Bitcoin is starting Tuesday, December 23, 2025, on the back foot, drifting back below the $88,000 mark after a brief attempt to reclaim $90,000 earlier in the week. Across major spot markets, the world’s largest cryptocurrency is still firmly range-bound—caught between thin holiday liquidity and a long list of “wait-and-see” catalysts that traders think could decide the next meaningful move.
As of the latest widely tracked pricing, Bitcoin is hovering around $87,500—down roughly 2% over the past 24 hours—after trading in a roughly $87,000 to $90,000 band during the same period. [1]
Bitcoin price today: Where BTC is trading right now
Price feeds differ slightly depending on the exchange and the timing of the snapshot, but the theme is the same: Bitcoin is consolidating below the psychologically important $90,000 level.
- CoinGecko shows Bitcoin at about $87,511, with a 24-hour range of roughly $87,096 to $90,353. It also puts Bitcoin’s market cap near $1.75 trillion with around $48.9 billion traded in the last 24 hours. [2]
- Twelve Data (Coinbase Pro feed) shows Bitcoin near $87,462 with an update timestamp of Dec. 23, 9:00 AM UTC, and a day range posted around $86,997 to $88,897. [3]
That gap between trackers isn’t unusual in crypto—Bitcoin trades 24/7 across hundreds of venues, and “the price” depends on the index methodology and where liquidity is concentrated at the moment.
What’s moving Bitcoin today
Bitcoin’s day-to-day price action often looks deceptively simple—up or down a few percent—but the forces underneath can be a mess of macro, positioning, flows, and headline risk. December 23 is a clean example.
1) Traders are bracing for key U.S. economic data
One of the clearest same-day narratives: macro data risk.
Investing.com reported Bitcoin slipped as traders remained cautious ahead of scheduled U.S. economic releases, including third-quarter GDP data and PCE inflation (the Fed’s preferred inflation gauge)—with year-end conditions also contributing to thinner volumes. [4]
Reuters’ global markets coverage echoed the broader backdrop: investors are still tracking U.S. growth data even in a holiday-shortened week, with risk sentiment supported by year-end positioning and momentum, while markets juggle cross-currents in currencies, commodities, and equities. [5]
Why it matters for Bitcoin: In 2025, Bitcoin’s correlation with “risk” has often tightened during big macro moments—especially when liquidity is thin and traders don’t want to be caught offsides by a surprise print.
2) Spot Bitcoin ETF flows remain a swing factor
U.S. spot Bitcoin ETFs have become one of the most-watched institutional flow gauges—and lately, that gauge has looked… indecisive.
The most recent fully posted daily numbers from Farside Investors (latest row available on its table) show that on Dec. 22, 2025, U.S. spot Bitcoin ETFs saw a net outflow of about $142.2 million, even as BlackRock’s IBIT posted a small positive figure on the day. [6]
Why it matters for Bitcoin: When ETF flows run consistently positive, they can help stabilize dips and accelerate rallies. When they flip negative—especially in clusters—it can reinforce “sell the bounce” behavior, because traders assume there’s less marginal institutional demand absorbing supply.
3) Corporate Bitcoin headlines are feeding the narrative battle
A big part of Bitcoin’s 2025 story has been the collision between “Bitcoin as institutionalized macro asset” and “Bitcoin as high-beta risk trade.” Today’s headlines give ammo to both sides.
Strategy (formerly MicroStrategy) pauses buying—adds cash buffer
In an SEC filing dated Dec. 22, 2025, Strategy reported no bitcoin purchases for the week of Dec. 15–Dec. 21, while disclosing $747.8 million in net proceeds from at-the-market common stock sales during that period. The filing also lists Strategy’s total bitcoin holdings at 671,268 BTC, with an average purchase price of $74,972 (inclusive of fees and expenses), and notes that its “USD Reserve” reached $2.19 billion as of Dec. 21. [7]
That’s a meaningful signal because Strategy’s buying has been one of the most visible corporate demand streams in the market. A pause doesn’t mean capitulation—but it does remove a headline tailwind that bulls had grown accustomed to.
