According to data from blockchain intelligence analytics platform Nansen, "smart money" is anticipating a short-term decline in Ethereum, with short positions increasing by $2.8 million, bringing the total to over $21 million. At the same time, demand for spot Ethereum ETFs is insufficient, with net outflows for two consecutive days totaling approximately $75.2 million.

PANews, December 5—According to CoinDesk, James Butterfill, Head of Research at crypto asset management firm CoinShares, stated in a report that the Digital Asset Treasury (DAT) bubble has largely burst. By the summer of 2025, some companies that were trading at 3 to 10 times their market value net asset value (mNAV) have now fallen back to around 1x or even lower. This trading model, which once regarded token treasuries as a growth engine, has undergone a sharp correction. The next move depends on market behavior: either prices fall further, triggering disorderly sell-offs, or companies hold their positions and wait for a rebound. Butterfill said he is more inclined toward the latter, citing an improving macro environment and a possible interest rate cut in December, which would support cryptocurrencies. Butterfill pointed out that the bigger challenge lies in structural issues. Previously, a group of companies...

BlackRock's IBIT attracted $222.9 million in inflows over the past two weeks, while spot Bitcoin ETFs saw outflows of $275.6 million. During this period, Ethereum's inflows contrasted sharply with Bitcoin's outflows, and the ETH/BTC exchange rate rose by 5.77%.

According to Bloomberg, BlackRock’s iShares Bitcoin Trust (IBIT) has recently experienced significant outflows, setting a record for consecutive weeks of net outflows since its launch in January 2024, indicating that institutional demand for Bitcoin remains weak. Bloomberg data shows that in the five weeks ending November 28, investors withdrew more than $2.7 billion from the ETF, with another $113 million redeemed on Thursday, putting the fund on track for its sixth consecutive week of outflows. IBIT manages assets totaling over $71 billion and has long been an important tool for traditional investors to gain exposure to Bitcoin. The ongoing outflows are in line with the bearish trend that followed a major liquidation event in early October, when over $1 trillion was wiped from the crypto market’s capitalization. Although Bitcoin has recently rebounded in price, the persistent ETF outflows highlight a marked shift in market sentiment.

After several days of flat trading, Hedera’s HBAR token is currently in a consolidation phase, indicating a lack of clear market direction. However, investor activity is picking up, and early signs suggest that bearish pressure may be easing. The Chaikin Money Flow (CMF) indicator has risen significantly, indicating a notable reduction in selling pressure. If the CMF continues to improve and crosses above the zero line, HBAR will register a net inflow, potentially restoring trader confidence and providing momentum for a price increase.

In the past two weeks, Ethereum (ETH) has strongly outperformed Bitcoin (BTC), with both capital flows and price structure indicating that market sentiment is clearly shifting towards ETH. The latest data shows that spot Ethereum ETFs recorded a net inflow of $360 million during the same period, while Bitcoin ETFs saw only $120 million—a threefold difference that highlights investors’ growing preference for the Ethereum ecosystem. In terms of price performance, ETH recently broke through the key resistance level of $3,200, completing a daily structure reversal, which means the trend has entered a new upward phase. Meanwhile, BTC still needs to break above $96,000 to confirm a breakout, giving ETH a structural advantage in terms of trend.

U.S. spot Bitcoin ETFs recorded a net outflow of $194.6 million on Thursday, marking the largest single-day outflow since November 20, intensifying short-term risk-off sentiment in the market. According to SoSoValue data, BlackRock's IBIT led the outflow list with a single-day outflow of $112.9 million; Fidelity's FBTC saw $54.2 million in outflows, while VanEck's HODL, Grayscale's GBTC, and Bitwise's BITB also continued their capital outflow trends. This outflow continued Wednesday's net outflow of $14.9 million, accompanied by a persistent decline in trading volume—total ETF turnover on Thursday fell to $3.1 billion, down significantly from $4.2 billion on Wednesday and $5.3 billion on Tuesday. This "weak volume and price" structure further reflects a rise in market wait-and-see sentiment.

