First Ever Leveraged Sui-linked ETF

Find out our latest reports, listed below:

• DeepBook - “The Backbone of Sui DeFi Liquidity”

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• Premia x Block Scholes: Introducing Kyan

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• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

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Market Snapshot: Overnight Moves

Daily Updates:

• Both the rally in BTC and US equities slowed down in yesterday’s trading session. BTC reached an intraday high of $94K, though currently trades above $91K. Similarly, ETH traded at an intraday peak of $3,200, though has now fallen to $3,100. 
• Options markets for both assets have priced out much of their bearish skew towards put options since the start of the month, though aren’t willing to bet too definitively on a year-end rally just yet. 
• The volatility premium assigned to short-tenor, out-the-money puts has compressed from 11% on Dec 1, 2025 to 5% above calls — still bearish, but not as extreme as during the worst of the sell-off.
• ETH’s vol smiles are less bearish — OTM puts trade with only a 2.5 vol point premium compared to puts. 
• ETH’s spot price is only up 4% over the past 5 days, though that masks some of the recent bullish tailwind drivers for the asset: BitMine, the largest ETH DAT is getting closer towards its goal of holding 5% of Ether’s total supply, while the Fusaka upgrade went live on mainnet earlier this week. Read more about these here. 
• However, one of the main drivers of ETH’s summer-2025 outperformance, Spot Ethereum ETFs, are still struggling to maintain a consistent positive inflow — so far this week, they’ve seen a meager net flow of $9.8M (three days of outflows and one inflow day). 
• Equally, Spot BTC ETFs have struggled this week with cumulative outflows of $142.5M. Yesterday, the funds sold $194.6M of bitcoins, which marked the largest single-day outflow since Nov 20, 2025.  

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• The US stock market also only rallied modestly, with the S&P 500 Index closing 0.11% higher. That nonetheless brings the index within inches of its all-time high. 
• Markets are still pricing a high probability of a December rate cut reduction by the Fed in its meeting next week, despite a stronger-than-expected jobless claims report yesterday. 
• Applications for US unemployment benefits fell last week to their lowest since September 2022.
• Initial claims fell by 27,000 to 191,000 in the week ended Nov, 29 — though according to Bloomberg the data can be volatile around holiday periods, such as Thanksgiving.   
• Furthermore, the 4-week moving average of new unemployment applications fell to 214,750, the lowest reading since January 2025. 
• US treasuries reacted slightly stronger to the release — the 10Y yield ended the day up 4bps to 4.10%.

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• Kevin Hassett, the current National Economic Council Director and market-implied front-runner for the chairman at the Fed, said in an interview with Fox News yesterday “I think we should, and I think that we are likely to”, when asked about a rate cut next week. 
• He also claimed that he wanted to “get to a much lower rate” in the long-term and “If there’s consensus around 25 basis points, which it looks like there is, then I’ll take it”. 
• When asked about President Trump, Hassett responded “The president has a number of candidates that he’s been thinking about … I’m honored to be on a list with some great people. And we’ll see how it goes.”

• On 4 December 2025, Switzerland-based issuer 21Shares won approval to list the first US Sui-linked ETF, the 21Shares 2x SUI ETF (ticker TXXS) on Nasdaq, offering investors twice the daily performance of the SUI token via a leveraged structure.
• Bloomberg’s Eric Balchunas flagged how unusual it is for Sui’s debut ETF to be a leveraged product, noting that TXXS is already the 74th crypto ETF of the year and 128th overall. 

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• Base, Coinbase’s Ethereum L2, has launched Chainlink CCIP-powered bridge to Solana, letting SOL and other SPL tokens flow into Base apps and Base-native assets move the other way, with messages independently verified by Coinbase and Chainlink node operators for added bridge security.
• Framed as a step toward making Base a multi-chain “everything economy” hub, the launch turns Base into a direct liquidity conduit between Ethereum L2 and Solana.

This Week’s Calendar:

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Charts of the Day:

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