Market Update Summary - Dec 08

Abstract

The crypto macro landscape received structural tailwinds this week, increasing optimism around instrutional adoption and regulation. The UK’s formal recognition of crypto as property provides long-awaited legal certainty for institutions, while Revolut’s Solana integration and Deutsche Börse’s partnership with Kraken signal Europe’s ambition to build a credible, regulated alternative to U.S. crypto markets.

Bitcoin sits at $92.4K, almost 9% lower on the month but marginally firmer this week. Ethereum, at $3.17K, dips on the day yet stands out with a 4.6% weekly rise. Solana remains the weakest performer at $138.8, falling 11% this month.

Market sentiment remains subdued with the altseason index holding firmly in BTC season and the fear-and-greed index remaining fearful. Smart money has defensively flowed into quality projects including MORPHO and Honey. Outflows hit Ethereum and Solana chain with ENA, WOJAK and AVICI having the largest outflows.

Market Sentiment

Market sentiment has mildly increased with our Crypto Fear-and-Greed index climbing to 28 (Scale 0-100), remaining within the FEAR category. We indicate that the market remains undervalued with investors being fearful of volatile assets.

We remain firmly in BTC season, coinciding with the FEAR index, with a latest score of 23.0 (Scale 0-100). This score represents that only 24% of altcoins included in the Top-100 index outperformed Bitcoin over the previous 90 days. Bitcoin season is interpreted as a bearish signal in the market.

Major Token Performance Performance

How to Read These Charts

These charts show the cumulative price returns of Bitcoin (BTC), Ethereum ETH), and the COIN50 index over the selected periods; 30 days, 7 days or 24 hours. Returns are rebased to 0% at the start of each period to highlight relative performance trends between assets.

The BTC dominance line (secondary axis) tracks Bitcoin’s share of the total crypto market capitalization, offering context on capital rotation between BTC and altcoins. Rising BTC dominance typically indicates capital consolidation into Bitcoin, while a decline suggests increased risk appetite and flows into altcoins.

Use these charts to quickly assess:

• Which assets outperformed or underperformed over the period

• Whether market strength was concentrated (BTC-led) or broad-based

• How shifts in BTC dominance align with overall performance trends

How to Read This Table

This table summarizes the percentage price change of key crypto and macro assets over three timeframes: 30 days, 7 days, and 24 hours. It includes major cryptocurrencies (e.g., BTC, ETH, XRP, SOL), a benchmark altcoin index (COIN50), and traditional market comparables like gold (XAU) and the S&P 500 (SPX).

The data allows you to:

• Compare short-term and medium-term performance across sectors

• Spot momentum leaders and laggards in both crypto and traditional markets

• Assess whether market moves were broad-based or asset-specific

• Track how crypto assets performed relative to macro benchmarks

This table provides a concise view of market dynamics across different asset classes and helps contextualize crypto performance within a broader macro landscape.

Newly Listed Projects

As of 2025-12-05 1:00PM

Projects and Exchanges

Price Performance

Liquidity Performance

Smart Money Flows

Top 10 7D Flows

Bottom 10 7D Flows

These tables track the weekly movement of "smart money" wallets across various tokens and chains.

The Top 10 7D Flows table highlights assets that have seen the largest net inflows from smart money in the past 7 days. A high and rising 7D flow suggests growing interest, accumulation, or conviction by sophisticated traders, and may indicate strong underlying narratives or catalysts. Compare these flows with the token’s market cap to assess relative impact, inflows into small-cap assets are generally more price-sensitive.

Conversely, the Bottom 10 7D Flows table shows tokens with the largest net outflows from smart money wallets. Persistent or large outflows may reflect profit-taking, loss-cutting, or reduced confidence, and can signal weakening sentiment or fading momentum. Watch for sustained outflows alongside declining price or on-chain activity.

Use these tables to:

• Identify tokens where smart money is actively positioning

• Spot emerging narratives or sentiment reversals

• Gauge chain-specific flows, e.g., Solana vs. Ethereum vs. Base

• Inform rotational strategies across high-alpha tokens

Stablecoin Flows

Stablecoin flow data provides a real-time pulse of capital movement across exchanges and chains.

Rising stablecoin balances on-chain or on exchanges often indicate inbound liquidity, capital sitting on the sidelines potentially awaiting deployment into crypto assets. Large inflows may precede buying activity, suggesting growing market participation or renewed confidence.

On the other hand, net outflows of stablecoins could imply that capital is either exiting the crypto ecosystem or being actively deployed into volatile tokens, especially when accompanied by declining exchange balances or stablecoin dominance.

Use stablecoin flows to:

• Detect early signs of market risk appetite

• Monitor capital rotation between stablecoins and volatile assets

• Confirm the sustainability of rallies (is money really coming in?)

• Support broader macro or positioning views from other data (e.g., smart money behavior or BTC dominance)

Macro & Crypto News

December 05: Kraken Partners with Deutsche Börse in move to Rival Wall Street in Crypto

Kraken’s new partnership with Deutsche Börse Group marks a major advance for institutional crypto adoption in Europe. The collaboration will give Kraken clients access to Deutsche Börse’s 360T foreign-exchange platform, unlocking deep bank-grade FX liquidity, tightening trading spreads and improving fiat-to-crypto flows. They also plan to roll out white-label custody and trading solutions for banks and fintechs, offering regulated, compliant access to crypto, tokenized assets, and (pending approval) derivatives via Eurex.

The partnership highlights Europe's increased positioning as a direct competitor to Wall Street in offering a regulated crypto venue, attracting capital wary of the lack of compliance in the space.

December 04: Revolut Adds Solana Payments

Revolut has integrated Solana, USDT and USDC support for payments, transfers, withdrawals and staking. The decision of the neo-bank with 65 million users comes as institutional and fintech demand for blockchain access increases. Solana now has access to a large population of new users expanding their mainstream footprint.

Increased demand for blockchains enabling high-speed and low-cost transactions should help increase adoption. Solana's increase volume should lead to increased transaction flow, deeper order books and more stable liquidity.

Following the announcement Solana saw a modest price increase of 1.6%, liquidiation nearly $60 million of shorts. Optimism about Solana chain is growing with technical analysts predicting a breakout towards $144-$146 if the current support levels hold.

December 03: UK Passes Law Formalizing Crypto Assets as Property

The United Kingdom has passed the Property Digital Assets Act, formally enshrining cryptocurrencies, stablecoins, NFTs and similar digital-assets as a new category of personal property. Under the law, crypto-assets are now clearly ownable, inheritable, and recoverable: theft victims, heirs, or bankruptcy administrators can assert rights over wallets and digital holdings under traditional property-law protections.

Sentiment among industry stakeholders has been broadly positive: trade bodies hailed the move as a “major step forward” and a sign that the UK is serious about becoming a hub for digital finance and Web3 innovation.