Today’s early crypto market finally feels less panicked. BTC hovered around $92,000 for most of the morning, with selling pressure noticeably lighter than in previous days, but everyone still dares not to act rashly.

Looking at the capital flow, there’s an interesting comparison: yesterday, the ETF absorbed $56.5 million in a single day, but over the entire month of November, cumulative redemptions have already exceeded $1.1 billion. On the derivatives side, traders are more cautious; open positions in options and futures remain largely unchanged, reflecting a typical wait-and-see stance.

Everyone is now watching tonight’s Federal Reserve interest rate decision. The market has already anticipated how rates might be adjusted; the key is whether Powell’s speech will reveal any new signals. Additionally, the Bank of Japan will also take action on December 19, and these two events might jointly influence liquidity.

In the short term, both technical and sentiment analysis are waiting for a directional cue.