Written by Francisco Rodriguez (all times Eastern Time unless otherwise noted)
Bitcoin is hovering around $91,300 after falling more than 2.2% in 24 hours, outperforming the overall crypto market’s 3.2% decline as measured by the CoinDesk 20 (CD20) index.
The background is dirty. The record-length U.S. government shutdown has delayed the release of key labor statistics, but a number of layoff announcements are hitting the headlines as companies turn to AI to cut costs. Personal consumption expenditures (PCE), the Fed’s preferred measure of inflation, will be released later today and is currently catching up with older data.
Still, institutional signals tend to be supportive. Just this week, Vanguard launched access to crypto ETFs, Bank of America wealth advisors recommended up to 4% of portfolio allocation to digital assets, and Charles Schwab said it plans to offer trading in Bitcoin and Ether in early 2026.
In addition, the US Federal Reserve is expected to cut interest rates this month, which is likely to support risk assets.
Taking a longer-term perspective, Bitcoin rose to $94,000 this week and remains profitable after falling to $80,600 in November.
“The crypto market rebounded sharply after a 35% drawdown, which is exactly in line with the massive swings we have seen throughout this bull cycle,” Louis Haaland, portfolio manager at Re7 Capital, told CoinDesk.
“Bitcoin’s return to the $92,000-$93,000 area highlights strong buy-on-the-dip interest, and we are now in the sort of consolidation zone that typically occurs before bullish momentum resumes.”
Syndicate co-founder Will Papper said a restart may be difficult at the moment as traders are moving to stablecoins and seeking yield rather than holding spot tokens.
“At the same time, this is a sign that the market is maturing. The switch to a yield strategy is a switch to long-term thinking,” Papper told CoinDesk. “Yield strategies allow cryptocurrencies to be a larger part of a portfolio than risk assets alone.”
“The decline in leverage since October indicates that either users or the market are being forced to think more long-term,” Papper concluded. Be alert!
More information: For an analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today.
what to see
For a more comprehensive list of this week’s events, see CoinDesk’s Cry~~pto Week Ahead.
- cryptography
- December 5th, 11am: X Spaces’ QuickSwap (QUICK) Web3 Payments AMA.
- macro
- Dec. 5, 8:30 a.m.: Canada’s November unemployment rate estimate. 7%.
- December 5th, 10:00 a.m.: December (tentative) University of Michigan survey. Consumer sentiment index estimate 52; inflation expectations (previously 4.5%).
- December 5th 10am: US September PCE Price Index. Headline YoY forecast 2.8%, MoM estimate 0.3%; Core YoY forecast 2.9%, MoM estimate 0.2%.
- revenue (estimated based on FactSet data)
token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Aavegotchi DAO is electing new directors for its foundation company following the resignation of the current director. Voters can choose between two candidates or vote to appoint both to ensure compliance with the law and continuity of operations. Voting ends on December 6th.
- Compound DAO is voting to deprecate V2 by suspending all borrowing and minting and setting the reserve ratio to 100%. Voting ends on December 6th.
- unlock
- Activate token
- December 5th: REZ$0.006369 We will burn 90% of the tokens purchased during the month and distribute 10% to ezREZ stakers.
conference
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Day 2 of 2: Milken Institute Middle East and Africa Summit 2025 (Abu Dhabi)
- Day 1 of 2: Midwest Blockchain Conference 2025 (Ann Arbor, Michigan)
market movements
- BTC has fallen -1.11% to $91,163.32 as of 4:00 PM ET on Thursday (24h: -1.54%).
- ETH unchanged at $3,123.32 (24 hours: -1.38%)
- CoinDesk 20 fell 1.17% to 2,907.07 (24 hours: -2.6%)
- Ether CESR overall staking rate decreased by 35bps to 2.5%
- BTC funding rate is 0.0056% on Binance (6.107% p.a.)
- DXY remains unchanged at 99.02
- Gold futures rose 0.26% to $4,254.10.
