Bitcoin has weakened again, recording a decline of around 6.6% over the past month and hovering near US$89,748.41 as of 11:55 a.m. local time on Monday (December 15, 2025).

As 2025 draws to a close, Bitcoin has yet to reclaim its all-time high of US$126,000 reached in October. Over the last 24 hours alone, the price has slipped by roughly 0.6%.

Crypto trader Ted Pillows expects Bitcoin to continue trading around the US$90,000 level, with upside potential toward the US$92,000–US$94,000 range. However, prolonged downside risk remains if prices fall below the US$88,000–US$89,000 zone.

The world’s largest cryptocurrency has shown slight improvement from early Monday, when it briefly dropped to US$87,892.10. Its movement remains closely tied to market expectations surrounding potential interest rate changes by major central banks.

Market participants are closely watching the Bank of Japan ahead of its interest rate decision on December 19. Polymarket currently assigns a 98% probability that the BoJ will raise rates by 5 basis points to curb inflation.

If this materializes, combined with a 25-basis-point cut in the Fed Funds Rate by the Federal Reserve, it could trigger the unwinding of long-standing carry trades that have persisted for decades.

Bitcoin Viewed as a Highly Speculative Collectible

Despite growing enthusiasm around Bitcoin, Vanguard continues to maintain its long-held stance that Bitcoin is a highly speculative collectible. This view was reiterated by John Ameriks, Vanguard’s Head of Global Quantitative Equity, even as the firm allows clients to trade spot Bitcoin ETFs.

Ameriks likened cryptocurrencies to a digital version of Labubu—a popular collectible plush toy—arguing that Bitcoin lacks income generation, compounding value, or cash flow characteristics sought in long-term investments.

Without clear evidence that the underlying technology delivers sustainable economic value, Ameriks said it is difficult to see Bitcoin as anything more than a digital novelty, according to Bloomberg News.

Bitcoin’s extreme volatility has prompted Vanguard executives to revisit past episodes of sharp price swings. The speculative nature of BTC, they argue, becomes even more pronounced when prices remain under pressure.

Vanguard began offering access to certain digital asset ETFs following the launch of Bitcoin-based funds in January 2024. Ameriks emphasized that the firm’s goal is to ensure these products perform exactly as described.

“We allow clients to buy and hold these ETFs if they choose to do so, but the decision is entirely theirs,” he said, adding that Vanguard does not provide recommendations on buying, selling, or holding specific crypto assets.

Nonetheless, Vanguard remains optimistic about the broader potential of blockchain technology and its ability to enhance market structures, according to a company spokesperson.