Bitcoin's market data revealed significant divergence over the past month, with CME Bitcoin futures open interest (OI) declining from approximately $12.5 billion to $10 billion. This decrease coincided with a persistent negative premium on Coinbase, net outflows from Bitcoin ETFs in December, and a narrowing of the futures basis, indicating U.S. institutions are deleveraging and closing positions at year-end. In contrast, Binance's Bitcoin holdings remained stable at around $11 billion, while Bitfinex saw leveraged long positions accumulate to high levels. As the new fiscal year begins in the U.S. and Europe on January 2, 2026, market participants are watching for potential changes in CME OI, particularly any signs of stabilization or recovery. Additionally, MSCI is expected to announce on January 15 whether companies with over 50% digital asset holdings will be removed from its global standard index, a decision that could impact market dynamics.