Despite this volatility, signs of market stabilisation are emerging. The Realized Profit metric, which peaked at $10.5 billion daily, has fallen to $2.5 billion, easing sell-side pressure. Futures funding rates have also normalised, signalling reduced speculative leverage. And while ETF inflows slowed slightly towards the end of last week, they remain a critical source of support amid ongoing long-term holder profit-taking.
As Bitcoin consolidates above $100,000, the mid-term outlook remains bullish, and with normalising funding rates and slowing sell-side pressure, further upward momentum is likely, provided ETF inflows continue.
The latest US economic data threw up some mixed results last week, but overall showed that the economy continues to look resilient. November saw a strong rebound in job creation, with 227,000 jobs added, exceeding expectations despite disruptions from October’s hurricanes. However, a slight rise in unemployment to 4.2 percent suggests lingering workforce shifts. October job openings surged to 7.74 million, highlighting sustained demand for labour, although hiring slowed, reflecting employer caution amid economic uncertainties. Meanwhile, the service sector marked its 51st consecutive month of growth in November, though at a slower pace, with the PMI at 52.1, supported by robust consumer spending and wage growth. Inflationary pressures persist, but easing supply chain bottlenecks and strong year-end expectations point to stability.
As the Federal Reserve evaluates potential policy shifts from the new incoming administration, the economy remains anchored by a resilient labour market and steady consumer demand. Uneven recovery across sectors however, signal the need for cautious optimism.
In crypto news last week, South Korea experienced a dramatic surge in crypto trading, with $34 billion recorded in just 24 hours across leading Korean crypto exchanges, following the declaration of martial law by President Yoon Suk-yeol. The political unrest caused panic sell-offs and platform outages, highlighting the market’s sensitivity to geopolitical instability. Bankrupt exchange Mt. Gox also transferred $2.4 billion worth of Bitcoin to a new wallet, just as Bitcoin rose above $100,000 for the first time. And Grayscale joined the competitive race to launch a Solana ETF, filing to convert its Solana Trust as SOL rallied. These events illustrate the dynamic interplay of political, regulatory, and historical factors shaping the evolving crypto landscape.
Have a good trading week!
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