1. Market Overview

Crypto markets remain stable heading into the first full week of December.
Global liquidity continues to improve, volatility stays low, and capital remains concentrated in major assets like BTC and ETH.

Several macro forces are shaping today’s market:

• Global M2 liquidity continues its upward recovery
• U.S. macro data shows cooling labor momentum → supportive for risk assets
• Fed’s early-2026 easing expectations remain intact
• BTC ETF flows stay positive, though modest
• Altcoin performance remains selective and mostly on-chain driven

The employment-related indicators being released today (December 4th) are likely to all point towards economic slowdown, which in turn will strengthen expectations for interest rate cuts.

• Challenger Job Cuts Increase = A signal of employment slowdown.
• ISM Non-Manufacturing Employment Index is expected to show weakness.
• ISM PMI is also expected to show a slight slowdown.
• The ADP report already delivered a major shock → The market's focus will now shift to tomorrow's Non-Farm Payrolls (NFP) report.

Overall: Large caps stay firm, while altcoins move on specific fundamentals and volume.

2. Major Coin Summary

Bitcoin (BTC)

BTC maintains its leadership with steady structural demand.

• Dominance remains around 58–59%
• ETF inflows positive but slower than early November
• Long-term holder selling pressure continues to ease
• Derivatives positioning neutral → no leverage imbalance

Ethereum (ETH)

ETH shows gradual improvement in relative strength.

• ETH/BTC hovering near 0.033
• L2 ecosystems (Base, Arbitrum, Optimism) show rising usage
• DeFi TVL increases for a second consecutive week
• Staking inflows continue to reduce circulating supply

Solana (SOL)

SOL remains one of the strongest major altcoins.

• TVL, user activity, and DEX volumes continue to rise
• High throughput + low fees support steady developer growth
• Liquidity depth improves on both retail and institutional desks

XRP

XRP continues to trade mostly on headline and regulatory sentiment.

• Ongoing regulatory narratives influence volatility
• On-chain activity remains neutral
• Payment corridors stable
• Retail-driven flows keep intraday volatility elevated

Tezos (XTZ)

XTZ remains fundamentally sound but needs more liquidity for stronger price action.

• Developer activity improving
• NFT & gaming collaborations expand
• TVL trends slightly higher
• Volume remains lighter than most mid-cap competitors

3. Short-Term Trend Outlook

• BTC & ETH: Gradual upward bias; structurally strong
• SOL: Strongest momentum among altcoins; breakout potential intact
• XRP: Range-bound, headline-driven volatility
• XTZ: Sideways until volume improves

4. Key Indicators to Watch

• BTC Dominance
• ETH/BTC Ratio
• Kimchi Premium
• USDT inflows/outflows
• Trading volume trends
• Funding rates
• Total altcoin market cap

Final Take

• BTC and ETH remain the market’s foundation entering December.
• SOL continues to outperform with clear on-chain strength.
• XRP remains volatile and news-driven.
• XTZ maintains improving fundamentals but limited short-term momentum.
• A broad altcoin rotation has not yet begun—large caps still lead.