Bitcoin edged higher on Monday after a tough week, but remains under pressure ahead of December.
Bitcoin rose modestly on Monday after a tough week, but remained battered by mounting institutional redemptions and uncertainty over Federal Reserve policy heading into December.
The world’s largest cryptocurrency last traded 1.4% higher at $87,0505.5 by 01:25 ET (06:25 GMT).
Bitcoin slumped over 10% last week to seven-month lows near $80,000.
Bitcoin ETF outflows continue
It plunged to as low as $88,610.4 in the last 24 hours before recovering back above $90,000.
Data showed that U.S.-listed spot bitcoin ETFs suffered another round of outflows, extending their losing streak to a fourth consecutive week. According to SoSoValue, these funds recorded a net $1.22 billion in redemptions for the week ended Nov. 21, bringing cumulative four-week outflows to roughly $4.34 billion.
At the same time, these ETFs posted record trading volumes in the same period, suggesting what analysts describe as “institutional capitulation.” Trading across U.S. spot bitcoin ETFs surged past $40 billion last week.
Fed uncertainty remains despite easing bets
Macro uncertainty is adding to pressure on cryptocurrencies. Market pricing now places the odds of a December Fed rate cut at around 70%, up sharply from about 44% just a week ago.
But despite the jump in expectations, many Fed officials remain divided and continue to sound cautious, warning that inflation remains sticky and the labor market strong.
Without a fresh catalyst, the crypto market could remain under pressure in the near term.
The uncertainty has been further compounded by the recent U.S. federal government shutdown, which delayed key economic releases. The missing data have left markets in a flying-blind mode, raising doubts over how much easing is actually baked in.
Investors now await critical reports such as the retail-sales and producer-prices indexes, scheduled for release later this week.
Crypto price today: altcoins edge higher after weekly declines
Most altcoins rose on Monday after sharp weekly losses, but remained range bound amid a cautious mood.
World no.2 crypto Ethereum rose 1.2% to $2,842.88.
World no. 3 crypto XRP gained 1.7% to $2.07.
Solana rose 1.8% and Cardano edged 0.8% higher, while Polygon fell 0.6%.
Among meme tokens, Dogecoin gained over 2%.