Crypto Markets Update: Bitcoin Retreats, Smaller Tokens Gain Momentum – 12/9/2025

Analysts remain optimistic about Bitcoin (BTC) $108,783.53, forecasting new all-time highs, along with potential outsized gains in select tokens such as HYPE, SOL, and ENA.

BTC pulled back from overnight highs above $116,000 to below $115,000, as the Dollar Index (DXY) stays steady despite expectations of an imminent Fed rate cut. Attention has already shifted to smaller names, with tokens like MYX, HASH, PENGU, PUMP, and MNT posting weekly gains exceeding 10%.

“The CPI plus jobs data created a classic ‘good news/bad data’ trade: higher inflation, but weaker labor figures keep the easing narrative alive—a near-term positive for crypto,” said Timothy Misir, head of research at BRN.

Derivatives Positioning

Open interest (OI) in futures for the top 10 cryptocurrencies rose 3%-5% over the past 24 hours, as rising expectations of Fed rate cuts encourage risk-taking. Annualized perpetual funding rates for major coins remain around 10%, suggesting a healthy, bullish market without signs of overheating.

PENGU, one of the top-performing tokens over the past week, hit a record OI of 7.78 billion coins, validating its price surge. Funding rates are slightly elevated at roughly 15%. In contrast, smaller tokens like SKY and PYTH show deeply negative funding rates, signaling bearish sentiment.

CME Bitcoin futures OI has finally increased, ending a multiweek decline, while Ether futures OI fell to a one-month low of 1.78 million ETH, hinting at renewed BTC focus. BTC and ETH options OI remain elevated at multimonth highs, though Deribit data shows a put bias through the December expiry, despite traders pricing in roughly five U.S. rate cuts by July 2026.

Token Spotlight: Thorchain Hack

JPThor, a Thorchain founder, reported being duped by a deepfake Zoom call, resulting in an old MetaMask wallet being emptied. Peckshield confirmed a $1.2 million theft, with ZachXBT linking the attack to North Korean hackers.

Thorchain (RUNE) has become a frequent tool in North Korea-related laundering, with researchers estimating 80% of the $1.4 billion Bybit hack proceeds flowed through Thorchain and similar protocols. RUNE trades around $1.28, down 14% in the past month and more than 90% from its March 2024 high of $12.95.

The hack combined social engineering and phishing, techniques behind the $2.5 billion stolen by crypto hackers in the first half of 2025.