As of today, Bitcoin is trading within the range of $88,200-$88,800, with a slight increase of about 1% over the past 24 hours. Although it has retreated nearly 30% from the October high of around $126,000, this year-end rebound is mainly driven by short covering and year-end sentiment. However, the $88,000 level still faces pressure to break through the $90,000 barrier.

Ethereum's performance is relatively weak, fluctuating between $2,920 and $2,980, remaining flat or slightly down over the past 24 hours, consistently under pressure at the $3,000 mark. Meanwhile, related ETFs continue to experience outflows, although the development of Layer2 ecosystems and future upgrade expectations provide long-term support.

The total global cryptocurrency market cap is approximately $3.06-$3.1 trillion, with a 24-hour increase of 0.5-1%. Market sentiment shows the Fear & Greed Index at 30-40, indicating a cautious overall investor attitude.

Looking back at 2025, the crypto market gradually retreated from early high expectations, with most gains wiped out. The market witnessed a massive $1.9 billion liquidation event, setting a record, ending the year with a generally weak bearish trend.

On the institutional side, large asset management firms continue to deploy Bitcoin at low levels, but retail investor participation has noticeably declined. Google searches for "Bitcoin" have hit a near six-month low, indicating a decrease in public interest. In contrast, traditional safe-haven assets like gold and silver have reached record highs, with some funds flowing out of the crypto market into precious metals.

In the global macro context, stock markets in 2025 generally recorded double-digit gains, with US stock indices approaching all-time highs. Major indices like the S&P 500 maintained strong performance at year-end, but risk assets faced headwinds from the weakening crypto market.

Looking ahead to trading strategies, the year-end holiday effect has led to extremely thin market liquidity, making false breakouts more likely. It is not advisable to chase highs or hold overly leveraged positions. The best approach now is to maintain a super relaxed mindset, hold moderate cash, and adopt low-leverage strategies to safely weather the winter. In the medium to long term, institutional deployment and macro environments may become more favorable in 2026, but the current focus should be on a cautious cross-year transition and spending time with loved ones.