Quarter-to-date, Bitcoin has lagged risk assets, with BTC down 22% while the S&P 500 is up 2.18%. In a recent interview, Michael Saylor said Bitcoin's fundamentals remain strong in 2025; MicroStrategy added 31k BTC this quarter. Coin Metrics reports wrapped BTC supply, including WBTC and cbBTC, totals 172,130 BTC.

Over the latest trading week, the crypto market swung sharply as macro factors kept Bitcoin volatile and pushed risk appetite lower. Canton, Audiera and Uniswap led the upside with double‑digit percentage gains, while XDC Network, Hyperliquid and MemeCore ranked among the weakest performers. Several smaller altcoins recorded extreme moves in both directions, underscoring an environment of heightened speculation and fragile conviction.

In December 2025, Bitcoin hovered near $85K, aligning with the average cost basis of U.S. spot BTC ETFs and placing many ETF holders around breakeven. At the same time, on-chain data showed persistent profit-taking by long-term holders, capitulation by short-term holders, and weak U.S. demand, all of which left this support area vulnerable to a deeper correction. With the Coinbase Premium Index in negative territory, market sentiment remained fragile as traders watched whether $85K would hold or give way.

In 2025, Solana’s network revenue has accelerated, with yearly figures reportedly on track to exceed Ethereum’s for the first time as on-chain activity and RWA growth surge. Data shows Solana’s revenue rising from $28 million in 2021 to $2.5 billion YTD in 2025, while Ethereum has declined to about $1.4 billion. Although the SOL/ETH price ratio has spent 2025 in a bearish trend, Solana still logged a 12-month high around 0.93 in mid-January, keeping the contest between the two L1s firmly in focus going into 2026.

Bitcoin is trading sideways as $415 million in options are scheduled to expire over the next seven days, with half of that open interest due on 26 December. If buyers can continue to defend the $85k–$88k support band through the expiry window, analysts expect conditions for a FOMO-driven breakout and a bullish base heading into 2026.

Reports of a renewed Bitcoin mining crackdown in China surfaced after BTC's hashrate dropped about 8%. Jack Jianping Kong posted that Xinjiang miners faced scrutiny and later claimed at least 400,000 machines were shut. By 18 December, pool data showed a rebound, with North American and China-based pools reflecting mixed, temporary declines.

Bitcoin's traditional four-year halving pattern is facing a test after the April 2024 reward cut to 3.125 BTC left prices on track to end the first post-halving year about 7% lower. Recent data point to stabilizing forces such as ETF launches, institutional flows and shrinking exchange reserves, including 140k BTC accumulated in Q4, supporting the idea that the market may be shifting toward a longer "supercycle" rather than a sharp boom-bust phase.

Ethereum's annual revenue has slid from $2.52 billion to about $604 million as Layer-2 networks retain more transaction value and remit a small share in settlement fees. BitMine's BMNR holds 3.66 million ETH and recently added 38,596 ETH, yet ETH stayed below $3,200 and BMNR fell 9.17% with Q4 down 32%.

Solana’s validator set has reportedly shrunk by 68% over the past two years, leaving about 800 active nodes and stirring concerns over network security. At the same time, the SOL stake needed for a validator to break even has tripled to roughly $17 million per block, intensifying pressure on operators amid one of the asset’s weakest quarters since 2022.