Ethereum’s Fusaka Upgrade and Grayscale’s Chainlink Trust: What to Watch in Crypto This Week

Freepik Ethereums Fusaka Upgrade Grayscale Chainlink Trust 41921

Ethereum developers are preparing for the blockchain’s second major upgrade of 2025, set to go live on the mainnet this Wednesday. The update — known as Fusaka, a portmanteau of Fulu and Osaka — combines simultaneous changes to Ethereum’s consensus and execution layers. Its core objective is to boost the network’s ability to support the heavy transaction throughput generated by layer-2 systems that depend on Ethereum as their settlement layer.

Grayscale, meanwhile, is expected to convert its Chainlink Trust into a spot exchange-traded fund on Tuesday, creating the first-ever Chainlink ETF and concluding a process that began in September. The new product will join a growing lineup of crypto ETFs covering bitcoin (BTC), ether (ETH), solana (SOL), and XRP. The move also follows just days after the debut of the Grayscale Dogecoin Trust ETF (GDOC).

Crypto Events This Week

Dec. 1: 21Shares Core XRP Trust (TOXR) begins trading on Cboe BZX Exchange.
Dec. 1: Ontology (ONG) rolls out mainnet v3.0.0, reducing supply from 1 billion to 800 million, locking liquidity, extending emissions, and enhancing performance.
Dec. 1: Qtum (QTUM) undergoes its second halving, cutting block rewards from 0.5 QTUM to 0.25 QTUM.
Dec. 1: Starknet (STRK) activates “Privacy Perps” with L2-level masking for private perpetuals trading.
Dec. 2: Grayscale Chainlink Trust ETF (GLNK) begins trading on NYSE Arca, completing its conversion into a spot Chainlink ETF.
Dec. 2, 12 p.m.: MultiversX (EGLD) activates its “Staking V5” upgrade at epoch 1951.
Dec. 2: VeChain (VET) rolls out the Hayabusa hard fork at block 23,414,400.
Dec. 3: Ethereum’s Fusaka upgrade activates on mainnet at epoch 411392.
Dec. 7: Beldex (BDX) launches its “Obscura v7.0.0” hard fork at block height 4,939,540.

Macro Calendar

Dec. 1: The Federal Reserve formally ends quantitative tightening, halting balance-sheet reduction to ease liquidity pressures.
Dec. 1, 8 a.m.: Brazil Nov. S&P Global Manufacturing PMI (Prev. 48.2).
Dec. 1, 9:30 a.m.: Canada Nov. Manufacturing PMI (Prev. 49.6).
Dec. 1, 9:45 a.m.: U.S. Final Nov. Manufacturing PMI (Est. 51.9).
Dec. 1, 10 a.m.: Mexico Nov. Manufacturing PMI (Prev. 49.5).
Dec. 1, 10 a.m.: U.S. ISM Nov. Manufacturing PMI (Est. 48.6).
Dec. 1, 8 p.m.: Fed Chair Jerome Powell speaks.
Dec. 2, 10 a.m.: Fed Vice Chair for Supervision Michelle Bowman speaks.
Dec. 3, 8 a.m.: Brazil Nov. S&P Global PMI — Services (Prev. 47.7), Composite (Prev. 48.2).
Dec. 3, 8:15 a.m.: U.S. Nov. ADP Employment Change (Prev. 42K).
Dec. 3, 9:30 a.m.: Canada Nov. Services & Composite PMI (Prev. 50.5; 50.3).
Dec. 3, 9:45 a.m.: U.S. Final Nov. Composite PMI (Est. 54.8) and Services PMI (Est. 55).
Dec. 3, 10 a.m.: U.S. ISM Nov. Services PMI (Prev. 52.4).
Dec. 4, 7 a.m.: Brazil Q3 GDP — QoQ (Prev. 0.4%), YoY (Prev. 2.2%).
Dec. 4, 8:30 a.m.: U.S. Jobless Claims for week ended Nov. 29 (Prev. 216K); continuing claims for week ended Nov. 22 (Prev. 1.96M).
Dec. 4, 12 p.m.: Fed Vice Chair Bowman speaks again.
Dec. 5, 7 a.m.: Brazil Oct. PPI — YoY (Prev. −0.4%), MoM (Prev. −0.25%).
Dec. 5, 8:30 a.m.: Canada Nov. Unemployment Rate (Prev. 6.9%).
Dec. 5, 10 a.m.: U.S. Preliminary Dec. University of Michigan Consumer Sentiment (Prev. 51) and Inflation Expectations (Prev. 4.5%).
Dec. 5, 10 a.m.: U.S. Sept. PCE Price Index — Headline YoY (Est. 2.8%), MoM (Est. 0.3%); Core YoY (Est. 2.9%), MoM (Est. 0.2%).

Earnings (FactSet Estimates)

Dec. 1: Cango (CANG), post-market.
Dec. 2: Forward Industries (FWDI), post-market.

Governance Votes & DAO Actions

Lido DAO is voting to move idle treasury stablecoins into sUSDS or tokenized money-market funds to generate yield. Voting ends Dec. 1.
GMX DAO is voting on a budget to compensate governance, listing, and security committees for the next six months. Voting ends Dec. 1.
Decentraland DAO votes on commissioning an independent audit of Regenesis Labs to address transparency concerns. Voting ends Dec. 2.
Arbitrum DAO is selecting the final three members of the 2026 AGV Council from six candidates. Voting ends Dec. 4.
Rootstock Collective is voting on a proposal to expand the Rootstock community in Ghana through user onboarding and developer training. Voting ends Dec. 4.
Aavegotchi DAO is electing a new Foundation Company Director after recent resignations, with the option to select one or both candidates. Voting ends Dec. 6.