Bitcoin stuck below $90k as Dec 26 OI slid 50% and Q4 ETF outflows hit $5.5b

Bitcoin has traded below $90,000 since mid-December, with resistance near $94,000. On Dec 26, open interest fell roughly 50% after expiry, while options skews turned negative across tenors, signaling hedging. U.S. spot ETFs saw $5.5 billion of outflows in late 2025, even as cumulative inflows stayed only 9% below an October $62 billion peak.