On December 25, 2025, the cryptocurrency market is modestly higher, with total market capitalization up about 0.7% to roughly $3.04 trillion and 24-hour volume near $69.9 billion. Bitcoin is trading close to $87,400 while Ethereum hovers just under $2,930, as sentiment remains cautious with a Fear and Greed Index reading of 28 and continued outflows from US spot Bitcoin and Ether ETFs.

AI-focused crypto tokens have fallen about 75% year over year, erasing roughly $53 billion, according to CryptoPresales.com. Losses intensified into December, which alone accounted for nearly $10 billion, and the combined market value stood around $16.8 billion at the time of writing.

In 2025, the crypto sector saw mergers, acquisitions and listings reach a record total of $8.6 billion as a more permissive US regulatory climate encouraged renewed participation from investors and institutions. Major transactions by Coinbase, Kraken and Ripple, alongside a sharp rebound in crypto IPO fundraising to $14.6 billion, signaled growing confidence despite late-year price weakness in Bitcoin. Market participants and legal experts expect this consolidation trend to extend into 2026 as regulatory frameworks such as MiCA and anticipated US legislation continue to take shape.

Bitcoin traders turned upbeat after Elon Musk said on X the US could see double-digit growth within 12–18 months. BTC was at $87,709, nearly 30% below its Oct. 5 peak of $125,100, according to CoinMarketCap. Analysts highlighted Fed rate cuts and a 2.7% CPI as key macro drivers, while some warned of potential downside in 2026.

Upexi shares declined on Tuesday after the company filed with the U.S. SEC to raise up to $1 billion, targeting expansion of its Solana treasury and related token initiatives. The stock closed down 7.5% at $1.84, then climbed 4.3% after-hours to $1.92, according to Google Finance. Upexi holds 2.1 million SOL valued about $262.3 million, per CoinGecko.

On December 22, 2025, Galaxy Research head Alex Thorn said Bitcoin's latest cycle top, when recalculated in 2020 dollars using US CPI data, reached about $99,848 rather than breaking the $100,000 mark. Since 2020, US inflation has eroded the dollar's purchasing power by roughly 20%, while a weaker Dollar Currency Index and gradual disinflation keep supporting the so-called debasement trade narrative. Market analyst Linh Tran added that Bitcoin's price remains highly sensitive to Federal Reserve policy expectations as inflation eases only slowly.

BlackRock named its iShares Bitcoin Trust (IBIT) one of three primary investment themes for 2025, alongside short‑term Treasurys and US mega‑cap technology stocks. Despite a roughly 9.6% year‑to‑date decline and Bitcoin's pullback of about 30% from its October peak, IBIT has drawn more than $25 billion this year, with total net inflows since launch near $62.5 billion per Farside Investors.

Bitcoin slipped below $90,000, with a price snapshot at $89,756.05 after a run toward $120,000. Persistent macro uncertainty, a 2.7% CPI print, and a 10‑year Treasury yield near 4.17% are weighing on risk appetite, while uneven liquidity and growing ETF participation continue to shape institutional flows.

According to an investigation by the Financial Times, Binance let accounts flagged for suspicious activity process transactions even after its November 2023 US plea agreement tied to a $4.3 billion settlement. The newspaper reviewed data for 13 accounts that handled $1.7 billion, with about $144 million occurring post‑settlement; Binance said it enforces strict controls.