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Home»Regulation»Risk Assets Lose Appeal: Crypto Daybook Americas
Regulation

Risk Assets Lose Appeal: Crypto Daybook Americas

NBTCBy NBTC26/12/2025No Comments6 Mins Read
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By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin BTC$100,251.26 and other major cryptocurrencies fell in the last 24 hours with the CoinDesk 20 (CD20) index retreating 2.17%, caught in the pullback that has gripped global markets this week.

The broader retreat began with a sell-off in tech-heavy equity indices like the Nasdaq 100, which is down 3.4% this week. According to a report from Citi, bitcoin’s drop below its 55-day moving average is often an early warning sign that risk appetite in equity markets is starting to fade.

Historically, when bitcoin holds above that threshold, tech stocks tend to perform better, Citi said. The recent crypto drop is largely due to tighter liquidity conditions.

The U.S. Treasury’s recent cash rebuild and a drop in bank reserves, estimated around $500 billion since July, have made risk assets less attractive.

While Treasury balances are nearing a point where tightening could pause, according to the report, the market hasn’t yet seen meaningful signs of a turnaround.

Meanwhile, AI-related stocks slumped as investors question evaluations and aggressive spending on data centers. That skepticism has spilled into crypto, weighing on the bitcoin price.

Jasper de Maere, an OTC strategist at Wintermute, said bitcoin options positioning remains concentrated between $102,000 and $105,000, with limited upside unless volatility picks up.

Ether options flows are anchored in the $3,000–$3,400 range, with traders using options strategies that favor protection rather than bullish bets. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Crypto
  • Macro
    • Nov. 7, 7 a.m.: Federal Reserve Vice Chair Philip N. Jefferson is giving a speech on “AI and the Economy.” Watch live.
    • Nov. 7, 8 a.m.: Brazil Sept. PPI YoY (Prev. 0.48%), MoM (Prev. -0.2%).
    • Nov. 7, 8 a.m.: Mexico Oct. inflation rate. Headline YoY Est. 3.56%, MoM Est. 0.36%. Core YoY Est. 4.27%, MoM Est. 0.28%.
    • Nov. 7, 8:30 a.m.: Canada Oct. Unemployment Rate Est. 7.1%.
    • Nov. 7, 11 a.m.: Michigan Consumer Sentiment Nov. (Preliminary) Est. 53.2.
    • Nov. 7, 3 p.m.: Federal Reserve Governor Stephen I. Miran is delivering a speech on “Stablecoins and Monetary Policy.” Watch live.
  • Earnings (Estimates based on FactSet data)

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Governance votes & calls
    • Lido DAO is voting to cut its LEGO grants budget to $250k and transfer its contributor TRP to the Lido Labs Foundation, which will re-allocate the remaining 6.99M LDO under new 2-year vesting terms. Voting ends Nov. 7
  • Unlocks
  • Token Launches
    • Nov. 7: Aria Protocol (ARIAIP) to be listed on Binance, MEXC, and others.
    • Nov. 7: SAPIEN$0.3197 to be listed on Crypto.com, Biconmy, and others.

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Day 5 of 5: Hong Kong FinTech Week

Market Movements

  • BTC is down 0.16% from 4 p.m. ET Thursday at $100,913.00 (24hrs: -2.64%)
  • ETH is down 0.73% at $3,300.94 (24hrs: -3.71%)
  • CoinDesk 20 is unchanged at 3,197.23 (24hrs: -2.74%)
  • Ether CESR Composite Staking Rate is down 12 bps at 2.94%
  • BTC funding rate is at 0.0055% (6.0148% annualized) on Binance
  • DXY is unchanged at 99.76
  • Gold futures are up 0.57% at $4,013.70
  • Silver futures are up 1.44% at $48.64
  • Nikkei 225 closed down 1.19% at 50,276.37
  • Hang Seng closed down 0.92% at 26,241.83
  • FTSE is down 0.54% at 9,682.80
  • Euro Stoxx 50 is down 0.49% at 5,583.84
  • DJIA closed on Thursday down 0.84% at 46,912.30
  • S&P 500 closed down 1.12% at 6,720.32
  • Nasdaq Composite closed down 1.9% at 23,053.99
  • S&P/TSX Composite closed down 0.78% at 29,868.59
  • S&P 40 Latin America closed down 0.15% at 3,050.45
  • U.S. 10-Year Treasury rate is up 1.3 bps at 4.106%
  • E-mini S&P 500 futures are down 0.42% at 6,719.00
  • E-mini Nasdaq-100 futures are down 0.56% at 25,102.00
  • E-mini Dow Jones Industrial Average Index are down 0.33% at 46,874.00

