This week's edition of our Crypto DeFi Analytics.

BTC stalled after an intraday spike to $94k and now trades just above $91k, with ETH slipping from $3,200 to $3,100 as short-dated OTM put premia compressed from 11 to 5 vols over calls in BTC and to ~2.5 vols in ETH, even as ETH is only +4% over five days despite BitMine nearing 5% of supply and the Fusaka upgrade going live. Spot flows remain a headwind: spot ETH ETFs have taken in just $9.8m net so far this week, while spot BTC ETFs have seen $142.5m of outflows including a $194.6m single-day bleed, the largest since 20 November. Structurally, 21Shares secured approval to list the first US Sui-linked leveraged product, the 2x SUI ETF (TXXS), taking the crypto ETF tally to 74 for 2025 and 128 overall, while Base launched a Chainlink-CCIP bridge to Solana to move SOL/SPL and Base-native assets cross-chain.

BTC has retraced its early-month drop, trading back around $93k after a brief move to $94k, while 7D ATM implied volatility has fallen from 56% on 1 Dec to 45% and short-dated skew has compressed from a 16 vol-point put premium in late November to about 3%. ETH is up over 4.5% in the past 24 hours, back in the $3,000–3,100 range and supported by $140.2m of spot ETF purchases, with 7D volatility smiles shifting from double-digit premia for out-of-the-money puts in November to briefly pricing a 1.5 vol-point call premium before reverting towards neutral. US 2Y Treasury yields have moved below 3.5% after ADP reported a 32k fall in November private payrolls versus expectations of a 10k gain, the fourth decline in six months and driven by a 120k drop in employment at firms with fewer than 50 employees. American Bitcoin added 502 BTC to take its treasury to 4,367 BTC, BitMine bought 48,623 ETH and now controls over 3% of supply, while Franklin launched a Solana spot ETF, Grayscale listed a Chainlink trust, and Ethereum’s Fusaka upgrade went live on 3 December, increasing blob capacity to help lower L2 data costs.