By Francisco Rodrigues (All times ET unless indicated otherwise)
Bitcoin is currently priced at around $91,300, having decreased over 2.2% in the last 24 hours, outperforming the broad crypto market, which saw a 3.2% decline as indicated by the CoinDesk 20 (CD20) index.
The situation is complex. A record-long U.S. government shutdown has postponed crucial labor reports, although numerous layoff announcements are making headlines as companies increasingly utilize AI for cost-cutting. The Fed’s favored inflation indicator, personal consumption expenditure (PCE), expected later today, is only now aligning with older data.
Despite this, institutional indicators remain positive. Just this week, Vanguard expanded crypto ETF access, Bank of America has authorized wealth advisors to suggest up to 4% allocations of portfolios to digital assets, and Charles Schwab announced plans to facilitate bitcoin and ether trading in early 2026.
Additionally, the Federal Reserve is anticipated to reduce interest rates this month, a move likely beneficial for risk assets.
From a broader perspective, bitcoin reached a peak of $94,000 this week and remains in the positive territory after a drop to $80,600 in November.
“The crypto markets have shown a strong rebound following a 35% decline, consistent with the significant shakeouts we’ve observed during this bull cycle,” Lewis Harland, a portfolio manager at Re7 Capital, shared with CoinDesk.
“Bitcoin’s return to the $92–93k range signifies robust dip-buying interest, and we find ourselves in a consolidation phase that typically precedes a reemergence of bullish momentum.”
However, that resurgence may be elusive for now, with traders migrating to stablecoins and seeking yield instead of holding spot tokens, as per Syndicate co-founder Will Papper.
“On the other hand, this also indicates market maturation: Transitioning to yield strategies is indicative of long-term thinking,” Papper told CoinDesk. “Yield strategies broaden crypto’s appeal to more extensive portfolio allocations than risk assets alone.”
“The decrease in leverage since October indicates that either the users or the market will drive more long-term perspectives,” Papper concluded. Remain vigilant!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a detailed list of this week’s events, refer to CoinDesk’s “Crypto Week Ahead”.
- Crypto
- Macro
- Dec. 5, 8:30 a.m.: Canada Nov. Unemployment Rate Est. 7%.
- Dec. 5, 10 a.m.: U.S. Dec. (Preliminary) University of Michigan Survey. Consumer Sentiment Index Est. 52; Inflation Expectations (Prev. 4.5%).
- Dec. 5, 10 a.m.: U.S. Sept. PCE Price Index. Headline YoY Est. 2.8%, MoM Est. 0.3%; Core YoY Est. 2.9%, MoM Est. 0.2%.
- Earnings (Estimates based on FactSet data)
Token Events
For a detailed list of events this week, consult CoinDesk’s “Crypto Week Ahead”.
- Governance votes & calls
- Aavegotchi DAO is electing a new director for its foundation company following the resignation of the current directors. Voters can select between two candidates or vote to appoint both to ensure legal compliance and operational continuity. Voting ends Dec. 6.
- Compound DAO is voting to deprecate V2 by pausing all borrowing and minting and setting reserve factors to 100%. Voting ends Dec. 6.
- Unlocks
- Token Launches
- Dec. 5: to burn 90% and distribute 10% of purchased tokens during the month to ezREZ stakers.
Conferences
For a detailed list of events this week, refer to CoinDesk’s “Crypto Week Ahead”.
Market Movements
- BTC is down -1.11% from 4 p.m. ET Thursday at $91,163.32 (24hrs: -1.54%)
- ETH is unchanged at $3,123.32 (24hrs: -1.38%)
- CoinDesk 20 is down 1.17% at 2,907.07 (24hrs: -2.6%)
- Ether CESR Composite Staking Rate is down 35 bps at 2.5%
- BTC funding rate is at 0.0056% (6.107% annualized) on Binance
- DXY is unchanged at 99.02
- Gold futures are up 0.26% at $4,254.10
- Silver futures are up 2.16% at $58.73
- Nikkei 225 closed down 1.05% at 50,491.87
- Hang Seng closed up 0.58% at 26,085.08
- FTSE is up 0.17% at 9,726.99
- Euro Stoxx 50 is up 0.34% at 5,737.26
- DJIA closed on Thursday unchanged at 47,850.94
- S&P 500 closed up 0.11% at 6,857.12
- Nasdaq Composite closed up 0.22% at 23,505.14
- S&P/TSX Composite closed up 1.02% at 31,477.57
- S&P 40 Latin America closed up 1.22% at 3,255.46
- U.S. 10-Year Treasury rate increased by 0.2 bps to 4.11%
- E-mini S&P 500 futures are up 0.19% at 6,880.00
- E-mini Nasdaq-100 futures increased by 0.41% to 25,727.00
- E-mini Dow Jones Industrial Average Index futures remained unchanged at 47,912.00
Bitcoin Stats
- BTC Dominance: 59.27% (0.14%)
- Ether-bitcoin ratio: 0.03437 (1%)
- Hashrate (seven-day moving average): 1,036 EH/s
- Hashprice (spot): $38.81
- Total fees: 3.23 BTC / $299,506
- CME Futures Open Interest: 121,475 BTC
- BTC priced in gold: 21.6 oz.
- BTC vs gold market cap: 6.11%
Technical Analysis
- Bitcoin’s weekly low bounced near the support just below $80,000, showing a clear bullish RSI divergence that suggests a probable upward trend for BTC.
- The primary focus: If the BTC weekly chart breaks above the next resistance near ~$94,000. If it does not, the likely scenario is that the price fluctuates between the indicated support and resistance levels.
Crypto Equities
- Coinbase Global (COIN): closed on Thursday at $274.05 (-1.04%), -0.22% at $273.46 in pre-market
- Circle (CRCL): closed at $87.46 (+1.36%), -0.89% at $86.68
- Galaxy Digital (GLXY): closed at $27.57 (+1.92%), -0.36% at $27.47
- Bullish (BLSH): closed at $48.42 (+4.42%), -0.93% at $47.97
- MARA Holdings (MARA): closed at $12.44 (-0.24%), -0.72% at $12.35
- Riot Platforms (RIOT): closed at $15.59 (-0.32%), -0.38% at $15.53
- Core Scientific (CORZ): closed at $17.08 (+3.2%), +0.41% at $17.15
- CleanSpark (CLSK): closed at $15.03 (+3.73%), -0.67% at $14.93
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $47.29 (+4%)
- Exodus Movement (EXOD): closed at $15.42 (+7.61%)
Crypto Treasury Companies
- Strategy (MSTR): closed at $186.01(-1.26%), -0.75% at $184.61
- Semler Scientific (SMLR): closed at $20.33 (-0.54%), -0.2% at $30.57
- SharpLink Gaming (SBET): closed at $11.16 (+5.38%), -0.36% at $11.12
- Upexi (UPXI): closed at $2.85 (-2.06%), -0.35% at $2.84
- Lite Strategy (LITS): closed at $1.75 (-0.57%)
ETF Flows
Spot BTC ETFs
- Daily net flows: -$194.6 million
- Cumulative net flows: $57.54 billion
- Total BTC holdings ~1.31 million
Spot ETH ETFs
- Daily net flows: -$41.5 million
- Cumulative net flows: $12.97 billion
- Total ETH holdings ~6.29 million
Source: Farside Investors