Gate News 机器人消息，截至12月4日的最新ETF资金流数据显示主要加密货币基金呈现不同趋势。 比特币ETF单日净流出为-349 BTC (-$32.19M)，但七日净流入为+1,211 BTC (+$111.79M)。 以太坊ETF表现出较强

Amidst the complex and overwhelming market information, what truly matters? "Gate Web3 Daily Highlights" aims to provide you with the essentials. We curate the most important global crypto market news every day to help you quickly grasp key trends, save time, and gain early insights. 1. Crypto Market Rally Returns, ETF Inflows Hit $1.1 Billion—Highest in 7 Weeks KobeissiLetter released a market analysis noting that cryptocurrency ETFs are making a comeback. Last week, crypto funds saw $1.1 billion in inflows, the highest in 7 weeks, marking a reversal after 4 consecutive weeks of outflows totaling $4.7 billion. US crypto ETFs led with $994 million in inflows, followed by Canada ($98 million) and Switzerland ($24 million), while Germany saw $57 million in outflows. Bitcoin led the inflows with a net inflow of $461 million, followed by ETH with $308 million. Meanwhile, investors withdrew $1.9 billion from short Bitcoin ETPs. The momentum in the crypto market is returning.

The US spot XRP ETF continues to attract capital, with net inflows for 12 consecutive days as of December 2, bringing total assets under management to $844.9 million—just one step away from the $1 billion AUM milestone. On December 1, there was an inflow of $89.65 million, followed by an additional $67.7 million the next day. Meanwhile, companies such as Invesco and Franklin Templeton have submitted applications to launch their own XRP ETFs. In comparison, the spot Solana ETF has an AUM of $651 million, while spot Bitcoin and Ethereum ETFs have $57.7 billion and $12.8 billion, respectively. In the DeFi sector, XRP is seeing new staking opportunities. The Firelight protocol, incubated by Sentora and supported by Flare, has launched an on-chain insurance product based on staking, offering yield options for XRP holders and addressing the insurance gap for over $1 billion in annual losses from exploit attacks, bringing real economic value to investors.

BlockBeats News, on December 4, crypto market research firm Delphi Digital posted on social media stating that the Federal Reserve’s interest rate path for next year is the clearest it has been in years. In December 2025, another 25 basis point rate cut is expected, bringing the federal funds rate down to about 3.5%-3.75%. The forward curve predicts at least three more rate cuts in 2026. If the path remains unchanged, the year-end rate will drop to the low range of around 3%. But rate cuts are only part of the story. Quantitative tightening (QT) ended on December 1. The Treasury General Account (TGA) is planned to gradually decrease rather than be replenished. The overnight reverse repurchase (RRP) has been completely depleted. These factors together have created the first positive net liquidity environment since early 2022. The Secured Overnight Financing Rate (SOFR) and the federal funds rate have already fallen to

Franklin Solana ETF was listed on NYSE Arca on December 3, with the stock ticker SOEZ, becoming the seventh US Solana spot ETF. There was no net inflow on the first day of listing, with a trading volume of $120,000 and total net assets of $2.4 million. The total net assets of Solana spot ETFs have reached $915 million.

According to SoSoValue data, as of December 3, Grayscale LINK Spot ETF GLNK recorded a single-day net inflow of $3.84 million, with a net asset value of $67.55 million and a LINK net asset ratio of 0.67%. Meanwhile, Grayscale DOGE Spot ETF GDOG saw a single-day net inflow of $177,000, with a total net asset value of $6.99 million and a DOGE net asset ratio of 0.03%.

BlockBeats news, on December 4, KobeissiLetter released a market analysis stating that cryptocurrency ETFs are making a comeback. Last week, cryptocurrency funds recorded $1.1 billion in inflows, hitting a 7-week high and reversing the previous trend of four consecutive weeks of $4.7 billion in outflows. US cryptocurrency ETFs topped the list with $994 million in inflows, followed by Canada ($98 million) and Switzerland ($24 million), while Germany saw $57 million in outflows. Bitcoin led the inflows with a net inflow of $461 million, followed by ETH with a net inflow of $308 million. Meanwhile, investors withdrew $1.9 billion from short Bitcoin ETPs. The upward momentum in cryptocurrency is returning.

