Bitcoin remains above $90,000 as retail selling deepens, year-end risks spur downside hedging
Bitcoin hovers near $90,000 amid deep retail selling, ETF outflows, and increased downside hedging due to year-end macro risks.Summary
Bitcoin is maintaining a fragile position around the low-$90,000s, pressured by significant retail capitulation, heavy spot Bitcoin ETF outflows (including a record redemption for BlackRock's IBIT), and deteriorating liquidity. Analysts note a divergence where large holders accumulate while short-term holders realize losses. The macro environment adds uncertainty, as Federal Reserve comments leave policy direction unclear, positioning the market for sharp reactions to incoming data. Furthermore, the options market reflects a defensive posture, with rising implied volatility and increased demand for put options, suggesting traders are paying more for downside protection, evidenced by open interest clustering around the $80,000 strike. Despite these pressures, some analysts, like those at 21Shares, view the current situation as a short-term reset rather than a full cycle break, noting that structural fundamentals remain intact and anticipating a resumption of the uptrend if liquidity normalizes and Bitcoin reclaims $100,000.
(Source：The Block)