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<h2 id="market-overview">Market Overview 📉</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/0cba22c2e4174df29b76aed55a7f85b9.png">
*Data as of 6:45 AM UTC on December 5, 2025.
<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> finished the week up 0.79%, while <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> outperformed this week, up 5.13% in the same period. Total crypto market cap rose 0.594% to end the week at $3.215T, up from $3.196T in the week prior.
The strong sell-off at the beginning of the week took some traders by surprise, pushing <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">liquidations</a> higher with over $800M in longs liquidated in the drop. <a href="https://www.coinglass.com/FundingRateHeatMap" rel="noopener noreferrer nofollow">Funding rates</a> generally rose across the board as markets regained some confidence, but the majority are still hovering at sub-normal levels..
📌 Michael Saylor announces the formation of a $1.44B USD reserve for Strategy, to ensure it has sufficient liquidity to pay out its dividends and interest on its debt. - <a href="https://x.com/saylor/status/1995479071518577116" rel="noopener noreferrer nofollow">Link</a>
📌 SEC Chair, Paul Atkins, announces that “Innovation Exemptions” for crypto companies will take effect in January 2026, reducing regulatory hurdles for crypto companies. - <a href="https://x.com/DeItaone/status/1995837673362338268" rel="noopener noreferrer nofollow">Link</a>
📌 US investment giant. Vanguard finally allows crypto ETFs on their platform, shifting from their anti-crypto stance just last year. - <a href="https://www.bloomberg.com/news/articles/2025-12-01/vanguard-relents-on-crypto-etfs-will-allow-them-on-its-platform" rel="noopener noreferrer nofollow">Link</a>
Why does it matter?
The crypto market largely drifted upwards this week, recovering from a violent sell-off at the beginning of the week, building bullish sentiment among traders as Bitcoin holds steady at the 92K level, a heavy resistance zone for the asset. Traditional markets fared slightly better, with the S&amp;P 500 up 0.51% over the week and the Nasdaq up 1.07%.
Notable altcoin outperformers this week included <a href="https://coinmarketcap.com/currencies/pippin/" rel="noopener noreferrer nofollow">Pippin (PIPPIN)</a>, <a href="https://coinmarketcap.com/currencies/merlin-chain/" rel="noopener noreferrer nofollow">Merlin Chain (MERL)</a>, <a href="https://coinmarketcap.com/currencies/myx-finance/" rel="noopener noreferrer nofollow">Myx Finance (MYX)</a>, <a href="https://coinmarketcap.com/currencies/compound/" rel="noopener noreferrer nofollow">Compound (COMP)</a> and <a href="https://coinmarketcap.com/currencies/sky/" rel="noopener noreferrer nofollow">Sky (SKY)</a>.
View <a href="https://coinmarketcap.com/gainers-losers/" rel="noopener noreferrer nofollow">CMC Gainers &amp; Losers board</a>
<h2 id="narrative-of-the-week">Narrative of the Week 📰</h2>
One year on from their token generation event, Hyperliquid unlocks are hitting the market, taking the spotlight as HYPE token holders make their moves.
📌 Of the 2.6M unstaked HYPE tokens for the November 29th unlock, 1.089M tokens have been restaked, 609K tokens have been sold via OTC and 902K tokens remain untouched. - <a href="https://x.com/HyperliquidEco/status/1994765363486077438" rel="noopener noreferrer nofollow">Link</a>
📌 Sonnet BioTherapeutics, announces a successful shareholder vote to merge with Hyperliquid Strategies Inc, expanding their treasury to fund the acquisition of more HYPE. - <a href="https://x.com/dschamis/status/1995861937377476854" rel="noopener noreferrer nofollow">Link</a>
📌 Ethena deploys their HIP-3 DEX, HyENA, on HyperEVM, indicating a potential upcoming launch shortly. - <a href="https://x.com/ethena_labs/status/1995847772361429357" rel="noopener noreferrer nofollow">Link</a>
Why does it matter?
Hyperliquid has been the token of this cycle, having done exceptionally well over the past year. Despite fears around the team token unlocks, the token and ecosystem continues to see interest from users and investors alike.
