By Omkar Godbole (All times ET unless otherwise noted)
bitcoin The leading cryptocurrency by market value, continues to trade directionlessly above $90,000, with implied volatility collapsing as the end of the year approaches.
Volmex’s BVIV, which tracks 30-day implied volatility based on bitcoin options, has fallen to an annualized 45.10%, the lowest since Nov. 10, according to data from TradingView. That’s down from a high of 65% seen on Nov. 21.
Coins like ZEC and AAVE have gained over 9% in the last 24 hours, outperforming BTC and ether. . HYPE, TAO and SUI were up more than 5%, while KAS and TRX were down more than 1%. The CoinDesk 20 and CoinDesk 80 indices are up more than 2% each, indicating some optimism in the broader market.
Analysts say they expect choppy price action in BTC to continue.
“Traders should expect a high volatility drop and avoid extrapolating intraday strength,” Timothy Misir, head of research at BRN, said in an email.
“The market is stabilizing, but the foundation remains fragile. Price action is constructive, but liquidity is tight and ETF flows are divided, the hallmark of a market searching for direction rather than committing to one,” he said.
This is consistent with the tendency for financial markets to take time to recover after a crisis that affects investor confidence and eliminates excessive leverage.
Speaking of leverage, the accumulated open interest in BTC and ETH futures and perpetual futures has fallen by 36% and 35%, respectively, in the last three months. open interest in solana and has decreased by 53% and 59.5%, respectively, with seeing a 70% drop.
Clearly, there has been a significant offload of risk, led by memecoins.
In traditional markets, gold has resumed its rally and the dollar has weakened to multi-week lows following the Federal Reserve meeting. 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 12 – The EstateX (ESX) platform is available to everyone. Fractional shares of real estate can be purchased through PROPX.
- December 12: Stripe activates dollar-settled stablecoin payments for merchants, supporting USDC on Ethereum, Solana, Polygon, and Base, USDP on Ethereum and Solana, and USDG on Ethereum.
- Macro
- December 12: The Federal Reserve begins purchases of Treasury bills for reserve management according to the implementation note of the December 10 FOMC decision.
- 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
- December 12: Arbitrum and Lava Network will host a fireside chat on scaling blockchains with RPC APIs.
- Nexus Mutual DAO is voting to start a USDC vault before the first quarter to generate returns for sophisticated investors by backing real-world insurance policies. Voting ends on December 13.
- Unlock
- December 13: to unlock 2.86% of its circulating supply worth $11.02 million.
- Token releases
- December 12: RaveDAO (RAVE) will appear on Binance, Gate.io, MEXC, Kraken, Bitget, BitMart and others.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.36% since 4 pm ET on Thursday at $92,560.78 (24 hours: +2.34%)
- ETH remains unchanged at $3,253.10 (24 hours: +1.27%)
- CoinDesk 20 unchanged at 2,940.88 (24 hours: +2.26%)
- Ether CESR Composite Staking Rate Up 5 Basis Points to 2.84%
- BTC funding rate is 0.0078% (8.5957% annualized) on Binance
- DXY rises 0.12% to 98.47
- Gold futures rise 1.25% to $4,367.00
- Silver futures rise 0.12% to $64.67
- The Nikkei 225 closed up 1.37% at 50,836.55
- Hang Seng closed up 1.75% at 25,976.79
- The FTSE rises 0.24% to 9,726.05
- The Euro Stoxx 50 rises 0.52% to 5,783.89
- DJIA closed Thursday up 1.34% at 48,704.01
- The S&P 500 closed up 0.21% at 6,901.00
- Nasdaq Composite closed down 0.25% at 23,593.86
- S&P/TSX Composite closed up 0.54% at 31,660.73
- The S&P 40 Latin America closed up 1.34% at 3,171.63
- The 10-year US Treasury rate rises 2.5 basis points to 4.166%
- E-mini S&P 500 futures down 0.14% at 6,897.50
- E-mini Nasdaq-100 futures down 0.49% to 25,588.50
- E-mini Dow Jones Industrial Average index futures rise 0.21% to 48,850.00
Bitcoin Statistics
- BTC dominance: 59.38% (-0.12%)
- Ether-bitcoin ratio: 0.03507 (0.21%)
- Hashrate (seven-day moving average): 1,096 EH/s
- Hashprice (spot): $39.46
- Total fees: 2.65 BTC / $240,075
- CME Futures Open Interest: 123,350 BTC
- BTC priced in gold: 21.3 oz.
