Bitcoin began December on the back foot, sliding below $90,000 on December 1 after suffering its steepest monthly dollar drop since the 2021 crash. The move capped a brutal November in which Bitcoin lost more than $18,000 in value as investors rotated out of risk assets and trimmed speculative positions. Ethereum also fell sharply, with both majors giving up much of their autumn rally as leveraged longs were washed out. Spot bitcoin ETFs, which had seen heavy inflows earlier in the year, recorded sizeable redemptions in November as sentiment turned cautious. The broader market remains on edge heading into year-end, with traders watching for further macro or regulatory shocks that could deepen the downturn.

Bank of America to open crypto ETPs to wealth clients

Bank of America said it will allow advisors at Merrill, Merrill Edge and the Private Bank to recommend crypto exchange-traded products to wealth management clients starting in early 2026. The shift moves the bank from a narrow execution-only stance toward actively advising on crypto allocations, with internal guidance suggesting a 1-4% portfolio weight for investors who can tolerate volatility. The decision follows strong demand for regulated bitcoin and Ethereum ETFs from high-net-worth clients, even after the recent drawdown in digital asset prices. Bank of America’s move adds another major U.S. institution to the list of firms normalizing crypto exposure within traditional portfolios. It also underscores how spot ETF structures have become the preferred on-ramp for mainstream investors seeking regulated access to bitcoin and other digital assets.

Arizona Financial Credit Union Joins Metallicus Stablecoin Pilot Program

Arizona Financial Credit Union has partnered with Metallicus to pilot stablecoin-based payment and settlement tools, becoming one of the first U.S. credit unions to explore blockchain infrastructure for core financial operations. The program will test how USD-backed stablecoins can reduce transaction friction, accelerate internal transfers and improve liquidity management without exposing members to custodial or market-risk complexity. Arizona Financial said the initiative aligns with its long-term strategy to modernize digital services and evaluate blockchain applications that improve efficiency while maintaining regulatory compliance. Metallicus noted that the pilot leverages Metal Blockchain’s bank-grade controls and native multisig architecture, allowing credit unions to safely experiment within a controlled environment. The partnership adds momentum to Metallicus’ growing roster of institutional pilots across the U.S.

Bitcoin ETF Flows

Spot bitcoin ETFs started the week with modest net inflows of about $8.5 million on Monday. On Tuesday, demand picked up sharply as net inflows climbed to roughly $58.5 million, again led by IBIT and FBTC while Ark’s ARKB saw more mixed activity. Wednesday flipped back to a small net outflow of around $15 million, driven largely by redemptions in Grayscale’s GBTC vehicle even as newer low-fee funds were close to flat. Thursday was the weakest session of the week, with investors pulling nearly $195 million from spot bitcoin ETFs as selling hit most issuers, including iShares, Fidelity and Ark. Overall, bitcoin ETFs posted a choppy but clearly negative week for flows, reflecting fragile sentiment after November’s slide in BTC price.

Ethereum ETF Flows

Ethereum ETFs opened the week with heavy net outflows of about $79 million on Monday, as traders took profits and rotated into cash following November’s volatility. On Tuesday, redemptions eased to roughly $10 million, with smaller withdrawals spread across the main issuers. Wednesday marked the strongest day of the week, as net inflows swung to roughly $140 million, led by sizeable creations in BlackRock and Fidelity’s funds and renewed interest in Grayscale’s spot and converted products. Flows turned negative again on Thursday, with around $41.5 million leaving the complex as some investors locked in gains from the midweek bounce. 

Solana SOL Flows

Solana ETFs saw a small net outflow of about $13.5 million on Monday, with selling focused in 21Shares’ TSOL product while Bitwise’s BSOL and VanEck’s VSOL remained relatively stable. On Tuesday, flows reversed sharply as the group attracted roughly $45.7 million in net inflows, led by Bitwise, VanEck and Fidelity’s FSOL as dip buyers stepped in after the broader market selloff. Wednesday then delivered the weakest session of the week, with about $32.9 million in net redemptions driven largely by TSOL, echoing reports of record outflows from that fund. Flows stabilized on Thursday with a modest $4.2 million in net creations spread across BSOL, VSOL and Grayscale’s GSOL. Overall, Solana ETFs ended the week only slightly positive, underscoring how quickly sentiment around the new products is swinging between aggressive dip-buying and equally sharp bouts of profit-taking.

7 Day Snapshot - Coins Available on Metal Pay

The most volatile coins on Metal Pay this week were LOAN Protocol, Metal Blockchain, Hedera and XPR Network, which all posted double-digit declines. LOAN Protocol led the downside with a roughly 17.4% drop. Metal Blockchain (METAL) and XPR Network (XPR) each saw steeper swings. Hedera (HBAR) slid after a sharp 10% selloff into key technical support, while XRP’s nearly 10% weekly loss came amid heavy trading around new regulatory approvals and fresh escrow movements. Despite project-specific headlines, this basket mainly highlights how smaller-cap payment and infrastructure tokens underperformed in a fearful market, even as investors weighed whether the current drawdown is an opportunity or a warning.