CryptoQuant community analyst Maartunn said on X that about 6.6 million BTC are positioned above the latest spot price, based on the Supply In Loss metric. His charts suggest dense cost-basis clusters that may add selling pressure if price revisits those levels, while BTC was last near $88,600.

Bitcoin is holding above $86,000 while struggling to regain traction below $90,000 as volatility compresses. According to CryptoQuant analyst Burak Kesmeci, newer whales have an average cost basis near $100,500, making the $100,000 zone a pivotal resistance, with Binance spot users around $56,000 and long-term whales roughly $40,000. Approaches to $100,000 may prompt distribution or renewed accumulation.

Seven large Bitcoin transfers totaling 13,904 BTC were recorded on December 26 as the asset pulled back after a short-lived rebound attempt. The transactions, moved between unidentified wallets and valued at about $1.03 billion, coincided with a 1.01% daily drop from $89,459 to $87,374. ETF flows weakened as well, with a major provider seeing $91.4 million in outflows.

Bitmain reduced prices across S19 and S21 ASIC miners and introduced bundle auctions for operators. Discounts include $7 per TH/s on immersion-cooled S21 units, reflecting mounting margin pressure as hashprice neared $35 per TH/s/day. The move follows the April 2024 halving to 3.125 BTC per block and a late-2025 Bitcoin downturn.

Fidelity's macro strategist Jurrien Timmer recently suggested that both Bitcoin and gold could experience a lackluster year in 2026 after strong prior performance. He reiterated his long-term enthusiasm for the two assets but cautioned they might "take a year off" before any renewed outperformance. Gold has surged about 70% this year to a record $4,550, while Bitcoin is on track for its second-worst Q4 and is down nearly 7% year to date.

Between October 10 and December 15, large Bitcoin holders and institutional wallets increasingly routed transfers above $20 million to exchange hot wallets, with roughly 65% of observed BTC flows heading there. Activity across whales and wallets linked to BlackRock and Wintermute peaked in November while Bitcoin traded below $85,000, suggesting a broad liquidity reshuffle rather than clear, targeted selling by a single player.

After a roughly 30% drop from its yearly peak, Bitcoin holders are increasingly harvesting losses before December 31 to offset gains elsewhere, with the S&P 500 up 18% year to date. Advisers note that IRS wash‑sale rules don’t cover crypto, enabling same‑day sell‑and‑rebuy trades, while new Form 1099‑DA reporting is slated to begin in 2026.

Earlier today, Bitcoin fell to an intraday low of $86,673 amid sharp volatility and later hovered near $87,208, according to CoinGecko. On December 26, 2025, trader Josh Olszewicz warned that the weekly chart is nearing a breakdown into the Ichimoku Cloud and said tax loss harvesting could add selling pressure.