NEW YORK, Dec. 28, 2025, 12:18 p.m. ET — U.S. stock market closed
Bitcoin (BTC) traded around $87,856 on Sunday afternoon in New York, holding inside a tight band after a holiday week defined by thinning liquidity and renewed attention on U.S.-listed spot Bitcoin ETF flows. The world’s largest cryptocurrency posted an intraday high near $87,955 and a low around $87,418, underscoring how even modest order flow can move prices when many desks are lightly staffed late in the year.
With U.S. equities shut for the weekend, Bitcoin’s 24/7 market is taking its cues from positioning, ETF flow expectations for the next cash session, and cross-asset signals—especially precious metals, rates, and risk appetite heading into the final trading days of 2025.
Wall Street backdrop: a quiet finish before the weekend
The last U.S. stock session (Friday) ended close to flat in post-holiday trading, with major indexes fractionally lower and volume thin. Reuters described a market essentially “catching our breath” after a strong run, quoting Ryan Detrick, chief market strategist at Carson Group, as investors watched the seasonal “Santa Claus rally” window. [1]
The Dow, S&P 500, and Nasdaq Composite all finished slightly down on the day, according to both Reuters and the Associated Press—an important context point because Bitcoin has continued to trade as a high-beta risk asset at times, reacting to shifts in broader sentiment. [2]
At the same time, gold and silver again drew attention after touching fresh highs in late-week trading, reinforcing the “hard assets vs. risk assets” narrative that has competed with the “Bitcoin as digital gold” thesis during 2025’s volatile second half. [3]
Spot Bitcoin ETFs: outflows dominate the holiday headlines
A major driver of recent Bitcoin price debates has been the direction and persistence of spot Bitcoin ETF flows.
Cointelegraph, citing SoSoValue data, reported that U.S.-listed spot Bitcoin ETFs saw $782 million of net outflows over Christmas week, with the biggest single-day pullback on Friday: about $276 million. The same report said BlackRock’s IBIT led that day’s redemptions (nearly $193 million), followed by Fidelity’s FBTC (about $74 million), while total net assets across the ETF group fell to roughly $113.5 billion. [4]
Importantly for investors interpreting the tape, Cointelegraph quoted Vincent Liu, chief investment officer at Kronos Research, framing the withdrawals as more consistent with “holiday positioning” and thin liquidity than a clean break in long-term demand—adding that institutional flows often normalize as desks return in early January. [5]
Another snapshot from crypto.news highlighted how incomplete reporting can muddy the daily narrative: it counted $83.27 million of outflows on Dec. 26 (led by FBTC) while noting that IBIT data had not been updated at the time of publication—an example of why traders often wait for confirmed, consolidated totals before drawing firm conclusions. [6]
Meanwhile, CryptoSlate argued that “record outflow” headlines can be misleading without longer-window context, pointing to large cumulative inflows since launch and the scale of total assets still held by the ETF complex—even when several daily flow prints are negative. [7]
Derivatives and “thin tape” conditions: why $90,000 keeps mattering
Late-December crypto markets often behave differently, and multiple analysts have emphasized that liquidity—not narrative—has been the dominant short-term force.
In market commentary carried by The Economic Times, Riya Sehgal (Research Analyst, Delta Exchange) said liquidity remained the key driver, with ETF participation, stablecoin supply, and futures positioning shaping direction more than headlines—adding that long-term structure may be supported by regulation and ETFs, but near-term action can stay range-bound until inflows strengthen. [8]
That same report flagged large crypto options expiries as a volatility catalyst in thin conditions, with CoinSwitch Markets Desk noting that roughly $28B in crypto options (including about $23.7B in Bitcoin options) were set to expire around the key late-week window—conditions that can encourage hedging behavior and “pinning” near major levels. CoinSwitch also described $87K as support and $89K as resistance, with the psychologically important $90K level still acting as a gravity point for positioning. [9]
Forecasts and analyst takeaways: range-bound bias, but volatility risk rises into year-end
Across the latest 24–48 hours of market notes and reports, the common theme is not a confident directional call—but a warning that compressed price action can break sharply when normal liquidity returns.
Key perspectives cited in recent coverage include:
- Vikram Subburaj (CEO, Giottus) warned that holiday conditions can distort moves and argued for a risk-managed approach—specifically cautioning against leverage when liquidity is thin and waiting for clearer confirmation from ETF flows before taking outsized risk. [10]
- Akshat Siddhant (Lead Quant Analyst, Mudrex) pointed to renewed strength consistent with a delayed “Santa Rally” pattern—while emphasizing that follow-through depends on sustained participation and volume. [11]
- Nischal Shetty (Founder, WazirX) emphasized macro linkages, arguing Bitcoin often trades as a liquidity-sensitive, high-beta asset, reacting to shifting expectations around policy and currency volatility. [12]
Separately, The Economic Times also described Bitcoin’s pullback toward the $87,000 area even as gold, silver and equities climbed—citing Piyush Walke (Derivatives Research Analyst, Delta Exchange) on portfolio adjustments amid macro uncertainty and geopolitical/trade concerns. [13]
What investors should know before the next U.S. stock session
Because the U.S. stock market is closed today, crypto investors are effectively trading “between sessions” for traditional risk assets—often a period when headlines travel fast but liquidity is uneven. Here’s what to watch into the next cash open:
- ETF flows resume as a primary catalyst. The next confirmed prints for spot Bitcoin ETF creations/redemptions can shift sentiment quickly—especially after a holiday week dominated by outflow stories. [14]
- Liquidity can be the story—again. Recent reports have repeatedly highlighted the impact of reduced participation on volatility and price “pinning,” especially around major round-number levels. [15]
- Watch the $87K–$90K battlefield. Multiple desks cited nearby support around $87K and resistance near $89K–$90K; a clean reclaim or rejection can trigger stop runs in thin books. [16]
- Monitor cross-asset signals. The last U.S. session featured record-setting moves in precious metals alongside a subdued equity close—signals that can influence “risk-on/risk-off” narratives when trading normalizes. [17]
- Be aware the week ahead is still holiday-disrupted. Investopedia noted the upcoming week is holiday-shortened, with schedule changes around New Year’s that can affect volume and volatility across markets. [18]
For now, Bitcoin’s price action near $88,000 reflects a market waiting for the next real burst of liquidity—either from institutional flows through ETFs, a shift in broader risk appetite as equities reopen, or a volatility event that forces positioning to reset. [19]
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.tradingview.com, 5. www.tradingview.com, 6. crypto.news, 7. cryptoslate.com, 8. m.economictimes.com, 9. m.economictimes.com, 10. m.economictimes.com, 11. m.economictimes.com, 12. m.economictimes.com, 13. m.economictimes.com, 14. www.tradingview.com, 15. m.economictimes.com, 16. m.economictimes.com, 17. www.reuters.com, 18. www.investopedia.com, 19. www.tradingview.com
