Bears Take a Breather: Crypto Daybook Americas

By Omkar Godbole (All times ET unless indicated otherwise)

The sentiment reset in the crypto market continues, with bitcoin BTC$92,860.43 gaining 1.6% since midnight UTC to trade above $93,000 alongside signs of a bear-trap in ether ETH$3,074.24, whose price feigned a breakdown below the lower boundary of a descending channel before staging a bounce.

The action reflects revved up interest in the broader market, leading to several altcoins such as SUI, PUMP, ENA, LINK, PUMP and AAVE posting double-digit gains in the past 24 hours.​ The bullish mood is evident from the 6%-7% advances in the CoinDesk 20 (CD20) and CoinDesk 80 (CD80) indexes in the same period.

Still, it’s a nervous upswing because of uncertainty over leadership at the Fed ​

“For now, crypto remains stable, but it is the uneasy kind of stable that waits for clarity,” QCP Capital’s market insights team noted.​ “With macro catalysts muted and Fed leadership uncertainty building, digital assets are effectively in pause mode until policymakers deliver the next decisive signal.”

Speaking of the Fed, prediction markets currently favor Kevin Hassett, as potential new Fed chairman, which if it materializes, will shift the FOMC panel more dovish. Hassett is widely seen as the most pro-rate cut candidate currently in the running to be the next central bank chief.

A 25 basis-point interest-rate cut is baked in for next week, with investment banks calling a couple more for next year.​

However, both Treasury yields and the dollar aren’t budging amid signs of fiat liquidity stress. All this only adds to the uneasy feeling described by QCP.​

Market confidence is expected to grow once bitcoin tops $100,000, according to FxPro’s chief market analyst, Alex Kuptsikevich.

“The $98K-100K range contains three psychologically significant levels: the 50-day average, early November support, and 61.8% of the decline from the peak,” Kuptsikevich noted.​ “Consolidation above this level could convince buyers that crypto winter has not arrived.”

In traditional markets, gold seems to be struggling despite the recent bullish breakout, a type of price action usually seen before price corrections. A potential pullback could revive hopes for rotation of funds into BTC. 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 “Crypto Week Ahead“.

• Crypto
  • Dec. 3 (around 4:50 p.m.): Ethereum’s Fusaka network upgrade activates at epoch 411,392 on the mainnet. Livestream link.
• Macro
  • Dec. 3, 8 a.m.: Brazil Nov. S&P Global PMI. Services (Prev. 47.7), Composite (Prev. 48.2).
  • Dec. 3, 8:15 a.m.: U.S. Nov. ADP Employment Change Est. 5K.
  • Dec. 3, 9:30 a.m.: Canada Nov. S&P Global PMI. Composite (Prev. 50.3), Services (Prev. 50.5).
  • Dec. 3, 9:45 a.m.: U.S. Nov. S&P Global (Final) PMI. Composite Est. 54.8, Services Est. 55.
  • Dec. 3, 10 a.m.: U.S. Nov. ISM Services PMI Est. 52.1.
• Earnings (Estimates based on FactSet data)
  • Nothing scheduled.

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.

• Governance votes & calls
  • Dec. 3, 7 a.m.: Kava to host an ask me anything (AMA) session.
• Unlocks
  • No major unlocks.
• Token Launches
  • Dec. 3: HumidiFi’s WET goes live on Jupiter’s DTF.
  • Dec. Sandbox’s SAND launches on Base.

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.

• Day 2 of 2: Blockchain for Europe (Brussels)
• Day 2 of 2: India Blockchain Week 2025 (Bangalore)
• Day 2 of 2: FinTech Connect 2025 (London)
• Day 2 of 2: MENA FinTech and Insurtech Festival (Doha, Qatar)
• Day 2 of 2: Modern Investor Summit 2025 (Virtual)
• Day 2 of 2: TOKENIZE:LDN (London)
• Day 2 of 3: FT’s Global Banking Summit (London)
• Day 1 of 2: Binance Blockchain Week 2025 (Dubai, UAE)

Market Movements

• BTC is up 1.75% from 4 p.m. ET Tuesday at $93,213.23 (24hrs: +6.18%)
• ETH is up 2.23% at $3,063.59 (24hrs: +8.16%)
• CoinDesk 20 is up 1.82% at 2,984.67 (24hrs: +7.99%)
• Ether CESR Composite Staking Rate is down 3 bps at 2.87%
• BTC funding rate is at 0.0052% (5.70% annualized) on Binance

