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CryptoQuant analysts report that Bitcoin demand growth has weakened since October 2025, as ETF holdings fell by about 24,000 BTC and the price dropped under its 365-day moving average near $98,172. They argue these shifts, alongside the lowest funding rates since December 2023, point to a developing bear market, even as some market observers still anticipate higher BTC prices in 2026 amid potential interest rate cuts.

On December 20, 2025, Momento Research's Ash Liew reported tracking 118 token generation events this year, with 84.7% (100/118) now below launch valuation and the median down 71%. Only 18 tokens, or 15%, remain above water. Syndicate leads losses at −93.64%, while Animecoin, Berachain, and Bio Protocol have each fallen over 93%.

In early October 2025, Bitcoin reached a record $126,223 before a sharp Oct. 10 deleveraging wiped out about $20 billion in leveraged positions and drove a 30% price drop. Since then, exchange volumes and market depth have fallen, with data showing a roughly 30% slide in aggregated 2% depth from 2025 highs and more than $5 billion redeemed from U.S. spot Bitcoin ETFs. With Binance's 1% order book depth shrinking from over $600 million in October to under $400 million, Bitcoin is now trading below $90,000 in a structurally thinner market. At 12:14 pm UTC on Dec. 20, 2025, Bitcoin was priced at $88,279.08, with a market cap of $1.76 trillion.

Bitcoin advocate and market analyst Matthew Kratter argues that BTC’s monetary traits make it a superior long‑term store of value to gold. He cautions holders against selling Bitcoin to buy gold even if the metal rises above $4,000 per ounce, and, according to TradingView, 2025 charts show a sharp divergence between BTC and gold.

Over the past week, Sei's SEI token lost the $0.1206 support, exposing a downside pocket near $0.0689 while whales took the sell side in spot markets. At the same time, derivatives volume climbed to $32 million and Open Interest increased, showing leveraged positioning despite weak price momentum. Technical indicators such as RSI and MACD remain soft, and analysts are watching $0.1261 and $0.20 as key levels for any structural recovery.

Chainlink (LINK) is stabilizing around $13.6–$13.7 and rebuilding a bullish structure, with $14.8–$15 cited as the next resistance. Coinbase selected Chainlink's CCIP as the exclusive bridge for Coinbase Wrapped Assets, which together hold roughly $7 billion in market cap. A Chainlink ETF obtained Federal Register approval to trade on NYSE Arca.

Following a broad crypto market crash in early October, Bitcoin has continued to decline, breaking several support levels and trading around $88,260 with little daily movement. On-chain analyst Maartunn reports that the Coinbase Premium Gap has fallen to -$57, indicating that US-based traders are selling more aggressively than offshore markets. Historically, extended negative readings have sometimes preceded market bottoms, but a deeper decline without new demand could keep Bitcoin under pressure unless the premium turns back toward neutral or positive territory.

Updated December 20, 2025, Coinbase's 2026 Crypto Market Outlook adopts a restrained stance, comparing conditions to the mid‑1990s internet build‑out. It anticipates deeper institutional participation under frameworks such as the GENIUS and CLARITY Acts and projects stablecoin market cap could reach $1.2 trillion by 2028, while noting Bitcoin's open interest has declined.

Jim Cramer said OpenAI should raise at least $200B, citing a $300B obligation to Oracle, to shore up the data center trade. He warned the sector could slump without swift funding and floated a $1T valuation. U.S. stocks rose on December 19, with AI-linked names such as Oracle and Nvidia gaining.

CryptoQuant data shows addresses labeled as new Bitcoin whales now represent almost 50% of Bitcoin’s realized cap, a level that seldom topped 22% before 2025. Analysts add that short‑term holder supply grew by roughly 100,000 BTC in 30 days, while exchange flows indicate around 37% of BTC sent to Binance came from 1,000–10,000 BTC wallets.