By Omkar Godbole (All times Eastern unless otherwise noted)
The crypto market lacks clear direction. Bitcoin Bitcoin remains stuck in a boring range between $90,000 and $95,000, with little cheer from the broader market, as evidenced by the CoinDesk 20 (CD20) and CoinDesk 80 (CD80) indexes falling more than 2%. ZEC was the only major coin to gain more than 3% in 24 hours.
The lackluster action could be due to traders delaying any planned bullish bets until after tomorrow’s Fed rate meeting, which could bring volatility.
Dick Lo, founder of TDX Strategies, said in a market report: “Given the potential for significant bilateral moves before and after the FOMC event, clients seeking to increase their upside exposure to the first quarter of 2026 have expressed a preference to defer execution until after the event, and we expect this flow to increase significantly in the second half of the week.”
The Fed meeting begins today and ends tomorrow, with a 25 basis point interest rate cut already priced in. Some traders worry that the decision could be accompanied by hawkish forward guidance pointing to a slowdown in policy easing in 2026.
CF Benchmarks said these expectations could set the stage for a rebound.
“If we look at fed funds futures today, the market is pricing in a rate cut on Wednesday, but not another rate cut until June. We believe there is some room for upside here if the Fed hints at the possibility of another rate cut ahead of the June meeting. This is more likely if the labor market continues to soften and inflation expectations remain in the 2-3% range,” the index provider said in an email to CoinDesk.
Key indicators such as cumulative volume delta (CVD) indicate that sellers continue to dominate the spot market.
Timothy Misir, director of research at BRN, said: “Spot flows remain weak. Spot CVD fell from $40 million to $111 million, indicating that the selling flow continues even if the price remains at $90,000.”
In other news, Ethereum founder Vitalik Buterin attracted attention with his proposal to make Ethereum transactions more predictable and create a trustless on-chain natural gas futures market.
Cryptocurrency exchange KuCoin has released a Post-Quantum Cryptography (PQC) Gateway Proof of Concept, an experimental prototype gateway system designed to integrate quantum-resistant cryptographic algorithms.
In traditional markets, U.S. 10-year Treasury bond yields continued to rise, hitting three-month highs, while the yen weakened despite expectations of a rate hike by the Bank of Japan. Stay alert!
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market
what to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptocurrency
- December 9: Twenty One Capital begins trading on the New York Stock Exchange under the ticker XXI following a business combination with Cantor Equity Partners (CEP).
- Macro
- December 9, 7 a.m.: Mexico’s November inflation rate. The title is expected to be 3.69% year-on-year and 0.56% month-on-month. The core year-on-year forecast is 4.34%, and the month-on-month forecast is 0.10%.
- December 9, 8:15 AM: ADP weekly employment change report (previous value -13.5K).
- Dec. 9, 10 a.m.: Job Openings and Labor Turnover Survey (JOLTS) report. There are expected to be 7.2 million job vacancies in September and 30.91 million resignations in September.
- income (Estimate based on FactSet data)
Token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- The ENS DAO is voting on a “temperature check” to commission an independent review of its operations and spending over the past two years. Voting closes on December 9th.
- CoW DAO is voting on CIP-76 to approve a budget of 13.8 million USDC and a recharge of 100 million COW tokens in 2026 for the operation and incentives of its core team. Voting closes on December 9th.
- GnosisDAO is voting on GIP-144 to update Blockscout’s hosting and SLA services in calendar year 2026. Voting closes on December 9th.
- Unlock
- Token issuance
- December 9: HumidiFi’s WET token collection period begins and the liquidity pool goes online.
