By Francisco Rodrigues (All times ET unless indicated otherwise)
Bitcoin is hovering around $91,300 after falling more than 2.2% in 24 hours, a better performance than the wider crypto market’s 3.2% drop as measured by the CoinDesk 20 (CD20) index.
The backdrop is messy. A record-long U.S. government shutdown has delayed key labor reports, though there are plenty of layoff announcements filling headlines as firms increasingly turn to AI to cut costs. The Fed’s preferred inflation gauge, personal consumption expenditure (PCE), due later today, is only now catching up with older data.
Still, institutional signals lean supportive. Just this week, Vanguard opened crypto ETF access, Bank of America greenlit wealth advisers to recommend allocations of as much as 4% of portfolios to digital assets and Charles Schwab said it plans to offer bitcoin and ether trading in early 2026.
Add to that the Federal Reserve is expected to cut interest rates this month, a move that’s likely to support risk assets.
Taking a longer perspective, bitcoin rose as high as $94,000 this week and is still in the green after dropping as low as $80,600 in November.
“The crypto markets have staged a sharp rebound after a 35% drawdown, right in line with the major shakeouts we’ve seen throughout this bull cycle,” Lewis Harland, a portfolio manager at Re7 Capital, told CoinDesk.
“Bitcoin’s move back into the $92–93k region highlights strong dip-buying interest, and we’re now in the kind of consolidation zone that typically precedes a resumption of bullish momentum.”
That resumption may be elusive for now, with traders moving to stablecoins and hunting yield rather than holding spot tokens, according to Syndicate co-founder Will Papper.
“At the same time, this is also a sign of market maturity: A switch into yield strategies is a switch into long-term thinking,” Papper told CoinDesk. “Yield strategies open crypto up to a larger part of portfolios than risk assets alone.”
“The reduction in leverage after October is a sign that either the users or the market will force more long-term mindsets,” Papper concluded. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a more comprehensive list of events this week, see CoinDesk’s “Cry~~pto Week Ahead”.
- Crypto
- Dec. 5, 11 a.m.: QuickSwap (QUICK) Web3 Payments AMA on X Spaces.
- 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 more comprehensive list of events this week, see 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 choose 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 more comprehensive list of events this week, see 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 is up 0.2 bps at 4.11%
- E-mini S&P 500 futures are up 0.19% at 6,880.00
- E-mini Nasdaq-100 futures are up 0.41% at 25,727.00
- E-mini Dow Jones Industrial Average Index futures are 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 off the support at just under $80,000 and with a clear bullish RSI divergence this points to a likely uptrend for BTC.
- The core thing to watch: If the BTC weekly breaks above the next resistance at ~$94,000. If not, then the likely outcome is that price oscillates between the highlighted support and resistance
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