Crypto markets are slightly in the green today, with Bitcoin trading between $92,000-$93,000 and total market cap stable around $3.2 trillion.
As of press time today, Dec. 4, Bitcoin (BTC) is trading around $92,800, up half a percent over the past 24 hours, and 2% on the weekly chart.
Ethereum (ETH) is faring better, trading around $3,180, up 3.4% and leading 24-hour gains among the top-20 assets. Most other large caps are flat today, or slightly in the green.
The Crypto Fear and Greed Index remained in the Fear zone for a second day, following several sessions of Extreme Fear.
Supply Underwater
In a Dec. 3 post on X, glassnode analysts said the market now “echoes of early 2022,” noting that Bitcoin has “stabilized above the True Market Mean” even as over 25% of supply remains underwater.
They added that demand is decreasing across spot trading, as well as futures and exchange-traded funds linked to BTC, while options positioning reflects compressed volatility and a more cautious tone.
Glassnode also highlighted in a Tuesday X post that Bitcoin has added $732 billion in new capital this cycle, with 1-year realized volatility nearly halved, suggesting a market that is now “calmer, larger and more institutional.”
Big Movers and Liquidations
Looking at the top-100 assets by market cap, Bittensor (TAO) is leading top gainers today, up nearly 6%, followed by Zcash (ZEC) and Avalanche (AVAX), both up about 4%.
On the downside, Canton (CC) dropped 7% in the past 24 hours, the weakest performer in the top-100, followed by Quant (QNT), down 4%.
Liquidations were still significant, but lighter than earlier in the week as Coinglass data shows that the market unwound about $282 million in leveraged positions over the past 24 hours. Shorts accounted for $201 million, while longs saw roughly $81 million in liquidations.
ETH led 24-hour liquidations with $123.3 million, followed by BTC at $77.5 million, while other altcoins had more than $12.5 million in liquidations.
ETFs and Macro Conditions
Spot Bitcoin ETFs indeed saw a pullback yesterday, recording $14.9 million in net outflows, breaking a five-day inflow streak, according to SoSoValue. Total spot BTC ETF net assets now stand near $122 billion.
Spot Ethereum ETFs, meanwhile, recorded $140.2 million in net inflows on Wednesday, after starting the week with outflows, bringing total net assets to $19.7 billion.
On the macro side, economists surveyed by Reuters said they expect the Federal Reserve to cut interest rates by 25 bps in its Dec. 10 meeting, bringing the target range to 3.50-3.75%. Half of respondents also expect another cut in Q1 2026.
Following yesterday’s weak private payroll report from ADP, labor data reported by Reuters today signaled strength in the labor market, as initial jobless claims fell to 191,000 for the week ended Nov. 29, the lowest level since September 2022, and well below projections.
