BTC Drops With JGBs
BTC fell from above $90K to a trough near $83K before retracing to >$86K, with the initial leg lower coinciding with a sharp move higher in JGB yields after BoJ Governor Ueda’s hawkish remarks.
📊 BTC and ETH Slip as Volatility Rebuilds
BTC has fallen back toward $85K and ETH to around $2,800, with short-dated implied vols higher and put skew turning bearish again — a sign that last week’s move above $90K was more fragile than it looked. Strategy’s comments about potentially selling BTC if its mNAV turns negative and another month of sizeable spot ETF outflows are adding to the cautious tone.
🌏 Macro and Policy Backdrop Turns Less Friendly
Japanese yields are at multi-decade highs with markets now pricing a strong chance of a BoJ hike, the PBoC has restated its hard line on virtual currencies and stablecoins, CoinShares has pulled several planned U.S. alt ETFs, while Ethereum’s Fusaka upgrade on 3 December promises cheaper, higher-throughput rollups just as the broader macro picture becomes more challenging.
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Market Snapshot: Overnight Moves
Daily Updates:
Risk aversion grappled most corners of the market in the first trading session of the month as both US equities and cryptocurrencies sold off.
BTC first slid from above $90K to $85K during early morning trading in Tokyo, in line with a surge higher in Japanese government bond yields. The rally in JGB yields coincided with a hawkish signal from the BoJ Governor Kazuo Ueda that the central bank is weighing the pros and cons of a rate hike to tighten policy.
The initial decline in BTC foreshadowed the subsequent drop in US equities. The S&P 500 declined 0.53% yesterday, while the tech-heavy Nasdaq-100 Index ended 0.36% lower.
BTC also fell even lower as trading in New York began, dropping to $83K.
However, that level marked a local bottom for the session and it has since pared some of its losses, currently trading back above $86K.