Ethereum treasuries hit a turning point

December 03, 2025

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Ethereum treasuries shift as whales accelerate accumulation

Key points:

  • Corporate Ethereum treasuries sharply reduced acquisitions over the past three months even as major buyers increased billion-dollar purchases.

  • New institutional moves, whale activity, and the Fusaka upgrade are reshaping market expectations for ETH.

News - Corporate Ether portfolios continued to unwind in recent months as Ethereum digital asset treasury purchases fell from 1.97 million ETH in August to 370,000 ETH in November. Bitwise researcher Max Shennon noted that ETH treasury appetite has weakened, although a select group of major buyers is still accumulating heavily.

BitMine Immersion Technologies, the largest corporate Ether holder, purchased about 679,000 ETH valued at $2.13 billion over the last month. The company has now completed 62% of its plan to accumulate 5% of the entire ETH supply and still holds $882 million in cash that may fuel additional purchases. 

Republic Technologies also raised $100 million through a convertible note offering to support future ETH acquisitions.

Treasury activity extended into Asia with Parataxis Holdings agreeing to acquire South Korea’s Sinsiway for $27 million. If shareholders approve the deal, the firm will become Parataxis ETH, Inc., the country’s first Ether-focused treasury platform backed by U. S. institutional capital.

Whale activity increased alongside these corporate moves. One large wallet bought $55 million in ETH from BitGo on Tuesday, followed by another $13 million from Binance on Wednesday and $91.16 million from Kraken earlier today. These purchases arrived as Ethereum rebounded more than 8% in the last 24 hours to $3,015.

Treasury trends meet options market positioning - The shift in treasury appetite contrasts with rising bullish momentum in derivatives. The $6,500 Deribit call option remains the largest ETH option by open interest with more than $380 million in active contracts. Popular strikes at $4,000, $5,500, and $6,000 also reflect expectations for a potential price recovery.

Fusaka adds long-term infrastructure tailwinds - Ethereum’s Fusaka upgrade, which activates today, introduces PeerDAS to deliver up to 8x scalability for rollups. The hard fork enhances blob capacity, reduces node resource needs, and improves security. 

While analysts do not expect an immediate price impact, Fusaka provides a structural foundation for long term growth as Layer 2 demand and institutional activity evolve.

Binance targets the next generation as Yi He steps into co-CEO role

Key points:

  • Binance launched its Junior app for users aged 6 to 17, aiming to build financial literacy through parent-controlled crypto savings.

  • Co-founder Yi He has been appointed co-CEO, expanding her leadership role as the exchange confronts regulatory pressure and new market opportunities.

News - Binance unveiled its new Binance Junior app on December 3, allowing children aged 6 to 17 to save and earn crypto under strict parental supervision. Parents control deposits, transfers, and permissions, while young users gain access to Binance Flexible Simple Earn to build managed savings. 

The initiative is designed to encourage early financial literacy as digital assets enter mainstream finance, with Binance releasing an educational book titled “ABCs of Crypto” to help families learn blockchain and asset-security basics.

The app functions as a custodial sub-account, mirroring traditional financial setups where children hold assets while parents retain ownership and oversight. 

Teens aged 13 and above can use Binance Pay to send and receive crypto from other Junior users or their parents, subject to daily limits. Binance noted that availability of individual features depends on local regulatory frameworks.

The launch prompted mixed reactions. Some community members welcomed the push for early financial education, while others criticized the idea of introducing minors to crypto, arguing it risks targeting younger users.

Leadership shift strengthens Binance’s expansion plans - Alongside the Binance Junior app launch, Binance appointed co-founder Yi He as co-CEO, joining Richard Teng in a dual leadership structure. 

Yi He has long shaped Binance’s brand, product strategies, and user experience, and her appointment marks a formal elevation of her influence as the company expands into regulated markets.

Teng, a former financial regulator, will focus on compliance, legal matters, and institutional operations. Yi He will oversee product development and retail initiatives, helping guide Binance’s strategic direction during a period of heightened legal and political scrutiny, including regulatory actions and a terrorism financing lawsuit in the United States.

A pivotal moment for the exchange - Binance’s leadership transition comes as the company manages global expansion, reputational challenges, and evolving user needs. 

