Bitcoin and Ethereum Under Pressure: Market Sentiment Awaits U.S. Jobs Data
As we navigate the ever-changing landscape of cryptocurrencies, the market currently finds itself teetering on the edge, close to flatline with a total market capitalization estimated at approximately $3.09 trillion. This figure marks a modest overnight increase of 0.33 percent, but sentiment remains cautious. Traders and investors alike are closely monitoring key economic indicators, particularly the upcoming December jobs data from the U.S. Bureau of Labor Statistics.
U.S. Jobs Data: A Potential Game Changer
The anticipated jobs report, set to release on Friday morning, is generating significant market buzz. Forecasts suggest that non-farm payrolls may show an increase of 60,000 jobs in December, slightly down from the previous month’s addition of 64,000. In addition, the unemployment rate, which held steady at 4.6 percent in November, is expected to dip to 4.5 percent.
This data is crucial for the Federal Reserve, which operates under a dual mandate to maintain maximum employment and price stability. Strong labor market data might signal resilience, potentially diminishing the likelihood of continued monetary easing by the Fed. In recent economic projections, the Fed has held steady on its 2025 unemployment rate prediction of 4.5 percent, showing confidence in a stable economic outlook.
U.S. Supreme Court and Tariff Rulings Looming
Adding another layer of complexity to the market dynamics is the potential ruling from the U.S. Supreme Court regarding tariffs imposed during the Trump administration. The outcome will determine whether the tariffs were valid under the International Emergency Economic Powers Act of 1977, with far-reaching implications for trade and economic policy. Investors await this ruling with bated breath, as it could impact market sectors widely, including cryptocurrencies, which often react to broader economic sentiments.
Outflows from Bitcoin and Ethereum ETFs Impact Market Sentiment
Amid these developments, the cryptocurrency market is grappling with substantial outflows from Bitcoin and Ethereum Spot ETF products in the U.S. On Thursday alone, Bitcoin ETFs saw net outflows of $399 million, further exacerbating market hesitance. This figure is notably down from $486 million on Wednesday but highlights a troubling trend of withdrawals that persisted throughout the week.
The iShares Bitcoin Trust ETF (IBIT) led these outflows, contributing a staggering $193 million to the total. Fidelity’s Wise Origin Bitcoin Fund (FBTC) wasn’t far behind, experiencing outflows of $121 million. Ethereum also faced its share of outflows, with net withdrawals of $159 million, particularly from the iShares Ethereum Trust ETF (ETHA), which alone witnessed $108 million in outflows.
Market Overview: A Glimpse at Top Cryptocurrencies
Despite mounting pressures, Bitcoin has managed to creep upward by 0.35 percent over the past 24 hours, trading at around $90,403.06. However, this reflects a significant 28 percent drop from its all-time high of $126,198.07 recorded on October 7, 2025. The trading activity has fluctuated between $91,520.19 and $89,233.88, still enabling Bitcoin to secure a dominant 58.4 percent of the total crypto market.
In contrast, Ethereum experienced a setback, declining by 0.76 percent to trade at $3,091.08. The leading altcoin stands 38 percent below its all-time high of $4,953.73 achieved on August 25, 2025, with trading ranging between $3,140.71 and $3,052.51 in the past day.
Observing Other Market Players
Emerging from the shadows, XRP, ranked fourth, gained 0.85 percent overnight to reach $2.10, yet remains approximately 45 percent below its all-time high of $3.84 from January 4, 2018. BNB, in fifth place, also saw an uptick, rising 0.66 percent to trade at $890.16, still significantly below its peak of $1,370.55 from October 13, 2025.
6th ranked Solana saw a more notable rally of 2.8 percent, bringing its price to $138.25, while TRON, still 8th overall, dipped 1 percent. Dogecoin and Cardano also exhibited minor fluctuations, continuing to trade significantly below their respective all-time highs.
On a brighter note, Polygon (POL) achieved impressive gains of 12.2 percent among the top 100 cryptocurrencies, whereas Zcash (ZEC) followed closely with a 9.9 percent increase. Meanwhile, Sky (SKY) experienced the most significant losses, declining 5.4 percent.
Trading Landscape and Future Prospects
The crypto market, while feeling the weight of recent developments, continues to display resilience amidst uncertainty. With vital economic data on the horizon and ongoing shifts in regulatory landscapes, all eyes will remain on how these factors play out. The potential ramifications could set the stage for significant market adjustments in the coming weeks, affecting both investors and the broader economic climate.
Engagement with the cryptocurrency market demands vigilance and adaptability, traits that investors must adopt as they navigate these turbulent waters. For ongoing updates and in-depth analyses, keep an eye on reliable market news sources such as RTTNews.
