By Francisco Rodrigues (all times ET unless otherwise noted)
Bitcoin is hovering around $91,300 after falling more than 2.2% in 24 hours, a better performance than the broader crypto market’s 3.2% drop as measured by the CoinDesk 20 (CD20) index.
The background is messy. A record-long US government shutdown has delayed key labor reports, although layoff announcements abound to make headlines as companies increasingly turn to artificial intelligence to cut costs. The Fed’s preferred inflation gauge, personal consumption expenditures (PCE), which is due later today, is only now catching up with older data.
Still, institutional signals are supportive. Just this week, Vanguard opened up crypto-ETF access, Bank of America greenlit wealth advisors 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 likely to support risk assets.
In a longer perspective, bitcoin rose as high as $94,000 this week and is still in the green after falling as low as $80,600 in November.
“Crypto markets have staged a strong recovery after a 35% move, right in line with the big shakeouts we’ve seen throughout this bull cycle,” Lewis Harland, a portfolio manager at Re7 Capital, told CoinDesk.
“Bitcoin’s move back into the $92-93,000 region highlights strong dip-buying interest, and we are now in the kind of consolidation zone that typically precedes a resumption of bullish momentum.”
That resurgence may be elusive for now, as traders move to stablecoins and chase dividends instead of holding spot tokens, according to Syndicate co-founder Will Papper.
“At the same time, this is also a sign of market maturity: A shift to return strategies is a shift to long-term thinking,” Papper told CoinDesk. “Yield strategies open up crypto to a larger portion of portfolios than risk assets alone.”
“The reduction in leverage after October is a sign that either users or the market will force more long-term thinking,” Papper concluded. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- 5 December at 11: QuickSwap (QUICK) Web3 Payments AMA at X Spaces.
- Macro
- 5 December at 08:30: Canada Nov. Unemployment rate estimated. 7%.
- 5 December at 10: USA (preliminary) University of Michigan study. Consumer Sentiment Index Est. 52; Inflation expectations (previously 4.5%).
- December 5, at 10:00am: US September PCE price index. Headline YoY Est. 2.8%, MoM Est. 0.3%; Core YY Est. 2.9%, MoM Est. 0.2%.
- Earnings (Estimated based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Aavegotchi DAO elects a new director for its founding 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 December 6.
- Compound DAO votes to write off V2 by pausing all borrowing and cashing and setting reserve factors to 100%. Voting ends December 6.
- Unlocks
- The token is launched
- December 5: to burn 90% and distribute 10% of purchased tokens during the month to ezREZ players.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down -1.11% from 16 ET Thursday at $91,163.32 (24 hours: -1.54%)
- ETH is unchanged at $3,123.32 (24h: -1.38%)
- CoinDesk 20 is down 1.17% to 2,907.07 (24 hours: -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
- The Nikkei 225 closed up 1.05% at 50,491.87
- The Hang Seng closed up 0.58% at 26,085.08
- The FTSE is up 0.17% to 9,726.99
- The Euro Stoxx 50 rose 0.34% to 5,737.26
- The DJIA closed Thursday unchanged at 47,850.94
- The S&P 500 closed up 0.11% at 6,857.12
- The Nasdaq Composite closed up 0.22% at 23,505.14
- The S&P/TSX Composite closed up 1.02% at 31,477.57
- The S&P 40 Latin America closed up 1.22% at 3,255.46
- The US 10-year Treasury note rose 0.2 bps 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 Index futures are unchanged at 47,912.00
Bitcoin statistics
- BTC Dominance: 59.27% (0.14%)
- Ether to bitcoin ratio: 0.03437 (1%)
- Hashrate (seven-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 priced in gold: 21.6 oz.
- BTC vs Gold Market Cap: 6.11%
Technical Analysis
- Bitcoin’s weekly low rejected support just below $80,000, and with a clear bullish RSI divergence, this points to a likely uptrend for BTC.
- Key to watch: If weekly BTC breaks above the next resistance at ~$94,000. If not, then the likely result is that the price fluctuates between the highlighted support and resistance
Crypto stocks
- Coinbase Global (COIN): closed Thursday at $274.05 (-1.04%), -0.22% at $273.46 in premarket
- 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 ~1.31M
Spot ETH ETFs
- Daily net flows: -$41.5 million
- Cumulative net flows: $12.97 billion
- Total ETH holding ~6.29 million
Source: Farside Investors
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