Bitcoin repeatedly fluctuates around the $88,000 mark. Is it a rebound after a decline or a continued bottoming out? Currently, the market has fallen into a delicate balance point.

On December 23, Beijing time, Bitcoin repeatedly fluctuated within the $88,000-$89,000 range, and the overall market sentiment felt a bit strange. It surged to $90,554 the night before, then turned around and fell back to $87,866. The intense volatility behind this reflects some serious issues.

To understand the current situation, three factors need to be considered: First, the previous bearish news has been mostly released, and technical corrections are needed; second, global liquidity is indeed tightening, which is the broader background; third, it's the end of the year, and traditional funds are seasonally retreating, all squeezing the market simultaneously.

**Major players' buying momentum has clearly cooled down**

The pace of accumulation by large institutions like MicroStrategy has significantly slowed, and this is the core problem. Their previous continuous buying was a major driver supporting prices, but now that force is waning.

On-chain data shows that in the past two months, at least two years' worth of Bitcoin has been moved less than before, totaling about 1.6 million coins worth roughly $140 billion. What does this indicate? It suggests some long-term holders are gradually reducing their positions.

Even more painfully, funds in spot Bitcoin ETFs are continuously flowing out. Last week alone, there was a net outflow of $158.3 million, indicating that institutional buying enthusiasm has noticeably decreased.

This creates a vicious cycle: slowing big-player accumulation → loss of price support → price decline → even less institutional buying. The spiral downward has begun. How the market will move ultimately depends on the upcoming battle between bulls and bears in the next few days.