Autor: dot-traders

• The Bitcoin price has struggled since dipping from the psychological level of $90,000.
• There’s risk for a potential bearish extension below $87,000 as risk assets waver.
• BTC price could dip to $85,000 or lower if bears take control.

The holiday season is here, but unlike previous cycles, Bitcoin (BTC) continues to trade in a narrow range around $87,000 amid bearish conditions.

On Wednesday, BTC fell to lows of $86,411 amid thinning holiday liquidity and waning momentum, with bulls having failed to strengthen above $88,000.

Bitcoin’s failure to reclaim the $90,000 level comes amid sideways action punctuated by broader market caution, where institutional demand appears to have cooled following robust inflows earlier in 2025.

Bitcoin slips amid ETF outflows

The past weeks have seen ongoing withdrawals from US spot Bitcoin exchange-traded funds (ETFs), a shift that aligns with bearish sentiment for BTC and its ETFs from larger investors.

According to data from SoSoValue, spot Bitcoin ETFs experienced a net outflow of approximately $189 million on Tuesday, December 23.

This brought the negative flow streak to four consecutive days. This pattern aligns with broader trends observed throughout late 2025, where year-end de-risking and portfolio rebalancing are expected.

Market experts say this has contributed to reduced institutional participation.

On-chain analytics firm Glassnode has highlighted this trend in recent commentary shared on X (formerly Twitter).

Analysts noted that the 30-day simple moving average (SMA) of net flows into both Bitcoin and Ethereum ETFs has remained negative since early November.

While cumulative inflows for the year remain substantial, well above $57 billion, the recent outflows point to a pause in institutional appetite

“This persistence suggests a phase of muted participation and partial disengagement from institutional allocators, reinforcing the broader liquidity contraction across the crypto market,” the platform stated.

Huge outflows coincide with Bitcoin’s inability to hold gains above the key psychological thresholds at $100,000 and then $90,000.

Short-term pressure currently sees bulls battle downside risks around $87,000.

Since early November, the 30D-SMA of net flows into both Bitcoin and Ethereum ETFs has turned negative and remained so.
This persistence suggests a phase of muted participation and partial disengagement from institutional allocators, reinforcing the broader liquidity contraction… pic.twitter.com/1aglRpQqD9

— glassnode (@glassnode) December 23, 2025

Bitcoin price outlook: potential for further dips?

From a technical perspective, Bitcoin has faced significant challenges since retreating from the $90,000 mark.

Attempts by buyers to engineer a rebound have faltered as selling pushed prices below $85,000 earlier in the month.

Rejection from above $88,000 now sees BTC revisit lower support levels. Interestingly, this sees Bitcoin further decouple from gold, with the precious metal exploding to a record high above $4,500.

Key indicators point to diminishing upside momentum.

The Relative Strength Index (RSI) has dipped below the neutral 50 level, signaling a loss of buying strength.

Similarly, the Moving Average Convergence Divergence (MACD) shows converging lines that suggest fading bullish impetus. If fresh demand does not materialize, BTC could seek support around $85,000 or lower.

The post Bitcoin stalls near $87,000 amid muted institutional participation appeared first on CoinJournal.

• The fund targets infrastructure and scalable blockchain use cases, with a focus on emerging markets.
• Market makers have reduced activity since the Oct. 10 crash, while ETF flows signal lower institutional participation.
• The raise follows HashKey’s $206 million IPO on the Hong Kong stock exchange.

Institutional capital is taking a longer view of crypto markets as short-term liquidity thins out.

That shift is reflected in the first close of a new fund by HashKey Capital, which has secured $250 million in commitments despite choppier trading conditions.

The rise highlights how large investors are repositioning after a volatile period marked by heavy liquidations, ETF outflows, and retreating market makers.

Rather than chasing near-term price moves, capital is increasingly being directed toward infrastructure, financial technology, and real-world blockchain applications with longer-run potential.

Fund strategy and scale

HashKey Capital said its fourth crypto-focused vehicle, the HashKey Fintech Multi-Strategy Fund IV, exceeded expectations at its first close and is targeting a final size of $500 million.

The fund is designed to deploy capital across multiple strategies, with a focus on core infrastructure and scalable use cases aimed at broader adoption.

According to the firm, emerging markets are expected to play a central role, as these regions are increasingly acting as testing grounds for blockchain-based financial services and applications.

Institutional conviction on the back foot

The timing of the close is notable. Crypto markets have been adjusting after a sharp sell-off earlier in October, when a major liquidation event triggered widespread deleveraging.

In a Tuesday post on X, 10x Research said many traders and market makers had reduced activity following the Oct. 10 crash, contributing to thinner liquidity.

Since early November, the 30-day moving average of net flows into US spot Bitcoin and Ether ETFs has turned negative, suggesting that capital is being redeployed or held on the sidelines as conditions tighten.

Track record and expansion

Fund IV builds on HashKey Capital’s established presence in Asia’s digital asset sector.

Since launching in 2018, the firm has grown to manage more than $1 billion in assets and has invested in over 400 projects globally.

Its first fund recorded a distributed-to-paid-in ratio of more than 10x, underlining the scale of returns achieved in earlier cycles.

The firm is headquartered in Singapore and operates across Hong Kong and Japan.

It is part of the broader HashKey Group, which was among the first in Hong Kong to secure a crypto exchange licence.

The group has also been involved in launching the city’s first spot Bitcoin and Ether ETFs, adding to its regulatory and market footprint.

The fundraise comes shortly after HashKey’s entry into public markets.

Last week, the company made its trading debut on the Stock Exchange of Hong Kong following a $206 million initial public offering.

The listing adds another layer of visibility at a time when scrutiny of crypto firms remains high and access to traditional capital markets is becoming more selective.

The post HashKey raises $250M for new crypto fund on strong investor demand appeared first on CoinJournal.