Crypto Markets Today: Bitcoin Slides to $91K as ETF Outflows Deepen Market Anxiety

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Crypto Markets Today: Bitcoin Slides to $91K as ETF Outflows Deepen Market Anxiety

Bitcoin’s early week rally unraveled as sharp ETF outflows, aggressive derivatives deleveraging and muted altcoin reactions to catalysts pulled the broader crypto market lower.

By Oliver Knight, Saksham Diwan|Edited by Sheldon Reback

Updated Dec 5, 2025, 11:47 a.m. Published Dec 5, 2025, 11:46 a.m.

Bitcoin y ether caen en medio de salidas de ETF y respuesta silenciada de Fusaka (extremis/Pixabay modificado por CoinDesk)

What to know:

• Bitcoin fell to $91,200 as BlackRock’s IBIT notched another $113 million in outflows, pressuring sentiment while equities were little changed.
• Futures open interest slid to $21 billion, basis and funding remained muted, and options positioning stays bullish with call-side skew rising.
• Ether erased post-Fusaka gains, while the CD20 and memecoins weakened further.
• ZEC y TRX desafiaron la tendencia con una fuerza destacada.

The crypto market fell during the European morning, with bitcoin BTC$91,190.06 dropping to $91,200 after hitting a weekly high of $94,200 on Wednesday.

The decline was confined to crypto: U.S. equities were little changed in pre-market trading and the FTSE100 index rose 0.15%.

STORY CONTINUES BELOW

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La vente massive peut être attribuée à des sorties record de l'ETF bitcoin IBIT de BlackRock, avec 113 millions de dollars supplémentaires de sorties enregistrées jeudi alors que les taureaux de la crypto n'ont pas réussi à reprendre le contrôle du marché aux ours.

El índice de Miedo y Avaricia permanece deprimido en 25/100, sin lograr encontrar su camino hacia una zona neutral después de estar por debajo de 40/100 durante más de un mes.

Posicionamiento de derivados

• El mercado de futuros de BTC muestra una cautela sostenida y un desapalancamiento agresivo. El interés abierto (OI) ha caído a $21 mil millones desde $25 mil millones hace un mes, lo que indica una reducción en el apalancamiento y la exposición al riesgo de los comerciantes.
• Este desapalancamiento está ocurriendo junto con métricas de derivados de mercado consistentemente bajas: la base anualizada a tres meses se mantiene estable en 4%-5%, y las tasas de financiación son estables en 5%-6% en los principales lugares, sin que ninguna métrica muestre un cambio significativo en el último mes.
• Les options BTC montrent un biais haussier soutenu malgré la baisse de la volatilité. La structure à terme de la volatilité implicite (IV) pour le court terme a chuté, s'éloignant de la backwardation vers un contango plus typique, indiquant une baisse des mouvements de prix immédiats et extrêmes attendus.
• No obstante, la inclinación del volumen sigue siendo alcista, con un volumen de opciones de compra/venta de 24 horas aún al 57% a favor de las opciones de compra. Crucialmente, la inclinación de 25 delta a una semana ha visto un ligero aumento reciente al 8%, confirmando que los comerciantes todavía están pagando una prima por la exposición al alza a corto plazo.
• La reciente volatilidad del precio de BTC provocó liquidaciones de $280 millones en 24 horas, con $200 millones siendo posiciones largas. ETH ($88 millones) y BTC ($85 millones) lideran en términos de liquidaciones nominales.
• El mapa de calor de liquidaciones BTC/USDT en Binance sugiere una gran cantidad de liquidaciones largas alrededor de $90,600, según los datos de Coinglass. Ese es el nivel a tener en cuenta, en caso de una caída de precios.

Charla de tokens

• The altcoin market performed equally poorly over the past 24 hours as TAO, HYPE and NEAR all lost more than 6.5% of their value.
• But the biggest story was in the price action of ether ETH$3,127.27. Less than a day after its much-anticipated Fusaka upgrade, ETH gave back much of its initial gains, falling 2.62% from its daily high at 03:00 UTC.
• La acción de precio apagada de ETH pinta una historia reveladora para el mercado más amplio de altcoins, ya que incluso los supuestos catalizadores alcistas están cayendo en oídos sordos.
• The CoinDesk 20 (CD20) index mirrored ETH's decline while CDMEME, CoinDesk's memecoin index, slid 5.8% in the past 24 hours.
• CoinMarketCap's "Altcoin Season" indicator se estancó en 21/100, aparentemente permanece atrapado en una zona bajista con los comerciantes optando por la consistencia de bitcoin y la seguridad de las stablecoins.
• Dos excepciones a la caída del viernes: la moneda de privacidad zcash ZEC$385.30 y TRX, el token nativo de la cadena de bloques Tron, que subieron un 4.7% y un 1.8%, respectivamente.
• In the case of ZEC, it is bouncing back from a corrective phase where it became "oversold" on the relative strength index (RSI). TRX, meanwhile, seems to be running its own race having recorded gains on the daily, weekly, and monthly timeframes.

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BlackRock’s IBIT Faces Record Outflow Run as Bitcoin Struggles to Reclaim Bull Trend

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Another $113 million exited on Thursday, putting the fund on track for a sixth week in the red, its longest streak since debuting in early 2024.

What to know:

• BlackRock's Bitcoin ETF has experienced over $2.7 billion in redemptions over the past five weeks, marking its heaviest outflow cycle since its launch.
• The iShares Bitcoin Trust is on track for a sixth consecutive week of outflows, reflecting a broader shift in crypto market positioning since October's market downturn.
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