<h2 id="major-project-updates">Major Project Updates 🗓️</h2>
📌 Prediction market, Kalshi, partners with US-based media company, CNN, to integrate prediction markets into the newsroom. - <a href="https://x.com/Kalshi/status/1996233186251075862" rel="noopener noreferrer nofollow">Link</a>
📌 Polymarket rolls out their US app to waitlist users, beginning with sports betting and eventually the rest of the markets. - <a href="https://x.com/Polymarket/status/1996231420117688701" rel="noopener noreferrer nofollow">Link</a>
📌 Ethereum’s latest hard fork, Fusaka, goes live, increasing data throughput for rollups, rolling out UX improvements and setting up the foundation for L1 scaling. - <a href="https://x.com/ethereum/status/1996339856415342914" rel="noopener noreferrer nofollow">Link</a>
📌 Centralized exchange, Kraken, acquires tokenized stock issuer, Backed Finance, supporting the development and distribution of xStocks. - <a href="https://x.com/krakenfx/status/1995874191669620761" rel="noopener noreferrer nofollow">Link</a>
📌 MetaMask introduces Transaction Shield, protecting users for up to $10,000 on transactions that MetaMask deems as safe. - <a href="https://x.com/MetaMask/status/1995885822533415237" rel="noopener noreferrer nofollow">Link</a>
📌 Near Protocol introduces Near AI Cloud and Private Chat, ensuring users truly own their AI interactions and data. - <a href="https://x.com/NEARProtocol/status/1996220341362786538" rel="noopener noreferrer nofollow">Link</a>
Why does it matter?
Prediction markets continue to stay relevant as the leading two, Polymarket and Kalshi, fight for dominance via partnerships and rising valuations.
<h2 id="defi-brief">DeFi Brief 🏦</h2>
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/3d71478ab8014784a0f21497898cd50b.png">
Source: <a href="https://coinmarketcap.com/chain-ranking/" rel="noopener noreferrer nofollow">https://coinmarketcap.com/chain-ranking/</a>
*Data as of 6:45 AM UTC on December 5, 2025.
📌 Hyperliquid liquid staking platform, Kinetiq, unveils Markets, a HIP-3 enabled DEX designed to support a wide range of assets. - <a href="https://x.com/markets_xyz/status/1995845349861183625" rel="noopener noreferrer nofollow">Link</a>
📌 Uniswap partners with Revolut, enabling direct fiat on-ramp, to the Uniswap wallet and web app. - <a href="https://blog.uniswap.org/revolut-onramp-now-live" rel="noopener noreferrer nofollow">Link</a>
📌 Yearn Finance’s yETH suffers a $9M exploit, involving a stableswap pool. At the moment, ~$2.39M has been recovered with the help of Dinero and Plume teams. - <a href="https://x.com/yearnfi/status/1995344733154250993" rel="noopener noreferrer nofollow">Link</a>
📌 Perpetual DEX, Lighter, launches Spot, enabling deposits, transfers and withdrawals of ETH on the platform. Spot trading will be rolled out shortly. - <a href="https://x.com/Lighter_xyz/status/1996590661437456623" rel="noopener noreferrer nofollow">Link</a>
Why does it matter?
Hyperliquid’s HIP-3 continues to attract new builders looking to offer trading on the largest range of assets, including stocks, commodities, and more.
<h2 id="fundraises">Fundraises 💰</h2>
📌 Prediction market, Kalshi, raises $1B at an $11B valuation, led by Paradigm, with support from Sequoia Capital, Andreessen Horowitz, Capital G, and other existing backers. - <a href="https://x.com/mansourtarek_/status/1995858897798582484" rel="noopener noreferrer nofollow">Link</a>
📌 Perpetual DEX, Ostium, raises an additional $20M in a Series A round led by General Catalyst and Jump Crypto, with participation from Coinbase Ventures, Wintermute, Crucible Capital, and more. - <a href="https://x.com/kaledora/status/1996242387455127602" rel="noopener noreferrer nofollow">Link</a>
📌 Institutional yield platform, Axis, raises $5M in a funding round led by Galaxy Ventures, with support from FalconX, OKX Ventures, CMT Digital, Maven 11 Capital, and more. - <a href="https://x.com/AxisFDN/status/1996204874409861319" rel="noopener noreferrer nofollow">Link</a>
📌 Bitcoin auto-savings app, Bitstack, raises $15M in a Series A funding round led by 13 Books Capital, with other investors including Y Combinator, Plug and Play Tech Center, Stillmark, and more. - <a href="https://x.com/bitstack/status/1995734881452564971" rel="noopener noreferrer nofollow">Link</a>
<h2 id="airdrops-abound">Airdrops Abound 🎁</h2>
📌 Cross-chain yield aggregator, Superform, opens registration for their UP token airdrop, leading into their token sale. - <a href="https://x.com/superformxyz/status/1995866120440758656" rel="noopener noreferrer nofollow">Link</a>
<h2 id="tweet-of-the-week">Tweet of the Week 📝</h2>
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2300dd79b7f14ddf8a049301a3fcb112.png">

Source: @boldleonidas
Prediction markets are so hot right now.

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