Cripto-T

Bitcoin, Ether and major altcoins opened December in the red, extending November’s steep declines as global macro uncertainty, rising bond yields in Japan and lingering liquidity stress triggered another wave of selling across early Asian trading hours.BTC fell below $87,500, ETH slid toward $2,840 and SOL, DOGE and XRP recorded losses above 4%, according to CoinDesk data.The downturn comes just as traders hoped for stabilization after a bruising November. Instead, shifting global rate expectations, thinning liquidity and continued institutional outflows kept pressure on risk assets.Macro Shock: Japan Bond Yields Spike to 17-Year HighsThe sharpest driver of Monday’s decline was a sudden jump in Japanese government bond yields:Japan’s 2-year bond yield hit 1.01%, its highest level since 2008Traders increased bets that the Bank of Japan could raise rates in DecemberThe yen strengthened rapidly, prompting an unwind of yen-funded carry tradesCrypto markets remain highly sensitive to liquidity shifts in Asia. As the yen surged, leveraged positions across BTC and ETH came under pressure, triggering forced selling.More than $400 million in leveraged crypto futures positions were liquidated in hours, mostly longs, according to Coinglass.Market Extends November’s Weakness as Liquidity ThinsBitcoin ended November down 17.5% — its worst month since March. Ether lost 22%, its sharpest decline since February.The broader crypto market showed:Declining spot liquidity across major centralized exchangesElevated volatility around the monthly candle closeWeak risk appetite despite improving expectations for a U.S. rate cutWith global liquidity conditions tightening and Asia risk trades unwinding, the start of December offered little relief.Institutional Demand Softens as ETFs Continue to Bleed CapitalThe slowdown in institutional flows has been a defining feature of the downturn.November ETF flows:Spot Bitcoin ETFs: $3.48 billion in net outflows (second-largest monthly redemption on record)Spot Ether ETFs: $1.42 billion in net outflows, an all-time highETF redemptions reduce spot buying demand and often contribute to persistent sell pressure during risk-off conditions.Correlations Shift: Crypto Behaving More Like a Macro AssetIn recent weeks, Bitcoin’s correlation to equities has softened, while its correlation to gold has increased. This reflects shifting behavior:Crypto reacts faster to liquidity shocksInvestors treat BTC more like a macro-sensitive asset than an isolated risk playVolatility spikes when bond markets shift abruptlyMonday’s reaction — driven almost entirely by global macro conditions — underscores this transition.Key Levels to Watch as December Trading OpensBitcoin (BTC)Support: $86,500 → $85,000Resistance: $92,000 → $94,000A reclaim of $98,000 is needed to negate the November downtrend.Ether (ETH)Support: $2,800 → $2,720Resistance: $3,000 → $3,120Analysts warn that liquidity remains thin heading into the first full week of December, meaning volatility may remain elevated.Why the Crypto Market Is Down Today — In One SentenceThe crypto market is down today due to a combination of surging Japanese bond yields, renewed carry-trade unwinds, thinning global liquidity, and ongoing institutional ETF outflows, which amplified selling across BTC, ETH and major altcoins.

According to ChainCatcher, JPMorgan economists have revised their forecast, now predicting that the Federal Reserve will initiate interest rate cuts in December. This marks a reversal from the bank's previous assessment a week ago, which anticipated that policymakers would delay rate cuts until January of next year. The research team noted that statements from several influential Federal Reserve officials supporting a near-term rate cut prompted them to reassess the situation. Currently, JPMorgan expects the Federal Reserve to implement two 25 basis point rate cuts in December and January.

According to BlockBeats On-chain Detection, BlackRock has recently received substantial cryptocurrency transfers. In the past 20 minutes, the company acquired 953 Bitcoin, valued at approximately $83.43 million, and 15,722 Ethereum, worth around $46.24 million, from a centralized exchange (CEX).

Key TakeawaysBreaking news: Grayscale files to convert its Zcash Trust into a spot ETFInstitutional accumulation intensifies as Nasdaq-listed Reliance Global reallocates its entire crypto portfolio into ZECTechnical resilience remains strong, with the 30-day SMA and key Fibonacci levels absorbing selling pressure and stabilizing price action.Zcash (ZEC) hovers above $500 to outperform a mostly stagnant crypto market. The move is being driven by a combination of institutional treasury reallocations, reinforced technical support, rapid growth in shielded balances, and a strengthening narrative around “compliance-ready privacy.” Breaking: Grayscale Files S-3 to Convert Zcash Trust Into Spot ETFIn a landmark development for privacy-oriented crypto assets, Grayscale has submitted an S-3 registration statement to the U.S. SEC to convert its existing Grayscale Zcash Trust into a spot Zcash ETF.Source: Grayscale on XIf approved, this would mark the first-ever regulated spot ETF for a privacy-preserving cryptocurrency—an important moment not only for ZEC holders, but for the broader push toward institutional-grade privacy technology. The Grayscale Zcash Trust currently has over $196 million in assets under management. Institutional Treasury Moves Fuel ZEC’s MomentumInstitutional activity remains the backbone of ZEC’s latest price strength. After a strategic review, Nasdaq-listed Reliance Global Group fully exited its portfolio of BTC, ETH, SOL, and other assets to consolidate entirely into ZEC. The firm then added additional cash, doubling down on ZEC as its primary long-term digital asset exposure.Source: Reliance Global Group Press ReleaseReliance emphasized Zcash’s ability to provide regulator-friendly privacy, offering transparent transactions when needed and shielded activity when confidentiality is essential. Technical Rebound Shows Stability After Weekly DowntrendZcash has also shown strong technical resilience. After an 18% weekly decline, ZEC found support at the 30-day SMA ($504.94) and held above the 50% Fibonacci retracement at $518.08.RSI: 49.53 — neutral, room for upsideMACD: -23.45 — still bearish but flatteningKey psychological level: $500Key threshold to watchA close above $569 (38.2% Fibonacci) would likely confirm a trend reversal and trigger renewed bullish momentum—especially if ETF excitement continues to build. Privacy Tech Upgrades Strengthen ZEC’s Long-Term AppealOn the fundamental end, ZEC’s protocol continues to improve. The NU6.1 upgrade , activated on Nov. 24, 2025, allocates 8% of block rewards to community grants and 12% to a coinholder-controlled fund.Source: Zcash WebsiteShielded balances now total 4.5 million ZEC (27% of supply), signalling rising demand for private, auditable transactions. Bottom Line: Breaking Down Drivers Behind ZEC’s MomentumToday’s ZEC momentum is the product of three converging forces:Major institutional reallocation, including full treasury consolidation by Nasdaq-listed firmsReinforced technical levels, stabilizing price after a sharp weekly dropRapidly evolving regulatory alignment, now punctuated by Grayscale’s surprise push for a spot Zcash ETF