You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
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
Disclaimer
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.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
