Crypto fears continue to emerge over Christmas as Bitcoin, Ethereum ETF.

Even as on-chain data suggests the selling pressure is easing, Bitcoin has fallen below $87k amid thin liquidity and ETF outflows.

Bitcoin (BTC) fell below $87,000 during thin Christmas Day trading on Dec. 25, as ETF inflows and weak holiday liquidity weighed on the market, according to data shared by XWIN Finance.

The return comes as on-chain metrics point to easing sales pressure and building stable coin capital, leaving traders torn between caution and the risk of sudden price swings.

ETF exits and holiday liquidity weigh on prices.

The XWIN Financial Trend Index published on December 25 placed the market firmly in “mild bearish” with a score of 34 out of 100, with continued ETF withdrawals and US session selling as the main drag.

Despite repeated attempts to reclaim the $88,000-$89,000 area, Bitcoin has seen a dip below $87,000, with the zone XWIN forming an alternative position as strong resistance.

Meanwhile, spot Bitcoin ETFs continue to see net outflows of 2,900 BTC worth approximately $251 million. That weakness lines up with figures reported by CryptoPotato on December 24, which showed the total BTC ETF has lost nearly $6 billion since the end of October. Ethereum currencies followed the same pattern, although there was a small daily touch, but it was negative on a weekly basis.

In contrast, differential flows appear elsewhere. For example, Solana Products has posted a steady stream of revenue, with XRP-linked ETFs adding nearly $8 million in the last session, making XRP funds the standout among crypto ETFs.

Bitcoin's price action reflects this uncomplicated balance, with the asset trading below $88,000 at the time of writing, up about 1% on the day and week.

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Volatility remains subdued, with a 24-hour range between $87,000 and $88,000, having seen swings above $85,000 and $90,000 in the past week. Relative to the broader market, Bitcoin's movements have been muted, with liquidity-driven wicks outweighing trend-following flows.

Symptoms on the chain are fatigue, not shock.

Under a weak sense, the data on the chain paint a more distorted picture. XWIN's whale inflows over the past 30 days have settled at cyclical lows, while the Coin Days Destruction (CDD) is still falling, indicating that long-term carriers are delaying their selling.

At the same time, there seems to be a fair amount of caution that sometimes appears near major inflection points as the cost of older Bitcoin clusters continues to rise. Network activity also remains soft, suggesting that demand has not yet returned to work.

According to XWIN's evaluation, the current market tension in sentiment indicators, especially in the index of fear and greed, is in the 24 “extreme fear”, the loan of Defi has decreased significantly since August, which indicates the potential for reduction. However, the supply of stablecoins has risen to a record close to $310 billion, indicating large pools of collateral capital.

With stocks and gold both hitting record highs and January price expectations on hold, macro conditions are clearly not hostile. For crypto, however, XWIN pointed out that the next step still hinges on the volatility of ETF flows and post-period options. Until those shifts, the market could remain weak even as signs of seller fatigue quietly build underground.