As 2025 draws to a close, the "moon mission" for several top-tier cryptocurrencies has hit a significant speed bump. Despite Bitcoin reaching a staggering all-time high of over $120,000 earlier this year, December has introduced a period of sharp correction. Bitcoin (BTC) and Ethereum (ETH) have both retreated approximately 30% from their recent peaks, leaving investors wondering if the bull run has run out of steam.
The primary culprit behind this cooling period is a "perfect storm" of macroeconomic factors.
Fed Uncertainty: Investors are on edge regarding the Federal Reserve's final interest rate decision of the year. The possibility of a "higher for longer" stance has caused a rotation out of risk assets.
Profit Taking: After a year that saw nearly a dozen top cryptocurrencies beat the S&P 500, institutional desks are closing their books and locking in gains for the year-end reports.
The Yen Carry Trade: Concerns over a potential rate hike by the Bank of Japan have added global liquidity pressure, affecting everything from tech stocks to digital assets.
While the current price action looks grim, the underlying metrics tell a different story. Bitcoin dominance remains high at nearly 60%, and institutional participation through ETFs continues to absorb selling pressure. Most analysts view this not as the start of a "crypto winter," but as a healthy correction—a "re-calibration" that sets the stage for a more sustainable growth phase in 2026.
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