#数字资产行情上升 December 9 Crypto Briefing

Today, the market is generally weak. The global crypto asset market cap fell by 1.8%–2% over the past 24 hours, currently just above $3 trillion. Bitcoin came under pressure and dropped to near $90,000, with a decline of about 1.7%–1.8%. Ethereum’s drop was milder, slipping slightly to around $3,100, with a drop of less than 1%. Many traders are feeling psychological pressure; market panic is high and there is a strong wait-and-see sentiment among investors.

There are a few noteworthy developments on the institutional side. Twenty One Capital, which holds 43,500 BTC, successfully went public on the New York Stock Exchange, becoming the world’s third largest publicly traded Bitcoin holder, but its first-day performance was less than ideal, with its share price plunging 24%–25%. Meanwhile, a major exchange completed an asset audit by professional security firm Hacken, confirming full asset backing and improved transparency. Another trading platform officially integrated with TradingView, allowing over 400 perpetual contracts to be traded directly on charts, making it more convenient for professional traders.

What do analysts think? Standard Chartered recently cut its year-end 2025 Bitcoin target from previous expectations to $100,000, but still maintains a long-term bullish outlook, stating that the current situation is “a cold wind blowing through” rather than a crypto winter. Research shows that the correlation between crypto assets and AI/tech stocks is increasing, making Bitcoin more like a high-risk tech asset and more sensitive to Fed policy. The sharp drop in November was not a black swan event, but rather the result of a combination of high leverage, narrative-driven moves, and liquidity drying up. In the short term, liquidation risk and high leverage dangers still exist, so retail investors should pay close attention to position management.

Looking ahead, ETF flows, dollar liquidity, and Fed policy bias will continue to drive the market. Recently, demand for stablecoins has increased, and safe-haven tools like $USDT and $USDC are in favor. If rate cuts or a policy shift occur in the future, it could trigger the next wave of market action; but if policy remains tight, the market may continue to fluctuate at the bottom.