Overview
- Bitcoin tested above $90,000 early in the week but slipped back to $87,000–$88,000, keeping trade confined to a narrow $88,000–$90,000 band.
- CoinGlass reports roughly $60 billion in bitcoin futures open interest as traders brace for a Dec. 26 Deribit expiry of about $27–$28.5 billion in BTC and ETH options that is helping pin prices.
- Flow data show about $497 million in net outflows from U.S. spot bitcoin ETFs last week, led by withdrawals from BlackRock’s IBIT, Bitwise’s BITB, and ARK 21Shares’ ARKB, with Fidelity’s FBTC taking in modest inflows.
- On-chain readings highlight a 59% jump in exchange outflows from Dec. 19 to 21 and a renewed rise in 1,000+ BTC wallets since Dec. 20, pointing to selective accumulation.
- Recent advances appear derivatives-led with futures CVD rising as spot CVD falls, the Coinbase premium turning negative, and holiday liquidity staying thin while gold marks fresh highs.