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.

Bitcoin’s “liveliness” metric is rising despite stagnant prices, signaling renewed underlying demand. source: https://cryptonews.com/news/bitcoin-liveliness-indicator-rises-hinting-the-bull-cycle-may-not-be-over/

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/

프로젝트, 에이전트, 암호화폐 에이전트는 차세대 트렌드 골든 파이낸스, 에이전트파이가 자동으로 수익을 최적화하고 트레이딩 전략을 간소화합니다.

2025년 11월, MS는 "핀테크를 통한 금융 포용: 디지털 결제에서 플랫폼 투자까지"一文。

외환 시장은 제가 생각했던 '교환 시장'과는 전혀 다릅니다. 더 정확하게 말하면, 매일 거래되는 7조 5,000억 달러의 거래량 중 대부분은 '교환'이 아니라 보이지 않는 방대한 글로벌 달러 대출 및 차용 네트워크입니다.

금융은 서구에서 사회 동원의 수단으로 '국가-사회' 이분법이나 심지어 적대 관계의 맥락에서만 놀라운 효과를 발휘할 수 있지만, 동질적인 동양의 대국에서는 사회 동원이 수학적 공학과 거버넌스 역량에 의존합니다.

중국 본토 정부와 업계 기관이 금요일에 이어 이틀 연속으로 가상화폐에 대해 강경한 태도를 취하면서 특히 스테이블코인과 RWA의 성격 규정과 분위기 설정으로 업계를 뒤흔들고 있습니다. 무엇을 금지하고, 무엇을 남겨두고, 이 문을 닫으면 또 다른 창이 열릴까요?

한 증권사의 수석 애널리스트는 중국 본토의 이전 RWA 프로젝트는 확실히 최신 규정의 정신에 부합하지 않는다고 Barron's Chinese에 말했습니다. 현재 중국 본토에서 이전에 시도되었던 거의 모든 RWA 프로젝트가 중단되었습니다.

골든 위클리는 골든 파이낸스에서 발행하는 주간 블록체인 업계 요약 칼럼으로, 한 주의 주요 뉴스, 시세 및 계약 데이터, 채굴 정보, 프로젝트 역학, 기술 발전 및 기타 업계 소식을 다루고 있습니다.

이번 주에는 총 25개의 블록체인 스타트업이 총 4억 7,890만 달러의 자금을 조달했으며, 코인메나는 인수합병(M&A) 펀딩 라운드에서 2억 4천만 달러를 확보해 이번 주 최대 규모의 펀딩 라운드를 기록했습니다.

골든 파이낸스는 암호화폐 및 블록체인 업계 뉴스레터인 골든 모닝 8:00, 2901호를 발행하여 가장 빠르고 최신의 디지털 화폐 및 블록체인 업계 뉴스를 제공합니다.

후사카,이더,새로운 규모를 향해: 이더의 후사카 업그레이드 골든 파이낸스,이더의 후사카 업그레이드와 그 의미에 대한 심층 분석.