
Jakarta, Pintu News – Bitcoin price movements have remained volatile in recent sessions, with recovery efforts struggling to gain momentum. BTC has attempted to stabilize after the latest drop, but demand from exchange-traded fund (ETF) investors appears uneven.
Despite these doubts, BlackRock continues to assert that Bitcoin is a core part of their long-term investment allocation, demonstrating a confidence that extends beyond short-term price fluctuations.
BlackRock has included its spot Bitcoin ETF in its three key investment themes for 2025. This decision reflects long-term conviction, rather than simply short-term trading momentum. Despite sharp fluctuations in the price of Bitcoin so far this year, capital flows into the ETF have remained significant.
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To date, net inflows into BlackRock’s Bitcoin ETF have amounted to about $29.6 billion over the course of the year. Since its launch, the total net inflows have reached $62.5 billion.
These figures show continued institutional interest, which explains why BlackRock continues to highlight Bitcoin in its strategic outlook despite the still-volatile market.
The ETF’s short-term trend shows the opposite picture. In the past month, Bitcoin ETFs recorded outflows on almost half of the trading days. This pattern suggests declining demand from some investors, especially those with a short-term orientation.
On Monday, the overall Bitcoin ETF recorded a net outflow of $142 million. This decline reflects indecision amid price uncertainty. While long-term capital remains intact, short-term capital flows suggest that investors are still cautious and waiting for clearer signals before adding to their exposure.

Derivatives data adds another dimension to the market outlook. While demand in the spot market was uneven, positions in the perpetual futures market increased. With Bitcoin prices again trading above $90,000, open interest in perpetual contracts rose from 304,000 BTC to 310,000 BTC, or about a 2% increase.
The funding rate also increased, from 0.04% to 0.09%. This combination suggests an increase in leveraged long positions. Traders seem to be preparing for potential price movements later in the year, taking higher risks despite mixed demand in the spot market.
A rise in open interest accompanied by higher funding rates usually signals increased market optimism. However, it also increases sensitivity to volatility – if price momentum weakens, leveraged positions can quickly unwind, magnifying short-term fluctuations.

Read also: Bitcoin Price Hovering at $87,000 Level: Can BTC Reach $100K Before 2025 Ends?
At the time of writing (23/12), Bitcoin is trading around $87,400, slightly below the $88,210 resistance level. The technical structure suggests room for further upside movement. Short-term momentum could improve if buyers are able to sustain current levels and general market sentiment stabilizes.
Seasonal factors can also affect price movements. The Christmas trading week historically tends to be accompanied by increased inflows and decreased liquidity. If demand increases, Bitcoin could potentially rise towards $90,308, supported by leveraged positions and renewed investor interest.

However, downside risks remain if market optimism does not materialize. A break below the $86,247 level will weaken the recovery structure. In that scenario, Bitcoin could drop towards $84,698.
Such a move would invalidate the bullish view and reinforce the cautious stance in the short term, although long-term institutional support is still strong.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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