Bitcoin traded near $87,000 as a record options expiry totaling $23.7 billion is set for Friday. The event spans roughly 300k BTC option contracts and 446k IBIT option contracts, and some market participants point to an initial upside target around $100,000 once the expiry clears.

VanEck views miner capitulation as a potential bottom signal for Bitcoin: Hashrate down 4%, but recovery and costs remain crucial.

Bitcoin is holding near $87,000 while participation and liquidity metrics cool. On Nov. 24, seven‑day inflows reached $21 billion on Coinbase and $15.3 billion on Binance; by Dec. 21 they slid to $7.8 billion and $10.3 billion. Price remains confined between $85,000 and $90,000, with defined liquidation zones above and below.

On December 24, 2025, macro investor Dan Tapiero said Bitcoin's bull market remains mid-cycle and that BTC could align with this year's strength in precious metals. He outlined targets of BTC $180,000, gold $5,500 per ounce and silver $85 per ounce, and highlighted forthcoming listings such as a Kraken IPO and broader US market support.

On December 24, 2025, Bitcoin underperformed other major assets as on-chain activity and buying participation continued to cool. BlackRock's constructive long-term stance coexists with investor concerns that measured institutional flows and thinning active addresses are restraining breakouts despite strength in equities and precious metals.

On December 22, 2025, Galaxy Digital researcher Alex Thorn said Bitcoin’s nominal all-time high of $126,000 equates to $99,848 when adjusted using 2020 dollars, leaving it just under the $100,000 threshold. Over the same period, U.S. inflation data indicates the dollar’s purchasing power has fallen by about 20%, while gold and silver have hit fresh records and some analysts warn of potentially higher inflation ahead.

On Friday, December 26, Bitcoin faces its largest options expiry, with more than $23 billion set to roll off. According to NoLimit and MartyParty, unwinding dealer hedges and high gamma between $86,000 and $110,000 could fuel sharp moves, while CryptoQuant highlights lingering $100,000 calls even as $85,000 put interest eases.

On December 22, 2025, Galaxy Research head Alex Thorn said Bitcoin's latest cycle top, when recalculated in 2020 dollars using US CPI data, reached about $99,848 rather than breaking the $100,000 mark. Since 2020, US inflation has eroded the dollar's purchasing power by roughly 20%, while a weaker Dollar Currency Index and gradual disinflation keep supporting the so-called debasement trade narrative. Market analyst Linh Tran added that Bitcoin's price remains highly sensitive to Federal Reserve policy expectations as inflation eases only slowly.