Bitcoin continues to trade in a relatively tight range, consolidating recent gains as markets pause after last week’s macro-driven moves. Price action remains orderly, with dips finding support on steady spot demand, reinforcing bitcoin’s role as the primary macro proxy within crypto. Volumes are slightly lighter, consistent with the early onset of thinner liquidity as markets move toward the year-end holiday period.

Ethereum broadly tracks bitcoin but is modestly underperforming today, reflecting a lack of near-term protocol-specific catalysts and ongoing sensitivity to shifts in risk appetite. At the same time, ETH continues to benefit from structurally lower circulating supply through staking and fee burn, helping to anchor downside and preserve relative resilience versus smaller-cap altcoins.

Across the wider crypto market, price action is mixed, with selective strength in large-cap DeFi tokens following recent governance and fee-accrual developments, while higher-beta assets lag as traders temper risk. Stablecoin flows remain constructive, indicating capital largely stays within the ecosystem rather than exiting outright.

Traditional markets provide a supportive but measured backdrop. A softer US dollar and a modest pullback in Treasury yields help cap downside volatility, while ongoing debate around the Fed’s policy outlook sustains interest in bitcoin as a non-sovereign, scarce asset. Equity markets are broadly stable, limiting negative spillovers into crypto.

On the geopolitical front, there are no new shocks, but persistent uncertainty around global growth, fiscal policy, and central bank independence continues to underpin medium-term demand for bitcoin. Overall, crypto markets remain in consolidation mode, taking cues from macro developments while waiting for a clearer catalyst to drive the next directional move.