According to @dydxfoundation, November and December marked a clear risk-off phase in crypto, with softer trader sentiment, thinner liquidity, and declining volumes across the industry, source: dYdX Foundation. Pricing adjusted into year-end alongside this reduced activity and softer sentiment, source: dYdX Foundation. Heading into Q1, sentiment remains constructive as regulatory clarity improves and macro conditions stabilize, indicating a more supportive backdrop for market participation, source: dYdX Foundation.

According to dYdX Foundation (Twitter, Dec 29, 2025), November–December 2025 ended in a risk-off backdrop where crypto trading volumes softened and liquidity thinned, yet dYdX still posted a step-up month, indicating improved platform activity versus the broader market, source: dYdX Foundation (Twitter, Dec 29, 2025). This highlights relative strength for DYDX-linked derivatives flow during a period of sector-wide volume contraction and thinner order books, source: dYdX Foundation (Twitter, Dec 29, 2025).

According to @glassnode, Bitcoin (BTC) was rejected at 94,000 dollars and fell to 87,000 dollars, with weakening momentum as sell pressure increased and liquidity thinned, source: Glassnode on X dated Dec 15, 2025, link: x.com/glassnode/status/2000606184928129537. Derivatives and on-chain signals remain cautious, leaving the market vulnerable to further downside, source: Glassnode Market Pulse referenced in the same post, link: glassno.de/4qeiigE.