Bitcoin sits out Santa rally as stocks and precious metals set records
While U.S. stocks and precious metals hit record highs, Bitcoin declined amid year-end caution and a large options expiry.Summary
A year-end rally has propelled U.S. stocks and precious metals to new record highs, but Bitcoin has lagged, trading lower as traders reduced risk exposure during the holiday period. Bitcoin was trading around $87,200, down significantly from its 2025 open near $93,000, and below its October all-time high. Analysts attribute the short-term subdued price action to a record $28 billion crypto options expiry on Friday, amplifying volatility in thin trading. This caution is mirrored by significant net outflows from U.S. spot Bitcoin ETFs over the last two months. In contrast, precious metals surged, with gold surpassing $4,580 and silver exceeding $75 per troy ounce, driven by geopolitical tensions, a weaker dollar, and expectations of future Fed rate cuts. Meanwhile, U.S. equities remained strong, with the S&P 500 and Dow Jones Industrial Average closing at record highs in the shortened Christmas Eve session.
(Source：The Block)