By Francisco Rodrigues (All times ET unless otherwise noted)
Bitcoin is hovering around $91,300 after falling more than 2.2% in 24 hours, a better performance than the broader crypto market’s 3.2% decline as measured by the CoinDesk 20 Index (CD20).
The backdrop is messy. The record U.S. government shutdown has delayed major jobs reports, even as numerous layoff announcements dominate headlines as companies increasingly turn to AI to cut costs. The Fed’s preferred inflation gauge, personal consumption expenditures (PCE), due later today, is only now catching up to older data.
However, the institutional signals seem favorable. Just this week, Vanguard opened access to crypto ETFs, Bank of America wealth advisors gave the green light to recommend allocations of up to 4% of portfolios to digital assets, and Charles Schwab said it plans to offer bitcoin and ether trading in early 2026.
Add to that the Federal Reserve is expected to cut interest rates this month, a move likely to support risky assets.
From a longer-term perspective, bitcoin hit $94,000 this week and is still in the green after falling to $80,600 in November.
“Crypto markets have seen a strong rebound after a 35% decline, exactly in line with the major upheavals we have seen throughout this bull cycle,” Lewis Harland, portfolio manager at Re7 Capital, told CoinDesk.
“Bitcoin’s return to the $92-93,000 region highlights strong dip-buying interest, and we are now in the type of consolidation zone that typically precedes a resumption of bullish momentum.”
This recovery may be elusive at the moment, with traders turning to stablecoins and seeking yield rather than holding spot tokens, according to Syndicate co-founder Will Papper.
“At the same time, it is also a sign of market maturity: switching to yield strategies is a shift to long-term thinking,” Papper told CoinDesk. “Return strategies open crypto to a larger portion of portfolios than just risk assets.”
“Reducing leverage after October is a sign that users or the market will impose longer-term mindsets,” Papper concluded. Stay vigilant!
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 “Cry~~pto Week Ahead.”
- Cryptocurrency
- December 5, 11 a.m.: QuickSwap (QUICK) Web3 Payments AMA on X Spaces.
- Macro
- December 5, 8:30 a.m.: Canada, November unemployment rate, est. 7%.
- December 5, 10 a.m.: December American survey (preliminary) from the University of Michigan. Consumer Confidence Index Est. 52; Inflation expectations (previous 4.5%).
- December 5, 10:00 a.m.: September PCE price index in the United States. Title YoY Est. 2.8%, monthly estimate. 0.3%; Core YoY Est. 2.9%, monthly estimate. 0.2%.
- 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
- Aavegotchi DAO elects a new director for its founding company following the resignation of the current directors. Voters can choose between two candidates or vote to nominate both to ensure compliance with the law and operational continuity. Voting closes on December 6.
- Compound DAO votes to depreciate V2 by suspending all borrowing and minting and setting reserve factors at 100%. Voting closes on December 6.
- Unlocks
- Token Launches
- December 5: to burn 90% and distribute 10% of tokens purchased during the month to ezREZ stakers.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down -1.11% from 4 p.m. ET Thursday at $91,163.32 (24 hours: -1.54%)
- ETH is unchanged at $3,123.32 (24 hours: -1.38%)
- CoinDesk 20 is down 1.17% at 2,907.07 (24h: -2.6%)
- Ether CESR composite staking rate is down 35 basis points to 2.5%
- BTC funding rate is 0.0056% (6.107% annualized) on Binance
- The DXY is unchanged at 99.02
- Gold futures are up 0.26% at $4,254.10
- Silver futures are up 2.16% at $58.73
- The Nikkei 225 closed down 1.05% at 50,491.87
- Hang Seng closed 0.58% higher at 26,085.08
- The FTSE is up 0.17% at 9,726.99
- The Euro Stoxx 50 is up 0.34% at 5,737.26
- DJIA closed unchanged on Thursday at 47,850.94
- The S&P 500 closed up 0.11% at 6,857.12
- The Nasdaq Composite closed up 0.22% at 23,505.14
- The S&P/TSX Composite Index closed up 1.02% at 31,477.57
- The S&P 40 Latin America closed up 1.22% at 3,255.46
- The 10-year US Treasury yield is up 0.2 bps to 4.11%
- E-mini S&P 500 futures are up 0.19% at 6,880.00
- E-mini Nasdaq-100 futures are up 0.41% at 25,727.00
- E-mini Dow Jones Industrial Average futures unchanged at 47,912.00
Bitcoin Statistics
- BTC dominance: 59.27% (0.14%)
- Ether-bitcoin ratio: 0.03437 (1%)
- Hashrate (seven-day moving average): 1,036 EH/s
- Hash price (spot): $38.81
- Total fees: 3.23 BTC / $299,506
- Open Interest on CME Futures: 121,475 BTC
- BTC valued in gold: 21.6 ounces.
- BTC vs. gold market capitalization: 6.11%
Technical analysis
- Bitcoin’s weekly low bounced off support at just under $80,000 and with a clear bullish divergence in the RSI, this indicates a likely uptrend for BTC.
- The key thing to watch for: whether BTC breaks above the next resistance at around $94,000 each week. Otherwise, the likely outcome is that price oscillates between the highlighted support and resistance.
Crypto Stocks
- Coinbase Global (COIN): Closed Thursday at $274.05 (-1.04%), -0.22% at $273.46 in pre-market
- Circle (CRCL): closed at $87.46 (+1.36%), -0.89% at $86.68
- Galaxy Digital (GLXY): closed at $27.57 (+1.92%), -0.36% at $27.47
- Bullish (BLSH): closed at $48.42 (+4.42%), -0.93% at $47.97
- MARA Holdings (MARA): closed at $12.44 (-0.24%), -0.72% at $12.35
- Riot Platforms (RIOT): close at $15.59 (-0.32%), -0.38% at $15.53
- Core Scientific (CORZ): closed at $17.08 (+3.2%), +0.41% to $17.15
- CleanSpark (CLSK): closed at $15.03 (+3.73%), -0.67% at $14.93
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $47.29 (+4%)
- Exodus Movement (EXOD): closed at $15.42 (+7.61%)
Crypto Cash Companies
- Strategy (MSTR): closed at $186.01 (-1.26%), -0.75% at $184.61
- Semler Scientific (SMLR): closed at $20.33 (-0.54%), -0.2% at $30.57
- SharpLink Gaming (SBET): closed at $11.16 (+5.38%), -0.36% at $11.12
- Upexi (UPXI): closed at $2.85 (-2.06%), -0.35% at $2.84
- Lite Strategy (LITS): closed at $1.75 (-0.57%)
ETF Feed
Spot BTC ETF
- Daily net flows: -$194.6 million
- Cumulative net flows: $57.54 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: -$41.5 million
- Cumulative net flows: $12.97 billion
- Total ETH holdings ~6.29 million
Source: Farside Investors
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