According to Gate Ventures' latest crypto weekly report, applying traditional short-term valuation models (such as short-term P/E ratios and revenue models) directly to blockchain networks can lead to systemic pricing errors. Due to the exponential nature of the crypto industry's curve, the long-term growth potential of assets like ETH and SOL is still significantly underestimated; market sentiment and linear thinking mask their true growth potential. Currently, overall market sentiment remains fragile. Last week, BTC rose 4.07%, and ETH rose 6.82%, with the Fear & Greed Index remaining in the "extreme fear" range. In terms of ecosystem dynamics, Ethereum increased its block gas limit to 60 million in preparation for the Fusaka upgrade, marking Ethereum's largest execution layer scaling in nearly four years. Paxos acquired Fordefi for over $100 million to strengthen its institutional custody services. Meanwhile, DWF Labs launched a $75 million fund focused on developing institutional-grade DeFi infrastructure. Regarding funding, the total publicly disclosed funding amount last week was $164 million, a decrease of 88% compared to the previous week due to market tightening. Infrastructure projects accounted for 62% of all funding, while DeFi recorded the largest amount of funding.

According to Lookonchain monitoring, Odaily Planet Daily reports that after closing out his short ETH position and making a profit of $910,000, trader pension-usdt.eth opened a 2x leveraged long position, buying 20,000 ETH, worth $56 million.

According to Lookonchain monitoring, an address suspected to be associated with Ethena Labs withdrew another 25 million ENA tokens from Bybit approximately 3 hours ago, worth about $6 million. Since November 7th, this entity has withdrawn a total of 405.15 million ENA tokens from Bybit and Coinbase Prime, estimated at approximately $96.8 million at current prices.

According to an official announcement, Binance Futures will update the leverage and margin levels for several USDT-margined perpetual contracts, including PAXGUSDT and BDXNUSDT, at 14:30 (Beijing time) on December 5, 2025. The update is expected to be completed within one hour, and existing positions will be affected. (This news item was generated with AI assistance.)

Odaily Planet Daily reports that the Japanese government has supported changing the cryptocurrency income tax from the current progressive tax rate of up to 55% to a flat tax rate of 20%, consistent with financial products such as stocks. This tax reform will be one of the proposals put forward by the Financial Services Agency (FSA) and is scheduled to be submitted to the Diet in early 2026. The Japan Blockchain Association (JBA) has been pushing for related reforms for the past three years, arguing that high taxes have stifled the development of the domestic cryptocurrency industry. The report points out that the new tax system is expected to be implemented in conjunction with stricter investor protection measures, including prohibiting transactions using non-public information and strengthening information disclosure requirements. (Nikkei Asia)