Bitcoin faces Q1 2026 test after 32% drawdown; LTH shift and $1.12B ETF flows reverse

Bitcoin fell about 32% from its $126,000 ATH and settled into a $85,000–$90,000 range after selling intensified on 10 October and through Q4 2025. Long‑term holders briefly flipped from distributing to buying, while U.S. spot ETFs saw $1.12 billion in outflows (17–29 December) followed by a $335 million daily inflow, shaping the Q1 2026 outlook.