BlockBeats News, December 3 — The crypto market experienced a broad rally, with BTC briefly surpassing $93,000 before quickly giving back its gains, forming what appears to be a "false breakout" pattern from a technical perspective. In the short term, the market structure has shifted to a volatile pullback, with focus on whether BTC can stabilize in the $90,000–$91,000 range, while $93,200 has become the new resistance level. On the ETF front, there was a net inflow of $58.5 million into BTC and a net outflow of $9.9 million from ETH yesterday, indicating new funds are mainly flowing into Bitcoin, while Ethereum continues a mild outflow trend. On the macro level, Trump has once again strengthened his influence over Federal Reserve appointments, announcing that the new chair nominee will be revealed early next year. He has repeatedly hinted that rate-cut advocate Hassett is his "preferred choice," and the market is rapidly pricing in a potential policy shift. If Hassett takes office, the U.S.

Bitcoin (BTC) rebounded after five consecutive weeks of decline, but its upward momentum remains weak, with key levels still needing to be broken before a true reversal can occur. Although BTC regained a critical price point in the past 24 hours, institutional demand and on-chain activity remain sluggish, leaving this week’s market conditions fragile. The biggest risk currently comes from insufficient demand. According to Farside data, spot Bitcoin ETFs saw only $8.5 million in inflows on Monday, but experienced outflows as high as $61.6 million. This means the price recovery of Bitcoin has not been supported by actual institutional funds. ETFs are typically seen as a barometer of institutional sentiment, and the recent continued net outflows reflect a still-cautious market. However, this trend has started to reverse: on Tuesday, Bitcoin ETFs saw a net inflow of $58.5 million, while Ethereum ETFs experienced a net outflow of $9.9 million.

On December 2, the net single-day inflow for the US XRP spot ETF reached $67.74 million, with Grayscale GXRP and Franklin XRPZ contributing $45.78 million and $8.22 million, respectively. The total net asset value of XRP was $845 million. Meanwhile, Canary HBAR had a net inflow of $1.78 million, and Grayscale DOGE had a net inflow of $510,000.

Odaily News DAT provides investors with exposure to underlying digital assets by packaging crypto assets in securities regulated by the SEC, aiming to outperform the performance of the underlying assets through a strategy that maximizes returns. A key metric for measuring the performance of DATs is the market net asset value (mNAV), which compares the company's enterprise value to its digital asset holdings. Investment bank Macquarie points out that the viability of DAT is closely related to the equity premium relative to net asset value. If this premium erodes or turns into a discount, the model will face significant challenges. When the crypto market experiences a pullback, mNAV may fall below 1, indicating that the company's trading price is below the value of its crypto asset holdings, which may force DATs to sell some tokens to obtain liquidity. Sussex University finance professor Carol A

ChainCatcher news, in the past 24 hours, the net outflow ranking of Spot funds in encryption is as follows: ETH net outflow of 126 million USD; XRP net outflow of 116 million USD; ZEC net outflow of 18.2 million USD; COMP net outflow of 11.26 million USD; DOGE net outflow of 10.9 million USD. The net inflow ranking of Spot funds in encryption is as follows: BTC net inflow of 21 million USD; USDE net inflow of 5.26 million USD; TRX net inflow of 5.21 million USD; AAVE net inflow of 3.28 million USD.

On December 1st, the U.S. Spot Solana ETF experienced the largest capital outflow in history, while the Spot XRP ETF recorded a net inflow of 90 million USD. The main redemptions from the Solana ETF came from the 21Shares Solana ETF (TSOL), with a single-day net outflow of 32.54 million USD, bringing the cumulative net outflow for TSOL since its launch to 60.14 million USD. Despite the outflows, the Bitwise Solana Staking ETF (BSOL) and Grayscale Solana ETF still maintained capital inflows, with the Solana ETF's managed assets still exceeding 790 million USD. The SOL price rebounded over 3% after the capital outflow, currently trading at 127.53 USD.

Odaily News Cango (NYSE: CANG) announced its unaudited financial report for the third quarter of 2025, with quarterly revenue reaching 224.6 million USD, a rise of 60.6% quarter-over-quarter, of which the Bitcoin mining business contributed 220.9 million USD. The company recorded an operating profit of 43.5 million USD, a net profit of 37.3 million USD, and an adjusted EBITDA of 80.1 million USD. The average computing power in the third quarter rose from 40.91 EH/s in July to 44.85 EH/s in September, and further increased to 46.09 EH/s in October; a total of 1930.8 coins were mined in the quarter.