Bitcoin Stats

  • BTC Dominance: 60.45% (-0.15%)
  • Ether to bitcoin ratio: 0.03233 (-1.13%)
  • Hashrate (seven-day moving average): 1,091 EH/s
  • Hashprice (spot): $40.64
  • Total Fees: 3.33 BTC / $340,917
  • CME Futures Open Interest: 135,765 BTC
  • BTC priced in gold: 23.7 oz
  • BTC vs gold market cap: 6.69%

Technical Analysis

  • The Altcoin Market Cap (Excluding Top 10) / BTC Ratio is testing weekly support (around $0.113 – $0.116).
  • If bitcoin confirms a weekly close below the critical $107,000 support, as expected, this alt/BTC support level is also likely to be broken in the short term, signaling a flow back to BTC and more pain for the altcoin market.

Crypto Equities

  • Coinbase Global (COIN): closed on Thursday at $295.22 (-7.54%), -0.6% at $297
  • Circle Internet (CRCL): closed at $100.01 (-11.52%), +0.69% at $100.70
  • Galaxy Digital (GLXY): closed at $30.38 (-3.37%), +0.39% at $30.50
  • Bullish (BLSH): closed at $44.59 (-7.72%), -0.31% at $44.45
  • MARA Holdings (MARA): closed at $15.96 (-6.83%), -0.5% at $15.88
  • Riot Platforms (RIOT): closed at $17.34 (-8.59%), -0.58% at $17.24
  • Core Scientific (CORZ): closed at $20.59 (-5.55%)
  • CleanSpark (CLSK): closed at $15.4 (-7.12%), +0.13% at $15.42
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $56.55 (-9.05%), +0.8% at $57
  • Exodus Movement (EXOD): closed at $21.45 (-7.7%), +9.14% at $23.41

Crypto Treasury Companies

  • Strategy (MSTR): closed at $237.2 (-6.98%), -0.54% at $235.91
  • Semler Scientific (SMLR): closed at $27.42 (-4.59%)
  • SharpLink Gaming (SBET): closed at $11.17 (-7.91%), -0.18% at $11.15
  • Upexi (UPXI): closed at $3.31 (-9.93%), +2.42% at $3.39
  • Lite Strategy (LITS): closed at $1.84 (-0.54%)

ETF Flows

Spot BTC ETFs

  • Daily net flows: $239.9 million
  • Cumulative net flows: $60.5 billion
  • Total BTC holdings ~1.34 million

Spot ETH ETFs

  • Daily net flows: $12.5 million
  • Cumulative net flows: $13.93 billion
  • Total ETH holdings ~6.57 million

Source: Farside Investors

While You Were Sleeping

  • Market Maker Flowdesk Says Crypto Credit Is Finding a Fragile Balance (CoinDesk): Flowdesk says leverage is easing as traders reassess counterparties while credit persists. Borrowing in SOL, XLM, ENA, APT and BTC stays strong, driven by hedging and funding rather than speculation.
  • Zcash Breaks into Top-20 Crypto List, Hits $600 For First Time Since 2018 (CoinDesk): The rally coincided with renewed attention to privacy infrastructure and a wave of technical upgrades from Electric Coin Company, one of the network’s developers and maintainers.
  • Robinhood’s Crypto Revenue Miss Tempers Solid Quarter: JPMorgan (CoinDesk): Third-quarter results were solid, but lower quality as weaker crypto revenue and tax benefits boosted earnings. Analysts, expecting margin improvement, raised the price target to $130 and maintained a neutral rating.
  • IREN Shares Rise in Pre-Market Trading on Earnings Report, AI Growth Outlook (CoinDesk): Record fiscal first-quarter earnings followed expansion into AI cloud and increased bitcoin mining revenue as net income hit $384.6 million in the quarter ended Sept. 30, reversing a $51.7 million loss.
  • Japan Government To Support Big Banks’ Project To Issue Stablecoins, Finance Minister Says (Reuters): MUFG, SMFG and Mizuho will pilot jointly issued yen-pegged tokens for cross-border payments and the FSA will review legal compliance.

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NBTC

NBTC is the editorial account for NBTC News, covering Bitcoin, Ethereum, DeFi, blockchain infrastructure, exchanges, mining, regulation and digital asset markets. The editorial team focuses on clear sourcing, timely updates and practical context for crypto readers.

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