By Omkar Godbole (All times ET unless noted)
The atmosphere in the crypto market is weighed down, with bearish forecasts from analysts becoming prevalent amid diminishing prices. Bitcoin’s recovery from Monday’s drop below $84,000 has stalled near $87,000, while significant altcoins such as XRP, ETH, SOL, and DOGE linger close to their lows from Monday.
The CoinDesk 20 and CoinDesk 80 Indices have seen less than a 1% increase in the last 24 hours.
“This is a precarious lull following a downward trend, with the threat of a sell-off returning at any moment,” stated Alex Kuptsikevich, chief market analyst at FXPro, who pointed out that the market cap is slightly below $3 trillion. “All eyes are now on whether the bulls in the crypto market can protect the late November lows near $2.83 trillion,” he added in an email to CoinDesk.
A glimmer of hope: ETF sell-offs have come to a halt. The 11 U.S.-listed spot ETFs recorded inflows of $8.48 million on Monday, marking a three-day streak, according to SoSoValue. However, the combined four-day total of $229 million remains significantly lower than the billions lost since early October and requires substantial growth to boost valuations.
Meanwhile, some analysts have called for a reevaluation of the fears surrounding potential interest rate hikes in Japan and their destabilizing effects on cryptocurrencies and the broader financial market.
“Should the Japanese government allow interest costs as a percentage of GDP to climb, thereby widening the budget deficit while potential GDP growth hovers near zero, it would be compelled to abandon the welfare state,” warned Jeroen Blokland, founder of Blokland Smart Multi-Asset Fund, on X. “In a nation with one of the world’s oldest populations, such a course of action is unlikely. Yield Curve Control will likely re-emerge in the monetary policy toolbox of the Bank of Japan.”
In other notable news, KAS, the native token of the layer-1 proof-of-work Kaspa blockchain that utilizes blockDAG structure and GHOSTDAG protocol for high throughput, displayed weakness.
The token saw an 8% rise last month, diverging from broader market trends, as investors welcomed verified programmability (vProgs), which introduces native, lightweight programmability directly on Kaspa’s layer 1 without sacrificing speed, security, or decentralization.
In traditional markets, Treasury yields remain high, providing support for the dollar index. Stay vigilant!
Read more: For an analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a detailed schedule of events this week, refer to CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Dec. 2: Grayscale Chainlink Trust ETF (GLNK) is expected to start trading on NYSE Arca, converting the existing chainlink trust into a spot chainlink ETF.
- Dec. 2, 12 p.m.: MultiversX (EGLD) “Staking V5” mainnet upgrade takes effect at epoch 1,951.
- Dec. 2: VeChain (VET) Hayabusa hard fork upgrade executes on mainnet at block 23,414,400.
- Macro
- Dec. 2, 10 a.m.: Federal Reserve Vice Chair for Supervision Michelle W. Bowman will deliver a speech. Watch live.
- Dec. 2, 10 a.m.: U.S. SEC Chair Paul Atkins will speak at the New York Stock Exchange, titled “Revitalizing America’s Markets at 250,” after ringing the opening bell at 9:15 a.m.
- Earnings (Estimates based on FactSet data)
- Dec. 2: Forward Industries (FWDI), post-market, N/A.
Token Events
For a detailed schedule of events this week, refer to CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Decentraland DAO is currently voting on a proposal for an independent audit of Regenesis Labs, led by community member Maryana, to address concerns regarding fund usage and transparency. Voting concludes Dec. 2.
- Unlocks
- will unlock $50.4 million worth of tokens, which represents 2.8% of supply.
- Token Launches
- Dec. 2: Aster’s S4 buybacks commence.
Conferences
For a detailed schedule of events this week, refer to CoinDesk’s “Crypto Week Ahead.”
Market Movements
- BTC has risen 0.4% from 4 p.m. ET Monday at $86,801.55 (24hrs: +0.27%)
- ETH has increased 0.27% at $2,799.42 (24hrs: -1.27%)
- CoinDesk 20 has climbed 0.15% to 2,727.64 (24hrs: -0.47%)
- Ether CESR Composite Staking Rate has increased 7 basis points to 2.87%
- BTC funding rate stands at 0.0069% (7.5829% annualized) on Binance
- DXY remains stable at 99.49
- Gold futures have dropped 1.29% to $4,219.70
- Silver futures fell 2.89% to $57.44
- Nikkei 225 closed unchanged at 49,303.45
- Hang Seng closed up 0.24% at 26,095.05
- FTSE remains flat at 9,709.62
- Euro Stoxx 50 has increased 0.5% to 5,695.65
- DJIA finished down 0.9% at 47,289.33
- S&P 500 closed down 0.53% at 6,812.63
- Nasdaq Composite ended down 0.38% at 23,275.92
- S&P/TSX Composite dropped 0.9% to 31,101.78
- S&P 40 Latin America decreased 0.27% to 3,163.56
- U.S. 10-Year Treasury rate holds steady at 4.09%
- E-mini S&P 500 futures are unchanged at 6,831.75
- E-mini Nasdaq-100 futures have risen 0.14% to 25,428.00
- E-mini Dow Jones Industrial Average Index futures remain unchanged at 47,366.00
Bitcoin Stats
- BTC Dominance: 59.55% (+0.24%)
- Ether-bitcoin ratio: 0.03228 (-0.5%)
- Hashrate (seven-day moving average): 1,075 EH/s
- Hashprice (spot): $36.95
- Total fees: 4.1 BTC / $352,115
- CME Futures Open Interest: 121,220 BTC
- BTC priced in gold: 20.7 oz.
- BTC vs gold market cap: 5.81%
Technical Analysis
- The count of long positions in the Bitfinex-listed BTC/USD pair has surged to 71,809, the highest level since February 2024.
- This indicates that traders are increasingly opting for bullish exposure.
- Historical patterns reveal that a significant uptick in bullish bets typically coincides with downtrends.
Crypto Equities
- Coinbase Global (COIN): finished Monday at $259.84 (-4.76%), +0.83% at $261.99
- Circle Internet (CRCL): closed at $75.94 (-4.99%), +1.41% at $77.01
- Galaxy Digital (GLXY): settled at $24.8 (-6.73%), unchanged in pre-market
- Bullish (BLSH): ended at $41.03 (-5.94%), +1.1% at $41.48
- MARA Holdings (MARA): concluded at $11.52 (-2.46%), +0.78% at $11.61
- Riot Platforms (RIOT): wrapped up at $15.48 (-4.03%), +1.1% at $15.65
- Core Scientific (CORZ): ended at $16.59 (-1.78%), +0.12% at $16.61
- CleanSpark (CLSK): finished at $14.08 (-6.76%), +1.56% at $14.30
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $47.26 (-2.42%)
- Exodus Movement (EXOD): finished at $14.8 (-10.41%)
Crypto Treasury Companies
- Strategy (MSTR): closed at $171.42 (-3.25%), +0.62% at $172.48
- Semler Scientific (SMLR): concluded at $19.75 (-9.07%)
- SharpLink Gaming (SBET): ended at $9.6 (-9.6%), +1.56% at $9.75
- Upexi (UPXI): closed at $2.65 (-5.18%)
- Lite Strategy (LITS): finished at $1.71 (-9.52%)
ETF Flows
Spot BTC ETFs
- Daily net flows: $8.5 million
- Cumulative net flows: $57.7 billion
- Total BTC holdings ~1.31 million
Spot ETH ETFs
- Daily net flows: -$79 million
- Cumulative net flows: $12.88 billion
- Total ETH holdings ~6.27 million
Source: Farside Investors