Gate News Bot news, December 02, according to CoinMarketCap data, as of the time of writing, UAI (UnifAI Network) is currently priced at $0.15, with a rise of 22.94% in the last 24 hours, reaching a high of $0.16 and a low of $0.11. The current market capitalization is approximately $34.8 million, an increase of $6.5 million compared to yesterday. UnifAI Network is an AI-native infrastructure platform dedicated to supporting the agent financial era. The platform allows everyone to easily create, share, replicate, and automate their strategies. UnifAI Network provides end-to-end infrastructure, including agent runtime, AI evaluation system, and unified tool integration to support the development of autonomous DeFi. Important news about UAI recently: 1️⃣ **UnifAI Net

Golden Finance reported that Bitcoin treasury company Strategy has updated its profit expectations for the fiscal year 2025, estimating that if the Bitcoin price is between $85,000 and $110,000, the operating revenue for the fiscal year 2025 will be between $7 billion and $9.5 billion, with a net income of between $5.5 billion and $6.3 billion, and earnings per share of between $17.0 and $19.0.

In November, Bitcoin spot ETF experienced the most severe monthly outflow of funds since the beginning of the year, with a total net outflow of $3.48 billion. According to SoSoValue data, from November 12 to 18, the ETF saw fund withdrawals for five consecutive weeks, with the largest single-day outflow occurring on November 20, reaching $903 million. At the end of the month, the market warmed up, with three consecutive days of net inflow, partly due to Nasdaq ISE submitting an application to quadruple the options trading capacity linked to BlackRock iShares Bitcoin Trust (IBIT).

The crypto assets market experienced its worst falling trend since February at the close of November. The volume on centralized exchanges (CEX) plummeted to $1.59 trillion, a 26.7% month-on-month decline, while Bitcoin ETF recorded a net outflow of $3.48 billion in a single month - the worst performance since February. The price of Bitcoin fell below $86,000 on Monday, plunging 6% during the Asian session, with a cumulative decline of 32% from the October high, triggering over $600 million in liquidations. BTC ($188.5 million) and ETH ($139.6 million) bulls were the hardest hit, and market panic spread.

Odaily News In response to Arthur Hayes' doubts about USDT operations, former Citibank encryption research head Joseph stated on the X platform that @CryptoHayes' analysis missed several key points: 1. Disclosure of assets ≠ all corporate assets. USDT adopts a "matching principle" for disclosing reserves, but its undisclosed balance sheet includes equity investment income, mining operations, corporate reserves, and potential Bitcoin holdings, with remaining profits distributed to shareholders in the form of dividends. 2. Extremely high profit margins and equity value. Tether holds $120 billion in U.S. Treasury bonds (annualized 4% yield), with a projected annual net profit of about $10 billion from 2023 (with only 150 employees), making it arguably the world's most efficient money printer; equity valuation may reach $50-100 billion.

The US spot Bitcoin ETF saw a significant outflow of funds in November, with a net outflow of $3.48 billion in a single month, marking the largest monthly outflow since February this year. According to SoSoValue data, the Bitcoin ETF has recorded net outflows for four consecutive weeks starting from the week of October 31, with a cumulative outflow exceeding $4.34 billion, but it briefly experienced three days of net inflow before the Thanksgiving holiday. BlackRock's IBIT, as the largest Bitcoin ETF, saw a net outflow of $2.34 billion in November, recording its largest single-day outflow since inception on November 18, amounting to $523 million. LVRG director Nick Lark pointed out that this round of capital outflow mainly stems from institutions taking profits after Bitcoin reached historical highs and year-end asset rebalancing, rather than a decline in confidence in Bitcoin's fundamentals. He emphasized that the cumulative inflow of Bitcoin ETFs remains positive, while open interest in futures continues to rise, indicating that institutional structural long positions remain solid, although valuation sensitivity has clearly increased amid macroeconomic uncertainties.

PANews, December 1st, according to SoSoValue data, as of the week ending November 28, Bitcoin, Ethereum, and Solana spot ETFs have all shifted from net outflows to net inflows, recording net inflows of $70.05 million, $313 million, and $108 million respectively. ETFs under Fidelity have been the market makers among the three product categories, while BlackRock's ETHA and BSOL also performed well.

