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The cryptocurrency market today, encompassing Bitcoin and Ethereum, is experiencing a range-bound phase as leverage is depleted and market sentiment remains fragile. The upcoming US GDP report will likely determine whether volatility increases or diminishes.
Summary
- Today, Bitcoin is hovering around crucial support and resistance levels, with subdued ETF flows as traders await the US GDP report before making new moves.
- Ethereum is in a low-risk consolidation phase, as open interest has decreased by about 50% since August, leading to reduced leverage and compressed short-term volatility.
- Altcoins are trading within narrow bands amidst extreme fear sentiment, with low liquidity and modest liquidations indicating that the upcoming GDP report could prompt significant market shifts.
The cryptocurrency market is entering the US GDP announcement in a wait-and-see stance, with Bitcoin (BTC), Ethereum (ETH), and major altcoins caught in tight price ranges after weeks of macro-driven fluctuations. Bitcoin is trading near critical levels, where potential upward scenarios will emerge only if bulls can reclaim resistance around the $80k range, while support remains in the mid-$80k region, keeping the market structure intact.
According to data from Alfractal market analytics, Ethereum’s open interest has fallen by approximately 50 percent since August, attributed to the liquidation of positions by institutional investors.
What to anticipate in the crypto market today?
This reduction marks one of the most considerable deleveraging phases of the year across crypto exchanges, Alfractal noted. The firm described this trend as indicative of decreased market risk, as large investors and institutions slash leveraged positions in ETH across various platforms.
Currently, Binance accounts for the largest share of open interest at $7.64 billion, making up 31 percent of the total. Gateio follows with $3.72 billion (15 percent), while HTX ranks third with $3.12 billion (12.65 percent). Bybit and HyperLiquid hold $2.53 billion and $2.51 billion, respectively.
The overall decline in open interest spans multiple exchanges rather than being confined to one platform, indicating a broad reduction in leveraged exposure, according to market analysts.
This deleveraging trend has decreased the likelihood of sudden short-term price spikes, resulting in a more defensive market atmosphere, analysts commented. Historical patterns show that significant falls in open interest often precede major price shifts in either direction.
Ethereum is currently witnessing modest gains while staying within a tight price band. Prices have dropped nearly 4 percent over the last week based on market data.
GDP DATA IS SET TO BE RELEASED TODAY. 🚨
This is the first GDP report since the U.S. government shutdown, and multiple officials have said the data could have been negatively impacted by the shutdown itself.
It’s concerning if you look back at previous GDP release days, as… pic.twitter.com/JvJfdXrsvG
— Crypto Rover (@cryptorover) December 23, 2025
According to CryptoQuant contributor CryptoOnchain, Binance taker sell volume has hit its lowest point since May. The 30-day average has decreased to around $6.3 billion, reflecting a diminished urgency among traders to liquidate their positions.
In terms of technical analysis, Ethereum remains confined within a range on daily charts. Bollinger Bands have contracted after a previous expansion, a phenomenon typically linked to reduced volatility before significant price movements, as noted by technical analysts.
The decrease in open interest generally leads to limited immediate volatility but could lay the groundwork for larger price movements once a clear trend is established, market observers indicated.
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