Why Is Crypto Down Today? – December 29, 2025

The crypto market is slightly lower today, with total market capitalisation slipping by 0.5% over the past 24 hours to $3.04 trillion, remaining just above the $3 trillion level. Despite the mild pullback, trading activity remains elevated, with 24-hour volume at $116.18 billion.

Crypto Winners & Losers

At the time of writing, most top assets are trading in the red, reflecting cautious sentiment across the market.

Bitcoin (BTC) is down 0.5% on the day, currently trading at $87,337, while its weekly performance shows a steeper 3.1% decline. Bitcoin’s market cap stands at $1.74 trillion, with more than $44.7 billion traded in the past 24 hours.

Ethereum (ETH) is also lower, slipping 0.2% in the last 24 hours to $2,931, extending its seven-day loss to nearly 4%. ETH recorded close to $25 billion in daily trading volume, maintaining its position as the second-largest crypto asset by market cap at $354 billion.

Among the rest of the top 10, BNB (BNB) declined 0.6% to $850, while XRP (XRP) edged down 0.1% to $1.86.

Solana (SOL) fell 0.5% to $123.81, continuing a broader weekly downtrend of 2.6%. Dogecoin (DOGE) posted the steepest weekly loss in this group, down 7.3%, despite only a modest 0.4% dip over the past day.

Tron (TRX) limited losses to 1% in the past 24 hours, trading at $0.281, making it one of the more resilient large-cap tokens today.

On the upside, select altcoins outperformed the broader market. TokenFi surged 66.4%, while ZEROBASE climbed 68.2% over the past 24 hours. The White Whale also posted strong gains, rising 57.1%.

Trending tokens include Neiro, Bitcoin, and OVERTAKE, with OVERTAKE standing out after jumping more than 31% on the day.

Meanwhile, Trend Research withdrew 20,850 ETH, worth $63.28 million, from Binance on Sunday and immediately borrowed an additional $40 million in USDT through the lending protocol Aave, which indicates continued aggressive accumulation as Ethereum trades near $3,000.

The institutional arm of Easy Come Easy Go now controls 601,074 ETH valued at $1.83 billion across five addresses, having borrowed a total of $958 million in stablecoins to fund purchases at an average price of roughly $3,265 per token.

Bitwise CIO Sees Bitcoin Entering a Decade of Steady Gains

Bitcoin is likely to trend higher over the next decade, but without the sharp, cycle-driven rallies that defined earlier bull markets, according to Bitwise CIO Matt Hougan.

Speaking on CNBC, Hougan said Bitcoin is entering a prolonged period of “strong but unspectacular” returns, marked by lower volatility and more gradual price appreciation.

Despite recent weakness, Hougan remains bullish on 2026, arguing that steady institutional demand is helping stabilize the market.

Bitcoin has pulled back roughly 30% from its October peak near $125,100 and is trading around $87,800, reviving debate over whether the current cycle has already topped. Some analysts point to similarities with past cycle peaks, raising concerns about further downside.

Hougan acknowledged retail selling pressure but said long-term institutional buyers have limited the drawdown compared with past cycles, when losses often exceeded 60%.

Others remain more optimistic. Strategy CEO Phong Le has argued that Bitcoin’s underlying fundamentals held up throughout 2025 despite weaker prices, while Bitwise chief investment officer Matt Hougan said earlier this year that he expects 2026 to be an “up year” for the asset.

According to Linh Tran, market analyst at XS.com, Bitcoin’s recent price action underscores the market’s sensitivity to monetary policy expectations rather than headline economic data.

Levels & Events to Watch Next

At the time of writing on Monday, Bitcoin is trading near $87,220, down around 0.7% on the day. The recent price action shows BTC extending a broader downtrend that began after the October peak near $125,000, with sellers maintaining control through November and December.

Over the past several weeks, Bitcoin has consistently printed lower highs, while support around the $85,000–$86,000 zone has held multiple times.

A decisive break below this range could expose BTC to a deeper pullback toward $81,000, with a psychological risk of slipping below $80,000 if selling accelerates. On the upside, bulls would need to reclaim $92,000 to signal short-term relief, with stronger resistance waiting near $98,000 and then $103,000.

Ethereum is following a similar structure, currently trading around $2,926, down roughly 0.8% over the past 24 hours. The chart shows ETH breaking sharply lower in early November before entering a choppy consolidation phase below the $3,200 level.

During the recent sessions, ETH has struggled to hold momentum above $3,000, turning that zone into near-term resistance. As long as price remains below it, downside risks persist. A drop below $2,800 could open the door toward $2,650, a level that previously acted as support during the November selloff. Further weakness may bring $2,500 into focus.

On the recovery side, a sustained move back above $3,100 would be the first sign of renewed strength, potentially setting up a push toward $3,400 and then $3,650.

Meanwhile, crypto market sentiment remains subdued, with the Crypto Fear and Greed Index holding at 30, firmly in the fear zone, according to the latest data.

The reading shows little change from recent days, indicating that traders remain cautious as prices struggle to regain momentum. Risk appetite appears limited, with investors hesitant to increase exposure amid ongoing volatility.

US Bitcoin spot ETFs ended the latest session in the red, with net outflows of $275.88 million on Dec. 26, according to the data shown. Cumulative net inflows still stand at $56.62 billion, while total net assets across US BTC spot ETFs remain elevated at $113.53 billion, equivalent to roughly 6.5% of Bitcoin’s total market capitalization.

Outflows were concentrated among the largest products. BlackRock’s IBIT led the declines, recording $192.61 million in net outflows on the day. Fidelity’s FBTC followed with $74.38 million leaving the fund, while Grayscale’s GBTC saw more modest outflows of $8.89 million.

US spot Ethereum ETFs also recorded net outflows of $38.7 million on Dec. 26. The pullback was driven by two funds. BlackRock’s ETHA led the declines with $22.12 million in outflows, followed by Grayscale’s ETHE, which saw $16.58 million leave the fund. The remaining ETH ETFs posted flat flows, with no products recording inflows during the session.

Cumulative net inflows stand at $12.34 billion, while total net assets across US ETH ETFs amount to $17.73 billion, representing just over 5% of Ethereum’s total market capitalisation.

Meanwhile, Nasdaq-listed ALT5 Sigma is facing renewed scrutiny after a report found that the company’s newly appointed auditor is currently barred from performing audits due to an expired license.

According to the Financial Times, ALT5 Sigma moved to replace its previous auditor this month after failing to file its third-quarter financial results by the required deadline.