Overview
- Bitcoin briefly touched about $94,600 before easing to the low $93,000s, while Ethereum climbed to roughly $3,390 as traders priced a likely 25 bps rate cut.
- Derivatives flushes accelerated the move, with roughly $420–$436 million in liquidations over 24 hours and about $308–$311 million from short positions.
- Spot flows strengthened, including about $152 million in net U.S. Bitcoin ETF inflows and rapid growth in new XRP ETFs that had cumulative net inflows near $897 million by Dec. 5.
- Institutional access broadened as PNC rolled out direct spot Bitcoin trading for eligible clients using Coinbase infrastructure.
- Market structure shows tight liquid supply and uneven liquidity, with exchange reserves near 2.76 million BTC and analysts watching whether bitcoin can reclaim the $94,000–$96,000 area after the Fed.