Crypto Markets: Plateau That Feels Suspicious

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(December 9 Edition)

Bitcoin spent the week lagging behind the big traditional players, something that always grabs attention since it is usually the one leading the move. While spot gold pushed higher and both the S&P 500 and Nasdaq 100 kept grinding up, Bitcoin felt heavier and could not keep pace. On top of that, odds on Polymarket for Bitcoin hitting 100K by year end slipped below 40 percent, which shows how traders are dialing back short term expectations. This does not always signal something dramatic, it often reflects a market that is cautious and waiting for clearer direction. Stocks and gold benefited from steady confidence, while Bitcoin holders seemed more hesitant after recent volatility.

In simple terms, the world’s largest crypto took a breather while everything else kept jogging, a reminder that even strong assets have weeks where they sit back instead of leading the charge.

Uniswap, one of the biggest decentralized exchanges where people trade tokens without a traditional middleman, just announced a new partnership with Revolut that makes getting into crypto much simpler. Instead of juggling apps or waiting on bank transfers, users can now onramp through Revolut and move straight into tokens on Uniswap with fewer steps and less friction. This matters because most newcomers want a clean and simple way to start, not a confusing mix of platforms. By linking a familiar fintech app with a major DeFi hub, Uniswap is trying to lower the barrier for anyone curious about crypto. It is a small change on the surface, but it brings the industry one step closer to feeling as easy and familiar as online banking.

Ethereum supply on exchanges has been dropping fast, now sitting near roughly 9 to 10 percent of the total supply over the past week. Large holders continue moving their ETH off centralized platforms and into cold wallets or staking, which removes a big chunk of tokens from the immediate selling pool. This kind of steady outflow usually reflects growing confidence in the long term future of the asset since people do not lock away something they expect to dump soon. With fewer tokens available on exchanges, any future rise in demand could feel tighter, a reminder that market pressure does not come only from buyers, it also comes from how much supply is left on the shelf.

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CryptoPunk #1925 sold for 195 ETH this week, about $546K, a reminder that NFTs are still alive even if the hype is not at the peak we saw in 2021. Big sales like this show that collectors with real conviction never fully stepped away, they simply became more selective and focused on the projects with lasting influence. The broader NFT market is quieter now, but the excitement has not disappeared, it has shifted into a steadier rhythm where historically important collections still command serious value. Moments like this sale prove that NFTs are still part of the heartbeat of the crypto space.

Odds of a rate cut at the next FOMC meeting have climbed to about 87%, a big jump from last week and a sign that traders are leaning toward a more supportive monetary environment. When rates come down, borrowing gets cheaper, spending usually picks up, and risk based assets like crypto often benefit because investors feel more comfortable taking on exposure. Still, these probabilities move with every new data release, headline, or market swing which makes them helpful to track but far from guaranteed. It is a strong signal of shifting sentiment, yet it remains a day to day story that can change just as quickly as it formed.

The National Bank of Canada made headlines after revealing a 273 million dollar Bitcoin bet through Michael Saylor’s MicroStrategy strategy, now holding more than 1.47 million MSTR shares. It is a bold move from the country’s sixth largest bank and a sign that institutions are becoming more comfortable getting indirect Bitcoin exposure instead of sitting on the sidelines. At the same time, Franklin Templeton launched its new Solana ETF, giving investors an easy way to gain exposure to one of the fastest growing networks without touching a wallet or exchange. Together these two moves show a clear trend, traditional finance is not avoiding crypto, it is finding smoother and more regulated ways to plug in.

The approaches are different but the message is similar, mainstream players are stepping deeper into the digital asset world because they see long term value rather than a passing trend.

Kraken is moving deeper into the world of tokenized assets with its plan to acquire Backed, a company known for bringing traditional equities onto blockchain rails. This move aims to speed up the growth of XStocks, Krakens effort to let people trade tokenized versions of real world stocks in a simpler and more global way. For users, it means the possibility of accessing familiar equity exposure with crypto style flexibility, no extra brokers or borders in the way. It also signals that major players see tokenized equities as a serious part of the future market landscape, not just a side experiment. If Kraken can pull this off, it could help bridge the gap between traditional investing and on chain finance in a very real way.