Trading Desk Insights
Bitcoin’s bounce back into the $92 to $93k range shows buyers are still stepping in hard on dips. We’re sitting in a clean consolidation zone, the kind that often sets up the next leg higher if momentum holds. Futures open interest eased a touch while basis and funding stayed quiet. Options desks are still leaning bullish with call-side skew ticking up. Since midweek, BTC’s been chopping lower on shorter timeframes, printing lower highs and lower lows but without much conviction behind the moves.
ETF flow data flipped negative again. BTC funds saw $194.6 million in outflows, the biggest since Nov 20, while ETH shed $41.5 million. Feels more like a breather in new capital inflows than any structural unwind.
Institutional sentiment is still quietly constructive. Vanguard just opened access to crypto ETFs, Bank of America gave wealth advisers the green light to allocate up to 4% of client portfolios to digital assets, and Charles Schwab confirmed plans to roll out BTC and ETH trading early 2026. Those are slow burns, but they speak to a steady normalization of crypto in traditional portfolios.
Over in macro, US equity futures edged higher Friday ahead of fresh inflation data that could shape the Fed’s next move. Traders are watching the November payrolls report, due after the Dec 10 Fed meeting, for signs of labor market softness that might justify a 25bp cut. Core PCE coming out at 10am ET likely printing around 2.9% in September, still above target for the 55th straight month. A cooler read could knock 10-year yields under 4% and give BTC some tailwind out of its current range.
Outside the market, Netflix is reportedly acquiring Warner Bros’ film studio and HBO Max for roughly $72 billion, marking one of the biggest media deals in years. And in crypto markets, Polymarket is setting up its own internal market-making desk to trade directly on its platform. That move could boost liquidity but also raises concerns about conflicts of interest if the desk ends up trading against customers.
Crypto Charts
ETF Flow
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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