1. ⚖️ The Market Stabilizes After a Rough November 🤔
BTC and ETH: Bitcoin stabilizes near $90,400 (up 1% in 24h), and Ether rises 0.2%. The major altcoins are mixed.
Who Sold? Data from Presto Research reveals that Europe was the main driver of selling pressure and the 20-25% declines in BTC and ETH during November. The sessions in Asia and the U.S. remained relatively flat.
Warning: Market liquidity remains low while awaiting the Federal Reserve's (Fed) decision on Wednesday.
2. 💰 Strategy Increases its Holdings (with Exclusion Risk)
Mega-Buy: Strategy (MSTR) made its largest Bitcoin acquisition in over three months, purchasing 10,624 BTC for $963 million, primarily financed through the issuance of new shares.
Total Holdings: This raises their total holdings to about 660,600 BTC, valued at approximately $60 billion.
The MSCI Risk: Despite the purchase, Strategy's shares have fallen nearly 50% in six months due to investor concerns. MSCI is evaluating a proposal to exclude companies with more than 50% of their assets in digital from its indices, which could force index funds to sell and trigger significant passive outflows.
3. 🌐 The Macroeconomic Climate Continues to Lead
Fed in Focus: The direction of cryptocurrencies remains constrained by the macro environment. Traders are nervously awaiting the Fed's decision on rate cuts, looking for signals on the pace of monetary easing heading into 2026.
Pressure: Global bond yields remain high, adding pressure to high-risk assets like cryptocurrencies.
Fragile Sentiment: The specific sentiment in the crypto sector remains fragile. Analysis reports, such as those from CryptoQuant, suggest that the BTC market has entered a 'structural adjustment phase' and that the risk of a continued decline remains high unless the macro environment and fundamentals improve.
- BTC recovers modestly, driven by a large purchase from Strategy. The risk focus now shifts to the Fed (tomorrow) and the potential exclusion of Strategy from global indices.
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