Odaily News Strategy CEO Phong Le stated in a recent interview that the company will only consider selling Bitcoin when its stock price falls below net asset value and it is unable to secure new funding. However, he emphasized that this is not a shift in its long-term policy or an active dumping plan, but rather a "financial decision" that is made only in extreme market conditions and when the capital environment deteriorates. Strategy has launched a new "BTC Credit" dashboard this month in response to recent market concerns about its liabilities and liquidity. The company claims that even if Bitcoin prices remain depressed over the long term, its debt structure and cash flow coverage remain robust. (Cointelegraph)

BlockBeats news, on November 30, BlackRock's Bitcoin Spot ETF IBIT saw a net outflow of 2.34 billion dollars in November, with a net outflow of approximately 463 million dollars on November 14 and about 523 million dollars on November 18, both of which refreshed the previous single-day outflow record. Cristiano Castro, the business development director, stated that the 2.34 billion dollars outflow is a normal phenomenon, and BlackRock remains confident in its long-term prospects. The Bitcoin Spot ETF has become one of BlackRock's most important sources of income, and its rise is "surprising," with the outflow in November solely due to previously strong demand. Cristiano Castro told reporters: "The Spot ETF is a very liquid and powerful tool, and its existence is

According to Golden Finance and The Information, Morgan Stanley stated that Oracle's corporate borrowing and data center leasing will more than double its net adjusted debt in the fiscal year 2028, reaching approximately $290 billion, compared to about $100 billion currently.

Goldman Sachs reported that the S&P 500 index may remain flat in November, but as market volatility drops and the breadth of the stock market improves, the market outlook becomes clearer. Indicators show that the market tends to stabilize entering December, with broader participation expected and a net buying anticipated, with a scale of about $4.7 billion.

According to BlockBeats news on November 29, HyperInsight monitored that "Maji" has launched a swing trading mode, conducting high-frequency operations tonight, buying low and selling high on Ethereum and HYPE long orders. The overall strategy remains focused on net accumulation. As of the time of reporting, the amount of ETH long order holdings has increased to 23.92 million USD, and HYPE long orders have been increased to 7.09 million USD. The unrealized gains from this round of operations have reached 535,000 USD.

According to Gate News bot, as per the official announcement on November 28, 2025, the Gate quantitative fund has launched the "Yield Pioneer - BTC" strategy product and opened subscriptions. This product focuses on enhancing BTC ecosystem returns, employing a multi-strategy combination approach to capture market-neutral opportunities and volatility premiums. The total subscription limit for the product is 500 BTC, with individual investment limits ranging from 0.1 to 10 BTC. It has been running for 947 days, and the annualized return over the past year is 2.18%. This quantitative fund product is open to VIP5-14 level users and aims to provide high-net-worth users with Bitcoin asset allocation options. The product adopts a neutral arbitrage strategy, primarily obtaining market returns through quantitative trading methods.

ChainCatcher news, according to SoSoValue data, the US LTC Spot ETF has maintained a daily net inflow of 0 funds for 7 consecutive trading days, with the current total net assets of this ETF being approximately 7.42 million USD, accounting for 0.11% of the LTC market capitalization. In terms of price, Litecoin (LTC) price since October 28 Canary LTC Spot

PANews, November 27 news, the Ethereum treasury protocol ETH Strategy announced that it will launch a two-month linear unlocking plan on November 29, 2025, involving the distribution of STRAT tokens to early supporters "PreSaylors". To address potential market selling pressure, the project party plans to use treasury ETH to repurchase and destroy STRAT when the STRAT price is below its net asset value (NAV), thereby reducing circulating supply and strengthening the economic model. In addition, the ETH Strategy will launch a treasury lending product two weeks after unlocking, allowing STRAT holders to borrow treasury ETH at a slight discount to NAV while retaining the potential for token appreciation. The project also offers a limited-time option for one week, allowing PreSaylors to redeem 80% of their initial ETH commitment by destroying NFTs. It is reported that ETH Strategy previously communicated

In the past 24 hours, the net inflow of funds in the crypto market has mainly concentrated on projects like BTC and BNB, with a net inflow of $473 million for BTC, while ETH and others experienced a net outflow of $33.22 million.

