In Focus: 

Digital assets stabilized after the recent sell-offs, establishing support zones and recording slight positive upturns. On a weekly basis, there was only a small decline, so no new negative market sentiment is emerging. Bitcoin stabilized after a brief setback towards $86,000 and is currently hovering around the $90,000 mark. We are closely monitoring whether the market will find the necessary strength to attack the six-figure target before New Year's Eve or whether thin liquidity over the holidays will cause further volatility.

Ethereum was under significantly more pressure and struggled with the $3,000 mark throughout the week. Despite the successful “Pectra” upgrade in the pipeline, performance remains subdued compared to Bitcoin (ETH/BTC ratio under pressure). Nevertheless, supply on exchanges is at a record low – a classic signal for long-term accumulation.

Focus on Macroeconomics Developments:

US inflation & Fed: At 2.7%, US inflation data (CPI) was slightly more moderate than feared. Nevertheless, following its latest interest rate cut, the Fed signaled a more restrictive stance for 2026. The market is once again pricing in “higher for longer” more strongly.

ECB interest rate pause: The European Central Bank left key interest rates unchanged. It is taking a wait-and-see approach, while economic stagnation in the eurozone (especially Germany) is causing concern.

Bank of Japan (BoJ) causes a stir: The BoJ raised interest rates to a 30-year high. This strengthens the yen, but at the same time puts pressure on carry trade, which led to short-term sell-offs of risk assets (including digital assets) worldwide.