The end-of-year situation in the crypto world is like a nightclub after closing—some people have already grabbed their bags and left, some are still rolling the dice, but no one dares to open new drinks.

Today, looking at the K-line, BTC is firmly stuck at the 88,300 level. On the 4-hour chart, it touched 90,389 and then bounced back, with elasticity like a deflated spring. Watching the market for half an hour, it’s nothing more than buyers and sellers "firing at each other" in the 87,000-89,000 range. Trading volume is dead silent, no effective breakout in price, MACD red bars have shrunk into matchsticks—this is a typical "year-end capital flatlining and oscillating."

Essentially, it’s one sentence: institutions are "calculating the total accounts," retail investors are "waiting for the holidays."

According to data from a certain on-chain platform, US spot BTC-related products have net outflows of $723 million over the past two days. One leading institution’s FBTC alone moved $154 million in a day, another institution’s GBTC also leaked $134 million—this is not just rebalancing; it’s clearly "year-end bucket-draining and fleeing." Even the so-called "Bitcoin whale" institution has paused buying, with cash holdings piled up like a mountain. Even a top institution is no longer taking on positions, so what’s left in the market?

An on-chain detail also emerged: a certain Singaporean institution transferred 400 BTC to a major exchange, worth over $35 million at current prices. This signal is clear enough.