So-called "backwardation" — a futures price curve moving lower in value as time gets further out — can be read as a measure of stress in the market.

[Cryptocurrency ETF Inflows Reach $1.1 Billion, a 7-Week High] On December 4, market analysis revealed that cryptocurrency ETF inflows reached $1.1 billion, marking a 7-week high and reversing the previous trend of $4.7 billion in cumulative outflows over the past four weeks. Among these, U.S. cryptocurrency ETFs led with $994 million in inflows, followed by Canada and Switzerland with $98 million and $24 million, respectively, while Germany saw $57 million in outflows. Bitcoin recorded a net inflow of $461 million, ETH saw a net inflow of $308 million, and short Bitcoin ETPs experienced $1.9 billion in outflows. The cryptocurrency market's upward momentum has returned.

The CEO of BlackRock, which manages a scale of $10 trillion, has stated a significant shift in his views on Bitcoin and cryptocurrency, and acknowledges that his previous opposition was wrong. （The Bitcoin Historian）

[VanEck Digital Asset Management Exceeds $5.2 Billion, Bitcoin ETF Fee Waiver Extended to End of July 2026] U.S. asset management company VanEck disclosed that its total assets under management have reached $171.7 billion, with digital asset management exceeding $5.2 billion, covering a full range of digital asset solutions. Additionally, VanEck announced that the Bitcoin ETF fee waiver period has been extended from January 10, 2026, to July 31, 2026.

[Wall Street Attempts to Block Trump's Nomination of Hassett as Fed Chair] On December 4, Fox Business reporter Charles Gasparino revealed that Wall Street and the U.S. business community are working to dissuade Trump from nominating Kevin Hassett as Federal Reserve Chair. The opposition cites Hassett's political background (Director of the National Economic Council) and lack of credibility, arguing that such a nomination could undermine the Fed's independence, lead to higher long-term interest rates, and cause internal turmoil. If Hassett were to lower short-term interest rates through a split vote to address inflationary pressures, it could be seen as political interference, triggering inflation and driving up mortgage and consumer rates, thereby impacting economic performance. Other potential candidates include Kevin Warsh and Federal Reserve Governor Christopher Waller.