On December 23, 2025, the cryptocurrency market showed weakness, with Bitcoin dropping to $87,975, while major altcoins fluctuated. Although trading volume increased, large-scale liquidations primarily in long positions and policy risks are affecting investor sentiment.
Bitcoin is at $87,975.23, down 0.58% for the day; Ethereum is at $2,975.08, down 0.56%. Among major altcoins, Ripple (-0.76%), Solana (-0.68%), and TRON (-1.30%) have decreased; Dogecoin (+1.16%), Cardano (+0.92%), and BNB (+0.23%) have risen. The total market capitalization is $2.98 trillion, with Bitcoin and Ethereum's shares slightly declining to 58.98% and 12.06%, respectively.
The total trading volume in the last 24 hours was $99.5 billion, with DeFi (-29.17%) and stablecoins (-51.60%) experiencing a sharp decline in trading volume, while derivatives trading volume surged 79.54% to $1.155 trillion, indicating increased short-term volatility.
During the same period, the total liquidation size of leveraged positions reached $78 million, with approximately 86% being long positions. Hyperliquid ($24.63 million) accounted for 31.44% of the total liquidation amount, with significant long liquidations occurring in Bitcoin ($10.74 million), Ethereum ($73.95 million), Solana ($9.23 million), and major coins like DOGE and Ripple.
In terms of policy, the White House announced that the SEC and CFTC are forming a "dream team" for cryptocurrency regulation, drawing attention. The U.S. Congress has begun preparing to submit a (cryptocurrency market structure bill) to President Trump, while also publishing a draft bill for tax incentives for cryptocurrency investments, raising expectations for institutional market entry. BlackRock has listed the Bitcoin ETF "IBIT" as the best investment theme of the year, and Trump's media company has increased its holdings by 450 BTC, bringing the total to 11,542 BTC.
Technical developments include Coinbase acquiring a prediction market startup, large-scale selling of ETH by Ethereum whales, and Sky Protocol implementing token buybacks.
In the South Korean market, there are no significant differences compared to the global market, and the kimchi premium remains in a neutral range.
