Policymakers lowered the target range to 3.25%–3.50% and signalled a slower path of further easing, nudging real yields and the dollar lower. That mix is supporting bullion above $3,880 while helping risk assets broadly, even as trading desks disagree over how many cuts are left in this cycle.
The ten-largest-token composite trades roughly 2.1% lower after briefly cutting through its November floor, extending a liquidation hangover now in its sixth week. Even with the cut lifting equities, sell-side desks describe risk appetite in the sector as thin and increasingly dependent on fund inflows rather than retail demand.
Chain-analytics vendors count about 412,000 coins leaving centralised venues over the past twelve months, cutting exchange-held balances from roughly 1.8 million and pointing to long-term accumulation. Strategists read the pattern as groundwork for a 2026 rebound, even while spot churns in a narrow band near term.
Second-tier assets are quoted 3.4%–3.9% lower, several large caps are off more than 4%, and a long tail of smaller names sits between 4% and 6% down. The selling follows a sharp futures-led downturn and reads as portfolio de-risking after a strong year rather than a single idiosyncratic shock.
Spot sits between $3,872 and $3,896, up about 2.3% over the month and more than 48% year on year, not far from October’s all-time highs. The non-yielding metal is benefiting from lower short real rates, a softer dollar and steady fund demand, with dip buying still absorbing supply.