Ethereum's exchange-held supply has declined to 8.84%, nearly half Bitcoin's 14.8%, data show. Staking contracts, DeFi protocols, and long-term holding patterns are driving ETH off trading platforms at an accelerated pace compared to BTC.

JPMorgan analysts said on December 4 that MicroStrategy's financial stability holds greater influence over Bitcoin's short-term trajectory than recent miner selling activity. The firm's Managing Director Nikolaos Panigirtzoglou noted that MSTR's enterprise value-to-bitcoin holdings ratio of 1.13 provides market reassurance despite declining hashrate and operational pressures on miners.

Ethereum maintains $174.95 billion in stablecoin supply, representing 63% year-over-year growth, data show. Layer 2 solutions Arbitrum One and Base Chain hold $7.84 billion and $4.53 billion respectively. Competition intensifies across secondary networks as total stablecoin supply reaches an all-time high of $283.2 billion.

BlackRock's iShares Bitcoin Trust ETF generated $3.7 billion in trading volume, exceeding Vanguard's S&P 500 ETF at $3.28 billion. Bitcoin price increased approximately 7% within 24 hours, reaching $93,040. Mining stocks declined despite the broader market recovery, with hash price falling to roughly $39 per PH/s.

Ethereum developers are advancing a zero-knowledge protocol to strengthen privacy in blockchain transactions. The initiative features a Secret Santa matching system using zero-knowledge proofs and transaction relayers to preserve user anonymity while preventing Sybil attacks, according to research shared via an Ethereum community forum.

Financial services firm Cantor Fitzgerald disclosed a $1.28 million stake in the Volatility Shares Solana ETF, holding 58,000 shares as of mid-November, according to an SEC filing. The investment marks Cantor's first documented exposure to a regulated Solana-based product. The disclosure comes as multiple Solana ETF launches follow the SEC's September approval of generic listing rules for commodity-based trusts.

The Federal Deposit Insurance Corporation will submit its initial regulatory proposal for stablecoin issuers under the GENIUS Act to the House Financial Services Committee by December 31, acting Chairman Travis Hill announced on December 2. The framework will establish capital requirements, liquidity standards, and reserve asset diversification rules for federally supervised stablecoin issuers.

Balancer has initiated a reimbursement program to return approximately $8 million to liquidity providers affected by a November exploit of its v2 pools. Whitehat hackers and internal teams recovered funds across Polygon, Ethereum, Base, and Arbitrum networks. The protocol will distribute recovered assets following KYC verification, with whitehat contributors receiving a 10% bounty.

Web3 investment firm DWF Labs unveiled a $75 million fund on November 26 to back next-generation decentralized finance infrastructure. The capital will support teams building perpetual decentralized exchanges, money markets, and yield protocols on Ethereum, BNB Chain, Solana, and Base. The firm will prioritize projects with functional products addressing liquidity provisioning, settlement systems, and on-chain risk management.