Crypto Market Surges Past $3T

Find out our latest reports, listed below:

• DeepBook - “The Backbone of Sui DeFi Liquidity”

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• Premia x Block Scholes: Introducing Kyan

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• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

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Market Snapshot: Overnight Moves

Daily Updates:

• The cautious rebound in US equities yesterday was anything but in crypto markets. BTC is up 7% over the past 24 hours, currently trading just above $93K, while ETH has surged close to 9%, reclaiming the $3,000 mark. 
• In the meantime, the crypto market surged past $3T in a sharp rebound.
• The tentative rebound in Bitcoin’s spot price now brings it to a two-week high, paring back some of its losses that began during the Oct 10 liquidation event. 
• CME Fed Watch now prices in an 87% probability of a 25-basis-point Fed rate cut in December, up from 63% just a month ago.
• Interestingly, the rally of the past 24 hours has not entirely been backed by Spot ETF demand, a signal that the recovery thus far may still be fragile. 
• The 12 Spot ETFs tracking Bitcoin saw inflows of just 58.5M — far below the average $121.6M since launch; nonetheless however, yesterday’s inflows marked the fifth consecutive day of cumulative positive flows into the funds — a departure from the consistent outflows of late October and November. 
• Since the start of the month, options markets have begun to price out much of their defensive hedging against further downside moves in both BTC and ETH. Short-tenor volatility smiles for BTC traded with as much as a 11 vol premium towards OTM puts, compared to out-the-money calls at a similar moneyness. That premium has now compressed to only 4 points — still bearish towards puts, but far less defensive than levels in late November.
• ETH’s smiles show a similar story also. The 10 point premium with which OTM puts traded at compared to calls during the beginning of the month is now 2%. 
• Another driver which may have contributed to the current relief rally in crypto markets was an announcement from Vanguard Group, the second largest asset manager in the world, that it officially opened its platform up for trading ETFs and mutual funds that hold cryptocurrencies for the first time yesterday. 
• Additionally, during a White House event yesterday, President Trump indicated that he is likely to nominate his chief economic advisor Kevin Hassett for the Fed Chair job. While introducing the guests at his event, which included Hassett, Trump said "It's a great group, and I guess a potential Fed chair is here too … I don't know, are we allowed to say that, potential? He's a respected person that I can tell you. Thank you, Kevin."
• Markets view Hassett as being closely aligned with Trump’s view on monetary policy — in mid-November, he told Fox News that he would “be cutting rates right now” if he were the chair of the Fed because “the data suggests that we should.”
• U.S. regulators are now racing to implement the GENIUS stablecoin Act ahead of the 18 July 2026 deadline, which gives agencies a year from enactment to finalise rules for fully dollar-backed payment stablecoins with strict reserve, liquidity and audit requirements for larger issuers.

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• At a House Financial Services Committee hearing, Rep. Bryan Steil pressed banking and credit-union regulators to keep to the timetable, warning that too many laws in the past have slipped at the rulemaking stage: 

• “I just want to make sure that we get these done on time… I think that’s just really important.” 

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• The UK's crypto regulatory framework reached a key milestone this week as the Property (Digital Assets etc.) Act 2025 received Royal Assent, formally recognizing digital assets as a distinct, third category of property under law. Announced on Tuesday, the legislation establishes that holdings like Bitcoin and stablecoins can be subject to property rights, separate from traditional classifications of physical objects or contractual claims.
• This statutory confirmation follows a 2023 recommendation by the UK's independent Law Commission and builds upon judicial trends where courts had already treated crypto as property on a case-by-case basis. 
• Industry advocates, including Susie Ward, CEO of Bitcoin Policy UK, hailed the move, stating: "A third category of property now exists and it finally gives legal protection to the sats you hold." Its Chief Policy Officer, Freddie New, called it possibly "the biggest change in English property law" since the Middle Ages.

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• Kalshi announced today a major strategic partnership to become the official prediction markets partner for CNN. Under the agreement, CNN's newsroom, data, and production teams will integrate Kalshi's real-time data on event probabilities directly into their programming.
• Led by CNN Chief Data Analyst Harry Enten, the partnership will feature a dedicated Kalshi-powered news ticker and incorporate the platform’s forecasts into segments. Kalshi markets data will be used as a complementary reporting tool.
• Hyperliquid Strategies Inc and Sonnet BioTherapeutics Holdings, Inc. have announced the completion of their business merger, approved by Sonnet’s stockholders on Dec 2, 2025. The merged company will operate as a HYPE digital asset treasury reserve company, under the ticker symbol “PURR”, with HSI’s common stock expected to begin trading on Nasdaq on Wednesday, Dec 3, 2025.
• On Tuesday, Kraken announced its acquisition of Backed Finance AG, the issuer of the tokenized equities platform xStocks. The acquisition positions Kraken to offer a vertically integrated system for the issuance, trading, and settlement of tokenized real-world assets.
• The xStocks platform, which tokenizes over 60 equities and ETFs, has processed more than $10B in trading volume since its launch earlier this year. The tokens are available across multiple blockchain networks, facilitating trading outside traditional market hours. Kraken intends to integrate these assets into its broader product ecosystem.
• ETH digital asset treasury Bitmine continues its accumulation, reportedly purchasing a further 18,345 ETH, worth $54.94M according to onchain data. 

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