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Market Update: Gold and silver hit new highs, Ethereum holds above $3,000 – will Bitcoin see a ‘Santa Claus rally’?

Macro Markets Signal Risk-Off as Precious Metals Soar

Global markets are flashing caution signs amid expectations of Federal Reserve rate cuts in 2026 and rising geopolitical tensions. Investors are flocking to safe-haven assets, propelling . Spot gold has smashed through $4,400 for the first time ever, boasting a whopping 66% gain this year. Silver isn’t far behind at $69, eyeing its best annual performance—over 100%—since 1979. Even platinum has surged past $2,000, its highest since 2008, with more than 120% yearly growth.

While traders bet on two Fed rate cuts next year, Cleveland Fed President Beth Hammack threw cold water on immediate moves, citing sticky inflation and a potentially higher neutral rate. U.S. stock futures ticked up slightly before the Christmas break, but with early closure on Christmas Eve and a full holiday shutdown, thin trading could amplify volatility.

Looking ahead, Goldman Sachs sees gold climbing to $4,900 per ounce in 2026. TD Securities predicts silver might pull back but expects platinum and palladium to drive commodity rallies. This risk-averse backdrop raises questions for crypto: Can Bitcoin buck the trend with a classic —that magical year-end surge often seen in December?

Bitcoin’s Tight Range: Primed for Breakout or Breakdown?

Bitcoin (BTC) has been stuck in a narrow $84,000–$94,000 corridor for almost a month, now trading near $88,000. Year-to-date, it’s down 5.1%, with daily spot volume at $27.13 billion. The Fear & Greed Index sits at 24 (Fear), BTC dominance at 58.5%.

Bullish Case: Optimists like AlphaBTC and Captain Faibik call the correction done, forecasting a to $98,000–$100,000. Elliott Wave expert Korinek_Trades eyes $150,000 highs. Ignas highlights $23 billion in Bitcoin options expiring December 26, potentially catapulting prices to $96,000. Long-term bulls shine brighter: Galaxy Digital’s Alex Thorn predicts $250,000 by end-2027, while Arthur Hayes views the Fed’s RMP as stealth QE, fueling a rapid jump to $124,000–$200,000.

On-chain, analyst Murphy notes heavy accumulation at $80,000–$90,000, with a liquidity void below at $70,000–$80,000 acting as magnet support.

Bearish Warnings: Santiment’s Maksim Balashevich says social sentiment lacks true panic for a bottom—watch for $75,000. CryptoQuant’s CryptoOnchain flags a $1.4 billion BTC Binance inflow risking a dip to $70,000–$72,000. Killa, Doctor Profit, and Fidelity’s Jurrien Timmer warn of Q1 2026 corrections to $60,000–$75,000, as the four-year cycle grinds on.

Recent data underscores tension: Last week’s Bitcoin ETF saw $497 million net outflows. Globally, $172 million in liquidations hit, with BTC taking $45.8 million. Long-short ratio is dead even at 50/50.

Ethereum’s Make-or-Break Moment Above $3,000

at $3,022 (YTD -9.33%), with $25.11 billion daily volume and 12.4% dominance. Technicals paint a pivotal picture: Ted Pillows and Dami-Defi spot a contracting triangle. A clean break over $3,000 and the 200-day MA could rocket ETH to $3,200–$4,200. Failure? Retest $2,700–$2,800.

Marcus Corvinus notes support held at $2,750–$2,850 post-channel break. Man of Bitcoin calls for a dip to $2,825–$2,894 before upside. Bullish on-chain fuel comes from CW: Big whales (10,000+ ETH holders) are buying at record rates since July, despite small whales trimming.

Michaël van de Poppe sees echoes of ETH’s ‘$1,600 death’ phase—prime contrarian buy. Ethereum ETF outflows hit $644 million last week, but low GAS fees (0.04 Gwei) signal cheap network use.

Altcoins: Volatility, Airdrops, and New Narratives

Alt season vibes persist, per Arthur Hayes: Forget repeats; chase fresh stories like Solana’s 40x run from $7 or Hyperliquid’s buzz. He’s bullish on Ethena (ENA). Aave rocked: Second-biggest holder dumped 230,000 tokens for $13.45 million loss, tanking price 12% to $156. Now, DAO takeover of brand/socials stirs decentralization debates.

Top gainers: Audiera +57.7%, Midnight +25.1%, MYX Finance +13.5%, Kaspa +5.7%, Sky (ex-Maker) +5.6%. Sectors shine: NFTs +8.48%, GameFi +4.47%. Upbit volumes: XRP, BTC, ETH, SOL, DOOD.

News roundup:

  • Aster airdrop Phase 5 starts Dec 22 (1.2% supply).
  • Binance Wallet’s Bitway (BTW) Pre-TGE Dec 22.
  • Metaplanet shareholder meet Dec 22 on preferred stock.
  • U.S. Q3 GDP Dec 23.
  • Binance delists DOT/FDUSD, ENA/FDUSD margins.
  • Uniswap’s UNIfication fee switch nears activation.
  • Token unlocks: H ($14.8M), XPL, SOON.
  • Dragonfly dumps 6M MNT ($6.95M) to Bybit.
  • NFT volume +11.31% to $69M, buyers +50%.
  • Hilbert buys Enigma Nordic HFT for $32M.
  • Vitalik sells UNI, BNT, etc.

Solana/XRP ETFs inflows: $66.55M/$82M last week.

Key Takeaways and 2026 Outlook

As , crypto treads water amid fear. Bitcoin’s hinges on options expiry and sentiment flip—bulls eye $100K, bears $60K. Ethereum’s whale buying screams rebound potential. Altcoins mix drama with opportunity.

Watch Dec 26 options, GDP data, and unlocks. With Fed pivot whispers and holiday thin volume, volatility looms. Is this the setup for crypto’s year-end gift? Stay tuned—markets love surprises.


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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

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