#十二月行情展望

Has the Crypto Reversal Truly Arrived? Why Institutions Are Quietly Shifting Toward Ethereum While Bitcoin Prepares for Its Breakthrough

As we enter December 2025, the crypto market is no longer in the fearful, reactionary state we witnessed only weeks ago. Bitcoin’s recovery above the ninety-three-thousand level and Ethereum’s sharp climb past thirty-two hundred have created a noticeable shift in market psychology. What looked like another bearish extension has quietly transformed into the early rhythm of a structural reversal. The most telling sign is not price alone, but the behavior of institutions during the panic. Crypto custodians such as Bitmine significantly expanded their Ethereum positions surpassing even BlackRock’s holdings. This kind of accumulation during fear is rarely accidental. It is strategic. It signals that the reversal is not a narrative; it is already in motion.

From my perspective, what stands out most is that Ethereum is finally being valued for what it truly is: not just a token, but an intelligent infrastructure layer. While Bitcoin continues to play its role as digital gold, Ethereum is evolving into the core computational engine of the decentralized economy. Institutions understand this distinction better than retail investors. Ethereum’s ecosystem spanning DeFi, NFTs, RWAs, execution environments, and Layer 2 networks has formed a network effect that grows more powerful with every upgrade. This month’s Fusaka upgrade, combined with EIP-7918, has linked L2 data costs directly to mainnet gas pricing, effectively turning rollups into a major burn mechanism. With PeerDAS increasing data availability capacity by roughly eight times, Ethereum now enjoys both scalability and structural deflation an incentive alignment that Bitcoin simply cannot match with its slower innovation cycle.

Bitmine’s decision to allocate one hundred seventy-four million dollars into ETH this week and raise its holdings to 3.62 million coins is a perfect example of institutional logic: follow technological momentum, not outdated narratives. In contrast, Bitcoin’s growth remains tied to its store-of-value status and halving dynamics. It is a powerful asset, but its innovation path relies heavily on external Layer 2 solutions rather than native evolution. Ethereum, on the other hand, continues to reinvent its base layer while expanding its utility. That is the difference between a static asset and a dynamic ecosystem.

At the macro level, the environment is aligning strongly with crypto. Expectations of a Federal Reserve rate cut grew dramatically after November’s ADP employment numbers collapsed by thirty-two thousand the biggest decline since early 2023. The probability of a December rate cut now sits near eighty-nine percent. Historically, Bitcoin responds aggressively to liquidity easing; the 2020 rate cuts sparked an extended bull cycle. Today’s technical landscape is even more supportive. Bitcoin has decisively cleared the ninety-three to ninety-four-thousand resistance with improving volume, with moving averages forming a bullish structure and the MACD showing expanding upside momentum. New capital inflows are becoming visible in the order books.

A critical difference between this cycle and 2021 is the nature of the participants. Traditional financial giants are no longer observing from the sidelines they are entering. Vanguard’s approval of crypto ETF trading for tens of millions of clients marks a generational shift in market access. This is not a retail-driven mania; it is institutional liquidity taking shape. Regulatory clarity is also emerging, with the US SEC pushing forward an innovation-focused exemption framework for digital assets. For the first time, long-term investors can plan with a clearer compliance path.

Fundamentally, both Bitcoin and Ethereum are benefiting from their structural strengths. Bitcoin’s scarcity remains unmatched. Ethereum’s deflationary model strengthens with every increase in L2 transaction volume. Analysts predict that, after Fusaka, Ethereum’s blockchain revenue could rise five to ten times. These are not speculative hopes—they are system-level changes with long-term implications. It explains why institutions are stepping in aggressively during uncertainty: they see asymmetric upside.

Still, we cannot ignore the short-term risks. Excessive leverage remains a recurring issue. Within twenty-four hours of Bitcoin pushing beyond ninety-three thousand, the market witnessed three hundred sixty million dollars in liquidations, a reminder that sharp price movements expose the fragility of overleveraged positions. But when I look beyond these local disruptions, the broader picture is clear: institutional accumulation, improving technical structures, and easing macro conditions are forming what I call a reversal “iron triangle” a combination powerful enough to reshape the market’s direction for months ahead.

Ethereum’s recent leadership reinforces the reality that innovation drives capital. Bitcoin’s renewed strength confirms that liquidity remains the backbone of the crypto cycle. Together, they form the foundation of the next phase of this industry. In my view, the reversal moment is not something approaching; it has already begun quietly, and those paying attention will be the first to recognize it.

December marks the transition between fear and confidence, between hesitation and conviction. With Ethereum stepping into its role as the institutional favorite and Bitcoin preparing for its inevitable challenge of the one-hundred-thousand mark, the market is entering a phase where strong fundamentals, capital inflows, and technological progress finally converge.

This is not just another rebound. It is the beginning of a structural shift.