In 2025, the Bitcoin-to-gold ratio slid from roughly 40 to 20 ounces per BTC as gold outperformed and drew strong buying interest from central banks and ETF investors. Over the same period, spot Bitcoin ETF assets fell from $152 billion to $112 billion and long-term holders realized substantial profits, pressuring BTC on a relative basis. The move reflects diverging demand patterns for gold and Bitcoin rather than a fundamental collapse in BTC's long-term narrative.

On December 16, 2025, the US unemployment rate rose to 4.6%, above the 4.5% forecast and the prior 4.4%. Commentators say the highest reading since September 2021 could drive Federal Reserve easing in 2026. Bitcoin traded near $88,000 after the release, up 1.84% over the past three hours.

On December 16, 2025, analyst Michaël Van De Poppe argued that gold is priced too richly compared with Bitcoin, citing the Relative Strength Index (RSI) for BTC versus gold falling below 30 for only the fourth time. He noted that similar readings coincided with major Bitcoin bear market lows in 2015, 2018 and 2022, and suggested a possible rotation from gold into BTC as the crypto asset trades at $85,583.

ARK Invest's Cathie Wood said the Bitcoin bottom after the October 10 crash may already be in, with price stabilizing near $86,000. According to Glassnode, institutions now control 29.8% of circulating BTC, while MicroStrategy's December 15 Form 8-K detailed a 10,645 BTC purchase for $980.3 million at $92,098 per coin. Technical indicators suggest early stabilization despite trading below the $104,000 short-term holder realized price.

On December 16, 2025, economist Steve Hanke reiterated on X that Bitcoin has no fundamental value, describing it as a highly speculative asset. His remarks coincided with BTC falling to $85,000 during a four-day slide, later trading at $87,083 and down less than 1% over 24 hours. The coin remains more than 30% below its October 2025 peak of $126,000.

American Bitcoin Corp. reported that as of December 14, 2025, it had accumulated about 5,098 BTC in its strategic reserve, lifting the Nasdaq-listed miner into the top 20 publicly traded Bitcoin treasury holders. The reserve, built in a little over three months since its September 3 listing, combines self-mined coins, market purchases, and BTC pledged under a Bitmain agreement, while new metrics such as Satoshis Per Share and Bitcoin Yield are being used to track shareholder-level exposure.

Hyperscale Data Inc., listed on NYSE American, reported a Bitcoin treasury of approximately $75.5 million, about 97.5% of its market capitalization, using pricing from December 14–15, 2025. American Bitcoin said on December 16 it now holds over 5,098 BTC following its September 3 Nasdaq debut, highlighting continued accumulation and a 96.5% BTC Yield through December 14.

Bitcoin slipped below $90,000 and stabilized in the mid-to-high $80,000s, with three price zones guiding near-term action. A support band at $83,500–$85,000 and a consolidation pocket at $86,500–$87,000 frame the range, while $90,800–$91,500 stands as an upside target if $88,500–$89,000 is reclaimed.