CryptoQuant data suggests selling pressure is easing as whales reduce exchange deposits, while traders await a pivotal Bank of Japan meeting that could influence global liquidity flows.
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The market’s relative calm extends beyond central bank moves. CryptoQuant reported that exchange inflows have fallen sharply from November peaks, with whales scaling back deposits and relieving near-term selling pressure. This has allowed bitcoin to consolidate within a narrow trading range.
The report also noted that whales realized over $600 million in losses when bitcoin first dipped 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 pattern that historically emerges only after sentiment has capitulated, signaling that selling pressure may be nearing exhaustion.
Bitcoin remains anchored near $92,000 despite a range of macro catalysts. QCP cautioned that stability should not be interpreted as renewed conviction, noting that spot ETF inflows have only modestly improved and derivatives positioning remains cautious.
Focus is now shifting to Tokyo, where markets overwhelmingly expect a 25-basis-point rate hike at the Bank of Japan’s December 19 meeting. QCP highlighted Japan as the next potential catalyst, with long-end JGB yields pushing multi-decade highs and policymakers signaling concern over the pace of increases.
Market movement
- BTC: Bitcoin traded quietly between $91,000 and $92,000, largely unaffected by the Fed’s rate cut as muted onchain flows kept volatility low.
- ETH: Ether held near $3,270, showing no clear trigger to break its recent range.
- Gold: Gold rose after 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 moved higher following the Fed’s third rate cut of the year, though Japan’s Nikkei 225 pared gains to slip 0.11%.
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