Last week the broader cryptocurrency market cooled as expectations for a year-end Santa rally faded into a clear downtrend. Bitcoin remained range-bound after failing to break above $90,000, while major altcoins led losses and investor sentiment weakened. Upbit’s weekly data for 12.15–12.21 showed a distinct bearish drift in the market during the third week of December.
Both Upbit’s Market Index (UBMI) and the Upbit Altcoin Index (UBAI) declined from the start of the week, signaling broad selling pressure. By week’s end, declines deepened as altcoins underperformed Bitcoin, underscoring a widening risk-off move. The fear-and-greed index also shifted toward fear, illustrating waning risk appetite among investors.
Across the broader sector mix, most themes posted negative returns, with high-volatility areas such as meme coins and NFT-related plays leading the downturn. Only a few defensive themes managed modest resilience. Upbit officials noted that overall trading volume contracted as markets corrected, underscoring the need for a cautious approach amid year-end volatility.
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