Bitcoin Holds Above $93,000 as December Rate-Cut Bets Rise and ETF Flows Tilt Toward Ethereum

ADP data showed US private payrolls dropping 32,000 in November, signaling sharper labor market cooling ahead of the December FOMC. Gold edged toward $4,220 as risk sentiment firmed, while crypto markets held a consolidation. The drop was led by small businesses under 50 employees, cutting about 120,000 roles—the steepest since March 2023—reflecting softer demand and tighter funding. Wage growth cooled to 4.4% YoY, easing inflation, and rate futures priced in a high probability of a 25bp December cut.

On the crypto side, ETF flows diverged as BTC spot ETFs posted outflows while ETH attracted inflows, signaling rotation into the Ethereum ecosystem. Liquidations showed BTC long near $45M and shorts near $50.7M, with ETH longs around $26.4M and shorts about $103.4M, underscoring higher volatility for Ethereum. Key support for Bitcoin sits near $93,000; a break below $90,500 would define the near-term defense zone as risk assets reprice.