The Breakdown Bitcoin Slides Again as Anger Takes Over the Bear Market
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Dec 17, 2025 Bitcoin prices take a hit, fueling market anger and wiping out leveraged longs. Small wallets continue to buy while whales are selling, creating a complex on-chain dynamic. Macro pressures, like the hawkish Fed and AI bubble fears, add to the uncertainty. MicroStrategy's recent purchase fails to boost market enthusiasm. However, the SEC's pro-privacy tone offers a glimmer of hope, with discussions on blockchain surveillance risks and potential policy support for privacy tech. Visa also dives into the stablecoin advisory arena, showcasing institutional interest in crypto.
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Leverage And Liquidity Drive The Drop
- Bitcoin's recent sharp drop wiped out leveraged longs and pushed sentiment into anger.
- Thin liquidity, whale selling, and failed leveraged dip-buys make forming a durable bottom difficult.
Small Wallets Buy While Whales Sell
- Smaller wallets have been net buyers while whales sold billions, creating divergent spot flows.
- This flow shows interest exists but larger supply pressure is overwhelming it for now.
Short-Term Holders Near Profitability
- Short-term holders' spent-output profit ratio is slightly negative but improving.
- Bitcoin historically needs this cohort to be profitable before broad recoveries take hold.