Bitcoin traders are exercising caution as the year ends, with the cryptocurrency's price remaining below $90,000 and facing resistance at $94,000. ETF outflows reached $5.5 billion in the fourth quarter of 2025, marking the highest level since ETFs were introduced in 2024. This trend reflects a 5.7% decline in Bitcoin's value for the year. Options data indicates a preference for downside protection, with open interest dropping by 50% following the December 26 expiry, highlighting weak institutional demand. Despite this, ETF inflows are only 9% below their October peak of $62 billion, suggesting some long-term holders maintain a bullish outlook.