Bitcoin’s $3K, 2.22% price jolt on 26 December tests leverage and HODLer conviction

On 26 December, Bitcoin fell 2.22% to around $86,000, shedding nearly $3,000 in 45 minutes and triggering about $70 million in long liquidations, yet overall liquidations stayed limited and sentiment remained in the fear zone. Throughout 2025, derivatives positioning has cooled notably and exchange balances have dropped by roughly 15%, suggesting leverage has reset while long-term holder conviction remains comparatively firm and could support a constructive setup heading into 2026.