Key TakeawaysETH exchange supply drops to a record-low 8.8%, signaling a potential supply squeezeFusaka upgrade boosts scalability and may attract new developer and user activityWhale leverage positions increase market sensitivity near key Fibonacci support at $3,020 ETH Hovers Around $3,000 as Exchange Supply Hits Decade LowsEther has hovered around $3,000 over the past few days, with 24-hour performance showing a 0.63% rise and a 0.94% weekly gain, despite a negative 9.07% monthly trend. The asset is consolidating near $3,050, unable to push through $3,200 resistance.The standout development is the historic supply contraction. Just 8.8% of ETH now sits on centralized exchanges, levels unseen since 2015, after a 43% decline in reserves since July. Analysts warn that this environment represents Ethereum’s tightest supply conditions ever, with over 43% of ETH locked in staking, DeFi activity, restaking loops, long-term custody, and institutional holdings.Source: GlassnodeThis structural liquidity decline mirrors the conditions that preceded ETH’s 2021 rally, where a supply crunch coincided with +300% upside as buying pressure absorbed thin order books. Fusaka Upgrade Expands Network ScalabilityEthereum’s Fusaka upgrade, activated on December 3, is another tailwind. The introduction of PeerDAS increases data availability by 8x for Layer-2 networks, reducing node storage and transaction costs.Early on-chain data shows rising activity, consistent with patterns observed after past upgrades such as Dencun (2024), which preceded strong bullish momentum as efficiencies improved.A key metric to watch is Layer-2 throughput, with a target of 12,000+ TPS by 2026, a milestone that could redefine Ethereum’s competitive landscape. Whale Leverage Adds Volatility Near Key LevelsWhale activity reveals mixed market sentiment.A large trader opened a 20,000 ETH long at $3,040, with a liquidation threshold near $1,190, signaling aggressive upside conviction. Another whale saw $164,000 in losses on a 7,925 ETH position.Leverage remains elevated, contributing to $295M in liquidations across crypto in 24 hours. This makes $3,036–$3,020 a crucial buffer zone, especially as the 61.8% Fibonacci level sits near $3,020.Analysts warn that dips below this range could trigger cascading leverage unwinds, while stability above it supports a high-confidence bullish structure. Volume Momentum Suggests Hidden StrengthOn-chain observers highlight a bullish signal: the On-Balance Volume (OBV) indicator recently broke above resistance. Despite price rejection, this divergence often signals underlying buying strength.Source: Sykodelic on XOne analyst notes that OBV is “one of the most reliable leading indicators,” adding that current price action looks constructive and may reach higher levels before a deeper pullback. Market Flows: ETFs Soft as Corporations Accumulate ETHSentiment remains divided.Spot Ethereum ETFs posted $75.2M in outflows, continuing a multi-week retreat after $1.4B in outflows in November. Meanwhile, smart money traders on Nansen are net short $21M, adding $2.8M to short positions in the past day.At the same time, corporate accumulation remains strong.BitMine, already the world’s largest corporate ETH holder, added $199M in two days and now controls 3.08% of total ETH supply. The firm has deployed $2.13B over the past month, countering a wider slowdown in digital asset treasury activity. Moving Averages Highlight Compression PhaseEthereum trades near short-term averages, with mixed signals across timeframes:Source: TradingViewETH remains below major mid- and long-term averages such as the EMA100 (3,528.0) and SMA200 (3,540.5), indicating a compression phase rather than directional strength.Such phases often precede significant breakouts once catalysts form. ETH Outlook: Key Levels to Watch This WeekEthereum’s setup blends structural strength with short-term caution:Bullish DriversRecord-low exchange supply tightening liquidityFusaka upgrade scalability gainsRisk FactorsETF outflows and smart money shortsElevated derivatives open interestSensitivity to $3,020 Fibonacci supportA sustained hold above $3,020 keeps the Q1 2026 rally narrative intact, while a loss of this level increases the probability of broader deleveraging.

According to Odaily, U.S. entrepreneur Elon Musk has criticized the European Union's decision to impose a €120 million fine on his social media platform, X. Musk expressed his discontent on X, stating that the fine was not only absurd but also personally targeted at him. He suggested that responses should be directed not only at the EU but also at the officials responsible for the decision, adding that the EU should be abolished. Local media reports indicate that the U.S. government has condemned the EU's fine on X, viewing it as a move specifically targeting American companies. U.S. President Donald Trump warned that if the EU continues to penalize American tech firms, the United States might impose additional tariffs on the EU.

