With almost all leading assets trading in a range, analysts emphasize that Jerome Powell’s tone, not the rate cut itself, is likely to determine the market’s next true trend.
In recent days, Bitcoin has been moving between $88,000 and $93,000, while liquidity is decreasing toward the end of the year. Ethereum is holding around $3,100, BNB is near $886, and Solana is around $132. The total crypto market capitalization is declining toward $3.1 trillion during this period of waiting.
ETF flows indicate rotation into altcoins
Despite calm price dynamics, exchange-traded funds reveal a more detailed picture. Bitcoin ETF products reported about $60 million in outflows on Monday, while ETH, SOL, and XRP funds attracted a combined $74 million in net inflows.
Markets remain stagnant ahead of the Fed’s “binary” week
Analysts describe the sentiment as a market waiting for permission to move. Most traders are staying on the sidelines ahead of tomorrow’s FOMC meeting, where a December rate cut is considered the base scenario.
Some experts believe the cut is already fully priced in. However, Powell’s guidance will be far more important—especially whether 2026 policy will remain tighter or shift to a more dovish stance.
In their opinion, Bitcoin will likely remain locked around $91,000 immediately after the announcement unless Powell surprises the markets.
Liquidity evaporates as derivatives traders step back
QCP Capital notes that the sharp weekend moves—BTC from $88,000 to $92,000 and ETH from $2,910 to $3,150—highlight how shallow liquidity has become toward year-end.
Open interest plunges:
- Bitcoin open interest is down more than 44% since October
- Ethereum open interest has fallen by over 50%
Retail trader participation is also dropping sharply, with Google search interest returning to the lowest levels seen during the bear market.
Nevertheless, long-term buyers continue to quietly absorb supply. Around 25,000 BTC have left centralized exchanges over the past two weeks, and ETF + corporate balances now exceed exchange holdings, strengthening the structural supply shortage. Still, without a macro catalyst, this steady absorption isn’t enough to push the price out of the range.
Powell’s speech will determine Bitcoin’s next move
Analysts are unanimous that tomorrow’s guidance will set the tone for the market in the final weeks of 2025. A more cautious or “hawkish” message may push Bitcoin back to the $88,000 zone.
A more dovish outlook or a hint of further cuts in early 2026 could trigger a move toward $93,000–$95,000, with the potential to test $97,000–$106,000 if momentum returns. Until then, the dominant strategy remains waiting.
The market is stagnant—the next move depends entirely on Powell’s words.

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CryptoQuant reported a spike in XRP’s velocity metric to 0.0324 on December 2—a sign that tokens are circulating quickly rather than sitting in long-term wallets. Although the asset’s price has declined in recent weeks, network activity is ramping up rather than slowing down.
The heightened movement suggests a shift in participant behavior. Wallet data shows both everyday users and large holders are restructuring their positions during this market phase. Rather than withdrawing from the ecosystem, many appear to be actively using XRP for settlements, automated transfers, and strategic reallocations. Increased token flows between addresses typically signal more liquid conditions and a market that reacts more quickly to short-term signals.
Throughout 2025, the XRP Ledger remains busy, and the December spike fits into a pattern of increased usage. However, the recent surge stands out because it comes during a price correction. After peaking at around $3.50 in August, XRP was trading near $2.17 at the start of December. Historically, periods of mixed sentiment—especially during downward trends—often lead to higher circulation as traders adjust their exposure.
Despite price pressure, the steady rise in velocity suggests the network’s fundamental role remains intact. Transaction volumes remain high, and the ledger continues to process fast and frequent transfers. Analysts note that strong activity during price declines is often a sign of deep structural resilience. In many previous cycles, sustained network participation appeared before price momentum began to recover.
For now, the picture in the XRP ecosystem is clear: even in a cooling market, activity “under the hood” remains strong. And in crypto, high usage often speaks louder than short-term price moves.

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