inflows, followed by Canada ($98 million) and Switzerland ($24 million), while Germany saw $57 million in outflows. Bitcoin led the inflows with a net $461 million, followed by ETH with $308 million. Meanwhile, investors withdrew $1.9 billion from short Bitcoin ETPs. The upward momentum in cryptocurrencies is returning.

2. BlackRock CEO Admits Previous Opposition to Bitcoin and Crypto Was a “Mistake”

BlackRock CEO Larry Fink admitted at the New York Times DealBook Summit that his earlier opposition to Bitcoin and cryptocurrency was a “mistake.” When asked, “In 2017, you called crypto a ‘tool for money laundering and thieves.’ Now BlackRock operates the largest Bitcoin spot ETF. What changed?” Fink replied, “I have strong opinions, but that doesn’t mean I can’t be wrong. Through constant self-examination and meeting thousands of clients and government leaders annually, my thinking process evolved and my views changed dramatically. Now BlackRock actively embraces Bitcoin.”

3. Solana Mobile Ecosystem Token SKR May Launch in January Next Year

Solana Labs subsidiary Solana Mobile announced Wednesday that its ecosystem’s native token, SKR, will launch in January 2026. Solana Labs co-founder Anatoly Yakovenko also confirmed the news on X.

SKR has a total supply of 10 billion and is designed to power ecosystem governance, economic incentives, and ownership. The tokenomics show that 30% of tokens will be airdropped and unlocked at launch, mainly targeting Seeker phone users and active dApp users.

Seeker is Solana Mobile’s second-generation Android phone, pre-installed with the Seed Vault hardware security solution and a built-in dApp store.

More details on SKR’s vision will be revealed at the Breakpoint 2025 conference in Abu Dhabi, December 11-13.

4. Ethereum Completes Fusaka Upgrade, Moves to Twice-Yearly Hard Forks

Ethereum’s 17th major upgrade, “Fusaka,” was activated on mainnet at epoch 411392 (around 5:50 AM Beijing time Thursday), just seven months after the May Pectra upgrade. This upgrade not only brings numerous UX and scaling improvements but also marks Ethereum’s transition to an accelerated development pace of “twice-yearly hard forks.”

Consensys stated that Ethereum researchers will aim for two upgrades per year going forward. Since the 2022 Merge, Ethereum typically had only one major update per year: Shapella (2023), Dencun (2024), and Pectra (2025).

Fusaka introduces several key tech changes, including a new data sampling technology “PeerDAS” for data availability and pricing. The upgrade includes 9 core EIPs and 4 supporting EIPs—by some metrics, one of Ethereum’s largest upgrades to date.

5. BlackRock: US Debt Growth Will Drive Crypto Prices Higher

BlackRock released its 2026 outlook. Setting aside pessimism on US bonds and the world’s largest economy, the report essentially sketches an optimistic roadmap for accelerated institutional crypto adoption.

The report notes that US federal debt will surpass $38 trillion, market fragility will intensify, and traditional hedges are failing. In this environment, Wall Street giants will turn to digital assets faster as alternative investments.

BlackRock’s global markets head Samara Cohen said stablecoins have “broken out of the niche” and are becoming a key bridge between traditional finance and digital liquidity.

6. Malaysia Cracks Down on Illegal Bitcoin Miners, $1 Billion in Power Lost

Malaysian authorities are actively cracking down on illegal Bitcoin mining activities, which have reportedly caused as much as $1 billion in power theft losses. Law enforcement uses a combination of high-tech and traditional methods, including drones to detect abnormal heat sources, handheld sensors to spot irregular power usage, and responding to resident reports of strange noises. Some illegal miners have even used natural bird calls to mask the noise from mining equipment. The crackdown has turned into a “cat-and-mouse game,” involving raids on stores and abandoned houses. The Malaysian government will continue to strengthen regulations to curb this growing problem.

7. OpenAI CEO Considered Rocket Company Acquisition to Challenge SpaceX, Revealing Orbital Data Center Vision

According to The Wall Street Journal, OpenAI CEO Sam Altman considered acquiring startup Stoke Space earlier this year. Stoke Space focuses on fully reusable rockets and is seen as an emerging challenger to Elon Musk’s SpaceX. However, the potential deal ultimately did not go through.

