The long awaited end of 2025 FOMC Meeting looms over markets, with BTC trading down slightly today at the $92k level. Since touching $94k yesterday, BTC has slowly ground down, but is seeing strong support at $92k. ETF flows were low yesterday, with a net inflow of $40m across all of the BTC ETFs. The anticipation of the FOMC meeting is palpable in the market, with tight trading on lower volume in spot. Funding rates on perpetual futures have fallen across exchanges to nearly flat levels, as traders wait to see what will happen in the next few hours. While the rate cut is all but priced in, the language coming from Fed Chair Jerome Powell in his presser this afternoon will be the event that drives markets today. Hawkish language is what is anticipated, and the lack of reporting coming from the BLS doesn’t inspire confidence in the opposite scenario happening. BTC needs a proper catalyst to reclaim the $100k handle.
Ethereum is defending the $3.3k level vehemently since crossing it on December 9th, showing renewed interest and strength after the second largest crypto has had a tough 4th quarter. ETH is leading the way over BTC, seeing more volume in ETF products yesterday. ETH ETFs saw $117m in inflows yesterday, as retail shows desire to own exposure to the world’s most unstoppable computer. Much like BTC, ETH markets are quiet today as participants wait for the FOMC meeting. Funding rates have come down from yesterday’s highs, now trading at around 4-6% annualized on most major exchanges. Now, we wait.
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