#加密市场观察 Latest Developments in the Cryptocurrency Market: Bitcoin Price Remains Sluggish, On-Chain Data Reveals Potential Volatility Signals

Today, the cryptocurrency market continues to experience a downturn. Bitcoin’s price is hovering around $91,000, while the market sentiment indicator “Fear & Greed Index” sits at only 24, indicating clear fear among investors. Against this backdrop, three key signals may suggest a new wave of market volatility is approaching:
1. Abnormal Bitcoin On-Chain Fund Movements
On-chain data monitoring platform Glassnode reported that within 48 hours at the beginning of December, approximately 170,000 Bitcoins were transferred from long-term cold wallet addresses to major exchanges. These addresses had previously remained dormant for an extended period, and this simultaneous large-scale fund movement has attracted significant market attention. Analysis indicates this could be holders preparing to cash out or engage in institutional-level hedging strategies. Miners may also adjust their mining and inventory strategies as a result. However, market experts believe such fund migrations are more likely a defensive response to macroeconomic uncertainty rather than a purely bearish outlook.
2. Subtle Changes in Ethereum Staking Rate
Latest data shows the total amount of Ethereum staked has dropped from 30 million to around 29.5 million since the end of November, a decrease of about 2%. However, over 40% of the funds withdrawn from staking have not been sold directly but instead have flowed into high-yield strategies within the DeFi ecosystem, such as stablecoin lending and cross-chain arbitrage. This indicates that investors have not lost confidence in Ethereum but are instead readjusting their risk and return structures. Such fund flows could inject new vitality into Ethereum Layer 2s and cross-chain bridge ecosystems.
3. Federal Reserve Monetary Policy Signals
Although the Federal Reserve has kept interest rates unchanged, Wall Street analysts reveal that some officials are inclined to end the tightening cycle early, and expectations for rate cuts may weaken the dollar’s strength and boost the appeal of risk assets. As a result, the crypto market may see new capital inflows, with futures and options markets expected to become noticeably more active over the next two months.
Other High-Value Briefs
- BN launches zero-fee stablecoin transfer feature: This move could reduce the cost of cross-border fund flows but may trigger further regulatory scrutiny.
- European asset management company increases crypto market exposure: Germany’s Union Investment announces its first allocation to Bitcoin and Ethereum ETFs, indicating rising interest from traditional capital.
- Decentralized trading platform dYdX completes mainnet migration: The platform has officially transitioned from Ethereum to the Cosmos architecture, gaining higher performance and greater customization capabilities.
- Circle enhances stablecoin transparency audits: Introducing third-party real-time reserve monitoring, potentially setting a new industry benchmark.
- Hong Kong advances digital HKD pilot: The Monetary Authority and banks are launching the second phase of trials, focusing on cross-border trade settlement and promoting the development of the local fintech ecosystem.