- Silver futures rose 2.16% to $58.73.
- The Nikkei 225 closed 1.05% lower at 50,491.87.
- The Hang Seng rose 0.58% to close at 26,085.08.
- FTSE rose 0.17% to 9,726.99.
- The Euro Stoxx 50 rose 0.34% to 5,737.26.
- The DJIA closed unchanged on Thursday at 47,850.94.
- The S&P 500 rose 0.11% to close at 6,857.12.
- The Nasdaq Composite Index rose 0.22% to end at 23,505.14.
- The S&P/TSX Composite rose 1.02% to end at 31,477.57.
- The S&P 40 Latin America Index rose 1.22% to end at 3,255.46.
- US 10-year government bond interest rate rose 0.2bps to 4.11%
- E-mini S&P 500 futures rose 0.19% to 6,880.00
- E-mini Nasdaq 100 futures rose 0.41% to 25,727.00.
- E-mini Dow Jones Industrial Average futures unchanged at 47,912.00
bitcoin statistics
- BTC Dominance: 59.27% (0.14%)
- Ether to Bitcoin ratio: 0.03437 (1%)
- Hashrate (7-day moving average): 1,036 EH/s
- Hash Price (Spot): $38.81
- Total fees: 3.23 BTC / $299,506
- CME futures open interest: 121,475 BTC
- BTC Gold Price: 21.6oz
- BTC vs. Gold Market Cap: 6.11%
technical analysis
- Bitcoin’s weekly low has rebounded from support just below $80,000, and with a clear bullish RSI divergence, this signals a possible uptrend for BTC.
- The crux to watch is if the BTC weekly breaks above the next resistance level around $94,000. If not, the price may fluctuate between the highlighted support and resistance.
crypto assets
- Coinbase Global (COIN): Thursday close $274.05 (-1.04%), pre-market $273.46 (-0.22%)
- Circle (CRCL): $87.46 (+1.36%), -0.89% to end at $86.68
- Galaxy Digital (GLXY): $27.57 (+1.92%), -0.36% to end at $27.47.
- Bullish (BLSH): $48.42 (+4.42%), -0.93% to end at $47.97
- MARA Holdings (MARA): $12.44 (-0.24%), -0.72% to close at $12.35.
- Riot Platform (RIOT): Ended at $15.59 (-0.32%), -0.38% at $15.53
- Core Scientific (CORZ): $17.08 (+3.2%), +0.41% to end at $17.15
- CleanSpark (CLSK): Closed at $15.03 (+3.73%), -0.67% at $14.93
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Ended at $47.29 (+4%)
- Exodus Movement (EXOD): Closed at $15.42 (+7.61%)
crypto asset company
- 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): $11.16 (+5.38%), -0.36% to close at $11.12
- Upexi (UPXI): $2.85 (-2.06%), -0.35% to close at $2.84
- Light Strategy (LITS): Closed at $1.75 (-0.57%)
ETF flow
Spot BTC ETF
- Daily net flow: -$194.6 million
- Cumulative net flow: $57.54 billion
- Total BTC holdings ~1.31 million
Spot ETH ETF
- Daily net flow: -$41.5 million
- Cumulative net flow: $12.97 billion
- Total ETH holdings ~6.29 million
Source: Farside Investors
while you were sleeping
- How much will Bitcoin, XRP, Ether and Solana move on Friday’s inflation report (CoinDesk): Unabated U.S. consumer inflation could delay the crypto breakout despite expectations for a rate cut, with Friday’s moves moving 1.88% for Bitcoin, 3% for Ether and 4.33% for XRP, according to Volmex data.
- Kraken launches high-touch VIP program for ultra-high-net-worth clients (CoinDesk): Kraken’s VIP program requires an average balance of $10 million or $80 million in annual trading volume and provides members with a dedicated relationship manager, 24/7 support, multichannel access, and early product insights.
