By Omkar Godbole (All times ET unless otherwise noted)
The crypto market lacks clear direction. Bitcoin is still in its boring range between $90,000 and $95,000, and there is little joy in the market as a whole, as evidenced by the decline of more than 2% in the CoinDesk 20 (CD20) and CoinDesk 80 (CD80) indices. ZEC is the only major token to have gained more than 3% over 24 hours.
The lackluster action could be because traders have pushed back any plans for bullish bets until after tomorrow’s Fed interest rate meeting, which could lead to volatility.
“Recognizing the potential for significant two-way volatility before and after the FOMC event, clients seeking to increase their upside exposure for the first quarter of 2026 have expressed a preference to delay execution until after the event, and we expect this flow to increase significantly during the latter part of this week,” TDX Strategies founder Dick Lo said in a market note.
The Fed meeting begins today and ends tomorrow, with a 25 basis point rate cut expected. Some traders fear the decision will come with hawkish forward guidance, pointing to slower easing in 2026.
These expectations could pave the way for a rally, according to CF Benchmarks.
“If we look at federal funds futures today, the market is pricing in a rate cut on Wednesday, but not another until June. We think there is some room for upside here if the Fed signals that there is potential for another cut before the June meeting. This becomes more likely if the labor market continues to slow and inflation expectations remain in the 2-3% range,” the index provider said in an email to CoinDesk.
Key indicators such as cumulative volume delta (CVD) indicate continued dominance of sellers in the spot market.
“Spot flows remain weak. Spot CVD fell from -$40 million to -$111 million, signaling persistent selling flow even as the price holds at $90,000,” said Timothy Misir, head of research at BRN.
Separately, Ethereum founder Vitalik Buterin’s proposal to make Ethereum transactions more predictable and create a trustless on-chain gas futures market is attracting attention.
Crypto exchange KuCoin has released a proof of concept for a Post-Quantum Cryptography (PQC) gateway, an experimental prototype gateway system designed to integrate quantum-resistant cryptographic algorithms.
In traditional markets, the 10-year US Treasury yield continued to rise, hitting a three-month high, and the yen traded lower despite expectations of a BoJ rate hike. 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 9: Twenty One Capital begins trading on the NYSE under the symbol XXI following a business combination with Cantor Equity Partners (CEP).
- Macro
- December 9, 7 a.m.: November inflation rate in Mexico. Title YoY Est. 3.69%, MoM Est. 0.56%. Core YoY Est. 4.34%, MoM Est. 0.10%.
- December 9, 8:15 a.m.: ADP Employment Change Weekly (previous -13.5K).
- December 9, 10 a.m.: Report from the Job Openings and Labor Turnover Survey (JOLTS). Sept. Job Offers East. 7.2 million, job abandonments in September (previous 3.091 million).
- 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
- The ENS DAO votes for a “temperature check” to commission an independent retrospective of its operations and expenses over the last two years. Voting closes on December 9.
- CoW DAO votes on CIP-76 to approve a 2026 budget of 13.8 million USDC and an additional 100 million COW tokens for its core team operations and incentives. Voting closes on December 9.
- GnosisDAO votes on GIP-144 to renew Blockscout’s hosting and SLA services for calendar year 2026. Voting closes on December 9.
- Unlocks
- Token Launches
- December 9: HumidiFi WET token claiming period begins and liquidity pools go live.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 1.27% from 4 p.m. ET Wednesday at $90,255.53 (24 hours: -2.09%)
- ETH is down 0.84% at $3,106.60 (24 hours: -1.73%)
- CoinDesk 20 is down 0.87% at 2,877.34 (24 hours: -2.11%)
- Ether CESR Composite Staking Rate Up 3 Basis Points to 2.81%
- BTC funding rate is 0.0068% (7.46% annualized) on Binance
- DXY little changed at 99.05
- Gold futures are up 0.37% at $4,233.50
- Silver futures are up 1.14% at $59.07
- The Nikkei 225 closed up 0.14% at 50,655.10
- Hang Seng closed 1.29% lower at 25,434.23
- The FTSE is up 0.13% at 9,657.24
- The Euro Stoxx 50 is down 0.16% at 5,716.21
- DJIA closed Monday down 0.45% at 47,739.32
- The S&P 500 closed down 0.35% at 6,846.51
- The Nasdaq Composite closed down 0.14% at 23,545.90
- The S&P/TSX Composite Index closed down 0.45% at 31,169.97
- The S&P 40 Latin America closed unchanged at 3,127.62
- The 10-year US Treasury yield is down 1.4 bps to 4.158%
- E-mini S&P 500 futures are up 0.08% at 6,861.25
- E-mini Nasdaq-100 futures are up 0.04% at 25,673.25
- E-mini Dow Jones Industrial Average futures are up 0.11% at 47,846.00
Bitcoin Statistics
- BTC dominance: 59.24% (unchanged)
- Ether/Bitcoin ratio: 0.03444 (unchanged)
- Hashrate (seven-day moving average): 1,042 EH/s
- Hash price (spot): $38.26
- Total fees: 2.61 BTC / $237,648
- Open Interest on CME Futures: 121,520 BTC
- BTC valued in gold: 21.4 ounces
- BTC vs. gold market capitalization: 6.04%
Technical analysis
- The chart shows the daily price action of BTC in candlestick form.
- BTC has been printing lows and highs since November 21, creating a mini ascending channel within a larger downtrend.
- In other words, the recent rise represents a temporary relief rally and must extend beyond $96,600. This would confirm a break in the downtrend, reviving the bullish outlook.
Crypto Stocks
- Coinbase Global (COIN): Closed Monday at $274.2 (+1.66%), down 0.71% premarket to $272.26
- Circle Internet (CRCL): closed at $83.96 (-1.94%), -0.98% at $83.21
- Galaxy Digital (GLXY): closed at $26.09 (+2.27%), +0.8% to $26.3
- Bullish (BLSH): closed at $45.93 (-1.12%), unchanged
- MARA Holdings (MARA): closed at $12.05 (+2.64%), -1.24% at $11.9
- Riot Platforms (RIOT): close at $14.96 (unchanged), -0.87% at $14.83
- Core Scientific (CORZ): closed at $17.69 (+3.39%), -0.17% at $17.66
- CleanSpark (CLSK): closed at $13.89 (+1.28%), -0.43% at $13.83
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $46.43 (+1.98%)
- Exodus Movement (EXOD): closed at $14.84 (+1.57%)
Crypto Cash Companies
- Strategy (MSTR): closed at $183.69 (+2.63%), -1.05% at $181.77
- Semler Scientific (SMLR): closed at $19.77 (+5.89%), unchanged.
- SharpLink Gaming (SBET): closed at $11.06 (+3.17%), -1.45% at $10.90
- Upexi (UPXI): closed at $2.61 (-1.88%), +1.53% to $2.65
- Lite Strategy (LITS): closed at $1.72 (+2.99%)
ETF Feed
Spot BTC ETF
- Daily net flows: -$60.4 million
- Cumulative net flows: $57.54 billion
- Total BTC holdings ~1.3 million
ETH Spot ETF
- Daily net flow: $35.5 million
- Cumulative net flows: $12.93 billion
- Total ETH holdings ~6.25 million
Source: Farside Investors
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