Top tokens added up to 5% to Bitcoin hovered above $93,000 on Thursday, a move some traders described as a potential counterfeit as volatility remains high in the crypto market.
Cardano’s ADA added 5% as key network developments passed a 70 million ADA proposal to revive on-chain activity, in a first governance vote of its kind. Ether grew by 4% as the Fusaka upgrade went live, with the update designed to help the network handle the increasingly large batches of transactions coming from the Layer 2 networks settling on it.
Attention is now focused on whether BTC can stabilize at the $90,000-$91,000 support region. Market-wide positioning remains fragile following a brutal sell-off cycle earlier this week, although the broader crypto market is still attempting to make higher lows following its late November pullback.
“On December 3, the crypto market saw significant gains as BTC briefly rose above $93,000 before quickly restoring its advance – a structure that resembles a potential ‘false breakout,’” Bitunix analysts told CoinDesk in an email. “The near-term pattern has turned into a choppy pullback as markets monitor whether BTC can stabilize at the $90,000-$91,000 support zone.”
“On the upside, $93,200 has become the new resistance band,” they added.
ETF flows showed a familiar split. Bitcoin funds saw $58.5 million in inflows, while Ether products saw $9.9 million in outflows, continuing the trend of capital rotating into BTC while ETH faces steady, moderate withdrawals.
Such a trend has persisted for several weeks, reinforcing the idea that institutional flows remain more comfortable adding exposure to Bitcoin during periods of macro uncertainty.
Macroeconomic developments continued to shape risk sentiment. US President Donald Trump has announced tighter control over the Federal Reserve through key personnel decisions, saying he plans to announce the Fed chairman nomination early next year.
He repeatedly suggested that Kevin Hassett was his preferred choice – a candidate widely seen as more dovish and supportive of lower rates.
Markets have begun to price in the possibility of a more accommodative framework in 2025, although this outlook faces inflation that remains above target and a labor market that has not completely cooled.
The general feeling has been stimulated by recent institutional movements. Vanguard opened access to crypto ETF trading for its clients on December 2, reversing years of resistance to the asset class. Bank of America separately told institutional clients that they could allocate 1% to 4% of their portfolios to digital assets.
The broader market capitalization reached $3.15 trillion, forming a higher local peak and signaling the first attempts at trend formation despite continued caution below the $3.38 trillion threshold.
