Crypto misses the Santa rally as gains head to equities and metals
The shift in investment focus from crypto to equities and metals highlights a growing divergence in market sentiment and asset performance.
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Santa’s rally showed up—just not for crypto. While Bitcoin slipped back toward $87K on Christmas Day, equities and metals ripped higher. The S&P 500 closed at an all-time high above 6900, gold pushed to a new record at $4,524, and silver hit $72, overtaking Apple to become the third-largest asset by market cap.
The Nasdaq is now just 2% shy of its own all-time high. Meanwhile, the crypto market remained flat and uninspired, with most majors chopping sideways and the top 100 coins showing no momentum.
Adding insult to injury, ETFs have gone full red. U.S. spot Bitcoin ETFs saw nearly $500 million in outflows last week and extended their losing streak to four straight days. Ethereum ETFs haven’t fared any better; they’ve shed more than $500 million in December alone. As liquidity dries up and TradFi celebrates new highs, crypto feels more sidelined than ever.
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Data powered by CoinGecko.
Santa rally lifts S&P to all-time high as Bitcoin stalls at $87K
Santa delivered gains to stocks and metals, but crypto got coal as Bitcoin slipped to $87K on Wednesday, down from a $90K high earlier in the week. The broader crypto market is down 0.5%, with most majors flat and top 100 tokens showing no real direction.
Meanwhile, TradFi is surging: the S&P 500 closed at a record high above 6900, the Nasdaq is within 2% of its ATH, and gold set a new high at $4,524. Silver also jumped to $72, surpassing Apple to become the third-largest asset by market cap. While BTC chops sideways, the real rally is happening elsewhere.
CryptoETF outflows top $1B in December as year-end pain grows
Crypto ETFs are bleeding into year-end. Spot Bitcoin ETFs logged $188.6 million in outflows Tuesday, led by BlackRock’s IBIT, which lost $157 million. That marked the fourth consecutive day of outflows, bringing total Bitcoin ETF redemptions to $650 million over that stretch.
Ethereum ETFs saw $95.5 million in outflows Tuesday, led by Grayscale’s ETHE with $50.9 million exiting. Since December began, BTC ETFs have lost more than $600 million while ETH ETFs have dropped over $500 million. With thin liquidity, weak sentiment, and no catalysts in sight, ETF flows suggest big money is stepping back.
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Gloria isn’t taking a break in the final days of the year. The terminal keeps running 24/7, surfacing signals through the holiday slowdown. Behind the scenes, the team is fixing bugs and getting ready for new updates coming into 2026.
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