Trading the Markets: December 10, 2025

Key Concepts

FOMC Decision: Federal Open Market Committee decision regarding interest rates, heavily anticipated by markets.
Basis Points: A unit of measurement used in finance to describe the percentage change in interest rates (1 basis point = 0.01%).
Moving Averages (MA): A technical indicator that smooths price data to identify trends (50-day, 50-week MAs are frequently mentioned).
ETF Inflows: The amount of money flowing into Exchange Traded Funds, indicating investor interest.
Demark Indicator (Sequential): A technical analysis tool used to identify potential trend reversals.
Open Interest: The total number of outstanding derivative contracts (futures or options) held by traders.
Liquidity: The ease with which an asset can be bought or sold without affecting its price.
Privacy Coins: Cryptocurrencies focused on enhancing transaction privacy (Zcash, Monero).
Basic Attention Token (BAT): A cryptocurrency used in the Brave browser to reward users for attention and view ads.
Utility: The practical use or benefit of a cryptocurrency or blockchain project.

Market Overview & Fed Anticipation

The market is currently in a holding pattern awaiting the Federal Open Market Committee (FOMC) decision. Chris Bullock notes a 97% probability of a 25 basis point cut, meaning the decision is largely priced in and a significant market reaction is unlikely unless the outcome deviates drastically from expectations. Overall market activity is flat, with minimal movement in stocks, crypto, and the dollar, though the dollar is down slightly and liquidity is up a little.

Cryptocurrency Analysis

Despite the broader market stagnation, certain cryptocurrencies are exhibiting strength.

Ethereum (ETH): ETH is leading the charge, breaking above its 50-day moving average following its recent major upgrade. This is a significant bullish signal, demonstrating strength beyond Bitcoin. ETH is experiencing positive ETF inflows, indicating institutional interest, unlike Bitcoin which has flat ETF flows. The upgrade enhances security through passkeys and improves Layer 2 (L2) scalability.
BNB & Tron: Both BNB and Tron are above their weekly 50-week moving averages, indicating underlying strength, though BNB is currently down on the day.
Bitcoin (BTC): BTC is relatively stagnant in terms of ETF flows and price action, lagging behind ETH’s momentum. It faces a diagonal trend line resistance around the previous October peak and the 50-day moving average around 98,000, with a potential rally towards 100k during a possible “Santa rally” before choppy waters return.
Solana (SOL) & Sui (SUI): Both are lagging behind ETH, trending sideways and remaining distant from their 50-day moving averages. Solana’s upcoming “Breakpoint” conference may provide a catalyst for a bounce.
Wrapped Bitcoin (WCT): A small-cap coin showing positive momentum, currently above its 50-day moving average and in an uptrend.
Hyperliquid (HYQL): Experiencing a bounce but facing competition from newer platforms. Open interest remains high, but a shift in market share to competitors like Lighter or Aster would be a key indicator of its future performance.

Privacy Coin Discussion: Zcash, Monero & Basic Attention Token

The discussion shifted to privacy coins, prompted by a question from the audience regarding Zcash.

Zcash (ZEC): ZEC is currently overbought but has shown a potential bottom after resetting its Demark count. Analyzing ZEC against Bitcoin reveals a similar story of strength within the privacy coin sector.
Monero (XMR): Monero is also strong, but its Demark indicator suggests a potential pullback. Its performance is heavily dependent on Bitcoin’s trajectory.
Basic Attention Token (BAT): BAT is highlighted as a particularly interesting privacy-related play. It’s reversing a long-term downtrend against Bitcoin, breaking above major weekly moving averages with significant volume. Its market cap is relatively low (around $400 million) compared to Zcash and Monero, suggesting substantial upside potential. BAT benefits from the privacy-focused Brave browser, where users earn BAT for viewing ads. It has a Demark 9 sell signal but has bounced back.

Technical Analysis & Indicators

Several technical indicators are referenced:

Demark Indicator (Sequential): Used to identify potential trend reversals. A count of 9 indicates a potential sell signal, while resetting the count suggests a new uptrend.
Moving Averages: 50-day and 50-week moving averages are used to assess trends and identify support/resistance levels. Breaking above these averages is considered a bullish signal.
Trend Lines: Diagonal trend lines are used to identify resistance levels and potential breakout points.
Open Interest: A key metric for assessing the strength of a trend, particularly in derivatives markets. A shift in open interest can signal a change in market sentiment.

Key Arguments & Perspectives

ETH’s Strength: The speakers emphasize ETH’s current strength as a positive sign for the broader crypto market, indicating continued participation and institutional interest.
Privacy Coin Narrative: The increasing focus on privacy coins is attributed to growing concerns about tracking and surveillance, particularly in the EU.
Macroeconomic Factors: The speakers believe that significant market movements will likely require broader macroeconomic changes, such as further interest rate cuts and increased liquidity.
BAT’s Potential: BAT is presented as a compelling investment opportunity due to its low market cap, strong technical indicators, and connection to the privacy-focused Brave browser.

Notable Quotes

“ETH is leading the charge…it’s nice to see stuff outside of Bitcoin doing well.” – Chris Bullock
“The privacy sector is a place to focus some attention on right now. I think there's interesting things happening here.” – Chris Bullock
“The markets are never predictable like you want.” – Nico Buga (paraphrasing)

Synthesis & Conclusion

The market is currently awaiting the FOMC decision, with limited volatility expected. While Bitcoin remains relatively stagnant, Ethereum is demonstrating strength following its recent upgrade and benefiting from ETF inflows. The privacy coin sector, particularly Zcash and Basic Attention Token, is attracting attention due to growing privacy concerns. BAT, in particular, is highlighted as a potentially undervalued asset with significant upside. Ultimately, sustained market momentum will likely depend on broader macroeconomic factors, such as further interest rate cuts and increased liquidity. The speakers emphasize the importance of monitoring technical indicators and remaining adaptable to changing market conditions.