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Today, we’re breaking down BTC’s moves over the past week, as ETFs saw full inflows for the first time in nearly four weeks, as well as on-chain spending. We also look at who President Trump’s next Federal Reserve Chair might be.
Signs
BTC dropped below $85,000, and bounced back to $92,000. Over the past three weeks, BTC has increased by 5%, with significant volatility throughout. In particular, BTC has been underperforming through the EU sector, while it has been doing very well in the US and APAC sectors.
Over the past week, oracles, lending and tokens of the Ethereum ecosystem performed well, and each rose more than 4%. Cryptocurrencies fared the best, up 6.7%, largely due to the success of HOOD.
The Nasdaq 100 (+1.70%) and the S&P 500 (+0.78%) continue to grind, while Gold loses a little (-0.85%).
In terms of performance, the game has had the biggest drop, with a -23% return over the last week. LGCT was the most successful, and fell in price by -75% over the past week.
Weekly charts
The odds have risen (to 78% on Kalshi) that Kevin Hassett will be President Trump’s next Federal Reserve nominee, an announcement that Trump recently confirmed is imminent. Hassett, a close White House ally, is favored because he supports the president’s push for ultra-low interest rates to provide affordable consumer loans and mortgages.
The Bitcoin ETF had a particularly difficult run in November, posting big gains after the cash flow from May to October. The month saw redemptions of about $3.46 billion, minus the $3.42 billion in new purchases seen last month and the worst outflow since February 2025 ($3.56 billion). The change shows how quickly sentiment has changed even after months of accumulation. The correlation between the ETF and the stock price has not changed, with November’s output showing a double monthly decline for BTC.
The first week of December has been the best week for BTC ETF inflows since the last week of October, with $70.2 million in total BTC ETF inflows. Ethereum and Solana ETFS have both seen the most inflows in the past week, at $312 million and $108 million, respectively.
In terms of network revenue, we see similar numbers to what we saw last week, Hyperliquid leading with 35% of all network revenue, followed by Tron (20%) and Solana (15%). Visually, BNB’s investment is still very low following the volume it posted in October, with most of it being held by Hyperliquid and Solana.
Application fees have stopped falling (now at $ 38 million, 10% more than last week), following four weeks of total decline in all programs tracked. Hyperliquid continues to lead the way (35%), followed by pump.fun (25%) and Axiom (8%).
Helius’ Lostin and Ichigo prepared SIMD411, which aims to speed up Solana’s emissions process by doubling the rate of disinflation from -15% to -30%, keeping the 1.5% inflation constant. This simple, predictable change would bring inflation from ~4.14% today to 1.5% in ~3.1 years (early 2029), not ~6.2 years (early 2032). If implemented, SIMD411 will cut 22.3 million SOL ($ 2.9 billion) in gas after six years against the current inflation rate, reducing the “empty bucket” selling pressure.
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