CCM Blockchain Newsletter (December 1, 2025)

Happy Monday everyone, and welcome back to this week’s market newsletter. Please see below this week’s market data.

Bitcoin Market Update and News

• Bitcoin recovers above $90,000, sells off to start the week: Bitcoin enjoyed a Thanksgiving bounce that propelled the cryptocurrency to as high as $92,000 over the holidays, only to sell off to start December. At the time of publication, bitcoin is down 2.6% WoW to $84,900.
• White House launches Genesis Mission to accelerate AI R&D, energy grid upgrades: President Trump signed an executive order last week for the Genesis Mission, an initiative to spur R&D for AI and energy systems. This includes advancements in manufacturing, biotechnology, critical materials, nuclear energy, quantum information science, semiconductors / microelectronics by working with U.S. universities and tech stalwarts like Amazon, Nvidia, Microsoft, Google, Anthropic, OpenAI, and more.

Interesting Reads and Videos

• Bitcoin Ruined Your Thanksgiving (Here’s What To Do)
• Bitcoin Hashprice Falls to Record Low as Network Hashrate Shows Early Signs of Pullback
• Did the Bitcoin Bull Market Just End?

Bitcoin Treasury Company News and Updates

• Metaplanet draws $130M BTC-backed loan for share buybacks, BTC purchases: Metaplanet (TYO: 3350, OTCQX: MTPLF) has taken out a $130 million bitcoin-backed loan, bringing its total draw under the $500 million credit facility to $230 million. The company said that it plans to use proceeds for share buybacks, bitcoin purchases, and other corporate purposes. 
• BitMine Immersion adds ~70k to ETH treasury, now owns 3% of ETH supply: BitMine Immersion Technology (NYSEAMERICAN: BMNR), a crypto miner-turned ETH treasury and staking company, bought 69,822 ETH to bump its Ethereum holdings to 3.63 ETH worth $10.27 billion at the time of writing. With the purchase, BMNR now owns 3% of ETH’s circulating supply.
• Hyperscale Data reveals 382 BTC treasury: Hyperscale Data (NYSEAMERICAN: GPUS), a data center company, said last week that it holds 382 BTC (~$33 million), more than double the 150 BTC listed on bitcointreasuries.net. 

Market Update

• Equities rebound: Stocks soared over Thanksgiving week, with the major indices rising 3-5% just shy of their record highs. 
  • S&P 500: 6,849.09 (+3.7%)
  • Nasdaq: 23,365.69 (+4.9%)
  • Dow: 47,716.42 (+3.2%)
  • Russell 2000: 2,500.43 (+5.5%)
• Producer Price Index (PPI) up in September after decline in August: Per the Bureau of Labor Statistics, headline PPI rose 0.3% MoM after dipping 0.1% in August. Prices for final-demand goods jumped 0.9%, the largest monthly gain since early 2024, with 2/3rds of the increase coming from energy (+3.5%) and food (+1.1%). By contrast, the final-demand services index was unchanged in September. Core PPI (less energy and food) rose 0.1% MoM, and YoY headline and core PPI increased 2.7% and 2.9% respectively. 

• Retail sales rebound in September but still show signs of slowing: Per the U.S. Census Bureau, headline retail and food service sales were up 0.2% in September, a modest reversal of the -0.6% MoM decrease in August. September’s YoY sales growth was 4.3% in September, with miscellaneous store retailers and gas stations leading MoM growth. Core sales, which excludes building materials, autos, gas stations, and food services, fell 0.1% MoM versus a strong rise in August.
• Business inventories flat in August, auto sales fall: Business inventories were unchanged in August, according to the U.S. Census Bureau. Retail inventories fell slightly by 0.1%, and auto sales fell 0.5% over the month.YoY inventory growth was up 1.1%, and the bureau’s inventory-to-sales ratio stayed steady at 1.37 months.
• 20-City Index posts slowest annual growth in years: The S&P Cotality Case-Shiller 20-City Index rose 1.4 % year-over-year in September 2025, the eighth consecutive month of decelerating price growth and the weakest annual increase since mid-2023. On a non-seasonally adjusted basis, prices fell about 0.5% month-over-month in September (following a −0.6% drop in August). The broader S&P Cotality Case-Shiller U.S. National Home Price Index posted a 1.3% year-over-year gain, down from 1.4% the prior month — also the weakest reading in over two years. The Sun Belt shoulder the largest declines in price, reflecting deepening divides in regional housing markets.

• Pending Home Sales rise in October as index sees highest level in 2025:  According to the National Association of Realtors Pending Home Sales report, the pending home sales index increase by 1.9% MoM in October but declined 0.4% YoY, and the index’s 76.3 reading for October is the highest of the year. MoM, contract signings rose in the Northeast (+2.3%), Midwest (+5.3%), and South (+1.4%) but fell in the West. YoY, pending sales increased in the Midwest (+0.9%) and South (+2.0%), but decreased in the Northeast (−1.0%) and notably in the West (−7.0%). 
• Consumer confidence droops in November: The Conference Board’s November 2025 Consumer Confidence Index fell from a revised 95.5 in October to 88.7 in November. The Present Situation Index (views of current business and labor-market conditions) declined to 126.9, down 4.3 points, and The Expectations Index (views on short-term economic outlook, income, jobs) fell more steeply – down 8.6 points to 63.2. – and has now remained below 80 for ten straight months, a threshold the Conference Board often associates with elevated recession risk. Only 20% of consumers said U.S. business conditions are “good” (down from 21% in October) and 28% described jobs as “plentiful,” down from 29%.
• Durable goods orders up in September: The U.S. Census Bureau’s durable goods orders report shows a 0.5% MoM rise in new orders in September to $313.7 billion, the second month in a row of growth. Ex-transportations, orders rose 0.6%, while ex-defense, durable goods orders only rose a modest 0.1%
• Oil inches upward: Oil prices rebounded slightly last week, with both WTI and Brent Crude rising.
  • WTI Crude: $58.48/barrel (+1%)
  • Brent Crude: $61.50/barrel (+1.1%)
• Gold surges: Gold ran last week alongside the rest of the market. At the time of writing gold is up 4.2% WoW to $4,256/oz.

The week ahead in data*:

• ISM Manufacturing Index (Monday)
• Domestic Vehicle Sales report (Tuesday)
• ADP National Employment Report (Wednesday)
• U.S. Bureau of Economic Analysis Personal Consumption Expenditures Price Index September read (Friday)

*Government reports may be delayed in the aftermath of the shutdown

Thank you for reading, and please feel free to reach out with any questions.