Bitcoin Christmas Price at $87,000 USD, CZ Specifically Posts Encouragement: “Those Who Knew to Buy Bitcoin Early” Are Those Who Decided to Buy During Fear and Doubt.
(Background summary: The four-year cycle of Bitcoin is dead! Bitwise Chief Investment Officer: The Crypto Market Has Entered a Decade-Long Battle)
(Additional background: Galaxy Digital: After adjusting for inflation, Bitcoin has actually never broken $100,000 USD)

Table of Contents

• CZ: Defined by Emotions in Early Days
• Historical Christmas Prices: Valleys Often Signal Long-Term Turning Points
• Institutional Perspective: FUD Seen as Discount Period, Not Risk

Bitcoin (BTC) Fluctuated in a Small Range Before Christmas, Currently Priced at About $87,700 USD. Looking back at the October 6 high of $126,000 USD, it has fallen nearly 30%. This year’s Christmas didn’t have the “holiday rally” everyone expected, but CZ posted a special message to encourage everyone.

CZ: Defined by Emotions in Early Days

In the face of market turbulence, Binance founder Changpeng Zhao (CZ) posted on X platform, reminding the public to focus on FUD rather than the price itself. He stated:

Every time Bitcoin hits a new all-time high, do you ever think, “I wish I had bought earlier”?

Actually, those who bought early did not buy at the high, but during times filled with fear, uncertainty, and doubt.

Merry Christmas 🎄

When bitcoin was ATH, have you ever thought, “I wish I bought bitcoins early”?

Guess what, those who bought early did not buy at ATH, they bought when there were fear, uncertainty and doubt.

Merry Christmas 🎄

— CZ 🔶 BNB (@cz_binance) December 25, 2025

CZ defines “early” as a low emotional point rather than a specific time, implying that the current $87,000 USD range is psychologically a discount zone. The statement quickly gained reposts in the market but did not immediately reverse the price trend, indicating that sentiment remains cautious.

Historical Christmas Prices: Valleys Often Signal Long-Term Turning Points

Looking back at the past seven Christmas markets, lows often mark the start of the next rally. In 2018, Christmas Bitcoin was only $4,000 USD; after the FTX storm in 2022, the price hovered around $16,800 USD. In both cases, the following 12 months saw the price double and bottom out in a bull market.

Conversely, in 2017, Christmas price reached $14,000 USD, and the market entered a winter the following year. History shows that extreme sentiment during Christmas can serve as a market thermometer.

Long-term data from Binance also indicates that the MVRV Z-Score has fallen into oversold territory over the past two weeks, and on-chain holder days indicator shows a cumulative trend, signaling relatively friendly conditions for long-term buyers.

Institutional Perspective: FUD Seen as Discount Period, Not Risk

Large institutional funds reacted relatively calmly to the correction. On-chain observations show that addresses holding over 1,000 BTC increased net holdings by about 26,000 BTC this month, indicating that long-term capital is leveraging the 30% dip to rebuild positions. Meanwhile, retail addresses holding less than 1 BTC have decreased by over 4% since early December, suggesting retail investors are stopping losses or shifting to off-chain waiting.

Policy-wise, expectations remain supported by the benefits of Trump-era tax cuts and infrastructure spending, but investors need to face the reality of high interest rates combined with reduced liquidity in the crypto market. The market consensus leans toward short-term volatility with a long-term bullish outlook, aligning with CZ’s mention of a “fear window.”