By Omkar Godbole (All times Eastern unless otherwise noted)
Bitcoin gets off to a positive start this week It rose more than 1% to $89,800, approaching the upper end of the recent $85,000 to $90,000 range. BRN said indirect supply between $92,000 and $95,000 remains a key hurdle for bulls to overcome.
The U.S. economic calendar this week is light but relevant, with U.S. third-quarter gross domestic product (GDP) and consumer confidence reports due on Tuesday and jobless claims on Wednesday.
The data could influence investor risk sentiment, although the year-end holidays could lead to thin market liquidity, leading to erratic price movements. On Friday, $27 billion worth of BTC and ETH options are set to expire on Deribit, with positions tilted towards the bullish side ahead of the event.
Despite the price rebound, some analysts remain cautious.
“Short-term positive momentum can be misleading, and the broader picture of disappointment compared to the hopes at the beginning of the year should not be ignored,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email.
He added: “Bitcoin is 30% below its peak and trading at levels below where it was at the beginning of 2025. In this context, trying to drive year-to-date momentum to zero is of little comfort.” CoinDesk data shows that the largest cryptocurrency started the year at about $93,400.
In the broader market, tokens such as HYPE, KAS, SKY and NIGHT gained between 4% and 6% in 24 hours, while major altcoins such as XRP, ETH and SOL were mixed. The CoinDesk 20 and CoinDesk 80 indexes were little changed.
Uniswap’s UNI token fell more than 1% as voting began on a proposal to activate the protocol fee switch and turn the token into a value-added instrument. The vote was overwhelmingly in favor of the deal.
In traditional markets, gold prices hit a record high of $4,420 as Japan’s longer-term bond yields continued to rise, highlighting fiscal concerns. The dollar index fell slightly back to $98.48, erasing Friday’s gains. 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
- Macro
- 8:30 am on December 22: Canada’s November PPI year-on-year (previous value 6%), month-on-month is expected to be 0.3%.
- 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
- BNB Chain is voting to reduce the number of consecutive blocks produced by validators from 16 to 8. This adjustment is intended to prevent large chain reorganizations and prioritize network stability. Voting closes on December 22.
- Axie Infinity is voting to stake idle assets from the community treasury to receive compound interest protocol rewards. Voting closes on December 22.
- Moonwell DAO is voting to switch the rETH oracles on the Base and OP mainnets to stable exchange rate sources, and use 2.6 ETH in reserves to repay bad debts. Voting closes on December 22.
- The CoW DAO is voting to extend its funding program until 2026. The proposal aims to improve capital efficiency through quarterly funding releases, with a focus on developer onboarding, ecosystem adjustments, and novel protocol applications. Voting closes on December 22.
- Unlock
- Token issuance
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is up 1.73% to $89,806.03 as of 4pm Sunday (24 hours: 1.39%)
- ETH up 1.79% to $3,043.84 (24 hours: 1.62%)
- CoinDesk 20 up 1.31% to 2,773.68 (24 hours: +0.76%)
- Ethereum CESR comprehensive pledge rate fell 1 basis point to 2.809%
- The BTC financing interest rate on Binance is 0.0082% (annualized 9.0173%)
- DXY fell 0.12% to 98.48
- Gold futures rose 1.24% to $4,441.80
- Silver futures rose 2.22% to $68.99
- The Nikkei 225 index closed up 1.81% at 50,402.39 points
- The Hang Seng Index closed up 0.43% to 25,801.77 points
- The FTSE fell 0.37% to 9,860.97
- The Euro Stoxx 50 index fell 0.17% to 5,750.28
- The Dow closed up 0.38% on Friday at 48,134.89 points
- The S&P 500 closed up 0.88% at 6,834.50
- The Nasdaq Composite Index closed up 1.31% at 23,307.62 points
- The S&P/TSX Composite Index closed up 1.00% at 31,755.77 points
- The S&P 40 Latin America Index closed down 0.19% at 3,087.72 points
- The U.S. 10-year Treasury bond rate rose 1.8 basis points to 4.169%
- E-mini S&P 500 futures rose 0.36% to 6,912.00
- E-mini Nasdaq 100 futures rose 0.53% to 25,709.75
- E-mini Dow Jones Industrial Average futures rose 0.09% to 48,509.00
Bitcoin Statistics
- Bitcoin dominance: 59.77% (0.27%)
- Ethereum to Bitcoin ratio: 0.03388 (unchanged)
- Hash rate (seven-day moving average): 1,045 EH/s
- Hash price (spot): $38.24
- Total fee: 1.88 BTC / $165,900
- CME Futures Open Interest: 119,605 BTC
- BTC in gold: 21.3 ounces
- Bitcoin and gold market capitalization: 6.01%
technical analysis
- This chart shows Bitcoin’s hourly price movements in the form of candlesticks.
- Bitcoin has broken out of a small descending channel, confirming seller fatigue and opening the door for more gains to come.
- A clear break above the uptrend line of the November 21 low would solidify the current bullish outlook, exposing the $92,000 to $95,000 supply zone.
crypto stocks
- Coinbase Global (COIN): Closed Friday at $245.12 (+2.47%), up 1.87% to $249.71 pre-market
- Circle Internet (CRCL): Closed at $86.13 (+6.35%), +1.73% at $87.66
- Galaxy Digital (GLXY): Closed at $24 (+6.62%), +3.37% to $24.81
- Bullish (BLSH): Closed at $44.60 (+4.01%), +1.84% at $45.42
- MARA Holdings (MARA): Closed at $10.18 (+5.06%), +1.67% at $10.35
- Riot Platforms (RIOT): Closed at $14.5 (+8.37%), +1.86% at $14.77
- Core Scientific (CORZ): Closed at $15.6 (+7.14%), +1.79% at $15.88
- CleanSpark (CLSK): Closed at $12.03 (+7.41%), +2.83% at $12.37
- CoinShares Valkyrie Bitcoin Miner ETF (WGMI): Closed at $41.1 (+9.63%), +4.33% at $42.88
- Exodus Sports (EXOD): Closed at $15.51 (+1.97%), -0.45% Closed at $15.44
Cryptocurrency Treasury Corporation
- Strategy (MSTR): Closed at $164.82 (+4.16%), +2.32% at $168.65
- Semler Scientific (SMLR): Closed at $17.93 (+4.79%), +3.07% at $18.48.
- SharpLink Gaming (SBET): Closed at $9.81 (+8.76%), +2.45% at $10.05
- Upexi (UPXI): Closed at $2.08 (+10.64%), +1.92% at $2.12
- Lite Strategy (LITS): Closed at $1.43 (+5.93%), +2.1% at $1.46
ETF flows
Spot BTC ETF
- Net daily traffic: -$158.3 million
- Cumulative net flow: $57.39 billion
- Total BTC holdings are approximately 1.31 million
Spot ETH ETF
- Net daily traffic: -$75.9 million
- Cumulative net flow: $12.46 billion
- The total amount of ETH held is about 6.09 million
Source: Farside Investors
