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

项目,agent,加密代理人是下一个重要趋势 金色财经,AgentFi自动优化收益，简化交易策略。

2025年11月，MS发布了“Financial Inclusion via FinTech: From Digital Payments to Platform Investments”一文。

外汇市场根本不是我以为的"换汇市场"。 更准确地说，在那每日7.5万亿美元的庞大交易量里，大部分压根不是在"换汇"——而是一个庞大且隐形的全球美元借贷网络。

金融在西方是一种社会动员手段，只有在“国家—社会”分立乃至对立的情况下才能发挥奇效，但在家国同构的东方大国，社会动员依赖于水利工程和治理能力。

连续两个周五中国内地政府和行业组织对虚拟货币重拳出击，尤其是对稳定币和RWA的定性和定调，震动业界。它禁止了什么，留下了什么，关上这扇门，是否还会打开另外一扇窗？

一位券商首席分析师告诉巴伦中文网，此前内地的RWA项目肯定不符合最新的监管精神。截至目前，内地此前尝试的RWA项目几乎都已经停止。

金色周刊是金色财经推出的一档每周区块链行业总结栏目，内容涵盖一周重点新闻、行情与合约数据、矿业信息、项目动态、技术进展等行业动态。

本周共有 25 家区块链初创公司获得融资，总额达 4.789 亿美元。CoinMENA 在并购（M&A）融资轮中获得 2.4 亿美元——为本周最大融资。

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Fusaka,ETH,迈向新规模：以太坊的Fusaka升级 金色财经,深度解析以太坊Fusaka升级及其影响。