Crypto Market Dips Below $3 Trillion Amid ETF-Linked Selling and Mixed Signals
The cryptocurrency market capitalization has fallen below $3 trillion for the third time in a month, with selling pressure concentrated on large-cap assets tied to ETF exposure. Bitcoin declined about 1.5% to around $86,580, while Ether slid from near $2,980 to roughly $2,930, and XRP hovered near $1.90.
In contrast, major Asian indices including the Hang Seng, Shanghai Composite, Kospi, and IDX rose on expectations of Beijing implementing fiscal stimulus following weak November economic data. Meanwhile, the U.S. dollar index rose to about 98.30, supported by jobs data showing 64,000 new jobs in November compared to a forecast of 50,000, with unemployment steady at 4.6%.
Crypto market sentiment has deteriorated, with the fear-and-greed index dropping to 11, marking the lowest level in a month. Technical analysis reveals a key Bitcoin support around $81,000, while a deeper retracement could push prices into the $60,000–$70,000 range. Liquidity conditions have tightened due to declining market depth and historically weak exchange volumes; leverage levels remain subdued as year-end approaches, limiting exposure.
On-chain metrics present mixed signals: CryptoQuant has flagged a possible exhaustion of the Bitcoin rally, although Glassnode notes ongoing long-term accumulation by corporations and financial firms. Notably, Strategy has purchased 10,624 BTC (approximately $1 billion), indicating selective accumulation amid the market pullback.
