By Omkar Godbole (All times ET unless otherwise noted)
The cryptocurrency market environment remains gloomy, with bearish analyst projections circulating amid price weakness. Bitcoin The rebound from Monday’s drop below $84,000 stalled near $87,000, while major altcoins including XRP, ETH, SOL, and DOGE continue to push near their Monday lows.
The CoinDesk 20 and CoinDesk 80 indices have added less than 1% in the last 24 hours.
“This is a dangerous pause after the bearish momentum, with the risk of returning to a sell-off at any time,” said Alex Kuptsikevich, chief market analyst at FXPro, who noted that the market capitalization is just below $3 trillion. “All attention is now focused on whether bulls in the cryptocurrency market will be able to defend the late November lows near $2.83 trillion,” he said in an email to CoinDesk.
One bright spot: ETF dumping has stopped. The 11 U.S.-listed spot ETFs recorded inflows of $8.48 million on Monday, extending a three-day streak, according to SoSoValue. However, the four-day combined figure of $229 million is still a far cry from the billions in outflows since early October and will need to grow significantly to lift valuations.
Meanwhile, some observers called for a reassessment of the panic over the prospects of higher interest rates in Japan and their destabilizing impact on cryptocurrencies and the broader financial market.
“If the Japanese government allows interest costs as a percentage of GDP to rise, widening the budget deficit while potential GDP growth is close to zero, it will be forced to give up the welfare state,” Blokland Smart Multi-Asset Fund founder Jeroen Blokland said in X. “In a society that is among the oldest in the world, that is simply not going to happen. Yield curve control will once again be part of the Bank of Japan’s monetary policy.”
In other key news, KAS, the native token of the Kaspa layer 1 proof-of-work blockchain, which employs the blockDAG framework and GHOSTDAG protocol to achieve high performance, showed weakness.
The token rose 8% last month, offsetting overall market weakness, as investors applauded verified programmability (vProgs), which brings native, lightweight programmability directly into Kaspa’s Layer 1 without compromising speed, security or decentralization.
In traditional markets, Treasury yields remain elevated, putting a floor on the dollar index. Stay alert!
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
- December 2: Grayscale Chainlink Trust ETF (GLNK) expected to begin trading on NYSE Arca, converting existing chainlink trust a spot chain ETF.
- December 2, 12 pm: MultiversX (EGLD) “Stake V5” mainnet upgrade goes live at epoch 1951.
- December 2: The VeChain (VET) Hayabusa hard fork upgrade goes live on the mainnet at block 23,414,400.
- Macro
- December 2, 10 am: Speech by Federal Reserve Vice Chair for Supervision Michelle W. Bowman. Watch live.
- December 2, 10 am: US SEC Chairman Paul Atkins delivers a speech titled “Revitalizing America’s Markets at 250” at the New York Stock Exchange after ringing the opening bell at 9:15 am.
- Earnings (Estimates based on FactSet data)
- December 2: Forward Industries (FWDI), post-market, N/A.
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Decentraland DAO is voting on a proposal to commission an independent audit of Regenesis Labs from community member Maryana to address concerns about the use of funds and transparency. Voting ends December 2.
- Unlock
- to unlock tokens worth $50.4 million, representing 2.8% of the supply.
- Token releases
- December 2: Aster S4 buybacks begin.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.4% as of 4 pm ET Monday to $86,801.55 (24 hours: +0.27%)
- ETH is up 0.27% to $2,799.42 (24 hours: -1.27%)
- CoinDesk 20 rose 0.15% to 2,727.64 (24 hours: -0.47%)
- Ether CESR Composite Staking Rate Up 7 Basis Points to 2.87%
- BTC funding rate is 0.0069% (7.5829% annualized) on Binance
- DXY remains unchanged at 99.49
- Gold futures fall 1.29% to $4,219.70
- Silver futures down 2.89% to $57.44
- The Nikkei 225 closed unchanged at 49,303.45
- Hang Seng closed up 0.24% at 26,095.05
- FTSE unchanged at 9,709.62
- The Euro Stoxx 50 rises 0.5% to 5,695.65
- DJIA closed Monday down 0.9% at 47,289.33
- The S&P 500 closed down 0.53% at 6,812.63
- Nasdaq Composite closed down 0.38% at 23,275.92
- S&P/TSX Composite closed down 0.9% at 31,101.78
- The S&P 40 Latin America closed with a fall of 0.27% to 3,163.56
- The 10-year US Treasury rate remains unchanged at 4.09%
- E-mini S&P 500 futures unchanged at 6,831.75
- E-mini Nasdaq-100 futures rise 0.14% to 25,428.00
- E-mini Dow Jones Industrial Average index futures unchanged at 47,366.00
Bitcoin Statistics
- BTC dominance: 59.55% (+0.24%)
- Ether-bitcoin ratio: 0.03228 (-0.5%)
- Hashrate (seven-day moving average): 1,075 EH/s
- Hash price (spot): $36.95
- Total fees: 4.1 BTC / $352,115
- CME Futures Open Interest: 121,220 BTC
- BTC priced in gold: 20.7 oz.
- BTC market capitalization against gold: 5.81%
Technical analysis
- The number of long positions in the BTC/USD pair listed on Bitfinex has increased to 71,809, the highest since February 2024.
- It is a sign that traders are increasingly taking on bullish exposure.
- Historical data shows that during a downtrend there is usually a sharp increase in the number of bullish bets.
Crypto Stocks
- Coinbase Global (COIN): closed on Monday at $259.84 (-4.76%), +0.83% at $261.99
- Circle Internet (CRCL): closed at $75.94 (-4.99%), +1.41% to $77.01
- Galaxy Digital (GLXY): closed at $24.8 (-6.73%), unchanged from the previous market
- Bullish (BLSH): closed at $41.03 (-5.94%), +1.1% to $41.48
- MARA Holdings (MARA): closed at $11.52 (-2.46%), +0.78% at $11.61
- Riot Platforms (RIOT): closed at $15.48 (-4.03%), +1.1% at $15.65
- Core Scientific (CORZ): closed at $16.59 (-1.78%), +0.12% at $16.61
- CleanSpark (CLSK): closed at $14.08 (-6.76%), +1.56% to $14.30
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $47.26 (-2.42%)
- Exodus Movement (EXOD): closed at $14.8 (-10.41%)
Crypto treasury companies
- Strategy (MSTR): closed at $171.42 (-3.25%), +0.62% at $172.48
- Semler Scientific (SMLR): closed at $19.75 (-9.07%)
- SharpLink Gaming (SBET): closed at $9.6 (-9.6%), +1.56% to $9.75
- Upexi (UPXI): closed at $2.65 (-5.18%)
- Lite Strategy (LITS): closed at $1.71 (-9.52%)
ETF Flows
BTC Spot ETF
- Daily net flows: $8.5 million
- Accumulated net flows: $57.7 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: -$79 million
- Accumulated net flows: 12,880 million dollars
- Total ETH holdings ~6.27 million
Source: Farside Investors
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