By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market is currently lacking a clear trend. Bitcoin remains in its unexciting range between $90,000 and $95,000, with minimal enthusiasm in the overall market, highlighted by declines of over 2% in the CoinDesk 20 (CD20) and CoinDesk 80 (CD80) indexes. The only notable major token showing a gain of more than 3% in the past 24 hours is ZEC.
This lack of activity may be due to traders delaying bullish positions until after tomorrow’s Federal Reserve interest-rate meeting, which could trigger volatility.
“Given the potential for substantial two-sided volatility before and after the FOMC event, clients aiming to bolster their upside exposures for Q1 2026 have indicated a preference to hold off on execution until after the event, and we anticipate that this trend will significantly pick up towards the latter part of this week,” commented Dick Lo, founder of TDX Strategies, in a market note.
The Fed meeting begins today and concludes tomorrow, with a 25 basis-point rate cut already priced in. Some traders express concerns that the announcement may come with hawkish forward guidance, suggesting slower easing in 2026.
According to CF Benchmarks, these expectations could set the stage for a rally.
“Looking at Fed funds futures today, the market is anticipating a rate cut on Wednesday but not another until June. We see potential for upside should the Fed hint at another cut before the June meeting, especially if the labor market continues to weaken and inflation expectations remain in the 2–3% range,” the index provider noted in an email to CoinDesk.
Key metrics, including the cumulative volume delta (CVD), indicate an ongoing influence from sellers in the spot market.
“Spot flows are still weak. Spot CVD has decreased from –$40M to –$111M, indicating persistent selling pressure even with prices holding around $90K,” said Timothy Misir, head of research at BRN.
In other news, Ethereum founder Vitalik Buterin’s proposal aims to enhance the predictability of Ethereum transactions and establish a trustless on-chain gas futures market.
Crypto exchange KuCoin introduced a Post-Quantum Cryptography (PQC) Gateway proof-of-concept, an experimental prototype system designed to incorporate quantum-resistant cryptographic algorithms.
In traditional markets, the 10-year U.S. Treasury yield keeps rising, reaching three-month highs, with the yen trading weak despite expectations of a BOJ rate hike. Stay vigilant!
Read more: For analysis of today’s altcoin and derivatives activity, see Crypto Markets Today
What to Watch
For a thorough list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Crypto
- Dec. 9: Twenty One Capital starts trading on NYSE under ticker XXI following its business combination with Cantor Equity Partners (CEP).
- Macro
- Dec. 9, 7 a.m.: Mexico Nov. inflation rate. Headline YoY Est. 3.69%, MoM Est. 0.56%. Core YoY Est. 4.34%, MoM Est. 0.10%.
- Dec. 9, 8:15 a.m.: ADP Employment Change Weekly (Prev. -13.5K).
- Dec. 9, 10 a.m.: Job Openings and Labor Turnover Survey (JOLTS) report. Sept. Job Openings Est. 7.2M, Sept. Job Quits (Prev. 3.091M).
- Earnings (Estimates based on FactSet data)
Token Events
For a thorough list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Governance votes & calls
- ENS DAO is conducting a “temperature check” vote to commission an independent review of its operations and expenditures from the past two years. Voting ends Dec. 9.
- CoW DAO is voting on CIP-76 to approve a 2026 budget of 13.8 million USDC along with a 100 million COW token allocation for its Core Team’s operations and incentives. Voting ends Dec. 9.
- GnosisDAO is voting on GIP-144 to renew Blockscout’s hosting and SLA services for the 2026 calendar year. Voting ends Dec. 9.
- Unlocks
- Token Launches
- Dec. 9: HumidiFi’s WET token claiming period begins, with liquidity pools going live.
Conferences
For a thorough list of events this week, see CoinDesk’s “Crypto Week Ahead”.
Market Movements
- BTC has decreased by 1.27% since 4 p.m. ET Wednesday, currently at $90,255.53 (24hrs: -2.09%)
- ETH has fallen by 0.84% to $3,106.60 (24hrs: -1.73%)
- CoinDesk 20 is down 0.87% at 2,877.34 (24hrs: -2.11%)
- Ether CESR Composite Staking Rate has increased by 3 bps to 2.81%
- BTC funding rate on Binance is at 0.0068% (7.46% annualized)
- DXY is relatively unchanged at 99.05
- Gold futures are up 0.37% at $4,233.50
- Silver futures are up 1.14% at $59.07
- Nikkei 225 ended up 0.14% at 50,655.10
- Hang Seng finished down 1.29% at 25,434.23
- FTSE increased by 0.13% to 9,657.24
- Euro Stoxx 50 is down 0.16% at 5,716.21
- DJIA closed down 0.45% at 47,739.32
- S&P 500 ended down 0.35% at 6,846.51
- Nasdaq Composite finished down 0.14% at 23,545.90
- S&P/TSX Composite down 0.45% at 31,169.97
- S&P 40 Latin America held steady at 3,127.62
- U.S. 10-Year Treasury rate decreased by 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 increased by 0.04% at 25,673.25
- E-mini Dow Jones Industrial Average Index futures rose 0.11% to 47,846.00
Bitcoin Stats
- BTC Dominance: 59.24% (unchanged)
- Ether to bitcoin ratio: 0.03444 (unchanged)
- Hashrate (seven-day moving average): 1,042 EH/s
- Hashprice (spot): $38.26
- Total Fees: 2.61 BTC / $237,648
- CME Futures Open Interest: 121,520 BTC
- BTC priced in gold: 21.4 oz
- BTC vs gold market cap: 6.04%
Technical Analysis
- The chart illustrates BTC’s daily price movements in candlestick format.
- BTC has been creating higher lows and highs since November 21, forming a mini-ascending channel within a larger downtrend.
- This recent increase is seen as a temporary relief rally and needs to exceed $96,600. Such a movement would confirm a breakout from the downtrend, enhancing the bullish outlook.
Crypto Equities
- Coinbase Global (COIN): closed on Monday at $274.2 (+1.66%), pre-market down 0.71% 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% at $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): closed 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 Treasury 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% at $2.65
- Lite Strategy (LITS): closed at $1.72 (+2.99%)
ETF Flows
Spot BTC ETFs
- Daily net flows: -$60.4 million
- Cumulative net flows: $57.54 billion
- Total BTC holdings ~1.3 million
Spot ETH ETFs
- Daily net flows: $35.5 million
- Cumulative net flows: $12.93 billion
- Total ETH holdings ~6.25 million
Source: Farside Investors
