Awaiting Powell: Crypto Daybook Americas

December 8, 2025

Cryptocurrency markets experienced an upswing on Monday, largely fueled by expectations of a potential rate cut from the U.S. Federal Reserve, which has heightened overall risk appetite. Bitcoin saw a notable increase of 3% over the past day, inching closer to the $92,000 mark. In the same vein, the CoinDesk 20 and CoinDesk 80 indexes also climbed around 3.5%.

However, it’s worth noting that there are several warning signs that bulls should consider. With the rate cut seemingly agreed upon, much attention is directed towards Fed Chairman Jerome Powell’s forthcoming guidance. The question remains—will he indicate further cuts down the line, possibly in 2026? Some market observers are cautious about aggressive easing, evident from the rising 10-year Treasury yield ahead of the meeting, which hints at a more hawkish sentiment among bond traders.

Additionally, the momentum appears to be leaning bearish. The Bitcoin Trend Index on CoinDesk is signaling a strong downtrend, and its Ether counterpart is similarly affected. They both turned bearish back in mid-November, aligning with a decrease in prices.

Interestingly, Flo is not signaling a strong buy either. Last week, the U.S.-listed Spot Bitcoin ETF recorded a substantial net outflow of $87.77 million. Meanwhile, the Spot Ether ETF saw a net outflow of $65.59 million, as reported by SosoValue.

Timothy Misiel, a research analyst at BRN, mentioned that while the increase in high-value wallets combined with historically low currency supply is encouraging, the market is currently sensitive to political and macroeconomic factors this week.

He also pointed out that other data could contradict hawkish expectations regarding Fed rate cuts, especially with significant ETF outflows or renewed foreign currency inflows, which could shake up expectations for those cuts.

Moreover, investors should brace for increased market volatility, with token unlocks of CONX, APT, STRK, CHEEL, LINEA, and BB, each valued over $5 million, set to occur in the upcoming week, as highlighted by newsletter service LondonCryptoClub.

Turning to traditional markets, gold has hit a pause in its rally, stabilizing around $4,200 per ounce—definitely something to keep an eye on!

What to Watch For

For a broader overview of this week’s happenings, CoinDesk’s “Crypto Week Ahead” offers insights.

Cryptocurrency Events
- December 8: estate x (ESX) platform goes live for Unicorn Club members (1M ESX needed) and NFT holders, with its first property listing.
- December 8 (Market Open): ProCap Financial Inc. (BRR) will start trading on the Nasdaq Global Market after a merger.
- December 8, 11:30 AM: Enjin will activate the Sentosa upgrade on the mainnet for both Relaychain and Matrixchain.
- December 8, 1:30 PM: Hivemapper will host an AMA in X Space.
Macro Events
Revenue (estimates derived from FactSet data)

Token Events

For a detailed account of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”

Governance Votes
- December 8: Mina will host a community call at 11 AM to discuss Mesa upgrades.
- Celo Public Goods will distribute CELO and OP based on stCELO votes by December 8.
- Aave DAO will vote on transferring USDG stablecoin issued by Paxos to the Aave V3 core instance; voting concludes on December 8.
Token Unlocks
Activate Token
- STABLE will be listed on various exchanges, including Bitfinex and KuCoin.

Market Movements

BTC saw a rise of 3.32%, reaching $92,192.06 from 4:00 PM ET on Friday (+3.27% over 24 hours).
ETH increased 4.63%, ending at $3,160.68 (+3.98% over 24 hours).
The CoinDesk 20 index rose 3.75%, totaling 2,945.01 (+3.59% over 24 hours).
Overall Ether CESR staking rate grew by 1 basis point to 2.85%.
The BTC funding rate stands at 0.0039% (or approx. 4.242% annually) on Binance.

Bitcoin Statistics

BTC Dominance: 59.38% (-0.12%)
Ether to Bitcoin ratio: 0.03434 (up by 1.41%)
Hashrate (7-day moving average): 1,025 EH/s
Hash Price (Spot): $38.75
Total fees recorded: 1.99 BTC / $178,769
CME futures open interest: 121,060 BTC
BTC Gold Price: 21.8 oz
BTC vs. Gold Market Cap: 6.16%

Technical Analysis

The chart indicates daily fluctuations in the 10-year US Treasury yield.
Even with upcoming Fed rate cuts, benchmark rates are on the rise, forming a bullish inverted head-and-shoulders pattern.
A breakout above the resistance line of this pattern (highlighted in yellow) could accelerate the uptrend and increase volatility across both traditional and digital assets.

Crypto Assets

Coinbase Global (COIN): Closed at $269.73 (-1.58%); pre-market $275.42 (+2.11%).
Circle (CRCL): Closed at $85.62 (-2.1%); ended at $130.04 (+0.15%).
Galaxy Digital (GLXY): Closed at $25.51 (-7.47%); ended at $26 (+1.92%).
Bullish (BLSH): Closed at $46.45 (-4.07%); ended at $47.11 (+1.42%).
MARA Holdings (MARA): Closed at $12.47 (+4.7%); ended at $12.04 (+2.56%).
Riot Platform (RIOT): Closed at $14.94 (-4.17%); ended at $15.24 (+2.01%).
Core Scientific (CORZ): Ended at $17.11 (+0.18%).
CleanSpark (CLSK): Closed at $13.72 (-8.75%); ended at $14.07 (+2.59%).
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $45.53 (-3.72%).
Exodus Movement (EXOD): Closed at $14.61 (-5.25%); ended at $15.04 (+2.94%).