The Binance Junior app, combined with Yi He’s expanded role, reflects a broad effort to strengthen community trust, build long term literacy, and position Binance for its next stage of growth.

UK redefines property law as crypto gains full legal status

Key points:

  • The UK has officially recognized digital assets as a new, third category of personal property after the Digital Assets Act received Royal Assent.

  • Policymakers and industry groups say the law will strengthen ownership rights, recovery processes, and the UK’s position as a digital finance hub.

News - The United Kingdom has formally written crypto into statute after the Property (Digital Assets etc) Act received Royal Assent on Tuesday, establishing digital assets as a distinct category of property. 

The law places cryptocurrencies, stablecoins, and NFTs into a group separate from traditional “things in possession” and “things in action,” giving digital assets explicit standing in English property law.

The act passed Parliament without amendment following recommendations from the Law Commission, which argued that earlier case-by-case judicial rulings created uncertainty for courts and asset holders. 

Advocates say codifying the category provides clear ownership rights and more predictable pathways for handling fraud, theft, inheritance, and insolvency cases.

CryptoUK, a leading industry association, said the bill offers a much clearer legal footing and gives users confidence that assets can be owned, transferred, and recovered like traditional forms of property. Members of Parliament also framed the change as a boost to consumer protections and legal clarity as crypto adoption grows.

Supporters including Susie Ward and Freddie New of Bitcoin Policy UK called the change a major milestone for digital assets in the region, with New describing it as one of the most significant developments in English property law in centuries.

A modern framework inspired by case law - For years, UK courts recognized crypto as property through individual rulings, but the new statute consolidates this approach into a unified legal framework. 

By defining digital or electronic “things” as personal property, the law adapts long standing categories to modern technology while still leaving room for judicial interpretation as the ecosystem evolves.

Implications for markets and regulation - The legislation arrives as the UK advances broader crypto rules, including the reporting requirements set to begin in January and discussions about banning political donations in digital assets. Regulators are also preparing a more comprehensive framework aimed at making the country a global hub for digital finance. 

Meanwhile, recent changes such as lifting the retail ban on crypto ETNs and the launch of BlackRock’s iShares Bitcoin ETP highlight growing institutional participation.

Strategy battles MSCI exit fears as Saylor pushes back on outflow warnings

Key points:

  • Strategy is in active discussions with MSCI as the index provider weighs removing digital asset treasury firms from major equity benchmarks.

  • Michael Saylor disputes JPMorgan’s forecast that an exclusion could trigger up to $2.8 billion or even $8.8 billion in outflows.

News - Digital asset treasury heavyweight Strategy is trying to prevent its common A stock from being removed from MSCI indices as the index provider holds consultations on whether to exclude companies that primarily accumulate crypto. 

Strategy was added to the MSCI World Index in May 2024 and remains part of both the MSCI USA and MSCI World indices. A final decision is expected by January 15, 2026.

Michael Saylor confirmed the company is engaging directly with MSCI on the issue, telling Reuters he is unsure whether JPMorgan’s projected outflows are accurate. Analysts at the bank have warned that losing MSCI inclusion could spark $2.8 billion in passive outflows for Strategy, and up to $8.8 billion across all benchmarks if other index providers mirror MSCI’s approach.

The uncertainty arrives during a period of sharp volatility for digital asset treasury stocks. Strategy’s share price has dropped more than 37% this year and remains far below its July highs. The company has also cited increased market caution after Bitcoin’s decline from above $120,000 to the low $80,000 range before recovering to around $93,000.

A leveraged bet on Bitcoin - Saylor reiterated that Strategy’s equity will remain volatile due to its leveraged exposure to Bitcoin. He said that if Bitcoin falls by 30 or 40%, Strategy’s stock is designed to drop even further. The company is currently leveraged at roughly 1.11 and maintains that it could withstand a severe drawdown.

Strategy warned this week that it could face as much as $5.5 billion in losses for 2025 if Bitcoin fails to recover before year-end, prompting the firm to reduce its earnings guidance. The company also set up a $1.44 billion reserve to support dividend payments and interest obligations.