- BTC market capitalization against gold: 6.18%
Technical analysis
- The graph shows the daily price variations in a digital token that represents ownership of one fine troy ounce of physical gold.
- The token price recently broke out of triangular consolidation, refreshing the broader uptrend.
- Prices now appear on track to hit record levels.
Crypto Stocks
- Coinbase Global (COIN): closed on Thursday at $269.02 (-2.21%), +0.55% at $270.49 in pre-market
- Círculo (CRCL): closed at $88.57 (+0.18%), -0.16% at $88.43
- Galaxy Digital (GLXY): closed at $29.86 (+1.15%), unchanged from the previous market
- Bullish (BLSH): closed at $45.38 (-1.63%), -0.22% at $45.28
- MARA Holdings (MARA): closed at $11.84 (-0.67%), +0.17% at $11.86
- Riot Platforms (RIOT): closed at $15.75 (+1.16%), unchanged from the previous market
- Core Scientific (CORZ): closed at $17.40 (+0.4%), -0.11% at $17.38
- CleanSpark (CLSK): closed at $14.82 (+2%), -0.47% at $14.75
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $46.34 (+0.94%)
- Exodus Movement (EXOD): closed at $16.59 (+5.47%)
Crypto treasury companies
- Strategy (MSTR): closed at $183.30 (-0.73%), -0.1% at $183.12
- Semler Scientific (SMLR): closed at $19.22 (-5.55%)
- SharpLink Gaming (SBET): closed at $11.53 (-4.08%), +0.95% at $11.64
- Upexi (UPXI): closed at $2.41 (-1.63%), +3.73% at $2.50
- Lite Strategy (LITS): closed at $1.81 (-1.63%)
ETF Flows
BTC Spot ETF
- Daily net flows: -$77.5 million
- Accumulated net flows: $57.84 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: -$42.3 million
- Accumulated net flows: $13.13 billion
- Total ETH holdings ~6.33 million
Source: Farside Investors
while you were sleeping
- SEC Gives Permission to Tokenize Some Stocks as It Transitions to Blockchain (Bloomberg) – The no-action letter to the Depository Trust & Clearing Corp. (DTCC) allows the firm to provide a tokenization service for a select set of highly liquid securities.
- Is Bitcoin’s boring green light moment approaching? (CoinDesk) – BTC continues to bore traders with its directionless price action, but some indicators, such as Bitcoin’s MACD histogram, point to renewed optimism.
- Stablecoins gain backing from cross-party British lawmakers urging pro-innovation rules (CoinDesk): The group is concerned about the Bank of England’s proposed framework, which restricts the use of stablecoins in wholesale markets, bans interest on reserves and limits holdings to 20,000 pounds ($26,750).
- XRP lands on Solana, Ethereum and others, on Boost for Ripple Ecosystem (CoinDesk): Hex Trust’s new wrapped token debuts with deep liquidity and institutional custody, allowing value to move into DeFi across multiple chains while avoiding reliance on unregulated bridges or informal cross-chain infrastructure.
- Venezuelan oil strikes seizure at heart of Maduro’s grip on power (Wall Street Journal): The paralyzed movements of tankers and the withdrawal of buyers are undermining the revenue stream that underpins the country’s leadership, intensifying financial stress and reducing its ability to secure essential inflows of hard currency.
