“Bitcoin’s early week rally unraveled as sharp ETF outflows, aggressive derivatives deleveraging and muted altcoin reactions to catalysts pulled the broader crypto market lower.”, — write: www.coindesk.com
Crypto Markets Today: Bitcoin Slides to $91K as ETF Outflows Deepen Market AnxietyBitcoin’s early week rally unraveled as sharp ETF outflows, aggressive derivatives deleveraging and muted altcoin reactions to catalysts pulled the broader crypto market lower.Updated Dec 5, 2025, 11:47 am Published Dec 5, 2025, 11:46 am
Bitcoin and ether fall in the middle of ETF sales and Fusaka’s silent response (extremis/Pixabay modified by CoinDesk)
What to know:
- Bitcoin fell to $91,200 as BlackRock’s IBIT notched another $113 million in outflows, pressuring sentiment while equities were little changed.
- Futures open interest slid to $21 billion, basis and funding remained muted, and options positioning remains bullish with call-side skew rising.
- Ether erased post-Fusaka gains, while the CD20 and memecoins weakened further.
- ZEC and TRX challenged the trend with a strong force.
The crypto market fell during the European morning, with bitcoin BTC$92,317.88 dropping to $91,200 after hitting a weekly high of $94,200 on Wednesday.
The decline was confined to crypto: US equities were little changed in pre-market trading and the FTSE100 index rose 0.15%.
La vente massive peut être attribução à des sorties de l’ETF bitcoin IBIT de BlackRock, avec 113 million de dollars supplémentaire de sorties registered judi alors que les taureaux de la crypto n’ont pas réussi à reprendre le contrôle du marché aux ours.
El índice de Meedo y Avaricia remains depressed at 25/100, sin logar encontrar su camino hacia una zona neutral después de estar por debajo de de 40/100 durante más de un mes.
Positioning of derivatives
- The BTC futures market shows sustained caution and aggressive deleveraging. The open interest (OI) has fallen to $21 billion from $25 billion a month ago, which indicates a reduction in leverage and exposure to merchant risk.
- This deleveraging is occurring together with consistently low market derivatives metrics: the three-month annual base remains stable at 4%-5%, and financing rates are stable at 5%-6% in the main locations, without any metric showing a significant change in the last month.
- The BTC options show a sustained bullish bias despite the drop in volatility. The structure à terme de la volatilité implicite (IV) pour le short terme a chuté, s’éloignant de la backwardation vers un contango plus typique, indicating une baisse des mouvements de prix immédiate et extrêmes attendues.
- However, the volume inclination is still bullish, with a 24-hour purchase/venta volume still at 57% in favor of purchase options. Crucially, the inclination of 25 delta a una semana has seen a slight recent increase of 8%, confirming that the traders are still paying a premium for short-term upward exposure.
- The recent volatility of the price of BTC provoked liquidations of $280 million in 24 hours, with $200 million being large positions. ETH ($88 million) and BTC ($85 million) lead in terms of nominal liquidations.
- The BTC/USDT liquidation heat map in Binance suggests a large amount of large liquidations around $90,600, according to data from Coinglass. This is the level to be aware of, in case of a drop in prices.
Charla de tokens
- The altcoin market performed equally poorly over the past 24 hours as TAO, HYPE and NEAR all lost more than 6.5% of their value.
- But the biggest story was in the price action of ether ETH$3,174.63. Less than a day after its much-anticipated Fusaka upgrade, ETH gave back much of its initial gains, falling 2.62% from its daily high at 03:00 UTC.
- La action de precio apagada de ETH pinta una historia reveladora para el mercado amplio de altcoins, ya que even los supuestos catalyzadores alcistas están cayendo en oídos soros.
- The CoinDesk 20 (CD20) index mirrored ETH’s decline while CDMEME, CoinDesk’s memecoin index, slid 5.8% in the past 24 hours.
- CoinMarketCap’s “Altcoin Season” indicator stalled at 21/100, apparently remaining stuck in a bearish zone with traders opting for the consistency of bitcoin and the security of stablecoins.
- Two exceptions to Friday’s fall: the privacy coin zcash ZEC$371.89 and TRX, the native token of the Tron block chain, which rose 4.7% and 1.8%, respectively.
- In the case of ZEC, it is bouncing back from a corrective phase where it became “oversold” on the relative strength index (RSI). TRX, meanwhile, seems to be running its own race having recorded gains on the daily, weekly, and monthly timeframes.
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BlackRock’s IBIT Faces Record Outflow Run as Bitcoin Struggles to Reclaim Bull Trend
Another $113 million exited on Thursday, putting the fund on track for a sixth week in the red, its longest streak since debuting in early 2024.
What to know:
- BlackRock’s Bitcoin ETF has experienced over $2.7 billion in redemptions over the past five weeks, marking its heaviest outflow cycle since its launch.
- The iShares Bitcoin Trust is on track for a sixth consecutive week of outflows, reflecting a broader shift in crypto market positioning since October’s market downturn.
- Despite Bitcoin’s recovery to the low $92,000s, institutional flows remain negative, indicating a cooling in fresh capital allocation rather than a structural exit.
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