Today, Friday, December 26, 2025, the cryptocurrency market is experiencing a state of heightened anticipation and caution coinciding with the year's end and major technical events in the derivatives market.
Here is a brief analysis of the current situation:
1. The price performance of major cryptocurrencies
Bitcoin (BTC): Bitcoin is currently trading around $89,000, trying to hold above critical support levels. Despite attempts to break through the $90,000 barrier, a lack of liquidity during the holiday season limits upward momentum.
Ethereum (ETH): Ethereum is trading in a tight sideways range below the $3,000 level (around $2,928), facing selling pressure due to some ETFs exiting and profit-taking.
2. Major event: Large options expiry
Today marks the largest Bitcoin options expiry in history, valued at nearly $23.6 billion. This event puts the market in a 'holding breath' state, as such expiries often lead to sharp and sudden price volatility, prompting traders to prefer watching instead of entering new positions.
3. Current influencing factors
Liquidity squeeze: Due to the year-end holidays, trading volumes are significantly declining, making the market susceptible to large moves on small trade amounts.
ETF outflows: Recently, there has been a notable outflow of liquidity from spot Bitcoin ETFs in the U.S. (around $175 million in recent days), reflecting institutions' desire to reduce risk ahead of year-end budget closures.
Whale activity: Despite the price dip, reports indicate that some big investors (whales) are returning to accumulate at support levels between $80,000 and $82,000, providing a bullish signal for the medium term.