As the year draws to a close, global markets have experienced a wave of rebound, with U.S. stocks and precious metals both reaching new highs, yet Bitcoin has notably lagged behind. Bitcoin prices have continued to decline as traders reduce their risk exposure ahead of the holiday season.
Data shows that Bitcoin traded around $87,200 on Friday, representing a drop of approximately 6.5% from its level near $93,000 at the start of 2025. Although it reached an all-time high of over $126,000 in early October, its recent trend has clearly weakened. Throughout the holiday week, Bitcoin prices have performed sluggishly, fluctuating persistently below the $90,000 mark.
Analysts point out that a record $28 billion in crypto options expiring on Friday served as a key catalyst dominating the market in the short term, amplifying price volatility against the backdrop of thin year-end liquidity.
Timothy Misir, Head of Research at BRN, stated earlier this week, "The market sentiment remains defensive," noting that attempts by bulls to push prices higher have consistently struggled to gain sustainable momentum.
Wall Street fund flows also reflect this cautious sentiment. U.S. spot Bitcoin ETFs saw net outflows of approximately $500 million this week, with cumulative outflows reaching around $4.3 billion over the last two months of the year; concurrently, the total market capitalization of the cryptocurrency market has shrunk by over $1.2 trillion.