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is down 1.27% since 4pm ET on Wednesday to $90.255,53 (24 hours: -2.09%)
- ETH fell 0.84% to $3,106.60 (24 hours: -1.73%)
- CoinDesk 20 fell 0.87% to 2,877.34 (24 hours: -2.11%)
- The comprehensive pledge rate of Ethereum CESR increased by 3 basis points to 2.81%
- The BTC financing interest rate on Binance is 0.0068% (annualized 7.46%)
- DXY was little changed at 99.05
- Gold futures rose 0.37% to $4,233.50
- Silver futures rose 1.14% to $59.07
- The Nikkei 225 closed up 0.14% at 50,655.10
- The Hang Seng Index closed down 1.29% to 25,434.23 points
- The FTSE rose 0.13% to 9,657.24
- The Stoxx Europe 50 index fell 0.16% to 5,716.21
- The Dow closed down 0.45% on Monday at 47,739.32 points
- The S&P 500 closed down 0.35% at 6,846.51 points
- The Nasdaq Composite Index closed down 0.14% at 23,545.90 points
- The S&P/TSX Composite Index closed down 0.45% at 31,169.97 points
- The S&P 40 Latin America Index ended unchanged at 3.127,62
- The U.S. 10-year Treasury bond rate fell 1.4 basis points to 4.158%
- E-mini S&P 500 futures rose 0.08% to 6,861.25
- E-mini Nasdaq 100 futures rose 0.04% to 25,673.25
- E-mini Dow Jones Industrial Average futures rose 0.11% to 47,846.00
Bitcoin Statistics
- BTC dominance: 59.24% (unchanged)
- Ethereum to Bitcoin ratio: 0.03444 (unchanged)
- Hash rate (seven-day moving average): 1,042 EH/s
- Hash price (spot): $38.26
- Total fee: 2.61 BTC / $237,648
- CME Futures Open Interest: 121,520 BTC
- BTC in gold: 21.4 ounces
- Bitcoin and gold market capitalization: 6.04%
technical analysis
- This chart shows the daily price action of BTC in the form of candlesticks.
- Since November 21, BTC has been setting higher lows and higher highs, creating a small ascending channel within the broader downward trend.
- In other words, the recent gains represent a temporary relief rally that requires a break above $96,600. This would confirm a breakout of the downtrend, reviving the bullish outlook.
crypto stocks
- Coinbase Global (COIN): Closed Monday at $274.2 (+1.66%), down 0.71% to $272.26 pre-market
- Circle Internet (CRCL): Closed at $83.96 (-1.94%), -0.98% at $83.21
- Galaxy Digital (GLXY): Closed at $26.09 (+2.27%), +0.8% to $26.3
- Bullish (BLSH): Ended unchanged at $45.93 (-1.12%)
- MARA Holdings (MARA): Closed at $12.05 (+2.64%), -1.24% at $11.9
- Riot Platforms (RIOT): Closed at $14.96 (unchanged), -0.87% at $14.83
- Core Scientific (CORZ): Closed at $17.69 (+3.39%), -0.17% at $17.66
- CleanSpark (CLSK): Closed at $13.89 (+1.28%), -0.43% at $13.83
- CoinShares Valkyrie Bitcoin Miner ETF (WGMI): Closed at $46.43 (+1.98%)
- Exodus Movement (EXOD): Closed at $14.84 (+1.57%)
Cryptocurrency Treasury Corporation
- Strategy (MSTR): Closed at $183.69 (+2.63%), -1.05% at $181.77
- Semler Scientific (SMLR): Ended flat at $19.77 (+5.89%).
- SharpLink Gaming (SBET): Closed at $11.06 (+3.17%), -1.45% at $10.90
- Upexi (UPXI): Closed at $2.61 (-1.88%), +1.53% at $2.65
- Lite Strategy (LITS): Closed at $1.72 (+2.99%)
ETF flows
Spot BTC ETF
- Net daily traffic: -$60.4 million
- Cumulative net flow: $57.54 billion
- Total Bitcoin holdings are approximately 1.3 million
Spot ETH ETF
- Daily net traffic: $35.5 million
- Cumulative net flow: $12.93 billion
- The total amount of ETH held is about 6.25 million
Source: Farside Investors
