Bitcoin continued to trade in a narrow range on December 25, 2025, hovering around $87,400 and remaining well below the psychologically important $90,000 level. Thin holiday liquidity and persistent net outflows from spot Bitcoin ETFs added to subdued market momentum. Adding further pressure, roughly $30.3 billion worth of Bitcoin options are set to expire, with a large share of call options struck far above current prices, making losses likely for bullish positions.