$500M in MIA Flows for the Month: Crypto Daybook Americas

By Omkar Godbole (All times ET unless otherwise noted)

(Bitcoin) fell to $90,000, and the market as a whole followed suit. The CoinDesk 20 (CD20) and CoinDesk 80 (CD80) indices are down more than 3.5% each over 24 hours.

The weakness is consistent with the gloomy mood in Nasdaq futures triggered by Oracle’s missed results and follows a 25 basis point Fed rate cut. Traders said hawkish forward guidance, predicting just one rate cut in 2026 and the growing divide between policymakers, overshadowed easing and pushed risk assets lower.

Some analysts said that with the latest major event realized and implied volatility falling, a strong rally through the end of the year may not happen. Additionally, flows into ETFs would not need to increase significantly for prices to soar.

Consider this: We haven’t had a single day of more than $500 million in U.S. cash ETF net inflows since Nov. 11, according to data source SoSoValue. Before that, the last one took place on October 7. This is a marked slowdown from November-December 2024, when ETFs collected this much on at least one or two days per week.

The same can be said for the period from April to October, also characterized by a rise in BTC from $70,000 to over $126,000.

In short, flows are king and it remains to be seen whether they will recover significantly in the coming days to push prices higher in the new year.

For now, here’s some positive news: According to BRN, large holders (10-10,000 BTC wallets) have added around 42,565 BTC since December 1, a clear signal of smart money accumulation. Meanwhile, short-term holders and retailers continue to reduce their positions.

Separately, Ethereum co-founder Vitalik Buterin has thrown his support behind Fileverse, a decentralized, open-source encrypted document platform that aims to be a Web3-native alternative to tools like Google Docs.

In a note on

In traditional markets, the 10-year US Treasury yield recovered from the post-Fed low of 4.11% to 4.14%, once again showing upward rigidity. ING analysts believe it is likely to recover sustainably rather than fall.

Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today

What to watch

For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”

• Cryptocurrency
  • December 11, 11 a.m.: Do Kwon, co-founder of Terraform Labs, who pleaded guilty in August to conspiracy and wire fraud charges in the United States, faces sentencing in New York by Judge Paul Engelmayer. Prosecutors are asking for up to 12 years in prison, the defense is asking for five.
  • December 11, 3 p.m.: Chia (XCH) AMA on Zoom.
  • December 11: 21Shares Core XRP Trust (TOXR) remains awaiting launch on Cboe BZX Exchange after Cboe listing approval on December 10; no first transaction date confirmed yet.
• Macro
  • December 11, 8:30 a.m.: first unemployment claims in the United States for the week ended December 6 (estimate). 220,000 jobless claims in the United States for the week ended November 29 (estimate). 1950K.
• Earnings (Estimates based on FactSet data)

Token Events

For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”

• Votes and calls on governance
  • Arbitrum DAO votes on a one-year initiative funded by the existing DIP budget to financially reward delegates with more than 200,000 ARBs who vote consistently and publish their reasoning. Voting closes on December 11.
  • December 11: Worldcoin will host an “unwrapped” livestream.
• Unlocks
  • December 11: APTE$1.7090 to unlock 0.96% of its circulating supply worth $21.04 million.
• Token Launches
  • December 11: Talus Network (US) will be listed on Kraken, Gate.io, BitMart, Bitget, KuCoin and others.
  • December 11: Stable (STABLE) will be listed on Bithumb.

Conferences

For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”

Market movements

• BTC is down 2.3% from 4 p.m. ET Wednesday at $90,263.13 (24 hours: -2.24%)
• ETH is down 4.25% at $3,199.17 (24 hours: -3.71%)
• CoinDesk 20 is down 3.25% at 2,871.54 (24h: -3.85%)
• Ether CESR composite staking rate down 1bp to 2.8%
• BTC funding rate is 0.0026% (2.8021% annualized) on Binance

• The DXY is down 0.2% at 98.59
• Gold futures are up 0.47% at $4,244.40
• Silver futures are up 2.53% at $62.58
• The Nikkei 225 closed down 0.90% at 50,148.82
• Hang Seng closed 0.04% lower at 25,530.51
• The FTSE is up 0.11% at 9,666.02
• The Euro Stoxx 50 is up 0.19% at 5,718.99
• DJIA closed Wednesday up 1.05% at 48,057.75
• The S&P 500 closed up 0.67% at 6,886.68
• The Nasdaq Composite closed up 0.33% at 23,654.16
• The S&P/TSX Composite Index closed up 0.79% at 31,490.85
• The S&P 40 Latin America closed down 0.2% at 3,129.59
• The 10-year US Treasury yield is down 1.9 bps to 4.145%
• E-mini S&P 500 futures are down 0.54% at 6,854.50
• E-mini Nasdaq-100 futures are down 0.77% at 25,599.75
• E-mini Dow Jones Industrial Average futures are down 0.18% at 48,019.00

Bitcoin Statistics

• BTC dominance: 59.26% (0.27%)
• Ether-bitcoin ratio: 0.03539 (-2.04%)
• Hashrate (seven-day moving average): 1,066 EH/s
• Hash price (spot): $38.52
• Total fees: 2.69 BTC / $248,636
• CME Futures Open Interest: 126,970 BTC
• BTC valued in gold: 21.4 ounces.
• BTC vs. gold market capitalization: 6.05%

Technical analysis

• The chart shows daily BTC price fluctuations in candlestick form since September.
• The Fed’s rate cut on Wednesday did not change the technical situation, as BTC remains stuck in a counter-trend uptrend channel within a broader downtrend.
• A clear break above the upper end of the counter-trend channel would signal a change from downtrend to uptrend.

Crypto Stocks

• Coinbase Global (COIN): Closed Wednesday at $275.09 (-0.82%), -2% at $269.59 in pre-market
• Circle (CRCL): closed at $88.41 (+2.78%), -2.3% at $86.38
• Galaxy Digital (GLXY): closed at $29.52 (+0.24%), -2.1% at $28.90
• Bullish (BLSH): closed at $46.13 (+0.04%), -2.28%% at $45.08
• MARA Holdings (MARA): closed at $11.92 (-2.69%), -2.18% at $11.66
• Riot Platforms (RIOT): close at $15.57 (+0.39%), -1.93% at $15.27
• Core Scientific (CORZ): closed at $17.33 (-0.91%), -1.27% at $17.11
• CleanSpark (CLSK): closed at $14.53 (-2.15%), -2.89% at $14.11
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $45.91 (-3.20%), -2.16% at $44.92
• Exodus Movement (EXOD): closed at $15.73 (+2.95%)

Crypto Cash Companies

• Strategy (MSTR): closed at $184.64 (-2.3%), -2.43% at $180.15
• Semler Scientific (SMLR): closed at $20.35 (-0.1%)
• SharpLink Gaming (SBET): closed at $12.02 (+3.62%), -3.14% at $11.41
• Upexi (UPXI): closed at $2.45 (-4.3%)
• Lite Strategy (LITS): closed at $1.84 (+0.55%)

ETF Feed

Spot BTC ETF

• Daily net flow: $223.5 million
• Cumulative net flows: $57.91 billion
• Total BTC holdings ~1.30 million

ETH Spot ETF

• Daily net flow: $57.6 million
• Cumulative net flows: $13.17 billion
• Total ETH holdings ~6.31 million

Source: Farside Investors

While you were sleeping