By Omkar Godbole (All times Eastern unless otherwise noted)
Bitcoin The leading cryptocurrency by market capitalization continues to trade directionlessly above $90,000, with implied volatility set to collapse as the end of the year approaches.
Volmex’s BVIV, which tracks Bitcoin’s options-based 30-day implied volatility, has fallen to an annualized 45.10%, the lowest level since November 10, according to TradingView data. This is down from the peak of 65% observed on November 21st.
Tokens like ZEC and AAVE are up more than 9% in the past 24 hours, outpacing BTC and Ethereum . HYPE, TAO and SUI rose more than 5%, while KAS and TRX fell more than 1%. Both the CoinDesk 20 and CoinDesk 80 indexes rose more than 2%, indicating some bullish sentiment in the broader market.
Analysts say they expect Bitcoin’s price volatility to continue.
“Traders should expect high-volatility moves and avoid inferring intraday strength,” Timothy Misir, BRN’s director of research, said in an email.
“The market is stabilizing, but the fundamentals remain fragile. Price action is constructive, but liquidity is thin and ETF flows are dispersed, a sign of a market looking for direction rather than firm direction,” he said.
This is consistent with the tendency for financial markets to take time to recover after a crash, which erodes investor confidence and removes excessive leverage.
Speaking of leverage, cumulative open interest in BTC and ETH futures and perpetual futures has dropped by 36% and 35% respectively in the past three months. solana’s open interest and dropped by 53% and 59.5% respectively dropped by 70%.
Obviously, driven by meme coins, the risk has been greatly mitigated.
In traditional markets, gold resumed its gains and the dollar weakened to multi-week lows following the Federal Reserve meeting. 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 12: The EstateX (ESX) platform becomes available to everyone. Select real estate shares can be purchased through PROPX.
- December 12: Stripe opens stablecoin payments settled in US dollars 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 purchasing Treasury securities on a reserve management basis in accordance with the implementation notes of the December 10 Federal Open Market Committee (FOMC) decision.
- 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
- December 12: Arbitrum and Lava Network will host a fireside chat on scaling blockchain using RPC APIs.
- The Nexus Mutual DAO is voting to launch a USDC vault by Q1 to generate yield for sophisticated investors by supporting real-world insurance policies. Voting closes on December 13th.
- Unlock
- December 13: Unlocking 2.86% of its circulating supply, worth $11.02 million.
- Token issuance
- December 12: RaveDAO (RAVE) will be listed on Binance, Gate.io, MEXC, Kraken, Bitget, BitMart, etc.
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is down 0.36% since 4pm ET on Thursday to $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%)
- The comprehensive pledge rate of Ethereum CESR increased by 5 basis points to 2.84%
- The BTC financing interest rate on Binance is 0.0078% (annualized 8.5957%)
- DXY rose 0.12% to 98.47
- Gold futures rose 1.25% to $4,367.00
- Silver futures rose 0.12% to $64.67
- The Nikkei 225 closed up 1.37% at 50,836.55
- The Hang Seng Index closed up 1.75% to 25,976.79 points
- The FTSE rose 0.24% to 9,726.05
- The Euro Stoxx 50 index rose 0.52% to 5,783.89 points
- The Dow closed up 1.34% on Thursday at 48,704.01 points
- The S&P 500 closed up 0.21% at 6,901.00
- The Nasdaq Composite Index closed down 0.25% at 23,593.86 points
- The S&P/TSX Composite Index closed up 0.54% at 31,660.73 points
- The S&P 40 Latin America Index closed up 1.34% at 3,171.63 points
- The U.S. 10-year Treasury bond rate rose 2.5 basis points to 4.166%
- E-mini S&P 500 futures fell 0.14% to 6,897.50
- E-mini Nasdaq 100 futures fell 0.49% to 25,588.50
- E-mini Dow Jones Industrial Average futures rose 0.21% to 48,850.00
Bitcoin Statistics
- Bitcoin dominance: 59.38% (-0.12%)
- Ethereum-Bitcoin ratio: 0.03507 (0.21%)
- Hash rate (seven-day moving average): 1,096 EH/s
- Hash price (spot): $39.46
- Total fee: 2.65 BTC / $240,075
- CME Futures Open Interest: 123,350 BTC
- BTC in gold: 21.3 ounces.
- Bitcoin and gold market capitalization: 6.18%
technical analysis
- This chart shows daily price fluctuations a digital token that represents ownership of one troy ounce of physical gold.
- The coin’s price recently broke out of a triangle consolidation, refreshing the broader uptrend.
- Prices now appear to be headed toward all-time highs.
crypto stocks
- Coinbase Global (COIN): Closed at $269.02 (-2.21%) Thursday pre-market, up 0.55% to $270.49
- Circle (CRCL): Closed at $88.57 (+0.18%), -0.16% at $88.43
- Galaxy Digital (GLXY): Closed at $29.86 (+1.15%), unchanged pre-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% Closed at $11.86
- Riot Platforms (RIOT): Closed at $15.75 (+1.16%), unchanged pre-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 Miner ETF (WGMI): Closed at $46.34 (+0.94%)
- Exodus Movement (EXOD): Closed at $16.59 (+5.47%)
Cryptocurrency Treasury Corporation
- 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 Strategies (LITS): Closed at $1.81 (-1.63%)
ETF flows
Spot BTC ETF
- Daily Net Traffic: -$77.5M
- Cumulative net flow: $57.84 billion
- Total BTC holdings are approximately 1.31 million
Spot ETH ETF
- Daily Net Traffic: -$42.3M
- Cumulative net flow: $13.13 billion
- The total amount of ETH held is about 6.33 million
Source: Farside Investors
when you are asleep
- SEC agrees to tokenize portion of stocks for transfer to blockchain (Bloomberg): No-action letter to Depository Trust & Clearing Corporation (DTCC) enables the company to tokenize a select group of highly liquid securities
- Boring Bitcoin greenlight moment coming? (CoinDesk): BTC continues to annoy traders with its directionless price action, but some indicators, such as Bitcoin’s MACD histogram, point to a renewed bullish sentiment.
- Stablecoins gain support from cross-party UK lawmakers, urging rules to encourage innovation (CoinDesk): The group is concerned about the Bank of England’s proposed framework that would limit the use of stablecoins in the wholesale market, ban interest on reserves and cap holdings at £20,000 ($26,750).
- XRP lands on Solana, Ethereum and more, boosting Ripple ecosystem (CoinDesk): Hex Trust’s new wrapper token debuts with deep liquidity and institutional custody, allowing value to be transferred to DeFi across multiple chains while avoiding reliance on unregulated bridges or informal cross-chain infrastructure.
- The seizure of Venezuelan oil strikes at the heart of Maduro’s power (Wall Street Journal): Crippled tanker traffic and retreating buyers are destroying the revenue streams that support the country’s leadership, exacerbating financial stress and reducing its ability to secure vital hard currency inflows.