Accumulation and market position - Despite pressure, Strategy continues to expand its Bitcoin holdings, recently purchasing 130 more BTC and pushing its total to 650,000. The steady accumulation underscores the firm’s commitment to its digital asset treasury model even as it confronts regulatory uncertainty and sustained market volatility.

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Did you know?

  • Research suggests Bitcoin mining has saved Texas billions while helping stabilize its grid - A 2025 report from the Digital Assets Research Institute (DARI) found that flexible Bitcoin miners in Texas, who can power down during peak demand, may have saved the state up to $18 billion by reducing the need for new gas peaker plants and supporting demand response programs.

  • The Central African Republic’s bold Sango crypto plan ran into its own constitution - In 2022, the Central African Republic launched the Sango Coin project offering citizenship, e-residency, and land to token buyers, but the country’s top court later ruled those perks unconstitutional even as the broader crypto hub experiment continued.

  • Ukraine turned its war timeline into an on-chain museum - In March 2022, Ukraine’s Ministry of Digital Transformation launched the Meta History NFT Museum to preserve verified moments from the Russian invasion on-chain and raise crypto funds for the army and civilians.

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Top 3 coins of the day

Key points:

  • LINK traded around $14.49, extending its rebound as buyers pushed price further above the 20-day SMA.

  • The CMF climbed toward neutral territory, while the 20 and 50 SMAs continued to show a wider bearish spread despite improving short-term momentum.

What you should know:

LINK posted a strong daily move, lifting the price well above the 20-day SMA after spending several weeks trapped beneath it. Volume picked up compared to recent sessions, indicating that participation increased as the recovery began to gain traction. Although the price stayed under the 50-day SMA, the narrowing distance between the two moving averages hinted that downward momentum was slowing. The CMF remained slightly negative but turned upward, showing that capital inflows were improving from prior lows. Off the chart, sentiment strengthened after the debut of the first LINK ETF, which drove renewed institutional interest. The broader tokenization narrative surrounding Chainlink’s partnerships also supported the day’s optimism. For now, traders are keeping an eye on whether LINK can overcome the 50-day SMA near $15.34, while the $13.20–$13.50 region stands out as near-term support.

Sui (SUI)

Key points:

  • SUI was last seen around $1.70, extending a sharp rebound from the recent lows near the mid-$1.50 range.

  • The Madrid Ribbon remained in a bearish red configuration, while RSI 14 jumped toward the 50 mark and volume spiked, signaling a clear pickup in buying interest.

What you should know:

SUI rallied strongly on the day, with the latest green candle driving the price back into the lower bands of the Madrid Ribbon after an extended stretch below the trend cluster. The ribbon still pointed downward, so the broader structure stayed bearish, but today’s move showed short-term momentum shifting in favor of buyers. Volume surged compared with prior sessions, confirming that the advance was backed by stronger participation. RSI 14 swung up from depressed levels toward neutral territory, highlighting this shift in momentum. Beyond the chart, sentiment improved after SUI became available to New York users on Coinbase, expanding regulated access. Growing attention around the USDsui stablecoin and related inflows into the Sui ecosystem added another layer of support. Traders will watch if SUI can build toward the $1.90–$2.00 resistance area while keeping the $1.50–$1.55 zone as a key support base.

Pepe (PEPE)

Key points:

  • PEPE traded near $0.00000476, lifting further off the recent support band around the $0.00000400 area.

  • The 9-day SMA was reclaimed, while the RSI pushed toward the midline and volume picked up from last week’s levels.

What you should know:

PEPE posted another steady advance as today’s green candle carried price above the 9-day SMA, marking a shift from the persistent weakness seen through November. The upward turn in RSI reflected improving momentum, and volume came in slightly higher than recent sessions, suggesting firmer interest behind the move. Although the broader trend remained heavy, the short-term structure showed clearer signs of stabilization near the lower support region. Beyond technicals, appetite for memecoins rose across the market as traders rotated back into higher-beta assets. Rising futures open interest for PEPE contributed to this shift, reinforcing the view that speculative participation had increased. As of now, traders are watching whether PEPE can challenge the $0.00000480–$0.00000500 resistance cluster, while the $0.00000400–$0.00000410 range remains the key support zone.

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