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Bitcoin
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Analysis
Analysis
Blockchain
Blockchain
Bitcoin extended its recent correction on Friday, trading around the $91,200 level. A sustained wave of selling in spot exchange-traded funds (ETFs) is unsettling investors and serving as the primary pressure point. While short-term derivative positions are being unwound, institutional analysts are already shifting their focus toward regulatory progress and long-term price targets.
Despite the current period of weakness, analysts at U.S. banking giant JPMorgan maintain a positive outlook. They point to an improved volatility profile relative to gold, using this comparison to derive a theoretical price target of approximately $170,000 for the next six to twelve months.
This scenario is bolstered by ongoing institutional adoption. A key milestone was the Commodity Futures Trading Commission’s (CFTC) approval of spot trading on regulated exchanges. Furthermore, financial services provider Vanguard is now granting access to Bitcoin ETFs for its 50 million clients, a move that could generate fresh demand.
The immediate price pressure is largely attributed to persistent capital outflows from U.S. spot Bitcoin ETFs. The iShares Bitcoin Trust (IBIT) from BlackRock is a particular focal point: market data indicates a single-day withdrawal of $113 million on Thursday alone. The fund is now facing its sixth consecutive week of outflows, which would mark its longest negative streak since trading began in early 2024. Over the past five weeks, total redemptions have exceeded $2.7 billion.
This trend is directly reflected in market psychology. The “Fear and Greed” Index remains mired in “extreme fear” territory with a reading of 25. The cryptocurrency is currently priced at $91,371, representing a decline of nearly 27% from its 52-week high recorded in October.
Parallel to the ETF outflows, a noticeable deleveraging is occurring in the derivatives market. Aggregate Open Interest for futures contracts has fallen from $25 billion to $21 billion within a month. Market observers interpret this as evidence that speculative excess is being purged from the system. While this exerts downward pressure on prices in the short term, it often establishes a healthier foundation for medium-term movement.
Despite this market clearing, a significant support pillar remains intact. The corporate treasury of Strategy (formerly MicroStrategy) is viewed as solid. With a holding of roughly 650,000 Bitcoin and cash reserves of $1.44 billion, analysts see no risk of distressed selling from this entity that could further burden the market.
For the near-term trajectory, the critical level to watch is $90,600. A breach here risks triggering a cluster of liquidations. On the upside, this week’s high near $94,200 acts as the initial resistance. Beyond ongoing ETF flow data, a potential catalyst in the coming weeks will be the pending MSCI decision regarding a possible index inclusion for Strategy.
The Ethereum network has successfully implemented its latest major upgrade, known as Fusaka. Activated at block height 18,200,000, this technical enhancement introduces a key scaling solution designed to substantially reduce data costs for Layer 2 networks. Despite this positive fundamental development, ETH’s price action remains subdued, trading near $3,160, highlighting a market that is cautiously weighing technological progress against broader sentiment.
While retail investor activity appears hesitant, on-chain data reveals significant institutional movement. In a notable display of conviction, Bitmine purchased approximately 41,946 ETH last week, a transaction valued at over $130 million. This acquisition brings the firm’s total holdings to more than 3.57 million ETH, signaling strong long-term confidence in the asset.
The picture from the exchange-traded fund (ETF) landscape is more mixed. On December 4, U.S. spot Ethereum ETFs recorded net outflows of $41.5 million. Although products like BlackRock’s ETHA had seen intermittent inflows, the recent withdrawals suggest a phase of temporary risk-off behavior among some fund investors.
At the heart of the Fusaka upgrade is the implementation of Peer Data Availability Sampling (PeerDAS). This innovation is set to increase the network’s “blob” throughput by a factor of eight. The enhancement allows for significantly more data processing per block without burdening Ethereum’s main execution layer, a critical step for a rollup-centric roadmap.
Early network metrics indicate the upgrade is having a tangible impact:
* Reduced Expenses: Layer 2 rollups are already reporting markedly lower costs for data submission.
* Operational Stability: The network has maintained stability throughout the technically complex hard fork process.
* Validator Consistency: The count of active validators has remained steady, indicating smooth participation.
Market technicians point to a “death cross” formation on the daily chart, and the overall Crypto Fear & Greed Index sits at 28, squarely in “Fear” territory. The ETH price, currently around $3,160, faced additional headwinds from the expiry of crypto options contracts worth $4 billion today. This monthly expiry event typically injects short-term volatility and has dampened momentum despite the positive network news.
Some observers, including market analyst Tom Lee, interpret the aggressive accumulation by large wallet addresses as a potential precursor to a recovery in the coming weeks. For now, the $3,100 support level is viewed as crucial. Whether the improved network fundamentals can translate into renewed price strength will likely become clearer in the final weeks of the year.
The recent pullback in silver prices proved to be only a brief pause. Buyers have returned with force, driving the metal within striking distance of its all-time high. A dramatic tightening in physical availability is bringing the psychologically significant $60 level into sharp focus for investors.
Beyond immediate supply concerns, broader economic factors are providing support. Market participants are widely anticipating a 25 basis point interest rate cut at the Federal Reserve’s meeting on December 9th and 10th. This expectation is reinforced by softening U.S. labor market data, notably the unexpected decline in private payrolls from the ADP report. Lower interest rates and a potentially weaker dollar enhance the appeal of the non-yielding metal for global investors.
Longer-term, structural industrial demand acts as a powerful price driver. Sectors including photovoltaics, artificial intelligence, and electric mobility are consuming increasing volumes of silver. Experts point out that future solid-state batteries could multiply the silver requirement per vehicle from the current approximate 25 grams to as much as one kilogram.
