On 23 December 2025, Bitcoin-focused firm Strategy was reported to have built a $2.19 billion cash reserve to support interest and preferred dividend payments for nearly three years. TD Cowen analysts say this liquidity shift eases balance-sheet concerns, even as the stock's large Bitcoin position and link to crypto sentiment keep volatility high. They also highlight a changing regulatory backdrop and project Strategy's Bitcoin holdings could climb toward 835,000 BTC by the end of fiscal 2027.

Gold set a new peak above $4,420 per ounce on December 22, 2025, reviving comparisons with Bitcoin as BTC hovered near $88,000. Analyst Darkfost's 180-day moving-average work finds no consistent gold-to-Bitcoin rotation, while reports of Kazakhstan weighing up to $300 million for BTC/crypto and a Peter Schiff poll (62.4% for Bitcoin) highlight evolving preferences.

In the past day, traders have added new Bitcoin positions in the perpetual futures market, and the Funding Rate indicates these are largely leveraged long bets. On-chain data shows Open Interest climbed from 304,000 BTC to 310,000 BTC alongside a price recovery toward $90,000, while the Funding Rate increased from 0.04% to 0.09%. Bitcoin has since eased slightly from its latest high, with the spot price pulling back to $89,500.

BlackRock named its iShares Bitcoin Trust (IBIT) one of three primary investment themes for 2025, alongside short‑term Treasurys and US mega‑cap technology stocks. Despite a roughly 9.6% year‑to‑date decline and Bitcoin's pullback of about 30% from its October peak, IBIT has drawn more than $25 billion this year, with total net inflows since launch near $62.5 billion per Farside Investors.

On 23 December 2025, analysts highlighted that Bitcoin’s hashrate has seen its steepest monthly pullback since early 2024, signaling rising stress across the mining sector. Research indicates that previous periods of miner capitulation and falling computing power have often preceded stronger medium-term price recoveries. With about 1.3 gigawatts of capacity estimated to be offline in China and margins squeezed by power costs and competition, the current reset may be clearing out weaker operators rather than signaling structural demand weakness.

According to on-chain data, Bitcoin has entered its most intense selling phase in three years, even as the holder retention rate has been rising. Analysts noted that this wave of market sell orders usually precedes a bottom and a consolidation period, but current buy/sell index readings still signal a risky environment for buyers. Recent metrics suggest that any price rebound could serve more as an opportunity to exit long positions than the start of a sustained recovery.

Bitcoin is on track to finish Q4 2025 with a loss of almost 22%, its softest fourth-quarter performance since the 2018 downturn. The price has hovered between $85,000 and $90,000 in recent days, as on-chain indicators and macro headwinds highlight fading speculative demand and a cautious market tone.

On December 22, Fold Holdings, a Bitcoin-focused financial services company, announced its inclusion in the Russell 2000 Index, a benchmark tracking small-cap U.S. equities. At the same time, MSCI has proposed removing firms whose digital asset holdings make up 50% or more of total assets from its indexes, a move analysts say could trigger multi‑billion‑dollar outflows. MSCI's consultation runs until January 15, 2025, and its final decision may shape how other major index providers treat companies with large crypto treasuries.