As the year draws to a close, the cryptocurrency market has faced significant turbulence. In the early days of the week, massive sell-offs characterized the market atmosphere. Bitcoin
$87,107.47
plummeted, testing levels below $85,000, while Ethereum
$2,930.38
, the largest
altcoin, dipped below $3,000. The market experienced liquidations of approximately $600 million on Monday, averaging around $400 million daily in the following days. According to a report by the leading market maker Wintermute dated December 23, 2025, market volatility was gradually subsiding, and Bitcoin was retracing to the $90,000 region. It noted that market leadership was narrowing, with capital concentrating heavily on BTC and ETH. Conversely, the altcoin market was experiencing supply pressure and weak coin unlocking schedules.
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BTC and ETH Take Center Stage While Altcoins Lag
The report suggests that liquidity typically declines during the Christmas and year-end period. While discretionary trading desks closing positions kept price movements within a range, they occasionally resulted in sudden gaps. The main area of risk absorption remained the most liquid assets, Bitcoin and Ethereum. This scenario indicates that without a clear macro or policy-driven catalyst, prices are more shaped by positioning dynamics than by a convincing directional trend.
Graphical data attached to Wintermute’s report also supports the narrowing of leadership. The company’s “Cross-asset performance” chart indicates that during the 51st week (December 15–21), altcoins were the weakest performers with a -3.5% decline, while Ethereum fell by 1.9%. In contrast, in the same period, Bitcoin was up by 0.5%, with gold leading at 0.9%, followed by U.S. 20-year bonds and Nasdaq at 0.6% each.
The report attributes the weak performance of altcoins mainly to the intense supply pressure described as a “supply overhang” and the heavy schedule of coin unlocking. The belief that for sustained risk appetite to take hold, Bitcoin must first lead, is gaining traction as retail investors start switching from altcoins to major cryptocurrencies.
Current Market Trends
Wintermute, through its internal flow data, indicates a renewed buying pressure in major cryptocurrencies. Along with a prolonged buying trend in BTC, significant buying pressure signals were also observed in ETH as the year-end approaches. Institutional flows have been a consistent source of purchasing since the summer, while retail investors have been exiting altcoins and returning to major cryptocurrencies.
Meanwhile, price discovery on the margin occurs through derivative markets, allowing for sharp intraday swings alongside net buying in spot markets. The report highlights that funding and the basis remained relatively tight during sell-offs, with implied volatility remaining high in the options market. Expectations are divided between a retracement to the middle of the $80,000 region and a recovery to previous highs. Wintermute anticipates lighter activity, range-bound movements, and selective risk-taking to persist until the year-end.
