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.