Cryptocurrency markets are treading water near flat levels as investors await key US jobs data and a potential Supreme Court decision on tariffs imposed by President Trump. Bitcoin hovers around $90,000 amid ongoing outflows from spot ETFs, while analysts detect early signs of stabilization. The focus remains on how these developments could influence Federal Reserve policy and global risk appetite.
The cryptocurrency market capitalization stands at $3.09 trillion, up 0.33% overnight, though 24-hour trading volume has dipped 8.6% to $101 billion. Bitcoin, dominating 58.4% of the market, trades at $90,403.06, a 0.35% increase in the past day but 28% below its all-time high of $126,198.07 reached on October 7, 2025. Ethereum, with 12.1% dominance, is down 0.76% at $3,091.08, 38% off its peak of $4,953.73 from August 25, 2025.
Markets are on edge ahead of Friday's US Bureau of Labor Statistics report for December, forecasting 60,000 non-farm payroll additions compared to 64,000 in November, with unemployment expected to ease to 4.5% from 4.6%. The Federal Reserve's December projections hold steady at 4.5% unemployment for 2025 and 4.4% for 2026, potentially signaling labor market resilience that could temper rate-cut expectations.
Adding to the anticipation is a possible US Supreme Court ruling on tariffs enacted under the 1977 International Emergency Economic Powers Act. Analysts warn this could sway inflation views, the dollar's strength, and broader risk sentiment. "Crypto markets are highly sensitive to such macro variables. The tariff ruling will directly influence inflation expectations, the US dollar, and global risk appetite," said Dean Chen of Bitunix Exchange.
Bitcoin spot ETFs recorded $399 million in net outflows on Thursday, following $486 million on Wednesday and $243 million on Tuesday, totaling over $1.1 billion in three days. The iShares Bitcoin Trust (IBIT) led with $193 million out, while Fidelity Wise Origin Bitcoin Fund (FBTC) saw $121 million. Ethereum ETFs faced $159 million outflows that day.
Despite the pressure, JPMorgan analysts note "signs of stabilization and of bottoming out in bitcoin ETF flows so far in January," suggesting prior de-risking from late 2025 is waning. Nic Puckrin of Coin Bureau highlighted a "lack of conviction," with $94,000 as a key resistance level. Altcoins show divergence: Solana up 2.8% to $138.25, while Polygon surged 12.2%.
