In recent months the cryptocurrency market has failed to show a sustained bull trend, even though external factors seemed favorable. Industry experts attribute this to a combination of internal issues, record leverage and large liquidations, which together have reduced total market capitalization compared with the peaks earlier in the year.
Brief summary of expert views
The main takeaway from the collected assessments is the absence of the expected rally despite rising liquidity, a softer regulatory stance in the U.S., ETF launches and growing institutional demand. At the same time, experts note that the market has changed fundamentally: some participants took profits at extremes, and leverage use and the subsequent liquidations amplified volatility.
What Ran Neuner (CNBC) says
CNBC crypto commentator Ran Neuner believes the moment has come when the market’s deep problems fully revealed themselves, and therefore external drivers did not produce the expected effect. In his view, the market is now at a crossroads: on one hand, systemic selling is possible, and on the other, a sharp reversal and rapid price recovery if sentiment shifts.
Neuner points out that when Bitcoin reached marks around $126k, early investors may have taken profits, which limited upside potential. He also does not rule out a scenario in which participants succumb to FOMO and trigger a new wave of a bull run.
Adam Kobeissi’s view — the role of borrowed funds
Economist Adam Kobeissi links the profound transformation of the market to record use of borrowed funds, which increases price vulnerability to strong moves. As a result, a series of large liquidations occurred, forcing market participants to adapt to new conditions and reconsider risk management.
This dynamic raises the likelihood of sharp price spikes when sentiment shifts, especially in an environment of high leverage and limited liquidity at certain price levels.
Marcus Thielen’s opinion (10x Research)
Head of 10x Research Marcus Thielen takes a more pessimistic view: in his assessment, Bitcoin entered a bear cycle as early as October. Thielen notes that Bitcoin was among the first assets to fully reflect the slowdown in the global economy.
By his logic, this calls for a careful reassessment of long‑term risk appetite and close monitoring of macroeconomic signals that affect demand from large players.
Key factors to watch
- The trajectory of total market capitalization and its comparison with peak values earlier in the year.
- The level of global liquidity, regulatory signals from the U.S. and the behavior of institutional investors.
- The volume of liquidations and the scale of leverage use across the market.
- Price extremes and participant reaction when high levels are reached (the $126k level is mentioned).
Why this matters
If you mine in Russia and manage from one to a thousand devices, the current situation primarily affects profitability and the risks of selling coins. Lower total capitalization and increased volatility mean that periods of low prices and sudden sell-offs may last longer, and large liquidations can temporarily pressure prices.
At the same time, a possible sharp market reversal and FOMO are also important for planning: rapid price increases can create pressure on equipment and logistics when attempting to urgently liquidate mined coins, so having a prethought strategy is advantageous under both scenarios.
What to do?
For a miner in Russia, practical steps boil down to risk management and preparing for different scenarios. Consider setting sell limits, distributing entry and exit points, and reserving funds to cover operating expenses during downtrends.
Additional measures include controlling the use of borrowed funds, avoiding increased leverage, locking in part of mined coins according to preagreed rules, and monitoring signals about large liquidations and institutional flows. To understand the market picture, it is useful to read reviews and reports; for example, on trading activity and selling you can refer to materials about why large traders and the analysis of institutional investment impact on price institutional investments.
Source: crypto.ru, December 19, 2025. For additional context on recent price moves, see the article on Bitcoin's price drop.
