On 25 December 2025, data showed Bitcoin's perpetual futures activity falling sharply from peak levels, following a major liquidation event on 10 October that produced the largest open interest drawdown in BTC history. At the same time, Ethereum maintains around 17.5 million perpetual trades on a seven-day average, well above Bitcoin's roughly 13 million, indicating leveraged traders have shifted focus from BTC to ETH rather than exiting the market.

On Dec. 24, 2025, CryptoQuant CEO Ki Young Ju said in a tweet that CNBC's Jim Cramer is "100% bearish" on Bitcoin, sharing a sentiment chart. Cramer's stance is closely watched by crypto traders, who often treat his calls as signals for market direction during volatile periods.

Bitcoin failed to clear $90,000 this week and slipped below its 50-week SMA, a level analysts watch for trend shifts. Ali Martinez noted past breaches preceded average 54% declines, implying risk toward $40,000 if the level is not reclaimed. On-chain metrics signaled weak demand, and a brief Binance USD1-pair plunge to $24,111 was described as a liquidity event.

As 2025 draws to a close, Bitcoin has dropped from its October peak of $126,000 to about $88,000 while Michael Saylor’s Strategy Inc. pauses new purchases. The firm holds 671,268 BTC and faces fears over a potential MSCI delisting and billions in forced passive outflows, yet its long-term debt profile and more than $2.1 billion in cash suggest it may withstand pressure and that current panic could reflect broader sector stress.

On December 25, a Bitcoin BTC/USD1 pair on Binance suddenly dropped by more than 70%, briefly trading below $25,000 before rebounding above $87,000. The move was described as a flash crash with low liquidity and potential large liquidations, while one DeFi researcher alleged manipulation without providing evidence. After the event, Bitcoin traded around $87,420.41 with a daily range between $86,411.80 and $87,956.88 and lower trading volumes.

On December 25, 2025, Strategy (MSTR) CEO Phong Le said he remains optimistic for 2026 even after Bitcoin fell below $87,000. The firm, a major corporate holder of BTC, saw its shares drop 8.5% as the market slid, while BTC traded around $87,039, down 1% over 24 hours.

Bitcoin is trading around $87,400 with a market cap of $1.74 tn and daily volume near $21.7 bn, consolidating below its recent $94,600 peak. Gold futures have reached about $4,530 and silver spot trades above $71, reinforcing demand for scarce assets. Technical indicators show BTC moving within a descending channel around the $87,800 pivot, with key upside levels at $88,600, $90,500, $92,650, and a potential retest of $94,600.

U.S. spot Bitcoin ETFs have logged eight straight trading sessions of institutional redemptions, with total outflows hitting about $825 million as year-end tax loss harvesting takes hold. On December 24, Bitcoin products shed $175 million, while Ethereum ETFs lost $52.70 million and Solana and XRP funds attracted smaller inflows. Analysts highlight a regional shift in flows, with U.S. investors acting as net sellers and Asian buyers emerging as key accumulators, alongside weakening apparent Bitcoin demand and rising odds of a broader bear market phase.