• DXY is down 0.34% at 99.02
• Gold futures are up 0.30% at $4,233.30
• Silver futures are up 0.20% at $58.82
• Nikkei 225 closed up 1.14% at 49,864.68
• Hang Seng closed down 1.28% at 25,760.73
• FTSE is down 0.14% at 9,687.88
• Euro Stoxx 50 is up 0.54% at 5,717.05
• DJIA closed on Tuesday up 0.39% at 47,474.46
• S&P 500 closed up 0.25% at 6,829.37
• Nasdaq Composite closed up 0.59% at 23,413.67
• S&P/TSX Composite closed down 0.17% at 31,049.28
• S&P 40 Latin America closed up 1.46% at 3,209.63
• U.S. 10-Year Treasury rate is down 0.7 bps at 4.081%
• E-mini S&P 500 futures are up 0.17% at 6,851.75
• E-mini Nasdaq-100 futures are up 0.11% at 25,634.00
• E-mini DJIA futures are up 0.19% at 47,633.00

Bitcoin Stats

• BTC Dominance: 59.67% (+0.15%)
• Ether-bitcoin ratio: 0.0329 (0.22%)
• Hashrate (seven-day moving average): 1,085 EH/s
• Hashprice (spot): $39.59
• Total fees: 3.9 BTC / $346,701
• CME Futures Open Interest: 121,675 BTC
• BTC priced in gold: 22.1 oz.
• BTC vs gold market cap: 6.23%

Technical Analysis

• The chart shows hourly changes in the ratio between the dollar price of bitcoin and gold in candlestick format.
• The ratio has formed a bullish double bottom pattern and probed the pattern’s neckline resistance as of writing.
• A breakout would confirm a bearish-to-bullish trend change,

Crypto Equities

• Coinbase Global (COIN): closed on Tuesday at $263.26 (+1.32%), +2.6% at $270.10 in pre-market
• Circle (CRCL): closed at $77.44 (+1.98%), +2.98% at $79.75
• Galaxy Digital (GLXY): closed at $25.36 (+2.26%), +1.5% at $25.74
• Bullish (BLSH): closed at $43.06 (+4.95%), +2.14% at $43.98
• MARA Holdings (MARA): closed at $11.91 (+3.39%), +2.85% at $12.25
• Riot Platforms (RIOT): closed at $15.22 (-1.68%), +2.43% at $15.59
• Core Scientific (CORZ): closed at $15.82 (-4.64%)
• CleanSpark (CLSK): closed at $13.71(-2.63%), +3.28% at $14.16
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $43.68 (-7.58%)
• Exodus Movement (EXOD): closed at $14.48 (-2.16%), +1.66% at $14.72

Crypto Treasury Companies

• Strategy (MSTR): closed at $181.33 (+5.78%), +2.63% at $186.10
• Semler Scientific (SMLR): closed at $19.98 (+1.16%)
• SharpLink Gaming (SBET): closed at $9.97 (+3.85%), +3.31% at $10.30
• Upexi (UPXI): closed at $2.89 (+9.04%), +2.25% at $2.96
• Lite Strategy (LITS: closed at $1.80 (+5.26%)

ETF Flows

Spot BTC ETFs

• Daily net flows: $58.5 million
• Cumulative net flows: $57.75 billion
• Total BTC holdings ~1.31 million

Spot ETH ETFs

• Daily net flows: -$9.9 million
• Cumulative net flows: $12.88 billion
• Total ETH holdings ~6.24 million

Source: Farside Investors

While You Were Sleeping

• Yi He, Arguably Crypto’s Most Powerful Woman, Becomes Binance’s New Co-CEO (CoinDesk): Yi He’s elevation to co-CEO formalizes her longtime leadership role at the crypto exchange, where she helped shape its growth strategy, brand and product focus alongside former CEO Changpeng Zhao.
• Saylor’s Strategy Engaging With MSCI on Potential Index Exclusion (Reuters): Strategy Executive Chairman Michael Saylor said the firm is in talks with MSCI over a possible index removal. JPMorgan said exclusion could trigger $8.8 billion in outflows and hurt fundraising.
• This Bitcoin-Led, Institutionally Anchored Cycle Shows the Three-Month Drop Isn’t a Winter: Glassnode (CoinDesk): Despite recent price weakness, onchain data shows investors added more money this cycle than ever before, while ETF demand and volatility trends remain far from bear-market territory.
• BlackRock’s Spot Bitcoin ETF Options Secure U.S. Top 10 Ranking With 7.7M Active Contracts (CoinDesk): IBIT options have overtaken options on gold ETFs and tech giants in activity, underscoring bitcoin’s rising status as a macro asset despite recent price weakness.