Alternative Investing Report - December 1, 2025

*as of 11/30, Sources: S&P, BTC, FTSE, DJRE, GOLD

After a mostly positive week that saw Bitcoin climb back above $90,000, late Sunday night saw crypto markets hit another speedbump, with the market as a whole losing more than 5% of its value. Bitcoin fell below $86,000, while major coins such as XRP, Solana, and Cardano fell by more than 7%. The decline came when the Asian markets opened, which reacted negatively to reports that the Bank of Japan may raise interest rates.

➨ TAKEAWAY: U.S. markets have been entering a risk-off phase, and it seems like other worldwide markets may be joining them, causing selloffs of crypto. ETFs for Bitcoin and Ethereum saw nearly $5 billion in net outflows in November, the highest amount on record. With the markets are already pricing in one Fed rate cut during the upcoming December and January meetings, it would likely take a surprise result to create a catalyst for crypto.

🏡 Sellers leaving market: The number of homes for sale that were delisted rose 28% in September, hitting the highest level since 2017, and “stale” listings that have been on the market for more than 60 days now make up 70% of all listings.

🚀 AI biotech premium: The valuations of AI-native biotech companies are nearly double those in the rest of the biopharma sector, as AI drug development startups have brought in $3.2 billion in funding over the past twelve months.

🎨 Bob Ross record: As part of an auction put on by “Last Week Tonight with John Oliver,” a Bob Ross painting sold for $1.04 million, nearly five times the previous record for an artwork by the PBS legend.

🏢 Industrial lending spreads narrow: Spreads on industrial real estate loans fell to a 2025 low of just under 149 basis points, showing that lenders are willing to take on lower returns, a sign of strength for the sector.

🤖 Harmonic fundraise: The AI startup co-founded by Robinhood CEO Vlad Tenev, which is attempting to develop “Mathematical Superintelligence,” raised a $120 million Series C at a $1.45 billion valuation, a 60% gain from its last fundraise in July.

🪙 Texas Bitcoin reserve: The Texas Strategic Bitcoin Reserve made its first $5 million purchase via BlackRock’s IBIT Bitcoin ETF, making it the first time a state has purchased the cryptocurrency.

Monday: Cyber Monday, one of the biggest e-commerce days of the year, which follows a record-breaking Black Friday; The FIFA 2026 World Cup will hold its draw at noon ET in Washington, DC.

Tuesday: The “Winter Egg,” a Fabergé egg with a $26 million estimated value, will be auctioned in London.

Wednesday: ADP’s private employment report released.

Friday: Personal Consumption Expenditures (PCE) and Core PCE indices, the Fed’s preferred inflation metrics, scheduled to be released;

Friday-Sunday: Propstore will auction off over 1,400 items of entertainment memorabilia, led by a screen-used rifle from “The Empire Strikes Back” that could top $1 million.