Crypto Daily(12.27)：Bitcoin Options Expiry, ETF Outflows Continue, and Mining AI Transformation Accelerates

1. Bitcoin Price Fluctuations and Options Expiry Impact
Bitcoin experienced price volatility during the holiday period, dropping below $86,863.5, then rebounding above $88,000, with a trading price around $90,000, a daily increase of 1.52%. The market is focused on the expiry of $23.7 billion worth of Bitcoin options contracts, which could influence short-term price direction; meanwhile, continuous ETF fund outflows over several days combined with holiday liquidity thinness have intensified price fluctuations. Traders are actively taking long and short positions; a major whale has been continuously shorting BTC, ETH, and SOL, profiting over $3.85 million, while another trader's short position has an unrealized profit of $1.77 million. Analyst Eugene believes now is a good time to go long, as risk-reward is favorable below $90,000.
2. Institutional Fund Movements and ETF Market Dynamics
US spot Bitcoin ETFs have experienced net outflows for several days, with a net outflow of $175.3 million on December 24. Grayscale's products saw a total outflow of $30.4 million during the same period, and Ethereum ETFs also saw fund withdrawals. Fintech analysis firm Clear Street has rated Cb as one of the top three fintech picks before 2026, optimistic about its core role in blockchain infrastructure transformation and growth potential from regulatory clarity. The institutionalization of the crypto market is accelerating in 2025, with institutional holdings reaching 24%, while retail holdings have decreased to 66%. ETFs remain an important channel for institutional participation in the crypto market. Despite short-term capital outflows, long-term allocation remains intact.
3. Mining Companies' Performance and Transformation
In 2025, Bitcoin mining stocks have shown divergence, with miners shifting focus to AI and high-performance computing (HPC) infrastructure performing significantly better than pure Bitcoin operators, with companies like IREN, Cipher Mining, and Hut 8 seeing stock gains over 100%. Pure Bitcoin miners performed poorly; for example, Bitdeer (BTDR) stock fell 50%, Marathon Digital (MARA) declined 44%, while miners actively involved in AI (such as Core Scientific and CleanSpark) showed moderate performance. The trend in Bitcoin mining in 2025 highlights that miners are transforming their facilities into AI data centers, outperforming pure Bitcoin operators, reflecting industry diversification.
4. Macro and Market Comparison
In 2025, traditional assets performed strongly, with gold, silver, and copper prices rising respectively. The S&P 500 index and tech stocks continued to hit new highs, while crypto assets (Bitcoin, Ethereum) underperformed, with Bitcoin prices falling about 30% from all-time highs. The surge in precious metals and copper prices was driven by geopolitical tensions, concerns over currency devaluation, and industrial demand, whereas cryptocurrencies lagged due to macro liquidity and lower-than-expected institutional inflows. The correlation between Bitcoin and the S&P 500 increased from 0.29 in 2024 to 0.5 in 2025, indicating a stronger link between crypto markets and traditional assets, but performance divergence persists due to differing risk appetites.
5. Regulatory and Application Progress
The "Plan ₿" project in Lugano, Switzerland, has been implemented, allowing residents to pay taxes, parking fines, and tuition with Bitcoin (BTC) or Tether (USDT). Over 350 merchants now accept cryptocurrency payments. The city government promotes crypto adoption by providing free smart POS terminals and LVGA token cashback incentives, attracting over 110 crypto startups to relocate. By 2025