On Tuesday, the market continued to panic, Bitcoin held at the $87,000 mark, and the DeFi coin SKY rose against the trend.

2025-12-02 12:20:22

The market sentiment on Tuesday still hasn't improved, with the “extreme fear” index hanging around. Bitcoin is hovering around $87,000, and the pump from late November has basically fizzled out. Alts are doing even worse, with Zcash leading the fall at 8%, and other coins aren't faring much better.

Looking at the futures market, one can feel the chill — funds are fleeing, and the basis has plummeted sharply. In simple terms, it means that everyone is not optimistic about the future market. However, there are exceptions; the DeFi sector's SKY (formerly known as MKR) has risen against the trend by 6.7%, due to rumors of a buyback, which has also led to a noticeable increase in its stablecoin USDS. That's how the market is; there are always people picking up chips while others are bleeding.

BTC1.77%

SKY0.74%

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AirdropSkeptic

· 3h ago

Wait, SKY can go up 6.7% just because of a buyback? This market really lives on news—while other coins are crawling among the dead, it just takes off.

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FortuneTeller42

· 12-02 12:46

Some people really dare to buy the dip during the bleeding moment; this buyback by SKY is indeed something.

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PretendingToReadDocs

· 12-02 12:44

Can repurchase really pump this much? It seems there are still people daring to buy the dip, I also want to be so bold.

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rekt_but_not_broke

· 12-02 12:29

Another day of green, the coins in my hands are screaming. With the basis collapsing like this, it's no wonder that Large Investors are dumping. The buyback from SKY is real, finally seeing some hope. If 87000 can't hold, then it's time to prepare to buy the dip. Funds are running, which means there are still people who can't understand the market outlook. Zcash fell 8 points, really tragic, but this is the time to pick up some chips. Why do I feel like only buybacks can save the market? The market is still in panic, I'm not in a hurry to enter a position. With the futures market so cold, retail investors need to be very savvy to survive.

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TxFailed

· 12-02 12:28

ngl the basis collapse is giving classic capitulation vibes... saved me some eth last time i ignored the "recovery" signals. tbh, watching ski moon while everything else bleeds is exactly the kind of edge case that separates bagholders from people who actually read the docs

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