JPMorgan explores crypto trading for institutional clients
On the more “adoption” side of the ledger, Reuters reported (citing a Bloomberg report) that JPMorgan is considering offering cryptocurrency trading to institutional clients—potentially including spot and derivatives—though plans are early-stage and depend on demand. The same report notes Morgan Stanley’s plan to bring crypto trading to E*Trade in 2026 through a partnership with Zerohash. [8]
That kind of headline reinforces the long-run trend: regardless of short-term price pain, big financial institutions keep building rails.
4) Derivatives positioning is shaping the short-term “gravity”
Year-end crypto trading is rarely just spot buying and selling; it’s also a derivatives chess match.
A Bloomberg report republished by InvestmentNews highlighted that around $23 billion in Bitcoin options were set to expire on Dec. 26, with positioning suggesting heightened sensitivity around major strike levels. The piece noted heavy put exposure building around $85,000, while call interest clusters higher up—signaling a market that’s still split between “downside protection” and “relief rally” hope. [9]
Why it matters today: When a large expiry approaches, spot can get “pulled” toward levels where positioning is thickest—especially if liquidity is thin and traders are actively hedging.
The bigger picture: Bitcoin’s 2025 whiplash still looms over the chart
Bitcoin isn’t trading in a vacuum; it’s trading with a very loud memory.
Reuters’ year-end markets performance recap describes Bitcoin’s “rollercoaster” year—highlighting that it peaked above $125,000 before sliding back toward the high-$80,000s and heading toward a modest loss on the year in that snapshot. [10]
Another Reuters analysis on “safe haven” trades noted that while precious metals dominated 2025, crypto tokens like bitcoin are ending the year in the red, undercutting (at least for now) the popular “digital gold” narrative. [11]
Meanwhile, spot gold hitting records and risk assets enjoying bursts of year-end optimism create an awkward contrast: traditional “safety” and some risk-on plays are winning, while Bitcoin is still rebuilding confidence after its October peak. [12]
Key levels traders are watching: $90K overhead, mid-$80Ks below
Even in a fundamentals-heavy environment, crypto traders obsess over round numbers—and $90,000 is the big one this week.
Investing.com noted Bitcoin had recovered as far as $90,000 earlier in the week before slipping back on Tuesday. [13]
Below spot, derivatives positioning highlighted by Bloomberg/InvestmentNews suggests the mid-$80,000 area is getting particular attention because that’s where meaningful downside protection has been concentrated into late December. [14]
This isn’t a prediction (Bitcoin loves humiliating predictions). It’s just a map of where traders appear most emotionally invested.
What to watch next after today’s Bitcoin price action
With Christmas week liquidity thinning out, it often takes less force to move markets—but also less force to create fake-outs. Here are the near-term items traders are likely to keep glued to their screens:
- U.S. macro data and interest-rate expectations: GDP and inflation-sensitive releases can quickly reprice risk appetite and the dollar, and Bitcoin has been trading more like a macro asset during big moments. [15]
- Spot Bitcoin ETF flow updates: the market will watch whether outflows persist or stabilize after the latest posted net negative day. [16]
- The Dec. 26 options expiry: if positioning stays heavy, the days around expiry can be choppy—especially if spot hovers near key strikes. [17]
- Institutional adoption headlines: bank and brokerage moves (and the regulatory posture around them) can shift long-run sentiment, even if they don’t move price immediately. [18]
Bitcoin ends 2025 with a weird personality split: it’s simultaneously “more institutional than ever” and “still capable of gut-punch volatility.” Today’s sub-$88,000 trade is what that contradiction looks like in real time.
References
1. www.coingecko.com, 2. www.coingecko.com, 3. twelvedata.com, 4. www.investing.com, 5. www.reuters.com, 6. farside.co.uk, 7. www.sec.gov, 8. www.reuters.com, 9. www.investmentnews.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.investing.com, 14. www.investmentnews.com, 15. www.investing.com, 16. farside.co.uk, 17. www.investmentnews.com, 18. www.reuters.com
