Week 49, 2025

This week, the digital asset market regained momentum as institutional investors returned after the holiday slowdown. A major Ethereum network upgrade, renewed ETF inflows, and new global regulatory clarity strengthened market fundamentals. Bitcoin also defended a key support level, suggesting that recent consolidation was simply a pause within a broader uptrend.

1. Ethereum Network Activates 'Fusaka' Upgrade

The Ethereum mainnet officially activated the Fusaka upgrade, a milestone combining the Osaka execution-layer update with the Fulu consensus-layer improvements. The upgrade introduces Verkle Trees, enabling stateless clients and dramatically reducing hardware requirements for node operators.

‍Source: https://blog.ethereum.org/2025/11/06/fusaka-mainnet-announcement

Impact: This is a massive leap for network decentralization and long-term scalability. By lowering the barrier to entry for validators and streamlining state management, Fusaka resolves a critical bottleneck in Ethereum's roadmap. It enhances the network's efficiency and security, further solidifying its position as the robust settlement layer for the thriving Layer 2 ecosystem and institutional finance.

2. UK Enacts Law Classifying Crypto Assets as Personal Property

The United Kingdom enacted legislation formally classifying cryptocurrencies, NFTs, and digital assets as personal property. This provides clear legal protections for ownership, inheritance, and fraud disputes.

‍Source: https://www.gov.uk/government/news/uk-among-first-countries-to-recognise-cryptocurrency-as-personal-property

Impact: This is a foundational development for one of the world's key financial hubs. By codifying property rights for digital assets, the UK resolves long-standing legal ambiguities that have deterred some institutional investors. This certainty strengthens London's competitive position as a global crypto hub and provides the robust legal safety net required for large-scale asset management and corporate adoption.

3. Vanguard Reverses Stance to Allow Crypto Fund Trading

In a major shift, Vanguard is reportedly allowing clients to trade cryptocurrency funds that provide exposure to Bitcoin, XRP, and Solana. This ends years of resistance to offering spot crypto investment products.

‍Source: https://www.barrons.com/articles/vanguard-crypto-etfs-funds-bitcoin-investing-5c69c14c

Impact: This is a massive psychological and structural win for the market. Vanguard was one of the last major holdouts among top-tier asset managers. Their capitulation signals that client demand has become impossible to ignore. Opening the gates to Vanguard's massive client base unlocks trillions in potential capital and further legitimizes assets like Solana and XRP as mainstream portfolio components.

4. Bitcoin Reclaims $92,000 as Holiday Dip is Bought

Bitcoin rebounded from holiday-week lows near $85,000, surging above $92,000 as U.S. institutions returned. Heavy spot buying and a short squeeze propelled the recovery, confirming the mid-$80K region as a robust support zone.

Source: https://coinmarketcap.com/currencies/bitcoin/

Impact: The "V-shaped" recovery dispelled fears of a deeper correction. Reclaiming $92k puts Bitcoin back in a neutral-to-bullish posture, eyeing the psychological $100k barrier once again. The rapid absorption of selling pressure suggests that there is significant sidelined capital waiting to buy dips, keeping the broader uptrend intact.

Special Focus: Crypto ETF Activity

Inflows Return with Force as Altcoin Products Gain Market Share

U.S. trading resumed at full capacity this week, and ETF inflows surged.

• Spot Bitcoin ETFs attracted $400 million in net inflows over three days.
• Solana (SOL) and Litecoin (LTC) ETFs captured nearly 30% of all flows, far exceeding their market-cap share.

Impact: This confirms that the Altcoin ETF trend is durable, not a short-lived trade. Investors appear to be allocating with a long-term portfolio mindset, not simply reacting to short-term price swings.

Combined with regulatory and infrastructural developments, ETF inflows are helping build a more diversified and resilient crypto market.

ETF Watch: XRP, Cardano, and Year-End Issuer Positioning

Speculation is rising that XRP and Cardano (ADA) could see spot ETF filings in Q1 2026, especially now that Vanguard includes XRP-linked products. Analysts also expect a burst of listing activity before the December “holiday freeze.”

Impact: The market is stabilizing into a mature, multi-asset structure. The successful integration of altcoin ETFs has broadened the foundation of the market, reducing reliance on Bitcoin's price action alone to drive sentiment.

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Closing Outlook

This week demonstrated a clear shift back to institutional momentum:

• Ethereum’s Fusaka upgrade strengthens its long-term technical foundation.
• The UK’s legal clarity enhances global regulatory confidence.
• Vanguard’s crypto pivot validates mainstream demand.
• Bitcoin’s rapid recovery highlights strong market undercurrents.

As the year draws to a close, the market is positioned for a constructive finish, with Bitcoin once again approaching six-figure territory and altcoin ETFs reshaping capital allocation models.