Bitcoin is trading near $87,000 as derivatives positioning turns cautious. According to CME options data, call open interest peaked in December 2024 and has since fallen toward cycle lows, while put demand has increased. On-chain metrics indicate continued accumulation by large holders, with price holding between $86,500 support and resistance near $88,000.

Aleksey Bilyuchenko, alleged to be involved in the Mt. Gox hack, has moved 1,300 BTC valued at $114 million to an unidentified trading venue, according to analyst Emmett Gallic. The transfer occurs while Bilyuchenko remains in detention and under legal scrutiny, with market participants closely watching possible effects on Bitcoin price stability. The case underscores persistent regulatory and enforcement challenges surrounding illicitly obtained cryptocurrency.

In late December 2025, Bitcoin was struggling to sustain upward momentum as traders increasingly criticized Michael Saylor and Strategy over leverage, debt, and possible forced selling. On-chain analytics firm Santiment argued that this intense bearish mood, combined with Strategy's roughly 65% stock drop since July and worries about index removal, may indicate emotions have reached an extreme and that selling pressure could be nearing exhaustion. Strategy still holds more than 670,000 BTC and, according to recent disclosures, has slowed purchases and built a cash buffer while allowing for potential Bitcoin sales or derivatives use as part of risk management.

Entities linked to alleged Mt. Gox hacker Aleksey Bilyuchenko moved another 1,300 BTC worth about $114 million to unknown exchanges over the past week. Since October, these addresses have sold 2,300 BTC and still hold 4,100 BTC valued near $360 million, indicating an ongoing, controlled distribution.

Bitcoin finished 2025 as the market’s main liquidity anchor but entered a pronounced post-peak cooldown after briefly trading above $126,000 before sliding into the mid-$80,000s. Several institutional forecasts still see scope for BTC to reach six figures in Q1 2026, with targets between roughly $120,000 and $150,000 as ETF demand and regulatory clarity potentially improve. In parallel, the Bitcoin Hyper Layer 2 project has raised about $29.7 million at a token price of $0.013475 and offers 39% staking APY, attracting traders seeking higher-upside exposure to the broader Bitcoin narrative.

Bitcoin is approaching a record $23.6 billion options expiry on Dec. 26, with positions clustered near key strikes that could reshape dealer hedging and short term volatility. At the same time, spot Bitcoin ETFs in the US are seeing sustained net outflows and price is consolidating around $87,106 within a tight range marked by resistance near $90,647 and support around $83,986. How flows and liquidity evolve after the holiday period may determine whether the market extends its weakness or sets up for a sharper reversal.

Bitcoin has fallen below $87,000, while crypto ETFs saw $284.1 mn in net outflows on December 23 and leverage remains high. Market cap is around $2.94 tn with daily volume near $90.6 bn, and BTC dominance stands at 59.1% as traders watch support at $86,500 and resistance near $88,800.

On 24 December 2025, U.S.-listed spot Bitcoin and Ethereum ETFs registered significant net outflows, with thin holiday liquidity and year-end portfolio moves weighing on flows. Bitcoin products saw $188.6 million in redemptions and Ethereum funds lost $95.5 million, while XRP and Solana ETFs attracted smaller inflows. Several analysts described the pattern as seasonal rebalancing and profit-taking rather than a shift in longer-term sentiment toward crypto ETFs.