By Omkar Godbole (All times Eastern unless otherwise noted)
Cryptocurrency market sentiment remains subdued, with pessimistic forecasts from analysts circulating amid price weakness. Bitcoin’s The rebound from Monday’s dip below $84,000 stalled near $87,000, while major altcoins including XRP, ETH, SOL, and DOGE continued to be under pressure near Monday’s lows.
The CoinDesk 20 and CoinDesk 80 indexes rose less than 1% in the past 24 hours.
“This is a dangerous lull after downward momentum, with the risk that the sell-off could resume at any time,” said Alex Kuptsikevich, chief market analyst at FXPro, noting that the current market capitalization is just under $3 trillion. “All attention is now focused on whether the bulls in the cryptocurrency market can hold on to the late November lows of nearly $2.83 trillion,” he said in an email to CoinDesk.
One bright spot: The ETF sell-off has stopped. According to SoSoValue, 11 spot ETFs listed in the United States saw inflows of $8.48 million on Monday, continuing a three-day streak of inflows. However, four-day total outflows of $229 million are still a far cry from the multi-billion-dollar outflows seen since early October, and would require a significant increase to lift valuations.
At the same time, some observers are calling for a reassessment of fears over the prospect of a rate hike in Japan and its destabilizing impact on cryptocurrencies and broader financial markets.
Jeroen Blokland, founder of Blokland Smart Multi-Asset Fund, said on
In other key news, KAS, the native token of the layer 1 proof-of-work Kaspa blockchain, which uses the blockDAG structure and GHOSTDAG protocol to achieve high throughput, showed weakness.
The token rose 8% last month, defying broader market weakness as investors embraced Verified Programmability (vProgs), which brings native lightweight programmability directly on top of Kaspa’s Layer 1 without compromising speed, security or decentralization.
In traditional markets, U.S. Treasury yields remain elevated, providing a floor for the U.S. dollar index. 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 2: Grayscale Chainlink Trust ETF (GLNK) expected to begin trading on NYSE Arca, converting existing chainlink Trust Spot Chainlink ETF.
- December 2, 12 noon: MultiversX (EGLD) “Stake V5” mainnet upgrade is activated at epoch 1,951.
- December 2: The VeChain (VET) Hayabusa hard fork upgrade was activated at block 23,414,400 on the mainnet.
- Macro
- December 2, 10 a.m.: Michelle W. Bowman, Fed Vice Chairman for Supervision, speaks. Watch live.
- December 2, 10 a.m.: U.S. Securities and Exchange Commission Chairman Paul Atkins delivers a speech titled “Reviving the U.S. Market at 250 Points” after the New York Stock Exchange rings the opening bell at 9:15 a.m.
- income (Estimate based on FactSet data)
- Dec. 2: Forward Industries (FWDI), post-market, n/a.
Token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- The Decentraland DAO is voting on a proposal to commission community member Maryana to conduct an independent audit of Regenesis Labs to address concerns about the use of funds and transparency. Voting closes on December 2.
- Unlock
- Unlocks $50.4 million worth of tokens, representing 2.8% of supply.
- Token issuance
- December 2: Aster’s S4 buyback begins.
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is up 0.4% at $86,801.55 as of 4pm ET on Monday (24 hours: +0.27%)
- ETH rises 0.27% to $2,799.42 (24 hours: -1.27%)
- CoinDesk 20 rose 0.15% to 2,727.64 (24 hours: -0.47%)
- The comprehensive pledge rate of Ethereum CESR increased by 7 basis points to 2.87%
- The BTC financing interest rate on Binance is 0.0069% (annualized 7.5829%)
- DXY unchanged at 99.49
- Gold futures fell 1.29% to $4,219.70
- Silver futures fell 2.89% to $57.44
- The Nikkei 225 closed unchanged at 49,303.45 points
- The Hang Seng Index closed up 0.24% to 26,095.05 points
- The FTSE was unchanged at 9,709.62
- Europe’s Stoxx 50 rose 0.5% to 5,695.65
- The Dow closed down 0.9% on Monday at 47,289.33 points
- The S&P 500 closed down 0.53% at 6,812.63
- The Nasdaq Composite Index closed down 0.38% at 23,275.92 points
- The S&P/TSX Composite Index closed down 0.9% at 31,101.78 points
- The S&P 40 Latin America Index closed down 0.27% at 3,163.56 points
- The U.S. 10-year Treasury bond rate remains unchanged at 4.09%
- E-mini S&P 500 futures were unchanged at 6,831.75
- E-mini Nasdaq 100 futures rose 0.14% to 25,428.00
- E-mini Dow Jones Industrial Average futures unchanged at 47,366.00
Bitcoin Statistics
- Bitcoin dominance: 59.55% (+0.24%)
- Ethereum-Bitcoin ratio: 0.03228 (-0.5%)
- Hash rate (seven-day moving average): 1,075 EH/s
- Hash price (spot): $36.95
- Total fee: 4.1 BTC / $352,115
- CME Futures Open Interest: 121,220 BTC
- BTC in gold: 20.7 ounces.
- Bitcoin and gold market capitalization: 5.81%
technical analysis
- The number of long positions in the Bitfinex-listed BTC/USD currency pair has risen to 71,809, the highest level since February 2024.
- This shows that traders are increasingly taking bullish exposure.
- Historical data shows that sharp increases in the number of bullish bets typically occur during downtrends.
crypto stocks
- Coinbase Global (COIN): Monday’s close at $259.84 (-4.76%), +0.83% at $261.99
- Circle Internet (CRCL): Closed at $75.94 (-4.99%), +1.41% at $77.01
- Galaxy Digital (GLXY): Closed at $24.8 (-6.73%), unchanged pre-market
- Bullish (BLSH): Closed at $41.03 (-5.94%), +1.1% at $41.48
- MARA Holdings (MARA): Closed at $11.52 (-2.46%), +0.78% at $11.61
- Riot Platforms (RIOT): Closed at $15.48 (-4.03%), +1.1% at $15.65
- Core Scientific (CORZ): Closed at $16.59 (-1.78%), +0.12% at $16.61
- CleanSpark (CLSK): Closed at $14.08 (-6.76%), +1.56% at $14.30
- CoinShares Valkyrie Bitcoin Miner ETF (WGMI): Closed at $47.26 (-2.42%)
- Exodus Movement (EXOD): Closed at $14.8 (-10.41%)
Cryptocurrency Treasury Corporation
- Strategy (MSTR): Closed at $171.42 (-3.25%), +0.62% at $172.48
- Semler Scientific (SMLR): Closed at $19.75 (-9.07%)
- SharpLink Gaming (SBET): Closed at $9.6 (-9.6%), +1.56% at $9.75
- Upexi (UPXI): Closed at $2.65 (-5.18%)
- Lite Strategies (LITS): Closed at $1.71 (-9.52%)
ETF flows
Spot BTC ETF
- Net daily traffic: $8.5 million
- Cumulative net flows: $57.7 billion
- Total BTC holdings are approximately 1.31 million
Spot ETH ETF
- Net daily traffic: -$79 million
- Cumulative net flow: $12.88 billion
- The total holdings of ETH are approximately 6.27 million
Source: Farside Investors
