According to ChainCatcher news and beincrypto reports, as of December 22, Bitcoin remains in the $88,000 to $90,000 range, but multiple on-chain and market structure indicators show rising downside risk, suggesting the market may be entering the distribution phase at the end of the cycle.
Five major warnings:
Demand growth is slowing: Apparent demand growth is slowing, with strong prices mainly relying on leverage rather than spot buying.
ETF inflows weaken: In the fourth quarter of 2025, inflows into U.S. spot Bitcoin ETFs have significantly slowed down.
Medium-sized investors reduce holdings: The year-over-year reduction in wallet holdings with 100 to 1,000 BTC has expanded.
Funding rates decline: The funding rates across major exchanges are showing a downward trend, with weakened leverage demand.
Broke below the 365-day moving average: This is the first time since early 2022 that it has sustained a break below this long-term trend indicator.
Historical data shows that if a bear market takes shape, a Bitcoin price of around $56,000 may become a long-term support range.
