Holiday Session Sees Steady Trading, Thin Volumes

New York | December 25, 2025 — Bitcoin traded in a narrow range around $87,000 through the Christmas holiday session, as global exchanges logged lighter volumes and institutional players held positions steady. Spot markets across major platforms showed minimal deviation. The benchmark cryptocurrency changed hands between $86,800 and $87,200 in late trading.

Data from aggregated feeds confirmed the tight band persisted into the evening hours. Traders in Singapore noted subdued activity typical for the period. Holiday schedules thinned out participation from retail desks, leaving larger flows contained among over-the-counter counterparties.

Derivatives activity eased on platforms like CME and Asian venues. Open interest in Bitcoin perpetuals dipped slightly from pre-holiday peaks. Market participants said funds preferred to avoid leverage amid year-end balance sheet adjustments.

In Europe, London desks reported flat exposure. Ethereum followed a similar path, holding above $3,600 with low volatility. Cross-exchange arbitrage kept spreads tight despite the volume drop across time zones.

Data reviewed by this publication shows spot Bitcoin turnover at roughly 60% of weekday averages. U.S.-based platforms captured the bulk, followed by Hong Kong and Tokyo hubs. Liquidity pools held firm in deep order books.

Industry sources noted positioning ahead of January inflows. Pension funds and family offices sat on the sidelines during the break. Some rotated into short-duration treasuries for yield pickup.

Regulatory radars stayed quiet through the session. U.S. authorities issued no new guidance. European MiCA implementation continued without disruption to trading desks in Frankfurt and Paris.

Analysts in New York said the stability reflected broader risk-off sentiment overnight. Equity futures traded flat. Gold held gains near record highs, drawing parallel flows from conservative portfolios.

Over in Asia, Japanese exchanges saw incremental buying from local whales. Korean platforms logged steady retail interest despite holiday closures in Seoul. Volume concentration favored top pairs exclusively.

Funds in London adjusted exposure modestly through the afternoon. Some trimmed perpetual longs to lock in gains from the autumn rally. Others eyed spot ETF pipelines for post-holiday entry points.

Order book depth remained robust at key levels through composites. Bids stacked below $86,500 provided a clear floor. Offers above $88,000 saw light testing but faced resistance.

Private credit desks in Dubai monitored the tape closely into the evening. Sovereign-linked accounts held steady allocations through regional hubs. No major rebalancing signals emerged from Gulf trading floors.

Options markets reflected the prevailing hush. Implied volatility metrics eased toward December lows across strikes. Traders priced in continued range-bound action through New Year’s week.

Market data from Deribit showed call-put ratios tilting neutral in late flows. Institutional sellers covered shorts incrementally through dark pools. The moves stayed under the radar of retail screens.

In Frankfurt, compliance teams reviewed year-to-date flows through custody reports. No red flags surfaced during the audit sweep. Stablecoin reserves swelled slightly on major chains amid transfers.

Singapore regulators hosted routine check-ins with local exchanges through the holiday. Volumes complied with capital rules across licensed venues. No enforcement actions loomed over the period.

Traders in Tokyo pointed to yen carry unwind risks lingering offshore. Bitcoin served as a hedge for some exporters through corporate desks. Treasury allocations piled in quietly via proxies.

U.S. spot ETFs saw marginal inflows before the Christmas break took hold. Grayscale and BlackRock products led the modest pack. Redemption pressures stayed contained at legacy vehicles.

According to people familiar with the matter, family offices in Zurich trimmed venture allocations selectively. Focus shifted to liquid beta plays for quarter-end portfolio marks across Europe.

Global hash rate ticked higher despite miner pauses for scheduled maintenance. Network security held at elevated levels through the session. Transaction fees compressed on low congestion patterns.

Analysts in Hong Kong flagged macro overlays dominating background chatter. Fed rate cut speculation simmered quietly across desks. Crypto teams awaited Powell’s next public remarks.

European pension funds maintained tactical overlays through year-end. Some dialed back to 5% crypto weightings in model portfolios. Reallocation timelines stretched into first quarter planning.

Data signals from Chainalysis pointed to steady on-chain activity through wallets. Whale cohorts accumulated in discrete tranches offshore. Exchange reserves trended lower week-on-week metrics.

Funds in Geneva cited tax optimization plays routing through vehicles. Year-end transfers cleared Irish structures efficiently. The maneuvers dodged U.S. reporting thresholds cleanly.

Market structure held resilient through fragmented venues. Fragmentation risks eased with cross-margin efficiencies live. Platforms like Binance and Bybit dominated perpetuals flow patterns.

Industry sources noted dormant DeFi layers across protocols. Liquidity providers withdrew capital to core centralized venues. Yield farming volumes cratered following autumn unwind cycles.

Closing the session across composites, Bitcoin settled near $86,950 in final prints. Global desks powered down screens with positions intact through the evening. Trading resumes light into the weekend period.

Disclaimer: Crypto assets are volatile and involve risk.
This content is published for informational purposes only.

Global Markets Desk | DECODE THE CRYPTO covers global cryptocurrencies,
regulation, and digital finance with an institutional
and macroeconomic focus.