By Omkar Godbole (All times ET unless otherwise noted)
(Bitcoin) has fallen to $90,000, and the broader market has followed suit. The CoinDesk 20 (CD20) and CoinDesk 80 (CD80) indices are down more than 3.5% each in 24 hours.
The weakness is consistent with the dour mood in Nasdaq futures sparked by falling Oracle earnings, and follows a 25 basis point rate cut by the Federal Reserve. Traders said the optimistic guidance, which projected only one rate cut in 2026 and the growing divide among policymakers, overshadowed the easing and pushed risk assets lower.
Some analysts said that with the last major event occurring and implied volatility falling, there may not be a big rally toward the end of the year. Furthermore, flows into ETFs would not need to increase substantially for prices to rise.
Consider this: We haven’t had a single day of more than $500 million in net spot ETF inflows into the US since Nov. 11, according to data source SoSoValue. Before that, the last one was on October 7. This is a marked slowdown compared to November-December 2024, when ETFs were raising that amount at least one or two days a week.
The same can be said for the period from April to October, also characterized by a rise in BTC from $70,000 to over $126,000.
In short, flows are king and it remains to be seen if they recover significantly in the coming days to lift prices in the new year.
For now, here’s some positive news: According to BRN, large holders (10-10K BTC wallets) have added approximately 42,565 BTC since December 1, a clear sign of smart money accumulation. Meanwhile, short-term holders and retail traders continue to trim positions.
In other key news, Ethereum co-founder Vitalik Buterin has endorsed Fileverse, an open-source decentralized encrypted document platform that aims to be a native Web3 alternative to tools like Google Docs.
In a note on
In traditional markets, the US 10-year Treasury yield recovered from the post-Fed low of 4.11% to 4.14%, once again showing tightness on the upper side. Analysts at ING have said it is likely to rise sustainably rather than fall.
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto Markets Today
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Dec. 11, 11 a.m.: Terraform Labs co-founder Do Kwon, who pleaded guilty in August to conspiracy and wire fraud charges in the United States, faces sentencing in New York by Judge Paul Engelmayer. Prosecutors are asking for up to 12 years, the defense is asking for five.
- December 11, 3 pm: Chia (XCH) AMA on Zoom.
- December 11: 21Shares Core XRP Trust (TOXR) remains pending launch on Cboe BZX Exchange following Cboe listing approval on December 10; There is still no confirmed date for the first negotiation.
- Macro
- December 11, 8:30 am: US Initial Jobless Claims for the week ending December 6 est. 220,000, continuing US unemployment claims for the week ending November 29 est. 1950K.
- Earnings (Estimates based on FactSet data)
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Arbitrum DAO is voting on a one-year initiative funded by the existing DIP budget to financially reward delegates with over 200,000 ARB who vote consistently and publish their reasoning. Voting ends December 11.
- December 11: Worldcoin will host an “unwrapped” livestream.
- Unlock
- December 11: to unlock 0.96% of its circulating supply worth $21.04 million.
- Token releases
- December 11: Talus Network (US) will list on Kraken, Gate.io, BitMart, Bitget, KuCoin and others.
- December 11: Stable will appear on Bithumb.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 2.3% as of 4 pm ET Wednesday to $90,263.13 (24 hours: -2.24%)
- ETH is down 4.25% to $3,199.17 (24 hours: -3.71%)
- CoinDesk 20 is down 3.25% to 2,871.54 (24 hours: -3.85%)
- Ether CESR Composite Staking Rate Down 1bp to 2.8%
- BTC funding rate is 0.0026% (2.8021% annualized) on Binance
- DXY is down 0.2% at 98.59
- Gold futures rise 0.47% to $4,244.40
- Silver futures rise 2.53% to $62.58
- The Nikkei 225 closed down 0.90% at 50,148.82
- Hang Seng closed down 0.04% at 25,530.51
- The FTSE rises 0.11% to 9,666.02
- The Euro Stoxx 50 rises 0.19% to 5,718.99
- The DJIA closed Wednesday up 1.05% at 48,057.75
- The S&P 500 closed up 0.67% at 6,886.68
- Nasdaq Composite closed up 0.33% at 23,654.16
- S&P/TSX Composite closed up 0.79% at 31,490.85
- The S&P 40 Latin America closed with a fall of 0.2% to 3,129.59
- The 10-year US Treasury rate fell 1.9 basis points to 4.145%
- E-mini S&P 500 futures down 0.54% to 6,854.50
- E-mini Nasdaq-100 futures down 0.77% at 25,599.75
- E-mini Dow Jones Industrial Average index futures down 0.18% to 48,019.00
Bitcoin Statistics
- BTC dominance: 59.26% (0.27%)
- Ether-bitcoin ratio: 0.03539 (-2.04%)
- Hashrate (seven-day moving average): 1,066 EH/s
- Hash price (spot): $38.52
- Total fees: 2.69 BTC / $248,636
- CME Futures Open Interest: 126,970 BTC
- BTC priced in gold: 21.4 oz.
- BTC market capitalization against gold: 6.05%
Technical analysis
- The chart shows daily BTC price swings in candlestick format since September.
- Wednesday’s Fed rate cut has not changed the technical picture as BTC remains stuck in a countertrend ascending channel within the broader downtrend.
- A clear break above the upper end of the countertrend channel would indicate a change from bearish to bullish trend.
Crypto Stocks
- Coinbase Global (COIN): closed on Wednesday at $275.09 (-0.82%), -2% to $269.59 in premarket
- Círculo (CRCL): closed at $88.41 (+2.78%), -2.3% to $86.38
- Galaxy Digital (GLXY): closed at $29.52 (+0.24%), -2.1% to $28.90
- Bullish (BLSH): closed at $46.13 (+0.04%), -2.28%% to $45.08
- MARA Holdings (MARA): closed at $11.92 (-2.69%), -2.18% at $11.66
- Riot Platforms (RIOT): closed at $15.57 (+0.39%), -1.93% to $15.27
- Core Scientific (CORZ): closed at $17.33 (-0.91%), -1.27% at $17.11
- CleanSpark (CLSK): closed at $14.53 (-2.15%), -2.89% at $14.11
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $45.91 (-3.20%), -2.16% at $44.92
- Exodus Movement (EXOD): closed at $15.73 (+2.95%)
Crypto treasury companies
- Strategy (MSTR): closed at $184.64 (-2.3%), -2.43% at $180.15
- Semler Scientific (SMLR): closed at $20.35 (-0.1%)
- SharpLink Gaming (SBET): closed at $12.02 (+3.62%), -3.14% to $11.41
- Upexi (UPXI): closed at $2.45 (-4.3%)
- Lite Strategy (LITS): closed at $1.84 (+0.55%)
ETF Flows
BTC Spot ETF
- Daily net flow: $223.5 million
- Accumulated net flows: $57.91 billion
- Total BTC holdings ~1.30 million
ETH Spot ETF
- Daily net flow: $57.6 million
- Accumulated net flows: $13.17 billion
- Total ETH holdings ~6.31 million
Source: Farside Investors
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