Ethereum

Aave's governance community is considering shutting down protocol deployments on three blockchain networks that have underperformed financially. The Aave Chan Initiative proposed in late November to deprecate instances on zkSync, Metis, and Soneium, citing revenues insufficient to justify operational costs and risk exposure. The proposal includes establishing a $2 million annual revenue minimum for future chain deployments.

Ethereum has dropped below $2,800 following a sharp decline, triggering widespread concern across the market. Open interest on Binance has collapsed by more than half over three months, according to a CryptoQuant report by Darkfost. After peaking at $12.6 billion on August 22, open interest has fallen to $6.2 billion, representing a 51% contraction and the elimination of nearly $6.4 billion in derivative positions.

Token Cat Limited's board approved a Crypto Asset Investment Policy on December 2, 2025, authorizing up to $1 billion in digital asset allocations from cash reserves. The company appointed Sav Persico, a veteran with 30 years of cryptocurrency experience, as Chief Operating Officer to oversee execution. A Crypto Asset Risk Committee led by the CFO will manage asset allocation and risk oversight.

Major altcoins posted double-digit gains with Ethereum rising 10%, Solana up 12%, and Sui surging 21% following a sentiment reversal. The CMC Altcoin Season Index remains at 21/100, indicating Bitcoin continues to dominate market flows. Altcoin market capitalization has declined from $1.36 trillion to $1.29 trillion over seven consecutive days.

A wallet holding 40,000 ETH since Ethereum's 2015 ICO activated after over 10 years of inactivity. The holder deposited the entire balance, valued at $120 million, to the Ethereum Beacon Chain for staking rather than selling during the market downturn.

Grayscale Research projects bitcoin will reach new record prices in 2026, rejecting the traditional four-year cycle theory. Vanguard reversed its stance on digital assets, enabling clients to trade ETFs holding BTC, ETH, XRP, and SOL starting Tuesday. Bank of America will permit portfolio allocations of 1% to 4% in crypto assets.

Aave V3 deployed on Mantle Network on December 2, bringing lending infrastructure to the Layer-2 platform. A governance proposal shows the DAO is considering shutting down deployments on zkSync, Metis, and Soneium, which generate between $3,000 and $50,000 in annual revenue. The proposal also sets a $2 million revenue threshold for future chain expansions.

The cryptocurrency market added approximately $200 billion in capitalization over 24 hours, lifting total market cap to $3.08 trillion from $2.88 trillion. Bitcoin contributed roughly $120 billion to the rally, approaching $91,000 in its strongest daily performance since May 2025. Short position liquidations totaling $140 million in one hour accelerated the move, adding over $75 billion to Bitcoin's market value in 10 hours.

Ethereum's Fusaka upgrade activates Dec. 3 at 21:49 UTC, implementing PeerDAS data-availability sampling and raising the default block gas limit to 60 million. The fork prepares infrastructure for blob-capacity expansions through parameter adjustments scheduled for Dec. 9 and Jan. 7. The upgrade targets higher rollup throughput and tighter blob fee markets without altering consensus-layer staking structures.

Bitmine purchased 96,800 Ethereum tokens worth approximately $273 million over the past week, according to Arkham Intelligence. The acquisition occurred as ETH traded near $2,800 and found support at the 78.6% Fibonacci retracement level around $2,716. The firm currently holds approximately 3.44 million ETH valued near $10 billion, with $880 million in capital designated for future purchases.