Bitcoin fell as much as 5.1 percent to below $87,000 in early trading in Asia, while Ether fell more than 6 percent to below $2,900, according to data compiled by Bloomberg. Most tokens followed a similar pattern, with Solana falling more than 7 percent.
The crypto market is on shaky ground after a weeks-long sell-off that began when about $19 billion in leveraged bets were wiped out in early October, just days after Bitcoin hit an all-time high of $126,251.
The original cryptocurrency lost 16.7 percent of its value in November, but a decline in selling pressure saw it regain ground last week, topping $90,000.
After the latest wave of selling on Monday, traders are bracing for bigger price drops.
“It’s been a risk from the beginning of December,” said Sean McNulty, APAC derivatives trading leader at FalconX. “The biggest concern is the lackluster inflows into Bitcoin exchange-traded funds and the absence of dip buyers. We expect the structural headwinds to continue this month. We see $80,000 on Bitcoin as the next major support level.”
Investors on Monday digested comments from Phong Le, Chief Executive Officer of Strategy Inc., who said on a podcast on Friday that the Bitcoin buyer could sell the token if its mNAV – a ratio of company value to Bitcoin ownership – turned negative. “We can sell Bitcoin and we would sell Bitcoin if we had to fund our dividend payments below 1x mNAV,” he said, adding that this would be a last resort. Strategy, which has a $56 billion Bitcoin inventory, has seen its mNAV drop to 1.19, according to its website.
Meanwhile, S&P Global Ratings last week downgraded a stability rating for USDT, the world’s largest stablecoin, to its lowest rating, warning that a decline in Bitcoin’s value could collateralize the stablecoin.
The coming week will provide a crucial snapshot of U.S. economic momentum as policymakers weigh the trajectory of interest rates toward 2026.
Data will likely shape expectations for whether the Federal Reserve will continue its rate-cutting cycle. US President Donald Trump said on Sunday he had decided on his choice for the next Fed chair, after making clear he expects his candidate to cut interest rates.
A benchmark for Asian shares fluctuated in early trading after hitting their best weekly gain in about two months, while S&P 500 futures headed lower. Japanese shares fell and the yen rose as Bank of Japan Governor Kazuo Ueda sent the clearest hint yet of a rate hike this month.
More stories like this are available at bloomberg.com
Published on December 1, 2025
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