Altman has maintained a keen interest in orbital data center technology, aiming to move data centers into space to reduce environmental impact on Earth while providing more efficient, sustainable infrastructure for rapidly growing AI computation. This vision has driven his investments in several frontier space technology companies.

These include Longshot Space, which Altman backs; the company is developing novel satellite deployment methods that don’t rely on traditional rocket propulsion, seeking to break away from existing rocket technology limitations. Industry observers believe these new approaches could open up new paths for low-cost, high-frequency satellite launches.

By contrast, Musk’s SpaceX has built a strong industry-leading position, with reusable rockets supporting global space missions, satellite networking, and crewed spaceflight. However, as tech leaders and capital continue to enter the space industry, startups are seeking to challenge SpaceX’s established model with differentiated technologies.

Analysts note that as AI compute needs surge, space-based data centers could become a new frontier for tech competition. Moves by entrepreneurs like Altman show that orbital infrastructure is moving from concept to commercial exploration, becoming a key growth point where space tech and AI intersect.

8. Russia Seeks to Seize $3 Billion in WEX Exchange Bribery Case Linked to Ex-Interior Ministry Official

According to Cryptopolitan, Russian prosecutors are seeking to confiscate assets worth over 2.1 billion rubles (about $3 billion) from former Interior Ministry official Georgy Satyukov. Satyukov is accused of accepting bribes from WEX cryptocurrency exchange administrator Alexey Ivanov, receiving 2,119.5 bitcoin and 10,016 ether.

From 2019-2021, Satyukov led the K department specializing in financial fraud and cybercrime investigations. His luxury assets include 13 apartments, commercial real estate, luxury cars, and $1.3 million in valuables. WEX, the successor to BTC-e, disappeared along with about $450 million in crypto due to a lack of anti-money laundering measures.

Satyukov is currently at large and internationally wanted, with his first trial set for December 8, 2025. If convicted, his assets will be transferred to the Russian treasury.

9. Charles Schwab Confirms 2026 Launch for Spot Bitcoin and Ethereum Trading, Begins Phased Crypto Rollout

Charles Schwab CEO Rick Wurster confirmed at the Reuters Next conference in New York that the $12 trillion giant will launch spot Bitcoin (BTC) and Ethereum (ETH) trading in the first half of 2026. The new service will start with internal employee testing, then roll out to a small group of clients, and finally expand to all users in a phased approach.

Wurster said Schwab will proceed cautiously with crypto trading to ensure system stability and regulatory compliance. After the initial pilot, the platform will gradually broaden access, offering digital asset trading to more investors. This strategy reduces technical risk and helps ensure seamless integration with Schwab’s large traditional financial system.

Regarding expansion, Wurster emphasized the company is preparing for more acquisitions, especially those that enhance client experience and product capabilities. Schwab is open to acquiring crypto-related companies if valuations are reasonable and align with long-term strategy. No specific targets or ongoing negotiations have been disclosed.

In the market, Schwab’s planned spot Bitcoin trading has drawn attention to its pricing strategy. Bloomberg ETF analyst Eric Balchunas noted that fees will be a key competitive factor. Since Schwab offers commission-free stock and ETF trading, if its crypto trading fees are below 50 basis points, it could put significant pressure on crypto exchanges. He also said that while crypto ETFs charge fees, their spreads are lower and remain competitive.

Schwab has also expanded its presence through acquisitions, including a $660 million deal for private equity trading platform Forge Global to meet demand for pre-IPO company trading. As the market rebounds, Schwab’s Q4 trading activity has significantly exceeded the rest of the year, with client assets and trading revenue hitting record highs.

Schwab’s entry into crypto marks traditional financial giants accelerating their embrace of digital assets, bringing more institutional liquidity and competition to the crypto industry.

10. Uniswap Founder Slams Citadel’s SEC Pressure: DeFi Shouldn’t Be Regulated by Wall Street Standards

Uniswap founder Hayden Adams publicly criticized Citadel Securities for urging the US SEC to treat DeFi protocols and their developers as traditional intermediaries. On X, he stated that Citadel is trying to get the SEC to regulate open-source, permissionless DeFi in the same way as Wall Street, sparking strong concern in the crypto industry.

