Bitcoin heads for its worst Q4 since 2018 as traders see further fatigue

Bitcoins Bitcoin heads for its worst Q4 since 2018 as traders predict further declines

Bitcoins Data from CoinGlass shows bitcoin is down more than 22% so far in the fourth quarter, making 2025 one of the weakest year-end periods outside of major bear markets.

Updated Dec 23, 2025, 3:18 p.m. Published Dec 23, 2025, 5:06 a.m.

Bitcoin’s push back toward near the $90,000 mark is giving the crypto market a short-term lift, but few analysts see it as a meaningful turning point after one of the weakest second halves in recent years.

Major tokens remained range-bound in the past 24 hours, with xrp, ether, Solana’s SOL, Cardano’s ada and DOGE$0.1189 rising as much as 2%. A decline in Aave’s AAVE continued as its governance tussle rages on, leaving it as the worst performing token with a 7% drop.

Total crypto market capitalization has once again moved above $3 trillion, a psychologically important level that has acted as a key zone between buyers and sellers throughout the past month. While prices are higher on the day, analysts caution that the rebound reflects exhaustion rather than renewed conviction.

Alex Kuptsikevich, chief market analyst at FxPro, said the market’s recent strength is largely technical and driven by a low base after weeks of selling.

“The crypto market is making a new attempt at growth, but this is not yet a recovery,” Kuptsikevich said, noting that sentiment has improved only modestly. The market’s fear and greed index has climbed to 25, suggesting traders may be stepping away from extreme pessimism, but not embracing risk.

Bitcoin was trading near $88,000 in Asian morning hours Tuesday, pressing against the upper end of a range that has held since early last week. Kuptsikevich warned that short-term momentum could prove misleading, especially given the broader context. Bitcoin remains roughly 30% below its 2025 peak and is trading below levels seen at the start of the year.

“Attempts to bring year-to-date performance back to zero are little consolation,” he said in an email, adding that disappointment has replaced the optimism that dominated markets earlier this year.

Seasonal patterns reinforce that caution. Data from CoinGlass shows bitcoin is down more than 22% so far in the fourth quarter, making 2025 one of the weakest year-end periods outside of major bear markets.

While the fourth quarter has historically produced some of bitcoin’s strongest rallies, it has also delivered sharp drawdowns during years marked by tightening liquidity and macro uncertainty.

The market remains vulnerable to sharp reversals, particularly during U.S. trading hours. Recent sessions have repeatedly seen price gains from Asian and Europe sessions fade as North American markets open.

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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

What to know:

• KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
• This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
• Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
• Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
• Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

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