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

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email 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 Dec 5, 2025, 11:46 a.m. Bitcoin and ether slide amid ETF outflows and muted Fusaka response (extremis/Pixabay modified by 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 and TRX bucked the trend with standout strength. The crypto market fell during the European morning, with bitcoin BTC $ 92,317.88 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 Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The sell-off can be attributed to record outflows from BlackRock's IBIT bitcoin ETF , with another $113 million worth of outflows being recorded on Thursday as crypto bulls failed to wrangle control of the market from the bears. The Fear and Greed index remains depressed at 25/100, failing to find its way into a neutral zone after slogging away below 40/100 for more than a month. Derivatives positioning The BTC futures market shows sustained caution and aggressive deleveraging. Open Interest (OI) has dropped to $21 billion from $25 billion a month ago, signaling a reduction in trader leverage and risk exposure. This deleveraging is occurring alongside consistently low market derivative metrics: The three-month annualized basis holds steady at 4%-5%, and funding rates are stable at 5%-6% across major venues, with neither metric showing a meaningful change over the past month. BTC options show a sustained bullish bias despite volatility dropping back. The implied volatility (IV) term structure for the near term fell, moving away from backwardation toward a more typical contango, indicating a decline in expected immediate, extreme price movements. Nevertheless, the volume skew remains bullish, with 24-hour put/call volume still 57% in favor of calls. Crucially, the one-week 25-delta skew has seen a slight recent rise to 8%, confirming that traders are still paying a premium for near-term upside exposure. Recent BTC price volatility led to $280 million in 24-hour liquidations with $200 million being long positions. ETH ($88 million) and BTC ($85 million) lead in terms of notional liquidations. The BTC/USDT liquidation heatmap on Binance suggests a large amount of long liquidations at around $90,600, according to Coinglass data. That's the level to watch out for, in case of a price drop. Token talk 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 bigger story was in ether ETH $ 3,174.63 price action. Less than a day after its highly-anticipated Fusaka upgrade , ETH gave back much of its early gains — dropping by 2.62% since it hit the day's high at 03:00 UTC. The muted ETH price action paints a telling story for the broader altcoin market as even supposedly bullish catalysts are falling on deaf ears. 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 stagnated at 21/100, seemingly remains trapped in a bearish zone with traders opting for the consistency of bitcoin and the safety of stablecoins. Two outliers to Friday's slide: privacy coin zcash ZEC $ 371.89 and TRX, the native token of the Tron blockchain, which rose by 4.7% and 1.8%, respectively. In ZEC's case it is bouncing from a corrective phase where it became "oversold" on the relative strength index (RSI). TRX, meanwhile, appears to be running its own race having posted gains across the daily, weekly and monthly timeframes. Crypto Markets Today More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You BlackRock’s IBIT Faces Record Outflow Run as Bitcoin Struggles to Reclaim Bull Trend By Shaurya Malwa 54 minutes ago 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. Despite Bitcoin's recovery to the low $92,000s, institutional flows remain negative, indicating a cooling in fresh capital allocation rather than a structural exit. 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