Bitcoin Pullback Sparks Volatility; PENGU Open Interest Rises

Crypto Markets Update: Bitcoin Pullback, Small-Cap Tokens Gain – 12/9/2025

Analysts remain bullish on Bitcoin (BTC) $108,783.53, forecasting new all-time highs, while select tokens like HYPE, SOL, and ENA could see outsized gains.

BTC fell 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. Meanwhile, smaller tokens are attracting attention, with MYX, HASH, PENGU, PUMP, and MNT posting weekly gains above 10%.

“The CPI and jobs data created a classic ‘good news/bad data’ scenario: higher inflation paired with weaker labor figures keeps the easing narrative intact—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% in 24 hours as traders take on more risk ahead of potential Fed cuts. Funding rates for major coins hover around 10%, signaling bullish sentiment without market overheating.

PENGU hit a record OI of 7.78 billion coins, validating its price surge, while smaller tokens like SKY and PYTH show negative funding rates, indicating bearish bias. CME Bitcoin futures OI climbed after a multiweek decline, while Ether futures OI fell to a one-month low. BTC and ETH options OI remain elevated, though Deribit data shows a put bias through December despite markets pricing in roughly five U.S. rate cuts by mid-2026.

Thorchain Hack

Thorchain co-founder JPThor lost funds after a deepfake Zoom call drained an old MetaMask wallet. Peckshield confirmed $1.2 million was stolen, with ties to North Korean hackers.

Thorchain (RUNE), used in laundering North Korea-linked crypto, trades at $1.28, down 14% in the past month and over 90% from its March 2024 high of $12.95. The attack combined social engineering and phishing, the same techniques behind $2.5 billion in crypto thefts in H1 2025.