ChainCatcher news, according to SoSoValue data, the total net inflow of XRP Spot ETF is $21,810,000. The XRP Spot ETF with the highest daily net inflow is Bitwise XRP ETF, with a daily net inflow of $7,460,000, and the historical total net inflow of XRP has reached $163,000,000. Next is Canary XRP ETF, with a daily net inflow of $5,210,000, and the historical total net inflow has reached $335,000,000. As of the time of writing, the total asset net value of XRP Spot ETF is $676,000,000, with an XRP net asset ratio of 0.5%, and the historical cumulative net inflow has reached $644,000,000.

ChainCatcher message, QCP's analysis states that BTC is currently stable at a high level of 90,000 USD, with market risk sentiment improving and the expectation of a rate cut in December rising to 85%. However, macro signals remain complex, inflation is still high, and labor data is weak. Warning signals have appeared in the AI credit sector, with credit default swaps (CDS) widening, raising concerns about rising accounts receivable and inventory at Nvidia. The capital flow in cryptocurrency shows a similar trend: ETFs continue to see outflows, and most products are trading below their net asset value. MicroStrategy's strategy is under scrutiny again, as its BTC holdings approach breakeven, and its stocks have been added to the MSCI delisting watch list. The options market shows cautious sentiment, the correlation between Bitcoin and AI stocks has increased, and the fear and greed index has decreased. Technically, Bitcoin is around 95,000 USD.

Amber International announced its third quarter performance for 2025, with revenue reaching $16.3 million, a year-on-year increase of 1,934.6%; gross profit was $11.8 million, with a gross margin of 72.3%; net profit was $2.15 million. The company also launched a $50 million stock buyback program.

The Nasdaq-listed Bitcoin mining company CleanSpark released its financial report for 2025, with total revenue of $766.3 million and a net profit of $364.5 million, representing a rise of 102.2% compared to last year. The company holds approximately 13,011 Bitcoins, with a market capitalization of about $1.2 billion, and possesses $43 million in cash and mining assets valued at $950 million.

Bitcoin miner CleanSpark announced its fiscal year results for the period ending September 30, 2025, achieving revenue of $766.3 million, a year-on-year rise of 102%, and a net profit of $364.5 million, compared to a net loss of $145.8 million in the same period last year. Adjusted EBITDA increased from $245.8 million to $823.4 million, indicating a significant improvement in the company's operating leverage. CEO Matt Schultz stated that the fiscal year 2025 marks a breakthrough in CleanSpark's operational capabilities and financial performance, with the company's operational hash rate exceeding 50 EH/s and setting a new revenue record. The company has secured capital support for business expansion through convertible bonds and Bitcoin collateralized revolving credit financing, rather than traditional ATM programs.

CleanSpark announced its fiscal year 2025 performance, with revenue reaching $766.3 million, a year-on-year rise of 102.2%. Net profit was $364.5 million, with earnings per share of $1.25. Adjusted EBITDA increased to $823.4 million, holding Bitcoin with a market capitalization of $1.2 billion, and total assets reaching $3.2 billion.

Golden Finance reported that the U.S. Treasury: The U.S. budget deficit in October was $284 billion, market expectations were for a deficit of $235.5 billion, and the same period last year was $257 billion. October expenditures were $689 billion; revenues were $404 billion, setting a historical high for October, with net tariff revenue of $31.4 billion, a record high, far exceeding $7.3 billion for the same period in 2024.

According to ChainCatcher news and monitoring by Lookonchain, 10 U.S. Bitcoin ETFs had a net inflow of 807 BTC, with Grayscale accounting for 1711 BTC; 9 Ethereum ETFs had a net inflow of 35725 ETH, with BlackRock contributing 31141 ETH, 5

According to Jinse Finance, a customer survey on U.S. Treasury bonds by JPMorgan as of the week ending November 24 shows that the proportion of long positions rose by 4 percentage points, reaching the highest level since April, while the proportion of short positions fell by 1 percentage point, and the neutral proportion decreased by 3 percentage points. The net long positions account for the highest level since October 2010.