Bitcoin price erased recent gains, shedding nearly 5% to below $87,000 in early Asian trading hours on Dec. 1.
This came as a surge in Japanese government bond yields triggered a broad risk-off sentiment, shattering a fragile, low-volume market structure.
According to CryptoSlate data, BTC fell from a consolidation range near $91,000, wiping out approximately $150 billion in total crypto market capitalization.
Screengrab showing Bitcoin’s performance between Nov. 30 and Dec. 1, 2025 (Source: The Kobeissi Letter)
Japan’s carry-trade repricing set the decline in motion, but trading volume data showed that the selloff worsened due to a market running on minimal liquidity
According to 10x Research, the crypto market had just delivered one of its lowest-volume weeks since July, leaving order books dangerously thin and unable to absorb institutional selling pressure.
So, Bitcoin’s decline wasn’t just a reaction to headlines but a structural failure at a key resistance level.
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