By Omkar Godbole (All times ET unless otherwise noted)
Bitcoin the leading cryptocurrency by market value, continues to trade directionless above $90,000, with implied volatility collapsing as the end of the year approaches.
Volmex’s BVIV, which tracks 30-day implied volatility based on Bitcoin options, fell to an annualized rate of 45.10%, the lowest since November 10, according to TradingView data. This is down from the 65% peak seen on November 21.
Coins like ZEC and AAVE have gained over 9% in the past 24 hours, outperforming BTC and ether. . HYPE, TAO and SUI are up over 5% while KAS and TRX are down over 1%. The CoinDesk 20 and CoinDesk 80 indices are up more than 2% each, indicating some bullishness in the market as a whole.
Analysts say they expect the volatile price action on BTC to continue.
“Traders should expect high volatility and avoid extrapolating intraday strength,” Timothy Misir, head of research at BRN, said in an email.
“The market is stabilizing, but the foundations remain fragile. Price action is constructive, but liquidity is low and ETF flows are split, which is the mark of a market that is looking for direction rather than committing to it,” he said.
This is consistent with the tendency of financial markets to be slow to recover after a crash that shakes investor confidence and eliminates excessive debt.
Speaking of leverage, cumulative open interest on BTC and ETH futures and perpetual futures fell 36% and 35%, respectively, over the past three months. Open interest in Solana And decreased by 53% and 59.5%, respectively, with noting a drop of 70%.
Clearly, there has been a major offload of risk, led by memecoins.
In traditional markets, gold resumed its rally, with the dollar weakening to its lowest level in several weeks after the Fed meeting. 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 “Crypto Week Ahead.”
- Cryptocurrency
- December 12: The EstateX (ESX) platform becomes accessible to everyone. Fractional real estate shares can be purchased through PROPX.
- December 12: Stripe enables stablecoin payments 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 purchases of Treasury bonds for reserve management as part of the implementation note for the December 10 FOMC decision.
- 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
- December 12: Arbitrum and Lava Network will host a fireside chat on scaling blockchains with RPC APIs.
- Nexus Mutual DAO votes to launch a USDC vault by Q1 to generate yield for sophisticated investors by backing real-world insurance policies. Voting closes on December 13.
- Unlocks
- December 13: to unlock 2.86% of its circulating supply worth $11.02 million.
- Token Launches
- December 12: RaveDAO (RAVE) will be listed on Binance, Gate.io, MEXC, Kraken, Bitget, BitMart and others.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.36% from 4 p.m. ET Thursday at $92,560.78 (24 hours: +2.34%)
- ETH is unchanged at $3,253.10 (24 hours: +1.27%)
- CoinDesk 20 is unchanged at 2,940.88 (24h: +2.26%)
- Ether CESR Composite Staking Rate Up 5 Basis Points to 2.84%
- BTC funding rate is 0.0078% (8.5957% annualized) on Binance
- The DXY is up 0.12% at 98.47
- Gold futures are up 1.25% at $4,367.00
- Silver futures are up 0.12% at $64.67
- The Nikkei 225 closed up 1.37% at 50,836.55
- Hang Seng closed up 1.75% at 25,976.79
- The FTSE is up 0.24% at 9,726.05
- The Euro Stoxx 50 is up 0.52% at 5,783.89
- DJIA closed Thursday up 1.34% at 48,704.01
- The S&P 500 closed up 0.21% at 6,901.00
- The Nasdaq Composite closed down 0.25% at 23,593.86
- The S&P/TSX Composite Index closed up 0.54% at 31,660.73
- The S&P 40 Latin America closed up 1.34% at 3,171.63
- The 10-year U.S. Treasury yield is up 2.5 basis points at 4.166%
- E-mini S&P 500 futures are down 0.14% at 6,897.50
- E-mini Nasdaq-100 futures are down 0.49% at 25,588.50
- E-mini Dow Jones Industrial Average futures are up 0.21% at 48,850.00
Bitcoin Statistics
- BTC dominance: 59.38% (-0.12%)
- Ether-bitcoin ratio: 0.03507 (0.21%)
- Hashrate (seven-day moving average): 1,096 EH/s
- Hash price (spot): $39.46
- Total fees: 2.65 BTC / $240,075
- CME Futures Open Interest: 123,350 BTC
- BTC valued in gold: 21.3 ounces.
- BTC vs. gold market capitalization: 6.18%
Technical analysis
- The chart shows daily price fluctuations a digital token that represents ownership of a fine troy ounce of physical gold.
- The token’s price recently broke out of the triangle consolidation, updating the broader uptrend.
- Prices now appear to be heading towards record highs.
Crypto Stocks
- Coinbase Global (COIN): Closed Thursday at $269.02 (-2.21%), +0.55% to $270.49 in pre-market
- Circle (CRCL): closed at $88.57 (+0.18%), -0.16% at $88.43
- Galaxy Digital (GLXY): closed at $29.86 (+1.15%), unchanged in 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% to $11.86
- Riot Platforms (RIOT): close 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 Miners ETF (WGMI): Closed at $46.34 (+0.94%)
- Exodus Movement (EXOD): closed at $16.59 (+5.47%)
Crypto Cash Companies
- 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% to $11.64
- Upexi (UPXI): closed at $2.41 (-1.63%), +3.73% at $2.50
- Lite Strategy (LITS): closed at $1.81 (-1.63%)
ETF Feed
Spot BTC ETF
- Daily net flows: -$77.5 million
- Cumulative net flows: $57.84 billion
- Total BTC holdings ~ 1.31 thousandths
ETH Spot ETF
- Daily net flows: -$42.3 million
- Cumulative net flows: $13.13 billion
- Total ETH holdings ~6.33 million
Source: Farside Investors
While you were sleeping
- SEC Allows Tokenization of Certain Stocks in Move to Blockchain (Bloomberg): No-Action Letter to Depository Trust & Clearing Corp. (DTCC) allows the company to provide a tokenization service for a select set of highly liquid securities.
- Boring Bitcoin Green Light Coming? (CoinDesk): BTC continues to bore traders with its directionless price action, but some indicators, such as Bitcoin’s MACD histogram, point to renewed optimism.
- Stablecoins gain support from cross-party UK lawmakers calling for innovation-friendly rules (CoinDesk): The group is concerned about the Bank of England’s proposed framework, which restricts the use of stablecoins in wholesale markets, bans interest on reserves and caps holdings at 20,000 pounds ($26,750).
- XRP lands on Solana, Ethereum and others, in Boost for Ripple Ecosystem (CoinDesk): Hex Trust’s new wrapped token debuts with significant liquidity and institutional custody, allowing value to move to DeFi across multiple chains while avoiding reliance on unregulated bridges or informal cross-chain infrastructure.
- Seizure of Venezuelan Oil Strikes at the Heart of Maduro’s Grip on Power (Wall Street Journal): The paralysis of tanker movements and the withdrawal of buyers are undermining the revenue stream that supports the country’s leadership, intensifying financial stress and reducing its ability to secure essential hard currency inflows.
