No Santa Rally? Bitcoin Derivatives Markets Hint at a Cold December

Bitcoin whales have reported realizing $386 million in losses in a single day, underscoring the heightened volatility and economic uncertainty currently affecting the cryptocurrency market. This significant loss reflects broader trends in the market, where fluctuations in Bitcoin's value have led to substantial financial impacts for large holders.

Bitcoin's price has shown signs of recovery, reaching approximately $92,000, but significant investors, known as whales, are closing long positions, indicating a potential bearish sentiment despite the recent uptick. This trend raises concerns about the sustainability of the price increase and the overall market stability.

Crypto exchange-traded funds (ETFs) have extended their rally, with Bitcoin leading the charge, attracting $224 million in inflows. This surge follows a period of volatility in the cryptocurrency market, where Bitcoin and Ether faced significant outflows, contrasting with the positive performance of Solana and XRP.

Bitcoin's price has recently weakened, failing to reclaim the critical $94,000 resistance level, which raises concerns about a potential deeper correction in the cryptocurrency market. The price has fallen below key volume levels, indicating a lack of buying support.

Bitcoin treasury adoption has slowed in the fourth quarter of 2025, with public companies now holding over 4.7% of the total Bitcoin supply, while the largest holders continue to accumulate BTC despite the stagnation in new addresses holding Bitcoin.

Bitcoin (BTC) has dropped 3.6% as part of the CoinDesk 20 index, which is currently trading lower overall. This decline reflects a broader downturn in the cryptocurrency market, where many assets are underperforming amid increased sell pressure and reduced trading volumes.

MSCI has initiated a consultation regarding the potential exclusion of companies with significant cryptocurrency or Bitcoin holdings from its main indices, a move that has sparked considerable debate in the financial markets. This proposal specifically targets firms whose balance sheets contain over 50% in crypto assets, raising concerns about the implications for those companies.

Bitcoin's price has recently dropped below $90,000, leading to a significant increase in realized losses among Bitcoin entities, reaching levels not seen since 2022. On-chain data from Glassnode indicates that the Relative Unrealized Loss has surged to 4.4%, reflecting heightened stress among traders and a challenging environment for short-term investors.