Bitcoin tumbled to $84,800 early Monday as both Asian equities and U.S. stock futures came under widespread selling pressure. The crypto market downturn follows a sharp decline in trading activity across major exchanges throughout November.
Spot trading volumes on centralized crypto exchanges fell to $1.59 trillion in November — the lowest level since June and a 26.7% drop from October, according to industry data. Binance remained the leader with $599.34 billion in volume, although this figure was significantly down from the previous month’s $810.44 billion. Bybit, Gate.io, and Coinbase posted volumes of $105.8B, $96.75B, and $93.41B, respectively, reflecting a sweeping decline in market participation.
Decentralized exchanges faced similar weakness. DEX trading volume slid to $397.78 billion, also the lowest since June. Uniswap topped decentralized platforms with $79.98 billion, followed by PancakeSwap at $70.57 billion, both recording steep month-over-month declines. As a result, the ratio of DEX-to-CEX activity slipped to 15.73%, showing a slight preference shift toward centralized platforms.
Global bond markets added further strain. U.S. Treasury yields climbed on Monday, mirroring a selloff in Japanese bonds after the Bank of Japan surprised markets with a more hawkish tone. The U.S. 10-year yield rose to 4.04%, while Japan’s equivalent jumped to its highest level since 2008. Investors are now pricing in an 80% probability of a BOJ rate hike on December 19 — a dramatic increase from below 25% just a week earlier.
Japan’s 2-year yield also broke above 1% for the first time since 2006, sending shockwaves across global debt markets from Europe to New Zealand. Analysts warn that tighter BOJ policy could draw Japanese capital back home, reducing demand for U.S. Treasuries at a time when the Federal Reserve is preparing for potential rate cuts.
U.S. stock futures began the week on a quiet note. Dow futures edged down 18 points, while S&P 500 and Nasdaq-100 futures showed minimal movement. This follows a strong week for equities, with the S&P 500 up 3.7%, the Nasdaq Composite gaining 4.9%, and the Dow advancing 3.2%. Historically, December has been a favorable month for stocks, with the S&P 500 averaging a 1% gain since 1950.
In crypto markets, selling intensified across major tokens. After dropping to $84,800, Bitcoin rebounded slightly to trade around $86,213. Ether fell more than 7% to $2,800, while Solana declined 7.8%, adding to the sector-wide pressure. This downturn follows November’s 16.7% fall in Bitcoin, a month marked by the liquidation of over $19 billion in leveraged positions after Bitcoin previously hit an all-time high of $126,251 in October.
Still, there were signs of stabilization in ETF flows. Spot Ethereum ETFs attracted $313 million between November 24 and 28, reversing three weeks of outflows. Spot Bitcoin ETFs recorded $70.05 million in inflows, snapping a four-week streak of redemptions. Meanwhile, spot Solana ETFs continued their momentum with $108 million, marking their fifth consecutive week of positive inflows.
