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According to Odaily, the price of LUNA has risen to 0.1420 USDT, marking a 24-hour increase of over 35%. This surge is reportedly influenced by the impending sentencing of Terraform Labs co-founder Do Kwon.

Do Kwon is scheduled to be sentenced this Thursday in New York, having previously pleaded guilty to two felony charges: wire fraud and conspiracy to commit fraud. Ahead of the sentencing, U.S. Federal Judge Paul Engelmayer has requested that both the prosecution and defense clarify the charges Kwon faces in South Korea, as well as the potential maximum and minimum sentences, to assess the international judicial risks involved.

According to ChainCatcher, data from Coinglass indicates that if Bitcoin surpasses $94,066, the cumulative liquidation intensity of short positions on major centralized exchanges will reach $1.898 billion. Conversely, if Bitcoin falls below $85,136, the cumulative liquidation intensity of long positions on these exchanges will amount to $1.027 billion.

Bitcoin, Ether and major altcoins opened December in the red, extending November’s steep declines as global macro uncertainty, rising bond yields in Japan and lingering liquidity stress triggered another wave of selling across early Asian trading hours.BTC fell below $87,500, ETH slid toward $2,840 and SOL, DOGE and XRP recorded losses above 4%, according to CoinDesk data.The downturn comes just as traders hoped for stabilization after a bruising November. Instead, shifting global rate expectations, thinning liquidity and continued institutional outflows kept pressure on risk assets.Macro Shock: Japan Bond Yields Spike to 17-Year HighsThe sharpest driver of Monday’s decline was a sudden jump in Japanese government bond yields:Japan’s 2-year bond yield hit 1.01%, its highest level since 2008Traders increased bets that the Bank of Japan could raise rates in DecemberThe yen strengthened rapidly, prompting an unwind of yen-funded carry tradesCrypto markets remain highly sensitive to liquidity shifts in Asia. As the yen surged, leveraged positions across BTC and ETH came under pressure, triggering forced selling.More than $400 million in leveraged crypto futures positions were liquidated in hours, mostly longs, according to Coinglass.Market Extends November’s Weakness as Liquidity ThinsBitcoin ended November down 17.5% — its worst month since March. Ether lost 22%, its sharpest decline since February.The broader crypto market showed:Declining spot liquidity across major centralized exchangesElevated volatility around the monthly candle closeWeak risk appetite despite improving expectations for a U.S. rate cutWith global liquidity conditions tightening and Asia risk trades unwinding, the start of December offered little relief.Institutional Demand Softens as ETFs Continue to Bleed CapitalThe slowdown in institutional flows has been a defining feature of the downturn.November ETF flows:Spot Bitcoin ETFs: $3.48 billion in net outflows (second-largest monthly redemption on record)Spot Ether ETFs: $1.42 billion in net outflows, an all-time highETF redemptions reduce spot buying demand and often contribute to persistent sell pressure during risk-off conditions.Correlations Shift: Crypto Behaving More Like a Macro AssetIn recent weeks, Bitcoin’s correlation to equities has softened, while its correlation to gold has increased. This reflects shifting behavior:Crypto reacts faster to liquidity shocksInvestors treat BTC more like a macro-sensitive asset than an isolated risk playVolatility spikes when bond markets shift abruptlyMonday’s reaction — driven almost entirely by global macro conditions — underscores this transition.Key Levels to Watch as December Trading OpensBitcoin (BTC)Support: $86,500 → $85,000Resistance: $92,000 → $94,000A reclaim of $98,000 is needed to negate the November downtrend.Ether (ETH)Support: $2,800 → $2,720Resistance: $3,000 → $3,120Analysts warn that liquidity remains thin heading into the first full week of December, meaning volatility may remain elevated.Why the Crypto Market Is Down Today — In One SentenceThe crypto market is down today due to a combination of surging Japanese bond yields, renewed carry-trade unwinds, thinning global liquidity, and ongoing institutional ETF outflows, which amplified selling across BTC, ETH and major altcoins.