Key TakeawaysBitcoin price trades below the 365-day moving average, signaling weakened trend supportBitcoin ETF holdings fall by 24,000 BTC in Q4 2025, showing reduced institutional interestOn-chain data shows slowing Bitcoin demand growth since October 2025Bitcoin Price Weakens As Demand SlowsBitcoin has remained under pressure after falling below its 365-day moving average near $98,172, a key long-term support. Analysts at CryptoQuant say Bitcoin demand growth dropped below trend in early October 2025, removing a major source of bullish momentum.On-chain data shows apparent Bitcoin demand contracted through Q4 2025, reinforcing concerns about declining buying pressure. BTC currently trades near $88,350, well below its annual trend level. ETF Outflows Signal Cooling Institutional InterestThe latest Bitcoin ETF update shows a sharp shift in behavior from large investors. Total BTC held in ETFs declined by about 24,000 BTC in Q4 2025, according to CryptoQuant.This marks a “sharp contrast” to Q4 2024, when ETFs accumulated aggressively following U.S. spot ETF approvals. Analysts say falling ETF balances reflect reduced institutional interest and weaker conviction. Market Indicators Flash Bearish SignalsPerpetual futures funding rates have dropped to their lowest levels since December 2023, suggesting muted leverage demand and lower trader confidence. CryptoQuant views this as another confirmation of a developing bear cycle.Source: CoinMarketCapMeanwhile, the Crypto Fear & Greed Index remains in Extreme Fear, scoring 20, while the Altcoin Season Index shows it is now Bitcoin Season with a reading of 17/100. These metrics indicate risk-off positioning across the broader crypto market. Bitcoin VS. Gold Is Key BattlegroundBitcoin’s ratio against gold has fallen to around 20 ounces, a level historically linked to bull-bear transitions. Some analysts warn that losing this support could confirm a longer-term downtrend.However, analyst Michaël van de Poppe notes a potential bullish divergence in the BTC/gold RSI, arguing Bitcoin may be undervalued while gold appears stretched. Weekly RSI near 29.5 signals conditions not seen in nearly three years. Bitcoin Outlook in 2026: Caution Or RecoveryOutlooks for Bitcoin forecast 2026 remain divided. Santiment founder Maksim Balashevich says social sentiment lacks sufficient fear, leaving room for a drop toward $75,000. Fidelity’s Jurrien Timmer has suggested a deeper retracement toward $65,000.In contrast, analysts like Bitwise CIO Matt Hougan expect 2026 to be an “up year,” citing potential rate cuts and renewed demand for digital assets. Much depends on macro policy shifts, ETF flows, and whether selling pressure stabilizes.

The cryptocurrency industry expressed regret over Senator Cynthia Lummis's announcement that she will not seek re-election in 2026. Lummis stated that while she is a devout legislator, she feels she lacks the energy to sustain another six-year term. Collin McCune, head of government affairs at a16z, commented that the crypto industry would not be where it is today without Lummis's efforts in Congress. David Sacks, White House director of AI and cryptocurrency, praised her as a great ally in the crypto space. Previously, Lummis had strongly advocated for the Responsible Finance Innovation Act and the American Clarity Act, aiming to provide regulatory clarity for digital assets. Kyle Samani, managing partner at Multicoin, stated that although Lummis has decided to leave office, policy-making is not yet complete, and legislation still needs to be passed in 2026.

US lawmakers are proposing a $200 tax exemption for stablecoin payments and a multi-year deferral option for crypto staking and mining rewards. source: https://cointelegraph.com/news/us-lawmakers-stablecoin-tax-break-staking-rewards?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Governance progress and chart structure align, though follow-through remains uncertain. source: https://ambcrypto.com/uniswap-rallies-11-after-3-developments-can-uni-push-higher/

null source: https://x.com/CoinMarketCal/status/2002635148987171127

Amazon said it will invest an additional $35 billion in India by 2030, lifting total spending to $75 billion as it expands AI, cloud and e-commerce operations. source: https://catenaa.com/industries/amazon-plans-additional-35-billion-investment-in-india-by-2030/

Elon Musk has become the first person in history to exceed a $700 billion net worth, reaching an estimated $749 billion as of December 20, 2025, according to Wikipedia. The milestone cements Musk’s position as the world’s wealthiest individual by a wide margin and marks a rapid acceleration in personal wealth over the past year. source: https://www.ethnews.com/elon-musk-becomes-first-person-to-surpass-700-billion-net-worth/

This week, 24 blockchain startups secured funding, raising a total of $335.1 million. RedotPay raised $107 million in its Series B funding round, the largest funding round of the week.

BTC hovers at $88,000 but the bulls await further north. source: https://cryptopotato.com/explosive-bounce-incoming-what-the-rsi-signal-says-about-btcs-next-move/

VanEck updates AVAX ETF plan to include staking rewards, enhancing investor returns through Coinbase Crypto Services. source: https://coincu.com/news/vaneck-avax-etf-staking-update/

According to Murphy's monitoring, on-chain data shows signs of market sentiment recovery. Between November 13th and November 25th, the number of addresses switching from holding BTC to completely liquidating their positions surged. This period coincided with a rapid and significant drop in BTC price, reflecting market panic and pessimism. Subsequently, during the repeated bottoming-out of BTC from December 1st to December 18th, the number of liquidating addresses began to decrease. This phenomenon aligns with bullish behavior and sentiment changes in the futures market. Over the past 30 days, liquidating addresses are defined as addresses whose account balance was greater than zero 30 days ago but have now been emptied, reflecting investors' complete exit from positions under price and time pressure.

主题包括Cryptomoney、TradFi、Chains、DeFi、AI、DePIN 以及消费级应用。

My career has witnessed the creation of three venture capital funds and one hedge fund from scratch.

Jinse Finance launches its daily cryptocurrency and blockchain news bulletin, "Jinse at 8 AM," issue 2915, providing you with the latest and fastest news on the digital currency and blockchain industry.

Arthur Hayes: Once the market realizes that Reserve Management Purchases (RMP) are essentially the same as Quantitative Easing (QE), BTC will quickly rebound to $124,000 and rapidly challenge $200,000.

Crypto Market Trends, Market Conditions, Abandon Illusions – Prepare for the Most Arduous Moment in the Crypto Market. Golden Finance wishes you good luck.

On November 28, 2025, the People's Bank of China, together with thirteen other departments including the Ministry of Public Security, the Supreme People's Court, and the Supreme People's Procuratorate, convened a meeting of the "Coordination Mechanism for Combating Virtual Currency Trading and Speculation".

On October 27, 2025, Pan Gongsheng, Governor of the People's Bank of China, reiterated at the Financial Street Forum that the policies on preventing and dealing with the risks of virtual currency trading speculation since 2017 have remained effective.

Policy, Cryptocurrency, Bhutan Makes a Big Bets on Bitcoin to Build a Future Economic Hub (Golden Finance): Selling Cryptocurrencies Is Not as Good as Building a City; Bhutan Initiates a Hardcore Transformation.