The night was full of ups and downs for Bitcoin. Since last night, BTC failed to hold the $90,000 level. Due to year-end profit-taking, the price steadily declined and oscillated around $87,000. Market analysts believe that liquidity has not fully recovered after the holiday, and the $86,500 level will become the key support in the coming days. Interestingly, crises often present opportunities. North American mining giant Marathon Digital took contrarian action during market panic, spending approximately $87,200 to average buy 1,500 BTC, demonstrating what it means to be "wise beyond appearances." This corporate-level buy-in injected a lot of confidence into the $87,000 level. On the other hand, institutional risk aversion is also increasing. Spot ETF saw a net outflow of $120 million yesterday, with products from BlackRock and Grayscale not immune. With only two trading days left in 2025, many institutional funds chose to "take profits," which in turn intensified selling pressure in the market. On-chain detective tools have also detected a "big event"—a whale address that had been dormant for five years suddenly woke up at 4 a.m. today, transferring a large amount of BTC to exchanges, apparently for selling. This operation directly caused a sharp decline in early Asian trading. As BTC retraced, MicroStrategy's stock price also shrank by 4%. Options data shows that some hedge funds are betting that its premium rate will further narrow in early January, indicating a bearish sentiment. However, amidst the overall market weakness, there are some bright spots. Meme coins within the Solana ecosystem are surprisingly active, with high-beta assets like WIF rebounding by 8%. During this sideways "vacuum period" at $87,000, speculative funds are flowing into altcoins, seemingly preparing for the arrival of the "altcoin season." Ethereum, on the other hand, is relatively quiet. Gas fees have fallen to a low of 6 gwei, and on-chain activity has dropped to a freezing point. The DeFi and NFT markets show extremely low enthusiasm at year-end, with everyone waiting for the January Pectra upgrade as a new market narrative. From a policy perspective, Japan's Financial Services Agency announced a positive development today—plans to cancel the "unrealized gains tax" on corporate holdings of crypto assets. While this may not immediately boost prices in the short term, in the long run, it will help attract Asian funds back into this market.

Ladies and gentlemen, here is a market observation and trading strategy sharing from the past few days. From the overall trend, the market remains in a state of oscillation and sideways movement. The fluctuations in the second half of last night were also modest. The reason is quite clear—institutions are on holiday. Market activity naturally declines, and a new trend may not emerge until after New Year’s Day. Therefore, the short-term trading strategy remains unchanged: continue to focus on short-term swings or grid trading. Looking at the flow of ETF spot funds, there was a net outflow of $6.7 million from BTC, while ETH and SOL currently show no significant fund inflows or outflows. This further confirms that institutions are taking a break—there’s basically no trading activity. The reason the market feels quiet is mainly due to this. However, on the liquidation map, the short positions for BTC, ETH, and SOL are quite concentrated, indicating that significant volatility could occur in the short term. We need to pay close attention to this. **Market Expectation Range:** BTC is expected to oscillate between 86,000 and 89,000, ETH’s fluctuation range is 2,880-3,000, and SOL moves between 119 and 125. **Specific Trading Plans:** **BTC** — For bullish positions, consider entering at 86,500 or buying on dips, adding positions at 85,000, and taking profits in batches at 88,000. Conversely, for bearish positions, short at 88,500 or on rallies, add at 90,000, and take profits in batches at 86,500. **ETH** — For long positions, consider entering at 2,900 or on dips, adding at 2,830, and taking profits in batches at 2,980. For short positions, short at 3,000 or on rallies, add at 3,080, and take profits in batches at 2,920. **SOL** — This suggestion mainly follows a shorting approach: short at 125 or on rallies, add at 130, and take profits in batches at 120. **Two Reminders:** First, set your stop-loss levels based on your liquidation price and the maximum loss you can tolerate—this is the most basic risk management. Second, the most important thing in trading is not to be greedy—lock in profits when possible. It’s better to accept small losses than to hold on to losing positions. But if your market direction judgment is correct, continue holding. Only then can you protect yourself in a volatile market.

SOL Analysis From the current 4-hour trend, after the price dipped to the 120 region yesterday and stabilized, the subsequent market momentum slowed down. The support below is strong, and the outlook remains bullish with a rebound expected. Trading suggestion: Around 120-116, go long, targeting 138-145. #2025Gate年度账单 #比特币与黄金战争