PNC Bank Launches Spot Bitcoin Trading as Market Awaits Central Bank Decisions
PNC Bank has become the first major U.S. bank to offer spot bitcoin trading directly within its digital banking platform for eligible Private Bank clients. This new service, available since December 9, 2025, allows clients to buy, sell, and hold bitcoin within their existing PNC accounts, targeting high-net-worth clients as a controlled introduction to digital assets through a traditional banking platform.
The functionality is powered by Coinbase's Crypto-as-a-Service infrastructure, with Coinbase handling custody, trade execution, and compliance; PNC does not hold the assets nor act as a crypto broker. The offering currently supports only bitcoin (BTC), which was valued at approximately $94,268.26 at the time of launch.
PNC's partnership with Coinbase was announced in July 2025, after development efforts that began years earlier, marking a significant step in integrating crypto access into mainstream finance.
Meanwhile, cryptocurrency markets have experienced volatility amid macroeconomic events. Bitcoin was near $94,000 and Ethereum around $3,250 late last week, with initial rallies linked to a substantial BTC purchase by Strategy, approximately $960 million, and the upcoming Fusaka upgrade scheduled for December 3. However, sentiment faded somewhat after these catalysts.
Bond yields surged broadly; Japan’s 10-year JGB yield rose above 1.90%, a 30-year high, and the US 10-year Treasury yield surpassed 4.10%, driven by expectations of a December Bank of Japan rate hike and larger fiscal budgets for FY25 and FY26. Ahead of the U.S. Federal Reserve meeting, CME FedWatch projected about 90% odds of a 25 basis-point cut, though markets anticipate hawkish guidance.
S&P 500 is up roughly 17% this year, despite $3.5 billion outflows from US equity funds and $7.9 billion inflows to global funds. Market analysts suggest that a Fed rate cut could propel bitcoin towards $94,000 to $96,000, while a cautious stance might lower prices to around $80,000.
Laser Digital forecasts choppy price action in crypto markets owing to the dense central bank calendar, including the Fed meeting on December 10 and the BOJ meeting on December 19, as well as revisions to the Summary of Economic Projections (SEP) dot plot that could reshape market positioning.
Crypto volatility has eased but event risk remains elevated: bitcoin's 30-day implied volatility sits around 45%, and Ethereum's around 70%, with December 11 event volatility readings at 56% for BTC and 75% for ETH. The correlation between spot price volatility and these metrics remains negative amid ongoing macro-driven turbulence.
