Bitcoin rose above $91,000 on December 2, 2024, posting its largest single-day percentage gain since May. The rally forced liquidations of more than $300 million in short positions within 24 hours, CoinGlass data show. The advance followed a drop below $84,000 the previous day.

Grayscale Investments has introduced GLNK, the first U.S. exchange-traded product tied to Chainlink, now trading on NYSE Arca. The fund provides spot exposure to LINK tokens through a regulated vehicle, with Coinbase serving as custodian. Grayscale is waiving management fees for three months or until assets reach $1 billion.

Solana-based memecoin trading declined to $13.9 billion in November 2024, the lowest monthly total since February 2024. Prediction platforms Polymarket and Kalshi combined for nearly $8 billion in volume during the same period, representing 57% of Solana's memecoin activity. The ratio marks a sharp increase from below 10% in August.

Kraken has entered into an agreement to acquire Backed Finance, the issuer of tokenized assets that powers its xStocks trading service. The acquisition strengthens Kraken's position in real-world asset tokenization as it prepares for a 2026 IPO. The xStocks platform has generated over $5 billion in cumulative trading volume since launch.

Early December trading revealed institutional anxiety centered on potential MSCI index changes rather than Bitcoin's price movement. Public companies holding significant BTC reserves face possible exclusion from global indexes due to balance sheet concentration. This structural uncertainty created more concern among professional asset managers than short-term price fluctuations.

The U.S. Securities and Exchange Commission is launching regulatory reforms to restore competitiveness in American capital markets, with blockchain firms serving as initial test cases. Chair Paul Atkins outlined a strategy prioritizing IPO pipeline expansion and introducing an "innovation exemption" framework that allows crypto companies to release products under supervision before completing full compliance reviews. The reforms are expected to commence within one month following delays caused by the government shutdown.

BlackRock deposited 1,634 BTC valued at approximately $142.6 million to Coinbase Prime on December 2, data show. The asset manager executed multiple transfers including several 300 BTC batches and one 133 BTC transaction. This follows a December 1 outflow of 729.62 BTC ($113.7 million) from BlackRock's Bitcoin ETF.

Bitcoin has reclaimed the $90,000 level following an intraday surge that reversed recent declines. The rally was accompanied by over $147 million in short position liquidations, data show. The cryptocurrency had dropped to the mid-$87,000 range in the prior 48 hours before buyers drove prices more than 3% higher.