The controversy stems from Citadel’s lengthy SEC comment letter on tokenized stocks and DeFi trading venues. Citadel argued many so-called “decentralized” protocols actually coordinate buyers and sellers, thus fitting legal definitions of exchanges or brokers, and shouldn’t be exempt just because they use smart contracts or blockchain.

Adams strongly objected, mocking Citadel’s claim that DeFi lacks “fair market access” as “shameless,” and pointed out that open-source peer-to-peer tech lowers the barriers to liquidity creation—contrary to Citadel’s centralized market maker model. He hinted Citadel has pushed similar regulatory agendas in Washington for years.

Citadel’s filing lists various DeFi stack participants—frontend operators, smart contract developers, validators, and liquidity providers—and claims many of these roles functionally resemble regulated financial intermediaries, so should be subject to registration, capital requirements, and best execution rules. The firm emphasized the SEC should apply “technology-neutral” regulation and not grant special treatment to on-chain smart contract trades.

Citadel’s core concern is tokenized stocks. The letter warns that if US company tokenized stocks are allowed to trade freely on DeFi protocols, it could create an “off-exchange shadow stock market,” fragmenting liquidity and bypassing investor protection frameworks.

The crypto industry fears that if the SEC adopts Citadel’s stance, protocol developers, frontend teams, market makers, and even some DAO participants could be forced to bear heavy regulatory burdens akin to traditional intermediaries, threatening permissionless DeFi innovation globally. Many developers stress that decentralized protocols are structurally different from centralized platforms, and imposing Wall Street rules would stifle innovation.

Adams also noted Citadel founder Ken Griffin outbid ConstitutionDAO in 2021 for a US Constitution copy, hinting at long-standing tension between Citadel and the crypto community. The latest clash is seen as a new chapter in the “Wall Street vs. Decentralization” battle, highlighting how regulatory direction will profoundly impact DeFi’s future. (Cryptonews)

11. Ethereum Foundation: Prysm Mainnet Client Experiencing Issues, Node Reconfiguration Required

The Ethereum Foundation stated on X that the Prysm consensus client on mainnet is experiencing issues. If you are using Prysm, you need to reconfigure your CL node. If you use another client, you are unaffected and do not need to take any action.

Earlier, Ethereum mainnet successfully activated the Fusaka upgrade, significantly boosting data processing capability.

12. Ethereum Treasury Giant BitMine Buys Another $150 Million ETH, Tom Lee: ETH Could Hit $9,000

Ethereum treasury giant BitMine has made another major ETH purchase, attracting market attention. According to on-chain analytics platform Arkham, BitMine bought 18,345 ETH via BitGo and another 30,278 ETH via a CEX on Wednesday, totaling about $150 million. While not yet officially confirmed, on-chain evidence shows the funds have mostly settled.

This year, BitMine has consistently bought ETH, even during the weak November market. In just the last week of November, it added 96,798 ETH, raising its holdings to over 3% of Ethereum’s circulating supply. The company has repeatedly stated its goal is to hold 5% ETH and has emphasized Ethereum’s core role in future financial infrastructure.

In contrast to BitMine’s strong buying, institutional demand for ETH has generally weakened. Bitwise’s latest data shows digital asset funds (DATs) bought only about 370,000 ETH in November, down 81% from the August peak of 1.97 million. This trend suggests some institutions are reallocating, with short-term systematic ETH accumulation declining.

Despite this, Fundstrat co-founder and BitMine leader Tom Lee remains bullish. He highlighted several recent positive catalysts for Ethereum, including the Fusaka upgrade this week. In addition, the Fed’s gradual end to quantitative tightening is seen as key to reviving ETH demand.

In an interview, Lee further predicted ETH will rise to the $7,000–$9,000 range by January 2026. ETH is currently priced at $3,215, up 5.7% in the past 24 hours, showing improving market sentiment.

BitMine-related stocks also benefited, closing up 5.48% at $33.66 on Wednesday. However, over the past month, the stock is down more than 21%, reflecting overall pressure across the institutional sector.

This major purchase shows leading treasuries remain firmly bullish on ETH’s long-term value, while overall institutional demand cool-down introduces short-term variables. ETH’s market performance in the coming weeks will be a key signal for whether the institutional divide widens or narrows. (The Block)