The Christmas bells still echo in the ears, but Bitcoin is telling a market story without gunpowder through its price chart.

This Christmas in 2025, Bitcoin repeatedly fluctuated around $88,000. Looking back to the same period in 2010, this "digital gold" was worth less than $0.25. Over 15 years, the increase is nearly 88,000 times. The record high of $98,200 set last Christmas remains the highest to date. The seemingly calm holiday market actually harbors turbulent undercurrents.

The surface calm can be misleading. During Christmas, daily volatility did not exceed 1.3%, and the market seemed to enter hibernation mode. But with a longer-term perspective, it becomes clear: over 15 years, Bitcoin has grown from the price of a cheap lunch to a behemoth with a market cap approaching ten trillion dollars. Although this year's $88,000 is slightly below last year's peak, the underlying market consensus has long since changed. These holiday high points actually depict the process of Bitcoin's mainstreaming.

However, beneath the tranquil surface, real undercurrents exist. On Christmas Day, a key on-chain signal was captured: an 8-year dormant Bitcoin whale address suddenly became active. This address transferred 400 BTC to a major exchange, worth approximately $34.92 million at market price. This transfer generated an unrealized profit of about $30.40 million.

Every movement of the whale could be a sign of a market turning point. When such dormant capital awakens, it often indicates that holders are re-evaluating their strategies.