Overview
- Bitcoin whipsawed from roughly $89,000 to the low $90,000s following the Federal Reserve’s third consecutive 25 bp cut and a New York Fed plan to purchase about $40 billion in short‑term Treasurys over the next month.
- Chair Jerome Powell signaled a cautious stance on further moves, and officials framed the T‑bill buys as a technical liquidity step rather than a new round of broad stimulus.
- Glassnode data show unrealized losses across crypto near $350 billion, including about $85 billion tied to Bitcoin, while realized‑loss metrics for active traders hover near -18%, well above the -37% capitulation levels seen at past bottoms.
- On‑chain flows point to reduced exchange selling as long‑term accumulator wallets added roughly 75,000 BTC from Dec. 1–10, exchange volumes fell from about 88,000 BTC to around 21,000 BTC, and withdrawals outpaced deposits on major venues.
- The House Financial Services Committee urged the SEC to update rules to allow Bitcoin and other digital assets in 401(k) plans, highlighting a potential future demand driver if access expands.