The fundamental case for the renewed push toward record highs is underscored by a tangible shortage. Stockpiles at the Shanghai Futures Exchange have recently fallen to their lowest level since 2015, even as China exported a historic record of over 660 tonnes in October.
This outflow is creating bottlenecks in Western trading hubs. A record volume flowed into London in November to meet demand there. Simultaneously, investment demand is soaking up supply: Silver ETFs saw inflows of approximately 200 tonnes on Tuesday alone, lifting total holdings for these funds to their highest level since 2022.
The brief decline below $57 proved short-lived. With today’s advance, the precious metal is within cents of the 52-week high of $59.15 marked on Tuesday. This continues the remarkable 2025 performance where silver has significantly outperformed its sister metal, gold. Technically, the brief consolidation has eased conditions: the RSI has retreated from overbought territory, creating room for further gains without immediate overheating signals.
A sustained breakout above the $59.15 high would technically clear the path toward the round $60 mark. As long as support around $54 holds, the outlook for a continuation of the historic rally remains positive.
As December begins, Cardano (ADA) is showing signs of a potential recovery following a period of market volatility. The asset’s price action is flashing an initial technical buy signal, while significant fundamental developments—including a major community investment package and institutional validation—are providing a supportive backdrop for bullish sentiment.
A pivotal development for Cardano’s legitimacy in traditional finance came from asset manager Franklin Templeton. On December 1, the firm officially added ADA to its “Franklin Crypto Index ETF” (ticker: EZPZ). This inclusion is viewed as a key vote of confidence in Cardano’s regulatory standing and market maturity. As this diversified ETF grows and rebalances, ADA could benefit from consistent, passive investment inflows.
Simultaneously, the Cardano community has made a decisive move through its decentralized governance system. A proposal to allocate 70 million ADA from the project’s treasury was approved, receiving roughly 64% of the vote. These funds are now directed to the “Critical Integrations Budget,” with a clear strategic focus:
* Funding Stablecoin integrations to boost DeFi liquidity on the network.
* Expanding Cross-Chain bridge functionality to improve interoperability.
* Developing institutional-grade custody solutions, potentially paving the way for future ETF products.
On the charts, ADA has demonstrated resilience, stabilizing around the $0.44 price level. Market observers note that the crucial support zone near $0.43 has held. Notably, analyst Ali Martinez highlighted that the “SuperTrend” indicator generated a buy signal on the daily chart on December 4. This is interpreted by some as a potential technical cue that the recent selling pressure may be subsiding.
The technological landscape for Cardano continues to evolve. The Ika network, following a recent upgrade, now enables native interactions with Cardano, facilitating so-called “dWallets” without relying on vulnerable bridges.
A significant liquidity event is scheduled for Monday, December 8, with the distribution of the NIGHT token for the Midnight project. Investors should note this is primarily a liquidity event and does not represent the full mainnet launch, which is currently slated for Q1 2026.
The stage appears set for a potentially stabilizing period for ADA in December. With secured funding for critical infrastructure, a favorable technical signal, and growing institutional recognition, the foundations for recovery seem to be in place. Whether bullish momentum can be sustained will become clearer as new liquidity enters the market via the NIGHT token distribution on December 8.
Gold’s Momentum Builds Ahead of Pivotal Fed Meeting
Market expectations are firmly set for the Federal Reserve to cut interest rates by 25 basis points at its upcoming Tuesday-Wednesday meeting, with an 87% probability priced in by traders. This potential shift is a powerful tailwind for gold, as lower interest rates enhance the appeal of non-yielding assets like the precious metal. Already a top performer for 2025 with gains exceeding 60% year-to-date, gold stands to benefit further from a more accommodative monetary policy.
Economic Data Paints a Softer Picture
Recent U.S. economic indicators have surprised to the downside, providing the Fed with compelling reasons to consider easing. The private sector shed 32,000 jobs according to the latest ADP report, marking the most significant contraction in two and a half years. Furthermore, Challenger job cut announcements soared to 71,321 for November alone, bringing the 2025 total to 1.17 million. This apparent softening in the labor market represents a stark reversal from previous months of robust employment data.
The U.S. dollar index has retreated to 98.8, its lowest point since late October, removing a traditional headwind for dollar-denominated gold. The metal itself posted a monthly gain of 6.5%, consolidating at elevated levels. The market now awaits the delayed release of the September PCE inflation figures, the Fed’s preferred price gauge, which could provide the final catalyst for the rate decision.
Diverging Demand Trends Provide Context
The demand landscape for physical gold presents a mixed picture. While institutional buyers remain active, retail interest in key Asian markets has been subdued. In India, prices hovering near record levels are deterring potential buyers, with many awaiting a correction. A similar dynamic is at play in China, where high prices and market volatility are keeping private purchasers on the sidelines.
Central bank activity, however, offers a strong counterbalance. The World Gold Council reported net purchases of 53 tonnes in October—a 36% increase from the previous month and the highest level of monthly net demand since the start of the year. These substantial institutional acquisitions provide fundamental support beneath the market.
Silver Steals the Spotlight with Record Run
While gold consolidates, silver’s performance has been even more dramatic. The industrial metal surged to a fresh all-time high on Wednesday, boasting year-to-date gains of over 100%. This remarkable rally is fueled by substantial inflows into exchange-traded funds, a structural supply deficit, and its recent designation as a critical mineral on the U.S. official list.
Looking ahead, gold is poised for a relatively unchanged weekly close despite daily volatility. Speculation regarding a potential leadership change at the Fed, with Kevin Hassett possibly succeeding Chair Jerome Powell in May 2026, is stoking expectations for an even more aggressive easing cycle. Until the Fed’s announcement this coming Wednesday, the gold market is likely to remain in a holding pattern, supported by rate cut prospects but tempered by its recent steep ascent.