Bitcoin traded in a tight band during U.S. afternoon hours on Tuesday after a busy start to the session, holding near $87,500 and retaining gains of about 2% over the past 24 hours.
“Funds with predetermined bitcoin weightings may rebalance into year-end, potentially leading to inflows in the final trading days of the year and into early January,” Lunde said.
Conviction remains limited
Despite price stability, traders appear reluctant to take on additional risk. Open interest in CME bitcoin futures remains near annual lows at roughly 124,000 BTC, Lunde said.
Perpetual futures markets also show little directional bias, with funding rates near neutral and open interest largely unchanged. Meanwhile, spot trading volumes are down about 12% through last week, reinforcing signs that market participation is thinning as the year comes to a close.
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