By Francisco Rodrigues (All times Eastern Time unless otherwise noted)
Bitcoin hovers around $91,300 after falling more than 2.2% in 24 hours, a better performance than the broader crypto market’s 3.2% drop, as measured by the CoinDesk 20 Index (CD20).
The backdrop is messy. A record-long government shutdown in the United States has delayed key labor reports, although there are many layoff announcements filling the headlines as companies increasingly turn to AI to cut costs. The Fed’s preferred inflation gauge, personal consumption expenditure (PCE), due out later today, is only now catching up with older data.
Still, institutional signals lean toward being favorable. Just this week, Vanguard opened access to crypto ETFs, Bank of America gave wealth advisors the green light to recommend allocations of up to 4% of portfolios to digital assets, and Charles Schwab said it plans to offer bitcoin and ether trading in early 2026.
Additionally, the Federal Reserve is expected to cut interest rates this month, a move that is likely to support risk assets.
From a broader perspective, bitcoin rose to $94,000 this week and is still in the green after falling to $80,600 in November.
“Crypto markets have seen a strong rebound after a 35% drop, right in line with the big shakeouts we’ve seen throughout this bull cycle,” Lewis Harland, portfolio manager at Re7 Capital, told CoinDesk.
“Bitcoin’s return to the $92,000 to $93,000 region highlights strong buying interest on dips, and we are now in the type of consolidation zone that typically precedes a resumption of bullish momentum.”
That resumption may be elusive for now as traders are moving toward stablecoins and seeking yield rather than holding spot tokens, according to Syndicate co-founder Will Papper.
“At the same time, this is also a sign of market maturity: a shift toward yield strategies is a shift toward long-term thinking,” Papper told CoinDesk. “Yield strategies open up cryptocurrencies to a larger share of portfolios than risk assets alone.”
“The reduction in leverage after October is a sign that users or the market will impose a more long-term mindset,” Papper concluded. 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 “Cry~~pto Week Ahead.”
- Crypto
- December 5, 11am: QuickSwap (QUICK) Web3 Payments AMA on X Spaces.
- Macro
- December 5, 8:30 am: Estimated November unemployment rate in Canada. 7%.
- December 5, 10 am: University of Michigan December US Survey (Preliminary) Estimated Consumer Sentiment Index. 52; Inflation expectations (previously 4.5%).
- Dec 5, 10am: US September PCE Price Index Headline Est. YoY 2.8%, Est. intermonthly. 0.3%; Main year-on-year est. 2.9%, est. intermonthly. 0.2%.
- 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
- Aavegotchi DAO elects a new director for its founding company following the resignation of the current directors. Voters can choose between two candidates or vote to appoint both to ensure legal compliance and operational continuity. Voting ends December 6.
- Compound DAO is voting to deprecate V2 by pausing all lending and minting and setting reserve factors to 100%. Voting ends December 6.
- Unlock
- Token releases
- December 5: burn 90% and distribute 10% of tokens purchased during the month to ezREZ stakers.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down -1.11% as of 4pm ET Thursday to $91,163.32 (24 hours: -1.54%)
- ETH remains unchanged at $3,123.32 (24 hours: -1.38%)
- CoinDesk 20 is down 1.17% to 2,907.07 (24 hours: -2.6%)
- Ether CESR Composite Staking Rate Down 35 bps to 2.5%
- BTC funding rate is 0.0056% (6.107% annualized) on Binance
- DXY remains unchanged at 99.02
- Gold futures rise 0.26% to $4,254.10
- Silver futures rise 2.16% to $58.73
- The Nikkei 225 closed down 1.05% at 50,491.87
- Hang Seng closed up 0.58% at 26,085.08
- The FTSE rises 0.17% to 9,726.99
- The Euro Stoxx 50 rises 0.34% to 5,737.26
- DJIA closed Thursday unchanged at 47,850.94
- The S&P 500 closed up 0.11% at 6,857.12
- Nasdaq Composite closed up 0.22% at 23,505.14
- S&P/TSX Composite closed up 1.02% at 31,477.57
- The S&P 40 Latin America closed up 1.22% at 3,255.46
- The 10-year US Treasury rate rises 0.2 basis points to 4.11%
- E-mini S&P 500 futures up 0.19% to 6,880.00
- E-mini Nasdaq-100 futures rise 0.41% to 25,727.00
- E-mini Dow Jones Industrial Average index futures unchanged at 47,912.00
Bitcoin Statistics
- BTC dominance: 59.27% (0.14%)
- Ether-bitcoin ratio: 0.03437 (1%)
- Hashrate (seven-day moving average): 1,036 EH/s
- Hash price (spot): $38.81
- Total fees: 3.23 BTC / $299,506
- CME Futures Open Interest: 121,475 BTC
- BTC priced in gold: 21.6 oz.
- BTC market capitalization against gold: 6.11%
Technical analysis
- Bitcoin’s weekly low bounced off support just under $80,000 and with a clear bullish divergence from the RSI, this points to a likely uptrend for BTC.
- The main thing to watch out for: If weekly BTC breaks through the next resistance at ~$94,000. If not, then the likely outcome is that the price oscillates between the highlighted support and resistance.
Crypto Stocks
- Coinbase Global (COIN): closed on Thursday at $274.05 (-1.04%), -0.22% to $273.46 in the previous market
- Círculo (CRCL): closed at $87.46 (+1.36%), -0.89% to $86.68
- Galaxy Digital (GLXY): closed at $27.57 (+1.92%), -0.36% to $27.47
- Bullish (BLSH): closed at $48.42 (+4.42%), -0.93% to $47.97
- MARA Holdings (MARA): closed at $12.44 (-0.24%), -0.72% at $12.35
- Riot Platforms (RIOT): closed at $15.59 (-0.32%), -0.38% at $15.53
- Core Scientific (CORZ): closed at $17.08 (+3.2%), +0.41% at $17.15
- CleanSpark (CLSK): closed at $15.03 (+3.73%), -0.67% at $14.93
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $47.29 (+4%)
- Exodus Movement (EXOD): closed at $15.42 (+7.61%)
Crypto treasury companies
- Strategy (MSTR): closed at $186.01 (-1.26%), -0.75% at $184.61
- Semler Scientific (SMLR): closed at $20.33 (-0.54%), -0.2% at $30.57
- SharpLink Gaming (SBET): closed at $11.16 (+5.38%), -0.36% to $11.12
- Upexi (UPXI): closed at $2.85 (-2.06%), -0.35% at $2.84
- Lite Strategy (LITS): closed at $1.75 (-0.57%)
ETF Flows
BTC Spot ETF
- Daily net flows: -$194.6 million
- Accumulated net flows: 57,540 million dollars
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: -$41.5 million
- Accumulated net flows: $12.97 billion
- Total ETH holdings ~6.29 million
Source: Farside Investors
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