Bear market preservation first. Heavy holders consider reducing positions/stop-loss, light holders hold coins and watch or trade small short-term positions. Do not go all-in with leverage, do not chase hot spots.

As of December 18, 2025, the overall cryptocurrency market remains sluggish, with Bitcoin (BTC) hovering between $85,000 and $95,000, Ethereum (ETH) fluctuating around $3,000-3,300, and most altcoins performing worse, with the total market cap shrinking by over $1 trillion from the October peak.

The market lacks strong rebounds, volatility decreases, and trading volume contracts.

Bitcoin (BTC): Fell over 30% from the October high of $126,000, erasing most of the gains in 2025. Currently around $90,000, repeatedly testing support at $85,000-$86,000. Multiple flash crashes since December (e.g., dropping below $84,000 on December 1).

Ethereum (ETH): Fell even more, approximately 30-40%, currently around $3,200, with multiple dips to the $2,800 low. Overall altcoins: Solana, XRP, Dogecoin, and other mainstream coins are bottoming out, smaller coins are worse, many halved 80-90%. Meme coins occasionally surge but quickly zero out.

Market indicators: Fear & Greed index remains in “Extreme Fear” (10-20 points) for a long time, Google searches for “Bitcoin bear market” hit a five-year high. Leverage liquidations are frequent, but there is no sustained buying follow-up. After the October “1011 Flash Crash”: excessive leverage liquidations (over $2 billion), market makers hurt, order books thin, buying power weak.

ETF capital flow reversal: Massive inflows in the first half of 2025, large outflows in the second half (record daily outflows from BlackRock IBIT, etc.). Institutional/whale reduction: MicroStrategy lowers expectations, whales sell off, long-term investors exit. No new retail investors entering: retail traders leave after multiple losses, no wealth creation effect, no one dares to buy the dip. Only old players inside the market are left to cut each other.

Lack of narrative and opportunities, everyone in arbitrage mentality, community degradation, cyclical weakness.