This market will resolve to “Yes” if Bitcoin comparatively outperforms the S&P 500 (SPX) in December 2025, with performance measured as the percentage change in price during the month for each asset. Otherwise, this market will resolve to “No”. The percentage change in price for Bitcoin will be calculated by comparing the "Close" price for the Binance 1 minute candle for BTC/USDT December 31, 2025 11:59 PM in the ET timezone to the "Close" price for the Binance 1 minute candle for BTC/USDT December 1, 2025 12:00 AM in the ET timezone. The percentage change in the S&P 500 (SPX) will be calculated by comparing the official S&P 500 (SPX) Close price for the last trading day in December to the official S&P 500 (SPX) Close price for the last trading day in November, as reported by the Wall Street Journal. If either of the relevant days have no official closing price (for example, due to a trading halt into the market close, system issue, delisting, or other disruption), the market will use the last valid on-exchange trade price of the regular session as the effective closing price. The resolution sources for this market are Binance, specifically the BTC/USDT "Close" prices currently available at https://www.binance.com/en/trade/BTC_USDT with "1m" and "Candles" selected on the top bar, and the Wall Street Journal, specifically the Close values published by the WSJ under "Historical Prices" (US: https://www.wsj.com/market-data/stocks, EMEA: https://www.wsj.com/market-data/stocks/emea, ASIA: https://www.wsj.com/market-data/stocks/asia).