Crypto Market Update: Bitcoin Pulls Back, Small-Cap Tokens Surge – 12/9/2025
Analysts remain bullish on Bitcoin (BTC) $108,783.53, anticipating new all-time highs, alongside potential outsized gains for tokens like HYPE, SOL, and ENA.
BTC retreated from overnight highs above $116,000 to below $115,000, as the Dollar Index (DXY) holds steady despite expectations of an imminent Fed rate cut. Market focus is shifting toward smaller tokens, with MYX, HASH, PENGU, PUMP, and MNT posting weekly gains exceeding 10%.
“The CPI and jobs data created a classic ‘good news/bad data’ scenario: higher inflation paired with weaker labor numbers sustains the easing narrative, which is a near-term positive for crypto,” said Timothy Misir, head of research at BRN.
Derivatives Insight
Open interest (OI) in futures for the top 10 cryptocurrencies rose 3%-5% over the past 24 hours as traders take on more risk ahead of potential Fed cuts. Annualized perpetual funding rates for major coins remain near 10%, reflecting healthy bullish sentiment without overheating.
PENGU set a record OI of 7.78 billion coins, validating its price rally, with funding rates around 15%. In contrast, smaller tokens like SKY and PYTH show deeply negative funding rates, signaling bearish positioning. CME Bitcoin futures OI finally increased, ending a multiweek decline, while Ether futures OI fell to a one-month low of 1.78 million ETH. BTC and ETH options OI remain elevated, though Deribit data shows a put bias through December, even as markets price in roughly five U.S. rate cuts by mid-2026.
Thorchain Hack
Thorchain co-founder JPThor reported losing funds after falling victim to a deepfake Zoom call, leading to a drained MetaMask wallet. Peckshield confirmed $1.2 million was stolen, with connections to North Korean hackers.
Thorchain (RUNE), which has been used in laundering North Korea-linked crypto, trades at $1.28, down 14% over the past month and over 90% from its March 2024 high of $12.95. The attack combined social engineering and phishing, the same tactics responsible for $2.5 billion in crypto thefts during H1 2025.
