By Omkar Godbole (All times ET unless otherwise noted)
The mood in the crypto market remains gloomy, with bearish projections from analysts circulating amid weak prices. Bitcoin The rebound from Monday’s drop below $84,000 has stalled near $87,000, while major altcoins including XRP, ETH, SOL and DOGE continue to approach their lows from Monday.
The CoinDesk 20 and CoinDesk 80 indices added less than 1% in the past 24 hours.
“This is a dangerous lull after bearish momentum, with the risk of returning to a selloff at any time,” said Alex Kuptsikevich, chief market analyst at FXPro, who noted that the market cap is just below $3 trillion. “All attention is now focused on whether the crypto market bulls can defend the late November lows near $2.83 trillion,” he said in an email to CoinDesk.
One positive: ETF dumping has taken a break. The 11 U.S.-listed cash ETFs saw inflows of $8.48 million on Monday, extending a three-day streak, according to SoSoValue. However, the four-day cumulative figure of $229 million is still far from the billions in outflows since early October and will need to grow significantly to lift valuations.
At the same time, some observers have called for a reassessment of the panic over the prospect of rising interest rates in Japan and its destabilizing impact on cryptocurrencies and the financial market as a whole.
“If the Japanese government allows interest costs as a percentage of GDP to rise, thereby widening the budget deficit while potential GDP growth is close to zero, it will be forced to abandon the welfare state,” Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund, said on
Furthermore, KAS, the native token of the layer 1 proof-of-work Kaspa blockchain, which uses the blockDAG structure and the GHOSTDAG protocol to achieve high throughput, showed weakness.
The token rose 8% last month, bucking broader market weakness, as investors applauded Verified Programmability (vProgs), which brings native, lightweight programmability directly to Kaspa Layer 1 without compromising speed, security, or decentralization.
In traditional markets, Treasury yields remain elevated, placing a floor below the dollar index. 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 2: The Grayscale Chainlink Trust ETF (GLNK) is expected to begin trading on NYSE Arca, converting the existing chainlink trust a spot chainlink ETF.
- December 2, 12 p.m.: The MultiverseX mainnet upgrade (EGLD) “Staking V5” activates at epoch 1951.
- December 2: The Hayabusa hard fork upgrade of VeChain (VET) activates on mainnet at block 23,414,400.
- Macro
- December 2, 10 a.m.: Speech by Michelle W. Bowman, Federal Reserve Vice Chair for Supervision. Watch live.
- December 2, 10:00 a.m.: US SEC Chairman Paul Atkins delivers a speech titled “Revitalizing US Markets at 250°” at the New York Stock Exchange after ringing the opening bell at 9:15 a.m.
- Earnings (Estimates based on FactSet data)
- December 2: Forward Industries (FWDI), post-market, N/A.
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and governance calls
- Decentraland DAO is voting on a proposal to commission an independent audit of Regenesis Labs by community member Maryana to address concerns about the use and transparency of funds. Voting closes on December 2.
- Unlocks
- to unlock $50.4 million worth of tokens, representing 2.8% of the supply.
- Token Launches
- December 2: start of Aster S4 buybacks.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.4% from 4 p.m. ET Monday at $86,801.55 (24 hours: +0.27%)
- ETH is up 0.27% at $2,799.42 (24 hours: -1.27%)
- CoinDesk 20 is up 0.15% at 2,727.64 (24 hours: -0.47%)
- Ether CESR Composite Staking Rate Up 7 Basis Points to 2.87%
- BTC funding rate is 0.0069% (7.5829% annualized) on Binance
- The DXY is unchanged at 99.49
- Gold futures are down 1.29% at $4,219.70
- Silver futures are down 2.89% at $57.44
- The Nikkei 225 closed unchanged at 49,303.45
- Hang Seng closed 0.24% higher at 26,095.05
- FTSE is unchanged at 9,709.62
- The Euro Stoxx 50 is up 0.5% at 5,695.65
- DJIA closed Monday down 0.9% at 47,289.33
- The S&P 500 closed down 0.53% at 6,812.63
- The Nasdaq Composite closed down 0.38% at 23,275.92
- The S&P/TSX Composite Index closed down 0.9% at 31,101.78
- The S&P 40 Latin America closed down 0.27% at 3,163.56
- The 10-year US Treasury rate is unchanged at 4.09%
- E-mini S&P 500 futures unchanged at 6,831.75
- E-mini Nasdaq-100 futures are up 0.14% at 25,428.00
- E-mini Dow Jones Industrial Average futures unchanged at 47,366.00
Bitcoin Statistics
- BTC dominance: 59.55% (+0.24%)
- Ether-bitcoin ratio: 0.03228 (-0.5%)
- Hashrate (seven-day moving average): 1,075 EH/s
- Hash price (spot): $36.95
- Total fees: 4.1 BTC / $352,115
- Open Interest on CME Futures: 121,220 BTC
- BTC valued in gold: 20.7 ounces.
- Market capitalization BTC vs gold: 5.81%
Technical analysis
- The number of long positions on the BTC/USD pair listed on Bitfinex increased to 71,809, the highest since February 2024.
- This is a sign that traders are increasingly exposing themselves to the upside.
- Historical data shows that a large increase in the number of bullish bets usually occurs during a downtrend.
Crypto Stocks
- Coinbase Global (COIN): closed Monday at $259.84 (-4.76%), +0.83% to $261.99
- Circle Internet (CRCL): closed at $75.94 (-4.99%), +1.41% at $77.01
- Galaxy Digital (GLXY): closed at $24.8 (-6.73%), unchanged in pre-market
- Bullish (BLSH): closed at $41.03 (-5.94%), +1.1% at $41.48
- MARA Holdings (MARA): closed at $11.52 (-2.46%), +0.78% to $11.61
- Riot Platforms (RIOT): close at $15.48 (-4.03%), +1.1% to $15.65
- Core Scientific (CORZ): closed at $16.59 (-1.78%), +0.12% to $16.61
- CleanSpark (CLSK): closed at $14.08 (-6.76%), +1.56% to $14.30
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $47.26 (-2.42%)
- Exodus Movement (EXOD): closed at $14.8 (-10.41%)
Crypto Cash Companies
- Strategy (MSTR): closed at $171.42 (-3.25%), +0.62% to $172.48
- Semler Scientific (SMLR): closed at $19.75 (-9.07%)
- SharpLink Gaming (SBET): closed at $9.6 (-9.6%), +1.56% to $9.75
- Upexi (UPXI): closed at $2.65 (-5.18%)
- Lite Strategy (LITS): closed at $1.71 (-9.52%)
ETF Feed
Spot BTC ETF
- Daily net flow: $8.5 million
- Cumulative net flows: $57.7 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: -$79 million
- Cumulative net flows: $12.88 billion
- Total ETH holdings ~6.27 million
Source: Farside Investors
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