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Today is Thursday, December 25, 2025. During the US Christmas holiday, the US stock market is paused, but the crypto market remains lively.
**Market Overview**
Bitcoin is fluctuating around $87,700, with a daily increase of only 0.6%. Trading volume has significantly shrunk by over 45%, oscillating repeatedly within the range of $86,760 to $88,175. Ethereum's situation is even more difficult, with a quote of $2,940, moving back and forth between $2,930 and $2,976. The $3,000 psychological barrier has not been broken, and $2,880 below acts as a support line.
**Liquidation Data Shocking**
According to Coinglass statistics, 75,182 people were liquidated in the past 24 hours, totaling $133 million. Among them, long positions were liquidated for $67.92 million, and short positions for $64.64 million, indicating losses on both sides of the market. Additionally, the 24-hour Fear & Greed Index is only 24 points (extreme fear level). Open interest in futures is continuously decreasing, with many speculative funds actively closing positions and exiting.
**Options Risk Release**
Tomorrow, December 26, about 300,000 Bitcoin options will expire, with a notional value of up to $23.7 billion. Notably, put options at $85,000 and call options at $100,000 are relatively concentrated, which could trigger significant volatility upon expiration.
**What Are Institutions Doing**
BlackRock quietly deposited $229 million in crypto assets into a compliant platform, Prime, including about $20 million in Bitcoin and approximately $29.23 million in Ethereum. Meanwhile, in 24 hours, leading exchanges saw a net inflow of 1,671.26 BTC, while another exchange experienced an outflow of 1,219.12 BTC. Large investors are rebalancing their positions.
**Ecological Highlights**
On the Layer 2 front, good news comes after Ethereum's Fusaka upgrade: on-chain transaction fees have decreased by 40%-60%, and the total network TPS has reached 34,468. DeFi TVL remains around $68.8 billion. Ethereum staking remains at 28 million ETH, with a staking rate of 22%.
**Altcoin Rotation**
BIFI led the gains with a 24-hour increase of 246%, while RARE was the biggest loser, down 8%.
**Risk Reminder**
Low liquidity markets are prone to flash crashes and slippage. It is recommended to operate with light positions and set strict stop-loss points.