According to ChainCatcher, the U.S. Securities and Exchange Commission (SEC) is set to hold a roundtable discussion on December 15, focusing on cryptocurrency, financial monitoring, and privacy. Participants will include notable figures such as Zcash founder Zooko Wilcox. Analysts suggest that the SEC may use this meeting to assess the regulatory emphasis it can place on crypto privacy projects during its rule-making process. If a consensus is reached that zero-knowledge proofs can fulfill compliance obligations, this flexibility could be integrated into the rules for digital asset brokers, alternative trading systems, and custodians. However, if the meeting divides into camps viewing privacy as either a right or a facilitator of crime, the SEC might continue with its current monitoring-focused framework, potentially leading privacy advocates to pursue legal action.

Ether held on centralized exchanges has fallen to its lowest level in history, fueling speculation that a supply squeeze may be forming. source: https://cryptonews.com/news/ether-supply-on-exchanges-falls-to-record-low-raising-supply-squeeze-hopes/

According to ChainCatcher, Matt Huang, co-founder of the crypto investment firm Paradigm, recently shared his perspective on social media, describing the current phase of cryptocurrency as akin to the 'Netscape moment' or 'iPhone moment.' Huang emphasized the unprecedented scale at which the crypto industry is operating, surpassing previous expectations. He noted that both institutional and cypherpunk levels are experiencing accelerated development. The term 'Netscape moment' refers to the release of the Netscape browser in 1995, which marked the transition of the internet into mainstream adoption. Similarly, the 'iPhone moment' in 2007 signified the explosive growth of mobile internet, fundamentally transforming how people engage with technology, payments, social interactions, and consumption.

South Korea is moving to treat major crypto exchanges like traditional banks following November's $30. 1 million Upbit hack, with planned regulations requiring platforms to compensate users for security breaches and system failures regardless of fault. source: https://cryptonews.com/news/korea-to-treat-crypto-exchanges-like-banks-after-upbit-hack/

ظل تداول الدولار الاسترالى أقوى مقابل باقى العملات الرئيسية الاخرى وكان الابرز تداول الدولار الاسترالى مقابل الين اليابانى AUD/JPY حيث أرتفع الى مستوى المقاومة 103. 20 وهو مستوى صعودى جديد لزوج العملات كان كفيلا بدفع المؤشرات الفنية بالقرب من مستويات تشبع قوية بالشراء. com source: https://www.tradersup.com/%d8%a7%d9%84%d8%aa%d9%88%d9%82%d8%b9%d8%a7%d8%aa-%d9%88%d8%a7%d9%84%d8%aa%d8%ad%d9%84%d9%8a%d9%84%d8%a7%d8%aa-%d8%a7%d9%84%d8%a7%d8%b3%d8%a8%d9%88%d8%b9%d9%8a%d8%a9/%d8%a7%d8%b1%d8%aa%d9%81%d8%a7%d8%b9-%d9%85%d9%84%d8%ad%d9%88%d8%b8-%d9%81%d9%8a-%d8%b3%d8%b9%d8%b1-%d8%b5%d8%b1%d9%81-%d8%a7%d9%84%d8%af%d9%88%d9%84%d8%a7%d8%b1-%d8%a7%d9%84%d8%a3%d8%b3%d8%aa%d8%b1/149958

Projects, agents, and crypto agents are the next major trend. Golden Finance reports that AgentFi automatically optimizes returns and simplifies trading strategies.

In November 2025, MS published an article titled "Financial Inclusion via FinTech: From Digital Payments to Platform Investments".

The foreign exchange market is not at all the "currency exchange market" I thought it was. To be more precise, most of the massive daily trading volume of $7.5 trillion is not "currency exchange" at all—but rather a vast and invisible global dollar lending network.

In the West, finance is a means of social mobilization, and it can only be effective when the "state-society" is separated or even opposed. However, in large Eastern countries where the state and family are structurally similar, social mobilization relies on water conservancy projects and governance capabilities.

For two consecutive Fridays, the Chinese government and industry organizations have launched a crackdown on cryptocurrencies, particularly defining and clarifying the stance on stablecoins and RWA, shaking the industry. What has it banned, what has it preserved, and will closing one door open another window?

A chief analyst at a securities firm told Barron's that previous RWA projects in mainland China certainly did not comply with the latest regulatory guidelines. To date, almost all previously attempted RWA projects in mainland China have been halted.

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news, market and contract data, mining information, project updates, technological advancements, and other industry dynamics.

This week, 25 blockchain startups raised a total of $478.9 million. CoinMENA raised $240 million in its M&A funding round—the largest funding round of the week.

Jinse Finance launches its cryptocurrency and blockchain industry daily news report, "Jinse 8 AM," issue 2901, providing you with the latest and fastest news on the digital currency and blockchain industry.

Fusaka, ETH: Towards a New Scale - Golden Finance provides an in-depth analysis of the Ethereum Fusaka upgrade and its impact.