A turbulent weekend in crypto markets has offered a preview of what traders may face heading into the final weeks of the year. During thin Sunday liquidity, bitcoin swung between $88,000 and $92,000, while ether surged from $2,910 to $3,150 in a fast, two-sided move that flushed both longs and shorts.

Despite the dramatic price action, the subdued impact on liquidations highlighted how sharply positioning has fallen as retail interest cools and traders reduce risk heading into the holiday stretch. Google search activity for “crypto” and “ bitcoin” has dropped back to mid-bear-market lows, while perpetual futures open interest continues to deteriorate. BTC perp OI has fallen more than 44% from October highs, and ETH perp OI is down over 50%.

QCP’s Monday, Dec. 8 market update shows that beneath the noise, a quieter trend is emerging: meaningful accumulation by larger investors. Roughly 25,000 BTC have left centralized exchanges over the last two weeks, with ETFs and corporate treasuries collectively holding more bitcoin than exchanges for the first time. The shift suggests long-term holders continue to pull supply off the market, tightening the available float.

Ether shows a similar setup, with exchange balances hitting decade lows. Institutional buyers have slowed their pace, but dips continue to attract steady interest, particularly with many viewing a sustained break above $100,000 as the potential trigger for renewed corporate treasury demand.

Read more: Crypto Poised for December Recovery as Coinbase Spots Momentum Shift

Despite the on-chain accumulation, all eyes are on the Fed this week as the market awaits a catalyst. A 25 bp cut is widely anticipated, but investors are focused on any signals regarding future balance sheet policy. Even a hint of renewed asset purchases could support risk assets, crypto included.

For now, bitcoin remains stuck in a holding pattern. Markets are watching two levels closely: a breakdown below $84,000 or a rally through $100,000. Options traders appear to be positioning for a decisive move, reflected in strong demand for wide-range structures. With liquidity already thinning, sharp moves in either direction remain firmly in play.

FAQ⚡

• Why did BTC and ETH see sharp weekend swings?
  Thin year-end liquidity amplified price moves, causing rapid two-way volatility.
• What does the drop in open interest signal?
  Falling perp OI shows traders are de-risking, and retail participation remains low.
• Why are investors watching exchange balances?
  BTC and ETH are leaving exchanges, signaling accumulation by long-term holders.
• What key event could move markets this week?
  Traders are focused on the upcoming Fed decision, which could shift risk sentiment.

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