CryptoQuant data points to easing selling pressure as whales scale back exchange deposits, while traders turn their attention to an upcoming Bank of Japan meeting that could influence global liquidity flows.
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The calm in crypto markets extends beyond central bank activity. CryptoQuant reported that exchange inflows have dropped sharply from November highs, while whale activity has slowed, reducing near-term sell pressure and allowing bitcoin to trade in a narrow range.
The report noted that whales booked over $600 million in losses when bitcoin first slipped below $100,000, followed by roughly $3.2 billion in cumulative losses. Short-term holders have been selling at negative margins since mid-November—a trend that typically emerges only after sentiment has capitulated, suggesting selling pressure may be approaching exhaustion.
Bitcoin remains near $92,000 despite several macro catalysts. QCP cautioned that the current stability should not be mistaken for conviction, citing modest ETF inflows and cautious derivatives positioning.
Attention is now on Tokyo, where markets are pricing in a 25-basis-point rate hike at the Bank of Japan’s December 19 meeting. QCP said Japan may provide the next major catalyst, as long-end JGB yields reach multi-decade highs and policymakers signal concern over the speed of rate increases.
Market snapshot
- BTC: Traded between $91,000 and $92,000, largely unaffected by the Fed’s rate cut, as onchain flows kept volatility low.
- ETH: Held near $3,270, remaining rangebound with no clear breakout catalyst.
- Gold: Rose following the Fed’s cut despite uncertainty over next year’s policy path; silver hit a record on strong industrial demand and tight supply.
- Nikkei 225: Most Asia-Pacific equities advanced after the Fed’s third rate cut of the year, though Japan’s Nikkei 225 pared early gains to slip 0.11%.
