With 2025 coming to an end, Bitcoin's performance has been truly disappointing—about a 5% decline for the year, with price ranges oscillating and volatility hitting new lows. Investors who were hoping for a rally at year's end have long given up; after all, stability means no opportunity, and no opportunity means no profit.

The past few weeks have been especially quiet. Exchange trading volumes have noticeably declined, and the holiday atmosphere combined with a lack of new catalysts has caused previously active speculative funds to withdraw. This is one of the dullest periods in the cryptocurrency market since the same time last year—investors are all watching, reluctant to make reckless moves when the outlook is uncertain.

On-chain data is also quite frank. The daily loss-related sell-off volume of about $300 million persists—what does this indicate? Retail investors who bought at high points are starting to lose patience. Although current prices remain above the true average of $81,000, patience will eventually run out. As losses accumulate daily, exiting the market becomes an inevitable choice. This ongoing selling pressure directly suppresses the potential for a rebound.

What’s next? If selling pressure gradually eases and the macro environment remains favorable, Bitcoin could break through the current deadlock. However, if sentiment worsens again, prices could drop back to $86,247 or even lower. Overall, Bitcoin is now like walking a tightrope—losses from sell-offs, subdued volatility, and an unclear direction are all factors shaping its next move.