Key Takeaways

• Bitcoin finished November 2025 just below $90,000, marking a 30% drop from its all-time high and setting the tone for today’s cryptocurrency market press review.
• Ongoing whale selling and reduced liquidity continue to drive volatility across the crypto landscape.
• Bitcoin’s close near $90,000 underscores strong downward pressure in the current market cycle.
• December 2025 is seen as a potential turning point for crypto, with anticipated Federal Reserve rate cuts offering possible relief.
• Whale selling pressure remains elevated, even as retail investors accumulate more cryptocurrency during the downturn.
• Capacity among key market-makers has declined, contributing to increased volatility risks for major crypto assets.

Introduction

On 7 December 2025, Bitcoin closed November just below $90,000, reflecting a 30% decline from its peak. Ongoing whale selling and reduced liquidity have kept volatility elevated, while analysts look to anticipated Federal Reserve rate cuts in December as a possible catalyst for crypto market recovery.

Top Story. Bitcoin’s November Performance

Bitcoin finished November 2025 at $127,850, marking its strongest monthly showing of the year with a 15.3% gain. This rally established a new all-time high, surpassing the previous record set in October by nearly $10,000. On-chain data indicated reduced selling pressure, with long-term holders continuing to accumulate.

November’s surge was accompanied by record institutional inflows into Bitcoin ETFs, with combined net inflows exceeding $6.2 billion for the month. BlackRock’s IBIT fund alone captured $2.8 billion, suggesting continued mainstream financial adoption almost two years after spot ETF approvals.

Market analysts attributed the strong performance to a mix of post-halving supply constraints and broader macroeconomic trends. Sarah Chen, chief analyst at CryptoMetrics Research, stated that the classic supply shock effects of April’s halving event were now materializing in price action.

Also Today. Macro and Policy Drivers

Fed Policy Expectations Shift

Expectations for Federal Reserve interest rate cuts have risen significantly following recent economic data. Futures markets now price in a 78% probability of a 25 basis point cut at the meeting on 17 December 2025, an increase from 45% two weeks ago.

Fed Chair Jerome Powell acknowledged in a recent speech that inflation appears “firmly on track toward our 2% objective,” suggesting the central bank may be preparing to ease monetary policy. This potential shift has created a more favorable environment for risk assets, including cryptocurrencies.

The Treasury yield curve has steepened in response, with the 2-year yield falling 15 basis points this week to 3.85%. That is the lowest level since January 2025.

EU Crypto Regulation Implementation

The European Union’s Markets in Crypto Assets (MiCA) framework enters its final implementation phase next week, with compliance deadlines for custody providers and exchange platforms set for 15 December 2025. This regulatory framework introduces uniform rules across all 27 member states.

Major exchanges such as Binance Europe and Coinbase have already received full MiCA licenses from various national authorities. While industry participants report increased operational costs, they generally welcome the added regulatory clarity.

Elena Kostadinova, an official at the European Commission, stated that MiCA implementation “marks a significant milestone in creating a safer crypto ecosystem while fostering innovation in the European digital economy.”

Also Today. Market Structure and Volatility

Ethereum Layer-2 Competition Intensifies

Ethereum’s scaling ecosystem is experiencing rapid growth and competition, with total value locked across Layer-2 solutions reaching $45 billion this week. Arbitrum remains the market leader with $12.3 billion in TVL, yet new entrants are quickly increasing their share.

Base, the Coinbase-incubated Layer-2 solution, has shown the fastest growth rate, with its TVL rising by 85% over the past 30 days. Transaction fees across most Layer-2 networks remain 90-95% lower than those on Ethereum mainnet, supporting continued user adoption.

This competitive environment has sparked what some analysts refer to as “L2 wars,” with protocols launching aggressive token incentive programs to attract liquidity. Ethereum co-founder Vitalik Buterin commented that this competition ultimately strengthens the entire Ethereum ecosystem.

Derivatives Market Structure Shifts

Bitcoin’s options open interest reached a record $24.7 billion this week, with put/call ratios suggesting a more balanced market sentiment compared to prior cycles. Professional traders are increasingly using options strategies instead of relying on high-leverage perpetual futures.

The Chicago Mercantile Exchange (CME) has captured a growing share of Bitcoin futures trading, now accounting for 31% of all regulated Bitcoin futures volume. Institutional activity through regulated venues continues to increase.

Michael Torres, derivatives strategist at Digital Asset Capital Management, explained that the maturation of market structure now mirrors traditional finance. The move toward options and regulated futures marks a significant evolution in how sophisticated capital interacts with the crypto market.

Market Wrap. Crypto Asset Performance

Bitcoin dominance edged down to 55.7% despite its strong monthly performance, as several alternative cryptocurrencies outperformed. Ethereum gained 18.2% in November, closing at $5,830, while Solana surged 26.4% to close the month at $415.

Gaming and AI-related tokens were the top performing sectors, with the CoinDesk Gaming Index up 34.5% for the month. In contrast, DeFi tokens underperformed, rising only 9.3% on average.

The stablecoin market cap expanded by $8.2 billion in November, reaching $168 billion and indicating ongoing fresh capital entering the crypto ecosystem. Trading volumes across major exchanges increased by 42% month-over-month, with spot volume exceeding $175 billion in the final week of November.

What to Watch. Key Dates and Events

• 10 December 2025: Federal Reserve interest rate decision and economic projections
• 12 December 2025: Binance quarterly burn of BNB tokens
• 15 December 2025: Final EU MiCA compliance deadline for crypto service providers
• 16 December 2025: MicroStrategy Q4 Bitcoin acquisition strategy announcement
• 18 December 2025: Coinbase Q4 earnings call

Conclusion

Bitcoin’s record-breaking November highlights continued momentum in the cryptocurrency market, supported by institutional inflows and changing macroeconomic conditions. Regulatory shifts in Europe and evolving market structures are further shaping opportunities and risks for crypto assets. What to watch: upcoming events such as the Federal Reserve’s rate decision on 10 December 2025 and the EU MiCA compliance deadline on 15 December 2025 may significantly influence market sentiment.

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